March 12 (Bloomberg) -- Wells Fargo & Co., the biggest U.S. home lender, gave Chief Executive Officer John Stumpf $1 million in restricted share rights as part of his pay for 2012, when the bank’s stock surged 24 percent.
Stumpf, 59, received 27,398 restricted shares, the San Francisco-based bank said today in a regulatory filing. The value is based on the March 8 share price of $36.50. The restricted stock vests in three annual installments starting March 15 next year.
Stumpf’s 2012 compensation package hasn’t been disclosed by the bank in full. The company set his salary at $2.8 million in 2010 and hasn’t announced any change to the figure since then. His total compensation was $19.8 million for his work in 2011.
Shares of Wells Fargo rose last year as residential markets firmed and the lender originated almost 1 in 3 U.S. mortgages. Net income of $18.9 billion set a record for a third straight year. The shares have climbed 7.3 percent this year.
Stumpf owns about $35 million in stock based on today’s closing price of $36.66. He holds about 956,038 shares either directly or through family trusts and retirement accounts, according to today’s filing.
BB&T Corp., North Carolina’s second-largest bank, boosted CEO Kelly King’s compensation 45 percent to $8.6 million for 2012. The compensation for King, 64, included almost $980,000 in salary, plus other incentives and equity-linked rewards, the company said today in a filing. BB&T, based in Winston-Salem, climbed 16 percent last year, the most since 2000.
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