关键财务数据 | 主要亮点 | |||||||||||||||||||||||||||||||
所有资产负债表和利润表项目的数值单位为百万美元 | ||||||||||||||||||||||||||||||||
1Q24 | 4Q23 | 1Q23 | 稳定性: •平均存款比一季度23年增长5% •净核销、不良资产和逾期仍低于历史水平;本季度零商业地产净核销 •贷款核心存款比为71% •核心一级资本按季度增加15个基点至10.44%,反映了持续和强劲的盈利能力 盈利能力: •强劲的收费表现推动了财富和资产管理营收增长了10%,库存管理费增长了11%,相比于1Q23 •利息-存款成本稳定;仅比4Q23增加了1个基点 •严格的费用管理;支出增加了1%;调整后的开支(a) 相比于1Q23,支出减少了1% 增长: •与1Q23相比,消费者家庭增长了3% •第五第三财富顾问的资产管理规模超过10亿美元 | |||||||||||||||||||||||||||||
损益表数据 | ||||||||||||||||||||||||||||||||
净利润可供普通股股东 | $480 | $492 | $535 | |||||||||||||||||||||||||||||
净利息收入(美国GAAP) | 1,384 | 1,416 | 1,517 | |||||||||||||||||||||||||||||
净利息收益率(全职当量)(a) | 1,390 | 1,423 | 1,522 | |||||||||||||||||||||||||||||
非利息收入 | 710 | 744 | 696 | |||||||||||||||||||||||||||||
非利息支出 | 1,342 | 1,455 | 1,331 | |||||||||||||||||||||||||||||
每股数据 | ||||||||||||||||||||||||||||||||
基本每股收益 | $0.70 | $0.72 | $0.78 | |||||||||||||||||||||||||||||
摊薄每股收益 | 0.70 | 0.72 | 0.78 | |||||||||||||||||||||||||||||
每股账面价值 | 24.72 | 25.04 | 23.87 | |||||||||||||||||||||||||||||
每股有形账面价值(a) | 17.35 | 17.64 | 16.41 | |||||||||||||||||||||||||||||
资产负债表及信贷质量 | ||||||||||||||||||||||||||||||||
平均组合贷款和租赁 | $117,334 | $118,858 | $122,812 | |||||||||||||||||||||||||||||
平均存款 | 168,122 | 169,447 | 160,645 | |||||||||||||||||||||||||||||
累计其他综合损失 | (4,888) | (4,487) | (4,245) | |||||||||||||||||||||||||||||
净核销比率(b) | 0.38 | % | 0.32 | % | 0.26 | % | ||||||||||||||||||||||||||
不良资产比率(c) | 0.64 | 0.59 | 0.51 | |||||||||||||||||||||||||||||
财务比率 | ||||||||||||||||||||||||||||||||
平均资产回报率 | 0.98 | % | 0.98 | % | 1.10 | % | ||||||||||||||||||||||||||
普通股权平均回报率 | 11.6 | 12.9 | 13.7 | |||||||||||||||||||||||||||||
平均有形普通股权益回报率(a) | 17.0 | 19.8 | 20.5 | |||||||||||||||||||||||||||||
CET1资本(d)(e) | 10.44 | 10.29 | 9.28 | |||||||||||||||||||||||||||||
净利息收益率(a) | 2.86 | 2.85 | 3.29 | |||||||||||||||||||||||||||||
效率(a) | 63.9 | 67.2 | 60.0 | |||||||||||||||||||||||||||||
除第14页开始的季度财务审查表外,所有评论都是基于完全应税等价(FTE)的基础上进行的,除非另有说明。保持与SEC在S-k法规指导中的一致,FTE基础上提供净利息收入,净利息收益率,净利率差,总营业收入和效率比率。 | ||||||||||||||||||||||||||||||||
来自Fifth Third银行主席、首席执行官及总裁Tim Spence的致辞: |
损益表要点 | ||||||||||||||||||||||||||||||||||||||||||||
(百万美元,每股数据除外) | 在已结束的三个月中 | % 变化 | ||||||||||||||||||||||||||||||||||||||||||
三月 | 十二月 | 三月 | ||||||||||||||||||||||||||||||||||||||||||
2024 | 2023 | 2023 | Seq | 年/年 | ||||||||||||||||||||||||||||||||||||||||
简明损益表 | ||||||||||||||||||||||||||||||||||||||||||||
净利息收入(NII)(a) | $1,390 | $1,423 | $1,522 | (2)% | (9)% | |||||||||||||||||||||||||||||||||||||||
信贷损失准备金 | 94 | 55 | 164 | 71% | (43)% | |||||||||||||||||||||||||||||||||||||||
非利息收入 | 710 | 744 | 696 | (5)% | 2% | |||||||||||||||||||||||||||||||||||||||
非利息支出 | 1,342 | 1,455 | 1,331 | (8)% | 1% | |||||||||||||||||||||||||||||||||||||||
所得税前收入(a) | $664 | $657 | $723 | 1% | (8)% | |||||||||||||||||||||||||||||||||||||||
应纳税等值调整 | $6 | $7 | $5 | (14)% | 20% | |||||||||||||||||||||||||||||||||||||||
适用的所得税支出 | 138 | 120 | 160 | 15% | (14)% | |||||||||||||||||||||||||||||||||||||||
净收入 | $520 | $530 | $558 | (2)% | (7)% | |||||||||||||||||||||||||||||||||||||||
优先股股息 | 40 | 38 | 23 | 5% | 74% | |||||||||||||||||||||||||||||||||||||||
普通股股东可获得的净收益 | $480 | $492 | $535 | (2)% | (10)% | |||||||||||||||||||||||||||||||||||||||
每股收益,摊薄 | $0.70 | $0.72 | $0.78 | (3)% | (10)% | |||||||||||||||||||||||||||||||||||||||
特定项目稀释每股收益影响 - 第一季24 | |||||||||||||||||
(税后影响(f); 以百万美元计,除每股数据外 | |||||||||||||||||
更新至FDIC特别评估(非利息支出) | $(25) | ||||||||||||||||
互换诉讼事项 | |||||||||||||||||
Visa总回报掉期估值(非利息收入) | (13) | ||||||||||||||||
万事达诉讼(非利息支出) | (4) | ||||||||||||||||
小计 | (17) | ||||||||||||||||
税后影响(f) 某些项目 | $(42) | ||||||||||||||||
摊薄后每股收益受某些项目影响1 | $(0.06) | ||||||||||||||||
合计可能因四舍五入而不准确; 1摊薄后每股收益反映69063.4万平均摊薄股份的未来存在 | |||||||||||||||||
净利息收入 | ||||||||||||||||||||||||||||||||||||||||||||
(FTE; 人形机器人-轴承(百万美元))(a) | 截至三个月的时间 | 百分比变动 | ||||||||||||||||||||||||||||||||||||||||||
三月 | 12月 | 三月 | ||||||||||||||||||||||||||||||||||||||||||
2024 | 2023 | 2023 | Seq | 同比增长 | ||||||||||||||||||||||||||||||||||||||||
利息收入 | ||||||||||||||||||||||||||||||||||||||||||||
利息收入 | $2,614 | $2,655 | $2,218 | (2)% | 18% | |||||||||||||||||||||||||||||||||||||||
利息支出 | 1,224 | 1,232 | 696 | (1)% | 76% | |||||||||||||||||||||||||||||||||||||||
净利息收入(NII) | $1,390 | $1,423 | $1,522 | (2)% | (9)% | |||||||||||||||||||||||||||||||||||||||
平均收益率/利率分析 | bps变化 | |||||||||||||||||||||||||||||||||||||||||||
利息收入资产的收益率 | 5.38 | % | 5.31 | % | 4.80 | % | 7 | 58 | ||||||||||||||||||||||||||||||||||||
付息负债的利率 | 3.36 | % | 3.34 | % | 2.18 | % | 2 | 118 | ||||||||||||||||||||||||||||||||||||
比率 | ||||||||||||||||||||||||||||||||||||||||||||
净利率差 | 2.02 | % | 1.97 | % | 2.62 | % | 5 | (60) | ||||||||||||||||||||||||||||||||||||
净利息收益率(NIM) | 2.86 | % | 2.85 | % | 3.29 | % | 1 | (43) | ||||||||||||||||||||||||||||||||||||
Noninterest Income | |||||||||||||||||||||||||||||||||||
($ in millions) | For the Three Months Ended | % Change | |||||||||||||||||||||||||||||||||
March | December | March | |||||||||||||||||||||||||||||||||
2024 | 2023 | 2023 | Seq | Yr/Yr | |||||||||||||||||||||||||||||||
Noninterest Income | |||||||||||||||||||||||||||||||||||
Service charges on deposits | $151 | $146 | $137 | 3% | 10% | ||||||||||||||||||||||||||||||
Commercial banking revenue | 143 | 163 | 161 | (12)% | (11)% | ||||||||||||||||||||||||||||||
Mortgage banking net revenue | 54 | 66 | 69 | (18)% | (22)% | ||||||||||||||||||||||||||||||
Wealth and asset management revenue | 161 | 147 | 146 | 10% | 10% | ||||||||||||||||||||||||||||||
Card and processing revenue | 102 | 106 | 100 | (4)% | 2% | ||||||||||||||||||||||||||||||
Leasing business revenue | 39 | 46 | 57 | (15)% | (32)% | ||||||||||||||||||||||||||||||
Other noninterest income | 50 | 54 | 22 | (7)% | 127% | ||||||||||||||||||||||||||||||
Securities gains, net | 10 | 15 | 4 | (33)% | 150% | ||||||||||||||||||||||||||||||
Securities gains, net - non-qualifying hedges | |||||||||||||||||||||||||||||||||||
on mortgage servicing rights | — | 1 | — | (100)% | NM | ||||||||||||||||||||||||||||||
Total noninterest income | $710 | $744 | $696 | (5)% | 2% | ||||||||||||||||||||||||||||||
Noninterest Income excluding certain items | ||||||||||||||||||||||||||||||||||||||||||||
($ in millions) | For the Three Months Ended | |||||||||||||||||||||||||||||||||||||||||||
March | December | March | % Change | |||||||||||||||||||||||||||||||||||||||||
2024 | 2023 | 2023 | Seq | Yr/Yr | ||||||||||||||||||||||||||||||||||||||||
Noninterest Income excluding certain items | ||||||||||||||||||||||||||||||||||||||||||||
Noninterest income (U.S. GAAP) | $710 | $744 | $696 | |||||||||||||||||||||||||||||||||||||||||
Valuation of Visa total return swap | 17 | 22 | 31 | |||||||||||||||||||||||||||||||||||||||||
Securities (gains) losses, net | (10) | (15) | (4) | |||||||||||||||||||||||||||||||||||||||||
Noninterest income excluding certain items(a) | $717 | $751 | $723 | (5)% | (1)% | |||||||||||||||||||||||||||||||||||||||
Noninterest Expense | ||||||||||||||||||||||||||||||||||||||||||||
($ in millions) | For the Three Months Ended | % Change | ||||||||||||||||||||||||||||||||||||||||||
March | December | March | ||||||||||||||||||||||||||||||||||||||||||
2024 | 2023 | 2023 | Seq | Yr/Yr | ||||||||||||||||||||||||||||||||||||||||
Noninterest Expense | ||||||||||||||||||||||||||||||||||||||||||||
Compensation and benefits | $753 | $659 | $757 | 14% | (1)% | |||||||||||||||||||||||||||||||||||||||
Net occupancy expense | 87 | 83 | 81 | 5% | 7% | |||||||||||||||||||||||||||||||||||||||
Technology and communications | 117 | 117 | 118 | — | (1)% | |||||||||||||||||||||||||||||||||||||||
Equipment expense | 37 | 37 | 37 | — | — | |||||||||||||||||||||||||||||||||||||||
Card and processing expense | 20 | 21 | 22 | (5)% | (9)% | |||||||||||||||||||||||||||||||||||||||
Leasing business expense | 25 | 27 | 34 | (7)% | (26)% | |||||||||||||||||||||||||||||||||||||||
Marketing expense | 32 | 30 | 29 | 7% | 10% | |||||||||||||||||||||||||||||||||||||||
Other noninterest expense | 271 | 481 | 253 | (44)% | 7% | |||||||||||||||||||||||||||||||||||||||
Total noninterest expense | $1,342 | $1,455 | $1,331 | (8)% | 1% | |||||||||||||||||||||||||||||||||||||||
Noninterest Expense excluding certain item(s) | ||||||||||||||||||||||||||||||||||||||||||||||||||
($ in millions) | For the Three Months Ended | % Change | ||||||||||||||||||||||||||||||||||||||||||||||||
March | December | March | ||||||||||||||||||||||||||||||||||||||||||||||||
2024 | 2023 | 2023 | Seq | Yr/Yr | ||||||||||||||||||||||||||||||||||||||||||||||
Noninterest Expense excluding certain item(s) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest expense (U.S. GAAP) | $1,342 | $1,455 | $1,331 | |||||||||||||||||||||||||||||||||||||||||||||||
FDIC special assessment | (33) | (224) | — | |||||||||||||||||||||||||||||||||||||||||||||||
Mastercard litigation | (5) | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Fifth Third Foundation contribution | — | (15) | — | |||||||||||||||||||||||||||||||||||||||||||||||
Restructuring severance expense | — | (5) | (12) | |||||||||||||||||||||||||||||||||||||||||||||||
Noninterest expense excluding certain item(s)(a) | $1,304 | $1,211 | $1,319 | 8% | (1)% | |||||||||||||||||||||||||||||||||||||||||||||
Average Interest-Earning Assets | ||||||||||||||||||||||||||||||||||||||||||||
($ in millions) | For the Three Months Ended | % Change | ||||||||||||||||||||||||||||||||||||||||||
March | December | March | ||||||||||||||||||||||||||||||||||||||||||
2024 | 2023 | 2023 | Seq | Yr/Yr | ||||||||||||||||||||||||||||||||||||||||
Average Portfolio Loans and Leases | ||||||||||||||||||||||||||||||||||||||||||||
Commercial loans and leases: | ||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial loans | $53,183 | $54,633 | $58,149 | (3)% | (9)% | |||||||||||||||||||||||||||||||||||||||
Commercial mortgage loans | 11,339 | 11,338 | 11,121 | — | 2% | |||||||||||||||||||||||||||||||||||||||
Commercial construction loans | 5,732 | 5,727 | 5,507 | — | 4% | |||||||||||||||||||||||||||||||||||||||
Commercial leases | 2,542 | 2,535 | 2,662 | — | (5)% | |||||||||||||||||||||||||||||||||||||||
Total commercial loans and leases | $72,796 | $74,233 | $77,439 | (2)% | (6)% | |||||||||||||||||||||||||||||||||||||||
Consumer loans: | ||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage loans | $16,977 | $17,129 | $17,581 | (1)% | (3)% | |||||||||||||||||||||||||||||||||||||||
