PNC FINANCIAL SERVICES GROUP INC
For the period ended Dec 31, 2024. Filed Feb 21, 2025.
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FY2024 · Filed Feb 21, 2025
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Consolidated Statement of Changes in Equity
| Shareholders’ Equity | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| In millions · SharesOutstandingCommonStock · CommonStock · CapitalSurplus -PreferredStock · CapitalSurplus -CommonStock andOther · RetainedEarnings · AccumulatedOtherComprehensiveIncome (Loss) · TreasuryStock · NoncontrollingInterests · TotalEquity | ||||||||||||||
| Balance at December 31, 2021 (a) | 420 | $2,713 | $5,009 | $12,448 | $50,228 | $409 | $(15,112) | $31 | $55,726 | |||||
| Net income | 6,041 | 72 | 6,113 | |||||||||||
| Other comprehensive income (loss), net of tax | (10,581) | (10,581) | ||||||||||||
| Cash dividends declared - Common | (2,391) | (2,391) | ||||||||||||
| Cash dividends declared - Preferred | (301) | (301) | ||||||||||||
| Preferred stock discount accretion | 5 | (5) | ||||||||||||
| Preferred stock issuance (b) (c) | 2,232 | 2,232 | ||||||||||||
| Common stock activity (d) | 1 | 30 | 31 | |||||||||||
| Treasury stock activity | (19) | 61 | (3,604) | (3,543) | ||||||||||
| Preferred stock redemption (e) | (1,500) | (1,500) | ||||||||||||
| Other | 91 | (65) | 26 | |||||||||||
| Balance at December 31, 2022 (a) | 401 | $2,714 | $5,746 | $12,630 | $53,572 | $(10,172) | $(18,716) | $38 | $45,812 | |||||
| Cumulative effect of ASU adoptions (f) | 26 | 26 | ||||||||||||
| Balance at January 1, 2023 (a) | 401 | $2,714 | $5,746 | $12,630 | $53,598 | $(10,172) | $(18,716) | $38 | $45,838 | |||||
| Net income | 5,578 | 69 | 5,647 | |||||||||||
| Other comprehensive income (loss), net of tax | 2,460 | 2,460 | ||||||||||||
| Cash dividends declared - Common | (2,461) | (2,461) | ||||||||||||
| Cash dividends declared - Preferred | (417) | (417) | ||||||||||||
| Preferred stock discount accretion | 8 | (8) | ||||||||||||
| Preferred stock issuance (g) | 1,487 | 1,487 | ||||||||||||
| Common stock activity (d) | 2 | 30 | 32 | |||||||||||
| Treasury stock activity | (3) | 78 | (493) | (415) | ||||||||||
| Preferred stock redemption (h) | (1,000) | (1,000) | ||||||||||||
| Other | 41 | (71) | (30) | |||||||||||
| Balance at December 31, 2023 (a) | 398 | $2,716 | $6,241 | $12,779 | $56,290 | $(7,712) | $(19,209) | $36 | $51,141 | |||||
| Net income | 5,889 | 64 | 5,953 | |||||||||||
| Other comprehensive income (loss), net of tax | 1,147 | 1,147 | ||||||||||||
| Cash dividends declared - Common | (2,537) | (2,537) | ||||||||||||
| Cash dividends declared - Preferred | (352) | (352) | ||||||||||||
| Preferred stock discount accretion | 8 | (8) | ||||||||||||
| Common stock activity (d) | 1 | 31 | 32 | |||||||||||
| Treasury stock activity | (2) | 90 | (510) | (420) | ||||||||||
| Preferred stock redemption (i) | (500) | (500) | ||||||||||||
| Other | 61 | (56) | 5 | |||||||||||
| Balance at December 31, 2024 (a) | 396 | $2,717 | $5,749 | $12,961 | $59,282 | $(6,565) | $(19,719) | $44 | $54,469 | |||||
(a)The par value of our preferred stock outstanding was less than $0.5 million at each date and, therefore, is excluded from this presentation.
(b)On April 26, 2022, PNC issued 1,000,000 depositary shares each representing 1/100th ownership in a share of 6.000% fixed-rate reset non-cumulative perpetual preferred stock, Series U, with a par value of $1 per share.
(c)On August 19, 2022, PNC issued 1,250,000 depositary shares each representing 1/100th ownership in a share of 6.200% fixed-rate reset non-cumulative perpetual preferred stock, Series V, with a par value of $1 per share.
(d)Common stock activity totaled less than 0.5 million shares issued.
(e)On November 1, 2022, PNC redeemed all 15,000 shares of its Series P preferred stock, as well as all 60,000,000 depositary shares each representing a fractional interest in such shares.
(f)Represents the cumulative effect of adopting ASU 2022-02.
(g)On February 7, 2023, PNC issued 1,500,000 depositary shares each representing 1/100th ownership in a share of 6.250% fixed-rate reset non-cumulative perpetual preferred stock, Series W, with a par value of $1 per share.
(h)On November 1, 2023, PNC redeemed all 10,000 shares of its Series O preferred stock, as well as all 1,000,000 depositary shares each representing a fractional interest in such shares.
(i)On December 2, 2024, PNC redeemed all 5,000 shares of its Series R preferred stock, as well as all 500,000 depositary shares each representing a fractional interest in such shares.
94 The PNC Financial Services Group, Inc. –2024 Form 10-K
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