PNC Bank 2015 Annual Report Download - page 124

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
THE PNC FINANCIAL SERVICES GROUP, INC.
Shareholders’ Equity
In millions
Shares
Outstanding
Common
Stock
Common
Stock
Capital
Surplus -
Preferred
Stock
Capital
Surplus -
Common
Stock and
Other
Retained
Earnings
Accumulated
Other
Comprehensive
Income (Loss)
Treasury
Stock
Noncontrolling
Interests
Total
Equity
Balance at December 31, 2012 (a) 528 $2,690 $3,590 $12,193 $20,210 $ 834 $ (569) $2,772 $41,720
Net income (loss) 4,201 11 4,212
Other comprehensive income (loss), net of tax (398) (398)
Cash dividends declared
Common (911) (911)
Preferred (237) (237)
Preferred stock discount accretion 5 (5)
Redemption of noncontrolling interests (b) (7) (368) (375)
Common stock activity 2 8 97 105
Treasury stock activity 3 (47) 161 114
Preferred stock redemption – Series L (c) (150) (150)
Preferred stock issuance – Series R (d) 496 496
Other (e) 173 (712) (539)
Balance at December 31, 2013 (a) 533 $2,698 $3,941 $12,416 $23,251 $ 436 $ (408) $1,703 $44,037
Cumulative effect of adopting ASC 860-50 (f) 2 2
Balance at January 1, 2014 533 $2,698 $3,941 $12,416 $23,253 $ 436 $ (408) $1,703 $44,039
Net income 4,184 23 4,207
Other comprehensive income, net of tax 67 67
Cash dividends declared
Common (1,000) (1,000)
Preferred (232) (232)
Preferred stock discount accretion 5 (5)
Common stock activity 1 7 81 88
Treasury stock activity (11) 14 (1,022) (1,008)
Other 116 (203) (87)
Balance at December 31, 2014 (a) 523 $2,705 $3,946 $12,627 $26,200 $ 503 $(1,430) $1,523 $46,074
Net income 4,106 37 4,143
Other comprehensive income (loss), net of tax (373) (373)
Cash dividends declared
Common (1,038) (1,038)
Preferred (219) (219)
Preferred stock discount accretion 6 (6)
Common stock activity 1 3 46 49
Treasury stock activity (20) (56) (1,938) (1,994)
Preferred stock redemption – Series K (g) (500) (500)
Other 128 (290) (162)
Balance at December 31, 2015 (a) 504 $2,708 $3,452 $12,745 $29,043 $ 130 $(3,368) $1,270 $45,980
(a) The par value of our preferred stock outstanding was less than $.5 million at each date and, therefore, is excluded from this presentation.
(b) Relates to the redemption of REIT preferred securities in the first quarter of 2013. See Note 16 Equity for additional information.
(c) 1,500 Series L preferred shares with a $1 par value were redeemed on April 19, 2013.
(d) 5,000 Series R preferred shares with a $1 par value were issued on May 7, 2013.
(e) Includes an impact to noncontrolling interests for deconsolidation of limited partnership or non-managing member interests related to tax credit investments in the amount of $675
million during the second quarter of 2013.
(f) Amount represents the cumulative impact of our January 1, 2014 irrevocable election to prospectively measure all classes of commercial MSRs at fair value. See Note 1 Accounting
Policies for more information on this election.
(g) On May 4, 2015, PNC redeemed all 50,000 shares of its Series K Preferred Stock, as well as all 500,000 Depositary Shares representing fractional interests in such shares, resulting in
net outflow of $500 million.
See accompanying Notes To Consolidated Financial Statements
106 The PNC Financial Services Group, Inc. – Form 10-K