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Table of Contents




UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended March 31, 2023
Commission File Number 001-33653

logo (1).jpg
(Exact name of Registrant as specified in its charter)
Ohio
31-0854434
(State or other jurisdiction(I.R.S. Employer
of incorporation or organization) Identification Number)
38 Fountain Square Plaza
Cincinnati, Ohio 45263
(Address of principal executive offices)
Registrant’s telephone number, including area code: (800) 972-3030
Indicate by check mark whether the Registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No
Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No
Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No

Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading
Symbol(s)
 Name of each exchange
on which registered:
Common Stock, Without Par Value FITB The NASDAQ Stock Market LLC
Depositary Shares Representing a 1/1000th Ownership Interest in a Share of   
6.625% Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series IFITBIThe NASDAQ Stock Market LLC
Depositary Shares Representing a 1/40th Ownership Interest in a Share of   
6.00% Non-Cumulative Perpetual Class B Preferred Stock, Series AFITBPThe NASDAQ Stock Market LLC
Depositary Shares Representing a 1/1000th Ownership Interest in a Share of   
4.95% Non-Cumulative Perpetual Preferred Stock, Series KFITBOThe NASDAQ Stock Market LLC
There were 680,716,026 shares of the Registrant’s common stock, without par value, outstanding as of April 30, 2023.


Table of Contents




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FINANCIAL CONTENTS
Part I. Financial Information
Part II. Other Information

FORWARD-LOOKING STATEMENTS
This report contains statements that we believe are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Rule 175 promulgated thereunder, and Section 21E of the Securities Exchange Act of 1934, as amended, and Rule 3b-6 promulgated thereunder. All statements other than statements of historical fact are forward-looking statements. These statements relate to our financial condition, results of operations, plans, objectives, future performance, capital actions or business. They usually can be identified by the use of forward-looking language such as “will likely result,” “may,” “are expected to,” “is anticipated,” “potential,” “estimate,” “forecast,” “projected,” “intends to,” or may include other similar words or phrases such as “believes,” “plans,” “trend,” “objective,” “continue,” “remain,” or similar expressions, or future or conditional verbs such as “will,” “would,” “should,” “could,” “might,” “can,” or similar verbs. You should not place undue reliance on these statements, as they are subject to risks and uncertainties, including but not limited to the risk factors set forth in our most recent Annual Report on Form 10-K, as updated by our Quarterly Reports on Form 10-Q. Moreover, you should treat these statements as speaking only as of the date they are made and based only on information then actually known to us. 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) effects of the global COVID-19 pandemic; (2) deteriorating credit quality; (3) loan concentration by location or industry of borrowers or collateral; (4) problems encountered by other financial institutions; (5) inadequate sources of funding or liquidity; (6) unfavorable actions of rating agencies; (7) inability to maintain or grow deposits; (8) limitations on the ability to receive dividends from subsidiaries; (9) cyber-security risks; (10) Fifth Third’s ability to secure confidential information and deliver products and services through the use of computer systems and telecommunications networks; (11) failures by third-party service providers; (12) inability to manage strategic initiatives and/or organizational changes; (13) inability to implement technology system enhancements; (14) failure of internal controls and other risk management systems; (15) losses related to fraud, theft, misappropriation or violence; (16) inability to attract and retain skilled personnel; (17) adverse impacts of government regulation; (18) governmental or regulatory changes or other actions; (19) failures to meet applicable capital requirements; (20) regulatory objections to Fifth Third’s capital plan; (21) regulation of Fifth Third’s derivatives activities; (22) deposit insurance premiums; (23) assessments for the orderly liquidation fund; (24) replacement of LIBOR; (25) weakness in the national or local economies; (26) global political and economic uncertainty or negative actions; (27) changes in interest rates and the effects of inflation; (28) changes and trends in capital markets; (29) fluctuation of Fifth Third’s stock price; (30) volatility in mortgage banking revenue; (31) litigation, investigations, and enforcement proceedings by governmental authorities; (32) breaches of contractual covenants, representations and warranties; (33) competition and changes in the financial services industry; (34) changing retail distribution strategies, customer preferences and behavior; (35) difficulties in identifying, acquiring or integrating suitable strategic partnerships, investments or acquisitions; (36) potential dilution from future acquisitions; (37) loss of income and/or difficulties encountered in the sale and separation of businesses, investments or other assets; (38) results of investments or acquired entities; (39) changes in accounting standards or interpretation or declines in the value of Fifth Third’s goodwill or other intangible assets; (40) inaccuracies or other failures from the use of models; (41) effects of critical accounting policies and judgments or the use of inaccurate estimates; (42) weather-related events, other natural disasters, or health emergencies (including pandemics); (43) the impact of reputational risk created by these or other developments on such matters as business generation and retention, funding and liquidity; (44) changes in law or requirements imposed by Fifth Third’s regulators impacting our capital actions, including dividend payments and stock repurchases; and (45) Fifth Third’s ability to meet its environmental and/or social targets, goals and commitments. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in our expectations or any changes in events, conditions or circumstances on which any such statement is based, except as may be required by law, and we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. The information contained herein is intended to be reviewed in its totality, and any stipulations, conditions or provisos that apply to a given piece of information in one part of this report should be read as applying mutatis mutandis to every other instance of such information appearing herein.
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Table of Contents




