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 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 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 an 11% increase in fourth quarter earnings per share compared to the same period the previous year. Net income for the quarter totaled $460.5 million, a 9% rise over fourth quarter 2002. Loan balances grew significantly by $6.4 billion for the full year, driven by strong consumer lending and commercial loan growth. Deposit growth was also robust, with demand deposits and interest checking increasing by 18% and 9% respectively compared to fourth quarter 2002.
Fifth Third Bancorp reported lower first quarter earnings compared to the same period last year. Net income totaled $405 million, down 6% from $430 million in 2004. Loan and deposit balances grew but this was offset by a decline in net interest margin. Credit quality remained stable and noninterest expenses increased due to acquisitions and investments. The company expressed optimism that earnings will improve over the rest of the year through loan and deposit growth and enhanced revenues.
Fifth Third Bancorp 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 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 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 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 an 11% increase in fourth quarter earnings per share compared to the same period the previous year. Net income for the quarter totaled $460.5 million, a 9% rise over fourth quarter 2002. Loan balances grew significantly by $6.4 billion for the full year, driven by strong consumer lending and commercial loan growth. Deposit growth was also robust, with demand deposits and interest checking increasing by 18% and 9% respectively compared to fourth quarter 2002.
Fifth Third Bancorp reported lower first quarter earnings compared to the same period last year. Net income totaled $405 million, down 6% from $430 million in 2004. Loan and deposit balances grew but this was offset by a decline in net interest margin. Credit quality remained stable and noninterest expenses increased due to acquisitions and investments. The company expressed optimism that earnings will improve over the rest of the year through loan and deposit growth and enhanced revenues.
Fifth Third Bancorp 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 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 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 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 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 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 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.
- Merrill Lynch reported a net loss from continuing operations of $8.6 billion for full year 2007, significantly below net earnings of $7.1 billion in 2006. The loss was primarily driven by significant declines in Fixed Income, Currencies & Commodities (FICC) net revenues in the second half of 2007, which more than offset record revenues in other business lines.
- For Q4 2007 specifically, Merrill Lynch reported a net loss from continuing operations of $10.3 billion, down substantially from net earnings of $2.2 billion in Q4 2006. This was mainly due to large write-downs related to mortgage-backed securities and hedges with financial guarantors.
- Several
Fifth Third Bancorp reported a 15% increase in third quarter earnings and a 20% increase in earnings for the first nine months of 2002 compared to the same periods in 2001. Operating earnings per diluted share increased 13% for the quarter and 19% for the first nine months. The company saw strong growth in deposits and loans, with transaction deposits up 42% and total loans and leases up 12% compared to a year ago. Non-interest income was also up 22% compared to the previous year's third quarter, driven by increases in deposit service revenues, investment advisory revenues, and Midwest Payment Systems revenues.
Fifth Third Bancorp reported a 15% increase in third quarter earnings 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.
Kevin Kabat, CEO of Fifth Third Bank, presented at a Lehman Brothers conference on September 9, 2008. He discussed 2Q08 results which showed strong core business growth but significant increases in net charge-offs and provisions due to the difficult economic environment. Credit quality deteriorated most in residential and commercial real estate loans, especially in Michigan and Florida. Despite challenges, Fifth Third continued to outperform peers on key metrics like loan and deposit growth but underperformed on asset quality. Capital levels remained strong after issuing new preferred shares.
1) Corn is the highest value seed crop market in Iberia, driven by biotech varieties. Biotech corn varieties have increased their market share from 1998-2005.
2) While a 2006 CAP policy review may not significantly impact overall corn surface area, it could change the farming model to be more professional and entrepreneurial with integrated farm management and new technologies.
3) DEKALB corn brand equity has improved in Spain through initiatives like the re-launch, with increased awareness, positive image, and loyalty. Integration of seed and agricultural chemical businesses provides a competitive advantage through value-added farmer programs.
The document is a notice for the annual meeting of shareholders of Fifth Third Bancorp to be held on March 22, 2005. It lists the purposes of the meeting as electing five Class I directors, amending the company's regulations, and appointing an independent accounting firm. It provides details on shareholder voting eligibility and proxy voting.
Fifth Third Bancorp reported second quarter 2005 earnings per share of $0.75, down slightly from $0.79 in the same period of 2004. Net income totaled $417 million compared to $448 million last year. While loan and deposit growth remained strong, compression of the net interest margin due to interest rate and deposit mix shifts negatively impacted results. Credit quality remained strong with nonperforming assets at 51 basis points of total loans and leases. Management remains focused on improving revenue growth through initiatives to increase sales, market penetration, and core deposit growth.
fifth third bancorp FDAABB60-3876-4B04-A970-04AF0D8656AB_2009ProxyStatement...finance28
The document is a notice for the annual meeting of shareholders of Fifth Third Bancorp to be held on April 21, 2009. It lists seven items to be voted on, including the election of board members, amendments to the articles of incorporation, adoption of an amended stock plan, appointment of auditors, advisory vote on executive compensation, and any other business properly presented. Shareholders as of February 27, 2009 are entitled to vote. The meeting will take place at the Duke Energy Center in Cincinnati, Ohio.
The document is an agenda for a conference presentation by the Chairman, President, and CEO of Fifth Third Bank. It includes an overview of Fifth Third Bank, results for 3Q08 which showed higher credit costs offsetting strong core operating results, operating and credit trends, the bank's capital position, and priorities going forward. Fifth Third has a strong core business with average loan growth of 11% and transaction deposit growth of 3%, but reported a loss for 3Q08 due to higher net charge-offs and market valuation adjustments.
This transcript summarizes a conference call by CIT Group Inc. regarding the sale of its Home Lending business.
1) CIT is selling its entire Home Lending portfolio, including loans, real estate owned, and servicing operations, to two buyers - Lone Star Funds and Vanderbilt Mortgage and Finance.
2) The sale price is $1.8 billion in cash, representing around $0.63-$0.64 on the dollar of unpaid principal balance.
3) CIT expects to record a pre-tax loss of around $2.5 billion on the sale in the second quarter, consisting of ongoing losses in the business plus a loss on the sale. The
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 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 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 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 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 2006 earnings of $0.68 per diluted share, down 1% from the previous quarter and 4% from the third quarter of 2005. Net income for the quarter totaled $377 million, a 1% decrease from last quarter and a 5% decrease from the prior year period. While net interest income was relatively flat compared to last quarter, it declined 3% year-over-year due to margin compression. Noninterest income grew 1% sequentially and 6% year-over-year, led by increases in electronic payment processing and corporate banking revenues. Credit costs remained stable compared to previous quarters.
Fifth Third Bancorp reported a 9% increase in 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 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 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 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 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 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.
- Merrill Lynch reported a net loss from continuing operations of $8.6 billion for full year 2007, significantly below net earnings of $7.1 billion in 2006. The loss was primarily driven by significant declines in Fixed Income, Currencies & Commodities (FICC) net revenues in the second half of 2007, which more than offset record revenues in other business lines.
- For Q4 2007 specifically, Merrill Lynch reported a net loss from continuing operations of $10.3 billion, down substantially from net earnings of $2.2 billion in Q4 2006. This was mainly due to large write-downs related to mortgage-backed securities and hedges with financial guarantors.
- Several
Fifth Third Bancorp reported a 15% increase in third quarter earnings and a 20% increase in earnings for the first nine months of 2002 compared to the same periods in 2001. Operating earnings per diluted share increased 13% for the quarter and 19% for the first nine months. The company saw strong growth in deposits and loans, with transaction deposits up 42% and total loans and leases up 12% compared to a year ago. Non-interest income was also up 22% compared to the previous year's third quarter, driven by increases in deposit service revenues, investment advisory revenues, and Midwest Payment Systems revenues.
Fifth Third Bancorp reported a 15% increase in third quarter earnings 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.
Kevin Kabat, CEO of Fifth Third Bank, presented at a Lehman Brothers conference on September 9, 2008. He discussed 2Q08 results which showed strong core business growth but significant increases in net charge-offs and provisions due to the difficult economic environment. Credit quality deteriorated most in residential and commercial real estate loans, especially in Michigan and Florida. Despite challenges, Fifth Third continued to outperform peers on key metrics like loan and deposit growth but underperformed on asset quality. Capital levels remained strong after issuing new preferred shares.
1) Corn is the highest value seed crop market in Iberia, driven by biotech varieties. Biotech corn varieties have increased their market share from 1998-2005.
2) While a 2006 CAP policy review may not significantly impact overall corn surface area, it could change the farming model to be more professional and entrepreneurial with integrated farm management and new technologies.
3) DEKALB corn brand equity has improved in Spain through initiatives like the re-launch, with increased awareness, positive image, and loyalty. Integration of seed and agricultural chemical businesses provides a competitive advantage through value-added farmer programs.
The document is a notice for the annual meeting of shareholders of Fifth Third Bancorp to be held on March 22, 2005. It lists the purposes of the meeting as electing five Class I directors, amending the company's regulations, and appointing an independent accounting firm. It provides details on shareholder voting eligibility and proxy voting.
