8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(D)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported): July 27, 2020

FIFTH THIRD BANCORP

(Exact Name of Registrant as Specified in Its Charter)

OHIO

(State or Other Jurisdiction of Incorporation)

001-33653	31-0854434
(Commission File Number)	(IRS Employer Identification No.)

Fifth Third Center 38 Fountain Square Plaza, Cincinnati, Ohio	45263
(Address of Principal Executive Offices)	(Zip Code)

(800) 972-3030

(Registrant’s Telephone Number, Including Area Code)

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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 I	FITBI	The 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 A	FITBP	The NASDAQ Stock Market LLC
Depositary Shares Representing a 1/1000th Ownership Interest in a Share of 4.95% Non-Cumulative Perpetual Preferred Stock, Series K	FITBO	The NASDAQ Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

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.  ☐

Item 8.01 Other Events.

Fifth Third Bancorp is filing the information in Exhibit 99.1 to this Current Report on Form 8-K to incorporate into its securities filing certain information from its July 23, 2020 earnings release for the second quarter of 2020.

Risk Factors

The following are changes and updates to the risk factors previously disclosed in Fifth Third Bancorp’s Annual Report on Form 10-K for the year ended December 31, 2019 and in Fifth Third Bancorp’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2020. Unless otherwise mentioned or unless the context requires otherwise, all references in this Form 8-K to “Fifth Third Bancorp,” “Bancorp,” “Fifth Third,” “we,” “us,” “our” or similar references mean Fifth Third Bancorp and its subsidiaries.

The Bancorp’s ability to pay or increase dividends on its common stock or to repurchase its capital stock is restricted.

The Bancorp’s ability to pay dividends or repurchase stock is subject to regulatory requirements and expectations. As part of the Comprehensive Capital Analysis and Review (“CCAR”) process of the Board of Governors of the Federal Reserve System (the “Federal Reserve Board”), the Bancorp’s capital plan is generally subject to an annual assessment by the Federal Reserve Board, and the Federal Reserve Board may object to the Bancorp’s capital plan if the Bancorp does not demonstrate an ability to maintain capital above the minimum regulatory capital ratios under baseline and stressful conditions throughout a nine-quarter planning horizon. On June 25, 2020, the Federal Reserve Board provided the Bancorp with an indicative stress capital buffer of 2.5%. The indicative stress capital buffer of 2.5% is the floor under the regulatory capital rules, and without the floor, the Bancorp estimates its buffer would have been approximately 2.1%. The Federal Reserve Board will provide the Bancorp with a final stress capital buffer by August 31, 2020. If the Bancorp is unable to maintain capital in excess of these levels, it would be subject to limitations on its ability to make capital distributions, including paying dividends and repurchasing stock.

The Federal Reserve Board also took several actions in connection with its announcement of stress test results in light of the uncertainty caused by the novel coronavirus disease 2019 (“COVID-19”) pandemic. Specifically, for the third quarter of 2020, the Federal Reserve Board is requiring large banking organizations, including the Bancorp, to suspend share repurchases, cap dividend payments to the amount paid during the second quarter of 2020, and further limit dividends according to a formula based on recent income.

The Federal Reserve Board is also requiring large banking organizations, including the Bancorp, to re-evaluate their longer term capital plans, and such organizations will be required to update and resubmit their capital plans later this year to reflect current stresses caused by the COVID-19 pandemic. The Federal Reserve Board will conduct additional analysis each quarter to determine if adjustments to this response are appropriate.

The COVID-19 pandemic creates significant risks and uncertainties for our business.

In March 2020, the World Health Organization declared COVID-19 as a global pandemic. The COVID-19 pandemic has negatively impacted the global economy, disrupted global supply chains, lowered equity market valuations, created significant volatility and disruption in financial markets, and increased unemployment levels, all of which may become heightened concerns upon a second wave of infection or future developments. In addition, the pandemic has resulted in temporary closures of many businesses and the institution of social distancing and sheltering in place requirements in many states and communities, including those in major markets in which the Bancorp is located or does business.

As a result, the demand for the Bancorp’s products and services has been, and will continue to be, significantly impacted. Furthermore, the pandemic could influence the recognition of credit losses in the Bancorp’s loan and lease portfolios and increase its allowance for credit losses as both businesses and consumers are negatively impacted by the economic downturn. In addition, governmental actions are meaningfully influencing the interest-rate environment, which could adversely affect the Bancorp’s results of operations and financial condition. The business operations of subsidiaries of the Bancorp, such as Fifth Third Bank, National Association, may also be disrupted if significant portions of their workforce are unable to work effectively, including because of illness, quarantines, government actions, or other restrictions in connection with the pandemic, travel restrictions, technology limitations and/or disruptions. Furthermore, the business operations of subsidiaries of the Bancorp have been, and may again in the future be, disrupted due to vendors and third-party service providers being unable to work or provide services effectively, including because of illness, quarantines, government actions, or other restrictions in connection with the pandemic.

In response to the pandemic, Fifth Third Bank, National Association, has also suspended residential property foreclosure sales, evictions, and involuntary automobile repossessions, and is offering fee waivers, payment deferrals, and other expanded assistance for credit card, automobile, mortgage, small business and personal lending customers. These programs, as well as certain accommodations made to commercial customers, are expected to negatively impact revenue and other results of operations of the Bancorp in the near term and, if not effective in mitigating the effect of COVID-19 on Bancorp customers, may adversely affect the Bancorp’s business and results of operations more substantially over a longer period of time.

Among other relief programs, the Bancorp is participating in the Paycheck Protection Program offered by the Small Business Administration (“SBA”) and has originated approximately 38,000 loans in the amount of $5.5 billion under the program as of June 30, 2020. Paycheck Protection Program loans are fixed, low interest rate loans that are guaranteed by the SBA and subject to numerous other regulatory requirements, and a borrower may apply to have all or a portion of the loan forgiven. If Paycheck Protection Program borrowers fail to qualify for loan forgiveness, the Bancorp faces a heightened risk of holding these loans at unfavorable interest rates for an extended period of time. While the Paycheck Protection Program loans are guaranteed by the SBA, various regulatory requirements will apply to the Bancorp’s ability to seek recourse under the guarantees, and related procedures are currently subject to uncertainty. If a borrower defaults on a Paycheck Protection Program loan, these requirements and uncertainties may limit the Bancorp’s ability to fully recover against the loan guarantee or to seek full recourse against the borrower.

The extent to which the COVID-19 pandemic impacts the Bancorp’s business, results of operations, and financial condition, as well as its regulatory capital and liquidity ratios, will depend on future developments, which are highly uncertain, including the scope and duration of the pandemic and actions taken by governmental authorities and other third parties in response to the pandemic. Even after the COVID-19 pandemic subsides, the U.S. economy will likely require some time to recover from its effects, the length of which is unknown and during which time the U.S. may experience a recession. As a result, we anticipate our business may be materially and adversely affected during this recovery. Moreover, the effects of the COVID-19 pandemic may heighten many of the other risks described in in our most recent Annual Report on Form 10-K and any subsequent Quarterly Report on Form 10-Q or Current Report on Form 8-K including, but not limited to, risks of credit deterioration, interest rate changes, rating agency actions, governmental actions, market volatility, theft, fraud, security breaches and technology interruptions.

Financial disruption or a prolonged economic downturn could materially and adversely affect our business.

Worldwide financial markets have recently experienced periods of extraordinary disruption and volatility, which has been exacerbated by the COVID-19 pandemic, resulting in heightened credit risk, reduced valuation of investments and decreased economic activity. Moreover, many companies have experienced reduced liquidity and uncertainty as to their ability to raise capital during such periods of market disruption and volatility. In the event that these conditions recur or result in a prolonged economic downturn, our results of operations, financial position and/or liquidity could be materially and adversely affected. These market conditions may affect the Bancorp’s ability to access debt and equity capital markets. In addition, as a result of recent financial events, we may face increased regulation. Many of the other risks described in in our most recent Annual Report on Form 10-K and any subsequent Quarterly Report on Form 10-Q or Current Report on Form 8-K identify risks that result from, or are exacerbated by, a financial economic downturn. These include risks related to our investments portfolio, the competitive environment and regulatory developments.

Fifth Third is exposed to reputational risk.

Fifth Third’s actual or alleged conduct in activities, such as certain sales and lending practices, data security, corporate governance and acquisitions, inappropriate behavior or misconduct of employees, association with particular customers, business partners, investments or vendors, as well as developments from any of the other risks described above, may result in negative public opinion at large (or with certain segments of the public) and may damage Fifth Third’s reputation. Actions taken by government regulators, shareholder activists and community organizations may also damage Fifth Third’s reputation.

