Annual report pursuant to Section 13 and 15(d)

Shareholders' Equity (Tables)

v2.4.0.6
Shareholders' Equity (Tables)
12 Months Ended
Dec. 31, 2012
Shareholders Equity [Abstract]  
Schedule of Dividends
Common Stock
 
 
 
 
 
 
 
Declared Quarterly Cash Dividends on Common Stock
 
 
 
 
 
 
 
Declaration Date
 
Record Date
 
Payment Date
 
Dividend Per Share
 
 
 
January 23, 2013
 
March 1, 2013
 
March 22, 2013
 
$
0.01

October 24, 2012
 
December 7, 2012
 
December 28, 2012
 
0.01

July 11, 2012
 
September 7, 2012
 
September 28, 2012
 
0.01

April 11, 2012
 
June 1, 2012
 
June 22, 2012
 
0.01

January 11, 2012
 
March 2, 2012
 
March 23, 2012
 
0.01

Schedule of Preferred Stock and Trust Preferred Securities
The table below lists the aggregate liquidation value of each series of preferred stock exchanged in 2012 and 2011.
 
 
 
 
Preferred Stock Exchanged
 
 
 
 
 
 
 
 
Preferred Shares Exchanged
 
Liquidation Value (1, 2)
(Dollars in millions, actual shares)
 
Non-convertible
 
 
 
Series D
260

 
$
7

Series E
6,800

 
170

Series J
1,058

 
26

Series K
4,929

 
123

Series M
4,958

 
124

Series 1
1,587

 
47

Series 2
7,579

 
227

Series 3
563

 
17

Series 4
5,965

 
179

Series 5
6,134

 
185

Series 6
5,612

 
6

Total non-convertible
45,445

 
1,111

Convertible
 
 
 
Series L
269,139

 
269

Total exchanged
314,584

 
$
1,380

(1) 
Amounts shown are before third-party issuance costs.
(2)  
Carrying value of preferred stock exchanged was $1,379 million.

Schedule of Stock by Class
The table below presents a summary of perpetual preferred stock previously issued by the Corporation and outstanding at December 31, 2012.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Preferred Stock Summary
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(Dollars in millions, except as noted)
 
 
 
 
 
 
 
 
 
 
 
 
Series
Description
 
Initial
Issuance
Date
 
Total
Shares
Outstanding
 
Liquidation
Preference
per Share
(in dollars)
 
Carrying
Value (1)
 
Per Annum
Dividend Rate
 
Redemption Period
Series B (2)
7% Cumulative Redeemable
 
June
1997
 
7,571

 
$
100

 
$
1

 
7.00
%
 
n/a
Series D (3, 8)
6.204% Non-Cumulative
 
September
2006
 
26,174

 
25,000

 
654

 
6.204
%
 
On or after
September 14, 2011
Series E (3, 8)
Floating Rate Non-Cumulative
 
November
2006
 
12,691

 
25,000

 
317

 
3-mo. LIBOR + 35 bps (6)

 
On or after
November 15, 2011
Series F (3, 8)
Floating Rate Non-Cumulative
 
March
2012
 
1,409

 
100,000

 
141

 
3-mo. LIBOR + 40 bps (6)

 
On or after
March 15, 2012
Series G (3, 8)
Adjustable Rate Non-Cumulative
 
March
2012
 
4,926

 
100,000

 
493

 
3-mo. LIBOR + 40 bps (6)

 
On or after
March 15, 2012
Series H (3, 8)
8.20% Non-Cumulative
 
May
2008
 
114,483

 
25,000

 
2,862

 
8.20
%
 
On or after
May 1, 2013
Series I (3, 8)
6.625% Non-Cumulative
 
September
2007
 
14,584

 
25,000

 
365

 
6.625
%
 
On or after
October 1, 2017
Series J (3, 8)
7.25% Non-Cumulative
 
November
2007
 
38,053

 
25,000

 
951

 
7.25
%
 
On or after
November 1, 2012
Series K (3, 9)
Fixed-to-Floating Rate Non-Cumulative
 