Home equity | 3,933 | 3,905 | 4,005 | 1% | (2)% | |||||||||||||||||||||||||||||||||||||||
Indirect secured consumer loans | 15,172 | 15,129 | 16,598 | — | (9)% | |||||||||||||||||||||||||||||||||||||||
Credit card | 1,773 | 1,829 | 1,780 | (3)% | — | |||||||||||||||||||||||||||||||||||||||
Solar energy installation loans | 3,794 | 3,630 | 2,169 | 5% | 75% | |||||||||||||||||||||||||||||||||||||||
Other consumer loans | 2,889 | 3,003 | 3,240 | (4)% | (11)% | |||||||||||||||||||||||||||||||||||||||
Total consumer loans | $44,538 | $44,625 | $45,373 | — | (2)% | |||||||||||||||||||||||||||||||||||||||
Total average portfolio loans and leases | $117,334 | $118,858 | $122,812 | (1)% | (4)% | |||||||||||||||||||||||||||||||||||||||
Average Loans and Leases Held for Sale | ||||||||||||||||||||||||||||||||||||||||||||
Commercial loans and leases held for sale | $74 | $72 | $56 | 3% | 32% | |||||||||||||||||||||||||||||||||||||||
Consumer loans held for sale | 291 | 379 | 747 | (23)% | (61)% | |||||||||||||||||||||||||||||||||||||||
Total average loans and leases held for sale | $365 | $451 | $803 | (19)% | (55)% | |||||||||||||||||||||||||||||||||||||||
Total average loans and leases | $117,699 | $119,309 | $123,615 | (1)% | (5)% | |||||||||||||||||||||||||||||||||||||||
Securities (taxable and tax-exempt) | $56,456 | $57,351 | $58,514 | (2)% | (4)% | |||||||||||||||||||||||||||||||||||||||
Other short-term investments | 21,194 | 21,506 | 5,278 | (1)% | 302% | |||||||||||||||||||||||||||||||||||||||
Total average interest-earning assets | $195,349 | $198,166 | $187,407 | (1)% | 4% | |||||||||||||||||||||||||||||||||||||||
Average Deposits | ||||||||||||||||||||||||||||||||||||||||||||
($ in millions) | For the Three Months Ended | % Change | ||||||||||||||||||||||||||||||||||||||||||
March | December | March | ||||||||||||||||||||||||||||||||||||||||||
2024 | 2023 | 2023 | Seq | Yr/Yr | ||||||||||||||||||||||||||||||||||||||||
Average Deposits | ||||||||||||||||||||||||||||||||||||||||||||
Demand | $40,839 | $43,396 | $50,737 | (6)% | (20)% | |||||||||||||||||||||||||||||||||||||||
Interest checking | 58,677 | 57,114 | 48,717 | 3% | 20% | |||||||||||||||||||||||||||||||||||||||
Savings | 18,107 | 18,252 | 23,107 | (1)% | (22)% | |||||||||||||||||||||||||||||||||||||||
Money market | 34,589 | 34,292 | 28,420 | 1% | 22% | |||||||||||||||||||||||||||||||||||||||
Foreign office(g) | 145 | 178 | 143 | (19)% | 1% | |||||||||||||||||||||||||||||||||||||||
Total transaction deposits | $152,357 | $153,232 | $151,124 | (1)% | 1% | |||||||||||||||||||||||||||||||||||||||
CDs $250,000 or less | 10,244 | 10,556 | 5,173 | (3)% | 98% | |||||||||||||||||||||||||||||||||||||||
Total core deposits | $162,601 | $163,788 | $156,297 | (1)% | 4% | |||||||||||||||||||||||||||||||||||||||
CDs over $250,000 | 5,521 | 5,659 | 4,348 | (2)% | 27% | |||||||||||||||||||||||||||||||||||||||
Total average deposits | $168,122 | $169,447 | $160,645 | (1)% | 5% | |||||||||||||||||||||||||||||||||||||||
CDs over $250,000 includes $4.7BN, $4.8BN, and $4.1BN of retail brokered certificates of deposit which are fully covered by FDIC insurance for the three months ended 3/31/24, 12/31/23, and 3/31/23, respectively. | ||||||||||||||||||||||||||||||||||||||||||||
Average Wholesale Funding | ||||||||||||||||||||||||||||||||||||||||||||
($ in millions) | For the Three Months Ended | % Change | ||||||||||||||||||||||||||||||||||||||||||
March | December | March | ||||||||||||||||||||||||||||||||||||||||||
2024 | 2023 | 2023 | Seq | Yr/Yr | ||||||||||||||||||||||||||||||||||||||||
Average Wholesale Funding | ||||||||||||||||||||||||||||||||||||||||||||
CDs over $250,000 | $5,521 | $5,659 | $4,348 | (2)% | 27% | |||||||||||||||||||||||||||||||||||||||
Federal funds purchased | 201 | 191 | 487 | 5% | (59)% | |||||||||||||||||||||||||||||||||||||||
Securities sold under repurchase agreements | 366 | 350 | 327 | 5% | 12% | |||||||||||||||||||||||||||||||||||||||
FHLB advances | 3,111 | 3,293 | 4,803 | (6)% | (35)% | |||||||||||||||||||||||||||||||||||||||
Derivative collateral and other secured borrowings | 57 | 34 | 245 | 68% | (77)% | |||||||||||||||||||||||||||||||||||||||
Long-term debt | 15,515 | 16,588 | 13,510 | (6)% | 15% | |||||||||||||||||||||||||||||||||||||||
Total average wholesale funding | $24,771 | $26,115 | $23,720 | (5)% | 4% | |||||||||||||||||||||||||||||||||||||||
CDs over $250,000 includes $4.7BN, $4.8BN, and $4.1BN of retail brokered certificates of deposit which are fully covered by FDIC insurance for the three months ended 3/31/24, 12/31/23, and 3/31/23, respectively. |
Credit Quality Summary | ||||||||||||||||||||||||||||||||||||||||||||
($ in millions) | As of and For the Three Months Ended | |||||||||||||||||||||||||||||||||||||||||||
March | December | September | June | March | ||||||||||||||||||||||||||||||||||||||||
2024 | 2023 | 2023 | 2023 | 2023 | ||||||||||||||||||||||||||||||||||||||||
Total nonaccrual portfolio loans and leases (NPLs) | $708 | $649 | $570 | $629 | $593 | |||||||||||||||||||||||||||||||||||||||
Repossessed property | 8 | 10 | 11 | 8 | 8 | |||||||||||||||||||||||||||||||||||||||
OREO | 27 | 29 | 31 | 24 | 22 | |||||||||||||||||||||||||||||||||||||||
Total nonperforming portfolio loans and leases and OREO (NPAs) | $743 | $688 | $612 | $661 | $623 | |||||||||||||||||||||||||||||||||||||||
NPL ratio(h) | 0.61 | % | 0.55 | % | 0.47 | % | 0.52 | % | 0.48 | % | ||||||||||||||||||||||||||||||||||
NPA ratio(c) | 0.64 | % | 0.59 | % | 0.51 | % | 0.54 | % | 0.51 | % | ||||||||||||||||||||||||||||||||||
Portfolio loans and leases 30-89 days past due (accrual) | $342 | $359 | $316 | $339 | $317 | |||||||||||||||||||||||||||||||||||||||
Portfolio loans and leases 90 days past due (accrual) | 35 | 36 | 29 | 51 | 46 | |||||||||||||||||||||||||||||||||||||||
30-89 days past due as a % of portfolio loans and leases | 0.29 | % | 0.31 | % | 0.26 | % | 0.28 | % | 0.26 | % | ||||||||||||||||||||||||||||||||||
90 days past due as a % of portfolio loans and leases | 0.03 | % | 0.03 | % | 0.02 | % | 0.04 | % | 0.04 | % | ||||||||||||||||||||||||||||||||||
Allowance for loan and lease losses (ALLL), beginning | $2,322 | $2,340 | $2,327 | $2,215 | $2,194 | |||||||||||||||||||||||||||||||||||||||
Impact of adoption of ASU 2022-02 | — | — | — | — | (49) | |||||||||||||||||||||||||||||||||||||||
Total net losses charged-off | (110) | (96) | (124) | (90) | (78) | |||||||||||||||||||||||||||||||||||||||
Provision for loan and lease losses | 106 | 78 | 137 | 202 | 148 | |||||||||||||||||||||||||||||||||||||||
ALLL, ending | $2,318 | $2,322 | $2,340 | $2,327 | $2,215 | |||||||||||||||||||||||||||||||||||||||
Reserve for unfunded commitments, beginning | $166 | $189 | $207 | $232 | $216 | |||||||||||||||||||||||||||||||||||||||
(Benefit from) provision for the reserve for unfunded commitments | (12) | (23) | (18) | (25) | 16 | |||||||||||||||||||||||||||||||||||||||
Reserve for unfunded commitments, ending | $154 | $166 | $189 | $207 | $232 | |||||||||||||||||||||||||||||||||||||||
Total allowance for credit losses (ACL) | $2,472 | $2,488 | $2,529 | $2,534 | $2,447 | |||||||||||||||||||||||||||||||||||||||
ACL ratios: | ||||||||||||||||||||||||||||||||||||||||||||
As a % of portfolio loans and leases | 2.12 | % | 2.12 | % | 2.11 | % | 2.08 | % | 1.99 | % | ||||||||||||||||||||||||||||||||||
As a % of nonperforming portfolio loans and leases | 349 | % | 383 | % | 443 | % | 403 | % | 413 | % | ||||||||||||||||||||||||||||||||||
As a % of nonperforming portfolio assets | 333 | % | 362 | % | 413 | % | 383 | % | 393 | % | ||||||||||||||||||||||||||||||||||
ALLL as a % of portfolio loans and leases | 1.99 | % | 1.98 | % | 1.95 | % | 1.91 | % | 1.80 | % | ||||||||||||||||||||||||||||||||||
Total losses charged-off | $(146) | $(133) | $(158) | $(121) | $(110) | |||||||||||||||||||||||||||||||||||||||
Total recoveries of losses previously charged-off | 36 | 37 | 34 | 31 | 32 | |||||||||||||||||||||||||||||||||||||||
Total net losses charged-off | $(110) | $(96) | $(124) | $(90) | $(78) | |||||||||||||||||||||||||||||||||||||||
Net charge-off ratio (NCO ratio)(b) | 0.38 | % | 0.32 | % | 0.41 | % | 0.29 | % | 0.26 | % | ||||||||||||||||||||||||||||||||||
Commercial NCO ratio | 0.19 | % | 0.13 | % | 0.34 | % | 0.16 | % | 0.17 | % | ||||||||||||||||||||||||||||||||||
Consumer NCO ratio | 0.67 | % | 0.64 | % | 0.53 | % | 0.50 | % | 0.42 | % | ||||||||||||||||||||||||||||||||||
Capital Position | ||||||||||||||||||||||||||||||||||||||||||||||||||
As of and For the Three Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||
March | December | September | June | March | ||||||||||||||||||||||||||||||||||||||||||||||
2024 | 2023 | 2023 | 2023 | 2023 | ||||||||||||||||||||||||||||||||||||||||||||||
Capital Position | ||||||||||||||||||||||||||||||||||||||||||||||||||
Average total Bancorp shareholders' equity as a % of average assets | 8.78% | 8.04% | 8.30% | 8.90% | 8.77 | % | ||||||||||||||||||||||||||||||||||||||||||||
Tangible equity(a) | 8.75% | 8.65% | 8.46% | 8.58% | 8.39 | % | ||||||||||||||||||||||||||||||||||||||||||||
Tangible common equity (excluding AOCI)(a) | 7.77% | 7.67% | 7.49% | 7.57% | 7.38 | % | ||||||||||||||||||||||||||||||||||||||||||||
Tangible common equity (including AOCI)(a) | 5.67% | 5.73% | 4.51% | 5.26% | 5.49 | % | ||||||||||||||||||||||||||||||||||||||||||||
Regulatory Capital Ratios(d)(e) | ||||||||||||||||||||||||||||||||||||||||||||||||||
CET1 capital | 10.44 | % | 10.29% | 9.80% | 9.49% | 9.28 | % | |||||||||||||||||||||||||||||||||||||||||||
Tier 1 risk-based capital | 11.75 | % | 11.59% | 11.06% | 10.73% | 10.53 | % | |||||||||||||||||||||||||||||||||||||||||||
Total risk-based capital | 13.78 | % | 13.72% | 13.13% | 12.83% | 12.64 | % | |||||||||||||||||||||||||||||||||||||||||||
Leverage | 8.94 | % | 8.73% | 8.85% | 8.81% | 8.67 | % | |||||||||||||||||||||||||||||||||||||||||||
Financial Highlights | 14-15 | ||||||||||
Consolidated Statements of Income | 16-17 | ||||||||||
Consolidated Balance Sheets | 18-19 | ||||||||||
Consolidated Statements of Changes in Equity | 20 | ||||||||||
Average Balance Sheets and Yield/Rate Analysis | 21 | ||||||||||
Summary of Loans and Leases | 22 | ||||||||||
Regulatory Capital | 23 | ||||||||||
Summary of Credit Loss Experience | 24 | ||||||||||
Asset Quality | 25 | ||||||||||
Non-GAAP Reconciliation | 26-28 | ||||||||||
