0001193125-20-199173.txt : 20200727 0001193125-20-199173.hdr.sgml : 20200727 20200727083604 ACCESSION NUMBER: 0001193125-20-199173 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 15 CONFORMED PERIOD OF REPORT: 20200727 ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20200727 DATE AS OF CHANGE: 20200727 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FIFTH THIRD BANCORP CENTRAL INDEX KEY: 0000035527 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 310854434 STATE OF INCORPORATION: OH FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-33653 FILM NUMBER: 201048613 BUSINESS ADDRESS: STREET 1: 38 FOUNTAIN SQ PLZ STREET 2: FIFTH THIRD CENTER CITY: CINCINNATI STATE: OH ZIP: 45263 BUSINESS PHONE: 5135795300 MAIL ADDRESS: STREET 1: 38 FOUNTAIN SQ PLZ STREET 2: FIFTH THIRD CENTER CITY: CINCINNATI STATE: OH ZIP: 45263 8-K 1 d113074d8k.htm FORM 8-K Form 8-K
Depositary Shares Representing a 1/1000th Ownership Interest in a Share of 6.625% Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock Depositary Shares Representing a 1/40th Ownership Interest in a Share of 6.00% Non-Cumulative Perpetual Class B Preferred Stock, Series A Depositary Shares Representing a 1/1000th Ownership Interest in a Share of 4.95% Non-Cumulative Perpetual Preferred Stock, Series K OH false 0000035527 0000035527 2020-07-27 2020-07-27 0000035527 us-gaap:CommonStockMember 2020-07-27 2020-07-27 0000035527 fitb:DepositarySharesRepresentingA11000thOwnershipInterestInAShareOf6.625FixedToFloatingRateNotCumulativePerpetualPreferredStockSeriesI2Member 2020-07-27 2020-07-27 0000035527 fitb:DepositarySharesRepresentingA140thOwnershipInterestInAShareOf6.00NotCumulativePerpetualClassBPreferredStockSeriesAMember 2020-07-27 2020-07-27 0000035527 fitb:DepositarySharesRepresentingA11000thOwnershipInterestInAShareOf4.95NotCumulativePerpetualPreferredStockSeriesKMember 2020-07-27 2020-07-27

 

 

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

 

 

 

LOGO

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 2 d113074dex991.htm EX-99.1 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  
  

 

 

    

 

 

    

 

 

 

 

5


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.    

 

21

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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
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