Fifth Third Bancorp reported second quarter 2005 earnings per share of $0.75, down slightly from $0.79 in the same period of 2004. Net income totaled $417 million compared to $448 million last year. While loan and deposit growth remained strong, compression of the net interest margin due to interest rate and deposit mix shifts negatively impacted results. Credit quality remained strong with nonperforming assets at 51 basis points of total loans and leases. Management remains focused on improving revenue growth through initiatives to increase sales, market penetration, and core deposit growth.
fifth third bancorp FDAABB60-3876-4B04-A970-04AF0D8656AB_2009ProxyStatement...finance28
The document is a notice for the annual meeting of shareholders of Fifth Third Bancorp to be held on April 21, 2009. It lists seven items to be voted on, including the election of board members, amendments to the articles of incorporation, adoption of an amended stock plan, appointment of auditors, advisory vote on executive compensation, and any other business properly presented. Shareholders as of February 27, 2009 are entitled to vote. The meeting will take place at the Duke Energy Center in Cincinnati, Ohio.
The document is an agenda for a conference presentation by the Chairman, President, and CEO of Fifth Third Bank. It includes an overview of Fifth Third Bank, results for 3Q08 which showed higher credit costs offsetting strong core operating results, operating and credit trends, the bank's capital position, and priorities going forward. Fifth Third has a strong core business with average loan growth of 11% and transaction deposit growth of 3%, but reported a loss for 3Q08 due to higher net charge-offs and market valuation adjustments.
This transcript summarizes a conference call by CIT Group Inc. regarding the sale of its Home Lending business.
1) CIT is selling its entire Home Lending portfolio, including loans, real estate owned, and servicing operations, to two buyers - Lone Star Funds and Vanderbilt Mortgage and Finance.
2) The sale price is $1.8 billion in cash, representing around $0.63-$0.64 on the dollar of unpaid principal balance.
3) CIT expects to record a pre-tax loss of around $2.5 billion on the sale in the second quarter, consisting of ongoing losses in the business plus a loss on the sale. The
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 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 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 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 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 2006 earnings of $0.68 per diluted share, down 1% from the previous quarter and 4% from the third quarter of 2005. Net income for the quarter totaled $377 million, a 1% decrease from last quarter and a 5% decrease from the prior year period. While net interest income was relatively flat compared to last quarter, it declined 3% year-over-year due to margin compression. Noninterest income grew 1% sequentially and 6% year-over-year, led by increases in electronic payment processing and corporate banking revenues. Credit costs remained stable compared to previous quarters.
Fifth Third Bancorp reported a 9% increase in 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 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 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 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 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 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 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 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.
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 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 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.
Sovereign Bancorp reported financial results for the fourth quarter and full year of 2007. For Q4, the company reported a net loss of $1.6 billion compared to a net loss of $129 million in Q4 2006, primarily due to goodwill impairments. For the full year, Sovereign reported a net loss of $1.3 billion compared to net income of $137 million in 2006. The company is taking steps to strengthen its capital position such as discontinuing its dividend and reducing expenses. Sovereign's non-performing loans increased and net interest margin expanded in Q4.
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.
New Visa Rules for Tourists and Students in Thailand | Amit Kakkar Easy VisaAmit Kakkar
Discover essential details about Thailand's recent visa policy changes, tailored for tourists and students. Amit Kakkar Easy Visa provides a comprehensive overview of new requirements, application processes, and tips to ensure a smooth transition for all travelers.
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
Enhancing Asset Quality: Strategies for Financial Institutionsshruti1menon2
Ensuring robust asset quality is not just a mere aspect but a critical cornerstone for the stability and success of financial institutions worldwide. It serves as the bedrock upon which profitability is built and investor confidence is sustained. Therefore, in this presentation, we delve into a comprehensive exploration of strategies that can aid financial institutions in achieving and maintaining superior asset quality.
In a tight labour market, job-seekers gain bargaining power and leverage it into greater job quality—at least, that’s the conventional wisdom.
Michael, LMIC Economist, presented findings that reveal a weakened relationship between labour market tightness and job quality indicators following the pandemic. Labour market tightness coincided with growth in real wages for only a portion of workers: those in low-wage jobs requiring little education. Several factors—including labour market composition, worker and employer behaviour, and labour market practices—have contributed to the absence of worker benefits. These will be investigated further in future work.
The Universal Account Number (UAN) by EPFO centralizes multiple PF accounts, simplifying management for Indian employees. It streamlines PF transfers, withdrawals, and KYC updates, providing transparency and reducing employer dependency. Despite challenges like digital literacy and internet access, UAN is vital for financial empowerment and efficient provident fund management in today's digital age.
Economic Risk Factor Update: June 2024 [SlideShare]Commonwealth
May’s reports showed signs of continued economic growth, said Sam Millette, director, fixed income, in his latest Economic Risk Factor Update.
For more market updates, subscribe to The Independent Market Observer at https://blog.commonwealth.com/independent-market-observer.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
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A toxic combination of 15 years of low growth, and four decades of high inequality, has left Britain poorer and falling behind its peers. Productivity growth is weak and public investment is low, while wages today are no higher than they were before the financial crisis. Britain needs a new economic strategy to lift itself out of stagnation.
Scotland is in many ways a microcosm of this challenge. It has become a hub for creative industries, is home to several world-class universities and a thriving community of businesses – strengths that need to be harness and leveraged. But it also has high levels of deprivation, with homelessness reaching a record high and nearly half a million people living in very deep poverty last year. Scotland won’t be truly thriving unless it finds ways to ensure that all its inhabitants benefit from growth and investment. This is the central challenge facing policy makers both in Holyrood and Westminster.
What should a new national economic strategy for Scotland include? What would the pursuit of stronger economic growth mean for local, national and UK-wide policy makers? How will economic change affect the jobs we do, the places we live and the businesses we work for? And what are the prospects for cities like Glasgow, and nations like Scotland, in rising to these challenges?
Independent Study - College of Wooster Research (2023-2024) FDI, Culture, Glo...AntoniaOwensDetwiler
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
1. News Release
CONTACT: Bradley S. Adams (Analysts) FOR IMMEDIATE RELEASE
(513) 534-0983 January 17, 2006
Debra DeCourcy (Media)
(513) 534-4153
FIFTH THIRD BANCORP REPORTS FOURTH QUARTER 2005
EARNINGS OF $ 0.60 PER DILUTED SHARE
Fifth Third Bancorp’s 2005 fourth quarter earnings per diluted share were $.60 compared to $.31 per diluted
share for the same period in 2004. Fourth quarter net income totaled $332 million compared to $176 million in the same
quarter last year. Return on average assets (ROA) and return on average equity (ROE) were 1.27 percent and 13.9
percent, respectively, compared to 0.72 percent and 7.6 percent in 2004’s fourth quarter. Earnings per diluted share for
the full year 2005 were $2.77, an increase of three percent over last year’s earnings of $2.68. ROA for the full year 2005
was 1.50 percent and ROE was 16.6 percent, compared to 1.61 percent and 17.2 percent, respectively, in 2004. Fourth
quarter and full year 2004 earnings were negatively impacted by $326 million in total pre-tax ($208 million after-tax)
termination charges and securities losses, or $.37 per diluted share, related to balance sheet initiatives undertaken to
reduce leverage and improve our interest rate profile for expected market conditions. Earnings and balance sheet
comparisons to the prior year are also impacted by the first quarter 2005 acquisition of First National Bankshares of
Florida, Inc. (First National).
“Revenue and net income trends were significantly below our expectations entering the year,” stated George A.
Schaefer, Jr., President and CEO of Fifth Third Bancorp. “Although loan growth remained strong in 2005, disappointing
deposit growth in the first half of the year combined with significant flattening of the yield curve throughout the year
provided a challenging environment for Fifth Third. The resulting declines in returns from the securities portfolio have
more than offset growth generated from core banking activities this year with spread based revenues, the largest
component of our income statement, remaining essentially unchanged from the prior year. Efforts to reduce the level of
securities and wholesale funding on the balance sheet began in late 2004 and continued throughout 2005. While
restraining balance sheet growth negatively impacts short-term earnings and comparisons to prior periods, we believe
that these actions will improve the risk profile of the balance sheet and deliver more consistent returns on invested
capital over the long-term. In the short term, we continue to focus on all expense categories given the difficulty of the
interest rate environment. While maintaining an appropriate level of investment in our high opportunity markets remains
vital to our long-term success, we believe that 2006 will provide opportunities to optimize returns on recent investments
and improve expense efficiency in light of current revenue trends.”
“Despite the difficulties encountered this year and their impacts on the performance of our stock, I feel that we
have accomplished many things to improve our competitive position and drive revenue and earnings growth in the years
to come. We are extremely proud of the efforts of our employees in producing very strong lending results, renewed
strength in deposit growth and the strong overall results from Fifth Third Processing Solutions and our commercial line
of business. In addition to these core strengths, Fifth Third added numerous new banking center locations in 2005 in
2. extremely attractive deposit markets, meaningfully expanded our sales force and accomplished numerous infrastructure
improvements that we believe have improved the earnings potential, efficiency and strength of your company.”