PART I. FINANCIAL INFORMATION
Glossary of Abbreviations and Acronyms
Fifth Third Bancorp provides the following list of abbreviations and acronyms as a tool for the reader that are used in Management’s Discussion and Analysis of Financial Condition and Results of Operations, the Condensed Consolidated Financial Statements and the Notes to Condensed Consolidated Financial Statements.
ACL: Allowance for Credit Losses
FTS: Fifth Third Securities, Inc.
AFS: Available-For-Sale
GDP: Gross Domestic Product
ALCO: Asset Liability Management Committee
GNMA: Government National Mortgage Association
ALLL: Allowance for Loan and Lease Losses
HTM: Held-To-Maturity
AOCI: Accumulated Other Comprehensive Income (Loss)
IPO: Initial Public Offering
APR: Annual Percentage Rate
IRC: Internal Revenue Code
ARM: Adjustable Rate Mortgage
IRLC: Interest Rate Lock Commitment
ASC: Accounting Standards Codification
ISDA: International Swaps and Derivatives Association, Inc.
ASU: Accounting Standards Update
LIBOR: London Interbank Offered Rate
ATM: Automated Teller Machine
LIHTC: Low-Income Housing Tax Credit
BHC: Bank Holding Company
LLC: Limited Liability Company
BOLI: Bank Owned Life Insurance
LTV: Loan-to-Value Ratio
bps: Basis Points
MD&A: Management’s Discussion and Analysis of Financial
CD: Certificate of Deposit
Condition and Results of Operations
CDC: Fifth Third Community Development Corporation and Fifth Third
MSR: Mortgage Servicing Right
Community Development Company, LLC
N/A: Not Applicable
CECL: Current Expected Credit Loss
NII: Net Interest Income
CET1: Common Equity Tier 1
NM: Not Meaningful
CFPB: United States Consumer Financial Protection Bureau
OAS: Option-Adjusted Spread
C&I: Commercial and Industrial
OCC: Office of the Comptroller of the Currency
DCF: Discounted Cash Flow
OCI: Other Comprehensive Income (Loss)
DTCC: Depository Trust & Clearing Corporation
OREO: Other Real Estate Owned
DTI: Debt-to-Income Ratio
PPP: Paycheck Protection Program
ERM: Enterprise Risk Management
ROU: Right-of-Use
ERMC: Enterprise Risk Management Committee
SBA: Small Business Administration
EVE: Economic Value of Equity
SEC: United States Securities and Exchange Commission
FASB: Financial Accounting Standards Board
SOFR: Secured Overnight Financing Rate
FDIC: Federal Deposit Insurance Corporation
TBA: To Be Announced
FHA: Federal Housing Administration
TDR: Troubled Debt Restructuring
FHLB: Federal Home Loan Bank
TILA: Truth in Lending Act
FHLMC: Federal Home Loan Mortgage Corporation
U.S.: United States of America
FICO: Fair Isaac Corporation (credit rating)
USD: United States Dollar
FINRA: Financial Industry Regulatory Authority
U.S. GAAP: United States Generally Accepted Accounting
FNMA: Federal National Mortgage Association
Principles
FOMC: Federal Open Market Committee
VA: United States Department of Veterans Affairs
FRB: Federal Reserve Bank
VIE: Variable Interest Entity
FTE: Fully Taxable Equivalent
VRDN: Variable Rate Demand Note
FTP: Funds Transfer Pricing


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Management’s Discussion and Analysis of Financial Condition and Results of Operations (Item 2)
The following is Management’s Discussion and Analysis of Financial Condition and Results of Operations of certain significant factors that have affected Fifth Third Bancorp’s (the “Bancorp” or “Fifth Third”) financial condition and results of operations during the periods included in the Condensed Consolidated Financial Statements, which are a part of this filing. Reference to the Bancorp incorporates the parent holding company and all consolidated subsidiaries. The Bancorp’s banking subsidiary is referred to as the Bank.

OVERVIEW
Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. At March 31, 2023, the Bancorp had $209 billion in assets and operated 1,069 full-service banking centers and 2,118 Fifth Third branded ATMs in eleven states throughout the Midwestern and Southeastern regions of the U.S. The Bancorp reports on three business segments: Commercial Banking, Consumer and Small Business Banking and Wealth and Asset Management.

This overview of MD&A highlights selected information in the financial results of the Bancorp and may not contain all of the information that is important to you. For a more complete understanding of trends, events, commitments, uncertainties, liquidity, capital resources and critical accounting policies and estimates, you should carefully read this entire document as well as the Bancorp’s Annual Report on Form 10-K for the year ended December 31, 2022. Each of these items could have an impact on the Bancorp’s financial condition, results of operations and cash flows. In addition, refer to the Glossary of Abbreviations and Acronyms in this report for a list of terms included as a tool for the reader of this Quarterly Report on Form 10-Q. The abbreviations and acronyms identified therein are used throughout this MD&A, as well as the Condensed Consolidated Financial Statements and Notes to Condensed Consolidated Financial Statements.

Net interest income, net interest margin, net interest rate spread and the efficiency ratio are presented in MD&A on an FTE basis. The FTE basis adjusts for the tax-favored status of income from certain loans and leases and securities held by the Bancorp that are not taxable for federal income tax purposes. The Bancorp believes this presentation to be the preferred industry measurement of net interest income as it provides a relevant comparison between taxable and non-taxable amounts. The FTE basis for presenting net interest income is a non-GAAP measure. For further information, refer to the Non-GAAP Financial Measures section of MD&A.

The Bancorp’s revenues are dependent on both net interest income and noninterest income. For the three months ended March 31, 2023, net interest income on an FTE basis and noninterest income provided 69% and 31% of total revenue, respectively. The Bancorp derives the majority of its revenues within the U.S. from customers domiciled in the U.S. Revenue from foreign countries and external customers domiciled in foreign countries was immaterial to the Condensed Consolidated Financial Statements for the three months ended March 31, 2023. Changes in interest rates, credit quality, economic trends and the capital markets are primary factors that drive the performance of the Bancorp. As discussed later in the Risk Management section of MD&A, risk identification, measurement, monitoring, control and reporting are important to the management of risk and to the financial performance and capital strength of the Bancorp.

