Fifth Third Bancorp reported a 15% increase in third quarter earnings per share compared to the same period in 2003. Net income for the quarter totaled $471 million, up 13% from $417 million in 2003. Credit quality trends continued to improve, contributing to a $27 million decrease in reserves for loan losses. Fifth Third acquired First National Bankshares of Florida, adding over $6 billion in assets in deposit-rich Florida markets upon completion of the acquisition.
Fifth Third Bancorp reported a 12% increase in earnings per share for the first quarter of 2004 compared to the same period in 2003. Net income increased 10% to $430 million. Return on assets was 1.88% and return on equity was 19.7%. Credit quality and net interest margin improved compared to the previous quarter. Operating expenses decreased 4% sequentially due to efficiency initiatives while revenues grew 12%, improving the efficiency ratio.
Fifth Third Bancorp reported an 11% increase in second quarter earnings per share compared to the same period last year. Net income for the quarter totaled $447.5 million, an 8% increase. Noninterest income increased 21% driven by strong growth in investment advisory and electronic payment processing revenues. Loan balances grew significantly, with period-end loans up $2.2 billion or 16% compared to last quarter. Fifth Third expects continued strong loan and deposit growth as well as revenue increases across all business lines.
Fifth Third Bancorp reported third quarter earnings per share of $0.76, an increase of 9% from the prior year. Earnings were impacted by a $0.02 per share charge from adopting a new accounting standard. Excluding this, earnings were $0.77 per share. Revenue increased due to strong loan and deposit growth as well as higher fees. Expenses rose 3% from increased spending on sales force expansion and infrastructure investments. Credit quality modestly improved with lower net charge-offs and stable non-performing assets. The company reiterated its positive outlook for the remainder of 2003 and into 2004.
Fifth Third Bancorp reported lower third quarter earnings per share of $0.71 compared to $0.83 in the previous year due to contraction in net interest margin from aggressive increases in deposit pricing and lower than expected deposit growth. Loan growth remained strong across all categories but was offset by challenges in growing deposits sufficiently. Credit quality remained stable with nonperforming assets and net charge-offs at low levels.
Fifth Third Bancorp reported third quarter 2006 earnings of $0.68 per diluted share, down 1% from the previous quarter and 4% from the third quarter of 2005. Net income for the quarter totaled $377 million, a 1% decrease from last quarter and a 5% decrease from the prior year period. While net interest income was relatively flat compared to last quarter, it declined 3% year-over-year due to margin compression. Noninterest income grew 1% sequentially and 6% year-over-year, led by increases in electronic payment processing and corporate banking revenues. Credit costs remained stable compared to previous quarters.
Fifth Third Bancorp reported a 9% increase in earnings per share for the first quarter of 2003 compared to the same period in 2002. Net income increased 7% while returns on assets and equity declined slightly. Loan and deposit growth remained strong, driven by commercial lending and transaction account growth. Net interest income increased 9% despite margin compression, while non-interest income rose 18% led by payment processing, deposit services, and investment advisory revenues.
Fifth Third Bancorp reported second quarter 2005 earnings per share of $0.75, down slightly from $0.79 in the second quarter of 2004. Net income totaled $417 million compared to $448 million in the same period last year. Revenue from Fifth Third Processing Solutions increased 21% year-over-year. Loan and deposit balances exhibited continued strength, with period end loans and leases increasing 9% sequentially. Credit quality metrics and trends improved in the second quarter and remain at historically strong levels.
Fifth Third Bancorp reported an 11% increase in fourth quarter earnings per share compared to the same period the previous year. Net income for the quarter totaled $460.5 million, a 9% rise over fourth quarter 2002. Loan balances grew significantly by $6.4 billion for the full year, driven by strong consumer lending and commercial loan growth. Deposit growth was also robust, with demand deposits and interest checking increasing by 18% and 9% respectively compared to fourth quarter 2002.
Fifth Third Bancorp reported a 12% increase in earnings per share for the first quarter of 2004 compared to the same period in 2003. Net income increased 10% to $430 million. Return on assets was 1.88% and return on equity was 19.7%. Credit quality and net interest margin improved compared to the previous quarter. Operating expenses decreased 4% sequentially due to efficiency initiatives while revenues grew 12%, improving the efficiency ratio.
Fifth Third Bancorp reported an 11% increase in second quarter earnings per share compared to the same period last year. Net income for the quarter totaled $447.5 million, an 8% increase. Noninterest income increased 21% driven by strong growth in investment advisory and electronic payment processing revenues. Loan balances grew significantly, with period-end loans up $2.2 billion or 16% compared to last quarter. Fifth Third expects continued strong loan and deposit growth as well as revenue increases across all business lines.
Fifth Third Bancorp reported third quarter earnings per share of $0.76, an increase of 9% from the prior year. Earnings were impacted by a $0.02 per share charge from adopting a new accounting standard. Excluding this, earnings were $0.77 per share. Revenue increased due to strong loan and deposit growth as well as higher fees. Expenses rose 3% from increased spending on sales force expansion and infrastructure investments. Credit quality modestly improved with lower net charge-offs and stable non-performing assets. The company reiterated its positive outlook for the remainder of 2003 and into 2004.
Fifth Third Bancorp reported lower third quarter earnings per share of $0.71 compared to $0.83 in the previous year due to contraction in net interest margin from aggressive increases in deposit pricing and lower than expected deposit growth. Loan growth remained strong across all categories but was offset by challenges in growing deposits sufficiently. Credit quality remained stable with nonperforming assets and net charge-offs at low levels.
Fifth Third Bancorp reported third quarter 2006 earnings of $0.68 per diluted share, down 1% from the previous quarter and 4% from the third quarter of 2005. Net income for the quarter totaled $377 million, a 1% decrease from last quarter and a 5% decrease from the prior year period. While net interest income was relatively flat compared to last quarter, it declined 3% year-over-year due to margin compression. Noninterest income grew 1% sequentially and 6% year-over-year, led by increases in electronic payment processing and corporate banking revenues. Credit costs remained stable compared to previous quarters.
Fifth Third Bancorp reported a 9% increase in earnings per share for the first quarter of 2003 compared to the same period in 2002. Net income increased 7% while returns on assets and equity declined slightly. Loan and deposit growth remained strong, driven by commercial lending and transaction account growth. Net interest income increased 9% despite margin compression, while non-interest income rose 18% led by payment processing, deposit services, and investment advisory revenues.
Fifth Third Bancorp reported second quarter 2005 earnings per share of $0.75, down slightly from $0.79 in the second quarter of 2004. Net income totaled $417 million compared to $448 million in the same period last year. Revenue from Fifth Third Processing Solutions increased 21% year-over-year. Loan and deposit balances exhibited continued strength, with period end loans and leases increasing 9% sequentially. Credit quality metrics and trends improved in the second quarter and remain at historically strong levels.
Fifth Third Bancorp reported an 11% increase in fourth quarter earnings per share compared to the same period the previous year. Net income for the quarter totaled $460.5 million, a 9% rise over fourth quarter 2002. Loan balances grew significantly by $6.4 billion for the full year, driven by strong consumer lending and commercial loan growth. Deposit growth was also robust, with demand deposits and interest checking increasing by 18% and 9% respectively compared to fourth quarter 2002.
Fifth Third Bancorp reported earnings per share of $0.65 for the first quarter of 2006, down from $0.72 in the first quarter of 2005. Net income totaled $363 million, down from $405 million in the first quarter of 2005. Earnings declined due to margin compression from interest rate changes and mix shifts toward higher-cost deposits. Credit quality improved over the previous quarter and management expects core trends to stabilize margins and improve performance going forward.
Fifth Third Bancorp reported a 10% increase in second quarter earnings per share compared to the same period last year. Net income increased 8% to $437 million. Loan and deposit growth was strong, increasing 12% and 14% respectively compared to the previous year. Operating expenses grew 15% due to investments in sales force expansion, technology, and consultant expenses related to a regulatory agreement. Credit quality remained stable with nonperforming assets at 0.62% of loans.
- Fifth Third Bancorp reported second quarter 2006 earnings per share of $0.69, down from $0.75 in second quarter 2005. Net income was $382 million compared to $417 million in second quarter 2005.
- Noninterest income increased 5% from second quarter 2005, driven by increases in electronic payment processing and deposit service revenues. Mortgage banking revenues totaled $41 million.
- Average deposits increased 7% and average loans and leases increased 9% from second quarter 2005. However, net interest income decreased 5% and net interest margin declined due to higher deposit and funding costs compressing margins.
Fifth Third Bancorp reported lower earnings in the fourth quarter and full year 2004 compared to 2003 due to interest rate challenges and balance sheet repositioning actions. Fourth quarter earnings per share were $0.31 compared to $0.77 in 2003. Actions were taken to reduce risk and improve returns, including selling securities, retiring debt, and terminating interest rate swaps, though these negatively impacted short-term results. Deposits and loans grew over the year, and credit quality improved. Expenses increased due to investments and debt retirement costs, lowering the efficiency ratio.
Fifth Third Bancorp reported higher earnings per share and net income in the fourth quarter of 2005 compared to the same period in 2004. Return on assets and equity also increased. However, revenue trends were below expectations for the full year due to disappointing deposit growth and interest rate changes. Credit quality trends reflected increased losses from commercial airline bankruptcies and consumer personal bankruptcies.
Fifth Third Bancorp reported lower first quarter earnings compared to the same period last year. Net income totaled $405 million, down 6% from $430 million in 2004. Loan and deposit balances grew but this was offset by a decline in net interest margin. Credit quality remained stable and noninterest expenses increased due to acquisitions and investments. The company expressed optimism that earnings will improve over the rest of the year through loan and deposit growth and enhanced revenues.
fifth third bancorp InvestorPresentationv40731finance28
- Fifth Third Bank reported a difficult second quarter of 2008 due to a significant increase in net charge-offs and provision expense driven by deterioration in its residential and commercial real estate loan portfolios, particularly in Michigan and Florida.
- While core business performance remained strong with double-digit revenue growth in payments processing and deposit services, credit costs offset this operating strength with a large increase in the provision expense.
- To strengthen its capital position, Fifth Third issued $1.1 billion in convertible preferred securities, reduced its common stock dividend, and plans to generate over $1 billion from non-core business sales.
Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. In 2005, Fifth Third reported $1.5 billion in net income on $105.2 billion in assets. While revenue and earnings were below expectations, the company invested in growth through new banking centers, employees, technology and acquisitions. The CEO emphasized that Fifth Third remains committed to growth, disciplined risk management, and delivering value for shareholders over the long term.