Segment Presentation | 29 | ||||||||||
Fifth Third Bancorp and Subsidiaries | ||||||||||||||||||||
Financial Highlights | As of and For the Three Months Ended | % / bps | ||||||||||||||||||
$ in millions, except per share data | Change | |||||||||||||||||||
(unaudited) | March | December | March | |||||||||||||||||
2024 | 2023 | 2023 | Seq | Yr/Yr | ||||||||||||||||
Income Statement Data | ||||||||||||||||||||
Net interest income | $1,384 | $1,416 | $1,517 | (2%) | (9%) | |||||||||||||||
Net interest income (FTE)(a) | 1,390 | 1,423 | 1,522 | (2%) | (9%) | |||||||||||||||
Noninterest income | 710 | 744 | 696 | (5%) | 2% | |||||||||||||||
Total revenue (FTE)(a) | 2,100 | 2,167 | 2,218 | (3%) | (5%) | |||||||||||||||
Provision for credit losses | 94 | 55 | 164 | 71% | (43%) | |||||||||||||||
Noninterest expense | 1,342 | 1,455 | 1,331 | (8%) | 1% | |||||||||||||||
Net income | 520 | 530 | 558 | (2%) | (7%) | |||||||||||||||
Net income available to common shareholders | 480 | 492 | 535 | (2%) | (10%) | |||||||||||||||
Earnings Per Share Data | ||||||||||||||||||||
Net income allocated to common shareholders | $480 | $492 | $535 | (2%) | (10%) | |||||||||||||||
Average common shares outstanding (in thousands): | ||||||||||||||||||||
Basic | 685,750 | 684,413 | 684,017 | — | — | |||||||||||||||
Diluted | 690,634 | 687,729 | 689,566 | — | — | |||||||||||||||
Earnings per share, basic | $0.70 | $0.72 | $0.78 | (3%) | (10%) | |||||||||||||||
Earnings per share, diluted | 0.70 | 0.72 | 0.78 | (3%) | (10%) | |||||||||||||||
Common Share Data | ||||||||||||||||||||
Cash dividends per common share | $0.35 | $0.35 | $0.33 | — | 6% | |||||||||||||||
Book value per share | 24.72 | 25.04 | 23.87 | (1%) | 4% | |||||||||||||||
Market value per share | 37.21 | 34.49 | 26.64 | 8% | 40% | |||||||||||||||
Common shares outstanding (in thousands) | 683,812 | 681,125 | 680,537 | — | — | |||||||||||||||
Market capitalization | $25,445 | $23,492 | $18,129 | 8% | 40% | |||||||||||||||
Financial Ratios | ||||||||||||||||||||
Return on average assets | 0.98 | % | 0.98 | % | 1.10 | % | — | (12) | ||||||||||||
Return on average common equity | 11.6 | % | 12.9 | % | 13.7 | % | (132) | (206) | ||||||||||||
Return on average tangible common equity(a) | 17.0 | % | 19.8 | % | 20.5 | % | (281) | (351) | ||||||||||||
Noninterest income as a percent of total revenue(a) | 34 | % | 34 | % | 31 | % | — | 300 | ||||||||||||
Dividend payout | 50.0 | % | 48.6 | % | 42.3 | % | 140 | 770 | ||||||||||||
Average total Bancorp shareholders’ equity as a percent of average assets | 8.78 | % | 8.04 | % | 8.77 | % | 74 | 1 | ||||||||||||
Tangible common equity(a) | 7.77 | % | 7.67 | % | 7.38 | % | 10 | 39 | ||||||||||||
Net interest margin (FTE)(a) | 2.86 | % | 2.85 | % | 3.29 | % | 1 | (43) | ||||||||||||
Efficiency (FTE)(a) | 63.9 | % | 67.2 | % | 60.0 | % | (330) | 390 | ||||||||||||
Effective tax rate | 21.1 | % | 18.4 | % | 22.3 | % | 270 | (120) | ||||||||||||
Credit Quality | ||||||||||||||||||||
Net losses charged-off | $110 | $96 | $78 | 15 | % | 41 | % | |||||||||||||
Net losses charged-off as a percent of average portfolio loans and leases (annualized) | 0.38 | % | 0.32 | % | 0.26 | % | 6 | 12 | ||||||||||||
ALLL as a percent of portfolio loans and leases | 1.99 | % | 1.98 | % | 1.80 | % | 1 | 19 | ||||||||||||
ACL as a percent of portfolio loans and leases(g) | 2.12 | % | 2.12 | % | 1.99 | % | — | 13 | ||||||||||||
Nonperforming portfolio assets as a percent of portfolio loans and leases and OREO | 0.64 | % | 0.59 | % | 0.51 | % | 5 | 13 | ||||||||||||
Average Balances | ||||||||||||||||||||
Loans and leases, including held for sale | $117,699 | $119,309 | $123,615 | (1%) | (5%) | |||||||||||||||
Securities and other short-term investments | 77,650 | 78,857 | 63,792 | (2%) | 22% | |||||||||||||||
Assets | 213,203 | 214,057 | 205,084 | — | 4% | |||||||||||||||
Transaction deposits(b) | 152,357 | 153,232 | 151,124 | (1%) | 1% | |||||||||||||||
Core deposits(c) | 162,601 | 163,788 | 156,297 | (1%) | 4% | |||||||||||||||
Wholesale funding(d) | 24,771 | 26,115 | 23,720 | (5%) | 4% | |||||||||||||||
Bancorp shareholders' equity | 18,727 | 17,201 | 17,977 | 9% | 4% | |||||||||||||||
Regulatory Capital Ratios(e)(f) | ||||||||||||||||||||
CET1 capital | 10.44 | % | 10.29 | % | 9.28 | % | 15 | 116 | ||||||||||||
Tier 1 risk-based capital | 11.75 | % | 11.59 | % | 10.53 | % | 16 | 122 | ||||||||||||
Total risk-based capital | 13.78 | % | 13.72 | % | 12.64 | % | 6 | 114 | ||||||||||||
Leverage | 8.94 | % | 8.73 | % | 8.67 | % | 21 | 27 | ||||||||||||
Additional Metrics | ||||||||||||||||||||
Banking centers | 1,070 | 1,088 | 1,069 | (2%) | — | |||||||||||||||
ATMs | 2,082 | 2,104 | 2,118 | (1%) | (2%) | |||||||||||||||
Full-time equivalent employees | 18,657 | 18,724 | 19,474 | — | (4%) | |||||||||||||||
Assets under care ($ in billions)(h) | $634 | $574 | $542 | 10% | 17% | |||||||||||||||
Assets under management ($ in billions)(h) | 62 | 59 | 57 | 5% | 9% |
Fifth Third Bancorp and Subsidiaries | ||||||||||||||||||||
Financial Highlights | ||||||||||||||||||||
$ in millions, except per share data | As of and For the Three Months Ended | |||||||||||||||||||
(unaudited) | March | December | September | June | March | |||||||||||||||
2024 | 2023 | 2023 | 2023 | 2023 | ||||||||||||||||
Income Statement Data | ||||||||||||||||||||
Net interest income | $1,384 | $1,416 | $1,438 | $1,457 | $1,517 | |||||||||||||||
Net interest income (FTE)(a) | 1,390 | 1,423 | 1,445 | 1,463 | 1,522 | |||||||||||||||
Noninterest income | 710 | 744 | 715 | 726 | 696 | |||||||||||||||
Total revenue (FTE)(a) | 2,100 | 2,167 | 2,160 | 2,189 | 2,218 | |||||||||||||||
Provision for credit losses | 94 | 55 | 119 | 177 | 164 | |||||||||||||||
Noninterest expense | 1,342 | 1,455 | 1,188 | 1,231 | 1,331 | |||||||||||||||
Net income | 520 | 530 | 660 | 601 | 558 | |||||||||||||||
Net income available to common shareholders | 480 | 492 | 623 | 562 | 535 | |||||||||||||||
Earnings Per Share Data | ||||||||||||||||||||
Net income allocated to common shareholders | $480 | $492 | $623 | $562 | $535 | |||||||||||||||
Average common shares outstanding (in thousands): | ||||||||||||||||||||
Basic | 685,750 | 684,413 | 684,224 | 684,029 | 684,017 | |||||||||||||||
Diluted | 690,634 | 687,729 | 687,059 | 686,386 | 689,566 | |||||||||||||||
Earnings per share, basic | $0.70 | $0.72 | $0.91 | $0.82 | $0.78 | |||||||||||||||
Earnings per share, diluted | 0.70 | 0.72 | 0.91 | 0.82 | 0.78 | |||||||||||||||
Common Share Data | ||||||||||||||||||||
Cash dividends per common share | $0.35 | $0.35 | $0.35 | $0.33 | $0.33 | |||||||||||||||
Book value per share | 24.72 | 25.04 | 21.19 | 23.05 | 23.87 | |||||||||||||||
Market value per share | 37.21 | 34.49 | 25.33 | 26.21 | 26.64 | |||||||||||||||
Common shares outstanding (in thousands) | 683,812 | 681,125 | 680,990 | 680,850 | 680,537 | |||||||||||||||
Market capitalization | $25,445 | $23,492 | $17,249 | $17,845 | $18,129 | |||||||||||||||
Financial Ratios | ||||||||||||||||||||
Return on average assets | 0.98 | % | 0.98 | % | 1.26 | % | 1.17 | % | 1.10 | % | ||||||||||
Return on average common equity | 11.6 | % | 12.9 | % | 16.3 | % | 13.9 | % | 13.7 | % | ||||||||||
Return on average tangible common equity(a) | 17.0 | % | 19.8 | % | 24.7 | % | 20.5 | % | 20.5 | % | ||||||||||
Noninterest income as a percent of total revenue(a) | 34 | % | 34 | % | 33 | % | 33 | % | 31 | % | ||||||||||
Dividend payout | 50.0 | % | 48.6 | % | 38.5 | % | 40.2 | % | 42.3 | % | ||||||||||
Average total Bancorp shareholders’ equity as a percent of average assets | 8.78 | % | 8.04 | % | 8.30 | % | 8.90 | % | 8.77 | % | ||||||||||
Tangible common equity(a) | 7.77 | % | 7.67 | % | 7.49 | % | 7.57 | % | 7.38 | % | ||||||||||
Net interest margin (FTE)(a) | 2.86 | % | 2.85 | % | 2.98 | % | 3.10 | % | 3.29 | % | ||||||||||
Efficiency (FTE)(a) | 63.9 | % | 67.2 | % | 55.0 | % | 56.2 | % | 60.0 | % | ||||||||||
Effective tax rate | 21.1 | % | 18.4 | % | 22.0 | % | 22.5 | % | 22.3 | % | ||||||||||
Credit Quality | ||||||||||||||||||||
Net losses charged-off | $110 | $96 | $124 | $90 | $78 | |||||||||||||||
Net losses charged-off as a percent of average portfolio loans and leases (annualized) | 0.38 | % | 0.32 | % | 0.41 | % | 0.29 | % | 0.26 | % | ||||||||||
ALLL as a percent of portfolio loans and leases | 1.99 | % | 1.98 | % | 1.95 | % | 1.91 | % | 1.80 | % | ||||||||||
ACL as a percent of portfolio loans and leases(g) | 2.12 | % | 2.12 | % | 2.11 | % | 2.08 | % | 1.99 | % | ||||||||||
Nonperforming portfolio assets as a percent of portfolio loans and leases and OREO | 0.64 | % | 0.59 | % | 0.51 | % | 0.54 | % | 0.51 | % | ||||||||||
Average Balances | ||||||||||||||||||||
Loans and leases, including held for sale | $117,699 | $119,309 | $122,266 | $123,987 | $123,615 | |||||||||||||||
Securities and other short-term investments | 77,650 | 78,857 | 69,950 | 65,073 | 63,792 | |||||||||||||||
Assets | 213,203 | 214,057 | 208,385 | 206,079 | 205,084 | |||||||||||||||
Transaction deposits(b) | 152,357 | 153,232 | 150,088 | 147,723 | 151,124 | |||||||||||||||
Core deposits(c) | 162,601 | 163,788 | 159,718 | 155,482 | 156,297 | |||||||||||||||
Wholesale funding(d) | 24,771 | 26,115 | 24,289 | 25,628 | 23,720 | |||||||||||||||
Bancorp shareholders’ equity | 18,727 | 17,201 | 17,305 | 18,344 | 17,977 | |||||||||||||||
Regulatory Capital Ratios(e)(f) | ||||||||||||||||||||
CET1 capital | 10.44 | % | 10.29 | % | 9.80 | % | 9.49 | % | 9.28 | % | ||||||||||
Tier 1 risk-based capital | 11.75 | % | 11.59 | % | 11.06 | % | 10.73 | % | 10.53 | % | ||||||||||
Total risk-based capital | 13.78 | % | 13.72 | % | 13.13 | % | 12.83 | % | 12.64 | % | ||||||||||
Leverage | 8.94 | % | 8.73 | % | 8.85 | % | 8.81 | % | 8.67 | % | ||||||||||
Additional Metrics | ||||||||||||||||||||
Banking centers | 1,070 | 1,088 | 1,073 | 1,072 | 1,069 | |||||||||||||||
ATMs | 2,082 | 2,104 | 2,101 | 2,114 | 2,118 | |||||||||||||||
Full-time equivalent employees | 18,657 | 18,724 | 18,804 | 19,225 | 19,474 | |||||||||||||||
Assets under care ($ in billions)(h) | $634 | $574 | $547 | $554 | $542 | |||||||||||||||
Assets under management ($ in billions)(h) | 62 | 59 | 57 | 59 | 57 |
Fifth Third Bancorp and Subsidiaries | |||||||||||||||||
Consolidated Statements of Income | |||||||||||||||||
$ in millions | For the Three Months Ended | % Change | |||||||||||||||
(unaudited) | March | December | March | ||||||||||||||
