PNC Financial Services Group, Inc.: Form 10-Q for the period ended Sep 30, 2023
Filed with the SEC on Nov 2, 2023 and accepted by EDGAR at Nov 2, 2023, 19:54 ET.
Management's discussion and analysis
As filed, 2,001 characters, with its headings, lists and tables. Extracted from the main document; charts and exhibits are in the original on sec.gov.
Unregistered Sales of Equity Securities
None.
Equity Security Repurchases
Details of our repurchases of PNC common stock during the third quarter of 2023 are included in the following table.
2023 period In thousands, except per share data
| Total shares purchased (a) | Average price paid per share Total shares purchased as part of publicly announced programs (b) | Maximum number of shares that may yet be purchased under the programs (b) | |
|---|---|---|---|
| July 1 – 31 | 3 | $127.15 | 45,500 |
| August 1 – 31 | 6 | $136.89 | 45,500 |
| September 1 – 30 | 45,500 | ||
| Total | 9 | $133.83 |
(a) Includes PNC common stock purchased in connection with our various employee benefit plans generally related to forfeitures of unvested restricted stock awards and shares used to cover employee payroll tax withholding requirements. See Note 17 Employee Benefit Plans and Note 18 Stock Based Compensation Plans in our 2022 Form 10-K, which include additional information regarding our employee benefit and equity compensation plans that use PNC common stock.
(b) Consistent with the SCB framework, which allows for capital returns in amounts in excess of the SCB minimum levels (the regulatory minimum (4.5%) plus our SCB), our Board of Directors has authorized a repurchase framework under the previously approved repurchase program of up to 100 million common shares, of which approximately 46% were still available for repurchase at September 30, 2023. In light of the Federal banking agencies proposed rules to adjust the Basel III capital framework, share repurchase activity was paused in the third quarter of 2023 and is expected to remain paused during the fourth quarter of 2023. PNC continues to evaluate the potential impact of the proposed rules and may resume 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%.
Risk factors
As filed, 201 characters, with its headings, lists and tables. Extracted from the main document; charts and exhibits are in the original on sec.gov.
There are no material changes from any of the risk factors previously disclosed in our first quarter 2023 Form 10-Q and 2022 Form 10-K in response to Part II, Item 1A and Part I, Item 1A, respectively.
Figures reported in this filing
Standardized line items from the XBRL in this filing, for the period ended 2023-09-30. Comparative periods it repeats are left out.
| Line item | Period | Value | XBRL concept |
|---|---|---|---|
| Revenue | 3 months2023-07-01 to 2023-09-30 | $5.23bn | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax |
| Revenue | 9 months2023-01-01 to 2023-09-30 | $16.13bn | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax |
| Interest expense | 3 months2023-07-01 to 2023-09-30 | $2.79bn | us-gaap:InterestExpense |
| Interest expense | 9 months2023-01-01 to 2023-09-30 | $7.29bn | us-gaap:InterestExpense |
| Income tax | 3 months2023-07-01 to 2023-09-30 | $289.0m | us-gaap:IncomeTaxExpenseBenefit |
| Income tax | 9 months2023-01-01 to 2023-09-30 | $917.0m | us-gaap:IncomeTaxExpenseBenefit |
| Net income | 3 months2023-07-01 to 2023-09-30 | $1.57bn | us-gaap:ProfitLoss |
| Net income | 9 months2023-01-01 to 2023-09-30 | $4.76bn | us-gaap:ProfitLoss |
| Diluted EPS | 3 months2023-07-01 to 2023-09-30 | $3.60 | us-gaap:EarningsPerShareDiluted |
| Diluted EPS | 9 months2023-01-01 to 2023-09-30 | $10.94 | us-gaap:EarningsPerShareDiluted |
| Basic EPS | 3 months2023-07-01 to 2023-09-30 | $3.60 | us-gaap:EarningsPerShareBasic |
| Basic EPS | 9 months2023-01-01 to 2023-09-30 | $10.95 | us-gaap:EarningsPerShareBasic |
| Diluted shares (weighted) | 3 months2023-07-01 to 2023-09-30 | 400,000,000 shares | us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding |
| Diluted shares (weighted) | 9 months2023-01-01 to 2023-09-30 | 401,000,000 shares | us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding |
| Operating cash flow | 9 months2023-01-01 to 2023-09-30 | $5.25bn | us-gaap:NetCashProvidedByUsedInOperatingActivities |
| Dividends paid | 9 months2023-01-01 to 2023-09-30 | $1.84bn | us-gaap:PaymentsOfDividendsCommonStock |
| Share repurchases | 9 months2023-01-01 to 2023-09-30 | $599.0m | us-gaap:PaymentsForRepurchaseOfCommonStock |
| Cash and equivalents | At period end2023-09-30 | $4.78bn | us-gaap:Cash |
| Total assets | At period end2023-09-30 | $557.33bn | us-gaap:Assets |
| Total liabilities | At period end2023-09-30 | $507.85bn | us-gaap:Liabilities |
| Long-term debt | At period end2023-09-30 | $66.17bn | us-gaap:LongTermDebt |
| Shareholders' equity | At period end2023-09-30 | $49.45bn | us-gaap:StockholdersEquity |
Source: SEC EDGAR, the filing index for accession 0000713676-23-000079. Last ingested by Listed: Oct 24, 2026, 14:56 ET. Listed shows no prices and gives no investment advice.