Dan Poston, CFO of Fifth Third Bank, presented at the KBW Large Cap Bank Conference on August 11, 2008. He discussed Fifth Third Bank's second quarter 2008 results, which included a significant increase in net charge-offs and provision expenses due to the difficult economic environment. However, core pre-tax pre-provision income was up 16% from the second quarter of 2007 driven by growth in fees from payments processing, deposit services, corporate banking and mortgage banking. Fifth Third also raised $1.1 billion in convertible preferred securities and reduced its dividend to strengthen its capital position.
This document provides an annual report summary for Jacobs Engineering Group for fiscal year 2003. It highlights increased revenues and record net income compared to previous years. It also summarizes key financial metrics like backlog, assets, and return on equity. The report discusses Jacobs' continued focus on safety, quality, and client satisfaction. It reaffirms Jacobs' core values of being relationship-based and putting people and growth as top priorities.
The document is Boston Scientific's 2005 Annual Report. It discusses the company achieving $6.28 billion in revenue in 2005, a 12% increase over 2004, driven by market leadership in drug-eluting stents. It summarizes clinical trial results and new product approvals. It also notes the proposed acquisition of Guidant would make Boston Scientific a leader in cardiac rhythm management and expand its technology portfolio. The report discusses initiatives to address quality issues raised by the FDA and invest in growth areas like neuromodulation, drug-eluting stents, and peripheral interventions.
This document provides an investor update from Fifth Third Bancorp. It includes the following key points:
1) Fifth Third is taking actions to strengthen its capital position, including a $1 billion convertible preferred stock offering and reducing its quarterly common stock dividend.
2) Operating trends for the second quarter of 2008 are expected to remain strong, but credit costs are expected to remain high due to negative credit trends, particularly in residential and commercial real estate.
3) Fifth Third anticipates its second quarter annualized net charge-off ratio will be approximately 1.60-1.65% and total provision expense will be $700-725 million. Nonperforming assets are expected to increase to around
Fifth Third Bancorp reported a 12% increase in earnings per share in the first quarter of 2004 compared to the same period in 2003. Net income increased 10% to $430 million. Credit quality and returns on assets and equity improved compared to the previous year. The bank will continue share repurchases and focus on efficiency to further increase shareholder value.
Fifth Third Bancorp reported an 11% increase in second quarter earnings per share compared to the same period last year. Net income for the quarter totaled $447.5 million, an 8% increase over the second quarter of 2003. Credit quality metrics continued to improve during the quarter while noninterest income increased 21% due to strong growth in investment advisory and electronic payment processing revenues. Loans and deposits exhibited strong growth during the quarter and Fifth Third expects margin and net interest income trends to benefit from interest rate increases.
Fifth Third Bancorp reported lower third quarter earnings per share of $0.71 compared to $0.83 in the previous year due to contraction in net interest margin from aggressive increases in deposit pricing and lower than expected deposit growth. Loan growth remained strong across all categories but was offset by challenges in growing deposits sufficiently. Credit quality remained stable with nonperforming assets and net charge-offs at low levels.
Fifth Third Bancorp reported third quarter earnings per share of $0.76, up 9% from the prior year. Earnings included an after-tax charge of $0.02 per share related to the early implementation of a new accounting standard. Excluding this charge, EPS was $0.77. Net income was $437 million compared to $416 million in the prior year. Strong loan and deposit growth contributed to a 7% increase in net interest income. Other operating income grew 12% due to increases in processing solutions, deposit service fees, and mortgage banking revenues. The company expects continued revenue growth and improving credit quality for the remainder of the year.
Fifth Third Bancorp reported second quarter 2005 earnings per share of $0.75, down slightly from $0.79 in the same period of 2004. Net income totaled $417 million compared to $448 million last year. While loan and deposit growth remained strong, compression of the net interest margin due to interest rate and deposit mix shifts negatively impacted results. Credit quality remained strong with nonperforming assets at 51 basis points of total loans and leases. Management remains focused on improving revenue growth through initiatives to increase sales, market penetration, and core deposit growth.
Fifth Third Bancorp reported a 9% increase in first quarter earnings per share compared to the same period last year. Net income increased 7% to $418.8 million. Loan and deposit growth was strong, increasing 15% and 23% respectively over the last year. Credit quality metrics were mixed with nonperforming assets up but delinquencies down. Operating expenses grew 14% due to expansion efforts.
Fifth Third Bancorp reported lower earnings for the fourth quarter and full year 2004 compared to 2003. Earnings per share were $0.31 for Q4 2004 compared to $0.77 for Q4 2003, and $2.68 for full year 2004 compared to $2.87 for 2003. The results were negatively impacted by $326 million in charges related to initiatives to reposition the balance sheet for rising interest rates. Loan and deposit balances grew compared to prior periods, but net interest margin declined due to interest rate changes. Expenses increased due to investments in new branches and employees.
Fifth Third Bancorp reported an 11% increase in fourth quarter earnings per share compared to the same period the previous year. Net income for the quarter totaled $460.5 million, a 9% rise over fourth quarter 2002. Loan balances grew significantly by $6.4 billion for the full year, driven by strong consumer lending and commercial loan growth. Deposit growth was also robust, with demand deposits and interest checking increasing by 18% and 9% respectively compared to fourth quarter 2002. Earnings per share for the full year 2003 were up 10% over 2002.
Fifth Third Bancorp reported a 10% increase in second quarter earnings per share compared to the same period last year. Net income increased 8% to $437 million. Loan and deposit growth was strong, with loans up 13% and deposits up 14% compared to the second quarter of 2002. Other operating income also rose 22% due to increases in processing services, deposit service fees, and mortgage banking revenues.
Fifth Third Bancorp reported third quarter 2006 earnings of $0.68 per diluted share, down 1% from the previous quarter and 4% from the third quarter of 2005. Net income for the quarter totaled $377 million, a 1% decrease from last quarter and a 5% decrease from the prior year period. While net interest income was relatively flat compared to last quarter, it declined 3% year-over-year due to margin compression. Noninterest income grew 1% sequentially and 6% year-over-year, led by increases in electronic payment processing and corporate banking revenues. Credit costs remained stable compared to previous quarters.
Fifth Third Bancorp reported earnings per share of $0.65 for the first quarter of 2006, down from $0.72 in the first quarter of 2005. Net income totaled $363 million, down from $405 million in the first quarter of 2005. Earnings declined due to margin compression from interest rate changes and mix shifts toward higher-cost deposits. Credit quality improved over the previous quarter and management expects core trends to stabilize margins and improve performance going forward.
Fifth Third Bancorp reported a 10% increase in second quarter earnings per share compared to the same period last year. Net income increased 8% to $437 million. Loan and deposit growth was strong, increasing 12% and 14% respectively compared to the previous year. Operating expenses grew 15% due to investments in sales force expansion, technology, and consultant expenses related to a regulatory agreement. Credit quality remained stable with nonperforming assets at 0.62% of loans.
- Fifth Third Bancorp reported second quarter 2006 earnings per share of $0.69, down from $0.75 in second quarter 2005. Net income was $382 million compared to $417 million in second quarter 2005.
- Noninterest income increased 5% from second quarter 2005, driven by increases in electronic payment processing and deposit service revenues. Mortgage banking revenues totaled $41 million.
- Average deposits increased 7% and average loans and leases increased 9% from second quarter 2005. However, net interest income decreased 5% and net interest margin declined due to higher deposit and funding costs compressing margins.
Fifth Third Bancorp reported lower earnings in the fourth quarter and full year 2004 compared to 2003 due to interest rate challenges and balance sheet repositioning actions. Fourth quarter earnings per share were $0.31 compared to $0.77 in 2003. Actions were taken to reduce risk and improve returns, including selling securities, retiring debt, and terminating interest rate swaps, though these negatively impacted short-term results. Deposits and loans grew over the year, and credit quality improved. Expenses increased due to investments and debt retirement costs, lowering the efficiency ratio.
Fifth Third Bancorp reported higher earnings per share and net income in the fourth quarter of 2005 compared to the same period in 2004. Return on assets and equity also increased. However, revenue trends were below expectations for the full year due to disappointing deposit growth and interest rate changes. Credit quality trends reflected increased losses from commercial airline bankruptcies and consumer personal bankruptcies.
Fifth Third Bancorp reported lower first quarter earnings compared to the same period last year. Net income totaled $405 million, down 6% from $430 million in 2004. Loan and deposit balances grew but this was offset by a decline in net interest margin. Credit quality remained stable and noninterest expenses increased due to acquisitions and investments. The company expressed optimism that earnings will improve over the rest of the year through loan and deposit growth and enhanced revenues.
fifth third bancorp InvestorPresentationv40731finance28
- Fifth Third Bank reported a difficult second quarter of 2008 due to a significant increase in net charge-offs and provision expense driven by deterioration in its residential and commercial real estate loan portfolios, particularly in Michigan and Florida.
- While core business performance remained strong with double-digit revenue growth in payments processing and deposit services, credit costs offset this operating strength with a large increase in the provision expense.
- To strengthen its capital position, Fifth Third issued $1.1 billion in convertible preferred securities, reduced its common stock dividend, and plans to generate over $1 billion from non-core business sales.
Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. In 2005, Fifth Third reported $1.5 billion in net income on $105.2 billion in assets. While revenue and earnings were below expectations, the company invested in growth through new banking centers, employees, technology and acquisitions. The CEO emphasized that Fifth Third remains committed to growth, disciplined risk management, and delivering value for shareholders over the long term.
Dan Poston, CFO of Fifth Third Bank, presented at the KBW Large Cap Bank Conference on August 11, 2008. He discussed Fifth Third Bank's second quarter 2008 results, which included a significant increase in net charge-offs and provision expenses due to the difficult economic environment. However, core pre-tax pre-provision income was up 16% from the second quarter of 2007 driven by growth in fees from payments processing, deposit services, corporate banking and mortgage banking. Fifth Third also raised $1.1 billion in convertible preferred securities and reduced its dividend to strengthen its capital position.
This document provides an annual report summary for Jacobs Engineering Group for fiscal year 2003. It highlights increased revenues and record net income compared to previous years. It also summarizes key financial metrics like backlog, assets, and return on equity. The report discusses Jacobs' continued focus on safety, quality, and client satisfaction. It reaffirms Jacobs' core values of being relationship-based and putting people and growth as top priorities.