2024 | 2023 | 2023 | Seq | Yr/Yr | |||||||||||||
Interest Income | |||||||||||||||||
Interest and fees on loans and leases | $1,859 | $1,889 | $1,714 | (2%) | 8% | ||||||||||||
Interest on securities | 455 | 451 | 439 | 1% | 4% | ||||||||||||
Interest on other short-term investments | 294 | 308 | 60 | (5%) | 390% | ||||||||||||
Total interest income | 2,608 | 2,648 | 2,213 | (2%) | 18% | ||||||||||||
Interest Expense | |||||||||||||||||
Interest on deposits | 954 | 952 | 478 | — | 100% | ||||||||||||
Interest on federal funds purchased | 3 | 3 | 5 | — | (40%) | ||||||||||||
Interest on other short-term borrowings | 47 | 49 | 57 | (4%) | (18%) | ||||||||||||
Interest on long-term debt | 220 | 228 | 156 | (4%) | 41% | ||||||||||||
Total interest expense | 1,224 | 1,232 | 696 | (1%) | 76% | ||||||||||||
Net Interest Income | 1,384 | 1,416 | 1,517 | (2%) | (9%) | ||||||||||||
Provision for credit losses | 94 | 55 | 164 | 71% | (43%) | ||||||||||||
Net Interest Income After Provision for Credit Losses | 1,290 | 1,361 | 1,353 | (5%) | (5%) | ||||||||||||
Noninterest Income | |||||||||||||||||
Service charges on deposits | 151 | 146 | 137 | 3% | 10% | ||||||||||||
Commercial banking revenue | 143 | 163 | 161 | (12%) | (11%) | ||||||||||||
Mortgage banking net revenue | 54 | 66 | 69 | (18%) | (22%) | ||||||||||||
Wealth and asset management revenue | 161 | 147 | 146 | 10% | 10% | ||||||||||||
Card and processing revenue | 102 | 106 | 100 | (4%) | 2% | ||||||||||||
Leasing business revenue | 39 | 46 | 57 | (15%) | (32%) | ||||||||||||
Other noninterest income | 50 | 54 | 22 | (7%) | 127% | ||||||||||||
Securities gains, net | 10 | 15 | 4 | (33%) | 150% | ||||||||||||
Securities gains, net - non-qualifying hedges on mortgage servicing rights | — | 1 | — | (100%) | NM | ||||||||||||
Total noninterest income | 710 | 744 | 696 | (5%) | 2% | ||||||||||||
Noninterest Expense | |||||||||||||||||
Compensation and benefits | 753 | 659 | 757 | 14% | (1%) | ||||||||||||
Net occupancy expense | 87 | 83 | 81 | 5% | 7% | ||||||||||||
Technology and communications | 117 | 117 | 118 | — | (1%) | ||||||||||||
Equipment expense | 37 | 37 | 37 | — | — | ||||||||||||
Card and processing expense | 20 | 21 | 22 | (5%) | (9%) | ||||||||||||
Leasing business expense | 25 | 27 | 34 | (7%) | (26%) | ||||||||||||
Marketing expense | 32 | 30 | 29 | 7% | 10% | ||||||||||||
Other noninterest expense | 271 | 481 | 253 | (44%) | 7% | ||||||||||||
Total noninterest expense | 1,342 | 1,455 | 1,331 | (8%) | 1% | ||||||||||||
Income Before Income Taxes | 658 | 650 | 718 | 1% | (8%) | ||||||||||||
Applicable income tax expense | 138 | 120 | 160 | 15% | (14%) | ||||||||||||
Net Income | 520 | 530 | 558 | (2%) | (7%) | ||||||||||||
Dividends on preferred stock | 40 | 38 | 23 | 5% | 74% | ||||||||||||
Net Income Available to Common Shareholders | $480 | $492 | $535 | (2%) | (10%) |
Fifth Third Bancorp and Subsidiaries | |||||||||||||||||
Consolidated Statements of Income | |||||||||||||||||
$ in millions | For the Three Months Ended | ||||||||||||||||
(unaudited) | March | December | September | June | March | ||||||||||||
2024 | 2023 | 2023 | 2023 | 2023 | |||||||||||||
Interest Income | |||||||||||||||||
Interest and fees on loans and leases | $1,859 | $1,889 | $1,899 | $1,831 | $1,714 | ||||||||||||
Interest on securities | 455 | 451 | 444 | 437 | 439 | ||||||||||||
Interest on other short-term investments | 294 | 308 | 186 | 102 | 60 | ||||||||||||
Total interest income | 2,608 | 2,648 | 2,529 | 2,370 | 2,213 | ||||||||||||
Interest Expense | |||||||||||||||||
Interest on deposits | 954 | 952 | 844 | 655 | 478 | ||||||||||||
Interest on federal funds purchased | 3 | 3 | 2 | 5 | 5 | ||||||||||||
Interest on other short-term borrowings | 47 | 49 | 52 | 90 | 57 | ||||||||||||
Interest on long-term debt | 220 | 228 | 193 | 163 | 156 | ||||||||||||
Total interest expense | 1,224 | 1,232 | 1,091 | 913 | 696 | ||||||||||||
Net Interest Income | 1,384 | 1,416 | 1,438 | 1,457 | 1,517 | ||||||||||||
Provision for credit losses | 94 | 55 | 119 | 177 | 164 | ||||||||||||
Net Interest Income After Provision for Credit Losses | 1,290 | 1,361 | 1,319 | 1,280 | 1,353 | ||||||||||||
Noninterest Income | |||||||||||||||||
Service charges on deposits | 151 | 146 | 149 | 144 | 137 | ||||||||||||
Commercial banking revenue | 143 | 163 | 154 | 146 | 161 | ||||||||||||
Mortgage banking net revenue | 54 | 66 | 57 | 59 | 69 | ||||||||||||
Wealth and asset management revenue | 161 | 147 | 145 | 143 | 146 | ||||||||||||
Card and processing revenue | 102 | 106 | 104 | 106 | 100 | ||||||||||||
Leasing business revenue | 39 | 46 | 58 | 47 | 57 | ||||||||||||
Other noninterest income | 50 | 54 | 55 | 74 | 22 | ||||||||||||
Securities gains (losses), net | 10 | 15 | (7) | 7 | 4 | ||||||||||||
Securities gains, net - non-qualifying hedges on mortgage servicing rights | — | 1 | — | — | — | ||||||||||||
Total noninterest income | 710 | 744 | 715 | 726 | 696 | ||||||||||||
Noninterest Expense | |||||||||||||||||
Compensation and benefits | 753 | 659 | 629 | 650 | 757 | ||||||||||||
Net occupancy expense | 87 | 83 | 84 | 83 | 81 | ||||||||||||
Technology and communications | 117 | 117 | 115 | 114 | 118 | ||||||||||||
Equipment expense | 37 | 37 | 37 | 36 | 37 | ||||||||||||
Card and processing expense | 20 | 21 | 21 | 20 | 22 | ||||||||||||
Leasing business expense | 25 | 27 | 29 | 31 | 34 | ||||||||||||
Marketing expense | 32 | 30 | 35 | 31 | 29 | ||||||||||||
Other noninterest expense | 271 | 481 | 238 | 266 | 253 | ||||||||||||
Total noninterest expense | 1,342 | 1,455 | 1,188 | 1,231 | 1,331 | ||||||||||||
Income Before Income Taxes | 658 | 650 | 846 | 775 | 718 | ||||||||||||
Applicable income tax expense | 138 | 120 | 186 | 174 | 160 | ||||||||||||
Net Income | 520 | 530 | 660 | 601 | 558 | ||||||||||||
Dividends on preferred stock | 40 | 38 | 37 | 39 | 23 | ||||||||||||
Net Income Available to Common Shareholders | $480 | $492 | $623 | $562 | $535 |
Fifth Third Bancorp and Subsidiaries | |||||||||||||||||
Consolidated Balance Sheets | |||||||||||||||||
$ in millions, except per share data | As of | % Change | |||||||||||||||
(unaudited) | March | December | March | ||||||||||||||
2024 | 2023 | 2023 | Seq | Yr/Yr | |||||||||||||
Assets | |||||||||||||||||
Cash and due from banks | $2,796 | $3,142 | $2,780 | (11%) | 1% | ||||||||||||
Other short-term investments | 22,840 | 22,082 | 9,794 | 3% | 133% | ||||||||||||
Available-for-sale debt and other securities(a) | 38,791 | 50,419 | 50,719 | (23%) | (24%) | ||||||||||||
Held-to-maturity securities(b) | 11,520 | 2 | 2 | NM | NM | ||||||||||||
Trading debt securities | 1,151 | 899 | 1,174 | 28% | (2%) | ||||||||||||
Equity securities | 380 | 613 | 323 | (38%) | 18% | ||||||||||||
Loans and leases held for sale | 339 | 378 | 749 | (10%) | (55%) | ||||||||||||
Portfolio loans and leases: | |||||||||||||||||
Commercial and industrial loans | 52,209 | 53,270 | 57,720 | (2%) | (10%) | ||||||||||||
Commercial mortgage loans | 11,346 | 11,276 | 11,228 | 1% | 1% | ||||||||||||
Commercial construction loans | 5,789 | 5,621 | 5,548 | 3% | 4% | ||||||||||||
Commercial leases | 2,572 | 2,579 | 2,743 | — | (6%) | ||||||||||||
Total commercial loans and leases | 71,916 | 72,746 | 77,239 | (1%) | (7%) | ||||||||||||
Residential mortgage loans | 16,995 | 17,026 | 17,608 | — | (3%) | ||||||||||||
Home equity | 3,883 | 3,916 | 3,958 | (1%) | (2%) | ||||||||||||
Indirect secured consumer loans | 15,306 | 14,965 | 16,484 | 2% | (7%) | ||||||||||||
Credit card | 1,737 | 1,865 | 1,761 | (7%) | (1%) | ||||||||||||
Solar energy installation loans | 3,871 | 3,728 | 2,416 | 4% | 60% | ||||||||||||
Other consumer loans | 2,777 | 2,988 | 3,391 | (7%) | (18%) | ||||||||||||
Total consumer loans | 44,569 | 44,488 | 45,618 | — | (2%) | ||||||||||||
Portfolio loans and leases | 116,485 | 117,234 | 122,857 | (1%) | (5%) | ||||||||||||
Allowance for loan and lease losses | (2,318) | (2,322) | (2,215) | — | 5% | ||||||||||||
Portfolio loans and leases, net | 114,167 | 114,912 | 120,642 | (1%) | (5%) | ||||||||||||
Bank premises and equipment | 2,376 | 2,349 | 2,219 | 1% | 7% | ||||||||||||
Operating lease equipment | 427 | 459 | 578 | (7%) | (26%) | ||||||||||||
Goodwill | 4,918 | 4,919 | 4,915 | — | — | ||||||||||||
Intangible assets | 115 | 125 | 157 | (8%) | (27%) | ||||||||||||
Servicing rights | 1,756 | 1,737 | 1,725 | 1% | 2% | ||||||||||||
Other assets | 12,930 | 12,538 | 12,880 | 3% | — | ||||||||||||
Total Assets | $214,506 | $214,574 | $208,657 | — | 3% | ||||||||||||
Liabilities | |||||||||||||||||
Deposits: | |||||||||||||||||
Demand | $41,849 | $43,146 | $49,649 | (3%) | (16%) | ||||||||||||
Interest checking | 58,809 | 57,257 | 49,924 | 3% | 18% | ||||||||||||
Savings | 18,229 | 18,215 | 22,563 | — | (19%) | ||||||||||||
Money market | 35,025 | 34,374 | 28,482 | 2% | 23% | ||||||||||||
Foreign office | 129 | 162 | 134 | (20%) | (4%) | ||||||||||||
CDs $250,000 or less | 10,337 | 10,552 | 6,624 | (2%) | 56% | ||||||||||||
CDs over $250,000 | 5,209 | 5,206 | 5,599 | — | (7%) | ||||||||||||
Total deposits | 169,587 | 168,912 | 162,975 | — | 4% | ||||||||||||
Federal funds purchased | 247 | 193 | 177 | 28% | 40% | ||||||||||||
Other short-term borrowings | 2,866 | 2,861 | 7,364 | — | (61%) | ||||||||||||
Accrued taxes, interest and expenses | 1,965 | 2,195 | 1,577 | (10%) | 25% | ||||||||||||
Other liabilities | 5,379 | 4,861 | 5,307 | 11% | 1% | ||||||||||||
Long-term debt | 15,444 | 16,380 | 12,893 | (6%) | 20% | ||||||||||||
Total Liabilities | 195,488 | 195,402 | 190,293 | — | 3% | ||||||||||||
Equity | |||||||||||||||||
Common stock(c) | 2,051 | 2,051 | 2,051 | — | — | ||||||||||||
Preferred stock | 2,116 | 2,116 | 2,116 | — | — | ||||||||||||
Capital surplus | 3,742 | 3,757 | 3,682 | — | 2% | ||||||||||||
Retained earnings | 23,224 | 22,997 | 22,032 | 1% | 5% | ||||||||||||
Accumulated other comprehensive loss | (4,888) | (4,487) | (4,245) | 9% | 15% | ||||||||||||
Treasury stock | (7,227) | (7,262) | (7,272) | — | (1%) | ||||||||||||
Total Equity | 19,018 | 19,172 | 18,364 | (1%) | 4% | ||||||||||||
Total Liabilities and Equity | $214,506 | $214,574 | $208,657 | — | 3% | ||||||||||||
(a) Amortized cost | $43,400 | $55,789 | $55,958 | (22%) | (22%) | ||||||||||||
(b) Market values | 11,341 | 2 | 2 | NM | NM | ||||||||||||
(c) Common shares, stated value $2.22 per share (in thousands): | |||||||||||||||||
