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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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.
The document provides an overview of Monsanto's third-quarter 2006 financial results and strategic initiatives. Key points include:
- Net sales for Q3 2006 were $2.348 billion, up 15% from Q3 2005, driven by growth in seeds and traits.
- Net income for Q3 2006 was $334 million, up 611% from Q3 2005, due to acquisitions and increased penetration of key traits.
- Monsanto is focusing on growth in traits like Roundup Ready 2 corn and developing product pipelines like drought-tolerant corn and Vistive III soybeans.
- The company aims to expand seeds and traits globally and leverage acquisitions like Seminis to unlock additional value
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.
- The document is a notice of the annual meeting of stockholders of Virgin Media Inc. to be held on May 21, 2008.
- Stockholders will vote on electing two Class I directors, ratifying the appointment of Ernst & Young LLP as independent auditors, and any other business that may be brought before the meeting.
- Stockholders as of April 3, 2008 are entitled to vote. The notice provides details on voting procedures and accessing proxy materials.
The annual report summarizes Jacobs' strong financial performance in fiscal year 2007, with record revenues, earnings, backlog, and other metrics. It discusses the company's focus on safety, people, customer relationships, and consistent project delivery. The report highlights Jacobs' success in maintaining core client work and staffing growth projects, as well as its focus on developing alliance relationships and identifying cost savings for clients.
The document summarizes Monsanto's financial results for the first quarter of 2007. Some key points:
- Net sales increased 10% to $1.539 billion compared to the first quarter of 2006.
- Gross profit increased 7% to $680 million.
- Net income increased 53% to $90 million.
- Free cash flow decreased 17% to $533 million due to higher working capital needs.
- Early orders signal a strong start towards achieving the company's 2010 trait opportunity goal of expanding corn trait acres. Triple-stacked corn traits in particular are expected to surpass single-trait hybrids for the first time.
The document discusses how to use connectives to make more interesting and effective sentences. It provides examples of connectives like however, although, and, because, but, furthermore, meanwhile, and so. It shows how to connect two simple sentences using connectives and emphasizes using commas. Finally, it provides examples of sentences using different connectives and encourages the reader to practice using connectives to tell stories and play games.
O documento descreve os princípios físicos, componentes e segurança da ressonância magnética. Aborda o histórico da técnica, funcionamento dos campos magnéticos, instrumentação, contraindicações e riscos.
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 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 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 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 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 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. The company will continue investing in growth opportunities, such as their recent acquisition of First National Bankshares of Florida, to deliver returns to shareholders.
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 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 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 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 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 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 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 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 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.
The document provides an overview of Monsanto's third-quarter 2006 financial results and strategic initiatives. Key points include:
- Net sales for Q3 2006 were $2.348 billion, up 15% from Q3 2005, driven by growth in seeds and traits.
- Net income for Q3 2006 was $334 million, up 611% from Q3 2005, due to acquisitions and increased penetration of key traits.
- Monsanto is focusing on growth in traits like Roundup Ready 2 corn and developing product pipelines like drought-tolerant corn and Vistive III soybeans.
- The company aims to expand seeds and traits globally and leverage acquisitions like Seminis to unlock additional value
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.
- The document is a notice of the annual meeting of stockholders of Virgin Media Inc. to be held on May 21, 2008.
- Stockholders will vote on electing two Class I directors, ratifying the appointment of Ernst & Young LLP as independent auditors, and any other business that may be brought before the meeting.
- Stockholders as of April 3, 2008 are entitled to vote. The notice provides details on voting procedures and accessing proxy materials.
The annual report summarizes Jacobs' strong financial performance in fiscal year 2007, with record revenues, earnings, backlog, and other metrics. It discusses the company's focus on safety, people, customer relationships, and consistent project delivery. The report highlights Jacobs' success in maintaining core client work and staffing growth projects, as well as its focus on developing alliance relationships and identifying cost savings for clients.
The document summarizes Monsanto's financial results for the first quarter of 2007. Some key points:
- Net sales increased 10% to $1.539 billion compared to the first quarter of 2006.
- Gross profit increased 7% to $680 million.
- Net income increased 53% to $90 million.
- Free cash flow decreased 17% to $533 million due to higher working capital needs.
- Early orders signal a strong start towards achieving the company's 2010 trait opportunity goal of expanding corn trait acres. Triple-stacked corn traits in particular are expected to surpass single-trait hybrids for the first time.
The document discusses how to use connectives to make more interesting and effective sentences. It provides examples of connectives like however, although, and, because, but, furthermore, meanwhile, and so. It shows how to connect two simple sentences using connectives and emphasizes using commas. Finally, it provides examples of sentences using different connectives and encourages the reader to practice using connectives to tell stories and play games.
O documento descreve os princípios físicos, componentes e segurança da ressonância magnética. Aborda o histórico da técnica, funcionamento dos campos magnéticos, instrumentação, contraindicações e riscos.
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 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 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 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 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 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. The company will continue investing in growth opportunities, such as their recent acquisition of First National Bankshares of Florida, to deliver returns to shareholders.
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 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 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 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 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 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 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 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.
Morgan Stanley reported strong financial results for both the fourth quarter and full year 2004. Net income for the full year was $4.5 billion, an 18% increase from 2003. Return on equity was 16.8% for the year. In the fourth quarter, net income was $1.2 billion, up 18% from the same period last year. Institutional Securities saw record results in fixed income and significant increases in advisory and equities. Investment Management assets under management reached $424 billion, up 19% from 2003. Credit Services pre-tax income was a record $1.272 billion, up 16% from 2003. The company also announced an 8% increase in its quarterly dividend to $0.27 per
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 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 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 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 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.
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: Neal E. Arnold, CFO (Analysts) FOR IMMEDIATE RELEASE
(513) 579-4356 January 15, 2004
Bradley S. Adams, IR (Analysts)
(513) 534-0983
Roberta R. Jennings (Media)
(513) 579-4153
FIFTH THIRD BANCORP REPORTS 11 PERCENT INCREASE IN
FOURTH QUARTER EARNINGS
Fifth Third Bancorp’s 2003 fourth quarter earnings per diluted share were $.80, an increase of 11 percent over
$.72 per diluted share for the same period in 2002. Fourth quarter net income totaled $460,499,000, a nine percent
increase over fourth quarter 2002’s net income of $423,372,000. Fourth quarter return on average assets (ROA) and
return on average equity (ROE) were 2.02 percent and 21.3 percent, respectively, compared to 2.11 percent and 19.8
percent in 2002’s fourth quarter. Earnings per diluted share for the full year 2003 were $3.03, an increase of 10 percent
over last year’s earnings of $2.76. ROA for the full year 2003 was 2.01 percent and ROE was 20.4 percent, compared to
2.18 percent and 19.9 percent, respectively, in 2002.