January
2008
 
61,773

 
25,000

 
1,544

 
8.00% through 1/29/18; 3-mo. LIBOR + 363 bps thereafter

 
On or after
January 30, 2018
Series L
7.25% Non-Cumulative Perpetual Convertible
 
January
2008
 
3,080,182

 
1,000

 
3,080

 
7.25
%
 
n/a
Series M (3, 9)
Fixed-to-Floating Rate Non-Cumulative
 
April
2008
 
52,399

 
25,000

 
1,310

 
8.125% through 5/14/18;
3-mo. LIBOR + 364 bps thereafter

 
On or after
May 15, 2018
Series T
6% Cumulative
 
September
2011
 
50,000

 
100,000

 
2,918

 
6.00
%
 
See description in Preferred Stock in this Note
Series 1 (3, 4)
Floating Rate Non-Cumulative
 
November
2004
 
3,275

 
30,000

 
98

 
3-mo. LIBOR + 75 bps (5)

 
On or after
November 28, 2009
Series 2 (3, 4)
Floating Rate Non-Cumulative
 
March
2005
 
9,967

 
30,000

 
299

 
3-mo. LIBOR + 65 bps (5)

 
On or after
November 28, 2009
Series 3 (3, 4)
6.375% Non-Cumulative
 
November
2005
 
21,773

 
30,000

 
653

 
6.375
%
 
On or after
November 28, 2010
Series 4 (3, 4)
Floating Rate Non-Cumulative
 
November
2005
 
7,010

 
30,000

 
210

 
3-mo. LIBOR + 75 bps (6)

 
On or after
November 28, 2010
Series 5 (3, 4)
Floating Rate Non-Cumulative
 
March
2007
 
14,056

 
30,000

 
422

 
3-mo. LIBOR + 50 bps (6)

 
On or after
May 21, 2012
Series 6 (3, 7)
6.70% Non-Cumulative Perpetual
 
September
2007
 
59,388

 
1,000

 
59

 
6.70
%
 
On or after
February 3, 2009
Series 7 (3, 7)
6.25% Non-Cumulative Perpetual
 
September
2007
 
16,596

 
1,000

 
17

 
6.25
%
 
On or after
March 18, 2010
Series 8 (3, 4)
8.625% Non-Cumulative
 
April
2008
 
89,100

 
30,000

 
2,673

 
8.625
%
 
On or after
May 28, 2013
Total
 
 
 
 
3,685,410

 
 

 
$
19,067

 
 

 
 
(1) 
Amounts shown are before third-party issuance costs and other Merrill Lynch purchase accounting related adjustments of $299 million.
(2) 
Series B Preferred Stock does not have early redemption/call righ
Preferred Stock
The table below presents a summary of perpetual preferred stock previously issued by the Corporation and outstanding at December 31, 2012.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Preferred Stock Summary
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(Dollars in millions, except as noted)
 
 
 
 
 
 
 
 
 
 
 
 
Series
Description
 
Initial
Issuance
Date
 
Total
Shares
Outstanding
 
Liquidation
Preference
per Share
(in dollars)
 
Carrying
Value (1)
 
Per Annum
Dividend Rate
 
Redemption Period
Series B (2)
7% Cumulative Redeemable
 
June
1997
 
7,571

 
$
100

 
$
1

 
7.00
%
 
n/a
Series D (3, 8)
6.204% Non-Cumulative
 
September
2006
 
26,174

 
25,000

 
654

 
6.204
%
 
On or after
September 14, 2011
Series E (3, 8)
Floating Rate Non-Cumulative
 
November
2006
 
12,691

 
25,000

 
317

 
3-mo. LIBOR + 35 bps (6)

 
On or after
November 15, 2011
Series F (3, 8)
Floating Rate Non-Cumulative
 
March
2012
 
1,409

 
100,000

 
141

 
3-mo. LIBOR + 40 bps (6)

 
On or after
March 15, 2012
Series G (3, 8)
Adjustable Rate Non-Cumulative
 
March
2012
 
4,926

 
100,000

 
493

 
3-mo. LIBOR + 40 bps (6)

