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(State or other jurisdiction | (I.R.S. Employer | |||||||
of incorporation or organization) | Identification Number) |
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☒
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Accelerated filer
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☐ | |||||||||||
Non-accelerated filer
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☐ |
Smaller reporting company
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Emerging growth company
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Title of each class |
Trading
Symbol(s) |
Name of each exchange
on which registered: |
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The |
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Stock Market LLC | ||||||||||||||||
Depositary Shares Representing a 1/1000th Ownership Interest in a Share of | ||||||||||||||||||||
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The |
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Stock Market LLC | ||||||||||||||||
Depositary Shares Representing a 1/40th Ownership Interest in a Share of | ||||||||||||||||||||
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The |
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Stock Market LLC | ||||||||||||||||
Depositary Shares Representing a 1/1000th Ownership Interest in a Share of | ||||||||||||||||||||
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The |
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Stock Market LLC |
Part I. Financial Information | |||||
Part II. Other Information
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PART I. FINANCIAL INFORMATION | ||
Glossary of Abbreviations and Acronyms
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ACL
: Allowance for Credit Losses
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FTS
: Fifth Third Securities, Inc.
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AFS
: Available-For-Sale
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GDP
: Gross Domestic Product
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ALCO
: Asset Liability Management Committee
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GNMA
: Government National Mortgage Association
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ALLL
: Allowance for Loan and Lease Losses
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GSE
: United States Government Sponsored Enterprise
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AOCI
: Accumulated Other Comprehensive Income (Loss)
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HTM
: Held-To-Maturity
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||||
APR
: Annual Percentage Rate
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IPO
: Initial Public Offering
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ARM
: Adjustable Rate Mortgage
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IRC
: Internal Revenue Code
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ASC
: Accounting Standards Codification
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IRLC
: Interest Rate Lock Commitment
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ASU
: Accounting Standards Update
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ISDA
: International Swaps and Derivatives Association, Inc.
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ATM
: Automated Teller Machine
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LIBOR
: London Interbank Offered Rate
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BHC
: Bank Holding Company
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LIHTC
: Low-Income Housing Tax Credit
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||||
BOLI
: Bank Owned Life Insurance
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LLC
: Limited Liability Company
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||||
bps
: Basis Points
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LTV
: Loan-to-Value Ratio
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CD
: Certificate of Deposit
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MD&A
: Management’s Discussion and Analysis of Financial
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||||
CDC
: Fifth Third Community Development Corporation and Fifth Third
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Condition and Results of Operations | ||||
Community Development Company, LLC |
MSR
: Mortgage Servicing Right
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||||
CECL
: Current Expected Credit Loss
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N/A
: Not Applicable
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||||
CET1
: Common Equity Tier 1
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NII
: Net Interest Income
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||||
CFPB
: United States Consumer Financial Protection Bureau
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NM
: Not Meaningful
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||||
CME:
Chicago Mercantile Exchange
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OAS
: Option-Adjusted Spread
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C&I
: Commercial and Industrial
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OCC
: Office of the Comptroller of the Currency
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DCF
: Discounted Cash Flow
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OCI
: Other Comprehensive Income (Loss)
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DTCC
: Depository Trust & Clearing Corporation
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OREO
: Other Real Estate Owned
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DTI
: Debt-to-Income Ratio
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PPP
: Paycheck Protection Program
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ERM
: Enterprise Risk Management
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ROU
: Right-of-Use
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ERMC
: Enterprise Risk Management Committee
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SBA
: Small Business Administration
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EVE
: Economic Value of Equity
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SEC
: United States Securities and Exchange Commission
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FASB
: Financial Accounting Standards Board
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SOFR
: Secured Overnight Financing Rate
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FDIC
: Federal Deposit Insurance Corporation
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TBA
: To Be Announced
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FHA
: Federal Housing Administration