“I would like to thank all of our employees for their hard work in producing another good year for our
shareholders,” stated George A. Schaefer, Jr., President and CEO of Fifth Third Bancorp. “While 2003 was certainly not
an easy year, I believe we have accomplished a great deal. We were faced with the lowest level of interest rates in over
40 years, earning asset yields and margins declining to levels not seen since the 1970’s and business and economic stress
in some segments of the economy that resulted in credit losses well in excess of our historical averages. Despite these
factors, we were able to produce double-digit earnings growth driven by a focused loan and deposit sales effort and
continued growth from our service businesses. We also invested significantly in strengthening your investment in Fifth
Third for the years to come by adding new banking center locations in vibrant growth markets, increasing automation of
processes, building a comprehensive risk management infrastructure and welcoming numerous talented and experienced
bankers to the Fifth Third team.”
“Fifth Third continues to be defined by the same core operating principles that have served us well over the
years. We believe a focused and energetic sales force, conservative risk profile, diversified business mix and a unique,
decentralized affiliate banking model effectively position Fifth Third to continue to deliver consistent earnings growth.
With the significant investments we have made in the expansion of our sales force, new banking centers and
improvements in infrastructure, we enter 2004 with optimism and look forward to meeting the opportunities and
challenges that lie ahead.”
2. Balance Sheet Trends
Loan and lease balances exhibited extremely strong growth with period end loans and leases increasing by $6.4
billion in 2003 on a full year basis, driven primarily by very strong results in consumer lending and continued growth in
commercial loans and leases. On an average basis, total loans and leases increased by 15 percent over last year. Direct
installment loan originations continued recent year trends and remained strong throughout 2003, totaling $1.6 billion in
the fourth quarter and $7.4 billion for the full year compared to $1.7 billion in last year’s fourth quarter and $6.7 billion
for the full year 2002, driving an increase in installment loan balances of 14 percent over the same quarter last year.
Consumer loans and comparisons to prior periods are impacted by the securitization and sale of $903 million in home
equity lines of credit in the third quarter of 2003 and the inclusion of $750 million in automotive loans in held for sale.
These actions were taken to limit balance sheet leverage due to the exceptionally strong demand experienced in these
asset classes over recent periods relative to the entire loan and lease portfolio. Period end commercial loan and lease
balances increased by 12 percent over the same quarter last year and by $950 million, or 14 percent on an annualized
basis, from last quarter. Improving demand and customer additions in middle-market and small business commercial
loan originations during the quarter were partially mitigated by modest year-end seasonal decreases in existing
commercial line of credit utilization percentages across the footprint.
Significant numbers of commercial customer additions and net new retail checking account growth have
resulted in very strong deposit growth trends for Fifth Third. Average demand deposit balances increased 18 percent and
average interest checking balances grew nine percent compared to last year’s fourth quarter, and 17 percent and 15
percent on the full year, respectively. Compared to the third quarter of this year, average transaction account balances
increased by eight percent on an annualized basis highlighted by 22 percent annualized growth in demand deposits and
13 percent annualized growth in interest checking balances. The level of savings, money market, and time deposit
balances continued to moderate in the fourth quarter given the low level of interest rates. Fifth Third’s most recent
consumer checking account campaign, The Fall Classic, concluded on December 15, 2003 at 155 percent of goal with
$1.3 billion in new checking account balances. Fifth Third is continuing to devote significant marketing and sales focus
on checking account growth in its retail and commercial franchises.
Compared to the fourth quarter of 2002, net interest income on a fully-taxable equivalent basis increased five
percent despite a 26 basis point (bp) decrease in the net interest margin due to 13 percent growth in average earning
assets. On a full year basis, the eight percent increase in net interest income over 2002 was primarily driven by 18
percent growth in average earning assets mitigated by a 34 bp reduction in the net interest margin as all asset classes
experienced accelerated prepayment rates in 2003 due to the low interest rate environment. Sequentially, net interest
income on a fully-taxable equivalent basis increased five percent on an annualized basis due to the positive impact of the
recent slowing of prepayment speeds on the net interest margin and modest growth in the level of average earning assets.
Fifth Third expects that margin and net interest income trends in coming periods will be dependent upon the magnitude
of deposit growth in relation to balance sheet growth and the speed of interest rate changes in an improving economy.
Fifth Third repurchased approximately 4.7 million shares of its common stock for a total of approximately $271
million in the fourth quarter of 2003 and 11.5 million shares for a total of approximately $655 million in all of 2003.
With increasing capital levels and greater stability in earning asset yields anticipated in 2004, Fifth Third continues to
view share repurchases as an effective means of returning excess capital to shareholders. As of December 31, 2003, the
2
3. remaining authority under the plan authorized by the Board of Directors in March 2003 is approximately 14.1 million
shares.
Other Operating Income
Other Operating Income increased three percent over the same quarter last year and 14 percent on a full year
basis with double-digit growth in major captions partially mitigated by significant decreases in the level of gains on sales
of securities and loans.
Fifth Third Processing Solutions, our Electronic Payment Processing division, delivered a nine percent increase
in revenues over the fourth quarter of last year, 12 percent on full year basis and 47 percent on a seasonally strong
annualized sequential basis. Comparisons to 2002 prior periods are impacted by a slowdown in transaction volume
growth rates on the existing customer base reflective of current economic conditions, sluggish growth in the retail sector
of the economy and an $8 million fourth quarter revenue impact ($13 million full year 2003) associated with the recent
MasterCard®/Visa® settlement. Revenue from Electronic Funds Transfer (EFT) was essentially flat compared to the
same quarter last year and merchant processing increased 15 percent over the same quarter last year despite growth of
only approximately six percent in transaction volumes from the existing merchant customer base. Along with the
introduction of Fifth Third's POS Check Services at Pearle Visions locations, significant new processing customers
welcomed during the fourth quarter of 2003 include Sovereign Bancorp, AFFN (Armed Forces Financial Network),
Steak n’ Shake, Limited TOO Brands, and Atwood's Distributing. Additionally, Fifth Third received several major
contract extensions including Saks Incorporated, Barnes and Noble, Bealls Incorporated and Fisher's Foods. Fifth Third
Processing Solutions now handles electronic processing for over 197,000 merchant locations and 1,500 financial
institutions worldwide.
Successful sales of retail and commercial deposit accounts and corporate treasury management products fueled
increases in deposit service revenues of 11 percent over the same quarter last year and 13 percent for the full year. The
fourth quarter increase was highlighted by a nine percent increase in retail deposit based revenues and 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 cross-sell initiatives, new customer relationships and the benefit of a lower interest rate environment.