Balance Sheet Trends
Retail transaction account growth and commercial customer additions resulted in strong deposit trends in the
second half of 2005. Compared to the fourth quarter last year, average transaction account balances increased by $3.8
billion, or eight percent, highlighted by strong growth in average savings and money market deposits. Compared to the
third quarter of 2005, average transaction account balances increased by $1.4 billion, or 11 percent on an annualized
sequential basis. On a full year average basis, total transaction deposits increased by $4.8 billion, or 11 percent, over last
year. Including consumer time deposits, total core deposits increased by 12 percent over the same quarter last year and
13 percent on an annualized sequential basis. Deposit comparisons to prior year periods are impacted by the first quarter
2005 acquisition of First National. Exclusive of the impact of this transaction, average transaction account balances
increased by five percent on a full year basis and average core deposits increased eight percent on the same basis
(comparisons are being provided to supplement an understanding of the fundamental deposit trends).
Loan and lease balances exhibited continued strength with average loans and leases increasing by $1.9 billion
from last quarter, or 11 percent on an annualized sequential basis, and by 19 percent on a full year average basis. On a
period end basis, total loans and leases increased by 18 percent over the same quarter last year and by seven percent on
an annualized sequential basis. Period end commercial loan and lease balances increased by 22 percent over the same
quarter last year and by $1.3 billion, or 14 percent on an annualized sequential basis. Period end consumer loan and
lease balances, excluding residential mortgage, increased by 14 percent over the same quarter last year and by three
percent on an annualized sequential basis. Loan and lease comparisons to prior year periods are impacted by the addition
of approximately $3.9 billion in total loans in conjunction with the acquisition of First National. Exclusive of the impact
of this transaction, period end commercial loan and lease balances increased by 14 percent and period end consumer loan
and lease balances, excluding residential mortgage, increased by 12 percent over last year (comparisons are being
provided to supplement an understanding of fundamental lending trends).
Net Interest Income
Net interest income on a fully taxable equivalent basis decreased two percent on a full year basis due to 25 basis
points (bp) of contraction in the net interest margin. Margin compression during 2005 largely resulted from decreases in
the net interest rate spread associated with increases in rates paid across deposit and other funding categories, continued
mix shifts within the deposit base to higher cost time deposits and the prolonged and significant flattening of the yield
curve throughout the year. Fifth Third is focused on growing core deposit balances and remains optimistic that recent
trend improvement will continue in 2006 in order to improve the funding mix, more effectively fund future loan growth
and improve net interest margin trends.
Compared to the fourth quarter of 2004, net interest income on a fully taxable equivalent basis decreased two
percent, despite five percent growth in average earning assets, due to a 24 bp decline in the net interest margin. Earning
asset growth relative to the fourth quarter of 2004 has been muted due to a reduction of $6.3 billion in the average
available-for-sale securities portfolio. In addition to the resulting impact from a decreasing net interest rate spread and
the flattening yield curve, margin, net interest income and earning asset trends and comparisons to prior year periods are
2
3. impacted by common stock repurchase activity, the impact of sales and cash flows in the reduction of the available-for-
sale securities portfolio and the first quarter 2005 acquisition of First National, including a modestly negative impact to
net interest income from purchase accounting loan and deposit net amortization.
Compared to the third quarter of 2005, net interest income on a fully taxable equivalent basis decreased by $10
million, or five percent annualized, due to modest growth in average earning assets and 5 bp of contraction in the net
interest margin. Fourth quarter earning asset growth was muted by efforts to reduce the risks associated with increasing
short-term interest rates including the maintenance of strong capital levels through reductions in the available-for-sale
securities portfolio. Due to the timing of sale activities at the end of the third quarter, the available-for-sale securities
portfolio decreased approximately $1.7 billion on an average basis and $460 million on a period end basis from third
quarter levels.
Noninterest Income
Improved performance in certain business line revenue segments resulted in good noninterest income
performance in the fourth quarter of 2005. Overall noninterest income, excluding operating lease revenues and securities
gains and losses, increased by 18 percent over the same quarter last year and 16 percent on an annualized sequential
basis.
Fifth Third Processing Solutions, our electronic payment processing division, delivered a 16 percent increase in
revenues over the same quarter last year and an 18 percent increase on a full year basis. Full year revenue comparisons
are impacted by the second quarter 2004 sale of certain small merchant processing contracts. Exclusive of the impact of
this transaction, electronic payment processing revenue increased 23 percent on a full year basis (comparisons are being
provided to supplement an understanding of fundamental revenue trends). Fourth quarter trends are representative of
continuing momentum in attracting new customer relationships and moderated by slower growth in the level of retail
sales transaction volumes in the fourth quarter of 2005. Fifth Third remains confident in the near and intermediate term
growth outlook in this business and continues to see significant opportunities to attract new financial institution
customers and retailers.
Sales of retail deposit accounts and corporate treasury management products led to an increase in deposit
service revenues of six percent over the same quarter last year and one percent on a full year basis. Retail deposit
revenues strengthened in the latter half of 2005 and increased by seven percent over the same quarter last year and three
percent on a full year basis. Commercial deposit revenues increased by three percent over the same quarter last year and
were essentially unchanged on a full year basis with good growth in the number of relationships mitigated by the impacts
of higher interest rates on compensating balances in commercial deposit accounts. Compared to the third quarter of
2005, deposit service revenues declined modestly primarily due to a decrease in consumer overdraft related revenues.
Investment Advisory revenues increased by five percent over the same quarter last year and were essentially
unchanged on a full year basis. Modest revenue in 2005 resulted primarily from declines in brokerage related revenues.
Fifth Third continues to focus its efforts on improving execution in retail brokerage and growing the institutional money
management business by improving penetration and cross-sell in our large middle market commercial customer base.
Fifth Third Investment Advisors, among the largest money managers in the Midwest, has $33 billion in assets under
management and $196 billion in assets under care.
3
4. Mortgage net service revenue totaled $42 million in the fourth quarter and $174 million on a full year basis
compared to $24 million in 2004’s fourth quarter and $178 million in all of 2004. Mortgage originations remained
strong and totaled $2.5 billion in the fourth quarter versus $2.9 billion last quarter and $2.0 billion in the fourth quarter
of last year. Fourth quarter mortgage banking net service revenue was comprised of $65 million in total mortgage
banking fees and loan sales, less $13 million in amortization and valuation adjustments on mortgage servicing rights and
less $10 million of losses and mark-to-market adjustments on both settled and outstanding free-standing derivative
financial instruments. The mark-to-market adjustments and settlement of free-standing derivative financial instruments
and corresponding valuation adjustments resulted from interest rate volatility and the resulting impact of changing
prepayment speeds on the mortgage servicing portfolio. The mortgage servicing asset, net of the valuation reserve, was
$433 million at December 31, 2005 on a servicing portfolio of $25.7 billion, compared to $408 million last quarter on a
servicing portfolio of $24.5 billion.
Other noninterest income totaled $165 million in the fourth quarter and $620 million on a full year basis,
compared to $125 million in the same quarter last year and $671 million for all of 2004. Comparison of full year results
are impacted by a 2004 total pre-tax gain of approximately $157 million on the second and third quarter sales of certain
third-party sourced merchant processing contracts. Exclusive of the impact of this transaction, other noninterest income
increased by 20 percent on a full year basis primarily due to strong growth in commercial banking revenues, customer
interest rate derivative sales, bank owned life insurance and cardholder fees; comparisons being provided to supplement
an understanding of fundamental revenue trends. Compared to the third quarter of 2005, other noninterest income
increased by $20 million due to very strong growth in commercial banking revenues and customer interest rate derivative
sales.
Credit Quality
Fourth quarter credit quality trends reflect an elevated level of net charge-offs associated with approximately
$27 million in previously announced losses to bankrupt commercial airline carriers and an increase in consumer loan and
lease losses associated with increased personal bankruptcies prior to the recently enacted reform legislation. Net charge-
offs as a percentage of average loans and leases were 67 bp in the fourth quarter, compared to 38 bp last quarter and 44
bp in the fourth quarter of 2004. Nonperforming assets were 52 bp of total loans and leases and other real estate owned
at December 31, 2005, compared to 51 bp last quarter and in the year ago fourth quarter. Overall, the level of
nonperforming loans and net charge-offs remains a small percentage of the total loan and lease portfolio. Net charge-
offs were $117 million in the fourth quarter, compared to $65 million in the same quarter last year and $64 million in the
third quarter of 2005. The provision for loan and lease losses totaled $134 million in the fourth quarter compared to $65
million in the same quarter last year and $69 million in the third quarter of 2005. The allowance for loan and lease losses
represents 1.06 percent of total loans and leases outstanding as of December 31, 2005, compared to 1.06 percent last
quarter and 1.19 percent in the same quarter last year. Comparisons to the level of prior year allowance for loan and
lease losses are impacted by the first quarter 2005 acquisition of First National. The loan and lease assets of First
National were recorded on Fifth Third's balance sheet at their respective fair values as of January 1, 2005. Estimated
credit impairment was included in this determination of fair value; therefore, the previously existing allowance for loan
and lease losses did not carryover to the allowance for loan and lease losses on Fifth Third's balance sheet.
4
5. Noninterest Expense
Total noninterest expense decreased by 18 percent compared to the same quarter last year and by two percent on
a full year basis. Comparisons to prior periods are impacted by the previously disclosed $247 million charge related to
the early retirement of approximately $2.8 billion of long-term debt in the fourth quarter of 2004 and a $78 million
charge related to the early retirement of approximately $1 billion of long-term debt in the second quarter of 2004.
