Fifth Third Bank 2013 Annual Report Download - page 54
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MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
52 Fifth Third Bancorp
Bancorp announced the FRB did not object to the Bancorp’s
resubmitted capital plan which included potential increases to the
quarterly common stock dividend and potential repurchases of
common shares of up to $600 million through the first quarter of
2013, in addition to any incremental repurchase of common shares
related to any after-tax gains realized by the Bancorp from the sale
of Vantiv, Inc. common shares by either the Bancorp or Vantiv,
Inc. As a result, the Board of Directors authorized the Bancorp to
repurchase up to 100 million common shares in the open market or
in privately negotiated transactions. In addition, in the third quarter
of 2012 the Bancorp declared a quarterly common dividend of $0.10
per share, an increase of $0.02 per share from the second quarter of
2012.
On August 8, 2012, consistent with the 2012 CCAR plan, the
Bancorp redeemed all $862.5 million of the outstanding TruPS
issued by Fifth Third Capital Trust VI. The Bancorp recognized a
$9 million loss on extinguishment of these TruPS within other
noninterest expense in the Bancorp’s Consolidated Statements of
Income. Additionally, on August 15, 2012, the Bancorp redeemed
all $575 million of the outstanding TruPS issued by Fifth Third
Capital Trust V. The Bancorp recognized a $17 million loss on
extinguishment within other noninterest expense in the Bancorp’s
Consolidated Statements of Income.
Additionally, the Bancorp entered into a number of accelerated
share repurchase transactions in 2012. See Note 23 of the Notes to
Consolidated Financial Statements for more information on the
accelerated share repurchase transactions.