Huntington National Bank 2009 Annual Report Download - page 109
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 |
T
he followin
g
table summarizes the primar
y
activit
y
durin
g
2009 to increase Tier 1 common equit
y:
Table 49 — Tier 1 Common E
q
uit
y
Activit
y
S
hares Amount
O
the
r
Reta
i
ned
Earnin
g
s Total
C
ommon
S
tock
(
In millions
)
Fran
kli
n restructur
i
n
g
................................ —
$—
$
159.9
$
159.
9
Convers
i
on o
fp
re
f
erre
d
stoc
k
..........................
24.
6
114.1 —
114
.
1
Other
(
1
)
..........................................
——
47.1
4
7
.1
Total 2009 First
Q
uarte
r
...............................
24.
6
114.1 2
0
7.
0
321
.
1
Discretionar
y
equit
y
issuance #1
........................
38
.
5
117.
6—
11
7
.6
Discretionar
y
equit
y
issuance #2
........................
18.5 74.4 — 74
.4
Conversion of
p
referred stock
..........................
16.5
9
2.3 — 92.
3
Common stoc
k
o
ff
er
i
n
g
...............................
103.
5
3
5
6.4
3
5
6
.
4
G
a
i
n on cas
h
ten
d
er o
ff
er o
f
certa
i
n trust
p
re
f
erre
d
secur
i
t
i
es . . . — — 43.8
43
.
8
G
a
i
nre
l
ate
d
to V
i
sa stoc
k
..
.
..........................
——
20
.
4
20
.
4
Total 2009
S
econd
Q
uarte
r
.............................
177.0
6
40.7
6
4.2
704.9
D
i
scret
i
onar
y
equ
i
t
yi
ssuance #3
........................
3
5
.7 146.9
—
146
.
9
Common stock offerin
g
...............................
109.
5
440.4
—
440
.
4
Total 2009 Third
Q
uarter
..............................
14
5
.2
58
7.
3—
5
8
7.
3
G
ain on earl
y
extin
g
uishment of debt .....................
——
47.
9
47
.9
Total 2009 Fourth
Q
uarter ............................. — — 47.
9
47.
9
T
o
t
a
l 2009
..........................................
346.8 $1
,
342.1 $319.1 $1
,
661.
2
(1) Primaril
y
represents improvement in other comprehensive income
.
As shown in the table above, these actions increased our Tier 1 common equit
y
b
y
$1.7 billion durin
g
2009. While we ma
y
continue to seek opportunities to further stren
g
then our capital position, we believe tha
t
we
h
ave su
ffi
c
i
ent cap
i
ta
l
to w
i
t
h
stan
d
a severe econom
i
c scenar
i
os
i
m
il
ar to t
h
at use
dby
t
h
eFe
d
era
l
Reserv
e
in its modelin
g
of capital adequac
y
for the 19 lar
g
e bank holdin
g
companies where “stress tests” wer
e
conducted
.
101