Exclusive of the impact of these termination charges, total noninterest expense increased by 11 percent in both the fourth
quarter and on a full year basis primarily due to increases in sales force headcount, information technology and
occupancy expenditures related to the addition of 63 de-novo banking centers in 2005 that did not involve relocation.
Compared to the third quarter of 2005, total noninterest expense increased by $31 million due to growth in volume
related bankcard expenditures, approximately $9 million in fraud related expenses and approximately $10 million in tax
related expense.
Fifth Third expects growth in noninterest expenses in 2006 to be modest with continued management focus in
light of current revenue trends. Cost savings initiatives will be somewhat mitigated by continuing investment in certain
high opportunity markets, including the expected addition of approximately 50 net new banking centers throughout the
year, in order to provide greater convenience to our customers and drive deposit and loan growth. Fifth Third’s
efficiency ratio was 55.6 percent in the fourth quarter and 53.2 percent on a full year basis compared to 76.0 percent and
53.9 percent in the same periods last year.
Conference Call
Fifth Third will host a conference call to discuss these fourth quarter financial results at 8:30 a.m. (Eastern
Time) today. Investors, analysts and other interested parties may dial into the conference call at 877-309-0967 for
domestic access and 706-679-3977 for international access (password: Fifth Third). A replay of the conference call will
be available for approximately seven days by dialing 800-642-1687 for domestic access and 706-645-9291 for
international access (passcode: 4130197#).
Corporate Profile
Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. The
Company has $105.2 billion in assets, operates 19 affiliates with 1,119 full-service Banking Centers, including 119 Bank
Mart® locations open seven days a week inside select grocery stores and 2,024 Jeanie® ATMs in Ohio, Kentucky,
Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Pennsylvania and Missouri. The financial strength of
Fifth Third’s Ohio and Michigan banks continues to be recognized by rating agencies with deposit ratings of AA- and
Aa1 from Standard & Poor’s and Moody’s, respectively. Additionally, Fifth Third Bancorp continues to maintain
among 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 press release may contain forward-looking statements about Fifth Third Bancorp and/or the company as combined with acquired
entities 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
5
6. uncertainties. This press release may contain certain forward-looking statements with respect to the financial condition, results of
operations, plans, objectives, future performance and business of the Bancorp and/or the combined company including statements
preceded by, followed by or that include the words or phrases such as “believes,” “expects,” “anticipates,” “plans,” “trend,”
“objective,” “continue,” “remain” 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 origination and sale volumes, charge-offs and loan
loss provisions; (4) general economic conditions, either national or in the states in which the Bancorp, one or more acquired entities
and/or the combined company do business, are less favorable than expected; (5) political developments, wars or other hostilities may
disrupt or increase volatility in securities markets or other economic conditions; (6) changes and trends in the securities markets; (7)
legislative or regulatory changes or actions, or significant litigation, adversely affect the Bancorp, one or more acquired entities
and/or the combined company or the businesses in which the Bancorp, one or more acquired entities and/or the combined company
are engaged; (8) difficulties in combining the operations of acquired entities and (9) the impact of reputational risk created by the
developments discussed above on such matters as business generation and retention, funding and liquidity. The Bancorp undertakes
no obligation to release revisions to these forward-looking statements or reflect events or circumstances after the date of this press
release.
###
6
7. FIFTH THIRD BANCORP AND SUBSIDIARIES
Quarterly Financial Review for December 31, 2005
Table of Contents
Financial Highlights 8-9
Consolidated Statements of Income 10
Consolidated Statements of Income (Taxable Equivalent) 11
Consolidated Balance Sheets 12-13
Consolidated Statements of Changes in Shareholders’ Equity 14
Average Balance Sheet and Yield Analysis 15-17
Summary of Loans and Leases 18
Regulatory Capital 19
Asset Quality 20
7
8. Fifth Third Bancorp and Subsidiaries
Financial Highlights
$ in millions, except per share data
(unaudited)
For the Three Months Ended % Change Year to Date % Change
December September December December December
2005 2005 2004 Yr/Yr Seq 2005 2004 Yr/Yr
Income Statement Data
Net interest income (a) $735 $745 $752 (2%) (1%) $2,996 $3,048 (2%)
Noninterest income 636 622 479 33% 2% 2,500 2,465 1%
Total revenue (a) 1,371 1,367 1,231 11% - 5,496 5,513 -
Provision for loan and lease losses 134 69 65 106% 94% 330 268 23%
Noninterest expense 763 732 935 (18%) 4% 2,927 2,972 (2%)
Net income 332 395 176 89% (16%) 1,549 1,525 2%
Common Share Data
Earnings per share, basic $0.60 $0.71 $0.31 94% (15%) $2.79 $2.72 3%
Earnings per share, diluted 0.60 0.71 0.31 94% (15%) 2.77 2.68 3%
Cash dividends per common share 0.38 0.38 0.35 9% - 1.46 1.31 11%
Book value per share 17.00 16.93 16.00 6% - 17.00 16.00 6%
Dividend payout ratio 63.3% 53.5% 112.9% (44%) 18% 52.7% 48.9% 8%
Market price per share:
High $42.50 $43.99 $52.34 (19%) (3%) $48.12 $60.00 (20%)
Low 35.04 36.38 45.32 (23%) (4%) 35.04 45.32 (23%)
End of period 37.72 36.75 47.30 (20%) 3% 37.72 47.30 (20%)
Common shares outstanding (in thousands) 555,623 554,400 557,649 - - 555,623 557,649 -
Average common shares outstanding (in thousands):
Basic 553,591 553,855 560,162 (1%) - 554,411 561,259 (1%)
Diluted 556,322 557,681 566,108 (2%) - 558,443 568,234 (2%)
Market capitalization $20,958 $20,374 $26,377 (21%) 3% $20,958 $26,377 (21%)
Price/earnings ratio (b) 13.57 14.76 17.65 (23%) (8%) 13.57 17.65 (23%)
Financial Ratios
Return on average assets 1.27% 1.51% 0.72% 76% (16%) 1.50% 1.61% (7%)
Return on average equity 13.9% 16.6% 7.6% 83% (16%) 16.6% 17.2% (3%)
Noninterest income as a percent of total revenue 46% 46% 39% 18% - 45% 45% -
Average equity as a percent of average assets 9.12% 9.11% 9.51% (4%) - 9.06% 9.34% (3%)
Net interest margin (a) 3.11% 3.16% 3.35% (7%) (2%) 3.23% 3.48% (7%)
Efficiency (a) 55.6% 53.5% 76.0% (27%) 4% 53.2% 53.9% (1%)
Effective tax rate 28.9% 29.2% 20.9% 38% (1%) 29.9% 31.8% (6%)
Credit Quality
Net losses charged off $117 $64 $65 80% 83% $299 $252 19%
Net losses charged off as a percent of
average loans and leases 0.67% 0.38% 0.44% 52% 76% 0.45% 0.45% -
Allowance for loan and lease losses as a
percent of loans and leases 1.06% 1.06% 1.19% (11%) - 1.06% 1.19% (11%)
Allowance for credit losses as a percent
of loans and leases 1.16% 1.16% 1.31% (11%) - 1.16% 1.31% (11%)
Nonperforming assets as a percent of loans, leases
and other assets, including other real estate owned 0.52% 0.51% 0.51% 2% 2% 0.52% 0.51% 2%
Underperforming assets as a percent of loans, leases
and other assets, including other real estate owned 0.74% 0.74% 0.74% - - 0.74% 0.74% -
Average Balances
Loans and leases, including held for sale $70,489 $68,556 $59,440 19% 3% $67,737 $57,042 19%
Total securities and other short-term investments 23,274 24,915 29,725 (22%) (7%) 24,999 30,597 (18%)
Total assets 103,988 103,699 97,062 7% - 102,876 94,896 8%
Transaction deposits 48,937 47,568 45,126 8% 3% 47,929 43,175 11%
