PNC Financial Services Group, Inc.: Form 10-Q for the period ended Mar 31, 2024
Filed with the SEC on May 2, 2024 and accepted by EDGAR at May 2, 2024, 12:26 ET.
Management's discussion and analysis
As filed, 1,999 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 first quarter of 2024 are included in the following table:
2024 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) | |
|---|---|---|---|---|
| January 1 - 31 | 181 | $150.17 | 180 | 44,805 |
| February 1 - 29 | 860 | $147.55 | 424 | 44,381 |
| March 1 - 31 | 302 | $152.29 | 302 | 44,079 |
| Total | 1,343 | $148.97 | 906 |
(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 16 Employee Benefit Plans and Note 17 Stock Based Compensation Plans in our 2023 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 return in amounts in excess of the SCB minimum levels, 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 44% were still available for repurchase at March 31, 2024. In light of the Federal banking agencies proposed rules to adjust the Basel III capital framework, second quarter of 2024 share repurchase activity is expected to approximate the recent quarterly average share repurchase levels. PNC continues to evaluate the potential impact of the proposed 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%.
Risk factors
As filed, 133 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 2023 Form 10-K in response to Part I, Item 1A.
Figures reported in this filing
Standardized line items from the XBRL in this filing, for the period ended 2024-03-31. Comparative periods it repeats are left out.
| Line item | Period | Value | XBRL concept |
|---|---|---|---|
| Revenue | 3 months2024-01-01 to 2024-03-31 | $5.14bn | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax |
| Interest expense | 3 months2024-01-01 to 2024-03-31 | $3.24bn | us-gaap:InterestExpense |
| Income tax | 3 months2024-01-01 to 2024-03-31 | $312.0m | us-gaap:IncomeTaxExpenseBenefit |
| Net income | 3 months2024-01-01 to 2024-03-31 | $1.34bn | us-gaap:ProfitLoss |
| Diluted EPS | 3 months2024-01-01 to 2024-03-31 | $3.10 | us-gaap:EarningsPerShareDiluted |
| Basic EPS | 3 months2024-01-01 to 2024-03-31 | $3.10 | us-gaap:EarningsPerShareBasic |
| Diluted shares (weighted) | 3 months2024-01-01 to 2024-03-31 | 400,000,000 shares | us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding |
| Operating cash flow | 3 months2024-01-01 to 2024-03-31 | $1.76bn | us-gaap:NetCashProvidedByUsedInOperatingActivities |
| Dividends paid | 3 months2024-01-01 to 2024-03-31 | $624.0m | us-gaap:PaymentsOfDividendsCommonStock |
| Share repurchases | 3 months2024-01-01 to 2024-03-31 | $223.0m | us-gaap:PaymentsForRepurchaseOfCommonStock |
| Cash and equivalents | At period end2024-03-31 | $5.00bn | us-gaap:Cash |
| Total assets | At period end2024-03-31 | $566.16bn | us-gaap:Assets |
| Total liabilities | At period end2024-03-31 | $514.79bn | us-gaap:Liabilities |
| Long-term debt | At period end2024-03-31 | $72.71bn | us-gaap:LongTermDebt |
| Shareholders' equity | At period end2024-03-31 | $51.34bn | us-gaap:StockholdersEquity |
Source: SEC EDGAR, the filing index for accession 0000713676-24-000046. Last ingested by Listed: Nov 3, 2026, 17:38 ET. Listed shows no prices and gives no investment advice.