 
On or after
March 15, 2012
Series H (3, 8)
8.20% Non-Cumulative
 
May
2008
 
114,483

 
25,000

 
2,862

 
8.20
%
 
On or after
May 1, 2013
Series I (3, 8)
6.625% Non-Cumulative
 
September
2007
 
14,584

 
25,000

 
365

 
6.625
%
 
On or after
October 1, 2017
Series J (3, 8)
7.25% Non-Cumulative
 
November
2007
 
38,053

 
25,000

 
951

 
7.25
%
 
On or after
November 1, 2012
Series K (3, 9)
Fixed-to-Floating Rate Non-Cumulative
 
January
2008
 
61,773

 
25,000

 
1,544

 
8.00% through 1/29/18; 3-mo. LIBOR + 363 bps thereafter

 
On or after
January 30, 2018
Series L
7.25% Non-Cumulative Perpetual Convertible
 
January
2008
 
3,080,182

 
1,000

 
3,080

 
7.25
%
 
n/a
Series M (3, 9)
Fixed-to-Floating Rate Non-Cumulative
 
April
2008
 
52,399

 
25,000

 
1,310

 
8.125% through 5/14/18;
3-mo. LIBOR + 364 bps thereafter

 
On or after
May 15, 2018
Series T
6% Cumulative
 
September
2011
 
50,000

 
100,000

 
2,918

 
6.00
%
 
See description in Preferred Stock in this Note
Series 1 (3, 4)
Floating Rate Non-Cumulative
 
November
2004
 
3,275

 
30,000

 
98

 
3-mo. LIBOR + 75 bps (5)

 
On or after
November 28, 2009
Series 2 (3, 4)
Floating Rate Non-Cumulative
 
March
2005
 
9,967

 
30,000

 
299

 
3-mo. LIBOR + 65 bps (5)

 
On or after
November 28, 2009
Series 3 (3, 4)
6.375% Non-Cumulative
 
November
2005
 
21,773

 
30,000

 
653

 
6.375
%
 
On or after
November 28, 2010
Series 4 (3, 4)
Floating Rate Non-Cumulative
 
November
2005
 
7,010

 
30,000

 
210

 
3-mo. LIBOR + 75 bps (6)

 
On or after
November 28, 2010
Series 5 (3, 4)
Floating Rate Non-Cumulative
 
March
2007
 
14,056

 
30,000

 
422

 
3-mo. LIBOR + 50 bps (6)

 
On or after
May 21, 2012
Series 6 (3, 7)
6.70% Non-Cumulative Perpetual
 
September
2007
 
59,388

 
1,000

 
59

 
6.70
%
 
On or after
February 3, 2009
Series 7 (3, 7)
6.25% Non-Cumulative Perpetual
 
September
2007
 
16,596

 
1,000

 
17

 
6.25
%
 
On or after
March 18, 2010
Series 8 (3, 4)
8.625% Non-Cumulative
 
April
2008
 
89,100

 
30,000

 
2,673

 
8.625
%
 
On or after
May 28, 2013
Total
 
 
 
 
3,685,410

 
 

 
$
19,067

 
 

 
 
(1) 
Amounts shown are before third-party issuance costs and other Merrill Lynch purchase accounting related adjustments of $299 million.
(2) 
Series B Preferred Stock does not have early redemption/call rights.
(3) 
The Corporation may redeem series of preferred stock on or after the redemption date, in whole or in part, at its option, at the liquidation preference plus declared and unpaid dividends.
(4) 
Ownership is held in the form of depositary shares, each representing a 1/1,200th interest in a share of preferred stock, paying a quarterly cash dividend, if and when declared.
(5) 
Subject to 3.00% minimum rate per annum.
(6) 
Subject to 4.00% minimum rate per annum.
(7) 
Ownership is held in the form of depositary shares, each representing a 1/40th interest in a share of preferred stock, paying a quarterly cash dividend, if and when declared.
(8) 
Ownership is held in the form of depositary shares, each representing a 1/1,000th interest in a share of preferred stock, paying a quarterly cash dividend, if and when declared.
(9) 
Ownership is held in the form of depositary shares, each representing a 1/25th interest in a share of preferred stock, paying a semi-annual cash dividend, if and when declared, until the redemption date adjusts to a quarterly cash dividend, if and when declared, thereafter.
n/a = not applicable