Core deposits 58,080 56,298 51,807 12% 3% 56,420 49,383 14%
Interest-bearing deposits 52,038 50,402 44,879 16% 3% 50,520 43,908 15%
Short-term borrowings 9,179 9,620 11,208 (18%) (5%) 9,511 13,539 (30%)
Long-term debt 15,956 16,914 15,585 2% (6%) 16,384 13,323 23%
Shareholders' equity 9,480 9,451 9,229 3% - 9,317 8,860 5%
Regulatory Capital Ratios (c)
Tier 1 capital 8.43% 8.45% 10.31% (18%) - 8.43% 10.31% (18%)
Total risk-based capital 10.51% 10.57% 12.31% (15%) (1%) 10.51% 12.31% (15%)
Tier 1 leverage 8.08% 7.93% 8.89% (9%) 2% 8.08% 8.89% (9%)
Operations
Banking centers 1,119 1,106 1,011 11% 1% 1,119 1,011 11%
ATMs 2,024 1,996 1,898 7% 1% 2,024 1,898 7%
Full-time equivalent employees 21,681 21,674 19,659 10% - 21,681 19,659 10%
(a) Presented on a fully taxable equivalent basis
(b) Based on the most recent twelve-month diluted earnings per share and end of period stock prices
(c) Current period regulatory capital ratios are estimates
8
9. Fifth Third Bancorp and Subsidiaries
Financial Highlights
$ in millions, except per share data
(unaudited)
For the Three Months Ended
December September June March December
2005 2005 2005 2005 2004
Income Statement Data
Net interest income (a) $735 $745 $758 $759 $752
Noninterest income 636 622 635 607 479
Total revenue (a) 1,371 1,367 1,393 1,366 1,231
Provision for loan and lease losses 134 69 60 67 65
Noninterest expense 763 732 728 705 935
Net income 332 395 417 405 176
Common Share Data
Earnings per share, basic $0.60 $0.71 $0.75 $0.73 $0.31
Earnings per share, diluted 0.60 0.71 0.75 0.72 0.31
Cash dividends per common share 0.38 0.38 0.35 0.35 0.35
Book value per share 17.00 16.93 16.82 16.04 16.00
Dividend payout ratio 63.3% 53.5% 46.7% 48.6% 112.9%
Market price per share:
High $42.50 $43.99 $44.67 $48.12 $52.34
Low 35.04 36.38 40.24 42.05 45.32
End of period 37.72 36.75 41.17 42.98 47.30
Common shares outstanding (in thousands) 555,623 554,400 555,938 554,055 557,649
Average common shares outstanding (in thousands):
Basic 553,591 553,855 553,872 556,362 560,162
Diluted 556,322 557,681 558,176 561,659 566,108
Market capitalization $20,958 $20,374 $22,888 $23,813 $26,377
Price/earnings ratio (b) 13.57 14.76 15.77 16.22 17.65
Financial Ratios
Return on average assets 1.27% 1.51% 1.63% 1.62% 0.72%
Return on average equity 13.9% 16.6% 18.1% 18.0% 7.6%
Noninterest income as a percent of total revenue 46% 46% 46% 44% 39%
Average equity as a percent of average assets 9.12% 9.11% 8.98% 9.02% 9.51%
Net interest margin (a) 3.11% 3.16% 3.29% 3.38% 3.35%
Efficiency (a) 55.6% 53.5% 52.2% 51.6% 76.0%
Effective tax rate 28.9% 29.2% 30.1% 30.9% 20.9%
Credit Quality
Net losses charged off $117 $64 $55 $63 $65
Net losses charged off as a percent of
average loans and leases 0.67% 0.38% 0.34% 0.40% 0.44%
Allowance for loan and lease losses as a
percent of loans and leases 1.06% 1.06% 1.09% 1.11% 1.19%
Allowance for credit losses as a percent
of loans and leases 1.16% 1.16% 1.20% 1.21% 1.31%
Nonperforming assets as a percent of loans, leases
and other assets, including other real estate owned 0.52% 0.51% 0.51% 0.53% 0.51%
Underperforming assets as a percent of loans, leases
and other assets, including other real estate owned 0.74% 0.74% 0.71% 0.73% 0.74%
Average Balances
Loans and leases, including held for sale $70,489 $68,556 $66,762 $65,076 $59,440
Total securities and other short-term investments 23,274 24,915 25,716 26,119 29,725
Total assets 103,988 103,699 102,765 101,009 97,062
Transaction deposits 48,937 47,568 47,624 47,581 45,126
Core deposits 58,080 56,298 55,910 55,368 51,807
Interest-bearing deposits 52,038 50,402 49,858 49,763 44,879
Short-term borrowings 9,179 9,620 9,372 9,878 11,208
Long-term debt 15,956 16,914 17,049 15,604 15,585
Shareholders' equity 9,480 9,451 9,224 9,108 9,229
Regulatory Capital Ratios (c)
Tier 1 capital 8.43% 8.45% 8.48% 8.40% 10.31%
Total risk-based capital 10.51% 10.57% 10.80% 10.78% 12.31%
Tier 1 leverage 8.08% 7.93% 7.76% 7.62% 8.89%
Operations
Banking centers 1,119 1,106 1,098 1,092 1,011
ATMs 2,024 1,996 1,994 1,988 1,898
Full-time equivalent employees 21,681 21,674 21,594 21,287 19,659
(a) Presented on a fully taxable equivalent basis
(b) Based on the most recent twelve-month diluted earnings per share and end of period stock prices
(c) Current period regulatory capital ratios are estimates
9
10. Fifth Third Bancorp and Subsidiaries
Consolidated Statements of Income
$ in millions
(unaudited)
For the Three Months Ended % Change Year to Date % Change
December September December December December
2005 2005 2004 Yr/Yr Seq 2005 2004 Yr/Yr
Interest Income
Interest and fees on loans and leases $1,098 $1,017 $775 42% 8% $3,918 $2,847 38%
Interest on securities:
Taxable 243 255 293 (17%) (5%) 1,032 1,217 (15%)
Exempt from income taxes 9 10 11 (18%) (10%) 39 45 (13%)
Total interest on securities 252 265 304 (17%) (5%) 1,071 1,262 (15%)
Interest on other short-term investments 2 1 2 - 100% 6 5 20%
Total interest income 1,352 1,283 1,081 25% 5% 4,995 4,114 21%
Interest Expense
Interest on deposits:
Interest checking 94 86 56 68% 9% 314 174 80%
Savings 67 48 21 219% 40% 176 58 203%
Money market 50 37 16 213% 35% 140 39 259%
Other time 81 68 45 80% 19% 263 162 62%
Certificates - $100,000 and over 40 34 13 208% 18% 129 48 169%
Foreign office 37 34 20 85% 9% 126 58 117%
Total interest on deposits 369 307 171 116% 20% 1,148 539 113%
Interest on federal funds purchased 49 35 24 104% 40% 138 77 79%
Interest on short-term bank notes - - 6 (100%) NM 6 15 (60%)
Interest on other short-term borrowings 36 41 22 64% (12%) 138 78 77%
Interest on long-term debt 170 163 115 48% 4% 600 393 53%
Total interest expense 624 546 338 85% 14% 2,030 1,102 84%
728 737 743 (2%) (1%) 2,965 3,012 (2%)
Net Interest Income
Provision for loan and lease losses 134 69 65 106% 94% 330 268 23%
Net interest income after
594 668 678 (12%) (11%) 2,635 2,744 (4%)
provision for loan and lease losses
Noninterest Income
Electronic payment processing revenue 200 187 173 16% 7% 735 622 18%
Service charges on deposits 133 137 126 6% (3%) 522 515 1%
Mortgage banking net revenue 42 45 24 75% (7%) 174 178 (2%)
Investment advisory revenue 86 89 82 5% (3%) 355 360 (1%)
Other noninterest income 165 145 125 32% 14% 620 671 (8%)
Operating lease revenue 9 11 27 (67%) (18%) 55 156 (65%)
Securities gains (losses), net 1 8 (78) NM (88%) 39 (37) NM
Total noninterest income 636 622 479 33% 2% 2,500 2,465 1%
Noninterest Expense
Salaries, wages and incentives 287 285 266 8% 1% 1,133 1,018 11%
Employee benefits 65 70 56 16% (7%) 283 261 8%
Equipment expense 29 26 23 26% 12% 105 84 25%
Net occupancy expense 59 54 48 23% 9% 221 185 19%
Operating lease expense 6 8 20 (70%) (25%) 40 114 (65%)
Other noninterest expense 317 289 522 (39%) 10% 1,145 1,310 (13%)
Total noninterest expense 763 732 935 (18%) 4% 2,927 2,972 (2%)
467 558 222 110% (16%) 2,208 2,237 (1%)
Income before income taxes
Applicable income taxes 135 163 46 193% (17%) 659 712 (7%)
$332 $395 $176 89% (16%) $1,549 $1,525 2%
Net income
Net income available to
$332 $395 $176 89% (16%) $1,548 $1,524 2%
common shareholders (a)
(a) Dividends on preferred stock are $.185 million for all quarters presented and $.740 for all year to date periods presented
10
11. Fifth Third Bancorp and Subsidiaries
Consolidated Statements of Income (Taxable Equivalent)
$ in millions
(unaudited)
For the Three Months Ended
December September June March December
2005 2005 2005 2005 2004
Interest Income
Interest and fees on loans and leases $1,098 $1,017 $936 $867 $775
Interest on securities:
Taxable 243 255 268 267 293
Exempt from income taxes 9 10 10 10 11
Total interest on securities 252 265 278 277 304
Interest on other short-term investments 2 1 1 1 2