Authorized | 2,000,000 | 2,000,000 | 2,000,000 | — | — | ||||||||||||
Outstanding, excluding treasury | 683,812 | 681,125 | 680,537 | — | — | ||||||||||||
Treasury | 240,080 | 242,768 | 243,356 | — | — | ||||||||||||
Fifth Third Bancorp and Subsidiaries | |||||||||||||||||
Consolidated Balance Sheets | |||||||||||||||||
$ in millions, except per share data | As of | ||||||||||||||||
(unaudited) | March | December | September | June | March | ||||||||||||
2024 | 2023 | 2023 | 2023 | 2023 | |||||||||||||
Assets | |||||||||||||||||
Cash and due from banks | $2,796 | $3,142 | $2,837 | $2,594 | $2,780 | ||||||||||||
Other short-term investments | 22,840 | 22,082 | 18,923 | 10,943 | 9,794 | ||||||||||||
Available-for-sale debt and other securities(a) | 38,791 | 50,419 | 47,893 | 49,329 | 50,719 | ||||||||||||
Held-to-maturity securities(b) | 11,520 | 2 | 2 | 2 | 2 | ||||||||||||
Trading debt securities | 1,151 | 899 | 1,222 | 1,139 | 1,174 | ||||||||||||
Equity securities | 380 | 613 | 250 | 331 | 323 | ||||||||||||
Loans and leases held for sale | 339 | 378 | 614 | 760 | 749 | ||||||||||||
Portfolio loans and leases: | |||||||||||||||||
Commercial and industrial loans | 52,209 | 53,270 | 55,790 | 56,897 | 57,720 | ||||||||||||
Commercial mortgage loans | 11,346 | 11,276 | 11,122 | 11,310 | 11,228 | ||||||||||||
Commercial construction loans | 5,789 | 5,621 | 5,582 | 5,475 | 5,548 | ||||||||||||
Commercial leases | 2,572 | 2,579 | 2,624 | 2,670 | 2,743 | ||||||||||||
Total commercial loans and leases | 71,916 | 72,746 | 75,118 | 76,352 | 77,239 | ||||||||||||
Residential mortgage loans | 16,995 | 17,026 | 17,293 | 17,503 | 17,608 | ||||||||||||
Home equity | 3,883 | 3,916 | 3,898 | 3,911 | 3,958 | ||||||||||||
Indirect secured consumer loans | 15,306 | 14,965 | 15,434 | 16,097 | 16,484 | ||||||||||||
Credit card | 1,737 | 1,865 | 1,817 | 1,818 | 1,761 | ||||||||||||
Solar energy installation loans | 3,871 | 3,728 | 3,383 | 2,961 | 2,416 | ||||||||||||
Other consumer loans | 2,777 | 2,988 | 3,145 | 3,249 | 3,391 | ||||||||||||
Total consumer loans | 44,569 | 44,488 | 44,970 | 45,539 | 45,618 | ||||||||||||
Portfolio loans and leases | 116,485 | 117,234 | 120,088 | 121,891 | 122,857 | ||||||||||||
Allowance for loan and lease losses | (2,318) | (2,322) | (2,340) | (2,327) | (2,215) | ||||||||||||
Portfolio loans and leases, net | 114,167 | 114,912 | 117,748 | 119,564 | 120,642 | ||||||||||||
Bank premises and equipment | 2,376 | 2,349 | 2,303 | 2,275 | 2,219 | ||||||||||||
Operating lease equipment | 427 | 459 | 480 | 537 | 578 | ||||||||||||
Goodwill | 4,918 | 4,919 | 4,919 | 4,919 | 4,915 | ||||||||||||
Intangible assets | 115 | 125 | 136 | 146 | 157 | ||||||||||||
Servicing rights | 1,756 | 1,737 | 1,822 | 1,764 | 1,725 | ||||||||||||
Other assets | 12,930 | 12,538 | 13,818 | 12,973 | 12,880 | ||||||||||||
Total Assets | $214,506 | $214,574 | $212,967 | $207,276 | $208,657 | ||||||||||||
Liabilities | |||||||||||||||||
Deposits: | |||||||||||||||||
Demand | $41,849 | $43,146 | $43,844 | $45,264 | $49,649 | ||||||||||||
Interest checking | 58,809 | 57,257 | 53,421 | 52,743 | 49,924 | ||||||||||||
Savings | 18,229 | 18,215 | 20,195 | 21,342 | 22,563 | ||||||||||||
Money market | 35,025 | 34,374 | 33,492 | 30,012 | 28,482 | ||||||||||||
Foreign office | 129 | 162 | 168 | 182 | 134 | ||||||||||||
CDs $250,000 or less | 10,337 | 10,552 | 10,306 | 8,833 | 6,624 | ||||||||||||
CDs over $250,000 | 5,209 | 5,206 | 6,246 | 5,752 | 5,599 | ||||||||||||
Total deposits | 169,587 | 168,912 | 167,672 | 164,128 | 162,975 | ||||||||||||
Federal funds purchased | 247 | 193 | 205 | 163 | 177 | ||||||||||||
Other short-term borrowings | 2,866 | 2,861 | 4,594 | 5,817 | 7,364 | ||||||||||||
Accrued taxes, interest and expenses | 1,965 | 2,195 | 1,834 | 1,765 | 1,577 | ||||||||||||
Other liabilities | 5,379 | 4,861 | 5,808 | 5,316 | 5,307 | ||||||||||||
Long-term debt | 15,444 | 16,380 | 16,310 | 12,278 | 12,893 | ||||||||||||
Total Liabilities | 195,488 | 195,402 | 196,423 | 189,467 | 190,293 | ||||||||||||
Equity | |||||||||||||||||
Common stock(c) | 2,051 | 2,051 | 2,051 | 2,051 | 2,051 | ||||||||||||
Preferred stock | 2,116 | 2,116 | 2,116 | 2,116 | 2,116 | ||||||||||||
Capital surplus | 3,742 | 3,757 | 3,733 | 3,708 | 3,682 | ||||||||||||
Retained earnings | 23,224 | 22,997 | 22,747 | 22,366 | 22,032 | ||||||||||||
Accumulated other comprehensive loss | (4,888) | (4,487) | (6,839) | (5,166) | (4,245) | ||||||||||||
Treasury stock | (7,227) | (7,262) | (7,264) | (7,266) | (7,272) | ||||||||||||
Total Equity | 19,018 | 19,172 | 16,544 | 17,809 | 18,364 | ||||||||||||
Total Liabilities and Equity | $214,506 | $214,574 | $212,967 | $207,276 | $208,657 | ||||||||||||
(a) Amortized cost | $43,400 | $55,789 | $55,557 | $55,399 | $55,958 | ||||||||||||
(b) Market values | 11,341 | 2 | 2 | 2 | 2 | ||||||||||||
(c) Common shares, stated value $2.22 per share (in thousands): | |||||||||||||||||
Authorized | 2,000,000 | 2,000,000 | 2,000,000 | 2,000,000 | 2,000,000 | ||||||||||||
Outstanding, excluding treasury | 683,812 | 681,125 | 680,990 | 680,850 | 680,537 | ||||||||||||
Treasury | 240,080 | 242,768 | 242,903 | 243,042 | 243,356 |
Fifth Third Bancorp and Subsidiaries | ||||||||||||||
Consolidated Statements of Changes in Equity | ||||||||||||||
$ in millions | ||||||||||||||
(unaudited) | ||||||||||||||
For the Three Months Ended | ||||||||||||||
March | March | |||||||||||||
2024 | 2023 | |||||||||||||
Total Equity, Beginning | $19,172 | $17,327 | ||||||||||||
Impact of cumulative effect of change in accounting principle | (10) | 37 | ||||||||||||
Net income | 520 | 558 | ||||||||||||
Other comprehensive (loss) income, net of tax: | ||||||||||||||
Change in unrealized losses: | ||||||||||||||
Available-for-sale debt securities | (179) | 600 | ||||||||||||
Qualifying cash flow hedges | (247) | 265 | ||||||||||||
Amortization of unrealized losses on securities transferred to held-to-maturity | 25 | — | ||||||||||||
Comprehensive income | 119 | 1,423 | ||||||||||||
Cash dividends declared: | ||||||||||||||
Common stock | (243) | (229) | ||||||||||||
Preferred stock | (40) | (23) | ||||||||||||
Impact of stock transactions under stock compensation plans, net | 20 | 30 | ||||||||||||
Shares acquired for treasury | — | (201) | ||||||||||||
Total Equity, Ending | $19,018 | $18,364 | ||||||||||||
Fifth Third Bancorp and Subsidiaries | ||||||||||||||||||||||||||
Average Balance Sheet and Yield/Rate Analysis | For the Three Months Ended | |||||||||||||||||||||||||
$ in millions | March | December | March | |||||||||||||||||||||||
(unaudited) | 2024 | 2023 | 2023 | |||||||||||||||||||||||
Average | Average | Average | Average | Average | Average | |||||||||||||||||||||
Balance | Yield/Rate | Balance | Yield/Rate | Balance | Yield/Rate | |||||||||||||||||||||
Assets | ||||||||||||||||||||||||||
Interest-earning assets: | ||||||||||||||||||||||||||
Loans and leases: | ||||||||||||||||||||||||||
Commercial and industrial loans(a) | $53,256 | 7.08 | % | $54,688 | 7.10 | % | $58,204 | 6.41 | % | |||||||||||||||||
Commercial mortgage loans(a) | 11,339 | 6.28 | % | 11,338 | 6.26 | % | 11,121 | 5.54 | % | |||||||||||||||||
Commercial construction loans(a) | 5,732 | 7.20 | % | 5,744 | 6.96 | % | 5,507 | 6.50 | % | |||||||||||||||||
Commercial leases(a) | 2,543 | 4.24 | % | 2,535 | 3.76 | % | 2,663 | 3.48 | % | |||||||||||||||||
Total commercial loans and leases | 72,870 | 6.87 | % | 74,305 | 6.85 | % | 77,495 | 6.19 | % | |||||||||||||||||
Residential mortgage loans | 17,268 | 3.55 | % | 17,508 | 3.51 | % | 18,329 | 3.39 | % | |||||||||||||||||
Home equity | 3,933 | 8.29 | % | 3,905 | 8.28 | % | 4,006 | 6.47 | % | |||||||||||||||||
Indirect secured consumer loans | 15,172 | 4.93 | % | 15,129 | 4.69 | % | 16,598 | 3.95 | % | |||||||||||||||||
Credit card | 1,773 | 13.73 | % | 1,829 | 13.81 | % | 1,780 | 14.16 | % | |||||||||||||||||
Solar energy installation loans | 3,794 | 7.77 | % | 3,630 | 7.00 | % | 2,169 | 4.62 | % | |||||||||||||||||
Other consumer loans | 2,889 | 8.96 | % | 3,003 | 8.99 | % | 3,238 | 8.52 | % | |||||||||||||||||
Total consumer loans | 44,829 | 5.54 | % | 45,004 | 5.38 | % | 46,120 | 4.69 | % | |||||||||||||||||
Total loans and leases | 117,699 | 6.36 | % | 119,309 | 6.30 | % | 123,615 | 5.63 | % | |||||||||||||||||
Securities: | ||||||||||||||||||||||||||
Taxable securities | 55,016 | 3.26 | % | 55,884 | 3.13 | % | 57,110 | 3.06 | % | |||||||||||||||||
Tax exempt securities(a) | 1,440 | 3.27 | % | 1,467 | 3.29 | % | 1,404 | 3.11 | % | |||||||||||||||||
Other short-term investments | 21,194 | 5.58 | % | 21,506 | 5.68 | % | 5,278 | 4.65 | % | |||||||||||||||||
Total interest-earning assets | 195,349 | 5.38 | % | 198,166 | 5.31 | % | 187,407 | 4.80 | % | |||||||||||||||||
Cash and due from banks | 2,743 | 2,759 | 3,136 | |||||||||||||||||||||||
Other assets | 17,432 | 15,471 | 16,687 | |||||||||||||||||||||||
Allowance for loan and lease losses | (2,321) | (2,339) | (2,146) | |||||||||||||||||||||||
Total Assets | $213,203 | $214,057 | $205,084 | |||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||||||
Interest checking deposits | $58,677 | 3.38 | % | $57,114 | 3.41 | % | $48,717 | 2.34 | % | |||||||||||||||||
Savings deposits | 18,107 | 0.69 | % | 18,252 | 0.63 | % | 23,107 | 0.59 | % | |||||||||||||||||
Money market deposits | 34,589 | 2.91 | % | 34,292 | 2.85 | % | 28,420 | 1.20 | % | |||||||||||||||||
Foreign office deposits | 145 | 2.43 | % | 178 | 2.32 | % | 143 | 1.91 | % | |||||||||||||||||
CDs $250,000 or less | 10,244 | 4.15 | % | 10,556 | 4.14 | % | 5,173 | 2.67 | % | |||||||||||||||||
Total interest-bearing core deposits | 121,762 | 2.91 | % | 120,392 | 2.89 | % | 105,560 | 1.67 | % | |||||||||||||||||
CDs over $250,000 | 5,521 | 5.22 | % | 5,659 | 5.21 | % | 4,348 | 4.15 | % | |||||||||||||||||
Total interest-bearing deposits | 127,283 | 3.01 | % | 126,051 | 3.00 | % | 109,908 | 1.76 | % | |||||||||||||||||
Federal funds purchased | 201 | 5.41 | % | 191 | 5.38 | % | 487 | 4.55 | % | |||||||||||||||||
Securities sold under repurchase agreements | 366 | 1.82 | % | 350 | 1.47 | % | 327 | 0.73 | % | |||||||||||||||||
FHLB advances | 3,111 | 5.72 | % | 3,293 | 5.66 | % | 4,803 | 4.44 | % | |||||||||||||||||
Derivative collateral and other secured borrowings | 57 | 7.21 | % | 34 | 9.77 | % | 245 | 5.90 | % | |||||||||||||||||
Long-term debt | 15,515 | 5.71 | % | 16,588 | 5.47 | % | 13,510 | 4.68 | % | |||||||||||||||||