Additionally, whereas negative public opinion once was primarily driven by adverse news coverage in traditional media, the advent and expansion of social media facilitates the rapid dissemination of information or misinformation. Though Fifth Third monitors social media channels, the potential remains for rapid and widespread dissemination of inaccurate, misleading

or false information or other negative publicity that could damage Fifth Third’s reputation. Negative public opinion can adversely affect Fifth Third’s ability to attract and keep customers and can increase the risk that it will be a target of litigation and regulatory action. Social activists are increasingly targeting financial firms with public criticism for their relationships with clients that are engaged in certain sensitive industries, including businesses whose products are or are perceived to be harmful to health or the social good. Activist criticism of Fifth Third’s relationships with clients in sensitive industries could potentially engender dissatisfaction among clients, customers, investors and employees with how Fifth Third addresses social concerns through business activities which could negatively affect our reputation.

Furthermore, investors have begun to consider how corporations are addressing environmental, social and governance matters, commonly known as “ESG matters” when making investment decisions. For example, certain investors are beginning to incorporate the business risks of climate change and the adequacy of companies’ responses to climate change and other ESG matters as part of their investment theses. These shifts in investing priorities may result in adverse effects on the trading price of our common stock if investors determine that we have not made sufficient progress on ESG matters.

Item 9.01 Financial Statements and Exhibits

Exhibit 99.1 – Certain financial information contained in press release dated July 23, 2020.

Exhibit 104 – Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	FIFTH THIRD BANCORP
	(Registrant)
Date: July 27, 2020	/s/ Tayfun Tuzun
	Tayfun Tuzun
	Executive Vice President and Chief Financial Officer

EX-99.1

Exhibit 99.1

Key Financial Data $ millions for all balance sheet and income statement items
	2Q20			1Q20			2Q19
Income Statement Data
Net income available to common shareholders	$	163		$	29		$	427
Net interest income (U.S. GAAP)		1,200			1,229			1,245
Net interest income (FTE)(a)		1,203			1,233			1,250
Noninterest income		650			671			660
Noninterest expense		1,121			1,200			1,243
Per Share Data
Earnings per share, basic	$	0.23		$	0.04		$	0.57
Earnings per share, diluted		0.23			0.04			0.57
Book value per share		28.88			28.26			26.17
Tangible book value per share(a)		22.66			22.02			20.03
Balance Sheet & Credit Quality
Average portfolio loans and leases	$	118,506		$	110,779		$	110,095
Average deposits		150,598			126,789			124,345
Net charge-off ratio(b)		0.44	%		0.44	%		0.29	%
Nonperforming asset ratio(c)		0.65			0.60			0.51
Financial Ratios
Return on average assets		0.40	%		0.11	%		1.08	%
Return on average common equity		3.2			0.6			9.1
Return on average tangible common equity(a)		4.3			1.0			12.3
CET1 capital(d)(e)		9.72			9.37			9.57
Net interest margin(a)		2.75			3.28			3.37
Efficiency(a)		60.5			63.0			65.1
Other than the Quarterly Financial Review tables beginning on page 13, commentary is on a fully taxable-equivalent (FTE) basis unless otherwise noted. Consistent with SEC guidance in Industry Guide 3 that contemplates the calculation of tax-exempt income on a taxable-equivalent basis, net interest income, net interest margin, net interest rate spread, total revenue and the efficiency ratio are provided on an FTE basis.

Income Statement Highlights    

($ in millions, except per share data)	For the Three Months Ended						% Change
	June 2020		March 2020		June 2019		Seq			Yr/Yr
Condensed Statements of Income
Net interest income (NII)(a)	$	1,203	$	1,233	$	1,250		(2	)%		(4	)%
Provision for credit losses		485		640		85		(24	)%		471	%
Noninterest income		650		671		660		(3	)%		(2	)%
Noninterest expense		1,121		1,200		1,243		(7	)%		(10	)%
Income before income taxes(a)	$	247	$	64	$	582		286	%		(58	)%
Taxable equivalent adjustment	$	3	$	4	$	5		(25	)%		(40	)%
Applicable income tax expense		49		14		124		250	%		(60	)%
Net income	$	195	$	46	$	453		324	%		(57	)%
Dividends on preferred stock		32		17		26		88	%		23	%
Net income available to common shareholders	$	163	$	29	$	427		462	%		(62	)%
Earnings per share, diluted	$	0.23	$	0.04	$	0.57		475	%		(60	)%

Fifth Third Bancorp (NASDAQ^®: FITB) today reported second quarter 2020 net income of $195 million compared to net income of $46 million in the prior quarter and $453 million in the year-ago quarter. Net income available to common shareholders in the current quarter was $163 million, or $0.23 per diluted share, compared to $29 million, or $0.04 per diluted share, in the prior quarter and $427 million, or $0.57 per diluted share, in the year-ago quarter.

Diluted earnings per share impact of certain items - 2Q20

(after-tax impacts(f); $ in millions, except per share data)
Valuation of Visa total return swap within other noninterest income	$	(22	)
Branch and non-branch real estate charges within other noninterest income		(10	)
COVID-19-related expenses		(9	)
Merger-related expenses		(7	)
FHLB debt extinguishment charge within other noninterest expense		(4	)
After-tax impact(f) of certain items	$	(52	)
Diluted earnings per share impact of certain items	$	(0.07	)
Diluted earnings per share impact reflect 717.572 million average diluted shares outstanding

2

Net Interest Income    

(FTE; $ in millions)(a)	For the Three Months Ended									% Change
	June 2020			March 2020			June 2019			Seq			Yr/Yr
Interest Income
Interest income	$	1,406		$	1,529		$	1,641			(8	)%		(14	)%
Interest expense		203			296			391			(31	)%		(48	)%
Net interest income (NII)	$	1,203		$	1,233		$	1,250			(2	)%		(4	)%
Adjusted NII(a)	$	1,188		$	1,217		$	1,232			(2	)%		(4	)%
Average Yield/Rate Analysis										bps Change
Yield on interest-earning assets		3.21	%		4.07	%		4.42	%		(86	)		(121	)
Rate paid on interest-bearing liabilities		0.66	%		1.09	%		1.47	%		(43	)		(81	)
Ratios
Net interest rate spread		2.55	%		2.98	%		2.95	%		(43	)		(40	)
Net interest margin (NIM)		2.75	%		3.28	%		3.37	%		(53	)		(62	)
Adjusted NIM(a)		2.71	%		3.24	%		3.32	%		(53	)		(61	)

Compared to the prior quarter, reported NII decreased $30 million, or 2%. Excluding purchase accounting accretion of $15 million in the current quarter and $16 million in the prior quarter, adjusted NII decreased $29 million, or 2%. The decrease was driven by the impact of lower market rates on commercial loans, decreased mortgage loan balances due to an increase in prepayment activity, as well as a decline in home equity and credit card balances reflecting generally subdued demand. These impacts were partially offset by elevated average commercial revolving line of credit balances and growth from lower yielding PPP loans, as well as continued focus on reducing deposit costs and the favorable impact of previously executed hedges. Compared to the prior quarter, reported and adjusted NIM decreased 53 bps, also driven by lower market rates and the unfavorable impact from elevated cash balances (29 bps), and lower yielding PPP loans (1 bp), partially offset by benefits from lower deposit costs and previously executed hedges.

Compared to the year-ago quarter, reported NII decreased $47 million, or 4%. Excluding purchase accounting accretion, adjusted NII decreased $44 million, or 4%, primarily reflecting lower market rates, partially offset by the impact of elevated average commercial line draws and lower yielding PPP loans, as well as a continued focus on reducing deposit costs and the favorable impact of previously executed hedges. Compared to the year-ago quarter, reported NIM decreased 62 bps. Excluding purchase accounting accretion, adjusted NIM decreased 61 bps, primarily reflecting the impact of lower market rates on commercial loans and significantly elevated cash balances, partially offset by benefits from lower deposit costs and previously executed hedges.

3

Noninterest Income    

($ in millions)	For the Three Months Ended							% Change
	June 2020		March 2020			June 2019		Seq			Yr/Yr
Noninterest Income
Service charges on deposits	$	122	$	148		$	143		(18	)%		(15	)%
Commercial banking revenue		137		124			107		10	%		28	%
Mortgage banking net revenue		99		120			63		(18	)%		57	%
Wealth and asset management revenue		120		134			122		(10	)%		(2	)%
Card and processing revenue		82		86			92		(5	)%		(11	)%
Leasing business revenue		57		73			76		(22	)%		(25	)%
Other noninterest income		12		7			47		71	%		(74	)%
Securities gains (losses), net		21		(24	)		8		NM			163	%
Securities gains, net - non-qualifying hedges on mortgage servicing rights		—		3			2		(100	)%		(100	)%
Total noninterest income	$	650	$	671		$	660		(3	)%		(2	)%

Reported noninterest income decreased $21 million, or 3%, from the prior quarter, and decreased $10 million, or 2%, from the year-ago quarter. The reported results reflect the impact of certain items in the table below. Reported noninterest income results include securities gains/losses which were attributable predominantly to mark-to-market impacts related to non-qualified deferred compensation assets, and were offset in noninterest expense, resulting in an immaterial impact to pre-tax income.