Mortgage net service revenue totaled $57.2 million in the fourth quarter and $301.7 million on a full year 2003
basis compared to $66.7 million in 2002's fourth quarter and $187.9 million in all of 2002. Inclusive of net realized
securities gains/losses resulting from sales from a portfolio established to hedge against volatility related to the value of
mortgage servicing rights, mortgage net service revenue was $304.5 million on a full year basis in 2003 and $221.4
million on a full year basis in 2002. Mortgage originations totaled $1.9 billion in the fourth quarter versus $4.9 billion
last quarter and $4.3 billion in the fourth quarter of last year. The $17.6 million decrease in mortgage banking revenues
relative to last quarter is primarily attributable to declines in the level of refinance activity as mortgage interest rates
continued to increase from record lows. Fifth Third is aggressively reducing mortgage banking volume-related
processing expenses as originations have slowed in recent periods. Fourth quarter mortgage net service revenue was
comprised of $80.8 million in total mortgage banking fees and loan sales, less $12.7 million of losses and mark-to-
market adjustments on both settled and outstanding free-standing derivative financial instruments and less $10.9 million
in net valuation adjustments and amortization on mortgage servicing rights. The mark-to-market adjustments and
3
4. settlement of free-standing derivative financial instruments and corresponding valuation adjustments resulted from the
movement of interest rates during the quarter and the resulting impact of changing prepayment speeds on the mortgage
servicing portfolio. The mortgage servicing asset, net of the valuation reserve, is $289.0 million at December 31, 2003,
compared to $274.6 million last quarter and $263.5 million a year ago.
Investment Advisory revenues increased 14 percent over the same quarter last year and two percent on a full
year basis. The increase in service revenue compared to the same quarter last year resulted primarily from strengthening
sales results in Retirement Plan Services and improved institutional asset management revenues from better market
performance. Fifth Third continues to focus its sales efforts on integrating services across business lines and working
closely with retail and commercial team members to take advantage of a diverse and expanding customer base. Fifth
Third Investment Advisors, among the largest money managers in the Midwest, has $35 billion in assets under
management and $194 billion in assets under care.
Other service charges and fee revenue totaled $112.5 million in the fourth quarter and $581.4 million on a full
year basis, compared to $164.0 million in the same quarter last year and $579.7 million in all of 2002. The decrease in
revenue relative to the fourth quarter last year is primarily attributable to the previously disclosed fourth quarter 2002
pre-tax gain of approximately $26 million realized from the sale of the property and casualty insurance agency product
line operations representing approximately $26 million in revenue on a full year 2002 basis. Sequential quarter
comparisons are impacted by the previously disclosed third quarter 2003 $22 million gain from the securitization and
sale of $903 million of home equity lines of credit and declines in both indirect consumer and commercial loan and lease
fees. On a full year comparison basis, commercial banking revenues increased 13 percent, institutional fixed income
trading and sales revenues increased 47 percent and cardholder fee revenue increased 15 percent.
Operating Expenses
Operating expenses increased 12 percent over the fourth quarter last year and 10 percent on a full year basis
with direct comparisons to prior periods impacted by the following factors: (i) the early implementation of FASB
Interpretation No. 46 (FIN 46) in the third quarter of 2003 resulting in the recognition of depreciation expense captured
as a component of operating expenses totaling $44.0 million in the fourth quarter and $93.5 million in all of 2003 on
operating lease assets; (ii) an $82 million pre-tax charge realized in the third quarter of 2002 related to treasury clearing
and other related settlement accounts; (iii) a $30.8 million pre-tax recovery of the above mentioned treasury charge
realized as a credit to other operating expense in the second quarter of 2003; and (iv) a charge of $20.1 million related to
the early retirement of approximately $200 million of Federal Home Loan Bank advances in the second quarter of 2003.
Fifth Third’s efficiency ratio stands at 47.3 percent in the fourth quarter and 45.0 percent in 2003 compared to 44.0
percent in the fourth quarter last year and 44.9 percent in 2002.
Excluding the impact of the above mentioned factors, operating expenses increased by four percent over the
same quarter last year and 11 percent on a full year basis; comparisons being provided to supplement an understanding
of the fundamental trends in operating expenses. The increases over last year are primarily attributable to the
implications of growth in all of our markets and increases in spending related to the expansion and improvement of our
sales force, third-party consulting, continuing investment in support personnel, process improvement, technology and
infrastructure to support recent and future growth and increasing insurance and other employee benefit expenses. Fifth
4
5. Third has also invested significantly in the growth of its retail banking platform with the opening of 58 new banking
centers since December of 2002. Near-term improvement continues to be expected from certain volume related expense
items and efficiency initiatives related to non-risk management expenses. As part of our core emphasis on operating
leverage, these initiatives include increasing levels of automation of processes, the rationalization and reduction of non-
core businesses as they relate to our retail and middle market commercial customer base, returns on invested capital and
related opportunities for continued growth in 2004 and years to come.
Credit Quality
Net charge-offs as a percentage of average loans and leases were 72 bp in the fourth quarter and 63 bp in all of
2003, compared to 59 bp last quarter and 43 bp in all of 2002. Nonperforming assets (NPA’s) were 61 bp of total loans
and leases and other real estate owned at December 31, 2003, improved from 62 bp posted last quarter. Overall, the
level of nonperforming loans and net charge-offs remain a small percentage of the total loan and lease portfolio. Net
charge-offs were $95.0 million in the fourth quarter and $312.2 million in 2003, compared to $49.5 million in the same
quarter last year and $186.8 million in all of 2002. Commercial loan and lease net charge-offs totaled $54.0 million in
the fourth quarter with the increase relative to prior periods primarily due to the charge-off of two airline leases totaling
approximately $18 million. The provision for loan and lease losses totaled $93.7 million in the fourth quarter and $399.4
million for the full year, compared to $72.1 million in the same quarter last year and $246.6 million in the full year 2002.
Fifth Third expects near-term improvement in the level of commercial loan losses and nonperforming assets as the
overall economy in the Bank’s Midwestern footprint continues to build upon recent positive momentum.
Corporate Trust Sale
On December 29, 2003, Fifth Third completed the sale of its corporate trust business which resulted in a $62
million pre-tax ($40 million after-tax) gain in the fourth quarter of 2003. Corporate trust services has been a relatively
small contributor to both total revenues and earnings for Fifth Third in all periods. Fifth Third remains committed to
offering trust services as part of our relationship based approach to commercial banking and will continue to be a part of
a complete product set for our middle market commercial clients. The sale allows us to refine our focus and reinvest in
our core businesses that provide the best return to our shareholders. As a result of this sale and cessation of any
continuing involvement in the operations of the corporate trust business, the results of these operations and the
corresponding gain are being reported as discontinued operations in the current and all prior periods. The following
table summarizes the results of operations of this business.
($ millions) 4Q03 3Q03 2Q03 1Q03 4Q02 3Q02 2Q02 1Q02
$ 3.3 $ 2.9 $ 3.2 $ 2.9 $ 3.2 $ 2.7 $ 2.9 $ 3.5
Total Revenues
1.8 1.5 1.5 1.6 1.7 1.4 1.2 1.9
Total Expenses
1.5 1.4 1.7 1.3 1.5 1.3 1.7 1.6
Pre-tax Income
0.5 0.5 0.6 0.4 0.5 0.4 0.6 0.6
Taxes
$ 1.0 $ 0.9 $ 1.1 $ 0.9 $ 1.0 $ 0.9 $ 1.1 $ 1.0
After-tax Income
5
6. Conference Call
Fifth Third will host a conference call to discuss these fourth quarter financial results at 9:30 a.m. (Eastern
Standard 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 until 11:59 p.m. January 22, 2004 by dialing 800-642-1687 for domestic access and 706-645-9291 for
international access (passcode: 4784914#).
