8-K/AExhibits & Filings

PNC FINANCIAL SERVICES GROUP, INC. 8-K/A Report, Exhibit Filing (Aug 5, 2021)

Filed August 5, 2021For Securities:PNC

Summary

This 8-K/A filing from PNC Financial Services Group, Inc. primarily serves as an amendment to previously filed reports, focusing on the financial statements and pro forma information related to the acquisition of BBVA USA Bancshares, Inc. (BBVA USA). Investors should note that the audited financial statements for BBVA USA as of December 31, 2020 and 2019, and for the preceding three years, are incorporated by reference from an earlier 8-K filing. Crucially, this amendment includes newly filed unaudited consolidated financial statements for BBVA USA as of March 31, 2021, and for the three months ended on that date. Additionally, unaudited pro forma condensed combined financial statements for PNC and BBVA USA as of and for the three months ended March 31, 2021, are also filed herewith. These documents are essential for understanding the combined entity's financial position and performance post-acquisition.

Key Highlights

  • 1PNC is filing an amendment to its prior 8-K report, providing updated financial information related to the BBVA USA acquisition.
  • 2Audited consolidated financial statements for BBVA USA as of December 31, 2020 and 2019, and for the three years then ended, are incorporated by reference from a prior filing.
  • 3Unaudited consolidated financial statements for BBVA USA as of March 31, 2021, and for the three months ended March 31, 2021, are filed as part of this amendment.
  • 4Unaudited pro forma condensed combined financial statements for PNC and BBVA USA as of and for the year ended December 31, 2020, are incorporated by reference from a prior filing.
  • 5Unaudited pro forma condensed combined financial statements for PNC and BBVA USA as of and for the three months ended March 31, 2021, are filed with this amendment.
  • 6The filing provides updated financial data relevant for assessing the integration and combined performance of PNC and BBVA USA.

Frequently Asked Questions

This filing is an amendment to a previous 8-K report, primarily to include updated financial statements and pro forma information concerning PNC's acquisition of BBVA USA. It provides more recent financial data for the acquired entity and the combined pro forma results.

The audited consolidated financial statements of BBVA USA Bancshares, Inc. as of December 31, 2020 and 2019, and for the three years ended December 31, 2020, are incorporated by reference from Exhibit 99.1 of PNC's Current Report on Form 8-K filed on April 20, 2021 (as amended on June 4, 2021).

This amendment includes the unaudited consolidated financial statements for BBVA USA as of March 31, 2021, and for the three months ended March 31, 2021. Additionally, it files the unaudited pro forma condensed combined financial statements for PNC and BBVA USA as of and for the three months ended March 31, 2021.

Investors can assess the impact by reviewing the unaudited consolidated financial statements of BBVA USA for the period ending March 31, 2021, and the unaudited pro forma condensed combined financial statements for the same period and the full year 2020. These documents illustrate how the acquired business contributes to PNC's financial performance and position.