Net interest income is the difference between interest income earned on assets such as loans, leases and securities, and interest expense incurred on liabilities such as deposits, other short-term borrowings and long-term debt. Net interest income is affected by the general level of interest rates, the relative level of short-term and long-term interest rates, changes in interest rates and changes in the amount and composition of interest-earning assets and interest-bearing liabilities. Generally, the rates of interest the Bancorp earns on its assets and pays on its liabilities are established for a period of time. The change in market interest rates over time exposes the Bancorp to interest rate risk through potential adverse changes to net interest income and financial position. The Bancorp manages this risk by continually analyzing and adjusting the composition of its assets and liabilities based on their payment streams and interest rates, the timing of their maturities and their sensitivity to changes in market interest rates. Additionally, in the ordinary course of business, the Bancorp enters into certain derivative transactions as part of its overall strategy to manage its interest rate and prepayment risks. The Bancorp is also exposed to the risk of loss on its loan and lease portfolio as a result of changing expected cash flows caused by borrower credit events, such as loan defaults and inadequate collateral.

Noninterest income is derived from commercial banking revenue, wealth and asset management revenue, service charges on deposits, card and processing revenue, mortgage banking net revenue, leasing business revenue, other noninterest income and net securities gains or losses. Noninterest expense includes compensation and benefits, technology and communications, net occupancy expense, equipment expense, leasing business expense, marketing expense, card and processing expense and other noninterest expense.

Current Economic Conditions
Economic activity expanded at a modest pace in the first quarter of 2023. The labor market has remained strong and inflation has remained elevated. In response to persistent inflationary pressures, the FRB has raised benchmark interest rates by 500 basis points since March 2022 and has signaled they will continue to monitor the cumulative economic effects of their policy actions, including tighter credit conditions for households and businesses, when determining future monetary actions. Amidst the rapid rate increases, several financial markets have experienced heightened volatility.

Changes in interest rates can affect numerous aspects of the Bancorp’s business and may impact the Bancorp’s future performance. If financial markets remain volatile, this may impact the future performance of various segments of the Bancorp’s business, including the value
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Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)
of the Bancorp’s investment securities portfolio. The Bancorp continues to closely monitor the pace of inflation and the impacts of inflation on the broader market.

The recent high-profile bank failures involving Silicon Valley Bank, Signature Bank and First Republic Bank have generated significant market volatility and have increased regulatory and market focus on the liquidity, asset-liability management and unrealized securities losses of banks. In March 2023, the FRB started the Bank Term Funding Program, which makes additional funding available to eligible depository institutions. The Bancorp continues to monitor regulatory changes related to these developments.

For further discussion on current economic conditions, refer to the Credit Risk Management subsection of the Risk Management section of MD&A. Additionally, refer to the Interest Rate and Price Risk Management subsection of the Risk Management section of MD&A for additional information about the Bancorp’s interest rate risk management activities.

Accelerated Share Repurchase Transaction
During the three months ended March 31, 2023, the Bancorp entered into and settled an accelerated share repurchase transaction. As part of the transaction, the Bancorp entered into a forward contract in which the final number of shares delivered at settlement was based generally on a discount to the average daily volume weighted-average price of the Bancorp’s common stock during the term of the repurchase agreement. Refer to Note 16 of the Notes to Condensed Consolidated Financial Statements for additional information on share repurchase activity.

LIBOR Transition
In July 2017, the Chief Executive of the United Kingdom Financial Conduct Authority (the “FCA”), which regulates LIBOR, announced that the FCA would stop persuading or compelling banks to submit rates for the calculation of LIBOR to the administrator of LIBOR after 2021. Since then, central banks around the world, including the Federal Reserve, have commissioned working groups of market participants and official sector representatives with the goal of finding suitable replacements for LIBOR.

On March 5, 2021, the FCA and ICE Benchmark Administration, Limited announced that the publication of the one-week and two-month USD LIBOR maturities and non-USD LIBOR maturities would cease immediately after December 31, 2021, with the remaining USD LIBOR maturities ceasing immediately after June 30, 2023. In the United States, the Alternative Rates Reference Committee (the “ARRC”), a group of market participants convened in 2014 to help ensure a successful transition away from USD LIBOR, identified SOFR as its preferred alternative rate. SOFR is a measure of the cost of borrowing cash overnight, collateralized by U.S. Treasury securities, and is based on directly observable U.S. Treasury-backed repurchase transactions. The composition and characteristics of SOFR are not the same as those of LIBOR, and SOFR is fundamentally different from LIBOR for two key reasons: (1) SOFR is a secured rate, while LIBOR is an unsecured rate, and (2) SOFR is an overnight rate, while LIBOR is a forward-looking rate that represents interbank funding over different maturities. As a result, there can be no assurance that SOFR, however calculated, will perform the same way as LIBOR would have at any time, including, as a result of changes in interest and yield rates in the market, market volatility, or global or regional economic, financial, political, regulatory, judicial or other events.

On March 15, 2022, President Biden signed the Adjustable Interest Rate (LIBOR) Act (the “LIBOR Act”) into law. The LIBOR Act offers a federal solution for transitioning legacy instruments that lack sufficient provisions addressing LIBOR’s cessation by outlining a uniform process to govern the transition from LIBOR to a replacement rate. The LIBOR Act also establishes a safe harbor for lenders, shielding lenders from litigation as a result of their choice of a replacement rate (such as SOFR) per FRB recommendations. On December 16, 2022, the FRB issued its final regulations which carry out the terms of the LIBOR Act, which became effective on February 27, 2023. These regulations: (i) address the applicability of the LIBOR Act to various LIBOR contracts, (ii) identify the FRB-selected benchmark replacements for various types of LIBOR contracts, (iii) include certain benchmark replacement conforming changes, (iv) address the issue of preemption and (v) provide other clarifications, definitions and information.

