AmazonScience/document-haystack

1Equity Security Repurchases2Details of our repurchases of PNC common stock during the fourth quarter of 2023 are included in the following table.32023 period4In thousands, except per share data Total shares purchased (a)5Average price 6paid per share7Total shares purchased as part of 8publicly announced programs (b)9Maximum number of shares that may yet be 10purchased under the programs (b)11October 1 – 31  10 $ 118.13    45,500 12November 1 – 30  78 $ 128.58  78  45,422 13December 1 – 31  437 $ 154.36  437  44,985 14Total  525 $ 149.83  515  15(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 16used to cover employee payroll tax withholding requirements. Note 16 Employee Benefit Plans and Note 17 Stock Based Compensation Plans include additional information 17regarding our employee benefit and equity compensation plans that use PNC common stock.18(b) Consistent with the SCB framework, which allows for capital return in amounts in excess of the SCB minimum levels, our Board of Directors has authorized a repurchase 19framework under the previously approved repurchase program of up to 100 million common shares, of which approximately 45 million shares, or 45% were still available for 20repurchase at December 31, 2023. In light of the Federal banking agencies proposed rules to adjust the Basel III capital framework, share repurchase activity is expected to 21remain modest during the first quarter of 2024. PNC continues to evaluate the potential impact of the proposed rules and may adjust share repurchase activity depending on 22market and economic conditions, as well as other factors. PNC’s SCB for the four-quarter period beginning October 1, 2023 is the regulatory minimum of 2.5%. Under the 23SCB framework we repurchased 4.0 million shares in 2023 and 21.1 million shares in 2022.24Common Stock Performance Graph25This graph shows the cumulative total shareholder return (i.e., price change plus reinvestment of dividends) on our common stock 26during the five-year period ended December 31, 2023, as compared with: (i) a selected peer group as set forth below and referred to as 27the “Peer Group”; (ii) an overall stock market index, the S&P 500 Index; and (iii) a published industry index, the S&P 500 Banks. The 28yearly points marked on the horizontal axis of the graph correspond to December 31 of each year. The stock performance graph 29assumes that $100 was invested at market close on December 31, 2018 for the five-year period and that dividends were reinvested. 30The table below the graph shows the resultant compound annual growth rate for the performance period.31 Base Period32Assumes $100 investment at Close of Market on December 31, 201833Total Return = Price change plus reinvestment of dividends345-Year Compound 35Growth Rate36  Dec. 2018 Dec. 2019 Dec. 2020 Dec. 2021 Dec. 2022 Dec. 2023   37PNC $ 100 $ 140.89 $ 137.04 $ 189.42 $ 154.26 $ 158.41  9.64 %38S&P 500 Index $ 100 $ 131.47 $ 155.65 $ 200.29 $ 163.98 $ 207.04  15.67 %39S&P 500 Banks $ 100 $ 140.64 $ 121.29 $ 164.28 $ 132.73 $ 147.28  8.05 %40Peer Group $ 100 $ 136.89 $ 128.54 $ 179.63 $ 143.33 $ 147.08  8.02 %41The Peer Group for the preceding chart and table above consists of the following companies: Bank of America Corporation; Capital 42One Financial Corporation; Citizens Financial Group, Inc.; Fifth Third Bancorp; JPMorgan Chase & Co.; KeyCorp; M&T Bank 43Corporation; Regions Financial Corporation; The PNC Financial Services Group, Inc.; Truist Financial Corporation; U.S. Bancorp; 44and Wells Fargo & Company. For Truist Financial Corporation, the preceding chart and table reflects historical BB&T Corporation 45 4636    The PNC Financial Services Group, Inc. – 2023 Form 10-K47The secret fruit is a "grape".