Total interest-bearing liabilities | 146,533 | 3.36 | % | 146,507 | 3.34 | % | 129,280 | 2.18 | % | |||||||||||||||||
Demand deposits | 40,839 | 43,396 | 50,737 | |||||||||||||||||||||||
Other liabilities | 7,104 | 6,953 | 7,090 | |||||||||||||||||||||||
Total Liabilities | 194,476 | 196,856 | 187,107 | |||||||||||||||||||||||
Total Equity | 18,727 | 17,201 | 17,977 | |||||||||||||||||||||||
Total Liabilities and Equity | $213,203 | $214,057 | $205,084 | |||||||||||||||||||||||
Ratios: | ||||||||||||||||||||||||||
Net interest margin (FTE)(b) | 2.86 | % | 2.85 | % | 3.29 | % | ||||||||||||||||||||
Net interest rate spread (FTE)(b) | 2.02 | % | 1.97 | % | 2.62 | % | ||||||||||||||||||||
Interest-bearing liabilities to interest-earning assets | 75.01 | % | 73.93 | % | 68.98 | % | ||||||||||||||||||||
(a) Average Yield/Rate of these assets are presented on an FTE basis. | ||||||||||||||||||||||||||
(b) Non-GAAP measure; see discussion and reconciliation of non-GAAP measures beginning on page 26. |
Fifth Third Bancorp and Subsidiaries | |||||||||||||||||
Summary of Loans and Leases | |||||||||||||||||
$ in millions | For the Three Months Ended | ||||||||||||||||
(unaudited) | March | December | September | June | March | ||||||||||||
2024 | 2023 | 2023 | 2023 | 2023 | |||||||||||||
Average Portfolio Loans and Leases | |||||||||||||||||
Commercial loans and leases: | |||||||||||||||||
Commercial and industrial loans | $53,183 | $54,633 | $57,001 | $58,137 | $58,149 | ||||||||||||
Commercial mortgage loans | 11,339 | 11,338 | 11,216 | 11,373 | 11,121 | ||||||||||||
Commercial construction loans | 5,732 | 5,727 | 5,539 | 5,535 | 5,507 | ||||||||||||
Commercial leases | 2,542 | 2,535 | 2,616 | 2,700 | 2,662 | ||||||||||||
Total commercial loans and leases | 72,796 | 74,233 | 76,372 | 77,745 | 77,439 | ||||||||||||
Consumer loans: | |||||||||||||||||
Residential mortgage loans | 16,977 | 17,129 | 17,400 | 17,517 | 17,581 | ||||||||||||
Home equity | 3,933 | 3,905 | 3,897 | 3,937 | 4,005 | ||||||||||||
Indirect secured consumer loans | 15,172 | 15,129 | 15,787 | 16,281 | 16,598 | ||||||||||||
Credit card | 1,773 | 1,829 | 1,808 | 1,783 | 1,780 | ||||||||||||
Solar energy installation loans | 3,794 | 3,630 | 3,245 | 2,787 | 2,169 | ||||||||||||
Other consumer loans | 2,889 | 3,003 | 3,121 | 3,277 | 3,240 | ||||||||||||
Total consumer loans | 44,538 | 44,625 | 45,258 | 45,582 | 45,373 | ||||||||||||
Total average portfolio loans and leases | $117,334 | $118,858 | $121,630 | $123,327 | $122,812 | ||||||||||||
Average Loans and Leases Held for Sale | |||||||||||||||||
Commercial loans and leases held for sale | $74 | $72 | $17 | $19 | $56 | ||||||||||||
Consumer loans held for sale | 291 | 379 | 619 | 641 | 747 | ||||||||||||
Average loans and leases held for sale | $365 | $451 | $636 | $660 | $803 | ||||||||||||
End of Period Portfolio Loans and Leases | |||||||||||||||||
Commercial loans and leases: | |||||||||||||||||
Commercial and industrial loans | $52,209 | $53,270 | $55,790 | $56,897 | $57,720 | ||||||||||||
Commercial mortgage loans | 11,346 | 11,276 | 11,122 | 11,310 | 11,228 | ||||||||||||
Commercial construction loans | 5,789 | 5,621 | 5,582 | 5,475 | 5,548 | ||||||||||||
Commercial leases | 2,572 | 2,579 | 2,624 | 2,670 | 2,743 | ||||||||||||
Total commercial loans and leases | 71,916 | 72,746 | 75,118 | 76,352 | 77,239 | ||||||||||||
Consumer loans: | |||||||||||||||||
Residential mortgage loans | 16,995 | 17,026 | 17,293 | 17,503 | 17,608 | ||||||||||||
Home equity | 3,883 | 3,916 | 3,898 | 3,911 | 3,958 | ||||||||||||
Indirect secured consumer loans | 15,306 | 14,965 | 15,434 | 16,097 | 16,484 | ||||||||||||
Credit card | 1,737 | 1,865 | 1,817 | 1,818 | 1,761 | ||||||||||||
Solar energy installation loans | 3,871 | 3,728 | 3,383 | 2,961 | 2,416 | ||||||||||||
Other consumer loans | 2,777 | 2,988 | 3,145 | 3,249 | 3,391 | ||||||||||||
Total consumer loans | 44,569 | 44,488 | 44,970 | 45,539 | 45,618 | ||||||||||||
Total portfolio loans and leases | $116,485 | $117,234 | $120,088 | $121,891 | $122,857 | ||||||||||||
End of Period Loans and Leases Held for Sale | |||||||||||||||||
Commercial loans and leases held for sale | $32 | $44 | $81 | $32 | $24 | ||||||||||||
Consumer loans held for sale | 307 | 334 | 533 | 728 | 725 | ||||||||||||
Loans and leases held for sale | $339 | $378 | $614 | $760 | $749 | ||||||||||||
Operating lease equipment | $427 | $459 | $480 | $537 | $578 | ||||||||||||
Loans and Leases Serviced for Others(a) | |||||||||||||||||
Commercial and industrial loans | $1,197 | $1,231 | $1,217 | $1,122 | $1,090 | ||||||||||||
Commercial mortgage loans | 632 | 655 | 711 | 748 | 696 | ||||||||||||
Commercial construction loans | 293 | 283 | 288 | 260 | 386 | ||||||||||||
Commercial leases | 703 | 703 | 721 | 642 | 588 | ||||||||||||
Residential mortgage loans | 99,596 | 100,842 | 101,889 | 102,817 | 103,399 | ||||||||||||
Solar energy installation loans | 641 | 658 | 673 | 691 | 710 | ||||||||||||
Other consumer loans | 139 | 146 | 154 | 162 | 171 | ||||||||||||
Total loans and leases serviced for others | 103,201 | 104,518 | 105,653 | 106,442 | 107,040 | ||||||||||||
Total loans and leases owned or serviced | $220,452 | $222,589 | $226,835 | $229,630 | $231,224 |
Fifth Third Bancorp and Subsidiaries | |||||||||||||||||||||||
Regulatory Capital | |||||||||||||||||||||||
$ in millions | As of | ||||||||||||||||||||||
(unaudited) | March | December | September | June | March | ||||||||||||||||||
2024(a) | 2023 | 2023 | 2023 | 2023 | |||||||||||||||||||
Regulatory Capital(b) | |||||||||||||||||||||||
CET1 capital | $16,932 | $16,800 | $16,510 | $16,100 | $15,727 | ||||||||||||||||||
Additional tier 1 capital | 2,116 | 2,116 | 2,116 | 2,116 | 2,116 | ||||||||||||||||||
Tier 1 capital | 19,048 | 18,916 | 18,626 | 18,216 | 17,843 | ||||||||||||||||||
Tier 2 capital | 3,293 | 3,484 | 3,485 | 3,565 | 3,588 | ||||||||||||||||||
Total regulatory capital | $22,341 | $22,400 | $22,111 | $21,781 | $21,431 | ||||||||||||||||||
Risk-weighted assets | $162,141 | $163,223 | $168,433 | $169,720 | $169,510 | ||||||||||||||||||
Ratios | |||||||||||||||||||||||
Average total Bancorp shareholders' equity as a percent of average assets | 8.78 | % | 8.04 | % | 8.30 | % | 8.90 | % | 8.77 | % | |||||||||||||
Regulatory Capital Ratios(b) | |||||||||||||||||||||||
Fifth Third Bancorp | |||||||||||||||||||||||
CET1 capital | 10.44 | % | 10.29 | % | 9.80 | % | 9.49 | % | 9.28 | % | |||||||||||||
Tier 1 risk-based capital | 11.75 | % | 11.59 | % | 11.06 | % | 10.73 | % | 10.53 | % | |||||||||||||
Total risk-based capital | 13.78 | % | 13.72 | % | 13.13 | % | 12.83 | % | 12.64 | % | |||||||||||||
Leverage | 8.94 | % | 8.73 | % | 8.85 | % | 8.81 | % | 8.67 | % | |||||||||||||
Fifth Third Bank, National Association | |||||||||||||||||||||||
Tier 1 risk-based capital | 12.61 | % | 12.42 | % | 11.96 | % | 11.25 | % | 11.63 | % | |||||||||||||
Total risk-based capital | 13.95 | % | 13.85 | % | 13.38 | % | 12.67 | % | 13.05 | % | |||||||||||||
Leverage | 9.61 | % | 9.38 | % | 9.59 | % | 9.26 | % | 9.62 | % |
Fifth Third Bancorp and Subsidiaries | |||||||||||||||||
Summary of Credit Loss Experience | |||||||||||||||||
$ in millions | For the Three Months Ended | ||||||||||||||||
(unaudited) | March | December | September | June | March | ||||||||||||
2024 | 2023 | 2023 | 2023 | 2023 | |||||||||||||
Average portfolio loans and leases: | |||||||||||||||||
Commercial and industrial loans | $53,183 | $54,633 | $57,001 | $58,137 | $58,149 | ||||||||||||
Commercial mortgage loans | 11,339 | 11,338 | 11,216 | 11,373 | 11,121 | ||||||||||||
Commercial construction loans | 5,732 | 5,727 | 5,539 | 5,535 | 5,507 | ||||||||||||
Commercial leases | 2,542 | 2,535 | 2,616 | 2,700 | 2,662 | ||||||||||||
Total commercial loans and leases | 72,796 | 74,233 | 76,372 | 77,745 | 77,439 | ||||||||||||
Residential mortgage loans | 16,977 | 17,129 | 17,400 | 17,517 | 17,581 | ||||||||||||
Home equity | 3,933 | 3,905 | 3,897 | 3,937 | 4,005 | ||||||||||||
Indirect secured consumer loans | 15,172 | 15,129 | 15,787 | 16,281 | 16,598 | ||||||||||||
Credit card | 1,773 | 1,829 | 1,808 | 1,783 | 1,780 | ||||||||||||
Solar energy installation loans | 3,794 | 3,630 | 3,245 | 2,787 | 2,169 | ||||||||||||
Other consumer loans | 2,889 | 3,003 | 3,121 | 3,277 | 3,240 | ||||||||||||
Total consumer loans | 44,538 | 44,625 | 45,258 | 45,582 | 45,373 | ||||||||||||
Total average portfolio loans and leases | $117,334 | $118,858 | $121,630 | $123,327 | $122,812 | ||||||||||||
Losses charged-off: | |||||||||||||||||
Commercial and industrial loans | ($40) | ($30) | ($70) | ($35) | ($32) | ||||||||||||
Commercial mortgage loans | — | — | — | — | — | ||||||||||||
Commercial construction loans | — | — | — | — | (1) | ||||||||||||
Commercial leases | — | — | — | — | — | ||||||||||||
Total commercial loans and leases | (40) | (30) | (70) | (35) | (33) | ||||||||||||
Residential mortgage loans | — | (1) | (1) | (1) | (1) | ||||||||||||
Home equity | (2) | (2) | (2) | (2) | (1) | ||||||||||||
Indirect secured consumer loans | (35) | (35) | (27) | (25) | (23) | ||||||||||||
Credit card | (23) | (22) | (19) | (21) | (20) | ||||||||||||
Solar energy installation loans | (14) | (11) | (8) | (7) | (3) | ||||||||||||
Other consumer loans | (32) | (32) | (31) | (30) | (29) | ||||||||||||
Total consumer loans | (106) | (103) | (88) | (86) | (77) | ||||||||||||
Total losses charged-off | ($146) | ($133) | ($158) | ($121) | ($110) | ||||||||||||
Recoveries of losses previously charged-off: | |||||||||||||||||
Commercial and industrial loans | $5 | $2 | $5 | $3 | $2 | ||||||||||||
Commercial mortgage loans | — | 3 | — | — | — | ||||||||||||
Commercial construction loans | — | — | — | — | — | ||||||||||||
Commercial leases | — | — | 1 | — | — | ||||||||||||
Total commercial loans and leases | 5 | 5 | 6 | 3 | 2 | ||||||||||||
Residential mortgage loans | — | 1 | 1 | 1 | 1 | ||||||||||||
Home equity | 2 | 2 | 2 | 1 | 1 | ||||||||||||
Indirect secured consumer loans | 11 | 10 | 8 | 9 | 9 | ||||||||||||
Credit card | 5 | 4 | 4 | 5 | 5 | ||||||||||||
Solar energy installation loans | 2 | 1 | — | — | — | ||||||||||||
Other consumer loans | 11 | 14 | 13 | 12 | 14 | ||||||||||||
Total consumer loans | 31 | 32 | 28 | 28 | 30 | ||||||||||||
Total recoveries of losses previously charged-off | $36 | $37 | $34 | $31 | $32 | ||||||||||||