The document is Boston Scientific's 2005 Annual Report. It discusses the company achieving $6.28 billion in revenue in 2005, a 12% increase over 2004, driven by market leadership in drug-eluting stents. It summarizes clinical trial results and new product approvals. It also notes the proposed acquisition of Guidant would make Boston Scientific a leader in cardiac rhythm management and expand its technology portfolio. The report discusses initiatives to address quality issues raised by the FDA and invest in growth areas like neuromodulation, drug-eluting stents, and peripheral interventions.
This document provides an investor update from Fifth Third Bancorp. It includes the following key points:
1) Fifth Third is taking actions to strengthen its capital position, including a $1 billion convertible preferred stock offering and reducing its quarterly common stock dividend.
2) Operating trends for the second quarter of 2008 are expected to remain strong, but credit costs are expected to remain high due to negative credit trends, particularly in residential and commercial real estate.
3) Fifth Third anticipates its second quarter annualized net charge-off ratio will be approximately 1.60-1.65% and total provision expense will be $700-725 million. Nonperforming assets are expected to increase to around
Fifth Third Bancorp reported a 12% increase in earnings per share in the first quarter of 2004 compared to the same period in 2003. Net income increased 10% to $430 million. Credit quality and returns on assets and equity improved compared to the previous year. The bank will continue share repurchases and focus on efficiency to further increase shareholder value.
Fifth Third Bancorp reported an 11% increase in second quarter earnings per share compared to the same period last year. Net income for the quarter totaled $447.5 million, an 8% increase over the second quarter of 2003. Credit quality metrics continued to improve during the quarter while noninterest income increased 21% due to strong growth in investment advisory and electronic payment processing revenues. Loans and deposits exhibited strong growth during the quarter and Fifth Third expects margin and net interest income trends to benefit from interest rate increases.
Fifth Third Bancorp reported lower third quarter earnings per share of $0.71 compared to $0.83 in the previous year due to contraction in net interest margin from aggressive increases in deposit pricing and lower than expected deposit growth. Loan growth remained strong across all categories but was offset by challenges in growing deposits sufficiently. Credit quality remained stable with nonperforming assets and net charge-offs at low levels.
Fifth Third Bancorp reported third quarter earnings per share of $0.76, up 9% from the prior year. Earnings included an after-tax charge of $0.02 per share related to the early implementation of a new accounting standard. Excluding this charge, EPS was $0.77. Net income was $437 million compared to $416 million in the prior year. Strong loan and deposit growth contributed to a 7% increase in net interest income. Other operating income grew 12% due to increases in processing solutions, deposit service fees, and mortgage banking revenues. The company expects continued revenue growth and improving credit quality for the remainder of the year.
Fifth Third Bancorp reported second quarter 2005 earnings per share of $0.75, down slightly from $0.79 in the same period of 2004. Net income totaled $417 million compared to $448 million last year. While loan and deposit growth remained strong, compression of the net interest margin due to interest rate and deposit mix shifts negatively impacted results. Credit quality remained strong with nonperforming assets at 51 basis points of total loans and leases. Management remains focused on improving revenue growth through initiatives to increase sales, market penetration, and core deposit growth.
Fifth Third Bancorp reported a 9% increase in first quarter earnings per share compared to the same period last year. Net income increased 7% to $418.8 million. Loan and deposit growth was strong, increasing 15% and 23% respectively over the last year. Credit quality metrics were mixed with nonperforming assets up but delinquencies down. Operating expenses grew 14% due to expansion efforts.
Fifth Third Bancorp reported lower earnings for the fourth quarter and full year 2004 compared to 2003. Earnings per share were $0.31 for Q4 2004 compared to $0.77 for Q4 2003, and $2.68 for full year 2004 compared to $2.87 for 2003. The results were negatively impacted by $326 million in charges related to initiatives to reposition the balance sheet for rising interest rates. Loan and deposit balances grew compared to prior periods, but net interest margin declined due to interest rate changes. Expenses increased due to investments in new branches and employees.
Fifth Third Bancorp reported an 11% increase in fourth quarter earnings per share compared to the same period the previous year. Net income for the quarter totaled $460.5 million, a 9% rise over fourth quarter 2002. Loan balances grew significantly by $6.4 billion for the full year, driven by strong consumer lending and commercial loan growth. Deposit growth was also robust, with demand deposits and interest checking increasing by 18% and 9% respectively compared to fourth quarter 2002. Earnings per share for the full year 2003 were up 10% over 2002.
Fifth Third Bancorp reported a 10% increase in second quarter earnings per share compared to the same period last year. Net income increased 8% to $437 million. Loan and deposit growth was strong, with loans up 13% and deposits up 14% compared to the second quarter of 2002. Other operating income also rose 22% due to increases in processing services, deposit service fees, and mortgage banking revenues.
Fifth Third Bancorp reported third quarter 2006 earnings of $0.68 per diluted share, down 1% from the previous quarter and 4% from the third quarter of 2005. Net income for the quarter totaled $377 million, a 1% decrease from last quarter and a 5% decrease from the prior year period. While net interest income was relatively flat compared to last quarter, it declined 3% year-over-year due to margin compression. Noninterest income grew 1% sequentially and 6% year-over-year, led by increases in electronic payment processing and corporate banking revenues. Credit costs remained stable compared to previous quarters.
Fifth Third Bancorp reported earnings per share of $0.65 for the first quarter of 2006, down from $0.72 in the first quarter of 2005. Net income totaled $363 million, down from $405 million in the first quarter of 2005. The company saw strong loan growth but margins compressed due to interest rate trends. Looking forward, Fifth Third expects improving performance as margins normalize and loan and fee income growth continues.
- Fifth Third Bancorp reported second quarter 2006 earnings per share of $0.69, down from $0.75 in second quarter 2005. Net income was $382 million compared to $417 million in second quarter 2005.
- Noninterest income increased 5% from second quarter 2005, driven by increases in electronic payment processing and deposit service revenues. Mortgage banking revenues totaled $41 million.
- Average deposits increased 7% and average loans and leases increased 9% from second quarter 2005. However, net interest income decreased 5% and net interest margin declined due to higher deposit and funding costs compressing margins.
Fifth Third Bancorp reported lower first quarter earnings compared to the same period last year. Net income totaled $405 million, down six percent from $430 million in 2004. Loan and deposit balances increased, up 19% and 15% respectively from the prior year. Credit quality remained stable with nonperforming assets at 0.53% of total loans and leases. The company completed its acquisition of First National Bankshares of Florida in the first quarter.
Fifth Third Bancorp reported higher earnings per share and net income in the fourth quarter of 2005 compared to the same period in 2004. Return on assets and equity also increased. However, revenue trends were below expectations for the full year due to disappointing deposit growth and interest rate changes. Credit quality trends reflected increased losses, but overall remained a small percentage of loans. Cost savings initiatives are planned for 2006 to offset investment spending.
Fifth Third Bancorp reported a 15% increase in third quarter earnings and a 20% increase in earnings for the first nine months of 2002 compared to the same periods in 2001. Operating earnings per diluted share increased 13% for the quarter and 19% for the first nine months. The company saw strong growth in deposits and loans, with transaction deposits up 42% and total loans and leases up 12% compared to a year ago. Non-interest income was also up 22% compared to the previous year's third quarter, driven by increases in deposit service revenues, investment advisory revenues, and Midwest Payment Systems revenues.
Fifth Third Bancorp reported a 15% increase in third quarter earnings and a 20% increase in earnings for the first nine months of 2002 compared to the same periods in 2001. Earnings per share increased 13% for the quarter and 19% for the first nine months. Return on assets and return on equity also increased. The company saw strong growth in deposits and loans compared to a year ago. Credit quality remained stable with nonperforming assets and net charge-offs remaining low. Operating expenses increased due to investments in people, technology, and facilities but the efficiency ratio improved.
Fifth Third Bancorp reported an 11% increase in fourth quarter earnings per share compared to the same period last year. Net income for the quarter totaled $423 million, a 10% rise over fourth quarter 2001. For the full year, earnings per share increased 48% while returns on assets and equity remained strong. The company saw continued growth in deposits and loans driven by successful sales campaigns and solid economic activity in its markets. Credit quality remained stable and expenses were well-controlled despite investments to support growth. Fifth Third is well-positioned for continued earnings growth in 2003.
Fifth Third Bancorp reported an 11% increase in fourth quarter earnings per share compared to the same period last year. Net income for the fourth quarter totaled $423 million, a 10% increase over fourth quarter 2001. For the full year 2002, earnings per share increased 48% over 2001. The bank experienced strong customer and deposit growth, solid revenue and loan growth, and consistent credit quality. Looking ahead to 2003, the bank expects continued positive growth while remaining prepared for economic challenges.
Fifth Third Bancorp reported 2006 earnings of $1.2 billion compared to $1.5 billion in 2005. Fourth quarter 2006 earnings were $66 million compared to $377 million in the previous quarter and $332 million in the same quarter of 2005. Results were negatively affected by $454 million in losses from actions taken to improve the balance sheet profile by reducing securities and borrowing. Core deposit and loan growth was solid but was offset by lower noninterest income, mainly due to the $411 million in securities losses. Credit costs were in line with expectations and the company is optimistic about continued momentum in 2007 from further growth opportunities.
Fifth Third Bancorp reported 2006 earnings of $1.2 billion compared to $1.5 billion in 2005. Fourth quarter 2006 earnings were $66 million compared to $377 million in the previous quarter and $332 million in the same quarter of 2005. Results were negatively affected by $454 million in losses from actions taken to improve the balance sheet profile by reducing securities and borrowing. Core deposit and loan growth was solid but was offset by lower noninterest income, mainly due to securities losses. Credit costs were in line with expectations and the company is optimistic about 2007 with continued momentum in loans, deposits, and investments in technology and sales force.
This document provides an overview and highlights of Virgin Media's performance in the fourth quarter of 2006. It discusses the company's achievements over the last 12 months including the Telewest merger and Virgin Mobile acquisition. The fourth quarter saw revenue growth across all segments, strong net additions, and continued ARPU and customer care improvements. Priorities for 2007 include delivering on the new Virgin brand, targeting competitor customers, driving efficiency and improving customer care.
This document provides an overview of Virgin Media's performance in the fourth quarter of 2006. It discusses the company's achievements over the past year including the Telewest merger and Virgin Mobile acquisition. The highlights of Q4 2006 include revenue growth across all segments, strong broadband and TV subscriber additions, and increased triple play penetration. Priorities for 2007 include delivering on the new Virgin brand, targeting competitor customers, driving efficiency and improving customer care.
Virgin Media reported its financial results for the first quarter of 2007. Key highlights include:
1) Strong growth in broadband, TV and mobile contract customers due to compelling offers and marketing campaigns promoting bundled services. However, fixed line customers continued to decline due to increased competition.
