PNC Bank 2011 Annual Report Download - page 35

We include here by reference the information regarding our
compensation plans under which PNC equity securities are
authorized for issuance as of December 31, 2011 in the table
(with introductory paragraph and notes) that appears in
Item 12 of this Report.
Our registrar, stock transfer agent, and dividend disbursing
agent is:
Computershare Trust Company, N.A.
250 Royall Street
Canton, MA 02021
800-982-7652
We include here by reference the information that appears
under the caption “Common Stock Performance Graph” at the
end of this Item 5.
(a) (2) None.
(b) Not applicable.
(c) Details of our repurchases of PNC common stock during the
fourth quarter of 2011 are included in the following table:
In thousands, except per share data
2011 period
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)
October 1 – 31 133 $52.03 24,710
November 1 – 30 4 $55.51 24,710
December 1 – 31 1 $57.86 24,710
Total 138 $52.16
(a) Reflects PNC common stock purchased in connection with our various employee
benefit plans. No shares were purchased under the program referred to in note (b) to
this table during the fourth quarter of 2011. Effective January 2011, employer
matching contributions to the PNC Incentive Savings Plan are no longer made in
PNC common stock, but rather in cash. Note 14 Employee Benefit Plans and Note
15 Stock Based Compensation Plans in the Notes To Consolidated Financial
Statements in Item 8 of this Report include additional information regarding our
employee benefit plans that use PNC common stock.
(b) Our current stock repurchase program allows us to purchase up to 25 million shares
on the open market or in privately negotiated transactions. This program was
authorized on October 4, 2007 and will remain in effect until fully utilized or until
modified, superseded or terminated. The extent and timing of share repurchases
under this program will depend on a number of factors including, among others,
market and general economic conditions, economic and regulatory capital
considerations, alternative uses of capital, the potential impact on our credit ratings,
and contractual and regulatory limitations, including the impact of the Federal
Reserve’s current supervisory assessment of capital adequacy program.
C
OMMON S TOCK P ERFORMANCE G RAPH
This graph shows the cumulative total shareholder return (i.e.,
price change plus reinvestment of dividends) on our common
stock during the five-year period ended December 31, 2011,
as compared with: (1) a selected peer group of our
competitors, called the “Peer Group;” (2) an overall stock
market index, the S&P 500 Index; and (3) a published industry
index, the S&P 500 Banks. The yearly points marked on the
horizontal axis of the graph correspond to December 31 of
that year. The stock performance graph assumes that $100 was
invested on January 1, 2007 for the five-year period and that
any dividends were reinvested. The table below the graph
shows the resultant compound annual growth rate for the
performance period.
Comparison of Cumulative Five Year Total Return
0
50
100
150
200
Dollars
PNC S&P 500 Index S&P 500 Banks Peer Group
Dec 06 Dec 07 Dec 08 Dec 09 Dec 10 Dec 11
Base
Period
Assumes $100 investment at Close of
Market on December 31, 2006
Total Return = Price change plus reinvestment
of dividends
5-Year
Compound
Growth
Rate
Dec. 06 Dec. 07 Dec. 08 Dec. 09 Dec. 10 Dec. 11
PNC 100 91.71 71.37 78.70 91.14 88.35 (2.45)%
S&P 500 Index 100 105.49 66.46 84.05 96.71 98.76 (0.25)%
S&P 500 Banks 100 70.22 36.87 34.44 41.27 36.89 (18.08)%
Peer Group 100 76.73 43.02 57.56 72.45 59.35 (9.91)%
The Peer Group for the preceding chart and table consists of
the following companies: BB&T Corporation; Comerica Inc.;
Fifth Third Bancorp; KeyCorp; The PNC Financial Services
Group, Inc.; SunTrust Banks, Inc.; U.S. Bancorp; Regions
Financial Corporation; Wells Fargo & Company; Capital One
Financial, Inc.; Bank of America Corporation; M&T Bank;
and JP Morgan Chase and Company. This Peer Group was
approved by the Board’s Personnel and Compensation
Committee (the Committee) for 2011. The Committee has
approved the same Peer Group for 2012.
Each yearly point for the Peer Group is determined by
calculating the cumulative total shareholder return for each
company in the Peer Group from December 31, 2006 to
December 31 of that year (End of Month Dividend
Reinvestment Assumed) and then using the median of these
returns as the yearly plot point.
In accordance with the rules of the SEC, this section,
captioned “Common Stock Performance Graph,” shall not be
incorporated by reference into any of our future filings made
under the Securities Exchange Act of 1934 or the Securities
Act of 1933. The Common Stock Performance Graph,
including its accompanying table and footnotes, is not deemed
to be soliciting material or to be filed under the Exchange Act
or the Securities Act.
26 The PNC Financial Services Group, Inc. – Form 10-K