Shareholders' Equity

6 Months Ended

Jun. 30, 2018

Equity [Abstract]

Shareholder' Equity

17. Shareholders' Equity

Comprehensive Capital Plan

As previously reported and as authorized by the Board and pursuant to our 2017 capital plan (which was effective through the second quarter of 2018) submitted and not objected to by the Federal Reserve, we had authority to repurchase up to $800 million of our Common Shares. We completed $126 million of Common Share repurchases, including $123 million of Common Share repurchases in the open market and $3 million of Common Share repurchases related to employee equity compensation programs, in the second quarter of 2018 under this authorization.

Consistent with our 2017 capital plan, the Board declared a quarterly dividend of $.12 per Common Share for the second quarter of 2018.

On June 28, 2018, the Federal Reserve announced that it did not object to our 2018 capital plan submitted as part of the annual CCAR process. Share repurchases of up to $1.225 billion were included in the 2018 capital plan, which is effective from the third quarter of 2018 through the second quarter of 2019. Also included was a dividend increase to $.17 per Common Share which was approved and declared by our Board on July 11, 2018, for the third quarter of 2018.

Preferred Stock

We have $525 million of depositary shares, each representing a 1/25^th ownership interest in a share of our Fixed-to-Floating Rate Perpetual Noncumulative Series D Preferred Stock outstanding at June 30, 2018, and December 31, 2017. Our Series D Preferred Stock has a $1 par value with a $25,000 liquidation preference (equivalent to $1,000 per depositary share). There are 21,000 shares of Series D Preferred Stock authorized and outstanding at June 30, 2018, and December 31, 2017. We made payments of $12.50 per depositary share on the depositary shares related to our Series D Preferred Stock during the second quarter of 2018.

We have $500 million of depositary shares, each representing a 1/40^th ownership interest in a share of our Fixed-to-Floating Rate Perpetual Noncumulative Series E Preferred Stock outstanding at June 30, 2018, and December 31, 2017. Our Series E Preferred Stock has a $1 par value with a $1,000 liquidation preference (equivalent to $25 per depositary share). There are 500,000 shares of Series E Preferred Stock authorized and outstanding at June 30, 2018, and December 31, 2017. We made payments of $.382813 per depositary share on the depositary shares related to our Series E Preferred Stock during the second quarter of 2018.

On July 30, 2018, we issued $425 million of depositary shares, each representing a 1/40^th ownership interest in a share of our Fixed Rate Perpetual Noncumulative Series F Preferred Stock.  Our Series F Preferred Stock has a $1 par value with a $1,000 liquidation preference (equivalent to $25 per depositary share).