Noninterest Income excluding certain items    

($ in millions)	For the Three Months Ended
	June 2020			March 2020		June 2019
Noninterest Income excluding certain items
Noninterest income (U.S. GAAP)	$	650		$	671	$	660
Valuation of Visa total return swap		29			22		22
Branch and non-branch real estate charges		12			—		—
Net impairment on private equity investments		—			15		—
Securities (gains) losses, net (excluding GreenSky)		(21	)		24		(8	)
Noninterest income excluding certain items(a)	$	670		$	732	$	674

Compared to the prior quarter, noninterest income excluding certain items decreased $62 million, or 8%. Compared to the year-ago quarter, noninterest income excluding certain items decreased $4 million, or 1%.

Compared to the prior quarter, service charges on deposits decreased $26 million, or 18%, reflecting lower consumer and commercial deposit fees which were impacted by the record growth in deposit balances as well as hardship-related fee waivers granted throughout the quarter. Commercial banking revenue increased $13 million, or 10%, reflecting increases in both debt and equity capital markets revenue, as well as increased institutional brokerage revenue. Mortgage banking net revenue decreased $21 million, or 18%, as strong origination fees and gains on loan sales (reflecting improved margins) in the current quarter were more than offset by the MSR net valuation adjustment that returned to normalized levels compared to the prior quarter favorability, as well as lower origination volume and a decrease in gross servicing fee revenue in the current quarter. Current quarter mortgage originations of $3.4 billion decreased 15% compared to the prior quarter and were impacted by the decision to temporarily pause correspondent channel production. Mortgage originations excluding correspondent channel production increased 22% compared to the prior quarter. Wealth and asset management revenue decreased $14 million, or 10%, primarily driven by lower revenue given the equity market performance and seasonally strong tax preparation fees from the prior quarter. Card and processing revenue decreased

4

$4 million, or 5%, resulting from lower credit and debit volumes throughout the quarter reflecting customer behavioral changes in response to the pandemic, partially offset by lower rewards. Leasing business revenue decreased $16 million, or 22%, primarily driven by a decrease in lease syndication revenue.

Compared to the year-ago quarter, service charges on deposits decreased $21 million, or 15%, driven by lower consumer and commercial deposit fees, which were impacted by the record growth in deposit balances as well as hardship-related fee waivers granted throughout the quarter. Commercial banking revenue increased $30 million, or 28%, reflecting increases in both debt and equity capital markets revenue, as well as increased institutional brokerage and financial risk management revenue. Mortgage banking net revenue increased $36 million, or 57% primarily driven by strong origination fees and gains on loan sales reflecting improved margins. Originations excluding the correspondent channel increased 41% compared to the year-ago quarter. Wealth and asset management revenue decreased $2 million, or 2%. Card and processing revenue decreased by $10 million, or 11%, reflecting decreases in debit and credit volumes, partially offset by lower rewards. Leasing business revenue decreased $19 million, or 25% primarily reflecting lower business solutions revenue.

Noninterest Expense    

($ in millions)	For the Three Months Ended						% Change
	June 2020		March 2020		June 2019		Seq			Yr/Yr
Noninterest Expense
Compensation and benefits	$	627	$	647	$	641		(3	)%		(2	)%
Net occupancy expense		82		82		88		—			(7	)%
Technology and communications		90		93		136		(3	)%		(34	)%
Equipment expense		32		32		33		—			(3	)%
Card and processing expense		29		31		34		(6	)%		(15	)%
Leasing business expense		33		35		38		(6	)%		(13	)%
Marketing expense		20		31		41		(35	)%		(51	)%
Intangible amortization expense		12		13		14		(8	)%		(14	)%
Other noninterest expense		196		236		218		(17	)%		(10	)%
Total noninterest expense	$	1,121	$	1,200	$	1,243		(7	)%		(10	)%

Impacts of Merger-Related Expenses    

($ in millions)	For the Three Months Ended
	June 2020		March 2020		June 2019
Merger-Related Expenses
Compensation and benefits	$	2	$	2	$	41
Net occupancy expense		2		1		6
Technology and communications		4		3		49
Equipment expense		—		—		1
Card and processing expense		—		—		1
Leasing business expense		—		—		—
Marketing expense		—		—		3
Intangible amortization expense		—		—		—
Other noninterest expense		1		1		8
Total merger-related expenses	$	9	$	7	$	109

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Noninterest Expense excluding Merger-Related Expenses^(a)    

($ in millions)	For the Three Months Ended						% Change
	June 2020		March 2020		June 2019		Seq			Yr/Yr
Noninterest Expense excluding Merger-Related Expenses
Compensation and benefits	$	625	$	645	$	600		(3	)%		4	%
Net occupancy expense		80		81		82		(1	)%		(2	)%
Technology and communications		86		90		87		(4	)%		(1	)%
Equipment expense		32		32		32		—	%		—	%
Card and processing expense		29		31		33		(6	)%		(12	)%
Leasing business expense		33		35		38		(6	)%		(13	)%
Marketing expense		20		31		38		(35	)%		(47	)%
Intangible amortization expense		12		13		14		(8	)%		(14	)%
Other noninterest expense		195		235		210		(17	)%		(7	)%
Total noninterest expense excluding merger-related expenses	$	1,112	$	1,193	$	1,134		(7	)%		(2	)%

Compared to the prior quarter, reported noninterest expense decreased $79 million, or 7%. Excluding certain noninterest expense items shown on page 2 and in the reconciliation tables of the earnings release (including COVID-19-related expenses), as well as intangible amortization expense, noninterest expense decreased $62 million, or 5%, primarily reflecting lower compensation and benefits (which included $22 million from non-qualified deferred compensation expense in the current quarter compared to an expense benefit of $26 million in the prior quarter), lower other noninterest expense, declines in expenses directly associated with revenue-generating activities, and continued discipline managing expenses throughout the Company. Excluding the impacts of non-qualified deferred compensation expense (offset in noninterest income), expenses decreased $110 million, or 9%, compared to the prior quarter.

Compared to the year-ago quarter, reported noninterest expense decreased $122 million, or 10%. Excluding certain noninterest expenses shown on page 2 and in the reconciliation tables of the earnings release (including COVID-19-related expenses), as well as intangible amortization expense, noninterest expense decreased $38 million, or 3%, primarily reflecting lower marketing expense, lower other noninterest expense, and declines in expenses directly associated with business activities, partially offset by elevated compensation and benefits expenses (which included $22 million from non-qualified deferred compensation expense in the current quarter compared to $7 million in the year-ago quarter). Excluding the impacts of non-qualified deferred compensation expense (offset in noninterest income), expenses decreased $53 million, or 5%, compared to the year-ago quarter.

6

Average Interest-Earning Assets    

($ in millions)	For the Three Months Ended						% Change
	June 2020		March 2020		June 2019		Seq			Yr/Yr
Average Portfolio Loans and Leases
Commercial loans and leases:
Commercial and industrial loans	$	59,040	$	51,586	$	52,078		14	%		13	%
Commercial mortgage loans		11,222		11,019		10,632		2	%		6	%
Commercial construction loans		5,548		5,132		5,248		8	%		6	%
Commercial leases		3,056		3,201		3,809		(5	)%		(20	)%
Total commercial loans and leases	$	78,866	$	70,938	$	71,767		11	%		10	%
Consumer loans:
Residential mortgage loans	$	16,561	$	16,732	$	16,804		(1	)%		(1	)%
Home equity		5,820		6,006		6,376		(3	)%		(9	)%
Indirect secured consumer loans		12,124		11,809		10,190		3	%		19	%
Credit card		2,248		2,498		2,408		(10	)%		(7	)%
Other consumer loans		2,887		2,796		2,550		3	%		13	%
Total consumer loans	$	39,640	$	39,841	$	38,328		(1	)%		3	%
Total average portfolio loans and leases	$	118,506	$	110,779	$	110,095		7	%		8	%
Average Loans and Leases Held for Sale
Commercial loans and leases held for sale	$	68	$	108	$	113		(37	)%		(40	)%
Consumer loans held for sale		844		1,293		785		(35	)%		8	%
Total average loans and leases held for sale	$	912	$	1,401	$	898		(35	)%		2	%
Securities and other short-term investments	$	56,806	$	39,033	$	37,797		46	%		50	%
Total average interest-earning assets	$	176,224	$	151,213	$	148,790		17	%		18	%

Compared to the prior quarter, total average portfolio loans and leases increased 7%, reflecting growth in commercial and industrial (C&I) loans, commercial construction and indirect secured consumer loans (predominantly indirect automobile). Average commercial portfolio loans and leases increased 11%, reflecting elevated C&I revolving line of credit utilization and the impact of PPP loans in the current quarter, as well as growth in commercial construction and commercial mortgage loans, partially offset by lower commercial leases. Average consumer portfolio loans decreased 1%, reflecting declines in credit card and home equity loans, partially offset by growth in indirect secured consumer loans.