The Bancorp’s LIBOR transition plan is organized around key work streams, including continued engagement with central banks and industry working groups and regulators, active client engagement, comprehensive review of legacy documentation, internal operational and technological readiness, and risk management, among other things, to facilitate the transition to alternative reference rates.

The Bancorp has discontinued entering into new LIBOR-based contracts in accordance with regulatory guidance, except for permissible limited use, such as part of hedging and risk management programs. During the fourth quarter of 2021, the Bancorp expanded its offering of alternative reference rate products, including SOFR. In addition, the Bancorp is continuing its transition of existing LIBOR-based exposures to an appropriate alternative reference rate on or before June 30, 2023. As of March 31, 2023, the Bancorp had substantial exposure to LIBOR-based products throughout several of its lines of business. These exposures included derivative contracts with a total notional value of approximately $87 billion, loans outstanding of approximately $18 billion, preferred stock of approximately $1.4 billion and long-term debt of approximately $62 million. The Bancorp currently estimates that approximately 5% of the existing exposures will mature before June 30, 2023. For the contracts that will not mature prior to June 30, 2023, an additional portion of these contracts is subject to contractual terms specifying alternative reference rates (“fallback provisions”) that would become effective upon cessation of LIBOR’s publication. Existing exposures without fallback provisions are expected to either be amended prior to June 30, 2023 to include such provisions or to transition to
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Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)
an alternative reference rate pursuant to the terms of the LIBOR Act and its related regulations. The Bancorp does not expect the cessation of LIBOR on June 30, 2023 to have a material impact on its financial results.

For a further discussion of the various risks the Bancorp faces in connection with the replacement of LIBOR on its operations, see “Risk Factors—Market Risks—The replacement of LIBOR could adversely affect Fifth Third’s revenue or expenses and the value of those assets or obligations.” in Item 1A. Risk Factors of the Bancorp’s Annual Report on Form 10-K for the year ended December 31, 2022.

Key Performance Indicators
The Bancorp, as a banking institution, utilizes various key indicators of financial condition and operating results in managing and monitoring the performance of the business. In addition to traditional financial metrics, such as revenue and expense trends, the Bancorp monitors other financial measures that assist in evaluating growth trends, capital strength and operational efficiencies. The Bancorp analyzes these key performance indicators against its past performance, its forecasted performance and with the performance of its peer banking institutions. These indicators may change from time to time as the operating environment and businesses change.

The following are some of the key indicators used by management to assess the Bancorp’s business performance, including those which are considered in the Bancorp’s compensation programs:

CET1 Capital Ratio: CET1 capital divided by risk-weighted assets as defined by the Basel III standardized approach to risk-weighting of assets
Return on Average Tangible Common Equity (non-GAAP): Tangible net income available to common shareholders divided by average tangible common equity
Return on Average Common Equity, Excluding AOCI (non-GAAP): Net income available to common shareholders divided by total equity, excluding AOCI and preferred stock
Net Interest Margin (non-GAAP): Net interest income on an FTE basis divided by average interest-earning assets
Efficiency Ratio (non-GAAP): Noninterest expense divided by the sum of net interest income on an FTE basis and noninterest income
Earnings Per Share, Diluted: Net income allocated to common shareholders divided by average common shares outstanding after the effect of dilutive stock-based awards
Nonperforming Portfolio Assets Ratio: Nonperforming portfolio assets divided by portfolio loans and leases and OREO
Net Charge-off Ratio: Net losses charged-off divided by average portfolio loans and leases
Return on Average Assets: Net income divided by average assets
Loan-to-Deposit Ratio: Total loans divided by total deposits
Household Growth: Change in the number of consumer households with retail relationship-based checking accounts

The list of indicators above is intended to summarize some of the most important metrics utilized by management in evaluating the Bancorp’s performance and does not represent an all-inclusive list of all performance measures that may be considered relevant or important to management or investors.
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Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)
TABLE 1: Earnings Summary
For the three months ended
March 31,
%
($ in millions, except for per share data)20232022Change
Income Statement Data
Net interest income (U.S. GAAP)$1,517 1,195 27
Net interest income (FTE)(a)(b)
1,522 1,198 27
Noninterest income696 684 2
Total revenue (FTE)(a)(b)
2,218 1,882 18
Provision for credit losses164 45 264
Noninterest expense1,331 1,222 9
Net income558 494 13
Net income available to common shareholders535 474 13
Common Share Data
Earnings per share - basic$0.78 0.69 13
Earnings per share - diluted0.78 0.68 15
Cash dividends declared per common share0.33 0.30 10
Book value per share23.87 26.33 (9)
Market value per share26.64 43.04 (38)
Financial Ratios
Return on average assets1.10 %0.96 15
Return on average common equity13.7 10.0 37
Return on average tangible common equity(b)
20.5 13.4 53
Dividend payout42.3 43.5 (3)
(a)Amounts presented on an FTE basis. The FTE adjustments were $5 and $3 for the three months ended March 31, 2023 and 2022, respectively.
(b)These are non-GAAP measures. For further information, refer to the Non-GAAP Financial Measures section of MD&A.

Earnings Summary
The Bancorp’s net income available to common shareholders for the first quarter of 2023 was $535 million, or $0.78 per diluted share, which was net of $23 million in preferred stock dividends. The Bancorp’s net income available to common shareholders for the first quarter of 2022 was $474 million, or $0.68 per diluted share, which was net of $20 million in preferred stock dividends.

Net interest income on an FTE basis (non-GAAP) was $1.5 billion for the three months ended March 31, 2023, an increase of $324 million compared to the same period in the prior year. Net interest income benefited from increases in market interest rates, resulting in increases in yields on average loans and leases and average other short-term investments for the three months ended March 31, 2023 compared to the same period in the prior year. Net interest income also benefited from increases in average taxable securities, average commercial and industrial loans and average other consumer loans for the three months ended March 31, 2023 compared to the same period in the prior year. These positive impacts were partially offset by increases in rates paid on average interest-bearing core deposits and average long-term debt as well as increases in the average balances of FHLB advances and CDs over $250,000 for the three months ended March 31, 2023 compared to the same period in the prior year. Net interest margin on an FTE basis (non-GAAP) was 3.29% for the three months ended March 31, 2023 compared to 2.59% for the comparable period in the prior year.

