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Equity
 12 Months Ended
Dec. 31, 2020
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 77: Preferred Stock - Authorized, Issued and Outstanding
   Preferred Shares
December 31
Shares in thousands		Liquidation
value per share		20202019
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 Q (a)$100,000 5 
Series R$100,000 5 5 
Series S$100,000 5 5 
Total issued and outstanding 36 41 
(a)On September 1, 2020, PNC redeemed all 4,800 shares of its Series Q Preferred Stock, as well as all 19.2 million Depositary Shares representing fractional interest in such shares.
The following table discloses information related to the preferred stock outstanding as of December 31, 2020:
Table 78: 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
(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 79: Dividends Per Share
December 31202020192018
Common Stock$4.60 $4.20 $3.40 
Preferred Stock
   Series B$1.80 $1.80 $1.80 
   Series O$6,750 $6,750 $6,750 
   Series P$6,125 $6,125 $6,125 
   Series Q$4,031 $5,375 $5,375 
   Series R$4,850 $4,850 $4,850 
   Series S$5,000 $5,000 $5,000 

On January 5, 2021, the PNC Board of Directors declared a quarterly cash dividend on common stock of $1.15 per share payable on February 5, 2021.
Other Shareholders’ Equity Matters
At December 31, 2020, we had reserved approximately 83 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 June 2019, we announced share repurchase programs of up to $4.3 billion for the four quarter period beginning with the third quarter of 2019, in accordance with PNC’s 2019 capital plan. In January 2020, we announced an increase to these programs to repurchase up to an additional $1.0 billion in common shares through the end of the second quarter of 2020. PNC announced on March 16, 2020 a temporary suspension of our common stock repurchase program in conjunction with the Federal Reserve’s effort to support the U.S. economy during the pandemic. We continued the suspension through the fourth quarter of 2020 with the exception of employee benefit-related purchases in the third quarter, consistent with the extension of the Federal Reserve’s special capital distribution restrictions. Under these program authorizations we repurchased 11.0 million shares in 2020 and 25.9 million shares in 2019. A maximum amount of 75.1 million shares remained available for repurchase under the new stock program authorization at December 31, 2020. In 2021, our plan is to refrain from share repurchases, excluding employee benefit-related purchases, during the period leading up to our pending BBVA transaction close date, expected to be mid-2021.