Compared to the year-ago quarter, total average portfolio loans and leases increased 8%, reflecting growth in C&I loans as well as continued growth in indirect secured consumer loans (predominantly indirect automobile). Average commercial portfolio loans and leases increased 10%, reflecting elevated C&I balances predominantly from elevated corporate banking client line of credit utilization for part of the quarter, PPP loans, and growth in commercial mortgage loans, partially offset by a decline in commercial leases. Average consumer portfolio loans increased 3%, as higher indirect secured consumer loans were partially offset by lower credit card and home equity loans.

Total period-end commercial portfolio loans and leases of $75 billion included $5.2 billion in PPP loan balances and decreased $3 billion, or 3%, from the prior quarter, and increased $5 billion, or 7%, from the year-ago quarter, reflecting a normalization of commercial revolving line utilization throughout the current quarter. Period-end commercial revolving line utilization was 38%, compared to 47% in the prior quarter and 37% in the year-ago quarter.

Average available-for-sale debt and other securities of $36.1 billion increased 3% compared to the prior quarter and increased 4% compared to the year-ago quarter. Average other short-term investments (which includes interest-bearing cash) of $19.8 billion increased $16.9 billion compared to the prior quarter and increased $17.5 billion compared to the year-ago quarter.

7

Average Deposits    

($ in millions)	For the Three Months Ended						% Change
	June 2020		March 2020		June 2019		Seq			Yr/Yr
Average Deposits
Demand	$	45,761	$	35,765	$	35,818		28	%		28	%
Interest checking		49,760		40,298		36,514		23	%		36	%
Savings		16,354		14,715		14,418		11	%		13	%
Money market		30,022		27,109		25,934		11	%		16	%
Foreign office(g)		182		209		163		(13	)%		12	%
Total transaction deposits	$	142,079	$	118,096	$	112,847		20	%		26	%
Other time		4,421		5,081		5,678		(13	)%		(22	)%
Total core deposits	$	146,500	$	123,177	$	118,525		19	%		24	%
Certificates - $100,000 and over		4,067		3,355		5,780		21	%		(30	)%
Other deposits		31		257		40		(88	)%		(23	)%
Total average deposits	$	150,598	$	126,789	$	124,345		19	%		21	%

Compared to the prior quarter, average core deposits increased 19%, with double-digit growth in all deposit captions except other time and foreign office deposits. Average demand deposits represented 31% of total core deposits in the current quarter compared to 29% in the prior quarter. Average commercial transaction deposits increased 34% and average consumer transaction deposits increased 8%.

Compared to the year-ago quarter, average core deposits increased 24%, reflecting record growth in commercial and consumer balances. Average commercial transaction deposits increased 45% and average consumer transaction deposits increased 10%.

The period end loan-to-core deposit ratio was 75% in the current quarter, compared to 89% in the prior quarter and 91% in the year-ago quarter.

Average Wholesale Funding    

($ in millions)	For the Three Months Ended						% Change
	June 2020		March 2020		June 2019		Seq			Yr/Yr
Average Wholesale Funding
Certificates - $100,000 and over	$	4,067	$	3,355	$	5,780		21	%		(30	)%
Other deposits		31		257		40		(88	)%		(23	)%
Federal funds purchased		309		654		1,151		(53	)%		(73	)%
Other short-term borrowings		2,377		1,750		1,119		36	%		112	%
Long-term debt		16,955		15,816		15,543		7	%		9	%
Total average wholesale funding	$	23,739	$	21,832	$	23,633		9	%		—	%

Compared to the prior quarter, average wholesale funding increased 9%, driven primarily by debt issuances of $1.25 billion during the quarter, as well as increases in jumbo CD balances and other short-term borrowings reflecting $3 billion in FHLB advances which were initiated in the first month of the quarter and subsequently extinguished, partially offset by decreased federal funds borrowings and other deposits. Compared to the year-ago quarter, average wholesale funding remained flat as decreases in jumbo CD balances, federal funds borrowings and other deposits were offset by increases in long-term debt and other short-term borrowings.

8

Credit Quality Summary    

($ in millions)	As of and For the Three Months Ended
	June 2020			March 2020			December 2019			September 2019			June 2019
Total nonaccrual portfolio loans and leases (NPLs)	$	700		$	647		$	618		$	482		$	521
Repossessed property		4			10			10			9			8
OREO		43			52			52			28			31
Total nonperforming portfolio loans and leases and OREO (NPAs)	$	747		$	709		$	680		$	519		$	560
NPL ratio(h)		0.61	%		0.55	%		0.56	%		0.44	%		0.48	%
NPA ratio(c)		0.65	%		0.60	%		0.62	%		0.47	%		0.51	%
Total loans and leases 30-89 days past due (accrual)	$	381		$	409		$	364		$	402		$	383
Total loans and leases 90 days past due (accrual)		136			151			130			132			128
Allowance for loan and lease losses (ALLL), beginning	$	2,348		$	1,202		$	1,143		$	1,115		$	1,115
Impact of CECL adoption		—			643			—			—			—
Total net losses charged-off		(130	)		(122	)		(113	)		(99	)		(78	)
Provision for loan and lease losses		478			625			172			127			78
ALLL, ending	$	2,696		$	2,348		$	1,202		$	1,143		$	1,115
Reserve for unfunded commitments, beginning	$	169		$	144		$	154		$	147		$	133
Impact of CECL adoption		—			10			—			—			—
Reserve for acquired commitments		—			—			—			—			7
Provision for (benefit from) the reserve for unfunded commitments		7			15			(10	)		7			7
Reserve for unfunded commitments, ending	$	176		$	169		$	144		$	154		$	147
Total allowance for credit losses (ACL)	$	2,872		$	2,517		$	1,346		$	1,297		$	1,262
ACL ratios:
As a % of portfolio loans and leases		2.50	%		2.13	%		1.23	%		1.19	%		1.15	%
As a % of nonperforming portfolio loans and leases		410	%		389	%		218	%		269	%		242	%
As a % of nonperforming portfolio assets		385	%		355	%		198	%		250	%		225	%
ALLL as a % of portfolio loans and leases		2.34	%		1.99	%		1.10	%		1.04	%		1.02	%
Total losses charged-off	$	(163	)	$	(159	)	$	(152	)	$	(130	)	$	(119	)
Total recoveries of losses previously charged-off		33			37			39			31			41
Total net losses charged-off	$	(130	)	$	(122	)	$	(113	)	$	(99	)	$	(78	)
Net charge-off ratio (NCO ratio)(b)		0.44	%		0.44	%		0.41	%		0.36	%		0.29	%
Commercial NCO ratio		0.40	%		0.32	%		0.20	%		0.18	%		0.13	%
Consumer NCO ratio		0.52	%		0.66	%		0.78	%		0.68	%		0.59	%

Nonperforming portfolio loans and leases were $700 million in the current quarter, with the resulting NPL ratio of 0.61%. Compared to the prior quarter, NPLs increased $53 million with the NPL ratio increasing 6 bps. Compared to the year-ago quarter, NPLs increased $179 million with the NPL ratio increasing 13 bps.

Nonperforming portfolio assets were $747 million in the current quarter, with the resulting NPA ratio of 0.65%. Compared to the prior quarter, NPAs increased $38 million with the NPA ratio increasing 5 bps. Compared to the year-ago quarter, NPAs increased $187 million with the NPA ratio increasing 14 bps.

9

The provision for credit losses totaled $485 million in the current quarter. The allowance for credit loss ratio represented 2.50% of total portfolio loans and leases in the current quarter, compared with 2.13% in the prior quarter and 1.15% in the year-ago quarter (using the incurred loss methodology). In the current quarter, the allowance for credit losses represented 410% of nonperforming portfolio loans and leases and 385% of nonperforming portfolio assets. The allowance for loan and lease losses ratio represented 2.34% of total portfolio loans and leases in the current quarter.

Net charge-offs were $130 million in the current quarter, with the resulting NCO ratio of 0.44%. Compared to the prior quarter, net charge-offs increased $8 million and the NCO ratio remained flat. Compared to the year-ago quarter, net charge-offs increased $52 million and the NCO ratio increased 15 bps.

Capital Position    

	As of and For the Three Months Ended
	June 2020			March 2020			December 2019			September 2019			June 2019
Capital Position
Average total Bancorp shareholders’ equity as a % of average assets		11.30	%		12.63	%		12.58	%		12.43	%		12.02	%
Tangible equity(a)		7.68	%		8.41	%		9.52	%		9.29	%		9.09	%
Tangible common equity (excluding AOCI)(a)		6.77	%		7.41	%		8.44	%		8.21	%		8.27	%
Tangible common equity (including AOCI)(a)		8.13	%		8.65	%		9.08	%		9.09	%		8.91	%
Regulatory Capital Ratios(e)
CET1 capital(d)		9.72	%		9.37	%		9.75	%		9.56	%		9.57	%
Tier I risk-based capital(d)		10.95	%		10.56	%		10.99	%		10.81	%		10.62	%
Total risk-based capital(d)		14.23	%		13.59	%		13.84	%		13.68	%		13.53	%
Tier I leverage		8.16	%		9.37	%		9.54	%		9.36	%		9.24	%

Capital ratios remained strong during the quarter. The CET1 capital ratio was 9.72%, the tangible common equity to tangible assets ratio was 6.77% excluding AOCI, and 8.13% including AOCI. The Tier I risk-based capital ratio was 10.95%, the Total risk-based capital ratio was 14.23%, and the Tier I leverage ratio was 8.16%. Certain capital ratios, including the Tier I leverage ratio, were impacted by the significant increase in assets throughout the quarter, predominantly from growth in 0% risk-weighted assets resulting from an increase in interest-bearing cash as well as PPP loans.

