Subsequent Events

9 Months Ended

Sep. 30, 2024

Subsequent Events [Abstract]

Subsequent Events

SUBSEQUENT EVENTS

On October 21, 2024, the parent company issued $1.5 billion of senior fixed-to-floating rate notes with a maturity date of October 21, 2032 (the “2032 Senior Notes”). Interest is payable on the 2032 Senior Notes semi-annually in arrears at a fixed rate of 4.812% per annum, on April 21 and October 21 of each year, beginning on April 21, 2025. Beginning on October 21, 2031, interest is payable on the 2032 Senior Notes quarterly in arrears at a floating rate per annum equal to Compounded SOFR (determined with respect to each quarterly interest period using the SOFR Index as described in the Prospectus Supplement), plus 1.259%, on January 21, 2032, April 21, 2032, July 21, 2032 and at the maturity date.

On October 22, 2024, PNC announced the redemption on November 4, 2024 of all of the outstanding senior floating rate bank notes due December 2, 2024 issued by PNC Bank, National Association in the amount of $200 million. The securities had an original scheduled maturity date of December 2, 2024. The redemption price will be equal to $1,000 per $1,000 in principal amount, plus any accrued and unpaid distributions to the redemption date.

On October 28, 2024, PNC redeemed all outstanding senior fixed-to-floating rate notes due October 28, 2025 issued by PNC in the amount of $1.0 billion. The securities had an original scheduled maturity date of October 28, 2025. The redemption price was equal to $1,000 per $1,000 in principal amount, plus any accrued and unpaid distributions to the redemption date.

On October 30, 2024, PNC announced the redemption on December 2, 2024 of $500 million of depositary shares representing interests in PNC’s fixed-to-floating rate non-cumulative perpetual preferred stock, Series R. Each depositary share represents a 1/100th interest in a share of the Series R preferred stock. The depositary shares will be redeemed at a redemption price of $1,000 per depositary share. Such redemption price does not include the regular quarterly dividend on the depositary shares that was separately

declared and will be paid separately on December 2, 2024 to holders of record on the record date for such dividend payment in the customary manner. All 500,000 depositary shares outstanding will be redeemed.