Corporate Profile
Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. The
Company has $91 billion in assets, operates 17 affiliates with 960 full-service Banking Centers, including 133 Bank
Mart® locations open seven days a week inside select grocery stores and 1,905 Jeanie® ATMs in Ohio, Kentucky,
Indiana, Michigan, Illinois, Florida, Tennessee and West Virginia. The financial strength of Fifth Third’s affiliate 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 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 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 our financial condition, results of operations, plans, objectives, future
performance and business including statements preceded by, followed by or that include the words or phrases such as
“believes,” “expects,” “anticipates,” “plans,” “trend,” “objective,” “continue,” “remain,” “pattern” or similar
expressions or future or conditional verbs such as “will,” “would,” “should,” “could,” “might,” “can,” “may” 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 sale volumes, charge-offs and loan loss
provisions; (4) general economic conditions, either national or in the states in which we 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) legislative or regulatory changes or actions adversely affect the businesses in
which we are engaged; (7) changes and trends in the securities markets; (8) a delayed or incomplete resolution of
regulatory issues; (9) the impact of reputational risk created by these developments on such matters as business
generation and retention, funding and liquidity; and (10) the outcome of regulatory and legal proceedings. 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 are
included in Fifth Third’s 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.
###
6
8. FIFTH THIRD BANCORP AND SUBSIDIARIES
Financial Highlights
(unaudited)
For the Three Months Ended
December 31, December 31, Percent
2003 2002 Change
Earnings ($ in thousands, except per share)
Net Interest Income (Taxable Equivalent) $ 744,582 708,621 5.1
Net Income Available to Common Shareholders 460,499 423,372 8.8
Earnings Per Share:
Basic 0.81 0.73 11.0
Diluted 0.80 0.72 11.1
Key Ratios (percent)
Return on Average Assets (ROA) 2.02% 2.11 (4.3)
Return on Average Equity (ROE) 21.3 19.8 7.6
Net Interest Margin (Taxable Equivalent) 3.54 3.80 (6.8)
Efficiency 47.3 44.0 7.5
Average Shareholders' Equity to Average Assets 9.46 10.63 (11.0)
Risk-Based Capital (a):
Tier 1 Capital 10.99 11.70 (6.1)
Total Capital 13.44 13.51 (0.5)
Tier 1 Leverage 9.10 9.73 (6.5)
Common Stock Data
Cash Dividends Declared Per Share $ 0.29 0.26 11.5
Book Value Per Share 15.04 14.76 1.9
Market Price Per Share:
High 60.01 66.47 (9.7)
Low 55.47 55.40 0.1
End of Period 59.10 58.55 0.9
Price/Earnings Ratio (b) 19.50 21.21 (8.1)
For the Twelve Months Ended
December 31, December 31, Percent
2003 2002 Change
Earnings ($ in thousands, except per share)
Net Interest Income (Taxable Equivalent) $ 2,944,300 2,738,195 7.5
Net Income Available to Common Shareholders 1,754,004 1,633,973 7.3
Earnings Per Share:
Basic 3.07 2.82 8.9
Diluted 3.03 2.76 9.8
Key Ratios (percent)
Return on Average Assets (ROA) 2.01% 2.18 (7.8)
Return on Average Equity (ROE) 20.4 19.9 2.5
Net Interest Margin (Taxable Equivalent) 3.62 3.96 (8.6)
Efficiency 45.0 44.9 0.2
Average Shareholders' Equity to Average Assets 9.85 10.93 (9.9)
Common Stock Data
Cash Dividends Declared Per Share $ 1.13 0.98 15.3
Market Price Per Share:
High 62.15 69.70 (10.8)
Low 47.05 55.26 (14.9)
(a) December 31, 2003 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
1998 $ 8.87 $ 9.27 $ 9.43 $ 9.64 $ 31.67 $ 49.42
1999 9.74 9.59 9.56 9.84 38.58 50.29
2000 9.99 10.33 10.72 11.71 29.33 60.88
2001 12.19 12.26 12.81 13.11 45.69 64.77
2002 13.39 14.10 14.48 14.76 55.26 69.70
2003 15.07 15.01 15.00 15.04 47.05 62.15
Earnings Per Share, Basic
For the Three Months Ended
March 31 June 30 September 30 December 31 Year-to-Date
1998 $ 0.38 $ 0.18 $ 0.45 $ 0.43 $ 1.44
1999 0.45 0.45 0.45 0.33 1.68
2000 0.47 0.44 0.55 0.56 2.02
2001 0.52 0.22 0.48 0.67 1.90
2002 0.67 0.69 0.72 0.73 2.82
2003 0.73 0.76 0.77 0.81 3.07
Earnings Per Share, Diluted
For the Three Months Ended
March 31 June 30 September 30 December 31 Year-to-Date
1998 $ 0.37 $ 0.18 $ 0.44 $ 0.43 $ 1.42
1999 0.44 0.44 0.44 0.33 1.66
2000 0.46 0.43 0.54 0.55 1.98
2001 0.51 0.22 0.47 0.65 1.86
2002 0.66 0.68 0.70 0.72 2.76
2003 0.72 0.75 0.76 0.80 3.03
9
10. FIFTH THIRD BANCORP AND SUBSIDIARIES
Consolidated Statements of Income
(unaudited) ($ in thousands, except per share)
For the Three Months Ended
December 31, December 31,
2003 2002
Interest Income
Interest and Fees on Loans and Leases $ 668,479 705,913
Interest on Securities:
Taxable 306,560 307,021
Exempt from Income Taxes 12,604 13,682
Total Interest on Securities 319,164 320,703
Interest on Other Short-Term Investments 231 1,236
Total Interest Income 987,874 1,027,852
Interest Expense
Interest on Deposits:
Interest Checking 45,246 68,664
Savings 11,739 36,656
Money Market 7,594 4,607
Other Time 47,217 70,591
Certificates - $100,000 and Over 5,804 9,025
Foreign Office 14,310 9,118
Total Interest on Deposits 131,910 198,661
Interest on Federal Funds Borrowed 19,316 18,244
Interest on Short-Term Bank Notes 233 -
Interest on Other Short-Term Borrowings 14,410 16,241
Interest on Long-Term Debt 87,052 96,480
Total Interest Expense 252,921 329,626
Net Interest Income 734,953 698,226
Provision for Credit Losses 93,654 72,085
Net Interest Income After Provision for Credit Losses 641,299 626,141
Other Operating Income
Electronic Payment Processing Income 160,178 147,343
Service Charges on Deposits 124,838 112,646
Mortgage Banking Net Revenue 57,229 66,689
Investment Advisory Income 84,860 74,156
Other Service Charges and Fees 112,522 164,013
Operating Lease Income 57,900 -
Securities Gains, Net 1,815 14,731
Securities Gains, Net - Non-Qualifying Hedges on Mortgage Servicing - 783
Total Other Operating Income 599,342 580,361