Net losses charged-off: | |||||||||||||||||
Commercial and industrial loans | ($35) | ($28) | ($65) | ($32) | ($30) | ||||||||||||
Commercial mortgage loans | — | 3 | — | — | — | ||||||||||||
Commercial construction loans | — | — | — | — | (1) | ||||||||||||
Commercial leases | — | — | 1 | — | — | ||||||||||||
Total commercial loans and leases | (35) | (25) | (64) | (32) | (31) | ||||||||||||
Residential mortgage loans | — | — | — | — | — | ||||||||||||
Home equity | — | — | — | (1) | — | ||||||||||||
Indirect secured consumer loans | (24) | (25) | (19) | (16) | (14) | ||||||||||||
Credit card | (18) | (18) | (15) | (16) | (15) | ||||||||||||
Solar energy installation loans | (12) | (10) | (8) | (7) | (3) | ||||||||||||
Other consumer loans | (21) | (18) | (18) | (18) | (15) | ||||||||||||
Total consumer loans | (75) | (71) | (60) | (58) | (47) | ||||||||||||
Total net losses charged-off | ($110) | ($96) | ($124) | ($90) | ($78) | ||||||||||||
Net losses charged-off as a percent of average portfolio loans and leases (annualized): | |||||||||||||||||
Commercial and industrial loans | 0.27 | % | 0.20 | % | 0.45 | % | 0.22 | % | 0.21 | % | |||||||
Commercial mortgage loans | — | (0.10 | %) | — | 0.01 | % | 0.01 | % | |||||||||
Commercial construction loans | — | — | — | (0.01 | %) | 0.10 | % | ||||||||||
Commercial leases | (0.04 | %) | 0.01 | % | (0.08 | %) | (0.03 | %) | (0.04 | %) | |||||||
Total commercial loans and leases | 0.19 | % | 0.13 | % | 0.34 | % | 0.16 | % | 0.17 | % | |||||||
Residential mortgage loans | (0.01 | %) | (0.01 | %) | — | — | — | ||||||||||
Home equity | 0.03 | % | 0.05 | % | 0.03 | % | 0.06 | % | (0.04 | %) | |||||||
Indirect secured consumer loans | 0.64 | % | 0.64 | % | 0.47 | % | 0.38 | % | 0.34 | % | |||||||
Credit card | 4.19 | % | 3.90 | % | 3.25 | % | 3.61 | % | 3.43 | % | |||||||
Solar energy installation loans | 1.31 | % | 1.09 | % | 0.91 | % | 0.95 | % | 0.45 | % | |||||||
Other consumer loans | 2.71 | % | 2.60 | % | 2.46 | % | 2.20 | % | 2.05 | % | |||||||
Total consumer loans | 0.67 | % | 0.64 | % | 0.53 | % | 0.50 | % | 0.42 | % | |||||||
Total net losses charged-off as a percent of average portfolio loans and leases (annualized) | 0.38 | % | 0.32 | % | 0.41 | % | 0.29 | % | 0.26 | % |
Fifth Third Bancorp and Subsidiaries | ||||||||||||||||||||
Asset Quality | ||||||||||||||||||||
$ in millions | For the Three Months Ended | |||||||||||||||||||
(unaudited) | March | December | September | June | March | |||||||||||||||
2024 | 2023 | 2023 | 2023 | 2023 | ||||||||||||||||
Allowance for Credit Losses | ||||||||||||||||||||
Allowance for loan and lease losses, beginning | $2,322 | $2,340 | $2,327 | $2,215 | $2,194 | |||||||||||||||
Total net losses charged-off | (110) | (96) | (124) | (90) | (78) | |||||||||||||||
Provision for loan and lease losses | 106 | 78 | 137 | 202 | 148 | |||||||||||||||
Impact of adoption of ASU 2022-02 | — | — | — | — | (49) | |||||||||||||||
Allowance for loan and lease losses, ending | $2,318 | $2,322 | $2,340 | $2,327 | $2,215 | |||||||||||||||
Reserve for unfunded commitments, beginning | $166 | $189 | $207 | $232 | $216 | |||||||||||||||
(Benefit from) provision for the reserve for unfunded commitments | (12) | (23) | (18) | (25) | 16 | |||||||||||||||
Reserve for unfunded commitments, ending | $154 | $166 | $189 | $207 | $232 | |||||||||||||||
Components of allowance for credit losses: | ||||||||||||||||||||
Allowance for loan and lease losses | $2,318 | $2,322 | $2,340 | $2,327 | $2,215 | |||||||||||||||
Reserve for unfunded commitments | 154 | 166 | 189 | 207 | 232 | |||||||||||||||
Total allowance for credit losses | $2,472 | $2,488 | $2,529 | $2,534 | $2,447 | |||||||||||||||
As of | ||||||||||||||||||||
March | December | September | June | March | ||||||||||||||||
2024 | 2023 | 2023 | 2023 | 2023 | ||||||||||||||||
Nonperforming Assets and Delinquent Loans | ||||||||||||||||||||
Nonaccrual portfolio loans and leases: | ||||||||||||||||||||
Commercial and industrial loans | $332 | $304 | $262 | $322 | $280 | |||||||||||||||
Commercial mortgage loans | 39 | 20 | 18 | 22 | 44 | |||||||||||||||
Commercial construction loans | 1 | 1 | — | — | 5 | |||||||||||||||
Commercial leases | — | 1 | 1 | 1 | 5 | |||||||||||||||
Residential mortgage loans | 137 | 124 | 127 | 137 | 129 | |||||||||||||||
Home equity | 60 | 57 | 58 | 61 | 68 | |||||||||||||||
Indirect secured consumer loans | 32 | 36 | 31 | 23 | 27 | |||||||||||||||
Credit card | 32 | 34 | 32 | 30 | 29 | |||||||||||||||
Solar energy installation loans | 65 | 60 | 28 | 25 | 1 | |||||||||||||||
Other consumer loans | 10 | 12 | 13 | 8 | 5 | |||||||||||||||
Total nonaccrual portfolio loans and leases | 708 | 649 | 570 | 629 | 593 | |||||||||||||||
Repossessed property | 8 | 10 | 11 | 8 | 8 | |||||||||||||||
OREO | 27 | 29 | 31 | 24 | 22 | |||||||||||||||
Total nonperforming portfolio loans and leases and OREO | 743 | 688 | 612 | 661 | 623 | |||||||||||||||
Nonaccrual loans held for sale | 5 | 1 | 6 | 2 | — | |||||||||||||||
Total nonperforming assets | $748 | $689 | $618 | $663 | $623 | |||||||||||||||
Loans and leases 90 days past due (accrual): | ||||||||||||||||||||
Commercial and industrial loans | $9 | $8 | $3 | $6 | $17 | |||||||||||||||
Commercial mortgage loans | — | — | — | 20 | — | |||||||||||||||
Commercial leases | 2 | — | — | — | — | |||||||||||||||
Total commercial loans and leases | 11 | 8 | 3 | 26 | 17 | |||||||||||||||
Residential mortgage loans(c) | 5 | 7 | 6 | 7 | 9 | |||||||||||||||
Home equity | — | — | — | 1 | 1 | |||||||||||||||
Credit card | 19 | 21 | 20 | 17 | 18 | |||||||||||||||
Other consumer loans | — | — | — | — | 1 | |||||||||||||||
Total consumer loans | 24 | 28 | 26 | 25 | 29 | |||||||||||||||
Total loans and leases 90 days past due (accrual)(b) | $35 | $36 | $29 | $51 | $46 | |||||||||||||||
Ratios | ||||||||||||||||||||
Net losses charged-off as a percent of average portfolio loans and leases (annualized) | 0.38 | % | 0.32 | % | 0.41 | % | 0.29 | % | 0.26 | % | ||||||||||
Allowance for credit losses: | ||||||||||||||||||||
As a percent of portfolio loans and leases | 2.12 | % | 2.12 | % | 2.11 | % | 2.08 | % | 1.99 | % | ||||||||||
As a percent of nonperforming portfolio loans and leases(a) | 349 | % | 383 | % | 443 | % | 403 | % | 413 | % | ||||||||||
As a percent of nonperforming portfolio assets(a) | 333 | % | 362 | % | 413 | % | 383 | % | 393 | % | ||||||||||
Nonperforming portfolio loans and leases as a percent of portfolio loans and leases(a) | 0.61 | % | 0.55 | % | 0.47 | % | 0.52 | % | 0.48 | % | ||||||||||
Nonperforming portfolio assets as a percent of portfolio loans and leases and OREO(a) | 0.64 | % | 0.59 | % | 0.51 | % | 0.54 | % | 0.51 | % | ||||||||||
Nonperforming assets as a percent of total loans and leases, OREO, and repossessed property | 0.64 | % | 0.59 | % | 0.51 | % | 0.54 | % | 0.50 | % | ||||||||||
(a) Excludes nonaccrual loans held for sale. | ||||||||||||||||||||
(b) Excludes loans held for sale. | ||||||||||||||||||||
(c) Excludes government guaranteed residential mortgage loans. |
Fifth Third Bancorp and Subsidiaries | |||||||||||||||||||||||
Non-GAAP Reconciliation | |||||||||||||||||||||||
$ and shares in millions | As of and For the Three Months Ended | ||||||||||||||||||||||
(unaudited) | March | December | September | June | March | ||||||||||||||||||
2024 | 2023 | 2023 | 2023 | 2023 | |||||||||||||||||||
Net interest income | $1,384 | $1,416 | $1,438 | $1,457 | $1,517 | ||||||||||||||||||
Add: Taxable equivalent adjustment | 6 | 7 | 7 | 6 | 5 | ||||||||||||||||||
Net interest income (FTE) (a) | 1,390 | 1,423 | 1,445 | 1,463 | 1,522 | ||||||||||||||||||
Net interest income (annualized) (b) | 5,566 | 5,618 | 5,705 | 5,844 | 6,152 | ||||||||||||||||||
Net interest income (FTE) (annualized) (c) | 5,591 | 5,646 | 5,733 | 5,868 | 6,173 | ||||||||||||||||||
Interest income | 2,608 | 2,648 | 2,529 | 2,370 | 2,213 | ||||||||||||||||||
Add: Taxable equivalent adjustment | 6 | 7 | 7 | 6 | 5 | ||||||||||||||||||
Interest income (FTE) | 2,614 | 2,655 | 2,536 | 2,376 | 2,218 | ||||||||||||||||||
Interest income (FTE) (annualized) (d) | 10,513 | 10,533 | 10,061 | 9,530 | 8,995 | ||||||||||||||||||
Interest expense (annualized) (e) | 4,923 | 4,888 | 4,328 | 3,662 | 2,823 | ||||||||||||||||||
Average interest-earning assets (f) | 195,349 | 198,166 | 192,216 | 189,060 | 187,407 | ||||||||||||||||||
Average interest-bearing liabilities (g) | 146,533 | 146,507 | 139,779 | 134,590 | 129,280 | ||||||||||||||||||
Net interest margin (b) / (f) | 2.85 | % | 2.83 | % | 2.97 | % | 3.09 | % | 3.28 | % | |||||||||||||
Net interest margin (FTE) (c) / (f) | 2.86 | % | 2.85 | % | 2.98 | % | 3.10 | % | 3.29 | % | |||||||||||||
Net interest rate spread (FTE) (d) / (f) - (e) / (g) | 2.02 | % | 1.97 | % | 2.13 | % | 2.32 | % | 2.62 | % | |||||||||||||
Income before income taxes | $658 | $650 | $846 | $775 | $718 | ||||||||||||||||||
Add: Taxable equivalent adjustment | 6 | 7 | 7 | 6 | 5 | ||||||||||||||||||
Income before income taxes (FTE) | 664 | 657 | 853 | 781 | 723 | ||||||||||||||||||
Net income available to common shareholders | 480 | 492 | 623 | 562 | 535 | ||||||||||||||||||
Add: Intangible amortization, net of tax | 8 | 8 | 8 | 8 | 9 | ||||||||||||||||||
Tangible net income available to common shareholders (h) | 488 | 500 | 631 | 570 | 544 | ||||||||||||||||||
Tangible net income available to common shareholders (annualized) (i) | 1,963 | 1,984 | 2,503 | 2,286 | 2,206 | ||||||||||||||||||
Average Bancorp shareholders’ equity | 18,727 | 17,201 | 17,305 | 18,344 | 17,977 | ||||||||||||||||||
Less: | Average preferred stock | (2,116) | (2,116) | (2,116) | (2,116) | (2,116) | |||||||||||||||||
Average goodwill | (4,918) | (4,919) | (4,919) | (4,919) | (4,915) | ||||||||||||||||||
Average intangible assets | (121) | (130) | (141) | (152) | (163) | ||||||||||||||||||
Average tangible common equity, including AOCI (j) | 11,572 | 10,036 | 10,129 | 11,157 | 10,783 | ||||||||||||||||||
Less: | Average AOCI | 4,938 | 6,244 | 5,835 | 4,480 | 4,442 | |||||||||||||||||
Average tangible common equity, excluding AOCI (k) | 16,510 | 16,280 | 15,964 | 15,637 | 15,225 | ||||||||||||||||||
Total Bancorp shareholders’ equity | 19,018 | 19,172 | 16,544 | 17,809 | 18,364 | ||||||||||||||||||
Less: | Preferred stock | (2,116) | (2,116) | (2,116) | (2,116) | (2,116) | |||||||||||||||||
Goodwill | (4,918) | (4,919) | (4,919) | (4,919) | (4,915) | ||||||||||||||||||