The provision for credit losses was $164 million and $45 million for the three months ended March 31, 2023 and 2022, respectively. Provision expense increased for the three months ended March 31, 2023 compared to the same period in the prior year primarily driven by an increase in net charge-offs and other factors which caused an increase in the ACL from December 31, 2022, including higher period-end loan and lease balances and increases to specific reserves on individually evaluated commercial loans. The increase in period-end loan and lease balances was primarily driven by commercial and industrial loan growth and originations of point-of-sale solar energy installation loans. Net losses charged off as a percent of average portfolio loans and leases were 0.26% and 0.12% for the three months ended March 31, 2023 and 2022, respectively. At March 31, 2023 and December 31, 2022, nonperforming portfolio assets as a percent of portfolio loans and leases and OREO were 0.51% and 0.44%, respectively. For further discussion on credit quality, refer to the Credit Risk Management subsection of the Risk Management section of MD&A as well as Note 6 of the Notes to Condensed Consolidated Financial Statements.

Noninterest income increased $12 million for the three months ended March 31, 2023 compared to the same period in the prior year primarily due to increases in commercial banking revenue, securities gains and mortgage banking net revenue, partially offset by decreases in other noninterest income and service charges on deposits.

6


Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)
Noninterest expense increased $109 million for the three months ended March 31, 2023 compared to the same period in the prior year primarily due to increases in compensation and benefits expense, other noninterest expense, technology and communications expense and marketing expense.

For more information on net interest income, provision expense, noninterest income and noninterest expense refer to the Statements of Income Analysis section of MD&A.

Capital Summary
The Bancorp calculated its regulatory capital ratios under the Basel III standardized approach to risk-weighting of assets and pursuant to the five-year transition provision option to phase in the effects of CECL on regulatory capital as of March 31, 2023. As of March 31, 2023, the Bancorp’s capital ratios, as defined by the U.S. banking agencies, were:
CET1 capital ratio: 9.28%;
Tier 1 risk-based capital ratio: 10.53%;
Total risk-based capital ratio: 12.64%;
Leverage ratio: 8.67%.
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Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)
NON-GAAP FINANCIAL MEASURES
The following are non-GAAP financial measures which provide useful insight to the reader of the Condensed Consolidated Financial Statements but should be supplemental to primary U.S. GAAP measures and should not be read in isolation or relied upon as a substitute for the primary U.S. GAAP measures. The Bancorp encourages readers to consider the Condensed Consolidated Financial Statements in their entirety and not to rely on any single financial measure.

The FTE basis adjusts for the tax-favored status of income from certain loans and leases and securities held by the Bancorp that are not taxable for federal income tax purposes. The Bancorp believes this presentation to be the preferred industry measurement of net interest income as it provides a relevant comparison between taxable and non-taxable amounts.

The following table reconciles the non-GAAP financial measures of net interest income on an FTE basis, interest income on an FTE basis, net interest margin, net interest rate spread and the efficiency ratio to U.S. GAAP:
TABLE 2: Non-GAAP Financial Measures - Financial Measures and Ratios on an FTE basis
For the three months ended
March 31,
($ in millions)20232022
Net interest income (U.S. GAAP)$1,517 1,195 
Add: FTE adjustment5 
Net interest income on an FTE basis (1)$1,522 1,198 
Net interest income on an FTE basis (annualized) (2)6,173 4,859 
Interest income (U.S. GAAP)$2,213 1,289 
Add: FTE adjustment5 
Interest income on an FTE basis$2,218 1,292 
Interest income on an FTE basis (annualized) (3)8,995 5,240 
Interest expense (annualized) (4)$2,823 381 
Noninterest income (5)696 684 
Noninterest expense (6)1,331 1,222 
Average interest-earning assets (7)187,407 187,894 
Average interest-bearing liabilities (8)129,280 116,764 
Ratios:
Net interest margin on an FTE basis (2) / (7)3.29 %2.59 
Net interest rate spread on an FTE basis ((3) / (7)) - ((4) / (8))2.62 2.46 
Efficiency ratio on an FTE basis (6) / ((1) + (5))60.0 64.9 
The Bancorp believes return on average tangible common equity is an important measure for comparative purposes with other financial institutions, but is not defined under U.S. GAAP, and therefore is considered a non-GAAP financial measure. This measure is useful for evaluating the performance of a business as it calculates the return available to common shareholders without the impact of intangible assets and their related amortization.
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Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)
The following table reconciles the non-GAAP financial measure of return on average tangible common equity to U.S. GAAP:
TABLE 3: Non-GAAP Financial Measures - Return on Average Tangible Common Equity
For the three months ended
March 31,
($ in millions)
20232022
Net income available to common shareholders (U.S. GAAP)$535 474 
Add: Intangible amortization, net of tax9 
Tangible net income available to common shareholders$544 483 
Tangible net income available to common shareholders (annualized) (1)2,206 1,959 
Average Bancorp shareholders’ equity (U.S. GAAP)$17,977 21,402 
Less: Average preferred stock2,116 2,116 
Average goodwill4,915 4,514 
Average intangible assets163 150 
Average tangible common equity (2)$10,783 14,622 
Return on average tangible common equity (1) / (2)20.5 %13.4 
The Bancorp considers various measures when evaluating capital utilization and adequacy, including the tangible equity ratio and tangible common equity ratio, in addition to capital ratios defined by the U.S. banking agencies. These calculations are intended to complement the capital ratios defined by the U.S. banking agencies for both absolute and comparative purposes. As U.S. GAAP does not include capital ratio measures, the Bancorp believes there are no comparable U.S. GAAP financial measures to these ratios. These ratios are not formally defined by U.S. GAAP or codified in the federal banking regulations and, therefore, are considered to be non-GAAP financial measures.