Operating Expenses
Salaries, Wages and Incentives 221,155 241,887
Employee Benefits 53,291 59,532
Equipment Expenses 20,911 19,860
Net Occupancy Expenses 46,552 36,671
Operating Lease Expenses 43,967 -
Other Operating Expenses 249,146 209,589
Total Operating Expenses 635,022 567,539
Income from Continuing Operations Before Income Taxes and Minority Interest 605,619 638,963
Applicable Income Taxes 185,936 206,953
Income from Continuing Operations Before Minority Interest 419,683 432,010
Minority Interest, Net of Tax - (9,400)
Income from Continuing Operations 419,683 422,610
Income from Discontinued Operations, Net of Tax 41,001 947
Net Income 460,684 423,557
Dividend on Preferred Stock 185 185
Net Income Available to Common Shareholders $ 460,499 423,372
Basic Earnings Per Share:
Income from Continuing Operations $0.74 0.73
Income from Discontinued Operations 0.07 -
Net Income $0.81 0.73
Diluted Earnings Per Share:
Income from Continuing Operations $0.73 0.72
Income from Discontinued Operations 0.07 -
Net Income $0.80 0.72
10
11. FIFTH THIRD BANCORP AND SUBSIDIARIES
Consolidated Statements of Income
(unaudited) ($ in thousands, except per share)
For the Twelve Months Ended
December 31, December 31,
2003 2002
Interest Income
Interest and Fees on Loans and Leases $ 2,711,271 2,810,102
Interest on Securities:
Taxable 1,226,166 1,257,579
Exempt from Income Taxes 50,658 55,897
Total Interest on Securities 1,276,824 1,313,476
Interest on Other Short-Term Investments 2,973 5,834
Total Interest Income 3,991,068 4,129,412
Interest Expense
Interest on Deposits:
Interest Checking 189,488 296,402
Savings 63,680 158,210
Money Market 32,097 27,376
Other Time 213,391 356,846
Certificates - $100,000 and Over 45,060 54,706
Foreign Office 43,800 34,546
Total Interest on Deposits 587,516 928,086
Interest on Federal Funds Borrowed 80,038 54,090
Interest on Short-Term Bank Notes 233 54
Interest on Other Short-Term Borrowings 55,055 67,000
Interest on Long-Term Debt 362,800 381,130
Total Interest Expense 1,085,642 1,430,360
Net Interest Income 2,905,426 2,699,052
Provision for Credit Losses 399,429 246,611
Net Interest Income After Provision for Credit Losses 2,505,997 2,452,441
Other Operating Income
Electronic Payment Processing Income 575,025 512,054
Service Charges on Deposits 485,116 431,076
Mortgage Banking Net Revenue 301,734 187,919
Investment Advisory Income 332,166 325,162
Other Service Charges and Fees 581,376 579,727
Operating Lease Income 123,709 -
Securities Gains, Net 80,893 113,579
Securities Gains, Net - Non-Qualifying Hedges on Mortgage Servicing 2,809 33,525
Total Other Operating Income 2,482,828 2,183,042
Operating Expenses
Salaries, Wages and Incentives 922,011 902,112
Employee Benefits 239,765 200,915
Equipment Expenses 82,010 79,344
Net Occupancy Expenses 159,064 142,310
Operating Lease Expenses 93,525 -
Other Operating Expenses 944,887 885,273
Total Operating Expenses 2,441,262 2,209,954
Income from Continuing Operations Before Income Taxes, Minority Interest and Cumulative Effect 2,547,563 2,425,529
Applicable Income Taxes 805,495 757,115
Income from Continuing Operations Before Minority Interest and Cumulative Effect 1,742,068 1,668,414
Minority Interest, Net of Tax (20,458) (37,680)
Income from Continuing Operations Before Cumulative Effect 1,721,610 1,630,734
Income from Discontinued Operations, Net of Tax 43,896 3,979
Income Before Cumulative Effect 1,765,506 1,634,713
Cumulative Effect of Change in Accounting Principle, Net of Tax (10,762) -
Net Income 1,754,744 1,634,713
Dividend on Preferred Stock 740 740
Net Income Available to Common Shareholders $ 1,754,004 1,633,973
Basic Earnings Per Share:
Income from Continuing Operations $3.01 2.81
Income from Discontinued Operations 0.08 0.01
Cumulative Effect of Change in Accounting Principle, Net (0.02) -
Net Income $3.07 2.82
Diluted Earnings Per Share:
Income from Continuing Operations $2.97 2.75
Income from Discontinued Operations 0.08 0.01
Cumulative Effect of Change in Accounting Principle, Net (0.02) -
Net Income $3.03 2.76
11
12. FIFTH THIRD BANCORP AND SUBSIDIARIES
Consolidated Statements of Changes in Shareholders' Equity
(unaudited) ($ in thousands, except per share)
For the Three Months Ended
December 31, December 31,
2003 2002
Total Shareholders' Equity, Beginning $ 8,553,786 8,375,738
Net Income 460,684 423,557
Nonowner Changes in Equity, Net of Tax:
Change in Unrealized Gains and (Losses) on Securities Available-for-Sale
and Qualifying Cash Flow Hedges (100,198) 101,479
Change in Additional Minimum Pension Liability (11,097) (52,235)
Net Income and Nonowner Changes in Equity 349,389 472,801
Cash Dividends Declared:
Common Stock (2003 - $.29 per share and 2002 - $.26 per share) (164,392) (149,470)
Preferred Stock (185) (185)
Stock Options Exercised Including Treasury Shares Issued 28,780 10,137
Loans Repaid Related to Exercise of Stock Options, Net 3,057 -
Corporate Tax Benefit Related to Exercise of Non-Qualified Stock Options 24,063 26,066
Shares Purchased (270,716) (261,100)
Other 807 1,030
Total Shareholders' Equity, Ending $ 8,524,589 8,475,017
For the Twelve Months Ended
December 31, December 31,
2003 2002
Total Shareholders' Equity, Beginning $ 8,475,017 7,639,277
Net Income 1,754,744 1,634,713
Nonowner Changes in Equity, Net of Tax:
Change in Unrealized Gains and (Losses) on Securities Available-for-Sale
and Qualifying Cash Flow Hedges (478,606) 413,414
Change in Additional Minimum Pension Liability (11,097) (52,235)
Net Income and Nonowner Changes in Equity 1,265,041 1,995,892
Cash Dividends Declared:
Common Stock (2003 - $1.13 per share and 2002 - $.98 per share) (644,838) (567,519)
Preferred Stock (740) (740)
Stock Options Exercised Including Treasury Shares Issued 96,939 103,574
Loans Issued Related to Exercise of Stock Options, Net (34,127) -
Corporate Tax Benefit Related to Exercise of Non-Qualified Stock Options 24,372 26,474
Shares Purchased (654,850) (719,518)