2) ARPU was slightly down due to lower fixed line usage, but triple play penetration and Old NTL ARPU increased, pointing to continued ARPU growth.
3) Customer churn improved to 1.6% due to more rigorous credit policies and efficient sales channels, while Sky basics had a minimal impact in Q1.
4) Mobile contract growth remained strong through cable cross-sell, while pre-pay declined season
This document summarizes Virgin Media's performance in the first quarter of 2007. It discusses Virgin Media's progress on key priorities such as brand strength, targeting competitors, cable integration, and cross-sell opportunities. Financial metrics like revenue, customer additions and disconnects, and ARPU are also reviewed. Challenges from increased competition and the impact of Sky's new "Basics" package are addressed.
This document provides a summary of Virgin Media's financial performance in the second quarter of 2007. It discusses declines in revenue due to customer churn related to the loss of Sky basics channels, but notes improving trends in areas like TV and broadband. Key points highlighted include strong growth in video on demand usage, successful bundling of products, expansion of high speed broadband services, and continued strength in the mobile business. The summary also previews upcoming content initiatives and their potential to further drive customer growth and engagement.
This document summarizes Virgin Media's financial performance in the second quarter of 2007. Key points include: losses of Sky basic channels impacted customer churn but TV performance was better than expected; strong mobile contract sales and bundling of products continued; and while ARPU was affected by retention activities, cash flow outlook remains strong. The document provides details on customer additions and disconnects, growth of triple play bundling, and increases in video on demand usage.
This document provides a summary of Virgin Media's financial results for the third quarter of 2007. It notes significant improvements in customer and revenue growth metrics compared to previous quarters. Revenue was up slightly from the second quarter due to growth in the consumer, business services, content, and mobile segments. Operating cash flow also increased due to lower costs and certain one-time benefits. However, proactive investment in customer growth was also noted as impacting operating cash flow. Net debt remained substantial as of the end of the third quarter.
This document provides a summary of Virgin Media's financial results for the third quarter of 2007. It discusses improvements in customer and revenue growth metrics compared to previous quarters. Specifically, it notes record quarterly gross additions and reduced churn. It also summarizes growth in the company's broadband, TV, telephony, mobile, and business services segments. The document concludes with discussions of operating cash flow, revenue, and net debt levels.
The document summarizes an UBS media conference by Acting CEO Neil Berkett of Virgin Media on December 5, 2007. Berkett discussed Virgin Media's transformation through integration, re-engineering growth initiatives. He highlighted opportunities in premium TV, basic pay-TV, free DTV and contract mobile. Berkett also outlined Virgin Media's network advantages in speed and reach, and strategies to increase customer value through volume, ARPU and tenure. Mobile was discussed as an important driver of consumer value through cross-selling. Valuable tax assets were also noted.
The document summarizes an UBS media conference by Acting CEO Neil Berkett of Virgin Media on December 5, 2007. Berkett discussed Virgin Media's transformation through integration, re-engineering growth initiatives, and building the platform for growth. He highlighted opportunities in premium TV, basic pay-TV, free DTV, broadband, and mobile services. Berkett also covered Virgin Media's network advantages, content assets, tax assets, and the significant potential asset value of the company's network, consumer base, mobile business, and content.
This document provides a summary of Virgin Media's financial and operational results for the first quarter of 2008. Key highlights include continued strong growth in broadband and TV customers, record-low cable churn of 1.2%, and stable cable ARPU despite non-recurring benefits in the previous quarter. OCF increased slightly compared to last quarter. Capex remained high at 13.7% of revenue to support network upgrades including faster broadband speeds. Revenue declined slightly due to seasonal factors in certain business units.
This document summarizes Virgin Media's financial and operational results for the first quarter of 2008. Key highlights include continued strong growth in broadband and TV customers, record-low cable churn of 1.2%, and stable cable ARPU despite non-recurring benefits in the previous quarter. OCF was £324 million for Q1 2008, up slightly from the previous quarter. Cash capex was £125 million for network upgrades and expansion.
This document provides a summary of Virgin Media's performance in the second quarter of 2008. It discusses financial results including operating cash flow growth and SG&A reductions. It also reviews operational metrics such as subscriber growth, churn rates, broadband and TV services. Virgin Media saw increased revenue and profitability in Q2 2008 compared to the same period last year.
This document provides a summary of Virgin Media's performance in the second quarter of 2008. It discusses financial results including operating cash flow growth and SG&A reductions. It also reviews operational metrics such as subscriber growth, churn rates, broadband and TV services. Virgin Media saw increased revenue and profitability in Q2 2008 compared to the prior year through lower churn, higher triple-play penetration and a focus on quality customer growth. The company believes its cable network gives it advantages over DSL providers that will increase further after investments are completed.
This document provides a summary of Virgin Media's financial results for the third quarter of 2008. It reports that Virgin Media continued to see growth in key metrics such as on-net customer additions, broadband and TV subscriber growth, and improving triple play penetration. ARPU increased through price increases, cross-selling, and upselling efforts. Mobile contract customer growth was strong through cross-selling to cable customers. Content revenues increased for VMtv but declined for Sit-Up. Overall revenue was flat, while operating cash flow and margins declined slightly compared to last year. Capital expenditures remained high to continue network upgrades and expand service offerings.
This document provides a summary of Virgin Media's financial results for the third quarter of 2008. It reports that Virgin Media continued to see growth in key metrics such as on-net customer additions, broadband and TV subscriber growth, and improving triple play penetration. ARPU increased through price increases, cross-selling, and upselling efforts. Mobile contract customer growth was strong through cross-selling to cable customers. Content revenue increased for VMtv but declined for Sit-Up. Overall revenue was flat, while operating cash flow and margins declined slightly compared to last year. Capital expenditures remained high to continue network investments.
The document discusses Virgin Media's strategy to leverage its network advantages for renewed growth. Key points include plans to: 1) lead in next generation broadband through upgrades to 10Mbps and beyond; 2) lead the on-demand TV revolution through growing video on demand usage and iPlayer views; and 3) leverage mobile as a third screen through bundling mobile services. Virgin Media also aims to build a more efficient customer focused organization through an operational transformation program targeting over £120m in annual cost savings by 2012.
The document discusses Virgin Media's strategy to leverage its network advantages for renewed growth. It aims to lead in next generation broadband, lead the on-demand TV revolution, and leverage mobile as a third screen. Virgin Media has the best broadband economics due to its high market share and lower costs. It is focusing on upgrading customers to higher broadband tiers, growing on-demand TV and video usage, and integrating mobile offerings. The company expects operational transformation to deliver over £120 million in annual cost savings by 2012.
The document provides an agenda and overview for an investor and analyst day being held by Virgin Media in London on November 13, 2008. It includes:
1) A disclaimer stating that forward-looking statements in the document involve risks and uncertainties that could cause actual results to differ materially.
2) An agenda for the day's presentations on Virgin Media's strategy, growth initiatives, network strengths, financial structure and regulatory progress.
3) Introductions of the senior management team who will be presenting.
The document provides an agenda and overview for an investor and analyst day being held by Virgin Media in London on November 13, 2008. It includes:
1) A disclaimer stating that forward-looking statements in the document involve risks and uncertainties that could cause actual results to differ materially.
2) An agenda for the day's presentations on Virgin Media's strategy, growth initiatives, network strengths, financial structure and regulatory progress.
3) Biographies and photos of Virgin Media's management team, including the CEO and heads of key business units.
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1. News Release
CONTACT: Bradley S. Adams (Analysts) FOR IMMEDIATE RELEASE
(513) 534-0983 October 14, 2004
Roberta R. Jennings (Media)
(513) 579-4153
FIFTH THIRD BANCORP REPORTS 15 PERCENT INCREASE
IN THIRD QUARTER EARNINGS PER DILUTED SHARE
Fifth Third Bancorp’s 2004 third quarter earnings per diluted share were $.83, an increase of 15
percent over $.72 per diluted share for the same period in 2003. Third quarter net income totaled $471
million, a 13 percent increase over third quarter 2003’s net income of $417 million. Third quarter return on
average assets (ROA) and return on average equity (ROE) were 1.95 percent and 21.1 percent, respectively,
compared to 1.85 percent and 19.3 percent in 2003’s third quarter. Third quarter 2004 earnings were
positively impacted by a $27 million decrease in the reserve for credit losses and the corresponding decrease
in the provision for loan and lease losses resulting from the recent improvement and expected stability in
credit quality trends.
“It’s gratifying to deliver strong growth to our shareholders in what continues to be a difficult
operating environment,” stated George A. Schaefer, Jr., President and CEO of Fifth Third Bancorp. “This
quarter’s results offer reason for optimism in a number of areas including strong deposit growth trends, strong
credit quality performance and controlled expense levels. However, a prolonged period of extremely low
interest rates continues to pressure spread revenues and the relative value provided by a well-capitalized
balance sheet and strong deposit franchise has continued to diminish. In the face of the resulting slowdown in
revenue growth, Fifth Third has been intently focused on investing for the future growth of your company by
continuing to build best-in-class retail banking center networks in our larger markets as represented by the
opening of our 1,000th banking center in August. We have also continued to hire talented and experienced
sales people throughout our footprint by continuing to deliver products and services through a business model
that encourages entrepreneurial thinking and high-touch customer service. These efforts, combined with a
core competency in deposit growth and strong underlying trends in our payment processing and asset
management businesses, demonstrate our commitment and focus in overcoming these challenges and
delivering growth to our shareholders now and in the future.”
“In August, Fifth Third announced an agreement to acquire First National Bankshares of Florida, Inc.,
a $5.3 billion asset bank holding company with a presence in deposit rich markets including Orlando, Tampa
2. and the west coast of Florida. When the acquisition is complete, Fifth Third will have over 90 banking
centers and more than $6 billion in assets in Florida. The combined franchise will feature an experienced
local management team, a compelling opportunity to expand our asset management business and attractive
demographic trends including a large Midwestern client base already familiar with Fifth Third. We believe
that improved sales management practices, increased resources and product capabilities and continued de-
novo expansion delivered through a local market operating model will drive impressive growth for many
years to come. We are extremely optimistic about the opportunities in the market and expect Fifth Third
Bank (Florida) to become a much larger and increasingly valuable part of your company.”