Total interest income 1,352 1,283 1,215 1,145 1,081
Taxable equivalent adjustment 7 8 8 8 9
Total interest income (taxable equivalent) 1,359 1,291 1,223 1,153 1,090
Interest Expense
Interest on deposits:
Interest checking 94 86 71 63 56
Savings 67 48 35 27 21
Money market 50 37 28 25 16
Other time 81 68 61 52 45
Certificates - $100,000 and over 40 34 29 25 13
Foreign office 37 34 29 27 20
Total interest on deposits 369 307 253 219 171
Interest on federal funds purchased 49 35 29 25 24
Interest on short-term bank notes - - 2 5 6
Interest on other short-term borrowings 36 41 34 27 22
Interest on long-term debt 170 163 147 118 115
Total interest expense 624 546 465 394 338
735 745 758 759 752
Net interest income (taxable equivalent)
Provision for loan and lease losses 134 69 60 67 65
Net interest income (taxable equivalent) after
601 676 698 692 687
provision for loan and lease losses
Noninterest Income
Electronic payment processing revenue 200 187 180 168 173
Service charges on deposits 133 137 132 121 126
Mortgage banking net revenue 42 45 46 41 24
Investment advisory revenue 86 89 91 90 82
Other noninterest income 165 145 156 153 125
Operating lease revenue 9 11 15 20 27
Securities gains (losses), net 1 8 15 14 (78)
Total noninterest income 636 622 635 607 479
Noninterest Expense
Salaries, wages and incentives 287 285 295 265 266
Employee benefits 65 70 67 82 56
Equipment expense 29 26 25 25 23
Net occupancy expense 59 54 54 54 48
Operating lease expense 6 8 10 15 20
Other noninterest expense 317 289 277 264 522
Total noninterest expense 763 732 728 705 935
474 566 605 594 231
Income before income taxes (taxable equivalent)
Taxable equivalent adjustment 7 8 8 8 9
467 558 597 586 222
Income before income taxes
Applicable income taxes 135 163 180 181 46
$332 $395 $417 $405 $176
Net income
$332 $395 $417 $404 $176
Net income available to common shareholders (a)
(a) Dividends on preferred stock are $.185 million for all quarters presented
11
12. Fifth Third Bancorp and Subsidiaries
Consolidated Balance Sheets
$ in millions, except per share data
(unaudited)
As of % Change
December September December Annual
2005 2005 2004 Yr/Yr Seq
Assets
Cash and due from banks $3,078 $3,372 $2,561 20% (35%)
Available-for-sale securities (a) 21,924 22,537 24,687 (11%) (11%)
Held-to-maturity securities (b) 389 332 255 53% 68%
Trading securities 117 105 77 52% 45%
Other short-term investments 158 113 532 (70%) 158%
Loans held for sale 1,304 1,237 559 133% 21%
Portfolio loans and leases:
Commercial loans 19,174 18,591 16,058 19% 12%
Construction loans 7,037 6,529 4,726 49% 31%
Commercial mortgage loans 9,188 9,138 7,636 20% 2%
Commercial lease financing 4,852 4,731 4,634 5% 10%
Residential mortgage loans 7,152 7,353 6,988 2% (11%)
Consumer loans 22,084 21,786 18,923 17% 5%
Consumer lease financing 1,751 1,910 2,273 (23%) (33%)
Unearned income (1,313) (1,284) (1,430) (8%) 9%
Portfolio loans and leases 69,925 68,754 59,808 17% 7%
Allowance for loan and lease losses (744) (727) (713) 4% 9%
Portfolio loans and leases, net 69,181 68,027 59,095 17% 7%
Bank premises and equipment 1,726 1,643 1,315 31% 20%
Operating lease equipment 143 159 304 (53%) (40%)
Accrued interest receivable 511 482 397 29% 24%
Goodwill 2,169 2,176 979 122% (1%)
Intangible assets 208 220 150 39% (22%)
Servicing rights 441 417 352 25% 23%
Other assets 3,876 3,788 3,193 21% 9%
$105,225 $104,608 $94,456 11% 2%
Total assets
Liabilities
Deposits:
Demand $14,609 $14,294 $13,486 8% 9%
Interest checking 18,282 18,169 19,481 (6%) 2%
Savings 11,276 10,437 8,310 36% 32%
Money market 6,129 5,855 4,321 42% 19%
Other time 9,313 8,867 6,837 36% 20%
Certificates - $100,000 and over 4,343 4,195 2,121 105% 14%
Foreign office 3,482 3,678 3,670 (5%) (21%)
Total deposits 67,434 65,495 58,226 16% 12%
Federal funds purchased 5,323 3,548 4,714 13% 198%
Short-term bank notes - - 775 (100%) NM
Other short-term borrowings 4,246 6,075 4,537 (6%) (119%)
Accrued taxes, interest and expenses 2,142 2,136 2,216 (3%) 1%
Other liabilities 1,407 1,447 1,081 30% (11%)
Long-term debt 15,227 16,522 13,983 9% (31%)
95,779 95,223 85,532 12% 2%
Total liabilities
9,446 9,385 8,924 6% 3%
Total shareholders' equity (c)
$105,225 $104,608 $94,456 11% 2%
Total liabilities and shareholders' equity
(a) Amortized cost $22,533 $22,993 $24,801 (9%) (8%)
(b) Market values 389 332 255 53% 68%
(c) Common shares, stated value $2.22 per share (in thousands):
Authorized 1,300,000 1,300,000 1,300,000 - -
Outstanding, excluding treasury 555,623 554,400 557,649 - 1%
Treasury 27,804 29,027 25,803 8% (17%)
12
13. Fifth Third Bancorp and Subsidiaries
Consolidated Balance Sheets
$ in millions, except per share data
(unaudited)
As of
December September June March December
2005 2005 2005 2005 2004
Assets
Cash and due from banks $3,078 $3,372 $2,781 $2,420 $2,561
Available-for-sale securities (a) 21,924 22,537 24,647 25,101 24,687
Held-to-maturity securities (b) 389 332 307 303 255
Trading securities 117 105 84 128 77
Other short-term investments 158 113 113 1,213 532
Loans held for sale 1,304 1,237 783 809 559
Portfolio loans and leases:
Commercial loans 19,174 18,591 18,013 17,500 16,058
Construction loans 7,037 6,529 6,201 5,922 4,726
Commercial mortgage loans 9,188 9,138 9,091 9,048 7,636
Commercial lease financing 4,852 4,731 4,639 4,533 4,634
Residential mortgage loans 7,152 7,353 7,042 7,416 6,988
Consumer loans 22,084 21,786 20,610 19,698 18,923
Consumer lease financing 1,751 1,910 1,994 2,099 2,273
Unearned income (1,313) (1,284) (1,294) (1,314) (1,430)
Portfolio loans and leases 69,925 68,754 66,296 64,902 59,808
Allowance for loan and lease losses (744) (727) (722) (717) (713)
Portfolio loans and leases, net 69,181 68,027 65,574 64,185 59,095
Bank premises and equipment 1,726 1,643 1,581 1,529 1,315
Operating lease equipment 143 159 161 224 304
Accrued interest receivable 511 482 451 438 397
Goodwill 2,169 2,176 2,178 2,167 979
Intangible assets 208 220 231 243 150
Servicing rights 441 417 378 378 352
Other assets 3,876 3,788 3,891 3,575 3,193
$105,225 $104,608 $103,160 $102,713 $94,456
Total assets
Liabilities
Deposits:
Demand $14,609 $14,294 $14,393 $13,960 $13,486
Interest checking 18,282 18,169 18,811 19,722 19,481
Savings 11,276 10,437 9,653 9,711 8,310
Money market 6,129 5,855 4,732 4,777 4,321
Other time 9,313 8,867 8,513 8,017 6,837
Certificates - $100,000 and over 4,343 4,195 3,986 3,867 2,121
Foreign office 3,482 3,678 3,089 5,257 3,670
Total deposits 67,434 65,495 63,177 65,311 58,226
Federal funds purchased 5,323 3,548 4,523 2,669 4,714
Short-term bank notes - - - 775 775
Other short-term borrowings 4,246 6,075 4,972 4,925 4,537
Accrued taxes, interest and expenses 2,142 2,136 2,456 2,273 2,216
Other liabilities 1,407 1,447 1,185 1,551 1,081
Long-term debt 15,227 16,522 17,494 16,321 13,983
95,779 95,223 93,807 93,825 85,532
Total liabilities
9,446 9,385 9,353 8,888 8,924
Total shareholders' equity (c)
$105,225 $104,608 $103,160 $102,713 $94,456
Total liabilities and shareholders' equity
(a) Amortized cost $22,533 $22,993 $24,814 $25,558 $24,801
(b) Market values 389 332 307 303 255
(c) Common shares, stated value $2.22 per share (in thousands):
Authorized 1,300,000 1,300,000 1,300,000 1,300,000 1,300,000
Outstanding, excluding treasury 555,623 554,400 555,938 554,055 557,649
Treasury 27,804 29,027 27,489 29,372 25,803
13
14. Fifth Third Bancorp and Subsidiaries
Consolidated Statements of Changes in Shareholders' Equity
$ in millions
(unaudited)
For the Three Months Ended Year to Date
December December December December
2005 2004 2005 2004
$9,385 $9,040 $8,924 $8,667
Total shareholders' equity, beginning
Net income 332 176 1,549 1,525
Other comprehensive income, net of tax:
Change in unrealized gains and (losses):
