SunTrust 2007 Annual Report Download - page 84

Table 23 – Share Repurchases in 2007
Common Stock Series A Preferred Stock Depositary Shares1
Total
number of
shares
purchased2
Average
price
paid per
share
Number of
shares
purchased as
part of
publicly
announced
plans or
programs
Maximum
number of
shares that
may yet be
purchased
under the
plans or
programs3,4
Total
number of
shares
purchased
Average
price
paid per
share
Number of
shares
purchased as
part of
publicly
announced
plans or
programs
Maximum
number of
shares that
may yet
be
purchased
under the
plans or
programs
January 1-31 12,662 $83.14 - 11,766,745 - - - -
February 1-28 20,425 86.27 - 11,766,745 - - - -
March 1-31 619,862 82.71 615,514411,151,231 - - - -
Total first quarter 2007 652,949 $82.83 615,514 - - - -
April 1-30 182,812 $84.74 175,000 10,976,231 - - - -
May 1-31 496,895 84.86 483,200 10,493,031 - - - -
June 1-30 8,034,836 87.20 8,022,25442,470,777 - - - -
Total second quarter 2007 8,714,543 $87.02 8,680,454 - - - -
July 1-31 3,303 $85.37 - 2,470,777 - - - -
August 1-31 1,467,342 80.99 1,462,091430,000,000 - - - -
September 1-30 857 76.10 - 30,000,000 - - - -
Total third quarter 2007 1,471,502 $81.00 1,462,091 - - - -
October 1-31 2,501 $72.50 - 30,000,000 - - - -
November 1-30 9,950 68.51 - 30,000,000 - - - -
December 1-31 - - - 30,000,000 - - - -
Total fourth quarter 2007 12,451 $69.31 - - - - -
Total year-to-date 2007 10,851,445 $85.93 10,758,059 - - - -
1On September 12, 2006, SunTrust issued and registered under Section 12(b) of the Exchange Act 20 million Depositary Shares, each representing a 1/4,000th interest in a share
of Perpetual Preferred Stock, Series A.
2This figure includes shares repurchased pursuant to SunTrust’s employee stock option plans, pursuant to which participants may pay the exercise price upon exercise of
SunTrust stock options by surrendering shares of SunTrust common stock which the participant already owns. SunTrust considers shares so surrendered by participants in
SunTrust’s employee stock option plans to be repurchased pursuant to the authority and terms of the applicable stock option plan rather than pursuant to publicly announced
share repurchase programs. For the year ended December 31, 2007, the following shares of SunTrust common stock were surrendered by participants in SunTrust’s employee
stock option plans: 12,662 shares in January 2007 at an average price per share of $83.14; 20,425 shares in February 2007 at an average price per share of $86.27; 4,348 shares
in March 2007 at an average price per share of $85.30; 7,812 shares in April 2007 at an average price per share of $84.64; 13,695 shares in May 2007 at an average price per
share of $88.61; 12,582 shares in June 2007 at an average price per share of $87.25; 3,303 shares in July 2007 at an average price per share of $85.37; 5,251 shares in August
2007 at an average price per share of $79.60; 857 shares in September 2007 at an average price per share of $76.10; 2,501 shares in October 2007 at an average price per share
of $72.50; 9,950 shares in November 2007 at an average price of $68.51; and no shares in December 2007.
3Effective April 1, 2006, the Board of Directors authorized the purchase of up to 10 million shares of SunTrust common stock and terminated (effective March 31, 2006) the
remaining authority to repurchase shares under the prior authorizations made on June 13, 2001 and November 12, 2002. There is no expiration date for this authorization. Such
repurchase authority was replaced (terminated) on August 4, 2007, as more fully described in footnote 14.
4In August 2006, the Board authorized the Company to repurchase up to an additional $1 billion or 13,333,334 shares of the Company’s Common Stock, under which authority
the Company repurchased 9,926,589 shares during 2006 under an Accelerated Share Repurchase Agreement (“ASR”). The 3,406,745 shares remaining under the August 2006
authorization, combined with 8,360,000 shares remaining under Board authorization from April 2006, left the Company with authorization to repurchase up to 11,766,745 shares
as of January 1, 2007. The Company completed the aforementioned ASR with the repurchase of 615,514 shares during the first quarter of 2007. During 2007 the Company
entered into a second ASR, as announced in the Company’s 8-K filing on June 7, 2007, by repurchasing 8,022,254 shares during the second quarter of 2007. This ASR was
completed in the third quarter of 2007 when the Company received, without additional payment, an additional 1,462,091 shares. On August 14, 2007, the Board of Directors
authorized the Company to repurchase up to 30 million shares of common stock and specified that such authorization replaced (terminated) existing unused authorizations.
Table 24 – Funds Purchased and Securities Sold Under Agreements to Repurchase1
As of
December 31 Daily Average
Maximum
Outstanding
at Any
Month-end(Dollars in millions) Balance Rate Balance Rate
2007 $9,179.5 3.69% $9,398.7 4.68% $13,285.1
2006 11,818.0 4.90 11,526.5 4.71 13,980.7
2005 10,374.5 3.88 10,331.3 3.02 12,610.5
1Consists of federal funds purchased and securities sold under agreements to repurchase that mature overnight or at a fixed maturity generally not
exceeding three months. Rates on overnight funds reflect current market rates. Rates on fixed maturity borrowings are set at the time of borrowings.
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