PNC Bank 2014 Annual Report Download - page 47

Our stock transfer agent and registrar is:
Computershare Trust Company, N.A.
250 Royall Street
Canton, MA 02021
800-982-7652
Registered shareholders may contact the above phone number
regarding dividends and other shareholder services.
We include here by reference the information that appears
under the Common Stock Performance Graph caption 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 2014 are included in the
following table:
In thousands, except per share data
2014 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 2,772 $82.77 2,734 11,417
November 1 – 30 1,311 $87.63 1,309 10,108
December 1 – 31 2,026 $90.38 2,022 8,086
Total 6,109 $86.33 6,065
(a) Includes PNC common stock purchased in connection with our various employee
benefit plans generally related to forfeitures of unvested restricted stock awards and
shares used to cover employee payroll tax withholding requirements. Note 13
Employee Benefit Plans and Note 14 Stock Based Compensation Plans in the Notes
To Consolidated Financial Statements in Item 8 of this Report include additional
information regarding our employee benefit and equity compensation plans that use
PNC common stock.
(b) On October 4, 2007, our Board of Directors authorized the repurchase of up to
25 million shares of PNC common stock. The repurchases are made in open market
or privately negotiated transactions and the repurchase program will remain in effect
until fully utilized or until modified, superseded or terminated. The timing and exact
amount of common stock repurchases will depend on a number of factors including,
among others, market and general economic conditions, economic capital and
regulatory capital considerations, alternative uses of capital, the potential impact on
our credit ratings, and contractual and regulatory limitations, including the results of
the supervisory assessment of capital adequacy and capital planning processes
undertaken by the Federal Reserve and our primary bank regulators as part of the
CCAR process.
Our 2014 capital plan, submitted as part of the CCAR process and approved by the
Federal Reserve, included share repurchase programs of up to $1.5 billion for the
four quarter period beginning with the second quarter of 2014. This amount does not
include share repurchases in connection with various employee benefit plans
referenced in note (a). In the fourth quarter of 2014, in accordance with the 2014
capital plan, we repurchased 6.065 million shares of common stock on the open
market, with an average price of $86.41 per share and an aggregate repurchase price
of $524 million.
Common Stock Performance Graph
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, 2014,
as compared with: (1) a selected peer group as set forth below
and referred to as 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, 2010 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.
Dec09
Dollars
Comparison of Cumulative Five Year Total Return
0
PNC S&P 500 Index S&P 500 Banks Peer Group
150
100
50
200
250
Dec10 Dec11 Dec12 Dec14Dec13
Base
Period
Assumes $100 investment at Close of
Market on December 31, 2009
Total Return = Price change plus
reinvestment
of dividends
5-Year
Compound
Growth
Rate
Dec. 09 Dec. 10 Dec. 11 Dec. 12 Dec. 13 Dec. 14
PNC 100 115.81 112.26 116.38 158.80 191.07 13.83%
S&P 500 Index 100 115.06 117.48 136.27 180.39 205.07 15.45%
S&P 500 Banks 100 119.84 107.00 132.74 180.15 208.10 15.79%
Peer Group 100 120.80 104.59 137.49 186.35 216.01 16.65%
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
for 2014 by the Board’s Personnel and Compensation
Committee. Such Committee has approved a peer group of
twelve for 2015, consisting of all of the same companies as
those in the 2014 Peer Group other than Comerica Inc.
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, 2009 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.
The PNC Financial Services Group, Inc. – Form 10-K 29