The following table reconciles non-GAAP capital ratios to U.S. GAAP:
TABLE 4: Non-GAAP Financial Measures - Capital Ratios
As of ($ in millions)March 31,
2023
December 31,
2022
Total Bancorp Shareholders’ Equity (U.S. GAAP)$18,364 17,327 
Less: Preferred stock2,116 2,116 
Goodwill4,915 4,915 
Intangible assets157 169 
AOCI(4,245)(5,110)
Tangible common equity, excluding AOCI (1)$15,421 15,237 
Add: Preferred stock2,116 2,116 
Tangible equity (2)$17,537 17,353 
Total Assets (U.S. GAAP)$208,657 207,452 
Less: Goodwill4,915 4,915 
Intangible assets157 169 
AOCI, before tax(5,373)(6,468)
Tangible assets, excluding AOCI (3)$208,958 208,836 
Ratios:
Tangible equity as a percentage of tangible assets (2) / (3)8.39  %8.31 
Tangible common equity as a percentage of tangible assets (1) / (3)7.38 7.30 

9


Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)
RECENT ACCOUNTING STANDARDS
Note 3 of the Notes to Condensed Consolidated Financial Statements provides a discussion of the significant new accounting standards applicable to the Bancorp and the expected impact of significant accounting standards issued, but not yet required to be adopted.

CRITICAL ACCOUNTING POLICIES
The Bancorp’s Condensed Consolidated Financial Statements are prepared in accordance with U.S. GAAP. Certain accounting policies require management to exercise judgment in determining methodologies, economic assumptions and estimates that may materially affect the Bancorp’s financial position, results of operations and cash flows. The Bancorp’s critical accounting policies include the accounting for the ALLL, reserve for unfunded commitments, valuation of servicing rights, fair value measurements, goodwill and legal contingencies. These accounting policies are discussed in detail in the Critical Accounting Policies section of the Bancorp’s Annual Report on Form 10-K for the year ended December 31, 2022.

As further discussed in Note 3 of the Notes to Condensed Consolidated Financial Statements, on January 1, 2023, the Bancorp adopted ASU 2022-02 (“Financial Instruments – Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures”). In conjunction with the adoption of this amended guidance, the Bancorp has revised its Critical Accounting Policies for the ALLL as described below. Refer to the Critical Accounting Policies section of the Bancorp’s Annual Report on Form 10-K for the year ended December 31, 2022 for discussion on the accounting policy for the ALLL for periods prior to January 1, 2023. There have been no other material changes to the valuation techniques or models during the three months ended March 31, 2023.

ALLL
The Bancorp disaggregates its portfolio loans and leases into portfolio segments for purposes of determining the ALLL. The Bancorp’s portfolio segments include commercial, residential mortgage and consumer. The Bancorp further disaggregates its portfolio segments into classes for purposes of monitoring and assessing credit quality based on certain risk characteristics. For an analysis of the Bancorp’s ALLL by portfolio segment and credit quality information by class, refer to Note 6 of the Notes to Condensed Consolidated Financial Statements.

The Bancorp maintains the ALLL to absorb the amount of credit losses that are expected to be incurred over the remaining contractual terms of the related loans and leases. Contractual terms are adjusted for expected prepayments but are not extended for expected extensions, renewals or modifications except in circumstances where extension or renewal options are embedded in the original contract and not unconditionally cancellable by the Bancorp. Accrued interest receivable on loans is presented in the Condensed Consolidated Financial Statements as a component of other assets. When accrued interest is deemed to be uncollectible (typically when a loan is placed on nonaccrual status), interest income is reversed. The Bancorp follows established policies for placing loans on nonaccrual status, so uncollectible accrued interest receivable is reversed in a timely manner. As a result, the Bancorp has elected not to measure a reserve for accrued interest receivable as part of its ALLL. However, the Bancorp does record a reserve for the portion of accrued interest receivable that it expects to be uncollectible. For additional information on the Bancorp’s accounting policies related to nonaccrual loans and leases, refer to Note 3 of the Notes to Condensed Consolidated Financial Statements.

Credit losses are charged and recoveries are credited to the ALLL. The ALLL is maintained at a level the Bancorp considers to be adequate and is based on ongoing quarterly assessments and evaluations of the collectability of loans and leases, including historical credit loss experience, current and forecasted market and economic conditions and consideration of various qualitative factors that, in management’s judgment, deserve consideration in estimating expected credit losses. Provisions for credit losses are recorded for the amounts necessary to adjust the ALLL to the Bancorp’s current estimate of expected credit losses on portfolio loans and leases. The Bancorp’s strategy for credit risk management includes a combination of conservative exposure limits significantly below legal lending limits and conservative underwriting, documentation and collections standards. The strategy also emphasizes diversification on a geographic, industry and customer level, regular credit examinations and quarterly management reviews of large credit exposures and loans experiencing deterioration of credit quality. Refer to the Credit Risk Management section of MD&A for additional information.

The Bancorp’s methodology for determining the ALLL requires significant management judgment and includes an estimate of expected credit losses on a collective basis for groups of loans and leases with similar risk characteristics and specific allowances for loans and leases which are individually evaluated.