Other (2,225) (2,423)
Total Shareholders' Equity, Ending $ 8,524,589 8,475,017
12
13. FIFTH THIRD BANCORP AND SUBSIDIARIES
Condensed Consolidated Quarterly Statements of Income (Taxable Equivalent)
(unaudited) ($ in thousands, except per share)
For the Three Months Ended
December 31, September 30, June 30, March 31, December 31,
2003 2003 2003 2003 2002
Interest Income $ 987,874 982,978 1,019,918 1,000,298 1,027,852
Taxable Equivalent Adjustment 9,629 9,661 9,683 9,902 10,395
Interest Income (Taxable Equivalent) 997,503 992,639 1,029,601 1,010,200 1,038,247
Interest Expense 252,921 258,075 280,590 294,055 329,626
Net Interest Income (Taxable Equivalent) 744,582 734,564 749,011 716,145 708,621
Provision for Credit Losses 93,654 112,082 108,877 84,817 72,085
Net Interest Income After Provision for Credit
Losses (Taxable Equivalent) 650,928 622,482 640,134 631,328 636,536
Other Operating Income 599,342 680,341 617,812 585,333 580,361
Operating Expenses 635,022 633,401 594,663 578,177 567,539
Income from Continuing Operations Before Income Taxes,
Minority Interest and Cumulative Effect (Taxable Equivalent) 615,248 669,422 663,283 638,484 649,358
Applicable Income Taxes 185,936 212,563 206,834 200,162 206,953
Taxable Equivalent Adjustment 9,629 9,661 9,683 9,902 10,395
Income from Continuing Operations Before Minority Interest
and Cumulative Effect 419,683 447,198 446,766 428,420 432,010
Minority Interest, Net of Tax - - (10,229) (10,229) (9,400)
Income from Continuing Operations Before Cumulative Effect 419,683 447,198 436,537 418,191 422,610
Income from Discontinued Operations, Net of Tax 41,001 947 1,136 813 947
Income Before Cumulative Effect 460,684 448,145 437,673 419,004 423,557
Cumulative Effect of Change in
Accounting Principle, Net of Tax - (10,762) - - -
Net Income 460,684 437,383 437,673 419,004 423,557
Dividend on Preferred Stock 185 185 185 185 185
Net Income Available to Common Shareholders $ 460,499 437,198 437,488 418,819 423,372
13
14. FIFTH THIRD BANCORP AND SUBSIDIARIES
Other Operating Income and Operating Expenses
(unaudited) ($ in thousands)
For the Three Months Ended
December 31, September 30, June 30, March 31, December 31,
2003 2003 2003 2003 2002
Other Operating Income
Electronic Payment Processing Income $ 160,178 143,210 141,501 130,138 147,343
Service Charges on Deposits 124,838 125,130 120,826 114,322 112,646
Mortgage Banking Net Revenue 57,229 74,830 92,826 76,849 66,689
Investment Advisory Income 84,860 84,726 82,843 79,737 74,156
Other Service Charges and Fees 112,522 171,328 139,163 158,363 164,013
Operating Lease Income 57,900 65,809 - - -
Securities Gains, Net 1,815 15,308 38,860 24,909 14,731
Securities Gains, Net - Non-Qualifying
Hedges on Mortgage Servicing - - 1,793 1,015 783
Total Other Operating Income $ 599,342 680,341 617,812 585,333 580,361
Operating Expenses
Salaries, Wages and Incentives $ 221,155 225,113 242,784 232,959 241,887
Employee Benefits 53,291 61,087 64,737 60,650 59,532
Equipment Expenses 20,911 21,046 20,341 19,712 19,860
Net Occupancy Expenses 46,552 36,279 37,837 38,397 36,671
Operating Lease Expenses 43,967 49,558 - - -
Other Operating Expenses (a) 249,146 240,318 228,964 226,459 209,589
Total Operating Expenses $ 635,022 633,401 594,663 578,177 567,539
Full-Time Equivalent Employees 18,899 19,770 19,830 19,573 19,119
Banking Centers 952 942 943 941 930
(a) Includes intangible amortization expense of $9.5 million, $9.5 million, $11.6 million, $9.3 million and $9.4 million for the three
months ended December 31, 2003, September 30, 2003, June 30, 2003, March 31, 2003 and December 31, 2002, respectively.
14
15. FIFTH THIRD BANCORP AND SUBSIDIARIES
Consolidated Balance Sheets
(unaudited) ($ in thousands, except share data)
As of
December 31, December 31,
2003 2002
Assets
Cash and Due from Banks $ 2,359,371 1,890,809
Securities Available-for-Sale (a) 28,999,168 25,464,056
Securities Held-to-Maturity (b) 135,215 51,768
Trading Securities 55,393 18,286
Other Short-Term Investments 268,092 293,657
Loans Held for Sale 1,881,127 3,357,507
Loans and Leases:
Commercial Loans 14,209,129 12,742,832
Construction Loans 3,635,977 3,327,026
Commercial Mortgage Loans 6,893,742 5,885,544
Commercial Lease Financing 4,429,605 3,985,896
Residential Mortgage Loans 4,425,421 3,494,606
Consumer Loans 17,432,495 15,116,254
Consumer Lease Financing 2,708,511 2,637,926
Unearned Income (1,427,027) (1,261,948)
Total Loans and Leases 52,307,853 45,928,136
Reserve for Credit Losses (770,394) (683,193)
Total Loans and Leases, net 51,537,459 45,244,943
Bank Premises and Equipment 1,061,191 890,934
Operating Lease Equipment 766,762 -
Accrued Income Receivable 415,387 460,838
Goodwill 699,981 702,051
Intangible Assets 194,569 236,144
Servicing Rights 298,564 263,499
Other Assets 2,470,744 2,019,956
Total Assets $ 91,143,023 80,894,448
Liabilities
Deposits:
Demand $ 12,141,582 10,095,225
Interest Checking 19,757,044 17,878,326
Savings 7,375,486 10,055,639
Money Market 3,201,398 1,044,371
Other Time 6,685,935 8,179,520
Certificates - $100,000 and Over 1,370,717 1,180,765
Foreign Office 6,563,147 3,774,581
Total Deposits 57,095,309 52,208,427
Federal Funds Borrowed 6,928,505 4,748,568
Short-Term Bank Notes 500,000 -
Other Short-Term Borrowings 5,742,202 4,074,576
Accrued Taxes, Interest and Expenses 2,303,948 2,307,717
Other Liabilities 985,640 439,934
Long-Term Debt 9,062,830 8,178,704
Total Liabilities 82,618,434 71,957,926
Minority Interest - 461,505
Total Shareholders' Equity (c) 8,524,589 8,475,017
Total Liabilities and Shareholders' Equity $ 91,143,023 80,894,448
(a) Amortized cost: December 31, 2003 - $29,075,805 and December 31, 2002 - $24,790,289
(b) Market values: December 31, 2003 - $135,215 and December 31, 2002 - $51,768
(c) Common Shares: Stated value $2.22 per share; authorized 1,300,000,000; outstanding December 31, 2003 - 566,685,301
(excluding 16,766,390 treasury shares) and December 31, 2002 - 574,355,247 (excluding 9,071,857 treasury shares).