Noninterest Income
Investment Advisory revenues increased by four percent over the same quarter last year and 12
percent on a year-to-date basis primarily as a result of sales momentum across numerous product lines
including retail brokerage and institutional asset management. Fifth Third expects near and intermediate term
revenue growth to be driven by the degree of success in continuing to grow the institutional money
management business and in penetrating a large middle market commercial customer base with retirement
and wealth planning services. Fifth Third Investment Advisors, among the largest money managers in the
Midwest, has $34 billion in assets under management and $176 billion in assets under care.
Fifth Third Processing Solutions, our electronic payment processing division, delivered a six percent
increase in revenues over the third quarter of last year. Comparisons to prior periods are impacted by the
April 1, 2004 sale of certain out-of-footprint third-party sourced merchant processing contracts acquired
through previous acquisitions that neither met Fifth Third’s return requirements nor offered additional cross-
selling opportunities. The revenue previously realized from these sold merchant contracts represents a
reduction of approximately $22 million in quarterly revenue previously reported as a component of electronic
payment processing revenues. Exclusive of the impact of the above referenced item in the prior year period,
third quarter revenues increased by 26 percent on a core basis over the same quarter last year primarily on the
strength of new business and strong results from both merchant processing and electronic funds transfer;
comparisons being provided to supplement an understanding of these fundamental revenue trends.
Successful sales of retail and commercial deposit accounts and corporate treasury management
products fueled an increase in deposit service revenues of seven percent over the same quarter last year and
10 percent on an annualized sequential basis. Third quarter results were highlighted by a 13 percent increase
in commercial deposit based revenues over the same quarter last year on the strength of Fifth Third's
continuing focus on sales force additions, new customer acquisition and cross-sell initiatives within its core
middle-market commercial banking franchise. Retail deposit based revenues continue to show improvement
and posted 15 percent annualized sequential growth.
2
3. Mortgage Banking net service revenue totaled $49 million in the third quarter compared to $61
million last quarter and $75 million in 2003's third quarter. Mortgage originations totaled $1.7 billion in the
third quarter versus $2.8 billion last quarter and $4.9 billion in the third quarter of last year. Third quarter
mortgage banking net service revenue was comprised of $45 million in total mortgage banking fees and loan
sales, plus $25 million of gains and mark-to-market adjustments on both settled and outstanding free-standing
derivative financial instruments and less $21 million in net valuation adjustments and amortization on
mortgage servicing rights. The mark-to-market adjustments and settlement of free-standing derivative
financial instruments and corresponding valuation adjustments resulted from interest rate volatility and the
resulting impact of changing prepayment speeds on the mortgage servicing portfolio. The mortgage servicing
asset, net of the valuation reserve, was $334 million at September 30, 2004 on a servicing portfolio of $23.5
billion, compared to $341 million last quarter on a servicing portfolio of $23.9 billion.
Other noninterest income totaled $137 million in the third quarter, compared to $269 million last
quarter and $171 million in the third quarter of last year. Third quarter 2003 results were impacted by a $22
million gain on the securitization and sale of $903 million of home equity lines of credit. Second quarter
2004 results included a pre-tax gain of approximately $148 million ($85 million after-tax) on the sale of
certain third-party sourced merchant processing contracts. Third quarter 2004 results include a $9 million
pre-tax gain on the sale of certain small merchant processing contracts. Exclusive of these items, other
noninterest income experienced modest increases across nearly all sub-categories relative to last quarter with
decreases relative to the same period last year largely concentrated in loan and lease fees.
Balance Sheet Trends
Commercial customer additions and strong retail transaction account growth from a successful third
quarter deposit campaign resulted in strong deposit trends in the third quarter of 2004. Compared to the
second quarter of 2004, average transaction account balances increased by $1.6 billion, or 15 percent on an
annualized sequential basis. Compared to the same quarter last year, average transaction account balances
increased by seven percent highlighted by a 15 percent increase in average demand deposits. Fifth Third is
intently focused on generating growth in customers and deposit balances and remains confident in its ability
to competitively price and generate growth through an increasing interest rate environment. Deposit
comparisons to the third quarter of 2003 are impacted by the addition of approximately $767 million in total
deposits in conjunction with the second quarter 2004 acquisition of Franklin Financial Corporation.
Exclusive of the impact of this transaction, average transaction account balances increased by six percent over
the same quarter last year; comparisons being provided to supplement an understanding of the fundamental
deposit trends.
Loan and lease balances exhibited good growth with period end loans and leases held for investment
increasing by $1.4 billion from last quarter, or 10 percent on an annualized sequential basis. On an average
3
4. basis, total loans and leases increased by seven percent over the same quarter last year. Period end
commercial loan and lease balances increased by 14 percent over the same quarter last year and by $509
million, or seven percent on an annualized basis, from last quarter. Direct installment loan originations
remained solid during the third quarter and totaled $1.8 billion, compared to $2.0 billion last quarter, with
period-end balances increasing by four percent over the third quarter of last year and seven percent on an
annualized sequential basis. Loan and lease comparisons to prior periods are impacted by the securitization
and sale of $750 million of automotive loans in the second quarter of 2004 and the addition of approximately
$581 million in total loans in conjunction with the second quarter 2004 acquisition of Franklin Financial
Corporation. Exclusive of the impact of these transactions, total commercial loan and lease balances
increased 12 percent and total consumer loan and lease balances, excluding residential mortgages, increased
six percent over the same quarter last year; comparisons being provided to supplement an understanding of
fundamental lending trends.
Compared to the third quarter of 2003, net interest income on a fully-taxable equivalent basis
increased four percent resulting from eight percent growth in average earning assets despite a 10 basis point
(bp) decrease in the net interest margin. Sequentially, net interest income on a fully-taxable equivalent basis
decreased by $5 million despite good growth in average earning assets due to 12 bp of contraction in the net
interest margin. The contraction in the net interest margin from last quarter resulted from efforts to reduce
interest rate risk and improve the long-term profile of Fifth Third. These efforts included (i) the termination
of approximately $2.2 billion in notional of receive-fixed/pay-variable interest rate swaps resulting in an
approximate $4 million negative impact to net interest income from the loss of positive spread and
termination charges in the third quarter, (ii) increased rates offered on interest-bearing deposit accounts in
order to improve the funding profile resulting in a 21 bp increase in the average rate paid on interest bearing
deposits and (iii) increased contribution of variable investment securities in the available-for-sale portfolio
from 7 percent at December 31, 2003 to 15 percent at September 30, 2004. These initiatives, combined with
strong loan and deposit sales results, have greatly improved Fifth Third’s balance sheet positioning for rising
short-term interest rates. Fifth Third will aggressively pursue deposit growth as the key determinant to future
margin and net interest income performance trends.
Credit Quality
Credit quality metrics and trends continued to improve in the third quarter. Third quarter net charge-
offs as a percentage of average loans and leases were 40 bp, compared to 43 bp last quarter and 59 bp in the
third quarter of last year. Nonperforming assets were 48 bp of total loans, leases and other assets, including
other real estate owned at September 30, 2004, improved from the 50 bp posted last quarter. Net charge-offs
for the quarter were $57 million, compared to $59 million last quarter and $75 million in the third quarter of
2003. The third quarter provision for loan and lease losses totaled $30 million, compared to $88 million last
4
5. quarter and $112 million in the same quarter last year. Overall, the level of nonperforming loans and total
nonperforming assets have continued to improve in 2004 and have decreased by 23 percent and 13 percent,
respectively, compared to third quarter of 2003. As a result of this improving credit experience, the overall
expected stability in credit quality trends and improved overall loss rates within the commercial portfolio,
Fifth Third realized a $27 million decrease in the reserve for credit losses during the third quarter. The
reserve for credit losses represents 1.35 percent of total loans and leases outstanding as of September 30,
2004, compared to 1.43 percent as of June 30, 2004 and 1.49 percent as of September 30, 2003.
Noninterest Expense
Third quarter noninterest expense decreased two percent over the same period last year and decreased
by 13 percent from last quarter. Comparisons to last quarter are impacted by a charge of $78 million related
to the early retirement of approximately $1 billion of Federal Home Loan Bank advances in the second
quarter of 2004. Excluding the impact of this item, noninterest expense decreased by approximately $21
million from last quarter. Fifth Third’s third quarter efficiency ratio was 46.8 percent, compared to 48.9
percent last quarter and 46.4 percent in the third quarter of last year. Fifth Third is continuing to focus on
efficiency initiatives as part of a core emphasis on operating leverage. These initiatives include increasing
process automation, an increased emphasis on required returns on invested capital and related opportunities
for continued growth in 2004 and years to come. Fifth Third is also investing significantly in its retail
distribution network as evidenced by the opening of 59 new banking centers that did not involve
consolidation of existing facilities since the beginning of the year.
Conference Call
Fifth Third will host a conference call to discuss these third quarter financial results at 8:30 a.m.
(Eastern Daylight Time) today. Investors, analysts and other interested parties may dial into the conference
call at 877-309-0967 for domestic access and 706-679-3977 for international access (password: Fifth Third).
A replay of the conference call will be available for approximately seven days by dialing 800-642-1687 for
domestic access and 706-645-9291 for international access (passcode: 1380259#).
Corporate Profile
Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio.
The Company has $98.3 billion in assets, operates 17 affiliates with 1,005 full-service Banking Centers,
including 130 Bank Mart® locations open seven days a week inside select grocery stores and 1,872 Jeanie®
ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee and West Virginia. The financial
strength of Fifth Third’s Ohio and Michigan banks continues to be recognized by rating agencies with deposit
ratings of AA- and Aa1 from Standard & Poor’s and Moody’s, respectively. Additionally, Fifth Third
5
6. Bancorp continues to maintain the highest short-term ratings available at A-1+ and Prime-1 and is recognized
by Moody’s with one of the highest senior debt ratings for any U.S. bank holding company of Aa2. Fifth
Third operates four main businesses: Retail, Commercial, Investment Advisors and Fifth Third Processing
Solutions. Investor information and press releases can be viewed at www.53.com. Fifth Third’s common
stock is traded through the NASDAQ® National Market System under the symbol “FITB.”