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TDR
: Troubled Debt Restructuring
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FHLB
: Federal Home Loan Bank
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TILA
: Truth in Lending Act
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FHLMC
: Federal Home Loan Mortgage Corporation
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U.S.
: United States of America
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FICO
: Fair Isaac Corporation (credit rating)
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U.S. GAAP
: United States Generally Accepted Accounting
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FINRA
: Financial Industry Regulatory Authority
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Principles | ||||
FNMA
: Federal National Mortgage Association
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VA
: United States Department of Veterans Affairs
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FOMC
: Federal Open Market Committee
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VIE
: Variable Interest Entity
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FRB
: Federal Reserve Bank
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VRDN
: Variable Rate Demand Note
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FTE
: Fully Taxable Equivalent
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|||||
FTP
: Funds Transfer Pricing
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Management’s Discussion and Analysis of Financial Condition and Results of Operations (Item 2) |
Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued) |
Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued) |
Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued) |
TABLE 1: Earnings Summary | ||||||||||||||||||||
For the three months ended
September 30, |
% |
For the nine months ended
September 30, |
% | |||||||||||||||||
($ in millions, except for per share data) | 2023 | 2022 | Change | 2023 | 2022 | Change | ||||||||||||||
Income Statement Data | ||||||||||||||||||||
Net interest income (U.S. GAAP) | $ | 1,438 | 1,498 | (4) | $ | 4,411 | 4,032 | 9 | ||||||||||||
Net interest income (FTE)
(a)(b)
|
1,445 | 1,502 | (4) | 4,429 | 4,043 | 10 | ||||||||||||||
Noninterest income | 715 | 672 | 6 | 2,137 | 2,031 | 5 | ||||||||||||||
Total revenue (FTE)
(a)(b)
|
2,160 | 2,174 | (1) | 6,566 | 6,074 | 8 | ||||||||||||||
Provision for credit losses | 119 | 158 | (25) | 460 | 383 | 20 | ||||||||||||||
Noninterest expense | 1,188 | 1,167 | 2 | 3,750 | 3,501 | 7 | ||||||||||||||
Net income | 660 | 653 | 1 | 1,819 | 1,709 | 6 | ||||||||||||||
Net income available to common shareholders | 623 | 631 | (1) | 1,719 | 1,631 | 5 | ||||||||||||||
Common Share Data | ||||||||||||||||||||
Earnings per share - basic | $ | 0.91 | 0.91 | — | $ | 2.51 | 2.37 | 6 | ||||||||||||
Earnings per share - diluted | 0.91 | 0.91 | — | 2.50 | 2.34 | 7 | ||||||||||||||
Cash dividends declared per common share | 0.35 | 0.33 | 6 | 1.01 | 0.93 | 9 | ||||||||||||||
Book value per share | 21.19 | 21.30 | (1) | 21.19 | 21.30 | (1) | ||||||||||||||
Market value per share | 25.33 | 31.96 | (21) | 25.33 | 31.96 | (21) | ||||||||||||||
Financial Ratios | ||||||||||||||||||||
Return on average assets | 1.26 | % | 1.25 | 1 | 1.18 | % | 1.10 | 7 | ||||||||||||
Return on average common equity | 16.3 | 14.9 | 9 | 14.6 | 12.3 | 19 | ||||||||||||||
Return on average tangible common equity
(b)
|
24.7 | 21.9 | 13 | 21.8 | 17.3 | 26 | ||||||||||||||
Dividend payout | 38.5 | 36.3 | 6 | 40.2 | 39.2 | 3 |
Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued) |
Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued) |
TABLE 2: Non-GAAP Financial Measures - Financial Measures and Ratios on an FTE basis | ||||||||||||||||||||||||||
For the three months ended
September 30, |
For the nine months ended
September 30, |
|||||||||||||||||||||||||
($ in millions) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||
Net interest income (U.S. GAAP) | $ | 1,438 | 1,498 | 4,411 | 4,032 | |||||||||||||||||||||
Add: FTE adjustment | 7 | 4 | 18 | 11 | ||||||||||||||||||||||
Net interest income on an FTE basis (1) | $ | 1,445 | 1,502 | 4,429 | 4,043 | |||||||||||||||||||||
Net interest income on an FTE basis (annualized) (2) | 5,733 | 5,959 | 5,922 | 5,405 | ||||||||||||||||||||||
Interest income (U.S. GAAP) | $ | 2,529 | 1,760 | 7,113 | 4,512 | |||||||||||||||||||||
Add: FTE adjustment | 7 | 4 | 18 | 11 | ||||||||||||||||||||||
Interest income on an FTE basis | $ | 2,536 | 1,764 | 7,131 | 4,523 | |||||||||||||||||||||
Interest income on an FTE basis (annualized) (3) | 10,061 | 6,998 | 9,534 | 6,047 | ||||||||||||||||||||||
Interest expense (annualized) (4) | $ | 4,328 | 1,039 | 3,613 | 642 | |||||||||||||||||||||
Noninterest income (5) | 715 | 672 | 2,137 | 2,031 | ||||||||||||||||||||||
Noninterest expense (6) | 1,188 | 1,167 | 3,750 | 3,501 | ||||||||||||||||||||||
Average interest-earning assets (7) | 192,216 | 185,378 | 189,578 | 185,883 | ||||||||||||||||||||||
Average interest-bearing liabilities (8) | 139,779 | 119,773 | 134,588 | 117,344 | ||||||||||||||||||||||
Ratios: | ||||||||||||||||||||||||||
Net interest margin on an FTE basis (2) / (7) | 2.98 | % | 3.22 | 3.12 | 2.91 | |||||||||||||||||||||
Net interest rate spread on an FTE basis ((3) / (7)) - ((4) / (8)) | 2.13 | 2.91 | 2.35 | 2.70 | ||||||||||||||||||||||
Efficiency ratio on an FTE basis (6) / ((1) + (5)) | 55.0 | 53.7 | 57.1 | 57.6 |
Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued) |
TABLE 3: Non-GAAP Financial Measures - Return on Average Tangible Common Equity | ||||||||||||||||||||||||||
For the three months ended
September 30, |
For the nine months ended
September 30, |
|||||||||||||||||||||||||
($ in millions)
|
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||
Net income available to common shareholders (U.S. GAAP) | $ | 623 | 631 | 1,719 | 1,631 | |||||||||||||||||||||
Add: Intangible amortization, net of tax | 8 | 10 | 26 | 27 | ||||||||||||||||||||||
Tangible net income available to common shareholders | $ | 631 | 641 | 1,745 | 1,658 | |||||||||||||||||||||
Tangible net income available to common shareholders (annualized) (1) | 2,503 | 2,543 | 2,333 | 2,217 | ||||||||||||||||||||||
Average Bancorp shareholders’ equity (U.S. GAAP) | $ | 17,305 | 18,864 | 17,873 | 19,829 | |||||||||||||||||||||
Less: Average preferred stock | 2,116 | 2,116 | 2,116 | 2,116 | ||||||||||||||||||||||
Average goodwill | 4,919 | 4,926 | 4,917 | 4,729 | ||||||||||||||||||||||
Average intangible assets | 141 | 188 | 152 | 165 | ||||||||||||||||||||||
Average tangible common equity (2) | $ | 10,129 | 11,634 | 10,688 | 12,819 | |||||||||||||||||||||
Return on average tangible common equity (1) / (2) | 24.7 | % | 21.9 | 21.8 | 17.3 |
TABLE 4: Non-GAAP Financial Measures - Capital Ratios | ||||||||