Available-for-sale securities (99) 53 (323) (23)
Qualifying cash flow hedges 4 (6) 20 (25)
Change in additional pension liability (1) 2 59 (1)
Comprehensive income 236 225 1,305 1,476
Cash dividends declared:
Common stock (211) (195) (810) (735)
Preferred stock (a) - - (1) (1)
Stock-based awards exercised, including treasury shares issued 30 11 85 89
Stock-based compensation expense 12 23 65 87
Loans repaid (issued) related to exercise of stock-based awards, net 3 2 11 -
Change in corporate tax benefit related to stock-based compensation (9) 2 6 11
Shares acquired for treasury (1) (183) (1,649) (987)
Shares issued in business combination - - 1,509 317
Other 1 (1) 1 -
$9,446 $8,924 $9,446 $8,924
Total shareholders' equity, ending
(a) Dividends on preferred stock are $.185 million for all quarters presented and $.740 for all year to date periods presented
14
15. Fifth Third Bancorp and Subsidiaries
Average Balance Sheet and Yield Analysis
$ in millions, except share data
(unaudited)
For the Three Months Ended % Change
December September December Annual
2005 2005 2004 Yr/Yr Seq
Assets
Interest-earning assets:
Loans and leases $70,489 $68,556 $59,440 19% 11%
Taxable securities 22,376 24,013 28,379 (21%) (27%)
Tax exempt securities 698 787 866 (19%) (45%)
Other short-term investments 200 115 480 (58%) 293%
Total interest-earning assets 93,763 93,471 89,165 5% 1%
Cash and due from banks 2,847 2,742 2,445 16% 15%
Other assets 8,105 8,207 6,171 31% (5%)
Allowance for loan and lease losses (727) (721) (719) 1% 3%
$103,988 $103,699 $97,062 7% 1%
Total assets
Liabilities
Interest-bearing liabilities:
Interest checking $17,828 $18,498 $19,345 (8%) (14%)
Savings 11,036 9,939 8,447 31% 44%
Money market 5,974 5,154 4,227 41% 63%
Other time 9,143 8,730 6,681 37% 19%
Certificates - $100,000 and over 4,354 4,156 2,106 107% 19%
Foreign office 3,703 3,925 4,073 (9%) (22%)
Federal funds purchased 4,771 4,001 4,880 (2%) 76%
Short-term bank notes - - 1,188 (100%) NM
Other short-term borrowings 4,408 5,619 5,140 (14%) (86%)
Long-term debt 15,956 16,914 15,585 2% (22%)
Total interest-bearing liabilities 77,173 76,936 71,672 8% 1%
Demand deposits 14,099 13,977 13,107 8% 3%
Other liabilities 3,236 3,335 3,054 6% (12%)
94,508 94,248 87,833 8% 1%
Total liabilities
9,480 9,451 9,229 3% 1%
Shareholders' equity
$103,988 $103,699 $97,062 7% 1%
Total liabilities and shareholders' equity
Average common shares outstanding (in thousands):
Basic 553,591 553,855 560,162 (1%) -
Diluted 556,322 557,681 566,108 (2%) (1%)
DEC 05 SEP 05 DEC 04
Yield Analysis
Interest-earning assets:
Loans and leases 6.20% 5.90% 5.20%
Taxable securities 4.31% 4.22% 4.11%
Tax exempt securities 7.51% 7.42% 7.37%
Other short-term investments 4.41% 3.49% 2.00%
Total interest-earning assets 5.75% 5.48% 4.86%
Interest-bearing liabilities:
Interest checking 2.10% 1.84% 1.14%
Savings 2.41% 1.90% 1.01%
Money market 3.32% 2.82% 1.53%
Other time 3.50% 3.14% 2.71%
Certificates - $100,000 and over 3.66% 3.28% 2.41%
Foreign office 3.92% 3.41% 1.94%
Federal funds purchased 4.04% 3.50% 1.98%
Short-term bank notes - - 1.97%
Other short-term borrowings 3.27% 2.92% 1.64%
Long-term debt 4.25% 3.80% 2.93%
Total interest-bearing liabilities 3.21% 2.82% 1.87%
Ratios:
Net interest margin (taxable equivalent) 3.11% 3.16% 3.35%
Net interest rate spread (taxable equivalent) 2.54% 2.66% 2.99%
Interest-bearing liabilities to interest-earning assets 82.31% 82.31% 80.38%
15
16. Fifth Third Bancorp and Subsidiaries
Average Balance Sheet and Yield Analysis
$ in millions, except share data
(unaudited)
Year to Date % Change
December December
2005 2004 Yr/Yr
Assets
Interest-earning assets:
Loans and leases $67,737 $57,042 19%
Taxable securities 24,017 29,365 (18%)
Tax exempt securities 789 917 (14%)
Other short-term investments 193 315 (39%)
Total interest-earning assets 92,736 87,639 6%
Cash and due from banks 2,758 2,216 24%
Other assets 8,102 5,763 41%
Allowance for loan and lease losses (720) (722) -
$102,876 $94,896 8%
Total assets
Liabilities
Interest-bearing liabilities:
Interest checking $18,884 $19,434 (3%)
Savings 10,007 7,941 26%
Money market 5,170 3,473 49%
Other time 8,491 6,208 37%
Certificates - $100,000 and over 4,001 2,403 67%
Foreign office 3,967 4,449 (11%)
Federal funds purchased 4,225 5,896 (28%)
Short-term bank notes 248 1,003 (75%)
Other short-term borrowings 5,038 6,640 (24%)
Long-term debt 16,384 13,323 23%
Total interest-bearing liabilities 76,415 70,770 8%
Demand deposits 13,868 12,327 13%
Other liabilities 3,276 2,939 11%
93,559 86,036 9%
Total liabilities
9,317 8,860 5%
Shareholders' equity
$102,876 $94,896 8%
Total liabilities and shareholders' equity
Average common shares outstanding (in thousands):
Basic 554,411 561,259 (1%)
Diluted 558,443 568,234 (2%)
DEC 05 DEC 04
Yield Analysis
Interest-earning assets:
Loans and leases 5.80% 5.01%
Taxable securities 4.30% 4.15%
Tax exempt securities 7.39% 7.44%
Other short-term investments 2.89% 1.48%
Total interest-earning assets 5.42% 4.73%
Interest-bearing liabilities:
Interest checking 1.66% 0.89%
Savings 1.76% 0.72%
Money market 2.71% 1.12%
Other time 3.09% 2.62%
Certificates - $100,000 and over 3.22% 1.99%
Foreign office 3.17% 1.31%
Federal funds purchased 3.26% 1.30%
Short-term bank notes 2.60% 1.46%
Other short-term borrowings 2.74% 1.14%
Long-term debt 3.66% 2.95%
Total interest-bearing liabilities 2.66% 1.56%
Ratios:
Net interest margin (taxable equivalent) 3.23% 3.48%
Net interest rate spread (taxable equivalent) 2.76% 3.17%
Interest-bearing liabilities to interest-earning assets 82.40% 80.75%
16
17. Fifth Third Bancorp and Subsidiaries
Average Balance Sheet and Yield Analysis
$ in millions, except share data
(unaudited)
For the Three Months Ended
December September June March December
2005 2005 2005 2005 2004
Assets
Interest-earning assets:
Loans and leases $70,489 $68,556 $66,762 $65,076 $59,440
Taxable securities 22,376 24,013 24,771 24,935 28,379
Tax exempt securities 698 787 815 856 866
Other short-term investments 200 115 130 328 480
Total interest-earning assets 93,763 93,471 92,478 91,195 89,165
Cash and due from banks 2,847 2,742 2,822 2,619 2,445
Other assets 8,105 8,207 8,182 7,909 6,171
Allowance for loan and lease losses (727) (721) (717) (714) (719)
$103,988 $103,699 $102,765 $101,009 $97,062
Total assets
Liabilities
Interest-bearing liabilities:
Interest checking $17,828 $18,498 $19,267 $19,972 $19,345
Savings 11,036 9,939 9,697 9,339 8,447
Money market 5,974 5,154 4,755 4,786 4,227
Other time 9,143 8,730 8,286 7,787 6,681
Certificates - $100,000 and over 4,354 4,156 3,946 3,539 2,106
Foreign office 3,703 3,925 3,907 4,340 4,073
Federal funds purchased 4,771 4,001 3,952 4,170 4,880
Short-term bank notes - - 230 775 1,188
Other short-term borrowings 4,408 5,619 5,190 4,933 5,140
Long-term debt 15,956 16,914 17,049 15,604 15,585
Total interest-bearing liabilities 77,173 76,936 76,279 75,245 71,672
Demand deposits 14,099 13,977 13,905 13,484 13,107
Other liabilities 3,236 3,335 3,357 3,172 3,054
94,508 94,248 93,541 91,901 87,833
Total liabilities
9,480 9,451 9,224 9,108 9,229
Shareholders' equity
$103,988 $103,699 $102,765 $101,009 $97,062
Total liabilities and shareholders' equity
Average common shares outstanding (in thousands):
Basic 553,591 553,855 553,872 556,362 560,162
Diluted 556,322 557,681 558,176 561,659 566,108
Yield Analysis
Interest-earning assets:
Loans and leases 6.20% 5.90% 5.64% 5.42% 5.20%
Taxable securities 4.31% 4.22% 4.33% 4.34% 4.11%
Tax exempt securities 7.51% 7.42% 7.29% 7.36% 7.37%
Other short-term investments 4.41% 3.49% 3.28% 1.56% 2.00%
Total interest-earning assets 5.75% 5.48% 5.30% 5.13% 4.86%
Interest-bearing liabilities:
Interest checking 2.10% 1.84% 1.49% 1.27% 1.14%