This release may contain forward-looking statements about Fifth Third Bancorp, First National Bankshares
and/or the combined company within the meaning of Sections 27A of the Securities Act of 1933, as amended, and Rule
175 promulgated thereunder, and 21E of the Securities Exchange Act of 1934, as amended, and Rule 3b-6 promulgated
thereunder, that involve inherent risks and uncertainties. This press release may contain certain forward-looking
statements with respect to the financial condition, results of operations, plans, objectives, future performance and
business of Fifth Third Bancorp, First National Bankshares and/or the combined company including statements
preceded by, followed by or that include the words or phrases such as quot;believes,quot; quot;expects,quot; quot;anticipates,quot; quot;plans,quot;
quot;trend,quot; quot;objective,quot; quot;continue,quot; quot;remainquot; or similar expressions or future or conditional verbs such as quot;will,quot; quot;would,quot;
quot;should,quot; quot;could,quot; quot;might,quot; quot;can,quot; quot;mayquot; or similar expressions. There are a number of important factors that could
cause future results to differ materially from historical performance and these forward-looking statements. Factors that
might cause such a difference include, but are not limited to: (1) competitive pressures among depository institutions
increase significantly; (2) changes in the interest rate environment reduce interest margins; (3) prepayment speeds, loan
origination and sale volumes, charge-offs and loan loss provisions; (4) general economic conditions, either national or
in the states in which Fifth Third, First National Bankshares and/or the combined company do business, are less
favorable than expected; (5) political developments, wars or other hostilities may disrupt or increase volatility in
securities markets or other economic conditions; (6) changes and trends in the securities markets; (7) legislative or
regulatory changes or actions, or significant litigation, adversely affect Fifth Third, First National Bankshares and/or
the combined company or the businesses in which Fifth Third, First National Bankshares and/or the combined company
are engaged; (8) difficulties in combining the operations of First National Bankshares and/or other acquired entities and
(9) the impact of reputational risk created by the developments discussed above on such matters as business generation
and retention, funding and liquidity. We undertake no obligation to release revisions to these forward-looking statements
or reflect events or circumstances after the date of this release. Further information on other factors which could affect
the financial results of Fifth Third after the merger are included in Fifth Third's and First National Bankshares' filings
with the Securities and Exchange Commission. These documents are available free of charge at the Commission's
website at http://www.sec.gov and/or from Fifth Third or First National Bankshares.
Investors and security holders are advised to read the proxy statement/prospectus regarding the transaction
referenced in this document when it becomes available, because it will contain important information. The proxy
statement/prospectus will be filed with the Commission by Fifth Third Bancorp and First National Bankshares. Security
holders may receive a free copy of the proxy statement/prospectus (when available) and other related documents filed by
Fifth Third Bancorp and First National Bankshares at the Commission’s website at http://www.sec.gov and/or from Fifth
Third Bancorp and First National Bankshares.
First National Bankshares and its executive officers and directors may be deemed to be participants in the
solicitation of proxies from stockholders of First National Bankshares with respect to the transaction contemplated by
the definitive agreement. Information regarding such officers and directors is included in First National Bankshares’
proxy statement for its 2004 Annual Meeting of Shareholders filed with the Commission on March 12, 2004. This
document is available free of charge at the Commission’s website at http://www.sec.gov and/or from First National
Bankshares.
###
6
8. FIFTH THIRD BANCORP AND SUBSIDIARIES
Financial Highlights
(unaudited)
For the Three Months Ended
September 30, September 30, Percent
2004 2003 Change
Earnings ($ in millions, except per share data)
Net Interest Income (Taxable Equivalent) $ 766 735 4.3
Net Income Available to Common Shareholders 471 417 12.7
Earnings Per Share:
Basic 0.84 0.73 15.1
Diluted 0.83 0.72 15.3
Key Ratios (percent)
Return on Average Assets (ROA) 1.95% 1.85 5.4
Return on Average Equity (ROE) 21.1 19.3 9.3
Net Interest Margin (Taxable Equivalent) 3.42 3.52 (2.8)
Efficiency 46.8 46.4 0.9
Average Shareholders' Equity to Average Assets 9.22 9.57 (3.7)
Risk-Based Capital (a):
Tier 1 Capital 10.70 11.22 (4.6)
Total Capital 12.85 13.76 (6.6)
Tier 1 Leverage 9.12 9.21 (1.0)
Common Stock Data
Cash Dividends Declared Per Share $ 0.32 0.29 10.3
Book Value Per Share 16.11 15.24 5.7
Market Price Per Share:
High 54.07 59.44 (9.0)
Low 46.59 52.50 (11.3)
End of Period 49.22 55.54 (11.4)
Price/Earnings Ratio (b) 15.68 20.05 (21.8)
For the Nine Months Ended
September 30, September 30, Percent
2004 2003 Change
Earnings ($ in millions, except per share data)
Net Interest Income (Taxable Equivalent) $ 2,296 2,200 4.4
Net Income Available to Common Shareholders 1,348 1,223 10.3
Earnings Per Share:
Basic 2.40 2.13 12.7
Diluted 2.37 2.10 12.9
Key Ratios (percent)
Return on Average Assets (ROA) 1.91% 1.89 1.1
Return on Average Equity (ROE) 20.6 18.6 10.8
Net Interest Margin (Taxable Equivalent) 3.52 3.65 (3.6)
Efficiency 47.6 46.3 2.8
Average Shareholders' Equity to Average Assets 9.28 10.15 (8.6)
Common Stock Data
Cash Dividends Declared Per Share $ 0.96 0.84 14.3
Market Price Per Share:
High 60.00 62.15 (3.5)
Low 46.59 47.05 (1.0)
(a) September 30, 2004 risk-based capital ratios are estimated.
(b) Based on the most recent twelve-month earnings per diluted share and end of period stock prices.
8
9. FIFTH THIRD BANCORP AND SUBSIDIARIES
Financial Highlights
(unaudited)
Values Per Share
Book Value Per Share Market Price Range Per Share
March 31 June 30 September 30 December 31 Low High
1999 $ 9.78 $ 9.64 $ 9.63 $ 9.91 $ 38.58 $ 50.29
2000 10.07 10.42 10.82 11.83 29.33 60.88
2001 12.33 12.40 12.97 13.31 45.69 64.77
2002 13.59 14.31 14.69 14.98 55.26 69.70
2003 15.31 15.25 15.24 15.29 47.05 62.15
2004 15.77 14.97 16.11 46.59 60.00
Earnings Per Share, Basic
For the Three Months Ended
March 31 June 30 September 30 December 31 Year-to-Date
1999 $ 0.42 $ 0.41 $ 0.42 $ 0.30 $ 1.55
2000 0.43 0.39 0.51 0.53 1.86
2001 0.49 0.18 0.44 0.63 1.74
2002 0.63 0.65 0.67 0.69 2.64
2003 0.68 0.72 0.73 0.78 2.91
2004 0.76 0.80 0.84 2.40
Earnings Per Share, Diluted
For the Three Months Ended
March 31 June 30 September 30 December 31 Year-to-Date
1999 $ 0.41 $ 0.40 $ 0.41 $ 0.30 $ 1.53
2000 0.43 0.38 0.50 0.52 1.83
2001 0.48 0.18 0.43 0.61 1.70
2002 0.62 0.64 0.66 0.67 2.59
2003 0.67 0.71 0.72 0.77 2.87
2004 0.75 0.79 0.83 2.37
9
10. FIFTH THIRD BANCORP AND SUBSIDIARIES
Consolidated Statements of Income
(unaudited) ($ in millions, except per share data)
For the Three Months Ended
September 30, September 30,
2004 2003
Interest Income
Interest and Fees on Loans and Leases $ 721 676
Interest on Securities:
Taxable 310 293
Exempt from Income Taxes 11 13
Total Interest on Securities 321 306
Interest on Other Short-Term Investments 1 1
Total Interest Income 1,043 983
Interest Expense
Interest on Deposits:
Interest Checking 47 43
Savings 16 14
Money Market 10 7
Other Time 45 49
Certificates - $100,000 and Over 9 12
Foreign Office 12 9
Total Interest on Deposits 139 134
Interest on Federal Funds Purchased 17 19
Interest on Short-Term Bank Notes 5 -
Interest on Other Short-Term Borrowings 23 14
Interest on Long-Term Debt 102 91
Total Interest Expense 286 258
Net Interest Income 757 725
Provision for Credit Losses 30 112
Net Interest Income After Provision for Credit Losses 727 613
Noninterest Income
Electronic Payment Processing Revenue 152 143
Service Charges on Deposits 134 125
Mortgage Banking Net Revenue 49 75
Investment Advisory Revenue 88 85
Other Noninterest Income 137 171
Operating Lease Revenue 35 66
Securities Gains, Net 16 15
Total Noninterest Income 611 680
Noninterest Expense
Salaries, Wages and Incentives 252 249
Employee Benefits 64 61
Equipment Expenses 22 21
Net Occupancy Expenses 45 36
Operating Lease Expenses 24 50
Other Noninterest Expense 237 240
Total Noninterest Expense 644 657
Income from Continuing Operations Before Income Taxes and Cumulative Effect 694 636
Applicable Income Taxes 223 209
Income from Continuing Operations Before Cumulative Effect 471 427
Income from Discontinued Operations, Net of Tax - 1
Income Before Cumulative Effect 471 428
Cumulative Effect of Change in Accounting Principle, Net of Tax - (10)
Net Income $ 471 418
Net Income Available to Common Shareholders (a) $ 471 417
Basic Earnings Per Share:
Income from Continuing Operations $0.84 0.75
Income from Discontinued Operations - -
Cumulative Effect of Change in Accounting Principle, Net - (0.02)
Net Income $0.84 0.73
Diluted Earnings Per Share:
Income from Continuing Operations $0.83 0.74
Income from Discontinued Operations - -
Cumulative Effect of Change in Accounting Principle, Net - (0.02)
Net Income $0.83 0.72
(a) Dividend on Preferred Stock is $.185 million for the three months ended September 30, 2004 and 2003.