On June 30, 2020, Fifth Third released its indicative stress capital buffer requirement resulting from the Federal Reserve Board’s 2020 Comprehensive Capital Analysis and Review results incorporating the supervisory severely adverse scenario published in February 2020. Fifth Third’s indicative stress capital buffer under this scenario is 2.5%, effective October 1, 2020. The stress capital buffer of 2.5% is the floor under the regulatory capital rules. Without the floor, Fifth Third estimates its buffer would have been approximately 2.1%.

10

Tax Rate

The effective tax rate was 19.9% compared with 22.6% in the prior quarter and 21.5% in the year-ago quarter. The tax rate in the current quarter reflected a one-time $2 million tax benefit primarily due to various state items.

Corporate Profile

Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio, and the indirect parent company of Fifth Third Bank, National Association, a federally chartered institution. As of June 30, 2020, the Company had $203 billion in assets and operates 1,122 full-service Banking Centers, and 2,456 Fifth Third branded ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Georgia and North Carolina. In total, Fifth Third provides its customers with access to approximately 53,000 fee-free ATMs across the United States. Fifth Third operates four main businesses: Commercial Banking, Branch Banking, Consumer Lending, and Wealth & Asset Management. Fifth Third is among the largest money managers in the Midwest and, as of June 30, 2020, had $405 billion in assets under care, of which it managed $49 billion for individuals, corporations and not-for-profit organizations through its Trust and Registered Investment Advisory businesses. Investor information and press releases can be viewed at www.53.com. Fifth Third’s common stock is traded on the NASDAQ^® Global Select Market under the symbol “FITB.”

Earnings Release End Notes

(a) Non-GAAP measure; see discussion of non-GAAP and Reg. G reconciliation beginning on page 19.

(b) Net losses charged-off as a percent of average portfolio loans and leases.

(c) Nonperforming portfolio assets as a percent of portfolio loans and leases and OREO.

(d) Under the U.S. banking agencies’ Basel III Final Rule, assets and credit equivalent amounts of off-balance sheet exposures are calculated according to the standardized approach for risk-weighted assets. The resulting values are added together resulting in the Bancorp’s total risk-weighted assets.

(e) Current period regulatory capital ratios are estimated.

(f) Assumes a 23% tax rate.

(g) Includes commercial customer Eurodollar sweep balances for which the Bank pays rates comparable to other commercial deposit accounts.

(h) Nonperforming portfolio loans and leases as a percent of portfolio loans and leases and OREO.

11

FORWARD-LOOKING STATEMENTS

This release 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. These statements relate to our financial condition, results of operations, plans, objectives, future performance 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 filings with the U.S. Securities and Exchange Commission (“SEC”). When considering these forward-looking statements, you should keep in mind these risks and uncertainties, as well as any cautionary statements we may make. 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. We undertake no obligation to release revisions to these forward-looking statements or reflect events or circumstances after the date of this document.

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 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; (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) risks relating to Fifth Third’s ability to realize the anticipated benefits of the merger with MB Financial, Inc.; (36) difficulties in identifying, acquiring or integrating suitable strategic partnerships, investments or acquisitions; (37) potential dilution from future acquisitions; (38) loss of income and/or difficulties encountered in the sale and separation of businesses, investments or other assets; (39) results of investments or acquired entities; (40) changes in accounting standards or interpretation or declines in the value of Fifth Third’s goodwill or other intangible assets; (41) inaccuracies or other failures from the use of models; (42) effects of critical accounting policies and judgments or the use of inaccurate estimates; (43) weather-related events, other natural disasters, or health emergencies; and (44) the impact of reputational risk created by these or other developments on such matters as business generation and retention, funding and liquidity.

You should refer to our periodic and current reports filed with the Securities and Exchange Commission, or “SEC,” for further information on other factors, which could cause actual results to be significantly different from those expressed or implied by these forward-looking statements.

# # #

12

Fifth Third Bancorp and Subsidiaries

Consolidated Statements of Income^(a)

$ in millions

(unaudited)

	For the Three Months Ended							% Change						Year to Date					% Change
	June 2020		March 2020			June 2019		Seq			Yr/Yr			June 2020			June 2019		Yr/Yr
Interest Income
Interest and fees on loans and leases	$	1,115	$	1,235		$	1,336		(10	%)		(17	%)	$	2,350		$	2,479		(5	%)
Interest on securities		283		283			290		—			(2	%)		566			571		(1	%)
Interest on other short-term investments		5		7			10		(29	%)		(50	%)		12			19		(37	%)
Total interest income		1,403		1,525			1,636		(8	%)		(14	%)		2,928			3,069		(5	%)
Interest Expense
Interest on deposits		83		166			243		(50	)%		(66	%)		248			449		(45	%)
Interest on federal funds purchased		—		2			8		(100	)%		(100	%)		2			20		(90	%)
Interest on other short-term borrowings		2		6			9		(67	)%		(78	%)		8			14		(43	%)
Interest on long-term debt		118		122			131		(3	)%		(10	%)		241			259		(7	%)
Total interest expense		203		296			391		(31	)%		(48	%)		499			742		(33	%)
Net Interest Income		1,200		1,229			1,245		(2	)%		(4	%)		2,429			2,327		4	%
Provision for credit losses		485		640			85		(24	%)		471	%		1,125			175		543	%
Net Interest Income After Provision for Credit Losses		715		589			1,160		21	%		(38	%)		1,304			2,152		(39	%)
Noninterest Income
Service charges on deposits		122		148			143		(18	)%		(15	%)		270			274		(1	%)
Commercial banking revenue		137		124			107		10	%		28	%		261			209		25	%
Mortgage banking net revenue		99		120			63		(18	)%		57	%		219			119		84	%
Wealth and asset management revenue		120		134			122		(10	)%		(2	%)		255			234		9	%
Card and processing revenue		82		86			92		(5	)%		(11	%)		167			171		(2	%)
Leasing business revenue		57		73			76		(22	)%		(25	%)		131			108		21	%
Other noninterest income		12		7			47		71	%		(74	%)		18			616		(97	%)
Securities (losses) gains, net		21		(24	)		8		NM			163	%		(3	)		25		NM
Securities gains, net - non-qualifying hedges on mortgage servicing rights		—		3			2		(100	%)		(100	%)		3			5		(40	%)
Total noninterest income		650		671			660		(3	)%		(2	%)		1,321			1,761		(25	%)
Noninterest Expense
Compensation and benefits		627		647			641		(3	%)		(2	%)		1,274			1,251		2	%
Net occupancy expense		82		82			88		—			(7	%)		164			164		—
Technology and communications		90		93			136		(3	%)		(34	%)		183			219		(16	%)
Equipment expense		32		32			33		—			(3	%)		64			63		2	%
Card and processing expense		29		31			34		(6	%)		(15	%)		60			64		(6	%)
Leasing business expense		33		35			38		(6	%)		(13	%)		68			57		19	%
Marketing expense		20		31			41		(35	%)		(51	%)		51			77		(34	%)
Other noninterest expense		208		249			232		(16	%)		(10	%)		457			446		2	%
Total noninterest expense		1,121		1,200			1,243		(7	%)		(10	%)		2,321			2,341		(1	%)
Income Before Income Taxes		244		60			577		307	%		(58	%)		304			1,572		(81	%)
Applicable income tax expense		49		14			124		250	%		(60	%)		61			344		(82	%)
Net Income		195		46			453		324	%		(57	%)		243			1,228		(80	%)
Dividends on preferred stock		32		17			26		88	%		23	%		50			41		22	%
Net Income Available to Common Shareholders	$	163	$	29		$	427		462	%		(62	%)	$	193		$	1,187		(84	%)

13

Fifth Third Bancorp and Subsidiaries

Consolidated Statements of Income

$ in millions

(unaudited)

