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Equity
 12 Months Ended
Dec. 31, 2021
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 79: Preferred Stock - Authorized, Issued and Outstanding
   Preferred Shares
December 31
Shares in thousands		Liquidation
value per share		20212020
Authorized
$1 par value20,000 20,000 
Issued and outstanding
Series B$40 1 1 
Series O$100,000 10 10 
Series P$100,000 15 15 
Series R$100,000 5 5 
Series S$100,000 5 5 
Series T$100,000 15 
Total issued and outstanding 51 36 
The following table discloses information related to the preferred stock outstanding as of December 31, 2021:
Table 80: Terms of Outstanding Preferred Stock
Preferred StockIssue
Date		Number of
Depositary
Shares Issued and Outstanding 		Fractional Interest in a share of preferred stock represented by each Depositary ShareDividend Dates (a)Annual Per Share Dividend RateOptional
Redemption
Date (b)
Series B (c)(c)N/AN/A
Quarterly from March 10th
$1.80 None
Series O (d)July 27, 2011
1 million
1/100th
Semi-annually beginning on February 1, 2012
until August 1, 2021
 
Quarterly beginning on November 1, 2021
6.75% until August 1, 2021
 

3 Mo. LIBOR plus 3.678% per annum beginning on August 1, 2021
August 1, 2021
Series P (d)April 24, 2012
60 million
1/4,000th
Quarterly beginning on August 1, 2012
6.125% until May 1, 2022
3 Mo. LIBOR plus 4.0675% per annum beginning on May 1, 2022
May 1, 2022
Series R (d)May 7, 2013500,000 
1/100th
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
June 1, 2023
Series S (d)November 1, 2016525,000 
1/100th
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. LIBOR plus 3.30% per annum beginning November 1, 2026
November 1, 2026
Series T (d)September 13, 2021
1.5 million
1/100th
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
(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, 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 81: Dividends Per Share
December 31202120202019
Common Stock$4.80 $4.60 $4.20 
Preferred Stock
   Series B$1.80 $1.80 $1.80 
   Series O$7,722 $6,750 $6,750 
   Series P$6,125 $6,125 $6,125 
   Series Q$4,031 $5,375 
   Series R$4,850 $4,850 $4,850 
   Series S$5,000 $5,000 $5,000 
Series T $869 


On January 5, 2022, the PNC Board of Directors declared a quarterly cash dividend on common stock of $1.25 per share paid on February 5, 2022.

Other Shareholders’ Equity Matters
At December 31, 2021, we had reserved approximately 81 million common shares to be issued in connection with certain stock plans.

On April 4, 2019, our Board of Directors approved the establishment of a new stock repurchase program authorization in the amount of 100 million shares of PNC common stock, which may be purchased on the open market or in privately negotiated transactions, effective July 1, 2019. In January 2020, we announced programs to repurchase up to an additional $1.0 billion in common shares through the end of the second quarter of 2020. In the first quarter of 2021, the Federal Reserve extended the special limitations on dividends and share repurchases by CCAR-participating BHCs that were put in place in 2020 as a result of ongoing economic uncertainty from COVID-19. While these restrictions permitted share repurchases based on income, we refrained from repurchasing shares until the close of the BBVA transaction. These restrictions ended on June 30, 2021 for firms with capital levels above those required by the 2021 stress tests. In June 2021, we announced the reinstatement of share repurchase programs with repurchases of up to $2.9 billion for the four-quarter period beginning in the third quarter of 2021. Under these program authorizations we repurchased 5.0 million shares in 2021 and 11.0 million shares in 2020. A maximum amount of 70.1 million shares remained available for repurchase under the new stock program authorization at December 31, 2021.