XML 68 R46.htm IDEA: XBRL DOCUMENT v3.3.1.900
Equity (Tables)
12 Months Ended
Dec. 31, 2015
Equity [Abstract]  
Preferred Stock - Authorized, Issued and Outstanding [Table Text Block]
Table 119: Preferred Stock - Authorized, Issued and Outstanding
Liquidation
December 31value perPreferred Shares
Shares in thousandsshare20152014
Authorized
$1 par value16,58816,588
Issued and outstanding
Series B$4011
Series K$10,00050
Series O$100,0001010
Series P$100,0001515
Series Q$100,00055
Series R$100,00055
Total issued and outstanding3686
Terms Of Outstanding Preferred Stock [Table Text Block]
The following table discloses information related to the preferred stock outstanding as of December 31, 2015.
Table 120: Terms of Outstanding Preferred Stock
Fractional
Interest in a
share of
Number of preferred stock
Depositaryrepresented by Optional
Preferred IssueShareseach Depositary Annual Per ShareRedemption
StockDateIssued ShareDividend Dates (a)Dividend RateDate (b)
Series B (c)(c)N/AN/AQuarterly from March 10th$1.80None
Series O (d)July 27, 20111 million 1/100thSemi-annually beginning on February 1, 2012until August 1, 20216.75% until August 1, 2021August 1, 2021
Quarterly beginning on November 1, 20213 Mo. LIBOR plus 3.678% per annumbeginning on August 1, 2021
Series P (d)April 24, 201260 million1/4,000thQuarterly beginning on August 1, 20126.125% until May 1, 2022 May 1, 2022
3 Mo. LIBOR plus 4.0675% per annumbeginning on May 1, 2022
Series Q (d)September 21, 201218 million 1/4,000thQuarterly beginning on December 1, 20125.375%December 1, 2017
October 9, 20121.2 million
Series R (d)May 7, 2013500,0001/100thSemi-annually beginning on December 1, 2013 until June 1, 20234.85% until June 1, 2023June 1, 2023
Quarterly beginning on September 1, 20233 Mo. LIBOR plus 3.04% per annumbeginning June 1, 2023
(a)Dividends are payable when, as, and if declared by our Board of Directors or an authorized committee of our Board.
(b)Redeemable at PNC's option on or after the date stated. With the exception of the Series B preferred stock, redeemable at PNC's 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.
Summary Of Replacement Capital Covenants Of Perpetual Trust Securities [Table Text Block]
Table 121: Summary of Replacement Capital Covenants of Perpetual Trust Securities
Replacement Capital Covenant (RCC) (a)TrustDescription of Capital Covenants
Trust I RCCTrust INeither we nor our subsidiaries (other than PNC Bank and its subsidiaries) would purchase the Trust Securities, the LLC Preferred Securities or the PNC Bank Preferred Stock unless such repurchases or redemptions are made from proceeds of the issuance of certain qualified securities and pursuant to the other terms and conditions set forth in the Trust I RCC.
Trust II RCCTrust IIUntil March 29, 2017, neither we nor our subsidiaries would purchase or redeem the Trust II Securities, the LLC Preferred Securities or the Series I Preferred Stock unless such repurchases or redemptions are made from proceeds of the issuance of certain qualified securities and pursuant to the other terms and conditions set forth in the Trust II RCC.
(a) As of December 31, 2015, each of the Trust I RCC and the Trust II RCC are for the benefit of PNC Capital Trust C as the sole holder of $200 million of junior subordinated debentures issued in June 1998. See Note 11 Borrowed Funds for additional information regarding these debentures.
Summary Of Contractual Commitments Of Perpetual Trust Securities [Table Text Block]
Table 122: Summary of Contractual Commitments of Perpetual Trust Securities
TrustDescription of Restrictions on Dividend Payments (c)
Trust I (a)If full dividends are not paid in a dividend period, neither PNC Bank nor its subsidiaries will declare or pay dividends or other distributions with respect to, or redeem, purchase or acquire or make a liquidation payment with respect to, any of its equity capital securities during the next succeeding period (other than to holders of the LLC Preferred Securities and any parity equity securities issued by the LLC). (d)
Trust II (b)If full dividends are not paid in a dividend period, PNC will not declare or pay dividends with respect to, or redeem, purchase or acquire, any of its equity capital securities during the next succeeding dividend period. (e)
(a) Contractual commitments made by PNC Bank.
(b) Contractual commitments made by PNC.
(c) Applies to the applicable Trust Securities and the LLC Preferred Securities.
(d) Except: (i) in the case of dividends payable to subsidiaries of PNC Bank, to PNC Bank or another wholly-owned subsidiary of PNC Bank or (ii) in the case of dividends payable to persons that are not subsidiaries of PNC Bank, to such persons only if, (A) in the case of a cash dividend, PNC has first irrevocably committed to contribute amounts at least equal to such cash dividend or (B) in the case of in-kind dividends payable by PNC REIT Corp., PNC has committed to purchase such in-kind dividend from the applicable PNC REIT Corp. holders in exchange for a cash payment representing the market value of such in-kind dividend, and PNC has committed to contribute such in-kind dividend to PNC Bank.
(e) Except for: (i) purchases, redemptions or other acquisitions of shares of capital stock of PNC in connection with any employment contract, benefit plan or other similar arrangement with or for the benefit of employees, officers, directors or consultants, (ii) purchases of shares of common stock of PNC pursuant to a contractually binding requirement to buy stock existing prior to the commencement of the extension period, including under a contractually binding stock repurchase plan, (iii) any dividend in connection with the implementation of a shareholders' rights plan, or the redemption or repurchase of any rights under any such plan, (iv) as a result of any exchange or conversion of any class or series of PNC's capital stock for any other class or series of PNC's capital stock, (v) the purchase of fractional interests in shares of PNC capital stock pursuant to the conversion or exchange provisions of such stock or the security being converted or exchanged or (vi) any stock dividends paid by PNC where the dividend stock is the same stock as that on which the dividend is being paid.
On March 15, 2013 we redeemed all $375 million of the PNC Preferred Funding Trust III securities with a distribution rate of 8.7%.