	For the Three Months Ended
	June 2020		March 2020			December 2019			September 2019		June 2019
Interest Income
Interest and fees on loans and leases	$	1,115	$	1,235		$	1,252		$	1,320	$	1,336
Interest on securities		283		283			299			291		290
Interest on other short-term investments		5		7			8			14		10
Total interest income		1,403		1,525			1,559			1,625		1,636
Interest Expense
Interest on deposits		83		166			201			243		243
Interest on federal funds purchased		—		2			5			4		8
Interest on other short-term borrowings		2		6			5			8		9
Interest on long-term debt		118		122			120			128		131
Total interest expense		203		296			331			383		391
Net Interest Income		1,200		1,229			1,228			1,242		1,245
Provision for credit losses		485		640			162			134		85
Net Interest Income After Provision for Credit Losses		715		589			1,066			1,108		1,160
Noninterest Income
Service charges on deposits		122		148			149			143		143
Commercial banking revenue		137		124			127			123		107
Mortgage banking net revenue		99		120			73			95		63
Wealth and asset management revenue		120		134			129			124		122
Card and processing revenue		82		86			95			94		92
Leasing business revenue		57		73			71			92		76
Other noninterest income		12		7			382			64		47
Securities gains (losses), net		21		(24	)		10			5		8
Securities gains (losses), net - non-qualifying hedges on mortgage servicing rights		—		3			(1	)		—		2
Total noninterest income		650		671			1,035			740		660
Noninterest Expense
Compensation and benefits		627		647			576			584		641
Net occupancy expense		82		82			84			84		88
Technology and communications		90		93			103			100		136
Equipment expense		32		32			33			33		33
Card and processing expense		29		31			33			33		34
Leasing business expense		33		35			36			40		38
Marketing expense		20		31			44			40		41
Other noninterest expense		208		249			251			245		232
Total noninterest expense		1,121		1,200			1,160			1,159		1,243
Income Before Income Taxes		244		60			941			689		577
Applicable income tax expense		49		14			207			140		124
Net Income		195		46			734			549		453
Dividends on preferred stock		32		17			33			19		26
Net Income Available to Common Shareholders	$	163	$	29		$	701		$	530	$	427

14

Fifth Third Bancorp and Subsidiaries

Consolidated Balance Sheets

$ in millions, except per share data

(unaudited)

	As of									% Change
	June 2020			March 2020			June 2019			Seq			Yr/Yr
Assets
Cash and due from banks	$	3,221		$	3,282		$	2,764			(2	%)		17	%
Other short-term investments		28,243			6,319			3,357			347	%		741	%
Available-for-sale debt and other securities(a)		38,599			38,645			35,753			0	%		8	%
Held-to-maturity securities(b)		16			17			21			(6	%)		(24	%)
Trading debt securities		526			433			322			21	%		63	%
Equity securities		273			459			485			(41	%)		(44	%)
Loans and leases held for sale		912			1,630			1,205			(44	%)		(24	%)
Portfolio loans and leases:
Commercial and industrial loans		55,661			58,250			51,104			(4	%)		9	%
Commercial mortgage loans		11,233			11,160			10,717			1	%		5	%
Commercial construction loans		5,479			5,462			5,264			0	%		4	%
Commercial leases		3,061			3,123			3,677			(2	%)		(17	%)
Total commercial loans and leases		75,434			77,995			70,762			(3	%)		7	%
Residential mortgage loans		16,457			16,701			16,777			(1	%)		(2	%)
Home equity		5,681			5,963			6,325			(5	%)		(10	%)
Indirect secured consumer loans		12,395			12,050			10,403			3	%		19	%
Credit card		2,211			2,417			2,436			(9	%)		(9	%)
Other consumer loans		2,875			2,911			2,580			(1	%)		11	%
Total consumer loans		39,619			40,042			38,521			(1	%)		3	%
Portfolio loans and leases		115,053			118,037			109,283			(3	%)		5	%
Allowance for loan and lease losses		(2,696	)		(2,348	)		(1,115	)		15	%		142	%
Portfolio loans and leases, net		112,357			115,689			108,168			(3	%)		4	%
Bank premises and equipment		2,053			2,009			2,074			2	%		(1	%)
Operating lease equipment		809			819			894			(1	%)		(10	%)
Goodwill		4,261			4,261			4,284			—			(1	%)
Intangible assets		171			184			215			(7	%)		(20	%)
Servicing rights		676			685			1,039			(1	%)		(35	%)
Other assets		10,789			10,959			8,221			(2	%)		31	%
Total Assets	$	202,906		$	185,391		$	168,802			9	%		20	%
Liabilities
Deposits:
Demand	$	49,359		$	39,533		$	35,589			25	%		39	%
Interest checking		51,586			44,520			37,491			16	%		38	%
Savings		16,896			15,557			14,484			9	%		17	%
Money market		30,881			27,775			26,465			11	%		17	%
Foreign office		191			177			175			8	%		9	%
Other time		3,913			4,683			5,759			(16	%)		(32	%)
Certificates $100,000 and over		4,120			2,816			5,429			46	%		(24	%)
Other deposits		—			—			—			NM			NM
Total deposits		156,946			135,061			125,392			16	%		25	%
Federal funds purchased		262			1,625			179			(84	%)		46	%
Other short-term borrowings		1,285			4,542			957			(72	%)		34	%
Accrued taxes, interest and expenses		2,582			2,432			2,397			6	%		8	%
Other liabilities		3,169			3,576			3,422			(11	%)		(7	%)
Long-term debt		16,327			16,282			15,784			0	%		3	%
Total Liabilities		180,571			163,518			148,131			10	%		22	%
Equity
Common stock(c)		2,051			2,051			2,051			—			—
Preferred stock		1,770			1,770			1,331			—			33	%
Capital surplus		3,603			3,597			3,572			0	%		1	%
Retained earnings		17,643			17,677			17,431			0	%		1	%
Accumulated other comprehensive income		2,951			2,477			1,178			19	%		151	%
Treasury stock		(5,683	)		(5,699	)		(5,089	)		0	%		12	%
Total Bancorp shareholders’ equity		22,335			21,873			20,474			2	%		9	%
Noncontrolling interests		—			—			197			NM			(100	%)
Total Equity		22,335			21,873			20,671			2	%		8	%
Total Liabilities and Equity	$	202,906		$	185,391		$	168,802			9	%		20	%
(a)   Amortized cost	$	35,780		$	36,428		$	34,731			(2	%)		3	%
(b)   Market values		16			17			21			(6	%)		(24	%)
(c)   Common shares, stated value $2.22 per share (in thousands):
Authorized		2,000,000			2,000,000			2,000,000			—			—
Outstanding,excluding treasury		712,202			711,306			731,474			—			(3	%)
Treasury		211,690			212,586			192,419			—			10	%

15

Fifth Third Bancorp and Subsidiaries

Consolidated Balance Sheets

$ in millions, except per share data

(unaudited)

	As of
	June 2020			March 2020			December 2019			September 2019			June 2019
Assets
Cash and due from banks	$	3,221		$	3,282		$	3,278		$	3,261		$	2,764
Other short-term investments		28,243			6,319			1,950			3,235			3,357
Available-for-sale debt and other securities(a)		38,599			38,645			36,028			37,178			35,753
Held-to-maturity securities(b)		16			17			17			18			21
Trading debt securities		526			433			297			297			322
Equity securities		273			459			564			459			485
Loans and leases held for sale		912			1,630			1,400			1,223			1,205
Portfolio loans and leases:
Commercial and industrial loans		55,661			58,250			50,542			50,768			51,104
Commercial mortgage loans		11,233			11,160			10,963			10,822			10,717
Commercial construction loans		5,479			5,462			5,090			5,281			5,264
Commercial leases		3,061			3,123			3,363			3,495			3,677
Total commercial loans and leases		75,434			77,995			69,958			70,366			70,762
Residential mortgage loans		16,457			16,701			16,724			16,675			16,777
Home equity		5,681			5,963			6,083			6,218			6,325
Indirect secured consumer loans		12,395			12,050			11,538			11,026			10,403
Credit card		2,211			2,417			2,532			2,467			2,436
Other consumer loans		2,875			2,911			2,723			2,657			2,580
Total consumer loans		39,619			40,042			39,600			39,043			38,521
Portfolio loans and leases		115,053			118,037			109,558			109,409			109,283
Allowance for loan and lease losses		(2,696	)		(2,348	)		(1,202	)		(1,143	)		(1,115	)
Portfolio loans and leases, net		112,357			115,689			108,356			108,266			108,168
Bank premises and equipment		2,053			2,009			1,995			2,053			2,074
Operating lease equipment		809			819			848			869			894
Goodwill		4,261			4,261			4,252			4,290			4,284
Intangible assets		171			184			201			201			215
Servicing rights		676			685			993			910			1,039
Other assets		10,789			10,959			9,190			8,819			8,221
Total Assets	$	202,906		$	185,391		$	169,369		$	171,079		$	168,802
Liabilities
Deposits:
Demand	$	49,359		$	39,533		$	35,968		$	35,893		$	35,589
Interest checking		51,586			44,520			40,409			36,965			37,491
Savings		16,896			15,557			14,248			14,354			14,484
Money market		30,881			27,775			27,277			27,370			26,465
Foreign office		191			177			221			226			175
Other time		3,913			4,683			5,237			5,662			5,759
Certificates $100,000 and over		4,120			2,816			3,702			4,377			5,429
Other deposits		—			—			—			500			—
Total deposits		156,946			135,061			127,062			125,347			125,392
Federal funds purchased		262			1,625			260			876			179
Other short-term borrowings		1,285			4,542			1,011			4,046			957
Accrued taxes, interest and expenses		2,582			2,432			2,441			2,507			2,397
Other liabilities		3,169			3,576			2,422			2,425			3,422
Long-term debt		16,327			16,282			14,970			14,474			15,784
Total Liabilities		180,571			163,518			148,166			149,675			148,131
Equity
Common stock(c)		2,051			2,051			2,051			2,051			2,051
Preferred stock		1,770			1,770			1,770			1,770			1,331
Capital surplus		3,603			3,597			3,599			3,589			3,572
Retained earnings		17,643			17,677			18,315			17,786			17,431
Accumulated other comprehensive income		2,951			2,477			1,192			1,635			1,178
Treasury stock		(5,683	)		(5,699	)		(5,724	)		(5,427	)		(5,089	)
Total Bancorp shareholders’ equity		22,335			21,873			21,203			21,404			20,474
Noncontrolling interests		—			—			—			—			197
Total Equity		22,335			21,873			21,203			21,404			20,671
Total Liabilities and Equity	$	202,906		$	185,391		$	169,369		$	171,079		$	168,802
(a)   Amortized cost	$	35,780		$	36,428		$	34,966		$	35,662		$	34,731
(b)   Market values		16			17			17			18			21
(c)   Common shares, stated value $2.22 per share (in thousands):
Authorized		2,000,000			2,000,000			2,000,000			2,000,000			2,000,000
Outstanding, excluding treasury		712,202			711,306			708,916			718,583			731,474
Treasury		211,690			212,586			214,977			205,309			192,419