10
11. FIFTH THIRD BANCORP AND SUBSIDIARIES
Consolidated Statements of Income
(unaudited) ($ in millions, except per share data)
For the Nine Months Ended
September 30, September 30,
2004 2003
Interest Income
Interest and Fees on Loans and Leases $ 2,072 2,042
Interest on Securities:
Taxable 925 920
Exempt from Income Taxes 34 38
Total Interest on Securities 959 958
Interest on Other Short-Term Investments 2 3
Total Interest Income 3,033 3,003
Interest Expense
Interest on Deposits:
Interest Checking 118 144
Savings 36 52
Money Market 23 25
Other Time 130 166
Certificates - $100,000 and Over 22 39
Foreign Office 39 29
Total Interest on Deposits 368 455
Interest on Federal Funds Purchased 52 61
Interest on Short-Term Bank Notes 9 -
Interest on Other Short-Term Borrowings 56 41
Interest on Long-Term Debt 279 276
Total Interest Expense 764 833
Net Interest Income 2,269 2,170
Provision for Credit Losses 201 306
Net Interest Income After Provision for Credit Losses 2,068 1,864
Noninterest Income
Electronic Payment Processing Revenue 449 415
Service Charges on Deposits 389 360
Mortgage Banking Net Revenue 154 244
Investment Advisory Revenue 278 247
Other Noninterest Income 545 469
Operating Lease Revenue 129 66
Securities Gains, Net 42 79
Securities Gains, Net - Non-Qualifying Hedges on Mortgage Servicing - 3
Total Noninterest Income 1,986 1,883
Noninterest Expense
Salaries, Wages and Incentives 752 787
Employee Benefits 205 186
Equipment Expenses 61 61
Net Occupancy Expenses 137 113
Operating Lease Expenses 94 50
Other Noninterest Expense 791 695
Total Noninterest Expense 2,040 1,892
Income from Continuing Operations Before Income Taxes, Minority Interest and Cumulative Effect 2,014 1,855
Applicable Income Taxes 665 605
Income from Continuing Operations Before Minority Interest and Cumulative Effect 1,349 1,250
Minority Interest, Net of Tax - (20)
Income from Continuing Operations Before Cumulative Effect 1,349 1,230
Income from Discontinued Operations, Net of Tax - 3
Income Before Cumulative Effect 1,349 1,233
Cumulative Effect of Change in Accounting Principle, Net of Tax - (10)
Net Income $ 1,349 1,223
Net Income Available to Common Shareholders (a) $ 1,348 1,223
Basic Earnings Per Share:
Income from Continuing Operations $2.40 2.14
Income from Discontinued Operations - 0.01
Cumulative Effect of Change in Accounting Principle, Net - (0.02)
Net Income $2.40 2.13
Diluted Earnings Per Share:
Income from Continuing Operations $2.37 2.11
Income from Discontinued Operations - 0.01
Cumulative Effect of Change in Accounting Principle, Net - (0.02)
Net Income $2.37 $2.10
(a) Dividend on Preferred Stock is $.555 million for the nine months ended September 30, 2004 and 2003.
11
12. FIFTH THIRD BANCORP AND SUBSIDIARIES
Consolidated Statements of Changes in Shareholders' Equity
(unaudited) ($ in millions, except per share data)
For the Three Months Ended
September 30, September 30,
2004 2003
Total Shareholders' Equity, Beginning $ 8,393 8,691
Net Income 471 418
Nonowner Changes in Equity, Net of Tax:
Change in Unrealized Gains and (Losses) on Available-for-Sale Securities,
Qualifying Cash Flow Hedges and Additional Pension Liability 336 (246)
Net Income and Nonowner Changes in Equity 807 172
Cash Dividends Declared:
Common Stock (2004 - $.32 per share and 2003 - $.29 per share) (180) (166)
Preferred Stock (a) - -
Stock Options Exercised Including Treasury Shares Issued 14 13
Stock-Based Compensation Expense 21 24
Loans Issued Related to Exercise of Stock Options, Net - (17)
Change in Corporate Tax Benefit Related to Stock-Based Compensation 7 -
Shares Purchased (20) (22)
Other (2) (1)
Total Shareholders' Equity, Ending $ 9,040 8,694
(a) Dividend on Preferred Stock is $.185 million for the three months ended September 30, 2004 and 2003.
For the Nine Months Ended
September 30, September 30,
2004 2003
Total Shareholders' Equity, Beginning $ 8,667 8,604
Net Income 1,349 1,223
Nonowner Changes in Equity, Net of Tax:
Change in Unrealized Gains and (Losses) on Available-for-Sale Securities,
Qualifying Cash Flow Hedges and Additional Pension Liability (97) (378)
Net Income and Nonowner Changes in Equity 1,252 845
Cash Dividends Declared:
Common Stock (2004 - $.96 per share and 2003 - $.84 per share) (539) (481)
Preferred Stock (b) (1) (1)
Stock Options Exercised Including Treasury Shares Issued 78 68
Stock-Based Compensation Expense 63 87
Loans Issued Related to Exercise of Stock Options, Net (2) (37)
Change in Corporate Tax Benefit Related to Stock-Based Compensation 10 (4)
Shares Purchased (804) (384)
Acquisitions 317 -
Other (1) (3)
Total Shareholders' Equity, Ending $ 9,040 8,694
(b) Dividend on Preferred Stock is $.555 million for the nine months ended September 30, 2004 and 2003.
12
13. FIFTH THIRD BANCORP AND SUBSIDIARIES
Condensed Consolidated Quarterly Statements of Income (Taxable Equivalent)
(unaudited) ($ in millions)
For the Three Months Ended
June 30, March 31, December 31, September 30,
September 30,
2004 2004 2004 2003 2003
Interest Income $ 1,043 1,000 990 988 983
Taxable Equivalent Adjustment 9 9 9 10 10
Interest Income (Taxable Equivalent) 1,052 1,009 999 998 993
Interest Expense 286 238 240 253 258
Net Interest Income (Taxable Equivalent) 766 771 759 745 735
Provision for Credit Losses 30 88 83 94 112
Net Interest Income After Provision for Credit
Losses (Taxable Equivalent) 736 683 676 651 623
Noninterest Income 611 749 626 599 680
Noninterest Expense 644 744 652 657 657
Income from Continuing Operations Before Income Taxes
and Cumulative Effect (Taxable Equivalent) 703 688 650 593 646
Applicable Income Taxes 223 231 211 182 209
Taxable Equivalent Adjustment 9 9 9 10 10
Income from Continuing Operations Before Cumulative Effect 471 448 430 401 427
Income from Discontinued Operations, Net of Tax - - - 41 1
Income Before Cumulative Effect 471 448 430 442 428
Cumulative Effect of Change in Accounting Principle, Net of Tax - - - - (10)
Net Income $ 471 448 430 442 418
Net Income Available to Common Shareholders (a) $ 471 448 430 441 417
(a) Dividend on Preferred Stock is $.185 million for all quarters presented.
13
14. FIFTH THIRD BANCORP AND SUBSIDIARIES
Noninterest Income and Noninterest Expense
(unaudited) ($ in millions)
For the Three Months Ended
September 30, June 30, March 31, December 31, September 30,
2004 2004 2004 2003 2003
Noninterest Income
Electronic Payment Processing Revenue $ 152 148 148 160 143
Service Charges on Deposits 134 131 123 125 125
Mortgage Banking Net Revenue 49 61 44 57 75
Investment Advisory Revenue 88 97 93 85 85
Other Noninterest Income 137 268 141 112 171
Operating Lease Revenue 35 44 52 58 66
Securities Gains, Net 16 - 25 2 15
Total Noninterest Income 611 749 626 599 680
Noninterest Expense
Salaries, Wages and Incentives 252 254 245 244 249
Employee Benefits 64 66 76 53 61
Equipment Expenses 22 19 20 21 21
Net Occupancy Expenses 45 47 46 47 36
Operating Lease Expenses 24 32 38 44 50
Other Noninterest Expense (a) 237 326 227 248 240
Total Noninterest Expense $ 644 744 652 657 657
Full-Time Equivalent Employees 19,061 18,937 18,583 18,899 19,770
Banking Centers 1,005 992 960 952 942
(a) Includes intangible amortization expense of $7 million, $6 million, $9 million, $10 million and $10 million for the three
months ended September 30, 2004, June 30, 2004, March 31, 2004, December 31, 2003 and September 30, 2003, respectively.
14
15. FIFTH THIRD BANCORP AND SUBSIDIARIES
Consolidated Balance Sheets
(unaudited) ($ in millions, except share data)
As of
September 30, September 30,
2004 2003
Assets
Cash and Due from Banks $ 2,313 2,394
Available-for-Sale Securities (a) 31,557 28,011
Held-to-Maturity Securities (b) 254 145
Trading Securities 81 96
Other Short-Term Investments 384 163
Loans Held for Sale 452 1,528
Loans and Leases:
Commercial Loans 15,259 13,824
Construction Loans 4,448 3,470
Commercial Mortgage Loans 7,644 6,590
Commercial Lease Financing 4,558 4,249
Residential Mortgage Loans 6,481 4,493
Consumer Loans 18,638 17,712
Consumer Lease Financing 2,460 2,840
Unearned Income (1,452) (1,371)
Total Loans and Leases 58,036 51,807
Reserve for Credit Losses (785) (772)
Total Loans and Leases, net 57,251 51,035
Bank Premises and Equipment 1,233 1,000
Operating Lease Equipment 394 899
Accrued Interest Receivable 416 414
Goodwill 980 738
Intangible Assets 157 213
Servicing Rights 349 285
Other Assets 2,472 2,531
Total Assets $ 98,293 89,452
Liabilities
Deposits:
Demand $ 12,886 11,875
Interest Checking 19,362 18,715
Savings 8,307 7,895
Money Market 4,264 3,389
Other Time 7,140 6,686
Certificates - $100,000 and Over 1,521 2,009
Foreign Office 3,380 3,725
Total Deposits 56,860 54,294
Federal Funds Purchased 5,368 6,834
Short-Term Bank Notes 1,275 -
Other Short-Term Borrowings 7,330 6,907
Accrued Taxes, Interest and Expenses 2,199 2,289
Other Liabilities 1,093 1,179
Long-Term Debt 15,128 9,255
Total Liabilities 89,253 80,758
Total Shareholders' Equity (c) 9,040 8,694
Total Liabilities and Shareholders' Equity $ 98,293 89,452
(a) Amortized cost: September 30, 2004 - $31,751 and September 30, 2003 - $27,931
(b) Market values: September 30, 2004 - $254 and September 30, 2003 - $145
(c) Common Shares: Stated value $2.22 per share; authorized 1,300,000,000; outstanding September 30, 2004 - 561,112,890
(excluding 22,338,801 treasury shares) and September 30, 2003 - 570,298,014 (excluding 13,153,677 treasury shares).
