Capital Actions

3 Months Ended

Mar. 31, 2021

Accelerated Share Repurchase Transaction

During the three months ended March 31, 2021, the Bancorp entered into and settled an accelerated share repurchase transaction. As part of the transaction, the Bancorp entered into a forward contract in which the final number of shares delivered at settlement was based generally on a discount to the average daily volume weighted-average price of the Bancorp’s common stock during the term of the repurchase agreement. The accelerated share repurchase was treated as two separate transactions, (i) the acquisition of treasury shares on the repurchase date and (ii) a forward contract indexed to the Bancorp’s common stock.

The following table presents a summary of the Bancorp’s accelerated share repurchase transaction that was entered into and settled during the three months ended March 31, 2021:

Repurchase Date

Amount
($ in millions)

Shares Repurchased on Repurchase Date

Shares Received from Forward Contract Settlement

Total Shares Repurchased

Settlement Date

January 26, 2021

180

4,951,456

366,939

5,318,395

March 31, 2021

For further information on a subsequent event related to capital actions, refer to Note 23.