16

Fifth Third Bancorp and Subsidiaries    

Consolidated Statements of Changes in Equity    

$ in millions    

(unaudited)    

	For the Three Months Ended						Year to Date
	June 2020			June 2019			June 2020			June 2019
Total Equity, Beginning	$	21,873		$	19,844		$	21,203		$	16,250
Net income		195			453			243			1,228
Other comprehensive income, net of tax:
Change in unrealized gains:
Available-for-sale debt securities		456			577			1,338			1,008
Qualifying cash flow hedges		17			191			419			280
Change in accumulated other comprehensive income related to employee benefit plans		1			1			2			2
Comprehensive income		669			1,222			2,002			2,518
Cash dividends declared:
Common stock		(195	)		(178	)		(390	)		(343	)
Preferred stock		(32	)		(26	)		(50	)		(41	)
Impact of stock transactions under stock compensation plans, net		20			10			43			35
Shares acquired for treasury		—			(200	)		—			(1,113	)
Impact of acquisition		—			—			—			3,159
Noncontrolling interest		—			—			—			197
Other		—			(1	)		(1	)		(1	)
Impact of cumulative effect of change in accounting principles		—			—			(472	)		10
Total Equity, Ending	$	22,335		$	20,671		$	22,335		$	20,671

17

Fifth Third Bancorp and Subsidiaries

Regulatory Capital

$ in millions

(unaudited)

	As of
	June 2020(a)			March 2020			December 2019			September 2019			June 2019
Regulatory Capital
CET1 capital	$	13,935		$	13,840		$	13,847		$	13,568		$	13,532
Additional tier I capital		1,769			1,769			1,769			1,769			1,493
Tier I capital		15,704			15,609			15,616			15,337			15,025
Tier II capital		4,704			4,472			4,045			4,076			4,112
Total regulatory capital	$	20,408		$	20,081		$	19,661		$	19,413		$	19,137
Risk-weighted assets(b)	$	143,407		$	147,756		$	142,065		$	141,880		$	141,421
Ratios
Average total Bancorp shareholders’ equity as a percent of average assets		11.30	%		12.63	%		12.58	%		12.43	%		12.02	%
Regulatory Capital Ratios
Fifth Third Bancorp
CET1 capital(b)		9.72	%		9.37	%		9.75	%		9.56	%		9.57	%
Tier I risk-based capital(b)		10.95	%		10.56	%		10.99	%		10.81	%		10.62	%
Total risk-based capital(b)		14.23	%		13.59	%		13.84	%		13.68	%		13.53	%
Tier I leverage		8.16	%		9.37	%		9.54	%		9.36	%		9.24	%
Fifth Third Bank
Tier I risk-based capital(b)		11.75	%		11.36	%		11.86	%		11.79	%		11.67	%
Total risk-based capital(b)		13.64	%		13.17	%		13.46	%		13.37	%		13.23	%
Tier I leverage		8.80	%		10.16	%		10.36	%		10.26	%		10.59	%

(a) Current period regulatory capital data and ratios are estimated.

(b) Under the U.S. banking agencies’ Basel III Final Rule, assets and credit equivalent amounts of off-balance sheet exposures are calculated according to the standardized approach for risk-weighted assets. The resulting values are added together resulting in the Bancorp’s total risk-weighted assets.    

18

Use of Non-GAAP Financial Measures

In addition to GAAP measures, management considers various non-GAAP measures when evaluating the performance of the business, including: “net interest income (FTE),” “interest income (FTE),” “net interest margin (FTE),” “net interest rate spread (FTE),” “income before income taxes (FTE),” “tangible net income available to common shareholders,” “average tangible common equity,” “return on average tangible common equity,” “tangible common equity (excluding AOCI),” “tangible common equity (including AOCI),” “tangible equity,” “tangible book value per share,” “adjusted noninterest income,” “adjusted noninterest expense,” “pre-provision net revenue,” “adjusted efficiency ratio,” “adjusted return on average common equity,” “adjusted return on average tangible common equity,” “adjusted return on average tangible common equity, excluding accumulated other comprehensive income,” “adjusted net interest margin,” “adjusted pre-provision net revenue,” “adjusted return on average assets,” “efficiency ratio (FTE),” “total revenue (FTE),” and certain ratios derived from these measures. The Bancorp believes these non-GAAP measures provide useful information to investors because these are among the measures used by the Fifth Third management team to evaluate operating performance and to make day-to-day operating decisions.

The FTE basis adjusts for the tax-favored status of income from certain loans 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 and net interest margin as it provides a relevant comparison between taxable and non-taxable amounts.

The Bancorp believes tangible net income available to common shareholders, average tangible common equity, tangible common equity (excluding AOCI), tangible common equity (including AOCI), tangible equity, tangible book value per share and return on average tangible common equity are important measures for evaluating the performance of the business without the impacts of intangible items, whether acquired or created internally, in a manner comparable to other companies in the industry who present similar measures.

The Bancorp believes noninterest income, noninterest expense, net interest income, net interest margin, pre-provision net revenue, efficiency ratio, return on average common equity, return on average tangible common equity, and return on average assets are important measures that adjust for significant, unusual, or large transactions that may occur in a reporting period which management does not consider indicative of ongoing financial performance and enhances comparability of results with prior periods.

Management considers various measures when evaluating capital utilization and adequacy, including the tangible equity and tangible common equity (including and excluding AOCI), in addition to capital ratios defined by U.S. banking agencies. These calculations are intended to complement the capital ratios defined by U.S. banking agencies for both absolute and comparative purposes. 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. Management believes that providing the tangible common equity ratio excluding AOCI on certain assets and liabilities enables investors and others to assess the Bancorp’s use of equity without the effects of changes in AOCI, some of which are uncertain; providing the tangible common equity ratio including AOCI enables investors and others to assess the Bancorp’s use of equity if components of AOCI, such as unrealized gains or losses, were to be monetized.

Please note that although non-GAAP financial measures provide useful insight, they should not be considered in isolation or relied upon as a substitute for analysis using GAAP measures.

Please see Reg. G reconciliations of all historical non-GAAP measures used in this release to the most directly comparable GAAP measures, beginning on the following page.

19

Fifth Third Bancorp and Subsidiaries

Regulation G Non-GAAP Reconciliation

$ and shares in millions

(unaudited)