As of ($ in millions) |
September 30,
2023 |
December 31,
2022 |
||||||
Total Bancorp Shareholders’ Equity (U.S. GAAP) | $ | 16,544 | 17,327 | |||||
Less: Preferred stock | 2,116 | 2,116 | ||||||
Goodwill | 4,919 | 4,915 | ||||||
Intangible assets | 136 | 169 | ||||||
AOCI | (6,839) | (5,110) | ||||||
Tangible common equity, excluding AOCI (1) | $ | 16,212 | 15,237 | |||||
Add: Preferred stock | 2,116 | 2,116 | ||||||
Tangible equity (2) | $ | 18,328 | 17,353 | |||||
Total Assets (U.S. GAAP) | $ | 212,967 | 207,452 | |||||
Less: Goodwill | 4,919 | 4,915 | ||||||
Intangible assets | 136 | 169 | ||||||
AOCI, before tax | (8,657) | (6,468) | ||||||
Tangible assets, excluding AOCI (3) | $ | 216,569 | 208,836 | |||||
Ratios: | ||||||||
Tangible equity as a percentage of tangible assets (2) / (3) | 8.46 | % | 8.31 | |||||
Tangible common equity as a percentage of tangible assets (1) / (3) | 7.49 | 7.30 |
Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued) |
Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued) |
Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued) |
Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued) |
Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued) |
TABLE 5: Condensed Consolidated Average Balance Sheets and Analysis of Net Interest Income on an FTE Basis | |||||||||||||||||||||||||||||
For the three months ended | September 30, 2023 | September 30, 2022 |
Attribution of Change in
Net Interest Income
(a)
|
||||||||||||||||||||||||||
($ in millions) | Average Balance | Interest Earned/Paid | Average Yield/ Rate | Average Balance | Interest Earned/Paid | Average Yield/ Rate | Volume | Yield/ Rate | Total | ||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||
Interest-earning assets: | |||||||||||||||||||||||||||||
Loans and leases:
(b)
|
|||||||||||||||||||||||||||||
Commercial and industrial loans | $ | 57,015 | 1,006 | 7.00 | % | $ | 56,648 | 646 | 4.53 | % | $ | 4 | 356 | 360 | |||||||||||||||
Commercial mortgage loans | 11,216 | 173 | 6.12 | 10,751 | 111 | 4.10 | 5 | 57 | 62 | ||||||||||||||||||||
Commercial construction loans | 5,540 | 97 | 6.93 | 5,557 | 66 | 4.71 | — | 31 | 31 | ||||||||||||||||||||
Commercial leases | 2,618 | 24 | 3.75 | 2,793 | 22 | 3.08 | (2) | 4 | 2 | ||||||||||||||||||||
Total commercial loans and leases | $ | 76,389 | 1,300 | 6.75 | $ | 75,749 | 845 | 4.42 | $ | 7 | 448 | 455 | |||||||||||||||||
Residential mortgage loans | 18,019 | 160 | 3.52 | 19,870 | 166 | 3.32 | (16) | 10 | (6) | ||||||||||||||||||||
Home equity | 3,897 | 80 | 8.17 | 3,956 | 48 | 4.84 | (1) | 33 | 32 | ||||||||||||||||||||
Indirect secured consumer loans | 15,787 | 176 | 4.43 | 16,750 | 141 | 3.34 | (9) | 44 | 35 | ||||||||||||||||||||
Credit card | 1,808 | 64 | 14.09 | 1,756 | 57 | 12.89 | 2 | 5 | 7 | ||||||||||||||||||||
Other consumer loans | 6,366 | 123 | 7.65 | 3,819 | 60 | 6.21 | 47 | 16 | 63 | ||||||||||||||||||||
Total consumer loans | $ | 45,877 | 603 | 5.22 | $ | 46,151 | 472 | 4.06 | $ | 23 | 108 | 131 | |||||||||||||||||
Total loans and leases | $ | 122,266 | 1,903 | 6.18 | % | $ | 121,900 | 1,317 | 4.29 | % | $ | 30 | 556 | 586 | |||||||||||||||
Securities: | |||||||||||||||||||||||||||||
Taxable | 55,519 | 435 | 3.10 | 56,535 | 408 | 2.86 | (7) | 34 | 27 | ||||||||||||||||||||
Exempt from income taxes
(b)
|
1,475 | 12 | 3.21 | 1,178 | 8 | 2.77 | 2 | 2 | 4 | ||||||||||||||||||||
Other short-term investments | 12,956 | 186 | 5.69 | 5,765 | 31 | 2.15 | 67 | 88 | 155 | ||||||||||||||||||||
Total interest-earning assets | $ | 192,216 | 2,536 | 5.23 | % | $ | 185,378 | 1,764 | 3.78 | % | $ | 92 | 680 | 772 | |||||||||||||||
Cash and due from banks | 2,576 | 3,162 | |||||||||||||||||||||||||||
Other assets | 15,920 | 20,163 | |||||||||||||||||||||||||||
Allowance for loan and lease losses | (2,327) | (2,015) | |||||||||||||||||||||||||||
Total assets
|
$ | 208,385 | $ | 206,688 | |||||||||||||||||||||||||
Liabilities and Equity: | |||||||||||||||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||||||||||||
Interest checking deposits | $ | 53,109 | 426 | 3.18 | % | $ | 42,574 | 77 | 0.72 | % | $ | 23 | 326 | 349 | |||||||||||||||
Savings deposits | 20,511 | 46 | 0.89 | 23,814 | 7 | 0.12 | (1) | 40 | 39 | ||||||||||||||||||||
Money market deposits | 32,072 | 202 | 2.50 | 29,066 | 16 | 0.22 | 2 | 184 | 186 | ||||||||||||||||||||
Foreign office deposits | 168 | 1 | 1.72 | 206 | — | 0.78 | — | 1 | 1 | ||||||||||||||||||||
CDs $250,000 or less | 9,630 | 96 | 3.97 | 2,048 | 1 | 0.09 | 7 | 88 | 95 | ||||||||||||||||||||
Total interest-bearing core deposits | $ | 115,490 | 771 | 2.65 | $ | 97,708 | 101 | 0.41 | $ | 31 | 639 | 670 | |||||||||||||||||
CDs over $250,000 | 5,926 | 73 | 4.91 | 2,226 | 11 | 1.90 | 32 | 30 | 62 | ||||||||||||||||||||
Federal funds purchased | 181 | 2 | 5.31 | 607 | 3 | 2.10 | (3) | 2 | (1) | ||||||||||||||||||||
Securities sold under repurchase agreements | 352 | 1 | 1.46 | 472 | — | 0.22 | — | 1 | 1 | ||||||||||||||||||||
FHLB advances | 3,726 | 50 | 5.26 | 6,608 | 38 | 2.30 | (21) | 33 | 12 | ||||||||||||||||||||
Derivative collateral and other borrowed money | 48 | 1 | 7.82 | 356 | 5 | 4.92 | (5) | 1 | (4) | ||||||||||||||||||||
Long-term debt | 14,056 | 193 | 5.46 | 11,796 | 104 | 3.49 | 23 | 66 | 89 | ||||||||||||||||||||
Total interest-bearing liabilities | $ | 139,779 | 1,091 | 3.10 | % | $ | 119,773 | 262 | 0.87 | % | $ | 57 | 772 | 829 | |||||||||||||||
Demand deposits | 44,228 | 59,535 | |||||||||||||||||||||||||||
Other liabilities | 7,073 | 8,516 | |||||||||||||||||||||||||||
Total liabilities | $ | 191,080 | $ | 187,824 | |||||||||||||||||||||||||
Total equity | $ | 17,305 | $ | 18,864 | |||||||||||||||||||||||||
Total liabilities and equity | $ | 208,385 | $ | 206,688 | |||||||||||||||||||||||||
Net interest income (FTE)
(c)
|
$ | 1,445 | $ | 1,502 | $ | 35 | (92) | (57) | |||||||||||||||||||||
Net interest margin (FTE)
(c)
|
2.98 | % | 3.22 | % | |||||||||||||||||||||||||
Net interest rate spread (FTE)
(c)
|
2.13 | 2.91 | |||||||||||||||||||||||||||
Interest-bearing liabilities to interest-earning assets | 72.72 | 64.61 |
Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued) |
TABLE 6: Condensed Consolidated Average Balance Sheets and Analysis of Net Interest Income on an FTE Basis | |||||||||||||||||||||||||||||
For the nine months ended
|
September 30, 2023 | September 30, 2022 |
Attribution of Change in
Net Interest Income
(a
)
|
||||||||||||||||||||||||||
($ in millions) | Average Balance | Interest Earned/Paid | Average Yield/ Rate | Average Balance | Interest Earned/Paid | Average Yield/ Rate | Volume | Yield/ Rate | Total | ||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||
Interest-earning assets: | |||||||||||||||||||||||||||||
Loans and leases:
(b)
|
|||||||||||||||||||||||||||||
Commercial and industrial loans | $ | 57,786 | 2,908 | 6.73 | % | $ | 54,907 | 1,569 | 3.82 | % | $ | 86 | 1,253 | 1,339 | |||||||||||||||