Larger commercial loans and leases included within aggregate borrower relationship balances exceeding $1 million on nonaccrual status are individually evaluated for an ALLL. The Bancorp considers the current value of collateral, credit quality of any guarantees, the guarantor’s liquidity and willingness to cooperate, the loan or lease structure (including modifications, if any) and other factors when determining the amount of the ALLL. Other factors may include the borrower’s susceptibility to risks presented by the forecasted macroeconomic environment, the industry and geographic region of the borrower, size and financial condition of the borrower, cash flow and leverage of the borrower and the Bancorp’s evaluation of the borrower’s management. Significant management judgment is required when evaluating which of these factors are most relevant in individual circumstances, and when estimating the amount of expected credit losses based on those factors. When loans and leases are individually evaluated, allowances are determined based on management’s estimate of the borrower’s ability to repay the loan or lease given the availability of collateral and other sources of cash flow, as well as an evaluation of legal options available to the Bancorp. Allowances for individually evaluated loans and leases that are collateral-dependent are measured based on the fair
10


Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)
value of the underlying collateral, less expected costs to sell where applicable. Individually evaluated loans and leases that are not collateral-dependent are measured based on the observable market value of the loan or lease or present value of expected cash flows, discounted at the loan’s effective interest rate. Specific allowances on individually evaluated commercial loans and leases are reviewed quarterly and adjusted as necessary based on changing borrower and/or collateral conditions and actual collection and charge-off experience.

The Bancorp considers loans to be collateral-dependent when it becomes probable that repayment of the loan will be provided through the sale or operation of the collateral instead of from payments made by the borrower. The expected credit losses for these loans are typically estimated based on the fair value of the underlying collateral, less expected costs to sell where applicable. Specific allowances on individually evaluated consumer and residential mortgage loans are reviewed quarterly and adjusted as necessary based on changing borrower and/or collateral conditions and actual collection and charge-off experience.

Expected credit losses are estimated on a collective basis for loans and leases that are not individually evaluated. For collectively evaluated loans and leases, the Bancorp uses models to forecast expected credit losses based on the probability of a loan or lease defaulting, the expected balance at the estimated date of default and the expected loss percentage given a default. The estimate of the expected balance at the time of default considers prepayments and, for loans with available credit, expected utilization rates. The Bancorp’s expected credit loss models were developed based on historical credit loss experience and observations of migration patterns for various credit risk characteristics (such as internal credit risk grades, external credit ratings or scores, delinquency status, loan-to-value trends, etc.) over time, with those observations evaluated in the context of concurrent macroeconomic conditions. The Bancorp developed its models from historical observations capturing a full economic cycle when possible.

The Bancorp’s expected credit loss models consider historical credit loss experience, current market and economic conditions, and forecasted changes in market and economic conditions if such forecasts are considered reasonable and supportable. Generally, the Bancorp considers its forecasts to be reasonable and supportable for a period of up to three years from the estimation date. For periods beyond the reasonable and supportable forecast period, expected credit losses are estimated by reverting to historical loss information without adjustment for changes in economic conditions. This reversion is phased in over a two-year period. The Bancorp evaluates the length of its reasonable and supportable forecast period, its reversion period and reversion methodology at least annually, or more often if warranted by economic conditions or other circumstances.

The Bancorp also considers qualitative factors in determining the ALLL. These considerations inherently require significant management judgment to determine the appropriate factors to be considered and the extent of their impact on the ALLL estimate. Qualitative factors are used to capture characteristics in the portfolio that impact expected credit losses but that are not fully captured within the Bancorp’s expected credit loss models. These include adjustments for changes in policies or procedures in underwriting, monitoring or collections, lending and risk management personnel and results of internal audit and quality control reviews. These may also include adjustments, when deemed necessary, for specific idiosyncratic risks such as geopolitical events, natural disasters and their effects on regional borrowers and changes in product structures. Qualitative factors may also be used to address the impacts of unforeseen events on key inputs and assumptions within the Bancorp’s expected credit loss models, such as the reasonable and supportable forecast period, changes to historical loss information or changes to the reversion period or methodology. When evaluating the adequacy of allowances, consideration is also given to regional geographic concentrations and the closely associated effect that changing economic conditions may have on the Bancorp’s customers.

Overall, the collective evaluation process requires significant management judgment when determining the estimation methodology and inputs into the models, as well as in evaluating the reasonableness of the modeled results and the appropriateness of qualitative adjustments. The Bancorp’s forecasts of market and economic conditions and the internal risk grades assigned to loans and leases in the commercial portfolio segment are examples of inputs to the expected credit loss models that require significant management judgment. These inputs have the potential to drive significant variability in the resulting ALLL.

Refer to the Allowance for Credit Losses subsection of the Risk Management section of MD&A for a discussion on the Bancorp’s ALLL sensitivity analysis.


11


Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)
STATEMENTS OF INCOME ANALYSIS

Net Interest Income
Net interest income is the interest earned on loans and leases (including yield-related fees), securities and other short-term investments less the interest incurred on core deposits and wholesale funding. The net interest margin is calculated by dividing net interest income by average interest-earning assets. Net interest rate spread is the difference between the average yield earned on interest-earning assets and the average rate paid on interest-bearing liabilities. Net interest margin is typically greater than net interest rate spread due to the interest income earned on those assets that are funded by noninterest-bearing liabilities, or free funding, such as demand deposits or shareholders’ equity.

Table 5 presents the components of net interest income, net interest margin and net interest rate spread for the three months ended March 31, 2023 and 2022, as well as the relative impact of changes in the average balance sheet and changes in interest rates on net interest income. Nonaccrual loans and leases and loans and leases held for sale have been included in the average loan and lease balances. Average outstanding securities balances are based on amortized cost with any unrealized gains or losses included in average other assets.