15
16. FIFTH THIRD BANCORP AND SUBSIDIARIES
Loans and Leases Serviced
(unaudited) ($ in thousands)
As of
December 31, September 30, June 30, March 31, December 31,
2003 2003 2003 2003 2002
Commercial
Commercial Loans $ 14,209,122 13,824,371 14,014,541 13,380,264 12,742,725
Mortgage 6,893,742 6,590,021 6,297,335 5,983,988 5,885,544
Construction 3,301,082 3,143,315 3,052,459 3,064,878 3,009,113
Leases 3,263,145 3,160,839 3,021,888 2,998,208 3,019,190
Subtotal 27,667,091 26,718,546 26,386,223 25,427,338 24,656,572
Consumer
Consumer Loans 16,670,948 17,090,372 15,785,717 14,862,765 14,578,705
Mortgage & Construction 4,760,317 4,820,026 4,054,287 3,966,160 3,812,518
Credit Card 761,545 619,893 588,338 562,335 537,549
Leases 2,447,952 2,557,602 2,541,934 2,448,098 2,342,792
Subtotal 24,640,762 25,087,893 22,970,276 21,839,358 21,271,564
Total Loans and Leases 52,307,853 51,806,439 49,356,499 47,266,696 45,928,136
Loans Held for Sale 1,881,127 1,528,137 3,245,470 3,011,377 3,357,507
Operating Lease Equipment (a) 766,762 899,348 - - -
Loans and Leases Serviced for Others:
Residential Mortgage (b) 24,494,643 24,379,988 24,990,054 25,848,335 26,467,761
Commercial Mortgage (c) 2,084,710 2,017,717 2,008,982 1,990,481 1,959,290
Commercial Loans (d) 1,790,257 1,925,655 1,813,106 1,831,119 1,762,564
Consumer Loans (e) 866,156 909,090 - - -
Consumer Leases (a) - - 1,127,470 1,309,487 1,475,219
Total Loans and Leases Serviced for Others 29,235,766 29,232,450 29,939,612 30,979,422 31,664,834
Total Loans and Leases Serviced $ 84,191,508 83,466,374 82,541,581 81,257,495 80,950,477
(a) Prior to January 1, 2002, Fifth Third sold to and subsequently leased back from an unrelated asset-backed special purpose entity (SPE)
certain consumer auto lease assets, subject to credit recourse and with servicing retained. Fifth Third adopted the provisions of
FASB Interpretation No. 46 and consolidated this SPE effective July 1, 2003, as Fifth Third was deemed the primary beneficiary under the
provisions of this Interpretation.
(b) Fifth Third sells certain residential mortgage loans, primarily conforming and fixed-rate in nature, and retains servicing responsibilities.
(c) Fifth Third sells certain commercial mortgage loans and retains servicing responsibilities.
(d) 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.
(e) Fifth Third sells certain consumer loans that are primarily variable rate in nature and retains servicing responsibilities.
16
17. FIFTH THIRD BANCORP AND SUBSIDIARIES
Consolidated Average Balance Sheets, Yields (Taxable Equivalent) and Rates
(unaudited) ($ in thousands)
For the Three Months Ended
December 31, December 31,
2003 2002
Average Average Average Average
Balance Yield/Rate Balance Yield/Rate
Assets
Interest-Earning Assets:
Loans and Leases $53,886,159 4.94% 48,478,420 5.81%
Taxable Securities 28,362,419 4.29 24,151,000 5.04
Tax Exempt Securities 1,026,499 7.41 1,071,417 7.63
Other Short-Term Investments 205,667 0.45 355,263 1.38
Total Interest-Earning Assets 83,480,744 4.74 74,056,100 5.56
Cash and Due from Banks 2,043,667 1,533,686
Other Assets 5,825,052 4,730,153
Reserve for Credit Losses (771,129) (663,809)
Total Assets $90,578,334 79,656,130
Liabilities
Interest-Bearing Liabilities:
Interest Checking $19,302,847 0.93% 17,671,001 1.54%
Savings 7,699,512 0.60 10,479,879 1.39
Money Market 3,388,175 0.89 1,013,143 1.80
Other Time 6,728,502 2.78 8,392,695 3.34
Certificates-$100,000 and Over 1,527,837 1.51 1,346,626 2.66
Foreign Office Deposits 5,605,733 1.01 2,515,241 1.44
Federal Funds Borrowed 7,503,360 1.02 4,943,602 1.46
Short-Term Bank Notes 86,957 1.06 - -
Other Short-Term Borrowings 6,664,002 0.86 3,966,693 1.62
Long-Term Debt 9,148,606 3.78 8,142,349 4.70
Total Interest-Bearing Liabilities 67,655,531 1.48 58,471,229 2.24
Demand Deposits 11,459,535 9,675,356
Other Liabilities 2,896,161 2,588,700
Total Liabilities 82,011,227 70,735,285
Minority Interest - 456,535
Shareholders' Equity 8,567,107 8,464,310
Total Liabilities and Shareholders' Equity $90,578,334 79,656,130
Average Common Shares (in thousands):
Outstanding 568,104 576,471
Diluted 576,881 586,809
Ratios (percent):
Net Interest Margin (Taxable Equivalent) 3.54% 3.80%
Net Interest Rate Spread (Taxable Equivalent) 3.26% 3.32%
Interest-Bearing Liabilities to Interest-Earning Assets 81.04% 78.96%
17
18. FIFTH THIRD BANCORP AND SUBSIDIARIES
Consolidated Average Balance Sheets, Yields (Taxable Equivalent) and Rates
(unaudited) ($ in thousands)
For the Twelve Months Ended
December 31, December 31,
2003 2002
Average Average Average Average
Balance Yield/Rate Balance Yield/Rate
Assets
Interest-Earning Assets:
Loans and Leases $52,413,721 5.20% 45,538,622 6.20%
Taxable Securities 27,583,911 4.45 22,144,951 5.68
Tax Exempt Securities 1,056,342 7.26 1,101,334 7.40
Other Short-Term Investments 306,537 0.97 338,575 1.72
Total Interest-Earning Assets 81,360,511 4.95 69,123,482 6.03
Cash and Due from Banks 1,600,392 1,551,031
Other Assets 5,211,663 4,968,991
Reserve for Credit Losses (729,568) (644,886)
Total Assets $87,442,998 74,998,618
Liabilities
Interest-Bearing Liabilities:
Interest Checking $18,679,204 1.01% 16,239,081 1.83%
Savings 8,019,808 0.79 9,464,772 1.67
Money Market 3,188,949 1.01 1,162,401 2.36
Other Time 7,167,421 2.98 9,402,798 3.80
Certificates-$100,000 and Over 3,089,987 1.46 1,689,641 3.24
Foreign Office Deposits 3,862,375 1.13 2,017,723 1.71
Federal Funds Borrowed 7,000,957 1.14 3,261,948 1.66
Short-Term Bank Notes 21,918 1.06 1,584 3.40