Commercial mortgage loans | 11,237 | 493 | 5.87 | 10,664 | 278 | 3.49 | 16 | 199 | 215 | ||||||||||||||||||||
Commercial construction loans | 5,527 | 279 | 6.74 | 5,429 | 159 | 3.91 | 3 | 117 | 120 | ||||||||||||||||||||
Commercial leases | 2,661 | 71 | 3.59 | 2,858 | 63 | 2.95 | (5) | 13 | 8 | ||||||||||||||||||||
Total commercial loans and leases | $ | 77,211 | 3,751 | 6.50 | $ | 73,858 | 2,069 | 3.75 | $ | 100 | 1,582 | 1,682 | |||||||||||||||||
Residential mortgage loans | 18,168 | 467 | 3.43 | 19,981 | 479 | 3.20 | (45) | 33 | (12) | ||||||||||||||||||||
Home equity | 3,946 | 217 | 7.34 | 3,953 | 120 | 4.06 | — | 97 | 97 | ||||||||||||||||||||
Indirect secured consumer loans | 16,219 | 508 | 4.19 | 17,041 | 407 | 3.20 | (20) | 121 | 101 | ||||||||||||||||||||
Credit card | 1,790 | 188 | 14.06 | 1,717 | 161 | 12.50 | 7 | 20 | 27 | ||||||||||||||||||||
Other consumer loans | 5,950 | 325 | 7.29 | 3,234 | 148 | 6.10 | 144 | 33 | 177 | ||||||||||||||||||||
Total consumer loans | $ | 46,073 | 1,705 | 4.95 | $ | 45,926 | 1,315 | 3.83 | $ | 86 | 304 | 390 | |||||||||||||||||
Total loans and leases | $ | 123,284 | 5,456 | 5.92 | % | $ | 119,784 | 3,384 | 3.78 | % | $ | 186 | 1,886 | 2,072 | |||||||||||||||
Securities: | |||||||||||||||||||||||||||||
Taxable | 56,127 | 1,292 | 3.08 | 50,529 | 1,060 | 2.81 | 124 | 108 | 232 | ||||||||||||||||||||
Exempt from income taxes
(b)
|
1,459 | 35 | 3.17 | 1,084 | 21 | 2.56 | 8 | 6 | 14 | ||||||||||||||||||||
Other short-term investments | 8,708 | 348 | 5.34 | 14,486 | 58 | 0.53 | (32) | 322 | 290 | ||||||||||||||||||||
Total interest-earning assets | $ | 189,578 | 7,131 | 5.03 | % | $ | 185,883 | 4,523 | 3.25 | % | $ | 286 | 2,322 | 2,608 | |||||||||||||||
Cash and due from banks | 2,776 | 3,081 | |||||||||||||||||||||||||||
Other assets | 16,405 | 20,211 | |||||||||||||||||||||||||||
Allowance for loan and lease losses | (2,231) | (1,939) | |||||||||||||||||||||||||||
Total assets
|
$ | 206,528 | $ | 207,236 | |||||||||||||||||||||||||
Liabilities and Equity: | |||||||||||||||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||||||||||||
Interest checking deposits | $ | 50,782 | 1,061 | 2.79 | % | $ | 45,172 | 100 | 0.30 | % | $ | 14 | 947 | 961 | |||||||||||||||
Savings deposits | 21,755 | 118 | 0.73 | 23,435 | 10 | 0.06 | (1) | 109 | 108 | ||||||||||||||||||||
Money market deposits | 29,815 | 419 | 1.88 | 29,533 | 22 | 0.10 | — | 397 | 397 | ||||||||||||||||||||
Foreign office deposits | 151 | 2 | 1.63 | 157 | — | 0.39 | — | 2 | 2 | ||||||||||||||||||||
CDs $250,000 or less | 7,537 | 198 | 3.51 | 2,205 | 2 | 0.10 | 13 | 183 | 196 | ||||||||||||||||||||
Total interest-bearing core deposits | $ | 110,040 | 1,798 | 2.19 | $ | 100,502 | 134 | 0.18 | $ | 26 | 1,638 | 1,664 | |||||||||||||||||
CDs over $250,000 | 5,222 | 179 | 4.57 | 1,055 | 13 | 1.64 | 114 | 52 | 166 | ||||||||||||||||||||
Federal funds purchased | 347 | 13 | 4.89 | 421 | 4 | 1.31 | (1) | 10 | 9 | ||||||||||||||||||||
Securities sold under repurchase agreements | 347 | 3 | 1.13 | 484 | — | 0.10 | — | 3 | 3 | ||||||||||||||||||||
FHLB advances | 5,035 | 188 | 4.99 | 3,141 | 48 | 2.04 | 41 | 99 | 140 | ||||||||||||||||||||
Derivative collateral and other borrowed money | 123 | 7 | 8.10 | 365 | 8 | 2.70 | (8) | 7 | (1) | ||||||||||||||||||||
Long-term debt | 13,474 | 514 | 5.09 | 11,376 | 273 | 3.21 | 58 | 183 | 241 | ||||||||||||||||||||
Total interest-bearing liabilities | $ | 134,588 | 2,702 | 2.68 | % | $ | 117,344 | 480 | 0.55 | % | $ | 230 | 1,992 | 2,222 | |||||||||||||||
Demand deposits | 47,138 | 62,084 | |||||||||||||||||||||||||||
Other liabilities | 6,929 | 7,979 | |||||||||||||||||||||||||||
Total liabilities | $ | 188,655 | $ | 187,407 | |||||||||||||||||||||||||
Total equity | $ | 17,873 | $ | 19,829 | |||||||||||||||||||||||||
Total liabilities and equity | $ | 206,528 | $ | 207,236 | |||||||||||||||||||||||||
Net interest income (FTE)
(c)
|
$ | 4,429 | $ | 4,043 | $ | 56 | 330 | 386 | |||||||||||||||||||||
Net interest margin (FTE)
(c)
|
3.12 | % | 2.91 | % | |||||||||||||||||||||||||
Net interest rate spread (FTE)
(c)
|
2.35 | 2.70 | |||||||||||||||||||||||||||
Interest-bearing liabilities to interest-earning assets | 70.99 | 63.13 |
Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued) |
TABLE 7: Components of Noninterest Income | ||||||||||||||||||||||||||||||||
For the three months ended
September 30, |
For the nine months ended
September 30, |
|||||||||||||||||||||||||||||||
($ in millions) | 2023 | 2022 | % Change | 2023 | 2022 | % Change | ||||||||||||||||||||||||||
Commercial banking revenue | $ | 154 | 134 | 15 | $ | 461 | 406 | 14 | ||||||||||||||||||||||||
Wealth and asset management revenue | 145 | 141 | 3 | 434 | 430 | 1 | ||||||||||||||||||||||||||
Service charges on deposits | 149 | 143 | 4 | 431 | 449 | (4) | ||||||||||||||||||||||||||
Card and processing revenue | 104 | 105 | (1) | 310 | 306 | 1 | ||||||||||||||||||||||||||
Mortgage banking net revenue | 57 | 69 | (17) | 184 | 152 | 21 | ||||||||||||||||||||||||||
Leasing business revenue | 58 | 60 | (3) | 162 | 179 | (9) | ||||||||||||||||||||||||||
Other noninterest income | 55 | 59 | (7) | 152 | 195 | (22) | ||||||||||||||||||||||||||
Securities gains (losses), net | (7) | (38) | (82) | 3 | (84) | NM | ||||||||||||||||||||||||||
Securities losses, net – non-qualifying hedges on mortgage servicing rights
|
— | (1) | (100) | — | (2) | (100) | ||||||||||||||||||||||||||
Total noninterest income | $ | 715 | 672 | 6 | $ | 2,137 | 2,031 | 5 |
Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued) |
TABLE 8: Components of Mortgage Banking Net Revenue | ||||||||||||||
For the three months ended
September 30, |
For the nine months ended
September 30, |
|||||||||||||
($ in millions) | 2023 | 2022 | 2023 | 2022 | ||||||||||
Origination fees and gains on loan sales | $ | 19 | 24 | 59 | 73 | |||||||||
Net mortgage servicing revenue: | ||||||||||||||
Gross mortgage servicing fees | 79 | 81 | 241 | 230 | ||||||||||
Net valuation adjustments on MSRs and free-standing derivatives purchased to economically hedge MSRs
|
(41) | (36) | (116) | (151) | ||||||||||
Net mortgage servicing revenue | 38 | 45 | 125 | 79 | ||||||||||
Total mortgage banking net revenue | $ | 57 | 69 | 184 | 152 |
Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued) |
TABLE 9: Components of Net Valuation Adjustments on MSRs | ||||||||||||||
For the three months ended
September 30, |
For the nine months ended
September 30, |
|||||||||||||
($ in millions) | 2023 | 2022 | 2023 | 2022 | ||||||||||
Changes in fair value and settlement of free-standing derivatives purchased to economically hedge the MSR portfolio
|
$ | (75) | (84) | (110) | (368) | |||||||||
Changes in fair value: | ||||||||||||||
Due to changes in inputs or assumptions
(a)
|
73 | 83 | 107 | 358 | ||||||||||