15
16. FIFTH THIRD BANCORP AND SUBSIDIARIES
Loans and Leases Serviced
(unaudited) ($ in millions)
As of
September 30, June 30, March 31, December 31, September 30,
2004 2004 2003 2003
2004
Commercial:
Commercial Loans $ 15,259 15,244 14,469 14,209 13,824
Mortgage 7,644 7,541 7,197 6,894 6,590
Construction 4,077 3,768 3,493 3,301 3,143
Leases 3,357 3,275 3,327 3,264 3,161
Subtotal 30,337 29,828 28,486 27,668 26,718
Consumer:
Consumer Loans 17,829 17,522 17,037 16,670 17,092
Mortgage & Construction 6,852 6,213 5,264 4,760 4,820
Credit Card 809 779 757 762 620
Leases 2,209 2,337 2,368 2,448 2,557
Subtotal 27,699 26,851 25,426 24,640 25,089
Total Loans and Leases 58,036 56,679 53,912 52,308 51,807
Loans Held for Sale 452 577 1,661 1,881 1,528
Operating Lease Equipment 394 525 658 767 899
Loans and Leases Serviced for Others:
Residential Mortgage (a) 23,458 23,943 24,114 24,495 24,379
Commercial Mortgage (b) 2,091 2,104 2,147 2,085 2,018
Commercial Loans (c) 2,033 1,913 1,953 1,790 1,926
Commercial Leases (b) 220 217 226 185 178
Consumer Loans (d) 1,407 1,511 832 866 909
Total Loans and Leases Serviced for Others 29,209 29,688 29,272 29,421 29,410
Total Loans and Leases Serviced $ 88,091 87,469 85,503 84,377 83,644
(a) Fifth Third sells certain residential mortgage loans, primarily conforming and fixed-rate in nature, and retains servicing responsibilities.
(b) Fifth Third sells certain commercial mortgage loans and commercial leases and retains servicing responsibilities.
(c) Fifth Third transfers, subject to credit recourse and with servicing retained, certain investment grade commercial loans to an
unconsolidated qualified special purpose entity (QSPE), which is wholly-owned by an independent third party.
(d) Fifth Third sells certain consumer loans and retains servicing responsibilities.
16
17. FIFTH THIRD BANCORP AND SUBSIDIARIES
Consolidated Average Balance Sheets, Yields (Taxable Equivalent) and Rates
(unaudited) ($ in millions)
For the Three Months Ended
September 30, 2004 September 30, 2003
Average Average Average Average
Balance Yield/Rate Balance Yield/Rate
Assets
Interest-Earning Assets:
Loans and Leases $57,679 4.99% $53,871 5.01%
Taxable Securities 30,241 4.08 27,659 4.20
Tax Exempt Securities 890 7.56 1,050 7.17
Other Short-Term Investments 282 1.51 257 1.37
Total Interest-Earning Assets 89,092 4.70 82,837 4.75
Cash and Due from Banks 2,265 1,398
Other Assets 5,603 5,925
Reserve for Credit Losses (816) (740)
Total Assets $96,144 $89,420
Liabilities
Interest-Bearing Liabilities:
Interest Checking $19,570 0.94% $18,673 0.91%
Savings 8,212 0.76 8,095 0.70
Money Market 3,542 1.11 3,356 0.88
Other Time 6,786 2.65 6,827 2.86
Certificates-$100,000 and Over 2,211 1.64 3,586 1.28
Foreign Office Deposits 3,315 1.45 3,340 1.04
Federal Funds Purchased 4,847 1.42 7,357 1.04
Short-Term Bank Notes 1,275 1.46 - -
Other Short-Term Borrowings 7,152 1.29 6,197 0.88
Long-Term Debt 15,054 2.70 9,581 3.76
Total Interest-Bearing Liabilities 71,964 1.58 67,012 1.53
Demand Deposits 12,537 10,859
Other Liabilities 2,782 2,988
Total Liabilities 87,283 80,859
Shareholders' Equity 8,861 8,561
Total Liabilities and Shareholders' Equity $96,144 $89,420
Average Common Shares Outstanding:
Basic 560,335,242 570,087,666
Diluted 566,543,043 578,777,162
Ratios:
Net Interest Margin (Taxable Equivalent) 3.42% 3.52%
Net Interest Rate Spread (Taxable Equivalent) 3.12% 3.22%
Interest-Bearing Liabilities to Interest-Earning Assets 80.77% 80.90%
17
18. FIFTH THIRD BANCORP AND SUBSIDIARIES
Consolidated Average Balance Sheets, Yields (Taxable Equivalent) and Rates
(unaudited) ($ in millions)
For the Nine Months Ended
September 30, 2004 September 30, 2003
Average Average Average Average
Balance Yield/Rate Balance Yield/Rate
Assets
Interest-Earning Assets:
Loans and Leases $56,236 4.94% $51,918 5.29%
Taxable Securities 29,696 4.16 27,322 4.50
Tax Exempt Securities 935 7.47 1,066 7.22
Other Short-Term Investments 260 1.15 340 1.08
Total Interest-Earning Assets 87,127 4.69 80,646 5.03
Cash and Due from Banks 2,140 1,451
Other Assets 5,625 5,043
Reserve for Credit Losses (793) (716)
Total Assets $94,099 $86,424
Liabilities
Interest-Bearing Liabilities:
Interest Checking $19,464 0.81% $18,469 1.04%
Savings 7,771 0.62 8,128 0.85
Money Market 3,220 0.94 3,122 1.05
Other Time 6,602 2.63 7,315 3.04
Certificates-$100,000 and Over 1,949 1.52 3,616 1.45
Foreign Office Deposits 4,575 1.12 3,275 1.20
Federal Funds Purchased 6,238 1.12 6,832 1.19
Short-Term Bank Notes 941 1.24 - -
Other Short-Term Borrowings 7,143 1.05 4,907 1.11
Long-Term Debt 12,564 2.97 8,612 4.28
Total Interest-Bearing Liabilities 70,467 1.45 64,276 1.73
Demand Deposits 12,065 10,153
Other Liabilities 2,831 2,913
Total Liabilities 85,363 77,342
Minority Interest - 313
Shareholders' Equity 8,736 8,769
Total Liabilities and Shareholders' Equity $94,099 $86,424
Average Common Shares Outstanding:
Basic 561,626,871 572,764,870
Diluted 568,948,343 581,055,137
Ratios:
Net Interest Margin (Taxable Equivalent) 3.52% 3.65%
Net Interest Rate Spread (Taxable Equivalent) 3.24% 3.30%
Interest-Bearing Liabilities to Interest-Earning Assets 80.88% 79.70%
18
19. FIFTH THIRD BANCORP AND SUBSIDIARIES
Regulatory Capital
(unaudited) ($ in millions)
September 30, June 30, March 31, December 31, September 30,
2004 (a) 2004 2004 2003 2003
Tier 1 Capital:
Shareholders' Equity $ 9,040 8,393 8,864 8,667 8,694
Goodwill and Certain Other Intangibles (1,137) (1,143) (893) (933) (951)
Unrealized Losses/(Gains) 152 491 (162) 57 (43)
Other 599 605 585 481 482
Total Tier 1 Capital $ 8,654 8,346 8,394 8,272 8,182
Total Capital:
Tier 1 Capital $ 8,654 8,346 8,394 8,272 8,182
Qualifying Reserves for Credit Losses 804 831 801 787 788
Qualifying Subordinated Notes 935 932 926 1,037 1,057
Total Risk-Based Capital $ 10,393 10,109 10,121 10,096 10,027
Risk-Weighted Assets $ 80,902 79,307 77,056 74,725 72,893
Ratios (percent):
Average Shareholders' Equity to Average Assets 9.22% 9.09 9.56 9.61 9.57
Risk-Based Capital:
Tier 1 Capital 10.70% 10.52 10.89 11.07 11.22
Total Capital 12.85% 12.75 13.13 13.51 13.76
Tier 1 Leverage 9.12% 8.97 9.23 9.23 9.21
(a) September 30, 2004 regulatory capital data and ratios are estimated.
19
20. FIFTH THIRD BANCORP AND SUBSIDIARIES
Asset Quality
(unaudited) ($ in millions)
Summary of Credit Loss Experience For the Three Months Ended
September 30, June 30, March 31, December 31, September 30,
2004 2004 2004 2003 2003
Losses Charged Off:
Commercial, Financial and Agricultural Loans $(24) (21) (30) (57) (39)
Real Estate - Commercial Mortgage Loans (1) (2) (3) (2) (5)
Real Estate - Construction Loans - (3) (1) (1) (2)
Real Estate - Residential Mortgage Loans (3) (3) (4) (9) (3)
Consumer Loans (37) (38) (40) (37) (34)
Lease Financing (7) (9) (9) (9) (9)
Total Losses (72) (76) (87) (115) (92)
Recoveries of Losses Previously Charged Off:
Commercial, Financial and Agricultural Loans 3 3 4 5 4
Real Estate - Commercial Mortgage Loans 1 1 1 1 1
Real Estate - Construction Loans - - - - -
Real Estate - Residential Mortgage Loans - - - - -
Consumer Loans 9 11 10 11 10
Lease Financing 2 2 2 2 2
Total Recoveries 15 17 17 19 17
Net Losses Charged Off:
Commercial, Financial and Agricultural Loans (21) (18) (26) (52) (35)
Real Estate - Commercial Mortgage Loans - (1) (2) (1) (4)
Real Estate - Construction Loans - (3) (1) (1) (2)
Real Estate - Residential Mortgage Loans (3) (3) (4) (9) (3)
Consumer Loans (28) (27) (30) (26) (24)
Lease Financing (5) (7) (7) (7) (7)
Total Net Losses Charged Off $(57) (59) (70) (96) (75)
Reserve for Credit Losses, Beginning $812 783 770 772 735
Total Net Losses Charged Off (57) (59) (70) (96) (75)
Provision Charged to Operations 30 88 83 94 112
Reserve for Credit Losses, Ending $785 812 783 770 772
Nonperforming and Underperforming Assets
As of
September 30, June 30, March 31, December 31, September 30,
2004 2004 2004 2003 2003
Nonaccrual Loans and Leases (a) $207 216 233 242 271
Renegotiated Loans and Leases 3 3 1 8 -
Other Assets, Including Other Real Estate Owned 72 64 74 69 52
Total Nonperforming Assets 282 283 308 319 323
Ninety Days Past Due Loans and Leases (a) 137 132 133 145 146
Total Underperforming Assets $419 415 441 464 469
Average Loans and Leases (b) $57,160 54,960 52,927 52,402 50,615
Loans and Leases (b) 58,036 56,679 53,912 52,308 51,807
Ratios
Net Losses Charged Off as a
Percent of Average Loans and Leases 0.40% 0.43 0.54 0.72 0.59
Reserve as a Percent of Loans and Leases 1.35% 1.43 1.45 1.47 1.49
Nonperforming Assets as a Percent of Loans, Leases and
Other Assets, Including Other Real Estate Owned 0.48% 0.50 0.57 0.61 0.62
Underperforming Assets as a Percent of Loans, Leases and
Other Assets, Including Other Real Estate Owned 0.72% 0.73 0.82 0.89 0.90
(a) Nonaccrual includes $22 million and Ninety Days Past Due includes $40 million of residential mortgage loans as of September 30, 2004.
(b) Excludes loans held for sale.
20