Savings 2.41% 1.90% 1.44% 1.15% 1.01%
Money market 3.32% 2.82% 2.37% 2.14% 1.53%
Other time 3.50% 3.14% 2.93% 2.72% 2.71%
Certificates - $100,000 and over 3.66% 3.28% 2.92% 2.92% 2.41%
Foreign office 3.92% 3.41% 2.98% 2.48% 1.94%
Federal funds purchased 4.04% 3.50% 2.97% 2.41% 1.98%
Short-term bank notes - - 2.84% 2.53% 1.97%
Other short-term borrowings 3.27% 2.92% 2.63% 2.18% 1.64%
Long-term debt 4.25% 3.80% 3.46% 3.10% 2.93%
Total interest-bearing liabilities 3.21% 2.82% 2.44% 2.12% 1.87%
Ratios:
Net interest margin (taxable equivalent) 3.11% 3.16% 3.29% 3.38% 3.35%
Net interest rate spread (taxable equivalent) 2.54% 2.66% 2.86% 3.01% 2.99%
Interest-bearing liabilities to interest-earning assets 82.31% 82.31% 82.48% 82.51% 80.38%
17
18. Fifth Third Bancorp and Subsidiaries
Summary of Loans and Leases
$ in millions
(unaudited)
For the Three Months Ended
December September June March December
2005 2005 2005 2005 2004
Average Loans and Leases (including unearned income)
Commercial:
Commercial loans $18,909 $18,203 $17,768 $18,073 $15,565
Commercial mortgage 9,159 9,095 9,042 8,385 7,617
Commercial construction 6,051 5,700 5,467 4,870 4,247
Commercial leases 3,611 3,537 3,436 3,393 3,333
Subtotal - commercial 37,730 36,535 35,713 34,721 30,762
Consumer:
Residential mortgage 8,444 8,271 8,453 8,417 7,346
Residential construction 673 624 576 468 378
Credit card 825 778 755 830 827
Home equity 11,884 11,702 11,325 10,909 10,403
Other consumer loans 9,251 8,868 8,089 7,752 7,592
Consumer leases 1,682 1,778 1,851 1,979 2,132
Subtotal - consumer 32,759 32,021 31,049 30,355 28,678
Total average loans and leases $70,489 $68,556 $66,762 $65,076 $59,440
End of Period Loans and Leases Serviced
Commercial:
Commercial loans $19,174 $18,591 $18,013 $17,500 $16,058
Commercial mortgage 9,188 9,138 9,091 9,048 7,636
Commercial construction 6,342 5,880 5,590 5,365 4,348
Commercial leases 3,695 3,619 3,527 3,416 3,426
Subtotal - commercial 38,399 37,228 36,221 35,329 31,468
Consumer:
Residential mortgage 7,152 7,353 7,042 7,416 6,988
Residential construction 695 649 611 557 378
Credit card 866 805 749 790 843
Home equity 12,000 11,766 11,521 11,085 10,508
Other consumer loans 9,218 9,215 8,340 7,824 7,572
Consumer leases 1,595 1,738 1,812 1,901 2,051
Subtotal - consumer 31,526 31,526 30,075 29,573 28,340
Total portfolio loans and leases 69,925 68,754 66,296 64,902 59,808
Loans held for sale 1,304 1,237 783 809 559
Operating lease equipment 143 159 161 224 304
Loans and Leases Serviced for Others:
Residential mortgage (a) 25,669 24,525 24,497 23,341 23,026
Commercial mortgage (b) 2,126 2,095 2,067 2,043 2,045
Commercial loans (c) 2,754 2,528 2,346 2,351 1,941
Commercial leases (b) 264 240 269 271 323
Consumer loans (d) 871 972 1,089 1,192 1,298
Total loans and leases serviced for others 31,684 30,360 30,268 29,198 28,633
Total loans and leases serviced $103,056 $100,510 $97,508 $95,133 $89,304
(a) Fifth Third sells certain residential mortgage loans, primarily conforming and fixed-rate in nature and retains servicing responsibilities
(b) Fifth Third sells certain commercial mortgage loans and commercial leases and retains servicing responsibilities
(c) Fifth Third transfers, subject to credit recourse and with servicing retained, certain investment grade commercial loans to an
unconsolidated qualified special purpose entity, which is wholly-owned by an independent third party
(d) Fifth Third sells certain consumer loans and retains servicing responsibilities
18
19. Fifth Third Bancorp and Subsidiaries
Regulatory Capital (a)
$ in millions
(unaudited)
As of
December September June March December
2005 2005 2005 2005 2004
Tier 1 capital:
Shareholders' equity $9,446 $9,385 $9,353 $8,888 $8,924
Goodwill and certain other intangibles (2,377) (2,396) (2,409) (2,410) (1,129)
Unrealized (gains) losses 405 310 127 314 101
Other 735 731 712 717 626
Total tier 1 capital $8,209 $8,030 $7,783 $7,509 $8,522
Total risk-based capital:
Tier 1 capital $8,209 $8,030 $7,783 $7,509 $8,522
Qualifying allowance for credit losses 838 823 819 809 806
Qualifying subordinated notes 1,193 1,193 1,312 1,316 848
Total risk-based capital $10,240 $10,046 $9,914 $9,634 $10,176
Risk-weighted assets $97,399 $95,083 $91,791 $89,401 $82,633
Ratios:
Average shareholders' equity to average assets 9.12% 9.11% 8.98% 9.02% 9.51%
Regulatory capital:
Tier 1 capital 8.43% 8.45% 8.48% 8.40% 10.31%
Total risk-based capital 10.51% 10.57% 10.80% 10.78% 12.31%
Tier 1 leverage 8.08% 7.93% 7.76% 7.62% 8.89%
(a) Current period regulatory capital data and ratios are estimated
19
20. Fifth Third Bancorp and Subsidiaries
Asset Quality
$ in millions
(unaudited)
For the Three Months Ended
December September June March December
2005 2005 2005 2005 2004
Summary of Credit Loss Experience
Losses charged off:
Commercial, financial and agricultural loans ($35) ($24) ($24) ($16) ($19)
Real estate - commercial mortgage loans (3) (5) (3) (2) (7)
Real estate - construction loans (3) (1) - (1) (3)
Real estate - residential mortgage (5) (3) (5) (5) (4)
Consumer loans (58) (41) (40) (42) (42)
Commercial lease financing (28) (1) - (8) (3)
Consumer lease financing (5) (4) (4) (6) (6)
Total losses (137) (79) (76) (80) (84)
Recoveries of losses previously charged off:
Commercial, financial and agricultural loans 10 5 6 3 4
Real estate - commercial mortgage loans 1 - 1 1 1
Real estate - construction loans - - - 1 -
Real estate - residential mortgage - - - - -
Consumer loans 8 9 12 11 12
Commercial lease financing - - 1 - -
Consumer lease financing 1 1 1 1 2
Total recoveries 20 15 21 17 19
Net losses charged off:
Commercial, financial and agricultural loans (25) (19) (18) (13) (15)
Real estate - commercial mortgage loans (2) (5) (2) (1) (6)
Real estate - construction loans (3) (1) - - (3)
Real estate - residential mortgage (5) (3) (5) (5) (4)
Consumer loans (50) (32) (28) (31) (30)
Commercial lease financing (28) (1) 1 (8) (3)
Consumer lease financing (4) (3) (3) (5) (4)
Total net losses charged off ($117) ($64) ($55) ($63) ($65)
Allowance for loan and lease losses, beginning $727 $722 $717 $713 $713
Total net losses charged off (117) (64) (55) (63) (65)
Provision for loan and lease losses 134 69 60 67 65
Allowance for loan and lease losses, ending $744 $727 $722 $717 $713
Reserve for unfunded commitments, beginning $69 $71 $67 $72 $72
Provision for unfunded commitments 1 (2) 4 (6) -
Acquisitions - - - 1 -
Reserve for unfunded commitments, ending $70 $69 $71 $67 $72
Components of allowance for credit losses:
Allowance for loan and lease losses $744 $727 $722 $717 $713
Reserve for unfunded commitments 70 69 71 67 72
Total allowance for credit losses $814 $796 $793 $784 $785
Nonperforming and underperforming assets
Nonaccrual loans and leases (a) $294 $285 $273 $268 $228
Renegotiated loans and leases - 1 1 1 1
Other assets, including other real estate owned 67 65 66 74 74
Total nonperforming assets 361 351 340 343 303
Ninety days past due loans and leases (a) 155 156 129 129 142
Total underperforming assets $516 $507 $469 $472 $445
Ratios
Net losses charged off as a percent of
average loans and leases 0.67% 0.38% 0.34% 0.40% 0.44%
Allowance for loan and lease losses as a percent of
loans and leases 1.06% 1.06% 1.09% 1.11% 1.19%
Allowance for credit losses as a percent of
loans and leases 1.16% 1.16% 1.20% 1.21% 1.31%
Nonperforming assets as a percent of loans, leases and
other assets, including other real estate owned 0.52% 0.51% 0.51% 0.53% 0.51%
Underperforming assets as a percent of loans, leases and
other assets, including other real estate owned 0.74% 0.74% 0.71% 0.73% 0.74%
(a) Nonaccrual includes $29 million and Ninety Days Past Due includes $48 million of residential mortgage loans as of December 31, 2005
20