Other changes in fair value
(b)
|
(39) | (35) | (113) | (141) | ||||||||||
Net valuation adjustments on MSRs and free-standing derivatives purchased to economically hedge MSRs
|
$ | (41) | (36) | (116) | (151) |
Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued) |
TABLE 10: Components of Other Noninterest Income | |||||||||||||||||
For the three months ended
September 30, |
For the nine months ended
September 30, |
||||||||||||||||
($ in millions) | 2023 | 2022 | 2023 | 2022 | |||||||||||||
Equity method investment income | $ | 3 | 4 | 48 | 17 | ||||||||||||
BOLI income | 15 | 15 | 45 | 48 | |||||||||||||
Cardholder fees | 15 | 14 | 43 | 41 | |||||||||||||
Private equity investment income | 13 | 14 | 39 | 55 | |||||||||||||
Banking center income | 7 | 6 | 19 | 18 | |||||||||||||
Consumer loan fees | 5 | 5 | 15 | 15 | |||||||||||||
Loss on swap associated with the sale of Visa, Inc. Class B Shares | (10) | (17) | (72) | (46) | |||||||||||||
Other, net | 7 | 18 | 15 | 47 | |||||||||||||
Total other noninterest income | $ | 55 | 59 | 152 | 195 |
TABLE 11: Components of Noninterest Expense | |||||||||||||||||||||||
For the three months ended
September 30, |
For the nine months ended
September 30, |
||||||||||||||||||||||
($ in millions) | 2023 | 2022 | % Change | 2023 | 2022 | % Change | |||||||||||||||||
Compensation and benefits | $ | 629 | 605 | 4 | $ | 2,036 | 1,900 | 7 | |||||||||||||||
Technology and communications | 115 | 106 | 8 | 347 | 306 | 13 | |||||||||||||||||
Net occupancy expense | 84 | 74 | 14 | 248 | 225 | 10 | |||||||||||||||||
Equipment expense | 37 | 36 | 3 | 110 | 108 | 2 | |||||||||||||||||
Marketing expense | 35 | 35 | — | 96 | 87 | 10 | |||||||||||||||||
Leasing business expense | 29 | 33 | (12) | 94 | 95 | (1) | |||||||||||||||||
Card and processing expense | 21 | 21 | — | 63 | 59 | 7 | |||||||||||||||||
Other noninterest expense | 238 | 257 | (7) | 756 | 721 | 5 | |||||||||||||||||
Total noninterest expense | $ | 1,188 | 1,167 | 2 | $ | 3,750 | 3,501 | 7 | |||||||||||||||
Efficiency ratio on an FTE basis
(a)
|
55.0 | % | 53.7 | 57.1 | % | 57.6 |
Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued) |
TABLE 12: Components of Other Noninterest Expense | |||||||||||||||||
For the three months ended
September 30, |
For the nine months ended
September 30, |
||||||||||||||||
($ in millions) | 2023 | 2022 | 2023 | 2022 | |||||||||||||
FDIC insurance and other taxes | $ | 39 | 37 | 122 | 101 | ||||||||||||
Loan and lease | 34 | 40 | 99 | 127 | |||||||||||||
Losses and adjustments | 21 | 26 | 70 | 62 | |||||||||||||
Data processing | 22 | 21 | 66 | 61 | |||||||||||||
Dues and subscriptions | 15 | 15 | 46 | 43 | |||||||||||||
Travel | 11 | 15 | 45 | 45 | |||||||||||||
Professional service fees | 12 | 16 | 41 | 42 | |||||||||||||
Securities recordkeeping | 13 | 11 | 38 | 36 | |||||||||||||
Cash and coin processing | 12 | 11 | 37 | 33 | |||||||||||||
Intangible amortization | 10 | 12 | 32 | 34 | |||||||||||||
Other, net | 49 | 53 | 160 | 137 | |||||||||||||
Total other noninterest expense | $ | 238 | 257 | 756 | 721 |
TABLE 13: Applicable Income Taxes | ||||||||||||||||||||||||||
For the three months ended
September 30, |
For the nine months ended
September 30, |
|||||||||||||||||||||||||
($ in millions) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||
Income before income taxes | $ | 846 | 845 | 2,338 | 2,179 | |||||||||||||||||||||
Applicable income tax expense | 186 | 192 | 519 | 470 | ||||||||||||||||||||||
Effective tax rate | 22.0 | % | 22.7 | 22.2 | 21.6 |
Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued) |
Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued) |
TABLE 14: Components of Total Loans and Leases (including loans and leases held for sale) | |||||||||||||||||
September 30, 2023 | December 31, 2022 | ||||||||||||||||
As of ($ in millions) | Carrying Value | % of Total | Carrying Value | % of Total | |||||||||||||
Commercial loans and leases: | |||||||||||||||||
Commercial and industrial loans | $ | 55,819 | 46 | % | $ | 57,305 | 47 | % | |||||||||
Commercial mortgage loans | 11,122 | 9 | 11,020 | 9 | |||||||||||||
Commercial construction loans | 5,634 | 5 | 5,433 | 4 | |||||||||||||
Commercial leases | 2,624 | 2 | 2,704 | 2 | |||||||||||||
Total commercial loans and leases | $ | 75,199 | 62 | % | $ | 76,462 | 62 | % | |||||||||
Consumer loans: | |||||||||||||||||
Residential mortgage loans | 17,826 | 15 | 18,562 | 15 | |||||||||||||
Home equity | 3,898 | 3 | 4,039 | 3 | |||||||||||||
Indirect secured consumer loans | 15,434 | 13 | 16,552 | 14 | |||||||||||||
Credit card | 1,817 | 2 | 1,874 | 2 | |||||||||||||
Other consumer loans | 6,528 | 5 | 4,998 | 4 | |||||||||||||
Total consumer loans | $ | 45,503 | 38 | % | $ | 46,025 | 38 | % | |||||||||
Total loans and leases | $ | 120,702 | 100 | % | $ | 122,487 | 100 | % | |||||||||
Total portfolio loans and leases
(excluding loans and leases held for sale)
|
$ | 120,088 | $ | 121,480 |
Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued) |
TABLE 15: Components of Average Loans and Leases (including average loans and leases held for sale) | |||||||||||||||||
September 30, 2023 | September 30, 2022 | ||||||||||||||||
For the three months ended ($ in millions) | Carrying Value | % of Total | Carrying Value | % of Total | |||||||||||||
Commercial loans and leases: | |||||||||||||||||
Commercial and industrial loans | $ | 57,015 | 47 | % | $ | 56,648 | 46 | % | |||||||||
Commercial mortgage loans | 11,216 | 9 | 10,751 | 9 | |||||||||||||
Commercial construction loans | 5,540 | 5 | 5,557 | 5 | |||||||||||||
Commercial leases | 2,618 | 2 | 2,793 | 2 | |||||||||||||
Total commercial loans and leases | $ | 76,389 | 63 | % | $ | 75,749 | 62 | % | |||||||||
Consumer loans: | |||||||||||||||||
Residential mortgage loans | 18,019 | 15 | 19,870 | 16 | |||||||||||||
Home equity | 3,897 | 3 | 3,956 | 3 | |||||||||||||
Indirect secured consumer loans | 15,787 | 13 | 16,750 | 14 | |||||||||||||
Credit card | 1,808 | 1 | 1,756 | 2 | |||||||||||||
Other consumer loans | 6,366 | 5 | 3,819 | 3 | |||||||||||||
Total consumer loans | $ | 45,877 | 37 | % | $ | 46,151 | 38 | % | |||||||||
Total average loans and leases | $ | 122,266 | 100 | % | $ | 121,900 | 100 | % | |||||||||
Total average portfolio loans and leases
(excluding loans and leases held for sale)
|
$ | 121,630 | $ | 119,644 |
Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued) |
TABLE 16: Components of Investment Securities | ||||||||
As of ($ in millions) |
September 30,
2023 |
December 31,
2022 |
||||||
Available-for-sale debt and other securities (amortized cost basis): | ||||||||
U.S. Treasury and federal agencies securities | $ | 3,680 | 2,683 | |||||
Obligations of states and political subdivisions securities | 2 | 18 | ||||||
Mortgage-backed securities: | ||||||||
Agency residential mortgage-backed securities | 11,743 | 12,604 | ||||||