	As of and For the Three Months Ended
	June 2020			March 2020			December 2019			September 2019			June 2019
Net interest income	$	1,200		$	1,229		$	1,228		$	1,242		$	1,245
Add: Taxable equivalent adjustment		3			4			4			4			5
Net interest income (FTE) (a)		1,203			1,233			1,232			1,246			1,250
Net interest income (annualized) (b)		4,826			4,943			4,872			4,928			4,994
Net interest income (FTE) (annualized) (c)		4,838			4,959			4,888			4,943			5,014
Net interest income (FTE)		1,203			1,233			1,232			1,246			1,250
Less: Net interest income impact from purchase accounting accretion		15			16			18			28			18
Adjusted net interest income (FTE) (d)		1,188			1,217			1,214			1,218			1,232
Adjusted net interest income (FTE) (annualized) (e)		4,777			4,895			4,816			4,832			4,942
Interest income		1,403			1,525			1,559			1,625			1,636
Add: Taxable equivalent adjustment		3			4			4			4			5
Interest income (FTE)		1,406			1,529			1,563			1,629			1,641
Interest income (FTE) (annualized) (f)		5,655			6,150			6,201			6,463			6,582
Interest expense (annualized) (g)		816			1,191			1,313			1,520			1,568
Average interest-earning assets (h)		176,224			151,213			149,312			148,854			148,790
Average interest-bearing liabilities (i)		124,478			109,244			107,573			107,633			106,340
Net interest margin (b) / (h)		2.74	%		3.27	%		3.26	%		3.31	%		3.36	%
Net interest margin (FTE) (c) / (h)		2.75	%		3.28	%		3.27	%		3.32	%		3.37	%
Adjusted net interest margin (e) / (h)		2.71	%		3.24	%		3.22	%		3.25	%		3.32	%
Net interest rate spread (FTE) (f) / (h) - (g) / (i)		2.55	%		2.98	%		2.93	%		2.93	%		2.95	%
Income before income taxes	$	244		$	60		$	941		$	689		$	577
Add: Taxable equivalent adjustment		3			4			4			4			5
Income before income taxes (FTE)	$	247		$	64		$	945		$	693		$	582
Net income available to common shareholders	$	163		$	29		$	701		$	530		$	427
Add: Intangible amortization, net of tax		9			10			11			11			11
Tangible net income available to common shareholders (j)		172			39			712			541			438
Tangible net income available to common shareholders (annualized) (k)		692			157			2,825			2,146			1,757
Average Bancorp shareholders’ equity		22,420			21,713			21,304			21,087			20,135
Less: Average preferred stock		(1,770	)		(1,770	)		(1,770	)		(1,445	)		(1,331	)
Average goodwill		(4,261	)		(4,251	)		(4,260	)		(4,286	)		(4,301	)
Average intangible assets		(178	)		(193	)		(194	)		(208	)		(215	)
Average tangible common equity, including AOCI (l)		16,211			15,499			15,080			15,148			14,288
Less: Average AOCI		(2,702	)		(1,825	)		(1,416	)		(1,444	)		(619	)
Average tangible common equity, excluding AOCI (m)		13,509			13,674			13,664			13,704			13,669
Total Bancorp shareholders’ equity		22,335			21,873			21,203			21,404			20,474
Less: Preferred stock		(1,770	)		(1,770	)		(1,770	)		(1,770	)		(1,331	)
Goodwill		(4,261	)		(4,261	)		(4,252	)		(4,290	)		(4,284	)
Intangible assets		(171	)		(184	)		(201	)		(201	)		(215	)
Tangible common equity, including AOCI (n)		16,133			15,658			14,980			15,143			14,644
Less: AOCI		(2,951	)		(2,477	)		(1,192	)		(1,635	)		(1,178	)
Tangible common equity, excluding AOCI (o)		13,182			13,181			13,788			13,508			13,466
Add: Preferred stock		1,770			1,770			1,770			1,770			1,331
Tangible equity (p)		14,952			14,951			15,558			15,278			14,797
Total assets		202,906			185,391			169,369			171,079			168,802
Less: Goodwill		(4,261	)		(4,261	)		(4,252	)		(4,290	)		(4,284	)
Intangible assets		(171	)		(184	)		(201	)		(201	)		(215	)
Tangible assets, including AOCI (q)		198,474			180,946			164,916			166,588			164,303
Less: AOCI, before tax		(3,735	)		(3,135	)		(1,509	)		(2,070	)		(1,491	)
Tangible assets, excluding AOCI (r)	$	194,739		$	177,811		$	163,407		$	164,518		$	162,812
Common shares outstanding (s)		712			711			709			719			731
Tangible equity (p) / (r)		7.68	%		8.41	%		9.52	%		9.29	%		9.09	%
Tangible common equity (excluding AOCI) (o) / (r)		6.77	%		7.41	%		8.44	%		8.21	%		8.27	%
Tangible common equity (including AOCI) (n) / (q)		8.13	%		8.65	%		9.08	%		9.09	%		8.91	%
Tangible book value per share (n) / (s)	$	22.66		$	22.02		$	21.13		$	21.06		$	20.03

20

Fifth Third Bancorp and Subsidiaries

Regulation G Non-GAAP Reconciliation

$ in millions

(unaudited)

	For the Three Months Ended
	June 2020			March 2020			June 2019
Net income (t)	$	195		$	46		$	453
Net income (annualized) (u)		784			185			1,817
Adjustments (pre-tax items)(a)
Valuation of Visa total return swap		29			22			22
Branch and non-branch real estate charges		12			—			—
COVID-19-related expenses		12			—			—
Merger-related expenses		9			7			109
FHLB debt extinguishment charge		6			—			—
Unfavorable credit valuation adjustment (CVA)		—			36			—
Net impairment of private equity investments		—			15			—
Adjustments, after-tax (v)(a)		52			62			101
Noninterest income (x)		650			671			660
Valuation of Visa total return swap		29			22			22
Branch and non-branch real estate charges		12			—			—
Net impairment of private equity investments		—			15			—
Adjusted noninterest income (y)		691			708			682
Noninterest expense (z)		1,121			1,200			1,243
COVID-19-related expenses		(12	)		—			—
Merger-related expenses		(9	)		(7	)		(109	)
FHLB debt extinguishment charge		(6	)		—			—
Unfavorable credit valuation adjustment (CVA)		—			(36	)		—
Adjusted noninterest expense (aa)		1,094			1,157			1,134
Intangible amortization expense		12			13			14
Adjusted noninterest expense excluding intangible amortization expense (ab)		1,082			1,144			1,120
Adjusted net income (t) + (v) + (w)		247			108			554
Adjusted net income (annualized) (ac)		993			434			2,222
Adjusted tangible net income available to common shareholders (j) + (v) + (w)		224			101			539
Adjusted tangible net income available to common shareholders (annualized) (ad)		901			406			2,162
Average assets (ae)	$	198,387		$	171,871		$	167,578
Return on average tangible common equity (k) / (l)		4.3	%		1.0	%		12.3	%
Adjusted return on average tangible common equity, including AOCI (ad) / (l)		5.6	%		2.6	%		15.1	%
Adjusted return on average tangible common equity, excluding AOCI (ad) / (m)		6.7	%		3.0	%		15.8	%
Return on average assets (u) / (ae)		0.40	%		0.11	%		1.08	%
Adjusted return on average assets (ac) / (ae)		0.50	%		0.25	%		1.33	%
Efficiency ratio (z) / [(a) + (x)]		60.5	%		63.0	%		65.1	%
Adjusted efficiency ratio (ab) / [(d) + (y)]		57.6	%		59.4	%		58.5	%
Total revenue (FTE) (a) + (x)	$	1,853		$	1,904		$	1,910
Pre-provision net revenue (PPNR) (a) + (x) - (z)	$	732		$	704		$	667
Adjusted pre-provision net revenue (PPNR) (d) + (y) - (ab)	$	797		$	781		$	794

(a) Assumes a 23% tax rate, except for merger-related expenses impacted by certain non-deductible items.    

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Document and Entity Information	Jul. 27, 2020
Document And Entity Information [Line Items]
Entity Incorporation State Country Code	OH
Amendment Flag	false
Entity Central Index Key	0000035527
Document Type	8-K
Document Period End Date	Jul. 27, 2020
Entity Registrant Name	FIFTH THIRD BANCORP
Entity File Number	001-33653
Entity Tax Identification Number	31-0854434
Entity Address, Address Line One	Fifth Third Center
Entity Address, Address Line Two	38 Fountain Square Plaza
Entity Address, City or Town	Cincinnati
Entity Address, State or Province	OH
Entity Address, Postal Zip Code	45263
City Area Code	(800)
Local Phone Number	972-3030
Written Communications	false
Soliciting Material	false
Pre Commencement Tender Offer	false
Pre Commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Common Stock [Member]
Document And Entity Information [Line Items]
Security 12b Title	Common Stock, Without Par Value
Trading Symbol	FITB
Security Exchange Name	NASDAQ
Depositary Shares Representing A 11000th Ownership Interest In A Share Of 6.625 Fixed To Floating Rate Not Cumulative Perpetual Preferred Stock Series I 2 [Member]
Document And Entity Information [Line Items]
Security 12b Title	Depositary Shares Representing a 1/1000th Ownership Interest in a Share of 6.625% Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock
Trading Symbol	FITBI
Security Exchange Name	NASDAQ
Depositary Shares Representing A 140th Ownership Interest In A Share Of 6.00 Not Cumulative Perpetual Class B Preferred Stock Series A [Member]
Document And Entity Information [Line Items]
Security 12b Title	Depositary Shares Representing a 1/40th Ownership Interest in a Share of 6.00% Non-Cumulative Perpetual Class B Preferred Stock, Series A
Trading Symbol	FITBP
Security Exchange Name	NASDAQ
Depositary Shares Representing A 11000th Ownership Interest In A Share Of 4.95 Not Cumulative Perpetual Preferred Stock Series K [Member]
Document And Entity Information [Line Items]
Security 12b Title	Depositary Shares Representing a 1/1000th Ownership Interest in a Share of 4.95% Non-Cumulative Perpetual Preferred Stock, Series K
Trading Symbol	FITBO
Security Exchange Name	NASDAQ