Net interest income on an FTE basis (non-GAAP) was $1.5 billion for the three months ended March 31, 2023, an increase of $324 million compared to the same period in the prior year. Net interest income benefited from increases in market interest rates, resulting in increases in yields of 222 bps on average loans and leases and 447 bps on average other short-term investments for the three months ended March 31, 2023 compared to the same period in the prior year. Net interest income also benefited from increases in average taxable securities, average commercial and industrial loans and average other consumer loans of $15.7 billion, $5.6 billion and $2.7 billion, respectively, for the three months ended March 31, 2023 compared to the same period in the prior year. These positive impacts were partially offset by increases in rates paid on average interest-bearing core deposits of 163 bps and average long-term debt of 166 bps as well as increases in the average balance of FHLB advances of $4.8 billion and CDs over $250,000 of $4.1 billion for the three months ended March 31, 2023 compared to the same period in the prior year. Interest income recognized from PPP loans decreased to $2 million for the three months ended March 31, 2023 compared to $20 million for the same period in the prior year.

Net interest rate spread on an FTE basis (non-GAAP) was 2.62% for the three months ended March 31, 2023 compared to 2.46% for the comparable period in the prior year. Yields on average interest-earning assets increased 201 bps, partially offset by a 185 bps increase in rates paid on average interest-bearing liabilities for the three months ended March 31, 2023 compared to the same period in the prior year.

Net interest margin on an FTE basis (non-GAAP) was 3.29% for the three months ended March 31, 2023 compared to 2.59% for the comparable period in the prior year. Net interest margin for the three months ended March 31, 2023 was positively impacted by the previously mentioned increase in the net interest rate spread. Net interest margin results are expected to stabilize or decrease modestly as the repricing of the Bancorp’s asset portfolios into higher rates are more than offset by the impact of rising rates on deposits and other interest-bearing liabilities.

Interest income on an FTE basis (non-GAAP) from loans and leases increased $732 million during the three months ended March 31, 2023 compared to the three months ended March 31, 2022 driven by the previously mentioned increases in market interest rates and average balances of commercial and industrial loans and other consumer loans. For more information on the Bancorp’s loan and lease portfolio, refer to the Loans and Leases subsection of the Balance Sheet Analysis section of MD&A. Interest income on an FTE basis (non-GAAP) from investment securities and other short-term investments increased $194 million during the three months ended March 31, 2023 compared to the three months ended March 31, 2022 primarily due to the previously mentioned increases in average taxable securities and yields on average other short-term investments.

Interest expense on average core deposits increased $424 million for the three months ended March 31, 2023 compared to the three months ended March 31, 2022 primarily due to the previously mentioned increase in the cost of average interest-bearing core deposits to 167 bps for the three months ended March 31, 2023 from 4 bps for the three months ended March 31, 2022, as a result of increasing short-term interest rates. Refer to the Deposits subsection of the Balance Sheet Analysis section of MD&A for additional information on the Bancorp’s deposits.

Interest expense on average wholesale funding increased $178 million for the three months ended March 31, 2023 compared to the three months ended March 31, 2022 primarily due to the previously mentioned increases in the average balances of FHLB advances and CDs over $250,000 as well as an increase in rates paid on average long-term debt. Refer to the Borrowings subsection of the Balance Sheet Analysis section of MD&A for additional information on the Bancorp’s borrowings. During the three months ended March 31, 2023, average wholesale funding represented 18% of average interest-bearing liabilities, compared to 11% for the three months ended March 31, 2022. For more information on the Bancorp’s interest rate risk management, including estimated earnings sensitivity to changes in market interest rates, see the Interest Rate and Price Risk Management subsection of the Risk Management section of MD&A.

12


Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)
TABLE 5: Condensed Consolidated Average Balance Sheets and Analysis of Net Interest Income on an FTE Basis
For the three months endedMarch 31, 2023March 31, 2022
Attribution of Change in
Net Interest Income(a)
($ in millions)Average BalanceInterest Earned/PaidAverage Yield/ RateAverage BalanceInterest Earned/PaidAverage Yield/ RateVolumeYield/ RateTotal
Assets:
Interest-earning assets:
Loans and leases:(b)
Commercial and industrial loans$58,204 920 6.41 %$52,562 427 3.29 %$50 443 493 
Commercial mortgage loans11,121 152 5.54 10,529 78 3.00 69 74 
Commercial construction loans5,507 88 6.50 5,371 44 3.29 43 44 
Commercial leases2,663 23 3.48 2,943 21 2.85 (2)
Total commercial loans and leases$77,495 1,183 6.19 $71,405 570 3.23 $54 559 613 
Residential mortgage loans18,329 153 3.39 20,179 158 3.17 (15)10 (5)
Home equity4,006 64 6.47 4,010 35 3.52 — 29 29 
Indirect secured consumer loans16,598 162 3.95 17,136 130 3.08 (4)36 32 
Credit card1,780 62 14.16 1,691 51 12.31 11 
Other consumer loans5,407 93 6.95 2,741 41 6.08 45 52 
Total consumer loans$46,120 534 4.69 $45,757 415 3.68 $29 90 119 
Total loans and leases$123,615 1,717 5.63 %$117,162 985 3.41 %$83 649 732 
Securities:
Taxable57,110 431 3.06 41,412 289 2.84 117 25 142 
Exempt from income taxes(b)
1,404 10 3.11 1,010 2.40 
Other short-term investments5,278 60 4.65 28,310 12 0.18 (18)66 48 
Total interest-earning assets$187,407 2,218 4.80 %$187,894 1,292 2.79 %$184 742 926 
Cash and due from banks3,136 2,962 
Other assets16,687 20,186 
Allowance for loan and lease losses(2,146)(1,892)
Total assets
$205,084 $209,150 
Liabilities and Equity:
Interest-bearing liabilities:
Interest checking deposits$48,717 281 2.34 %$48,659 0.05 %$— 275 275 
Savings deposits23,107 34 0.59 22,772 0.02 — 33 33 
Money market deposits28,420 84 1.20 30,263 0.03 — 82 82 
Foreign office deposits143 1 1.91 126 — 0.04 — 
CDs $250,000 or less5,173 34 2.67 2,376 0.12 31 33 
Total interest-bearing core deposits$105,560 434 1.67 $104,196