Agency commercial mortgage-backed securities | 29,055 | 29,824 | ||||||
Non-agency commercial mortgage-backed securities | 4,922 | 5,235 | ||||||
Asset-backed securities and other debt securities | 5,378 | 6,292 | ||||||
Other securities
(a)
|
777 | 874 | ||||||
Total available-for-sale debt and other securities | $ | 55,557 | 57,530 | |||||
Held-to-maturity securities (amortized cost basis): | ||||||||
Obligations of states and political subdivisions securities | $ | — | 3 | |||||
Asset-backed securities and other debt securities | 2 | 2 | ||||||
Total held-to-maturity securities | $ | 2 | 5 | |||||
Trading debt securities (fair value): | ||||||||
U.S. Treasury and federal agencies securities | $ | 641 | 45 | |||||
Obligations of states and political subdivisions securities | 43 | 14 | ||||||
Agency residential mortgage-backed securities | 7 | 8 | ||||||
Asset-backed securities and other debt securities | 531 | 347 | ||||||
Total trading debt securities | $ | 1,222 | 414 | |||||
Total equity securities (fair value) | $ | 250 | 317 |
Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued) |
TABLE 17: Characteristics of Available-for-Sale Debt and Other Securities | ||||||||||||||
As of September 30, 2023 ($ in millions) |
Amortized Cost |
Fair Value |
Weighted-Average Life
(in years) |
Weighted-Average Yield | ||||||||||
U.S. Treasury and federal agencies securities: | ||||||||||||||
Average life after one year through five years | $ | 2,777 | 2,651 | 2.8 | 3.73 | % | ||||||||
Average life after five years through ten years | 903 | 811 | 5.2 | 2.42 | ||||||||||
Total | $ | 3,680 | 3,462 | 3.4 | 3.40 | % | ||||||||
Obligations of states and political subdivisions securities: | ||||||||||||||
Average life within one year | 2 | 2 | 0.9 | — | ||||||||||
Total | $ | 2 | 2 | 0.9 | — | % | ||||||||
Agency residential mortgage-backed securities: | ||||||||||||||
Average life within one year | 5 | 5 | 0.3 | 1.01 | ||||||||||
Average life after one year through five years | 787 | 711 | 3.5 | 2.73 | ||||||||||
Average life after five years through ten years | 9,832 | 8,327 | 8.3 | 3.05 | ||||||||||
Average life after ten years | 1,119 | 833 | 11.5 | 2.96 | ||||||||||
Total | $ | 11,743 | 9,876 | 8.3 | 3.02 | % | ||||||||
Agency commercial mortgage-backed securities:
(a)
|
||||||||||||||
Average life within one year | 43 | 41 | 0.9 | 2.99 | ||||||||||
Average life after one year through five years | 8,772 | 7,915 | 3.6 | 2.75 | ||||||||||
Average life after five years through ten years | 15,272 | 12,702 | 7.3 | 2.86 | ||||||||||
Average life after ten years | 4,968 | 3,803 | 12.1 | 2.90 | ||||||||||
Total | $ | 29,055 | 24,461 | 7.0 | 2.83 | % | ||||||||
Non-agency commercial mortgage-backed securities: | ||||||||||||||
Average life within one year | 121 | 118 | 0.7 | 3.58 | ||||||||||
Average life after one year through five years | 2,711 | 2,529 | 2.3 | 3.24 | ||||||||||
Average life after five years through ten years | 2,090 | 1,678 | 7.7 | 2.81 | ||||||||||
Total | $ | 4,922 | 4,325 | 4.6 | 3.07 | % | ||||||||
Asset-backed securities and other debt securities: | ||||||||||||||
Average life within one year | 432 | 423 | 0.7 | 4.62 | ||||||||||
Average life after one year through five years | 3,532 | 3,266 | 2.9 | 3.67 | ||||||||||
Average life after five years through ten years | 1,325 | 1,213 | 5.8 | 4.13 | ||||||||||
Average life after ten years | 89 | 88 | 12.9 | 6.27 | ||||||||||
Total | $ | 5,378 | 4,990 | 3.6 | 3.91 | % | ||||||||
Other securities | 777 | 777 | ||||||||||||
Total available-for-sale debt and other securities | $ | 55,557 | 47,893 | 6.5 | 3.04 | % |
Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued) |
TABLE 18: Components of Deposits | |||||||||||||||||
September 30, 2023 | December 31, 2022 | ||||||||||||||||
As of ($ in millions) | Balance | % of Total | Balance | % of Total | |||||||||||||
Demand | $ | 43,844 | 26 | % | $ | 53,125 | 33 | % | |||||||||
Interest checking | 53,421 | 32 | 51,653 | 32 | |||||||||||||
Savings | 20,195 | 12 | 23,469 | 14 | |||||||||||||
Money market | 33,492 | 20 | 28,220 | 17 | |||||||||||||
Foreign office | 168 | — | 182 | — | |||||||||||||
Total transaction deposits | $ | 151,120 | 90 | $ | 156,649 | 96 | |||||||||||
CDs $250,000 or less | 10,306 | 6 | 3,809 | 2 | |||||||||||||
Total core deposits | $ | 161,426 | 96 | $ | 160,458 | 98 | |||||||||||
CDs over $250,000
(a)
|
6,246 | 4 | 3,232 | 2 | |||||||||||||
Total deposits | $ | 167,672 | 100 | % | $ | 163,690 | 100 | % |
TABLE 19: Components of Average Deposits | |||||||||||||||||
September 30, 2023 | September 30, 2022 | ||||||||||||||||
($ in millions) | Balance | % of Total | Balance | % of Total | |||||||||||||
Demand | $ | 44,228 | 27 | % | $ | 59,535 | 37 | % | |||||||||
Interest checking | 53,109 | 32 | 42,574 | 27 | |||||||||||||
Savings | 20,511 | 12 | 23,814 | 15 | |||||||||||||
Money market | 32,072 | 19 | 29,066 | 18 | |||||||||||||
Foreign office | 168 | — | 206 | — | |||||||||||||
Total transaction deposits | $ | 150,088 | 90 | $ | 155,195 | 97 | |||||||||||
CDs $250,000 or less | 9,630 | 6 | 2,048 | 1 | |||||||||||||
Total core deposits | $ | 159,718 | 96 | $ | 157,243 | 98 | |||||||||||
CDs over $250,000
(a)
|
5,926 | 4 | 2,226 | 2 | |||||||||||||
Total average deposits | $ | 165,644 | 100 | % | $ | 159,469 | 100 | % |
Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued) |
TABLE 20: Contractual Maturities of CDs
(a)
|
|||||
($ in millions)
|
|||||
Next 12 months | $ | 16,300 | |||
13-24 months | 167 | ||||
25-36 months | 62 | ||||
37-48 months | 11 | ||||
49-60 months | 7 | ||||
After 60 months | 5 | ||||
Total CDs | $ | 16,552 |
Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued) |
TABLE 21: Components of Borrowings | ||||||||
As of ($ in millions) |
September 30,
2023 |
December 31,
2022 |
||||||
Federal funds purchased | $ | 205 | 180 | |||||
Other short-term borrowings | 4,594 | 4,838 | ||||||
Long-term debt | 16,310 | 13,714 | ||||||
Total borrowings | $ | 21,109 | 18,732 |
TABLE 22: Components of Average Borrowings | ||||||||
($ in millions) |
September 30,
2023 |
September 30,
2022 |
||||||
Federal funds purchased | $ | 181 | 607 | |||||
Other short-term borrowings | 4,126 | 7,436 | ||||||
Long-term debt | 14,056 | 11,796 | ||||||
Total average borrowings | $ | 18,363 | 19,839 |
Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued) |
TABLE 23: Net Income (Loss) by Business Segment | |||||||||||||||||||||||
For the three months ended
September 30, |
For the nine months ended
September 30, |
||||||||||||||||||||||
($ in millions) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Commercial Banking | $ | 718 | 369 | 2,009 | 1,026 | ||||||||||||||||||
Consumer and Small Business Banking | 739 | 377 | 2,145 | 699 | |||||||||||||||||||
Wealth and Asset Management | 79 | 56 | 226 | 125 | |||||||||||||||||||
General Corporate and Other | (876) | (149) | (2,561) | (141) | |||||||||||||||||||
