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Equity | 12 Months Ended
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Dec. 31, 2024
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 80: Preferred Stock - Authorized, Issued and Outstanding
|  |  |  | Preferred Shares |
December 31 Shares in thousands |  | Liquidation value per share |  | 2024 |  | 2023 |
Authorized |  |  |  |  |  |  |
$1 par value |  |  |  | 20,000 |  |  | 20,000 |  |
Issued and outstanding |  |  |  |  |  |  |
Series B |  | $ | 40 |  |  | 1 |  |  | 1 |  |
Series R (a) |  | $ | 100,000 |  |  |  |  |  | 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 |  |  | 15 |  |
Total issued and outstanding |  |  |  | 58 |  |  | 63 |  |
(a)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. The following table discloses information related to the preferred stock outstanding as of December 31, 2024: Table 81: 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 |  | $ | 1.80 |  | None
Series S (d) | November 1, 2016 | 525,000 |  | 1/100 th | Semi-annually until November 1, 2026 Quarterly beginning on February 1, 2027 | 5.00% until November 1, 2026 3 Mo. CME Term SOFR plus 0.26161% plus 3.30% beginning November 1, 2026 | November 1, 2026
Series T (d) | September 13, 2021 | 1.5 million | 1/100 th | Quarterly | 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 | 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 | 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 | 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 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 82: Dividends Per Share
December 31 | 2024 | 2023 | 2022
Common Stock | $ | 6.30 |  | $ | 6.10 |  | $ | 5.75 |
Preferred Stock |  |  |
Series B | $ | 1.80 |  | $ | 1.80 |  | $ | 1.80 |
Series O |  | $ | 8,848 |  | $ | 4,881 |
Series P |  |  |  | $ | 6,181 |
Series R | $ | 8,715 |  | $ | 6,808 |  | $ | 4,850 |
Series S | $ | 5,000 |  | $ | 5,000 |  | $ | 5,000 |
Series T | $ | 3,400 |  | $ | 3,400 |  | $ | 3,400 |
Series U | $ | 6,000 |  | $ | 6,000 |  | $ | 3,317 |
Series V | $ | 6,200 |  | $ | 6,200 |  | $ | 1,998 |
Series W | $ | 6,250 |  | $ | 5,347 |  |
On January 3, 2025, the PNC Board of Directors declared a quarterly cash dividend on common stock of $1.60 per share, paid on February 5, 2025. Other Shareholders’ Equity Matters At December 31, 2024, we had reserved approximately 78 million common shares to be issued in connection with certain stock plans.

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