Intangible assets | (115) | (125) | (136) | (146) | (157) | ||||||||||||||||||
Tangible common equity, including AOCI (l) | 11,869 | 12,012 | 9,373 | 10,628 | 11,176 | ||||||||||||||||||
Less: | AOCI | 4,888 | 4,487 | 6,839 | 5,166 | 4,245 | |||||||||||||||||
Tangible common equity, excluding AOCI (m) | 16,757 | 16,499 | 16,212 | 15,794 | 15,421 | ||||||||||||||||||
Add: | Preferred stock | 2,116 | 2,116 | 2,116 | 2,116 | 2,116 | |||||||||||||||||
Tangible equity (n) | 18,873 | 18,615 | 18,328 | 17,910 | 17,537 | ||||||||||||||||||
Total assets | 214,506 | 214,574 | 212,967 | 207,276 | 208,657 | ||||||||||||||||||
Less: | Goodwill | (4,918) | (4,919) | (4,919) | (4,919) | (4,915) | |||||||||||||||||
Intangible assets | (115) | (125) | (136) | (146) | (157) | ||||||||||||||||||
Tangible assets, including AOCI (o) | 209,473 | 209,530 | 207,912 | 202,211 | 203,585 | ||||||||||||||||||
Less: | AOCI, before tax | 6,187 | 5,680 | 8,657 | 6,539 | 5,373 | |||||||||||||||||
Tangible assets, excluding AOCI (p) | $215,660 | $215,210 | $216,569 | $208,750 | $208,958 | ||||||||||||||||||
Common shares outstanding (q) | 684 | 681 | 681 | 681 | 681 | ||||||||||||||||||
Tangible equity (n) / (p) | 8.75 | % | 8.65 | % | 8.46 | % | 8.58 | % | 8.39 | % | |||||||||||||
Tangible common equity (excluding AOCI) (m) / (p) | 7.77 | % | 7.67 | % | 7.49 | % | 7.57 | % | 7.38 | % | |||||||||||||
Tangible common equity (including AOCI) (l) / (o) | 5.67 | % | 5.73 | % | 4.51 | % | 5.26 | % | 5.49 | % | |||||||||||||
Tangible book value per share (including AOCI) (l) / (q) | $17.35 | $17.64 | $13.76 | $15.61 | $16.41 | ||||||||||||||||||
Tangible book value per share (excluding AOCI) (m) / (q) | $24.50 | $24.23 | $23.81 | $23.19 | $22.64 | ||||||||||||||||||
Fifth Third Bancorp and Subsidiaries | |||||||||||||||||||||||
Non-GAAP Reconciliation | |||||||||||||||||||||||
$ in millions | For the Three Months Ended | ||||||||||||||||||||||
(unaudited) | March | December | March | ||||||||||||||||||||
2024 | 2023 | 2023 | |||||||||||||||||||||
Net income (r) | $520 | $530 | $558 | ||||||||||||||||||||
Net income (annualized) (s) | 2,091 | 2,103 | 2,263 | ||||||||||||||||||||
Adjustments (pre-tax items) | |||||||||||||||||||||||
FDIC special assessment | 33 | 224 | — | ||||||||||||||||||||
Valuation of Visa total return swap | 17 | 22 | 31 | ||||||||||||||||||||
Mastercard litigation | 5 | — | — | ||||||||||||||||||||
Fifth Third Foundation contribution | — | 15 | — | ||||||||||||||||||||
Restructuring severance expense | — | 5 | 12 | ||||||||||||||||||||
Adjustments, after-tax (t)(a) | 42 | 205 | 33 | ||||||||||||||||||||
Adjustments (tax related items) | |||||||||||||||||||||||
Tax benefit associated with resolution of certain acquisition related tax matters | — | (17) | — | ||||||||||||||||||||
Adjustments (tax related items) (u) | — | (17) | — | ||||||||||||||||||||
Noninterest income (v) | 710 | 744 | 696 | ||||||||||||||||||||
Valuation of Visa total return swap | 17 | 22 | 31 | ||||||||||||||||||||
Adjusted noninterest income (w) | 727 | 766 | 727 | ||||||||||||||||||||
Noninterest expense (x) | 1,342 | 1,455 | 1,331 | ||||||||||||||||||||
FDIC special assessment | (33) | (224) | — | ||||||||||||||||||||
Mastercard litigation | (5) | — | — | ||||||||||||||||||||
Fifth Third Foundation contribution | — | (15) | — | ||||||||||||||||||||
Restructuring severance expense | — | (5) | (12) | ||||||||||||||||||||
Adjusted noninterest expense (y) | 1,304 | 1,211 | 1,319 | ||||||||||||||||||||
Adjusted net income (r) + (t) + (u) | 562 | 718 | 591 | ||||||||||||||||||||
Adjusted net income (annualized) (z) | 2,260 | 2,849 | 2,397 | ||||||||||||||||||||
Adjusted tangible net income available to common shareholders (h) + (t) + (u) | 530 | 688 | 577 | ||||||||||||||||||||
Adjusted tangible net income available to common shareholders (annualized) (aa) | 2,132 | 2,730 | 2,340 | ||||||||||||||||||||
Average assets (ab) | $213,203 | $214,057 | $205,084 | ||||||||||||||||||||
Return on average tangible common equity (i) / (j) | 17.0 | % | 19.8 | % | 20.5 | % | |||||||||||||||||
Return on average tangible common equity excluding AOCI (i) / (k) | 11.9 | % | 12.2 | % | 14.5 | % | |||||||||||||||||
Adjusted return on average tangible common equity, including AOCI (aa) / (j) | 18.4 | % | 27.2 | % | 21.7 | % | |||||||||||||||||
Adjusted return on average tangible common equity, excluding AOCI (aa) / (k) | 12.9 | % | 16.8 | % | 15.4 | % | |||||||||||||||||
Return on average assets (s) / (ab) | 0.98 | % | 0.98 | % | 1.10 | % | |||||||||||||||||
Adjusted return on average assets (z) / (ab) | 1.06 | % | 1.33 | % | 1.17 | % | |||||||||||||||||
Efficiency ratio (FTE) (x) / [(a) + (v)] | 63.9 | % | 67.2 | % | 60.0 | % | |||||||||||||||||
Adjusted efficiency ratio (y) / [(a) + (w)] | 61.6 | % | 55.3 | % | 58.6 | % | |||||||||||||||||
Total revenue (FTE) (a) + (v) | $2,100 | $2,167 | $2,218 | ||||||||||||||||||||
Adjusted total revenue (FTE) (a) + (w) | $2,117 | $2,189 | $2,249 | ||||||||||||||||||||
Pre-provision net revenue (PPNR) (a) + (v) - (x) | $758 | $712 | $887 | ||||||||||||||||||||
Adjusted pre-provision net revenue (PPNR) (a) + (w) - (y) | $813 | $978 | $930 | ||||||||||||||||||||
Totals may not foot due to rounding; (a) Assumes a 23% tax rate | |||||||||||||||||||||||
Fifth Third Bancorp and Subsidiaries | ||||||||||||||||||||
Segment Presentation | ||||||||||||||||||||
$ in millions | ||||||||||||||||||||
(unaudited) | ||||||||||||||||||||
For the three months ended March 31, 2024(b) | Commercial Banking | Consumer and Small Business Banking | Wealth and Asset Management | General Corporate and Other | Total | |||||||||||||||
Net interest income (FTE)(a) | $690 | $1,125 | $59 | $(484) | $1,390 | |||||||||||||||
(Provision for) benefit from credit losses | (71) | (84) | — | 61 | (94) | |||||||||||||||
Net interest income after (provision for) benefit from credit losses | 619 | 1,041 | 59 | (423) | 1,296 | |||||||||||||||
Noninterest income | 326 | 266 | 102 | 16 | 710 | |||||||||||||||
Noninterest expense | (501) | (639) | (103) | (99) | (1,342) | |||||||||||||||
Income (loss) before income taxes | 444 | 668 | 58 | (506) | 664 | |||||||||||||||
Applicable income tax (expense) benefit(a) | (75) | (141) | (12) | 84 | (144) | |||||||||||||||
Net income (loss) | $369 | $527 | $46 | $(422) | $520 | |||||||||||||||
For the three months ended December 31, 2023 | Commercial Banking | Consumer and Small Business Banking | Wealth and Asset Management | General Corporate and Other | Total | |||||||||||||||
Net interest income (FTE)(a) | $812 | $1,190 | $66 | $(645) | $1,423 | |||||||||||||||
(Provision for) benefit from credit losses | 25 | (81) | — | 1 | (55) | |||||||||||||||
Net interest income after (provision for) benefit from credit losses | 837 | 1,109 | 66 | (644) | 1,368 | |||||||||||||||
Noninterest income | 332 | 284 | 91 | 37 | 744 | |||||||||||||||
Noninterest expense | (488) | (614) | (90) | (263) | (1,455) | |||||||||||||||
Income (loss) before income taxes | 681 | 779 | 67 | (870) | 657 | |||||||||||||||
Applicable income tax (expense) benefit(a) | (129) | (164) | (15) | 181 | (127) | |||||||||||||||
Net income (loss) | $552 | $615 | $52 | $(689) | $530 | |||||||||||||||
For the three months ended September 30, 2023 | Commercial Banking | Consumer and Small Business Banking | Wealth and Asset Management | General Corporate and Other | Total | |||||||||||||||
Net interest income (FTE)(a) | $1,012 | $1,390 | $98 | $(1,055) | $1,445 | |||||||||||||||
Provision for credit losses | — | (105) | (1) | (13) | (119) | |||||||||||||||
Net interest income after provision for credit losses | 1,012 | 1,285 | 97 | (1,068) | 1,326 | |||||||||||||||
Noninterest income | 353 | 274 | 94 | (6) | 715 | |||||||||||||||
Noninterest expense | (478) | (624) | (90) | 4 | (1,188) | |||||||||||||||
Income (loss) before income taxes | 887 | 935 | 101 | (1,070) | 853 | |||||||||||||||
Applicable income tax (expense) benefit(a) | (169) | (196) | (22) | 194 | (193) | |||||||||||||||
Net income (loss) | $718 | $739 | $79 | $(876) | $660 | |||||||||||||||
For the three months ended June 30, 2023 | Commercial Banking | Consumer and Small Business Banking | Wealth and Asset Management | General Corporate and Other | Total | |||||||||||||||
Net interest income (FTE)(a) | $1,025 | $1,370 | $95 | $(1,027) | $1,463 | |||||||||||||||
(Provision for) benefit from credit losses | 9 | (65) | — | (121) | (177) | |||||||||||||||
Net interest income after (provision for) benefit from credit losses | 1,034 | 1,305 | 95 | (1,148) | 1,286 | |||||||||||||||
Noninterest income | 336 | 271 | 91 | 28 | 726 | |||||||||||||||
Noninterest expense | (486) | (632) | (93) | (20) | (1,231) | |||||||||||||||
Income (loss) before income taxes | 884 | 944 | 93 | (1,140) | 781 | |||||||||||||||
Applicable income tax (expense) benefit(a) | (173) | (198) | (20) | 211 | (180) | |||||||||||||||
Net income (loss) | $711 | $746 | $73 | $(929) | $601 | |||||||||||||||
For the three months ended March 31, 2023 | Commercial Banking | Consumer and Small Business Banking | Wealth and Asset Management | General Corporate and Other | Total | |||||||||||||||
Net interest income (FTE)(a) | $980 | $1,257 | $101 | $(816) | $1,522 | |||||||||||||||
Provision for credit losses | (46) | (51) | — | (67) | (164) | |||||||||||||||
Net interest income after provision for credit losses | 934 | 1,206 | 101 | (883) | 1,358 | |||||||||||||||
Noninterest income | 336 | 273 | 92 | (5) | 696 | |||||||||||||||
Noninterest expense | (551) | (645) | (100) | (35) | (1,331) | |||||||||||||||
Income (loss) before income taxes | 719 | 834 | 93 | (923) | 723 | |||||||||||||||
Applicable income tax (expense) benefit(a) | (139) | (175) | (19) | 168 | (165) | |||||||||||||||
Net income (loss) | $580 | $659 | $74 | $(755) | $558 | |||||||||||||||
(a) Includes taxable equivalent adjustments of $6 million for the three months ended March 31, 2024, $7 million for the three months ended December 31, 2023 and September 30, 2023, $6 million for the three months ended June 30, 2023 and $5 million for the three months ended March 31, 2023. | ||||||||||||||||||||
(b) During the first quarter of 2024, the Bancorp eliminated certain revenue sharing agreements between Wealth and Asset Management and Consumer and Small Business Banking. Prior period results have been adjusted to reflect current presentation. |