Net income | $ | 660 | 653 | 1,819 | 1,709 |
Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued) |
TABLE 24: Commercial Banking | ||||||||||||||
For the three months ended
September 30, |
For the nine months ended
September 30, |
|||||||||||||
($ in millions) | 2023 | 2022 | 2023 | 2022 | ||||||||||
Income Statement Data | ||||||||||||||
Net interest income (FTE)
(a)
|
$ | 1,012 | 596 | 3,017 | 1,676 | |||||||||
Provision for (benefit from) credit losses | — | (2) | 37 | 44 | ||||||||||
Noninterest income: | ||||||||||||||
Commercial banking revenue | 154 | 133 | 459 | 405 | ||||||||||
Service charges on deposits | 95 | 90 | 275 | 285 | ||||||||||
Leasing business revenue | 58 | 60 | 162 | 179 | ||||||||||
Other noninterest income | 46 | 15 | 130 | 123 | ||||||||||
Noninterest expense: | ||||||||||||||
Compensation and benefits | 156 | 147 | 499 | 483 | ||||||||||
Leasing business expense | 29 | 33 | 94 | 95 | ||||||||||
Other noninterest expense | 293 | 260 | 923 | 783 | ||||||||||
Income before income taxes (FTE) | 887 | 456 | 2,490 | 1,263 | ||||||||||
Applicable income tax expense
(a)(b)
|
169 | 87 | 481 | 237 | ||||||||||
Net income | $ | 718 | 369 | 2,009 | 1,026 | |||||||||
Average Balance Sheet Data | ||||||||||||||
Commercial loans and leases, including held for sale | $ | 72,028 | 72,086 | 73,142 | 70,123 | |||||||||
Demand deposits | 21,581 | 34,503 | 23,862 | 36,930 | ||||||||||
Interest checking deposits | 34,313 | 18,495 | 30,629 | 20,086 | ||||||||||
Savings and money market deposits | 5,265 | 5,615 | 5,094 | 6,212 | ||||||||||
Certificates of deposit | 83 | 106 | 55 | 116 | ||||||||||
Foreign office deposits | 168 | 206 | 151 | 157 |
Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued) |
Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued) |
TABLE 25: Consumer and Small Business Banking | ||||||||||||||
For the three months ended
September 30, |
For the nine months ended
September 30, |
|||||||||||||
($ in millions) | 2023 | 2022 | 2023 | 2022 | ||||||||||
Income Statement Data | ||||||||||||||
Net interest income | $ | 1,390 | 833 | 4,016 | 1,981 | |||||||||
Provision for credit losses | 105 | 34 | 221 | 93 | ||||||||||
Noninterest income: | ||||||||||||||
Card and processing revenue | 78 | 79 | 231 | 231 | ||||||||||
Mortgage banking net revenue | 57 | 69 | 184 | 151 | ||||||||||
Wealth and asset management revenue | 53 | 52 | 159 | 154 | ||||||||||
Service charges on deposits | 55 | 53 | 159 | 164 | ||||||||||
Other noninterest income | 31 | 33 | 86 | 86 | ||||||||||
Noninterest expense: | ||||||||||||||
Compensation and benefits | 217 | 207 | 663 | 630 | ||||||||||
Net occupancy and equipment expense | 63 | 58 | 188 | 175 | ||||||||||
Card and processing expense | 19 | 19 | 57 | 54 | ||||||||||
Other noninterest expense | 325 | 324 | 992 | 930 | ||||||||||
Income before income taxes | $ | 935 | 477 | 2,714 | 885 | |||||||||
Applicable income tax expense | 196 | 100 | 569 | 186 | ||||||||||
Net income | $ | 739 | 377 | 2,145 | 699 | |||||||||
Average Balance Sheet Data | ||||||||||||||
Consumer loans, including held for sale | $ | 43,017 | 43,187 | 43,176 | 43,066 | |||||||||
Commercial loans | 2,987 | 1,868 | 2,742 | 1,603 | ||||||||||
Demand deposits | 21,620 | 23,606 | 22,163 | 23,705 | ||||||||||
Interest checking deposits | 11,750 | 15,111 | 12,647 | 15,418 | ||||||||||
Savings and money market deposits | 42,697 | 43,521 | 41,857 | 43,220 | ||||||||||
Certificates of deposit | 10,240 | 2,235 | 7,980 | 2,417 |
Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued) |
Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued) |
TABLE 26: Wealth and Asset Management | ||||||||||||||
For the three months ended
September 30, |
For the nine months ended
September 30, |
|||||||||||||
($ in millions) | 2023 | 2022 | 2023 | 2022 | ||||||||||
Income Statement Data | ||||||||||||||
Net interest income | $ | 98 | 79 | 294 | 167 | |||||||||
Provision for credit losses | 1 | — | 1 | — | ||||||||||
Noninterest income: | ||||||||||||||
Wealth and asset management revenue | 137 | 132 | 410 | 407 | ||||||||||
Other noninterest income | 2 | 2 | 5 | 5 | ||||||||||
Noninterest expense: | ||||||||||||||
Compensation and benefits | 53 | 54 | 169 | 166 | ||||||||||
Other noninterest expense | 82 | 88 | 254 | 255 | ||||||||||
Income before income taxes | $ | 101 | 71 | 285 | 158 | |||||||||
Applicable income tax expense | 22 | 15 | 59 | 33 | ||||||||||
Net income | $ | 79 | 56 | 226 | 125 | |||||||||
Average Balance Sheet Data | ||||||||||||||
Loans and leases, including held for sale | $ | 4,388 | 4,512 | 4,427 | 4,383 | |||||||||
Deposits | 10,634 | 12,258 | 11,253 | 13,020 |
Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued) |
Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued) |
Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued) |
Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued) |
TABLE 27: Commercial Loan and Lease Portfolio (excluding loans and leases held for sale) | ||||||||||||||||||||
September 30, 2023 | December 31, 2022 | |||||||||||||||||||
($ in millions) | Outstanding | Exposure | Nonaccrual | Outstanding | Exposure | Nonaccrual | ||||||||||||||
By Industry: | ||||||||||||||||||||
Real estate | $ | 12,205 | 19,802 | 4 | 11,275 | 17,938 | 25 | |||||||||||||
Financial services and insurance | 10,138 | 21,638 | — | 9,927 | 20,674 | — | ||||||||||||||
Manufacturing | 10,044 | 20,383 | 58 | 11,024 | 21,174 | 88 | ||||||||||||||
Business services | 6,290 | 10,871 | 58 | 5,971 | 10,240 | 4 | ||||||||||||||
Healthcare | 5,784 | 8,173 | 8 | 5,576 | 7,838 | 28 | ||||||||||||||
Wholesale trade | 5,307 | 10,367 | 7 | 5,538 | 10,620 | 4 | ||||||||||||||
Accommodation and food | 4,319 | 7,113 | 24 | 4,340 | 7,028 | 10 | ||||||||||||||
Retail trade | 4,106 | 10,156 | 88 | 4,495 | 10,570 | 9 | ||||||||||||||
Communication and information | 3,154 | 6,498 | — | 3,428 | 6,944 | — | ||||||||||||||
Mining | 3,125 | 6,212 | — | 3,634 | 6,811 | — | ||||||||||||||
Construction | 2,757 | 6,496 | 11 | 2,945 | 6,265 | 15 | ||||||||||||||
Transportation and warehousing | 2,460 | 4,519 | 4 | 2,621 | 4,664 | 2 | ||||||||||||||
Utilities | 2,035 | 3,955 | — | 1,862 | 4,172 | — | ||||||||||||||
Entertainment and recreation | 1,646 | 3,070 | 8 | 1,729 | 3,053 | 67 | ||||||||||||||
Other services | 1,138 | 1,619 | 6 | 1,088 | 1,484 | 9 | ||||||||||||||
Agribusiness | 370 | 578 | — | 456 | 651 | — | ||||||||||||||
Public administration | 212 | 328 | 4 | 343 | 451 | 1 | ||||||||||||||
Individuals | 28 | 77 | 1 | 76 | 117 | — | ||||||||||||||
Other | — | — | — | 61 | 62 | 1 | ||||||||||||||
Total | $ | 75,118 | 141,855 | 281 | 76,389 | 140,756 | 263 | |||||||||||||
By Loan Size: | ||||||||||||||||||||
Less than $1 million | 4 | % | 3 | 20 | 4 | 3 | 17 | |||||||||||||
$1 million to $5 million | 7 | 7 | 10 | 7 | 6 | 12 | ||||||||||||||
