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Equity | 12 Months Ended
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Dec. 31, 2023
Equity [Abstract] |
Equity | EQUITY Preferred Stock The following table provides the number of preferred shares issued and outstanding, the liquidation value per share and the number of authorized preferred shares: Table 72: Preferred Stock - Authorized, Issued and Outstanding
|  |  |  | Preferred Shares |
December 31 Shares in thousands |  | Liquidation value per share |  | 2023 |  | 2022 |
Authorized |  |  |  |  |  |  |
$1 par value |  |  |  | 20,000 |  |  | 20,000 |  |
Issued and outstanding |  |  |  |  |  |  |
Series B |  | $ | 40 |  |  | 1 |  |  | 1 |  |
Series O (a) |  | $ | 100,000 |  |  |  |  |  | 10 |  |
Series R |  | $ | 100,000 |  |  | 5 |  |  | 5 |  |
Series S |  | $ | 100,000 |  |  | 5 |  |  | 5 |  |
Series T |  | $ | 100,000 |  |  | 15 |  |  | 15 |  |
Series U |  | $ | 100,000 |  |  | 10 |  |  | 10 |  |
Series V |  | $ | 100,000 |  |  | 12 |  |  | 12 |  |
Series W |  | $ | 100,000 |  |  | 15 |  |  |  |  |
Total issued and outstanding |  |  |  | 63 |  |  | 58 |  |
(a)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. The following table discloses information related to the preferred stock outstanding as of December 31, 2023: Table 73: Terms of Outstanding Preferred Stock
Preferred Stock | Issue Date | Number of Depositary Shares Issued and Outstanding | Fractional Interest in a Share of Preferred Stock Represented by Each Depositary Share | Dividend Dates (a) | Annual Per Share Dividend Rate | Optional Redemption Date (b)
Series B (c) | (c) | N/A | N/A | Quarterly from March 10 th |  | $ | 1.80 |  | None
Series R (d) | May 7, 2013 | 500,000 |  | 1/100 th | Semi-annually beginning on December 1, 2013 until June 1, 2023 Quarterly beginning on September 1, 2023 | 4.85% until June 1, 2023 3 Mo. LIBOR plus 3.04% per annum beginning June 1, 2023 through September 1, 2023 and 3 Mo. CME Term SOFR plus 0.26161% beginning September 1, 2023 | June 1, 2023
Series S (d) | November 1, 2016 | 525,000 |  | 1/100 th | Semi-annually beginning on May 1, 2017 until November 1, 2026 Quarterly beginning on February 1, 2027 | 5.00% until November 1, 2026 3 Mo. CME Term SOFR plus 0.26161% beginning November 1, 2026 | November 1, 2026
Series T (d) | September 13, 2021 | 1.5 million | 1/100 th | Quarterly beginning on December 15, 2021 | 3.40% until September 15, 2026 5 Yr. U.S. Treasury plus 2.595% per annum beginning September 15, 2026 | September 15, 2026
Series U (d) | April 26, 2022 | 1 million | 1/100 th | Quarterly beginning on August 15, 2022 | 6.00% until May 15, 2027 5 Yr. U.S. Treasury plus 3.00% per annum beginning May 15, 2027 | May 15, 2027
Series V (d) | August 19, 2022 | 1.25 million | 1/100 th | Quarterly beginning on December 15, 2022 | 6.20% until September 15, 2027 5 Yr. U.S. Treasury plus 3.238% per annum beginning September 15, 2027 | September 15, 2027
Series W (d) | February 7, 2023 | 1.5 million | 1/100 th | Quarterly beginning on June 15, 2023 | 6.25% until March 15, 2030 7 Yr. U.S. Treasury plus 2.808% per annum beginning March 15, 2030 | March 15, 2030
(a)Dividends are payable when, as, and if declared by our Board of Directors or an authorized committee of our Board of Directors. (b)Redeemable at our option on or after the date stated. With the exception of the Series B preferred stock, also redeemable at our option within 90 days of a regulatory capital treatment event as defined in the designations. (c)Cumulative preferred stock. Holders of Series B preferred stock are entitled to 8 votes per share, which is equal to the number of full shares of common stock into which the Series B preferred stock is convertible. The Series B preferred stock was issued in connection with the consolidation of Pittsburgh National Corporation and Provident National Corporation in 1983. (d)Non-Cumulative preferred stock. Each outstanding series of preferred stock, other than the Series B, contains restrictions on our ability to pay dividends and make other shareholder payments. Subject to limited exceptions, if dividends are not paid on any such series of preferred stock, we cannot declare dividends on or repurchase shares of our common stock. In addition, if we would like to repurchase shares of preferred stock, such repurchases must be on a pro rata basis with respect to all such series of preferred stock. The following table provides the dividends per share for PNC’s common and preferred stock: Table 74: Dividends Per Share
December 31 | 2023 | 2022 | 2021
Common Stock | $ | 6.10 |  | $ | 5.75 |  | $ | 4.80 |
Preferred Stock |  |  |
Series B | $ | 1.80 |  | $ | 1.80 |  | $ | 1.80 |
Series O | $ | 8,848 |  | $ | 4,881 |  | $ | 7,722 |
Series P |  |  | $ | 6,181 |  | $ | 6,125 |
Series R | $ | 6,808 |  | $ | 4,850 |  | $ | 4,850 |
Series S | $ | 5,000 |  | $ | 5,000 |  | $ | 5,000 |
Series T | $ | 3,400 |  | $ | 3,400 |  | $ | 869 |
Series U | $ | 6,000 |  | $ | 3,317 |  |
Series V | $ | 6,200 |  | $ | 1,998 |  |
Series W | $ | 5,347 |  |  |
On January 4, 2024, the PNC Board of Directors declared a quarterly cash dividend on common stock of $1.55 per share, paid on February 5, 2024. Other Shareholders’ Equity Matters At December 31, 2023, we had reserved approximately 77 million common shares to be issued in connection with certain stock plans. Consistent with the SCB framework, which allows for capital return in amounts in excess of the SCB minimum levels, our Board of Directors has authorized a repurchase framework under the repurchase program approved on April 4, 2019 of up to 100 million common shares, of which approximately 45% were still available for repurchase at December 31, 2023. In light of the Federal banking agencies proposed rules to adjust the Basel III capital framework, share repurchase activity is expected to remain modest during the first quarter of 2024. PNC continues to evaluate the potential impact of the proposed expanded risk-based capital rules and may adjust share repurchase activity depending on market and economic conditions, as well as other factors. PNC’s SCB for the four-quarter period beginning October 1, 2023 is the regulatory minimum of 2.5%.

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