Other Short-Term Borrowings 5,350,047 1.03 3,926,780 1.71
Long-Term Debt 8,747,063 4.15 7,640,253 4.99
Total Interest-Bearing Liabilities 65,127,729 1.67 54,806,981 2.61
Demand Deposits 10,482,003 8,952,858
Other Liabilities 2,982,375 2,601,863
Total Liabilities 78,592,107 66,361,702
Minority Interest 233,882 440,075
Shareholders' Equity 8,617,009 8,196,841
Total Liabilities and Shareholders' Equity $87,442,998 74,998,618
Average Common Shares (in thousands):
Outstanding 571,590 580,327
Diluted 580,003 592,020
Ratios (percent):
Net Interest Margin (Taxable Equivalent) 3.62% 3.96%
Net Interest Rate Spread (Taxable Equivalent) 3.28% 3.42%
Interest-Bearing Liabilities to Interest-Earning Assets 80.05% 79.29%
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19. FIFTH THIRD BANCORP AND SUBSIDIARIES
Regulatory Capital
(unaudited) ($ in thousands)
December 31, September 30, June 30, March 31, December 31,
2003 (a) 2003 2003 2003 2002
Tier 1 Capital:
Shareholders' Equity $ 8,524,589 8,553,786 8,554,234 8,663,744 8,475,017
Goodwill and Certain Other Intangibles (894,550) (903,540) (912,531) (923,607) (932,646)
Unrealized Losses/(Gains) 57,369 (42,829) (288,328) (348,963) (421,237)
Other 473,890 472,519 556,967 546,319 535,118
Total Tier 1 Capital $ 8,161,298 8,079,936 7,910,342 7,937,493 7,656,252
Total Capital:
Tier 1 Capital $ 8,161,298 8,079,936 7,910,342 7,937,493 7,656,252
Qualifying Reserves for Credit Losses 787,143 788,381 755,103 708,122 691,567
Qualifying Subordinated Notes 1,036,779 1,056,981 991,441 491,655 496,427
Total Risk-Based Capital $ 9,985,220 9,925,298 9,656,886 9,137,270 8,844,246
Risk-Weighted Assets $ 74,272,000 72,863,148 69,849,411 66,737,471 65,444,076
Ratios (percent):
Average Shareholders' Equity to Average Assets 9.46% 9.42 10.19 10.42 10.63
Risk-Based Capital:
Tier 1 Capital 10.99% 11.09 11.32 11.89 11.70
Total Capital 13.44% 13.62 13.83 13.69 13.51
Tier 1 Leverage 9.10% 9.10 9.18 9.67 9.73
(a) December 31, 2003 regulatory capital data and ratios are estimated.
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20. FIFTH THIRD BANCORP AND SUBSIDIARIES
Asset Quality
(unaudited) ($ in thousands)
Summary of Credit Loss Experience For the Three Months Ended
December 31, September 30, June 30, March 31, December 31,
2003 2003 2003 2003 2002
Losses Charged Off:
Commercial, Financial and Agricultural Loans $(56,936) (39,385) (29,259) (27,140) (17,236)
Real Estate - Commercial Mortgage Loans (1,678) (4,622) (1,218) (1,061) (5,591)
Real Estate - Construction Loans (898) (2,162) (410) (198) (1,167)
Real Estate - Residential Mortgage Loans (8,562) (3,266) (3,195) (8,806) (3,467)
Consumer Loans (36,828) (33,560) (31,802) (33,266) (31,397)
Lease Financing (8,828) (9,364) (25,721) (12,007) (11,038)
Total Losses (113,730) (92,359) (91,605) (82,478) (69,896)
Recoveries of Losses Previously
Charged Off:
Commercial, Financial and Agricultural Loans 5,355 4,111 2,379 4,489 3,736
Real Estate - Commercial Mortgage Loans 597 390 418 686 830
Real Estate - Construction Loans 44 231 33 176 237
Real Estate - Residential Mortgage Loans 20 134 11 2 1
Consumer Loans 10,867 10,037 8,393 10,159 12,501
Lease Financing 1,878 2,327 2,896 2,310 3,074
Total Recoveries 18,761 17,230 14,130 17,822 20,379
Net Losses Charged Off:
Commercial, Financial and Agricultural Loans (51,581) (35,274) (26,880) (22,651) (13,500)
Real Estate - Commercial Mortgage Loans (1,081) (4,232) (800) (375) (4,761)
Real Estate - Construction Loans (854) (1,931) (377) (22) (930)
Real Estate - Residential Mortgage Loans (8,542) (3,132) (3,184) (8,804) (3,466)
Consumer Loans (25,961) (23,523) (23,409) (23,107) (18,896)
Lease Financing (6,950) (7,037) (22,825) (9,697) (7,964)
Total Net Losses Charged Off $(94,969) (75,129) (77,475) (64,656) (49,517)
Reserve for Credit Losses, Beginning $771,709 734,756 703,354 683,193 660,934
Total Net Losses Charged Off (94,969) (75,129) (77,475) (64,656) (49,517)
Provision Charged to Operations 93,654 112,082 108,877 84,817 72,085
Acquired Institutions and Other - - - - (309)
Reserve for Credit Losses, Ending $770,394 771,709 734,756 703,354 683,193
Nonperforming and Underperforming Assets
As of
December 31, September 30, June 30, March 31, December 31,
2003 2003 2003 2003 2002
Nonaccrual Loans and Leases (a) $241,505 271,256 273,293 277,452 246,986
Renegotiated Loans and Leases 8,286 - - - -
Other Assets, Including Other Real Estate Owned 68,540 52,053 33,212 29,221 25,618
Total Nonperforming Assets 318,331 323,309 306,505 306,673 272,604
Ninety Days Past Due Loans and Leases (a) 145,243 145,643 137,503 134,024 162,213
Total Underperforming Assets $463,574 468,952 444,008 440,697 434,817
Average Loans and Leases (b) $52,401,684 50,615,070 48,561,158 47,154,837 45,272,569
Loans and Leases (b) 52,307,853 51,806,439 49,356,499 47,266,696 45,928,136
Ratios
Net Losses Charged Off as a
Percent of Average Loans and Leases 0.72% 0.59 0.64 0.56 0.43
Reserve as a Percent of Loans and Leases 1.47% 1.49 1.49 1.49 1.49
Nonperforming Assets as a Percent of Loans, Leases and
Other Assets, Including Other Real Estate Owned 0.61% 0.62 0.62 0.65 0.59
Underperforming Assets as a Percent of Loans, Leases and
Other Assets, Including Other Real Estate Owned 0.89% 0.90 0.90 0.93 0.95
(a) Nonaccrual includes $23.6 million and Ninety Days Past Due includes $46.2 million of residential mortgage loans as of December 31, 2003.
(b) Excludes loans held for sale.
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