$5 million to $10 million | 5 | 4 | 4 | 5 | 4 | 17 | ||||||||||||||
$10 million to $25 million | 13 | 11 | 36 | 14 | 12 | 28 | ||||||||||||||
$25 million to $50 million | 25 | 23 | — | 23 | 22 | 26 | ||||||||||||||
Greater than $50 million | 46 | 52 | 30 | 47 | 53 | — | ||||||||||||||
Total | 100 | % | 100 | 100 | 100 | 100 | 100 | |||||||||||||
By State: | ||||||||||||||||||||
California | 10 | % | 9 | 6 | 9 | 8 | 3 | |||||||||||||
Texas | 9 | 9 | 4 | 9 | 9 | 9 | ||||||||||||||
Illinois | 9 | 8 | 8 | 9 | 9 | 30 | ||||||||||||||
Ohio | 8 | 11 | 5 | 9 | 11 | 8 | ||||||||||||||
Florida | 7 | 7 | 44 | 7 | 7 | 6 | ||||||||||||||
New York | 6 | 6 | — | 6 | 6 | — | ||||||||||||||
Michigan | 5 | 5 | 4 | 5 | 5 | 5 | ||||||||||||||
Georgia | 4 | 4 | 1 | 4 | 4 | 1 | ||||||||||||||
Indiana | 3 | 3 | 1 | 3 | 3 | — | ||||||||||||||
Tennessee | 3 | 3 | 1 | 3 | 3 | 2 | ||||||||||||||
North Carolina | 3 | 2 | 1 | 3 | 2 | 2 | ||||||||||||||
South Carolina | 3 | 2 | 1 | 2 | 2 | — | ||||||||||||||
Other | 30 | 31 | 24 | 31 | 31 | 34 | ||||||||||||||
Total | 100 | % | 100 | 100 | 100 | 100 | 100 |
Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued) |
TABLE 28: Commercial Mortgage Loans Outstanding by LTV, Loans Greater Than $1 Million | |||||||||||
As of September 30, 2023 ($ in millions) | LTV > 100% | LTV 80-100% | LTV < 80% | ||||||||
Commercial mortgage owner-occupied loans | $ | 52 | 344 | 3,867 | |||||||
Commercial mortgage nonowner-occupied loans | — | 16 | 4,465 | ||||||||
Total | $ | 52 | 360 | 8,332 | |||||||
TABLE 29: Commercial Mortgage Loans Outstanding by LTV, Loans Greater Than $1 Million | |||||||||||
As of December 31, 2022 ($ in millions) | LTV > 100% | LTV 80-100% | LTV < 80% | ||||||||
Commercial mortgage owner-occupied loans | $ | 63 | 533 | 3,566 | |||||||
Commercial mortgage nonowner-occupied loans | 4 | 65 | 4,510 | ||||||||
Total | $ | 67 | 598 | 8,076 |
TABLE 30: Nonowner-Occupied Commercial Real Estate (excluding loans held for sale)
(a)
|
||||||||||||||||||||||||||
As of September 30, 2023 ($ in millions) |
For the three months ended September 30, 2023
|
For the nine months ended September 30, 2023
|
||||||||||||||||||||||||
Outstanding | Exposure |
90 Days
Past Due |
Nonaccrual | Net Charge-offs | Net Charge-offs | |||||||||||||||||||||
By State: | ||||||||||||||||||||||||||
Illinois | $ | 1,337 | 1,635 | — | 2 | — | — | |||||||||||||||||||
Florida | 1,200 | 2,073 | — | — | — | — | ||||||||||||||||||||
Ohio | 1,147 | 1,580 | — | — | — | — | ||||||||||||||||||||
South Carolina | 954 | 1,165 | — | — | — | — | ||||||||||||||||||||
Michigan | 777 | 1,137 | — | — | — | — | ||||||||||||||||||||
Texas | 698 | 1,360 | — | — | — | — | ||||||||||||||||||||
California | 682 | 1,169 | — | — | — | — | ||||||||||||||||||||
Georgia | 449 | 851 | — | — | — | — | ||||||||||||||||||||
All other states | 3,176 | 5,295 | — | — | — | — | ||||||||||||||||||||
Total | $ | 10,420 | 16,265 | — | 2 | — | — |
Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued) |
TABLE 31: Nonowner-Occupied Commercial Real Estate (excluding loans held for sale)
(a)
|
||||||||||||||||||||||||||
As of September 30, 2022 ($ in millions) |
For the three months ended September 30, 2022
|
For the nine months ended September 30, 2022
|
||||||||||||||||||||||||
Outstanding | Exposure |
90 Days
Past Due |
Nonaccrual | Net Charge-offs | Net Charge-offs | |||||||||||||||||||||
By State: | ||||||||||||||||||||||||||
Illinois | $ | 1,510 | 1,709 | — | 24 | — | — | |||||||||||||||||||
Florida | 1,168 | 1,902 | — | — | — | — | ||||||||||||||||||||
Ohio | 1,076 | 1,465 | — | — | — | — | ||||||||||||||||||||
South Carolina | 770 | 960 | — | — | — | — | ||||||||||||||||||||
Michigan | 868 | 1,146 | — | — | — | — | ||||||||||||||||||||
Texas | 822 | 1,357 | — | — | — | — | ||||||||||||||||||||
California | 581 | 923 | — | — | — | — | ||||||||||||||||||||
Georgia | 405 | 889 | — | — | — | — | ||||||||||||||||||||
All other states | 3,395 | 5,137 | — | 1 | — | 3 | ||||||||||||||||||||
Total | $ | 10,595 | 15,488 | — | 25 | — | 3 |
Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued) |
TABLE 32: Residential Mortgage Portfolio Loans by LTV at Origination | |||||||||||||||||
September 30, 2023 | December 31, 2022 | ||||||||||||||||
($ in millions) |
Outstanding |
Weighted-
Average LTV |
Outstanding |
Weighted-
Average LTV |
|||||||||||||
LTV ≤ 80% | $ | 11,923 | 62.6 | % | $ | 12,395 | 61.9 | % | |||||||||
LTV > 80%, with mortgage insurance
(a)
|
3,002 | 95.1 | 3,092 | 94.7 | |||||||||||||
LTV > 80%, no mortgage insurance | 2,368 | 91.2 | 2,141 | 90.5 | |||||||||||||
Total | $ | 17,293 | 72.2 | % | $ | 17,628 | 71.3 | % |
TABLE 33: Residential Mortgage Portfolio Loans, LTV Greater Than 80% at Origination, No Mortgage Insurance | ||||||||||||||||||||
As of September 30, 2023 ($ in millions) |
For the three months ended September 30, 2023
|
For the nine months ended September 30, 2023
|
||||||||||||||||||
Outstanding |
90 Days Past
Due and Accruing |
Nonaccrual | Net Charge-offs | Net (Recoveries) Charge-offs | ||||||||||||||||
By State: | ||||||||||||||||||||
Ohio | $ | 521 | — | 8 | — | — | ||||||||||||||
Illinois | 472 | 1 | 4 | — | — | |||||||||||||||
Florida | 425 | — | 2 | — | (1) | |||||||||||||||
Indiana | 174 | — | 2 | — | — | |||||||||||||||
Michigan | 167 | — | 2 | — | — | |||||||||||||||
North Carolina | 163 | — | 1 | — | — | |||||||||||||||
Kentucky | 127 | — | 1 | — | — | |||||||||||||||
All other states | 319 | — | 5 | — | — | |||||||||||||||
Total | $ | 2,368 | 1 | 25 | — | (1) |
TABLE 34: Residential Mortgage Portfolio Loans, LTV Greater Than 80% at Origination, No Mortgage Insurance | ||||||||||||||||||||
As of September 30, 2022 ($ in millions) |
For the three months ended
September 30, 2022
|
For the nine months ended
September 30, 2022
|
||||||||||||||||||
Outstanding |
90 Days Past
Due and Accruing |
Nonaccrual | Net Charge-offs | Net (Recoveries) Charge-offs | ||||||||||||||||
By State: | ||||||||||||||||||||
Ohio | $ | 532 | — | 10 | — | — | ||||||||||||||
Illinois | 477 | 1 | 5 | — | — | |||||||||||||||
Florida | 392 | — | 3 | — | (1) | |||||||||||||||
Indiana | 167 | — | 2 | — | — | |||||||||||||||
Michigan | 173 | — | 1 | — | — | |||||||||||||||
North Carolina | 166 | — | — | — | — | |||||||||||||||
Kentucky | 128 | — | 1 | — | — | |||||||||||||||
All other states | 323 | — | 6 | — | — | |||||||||||||||
Total | $ | 2,358 | 1 | 28 | — | (1) |
Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued) |
TABLE 35: Home Equity Portfolio Loans Outstanding by Refreshed FICO Score | |||||||||||||||||
September 30, 2023 | December 31, 2022 | ||||||||||||||||
($ in millions) | Outstanding | % of Total | Outstanding | % of Total | |||||||||||||
Senior Liens: | |||||||||||||||||
FICO ≤ 659 | $ | 110 | 3 | % | $ | 122 | 3 | % | |||||||||
FICO 660-719 | 186 | 4 | 205 | 5 | |||||||||||||
FICO ≥ 720 | 1,088 | 28 | 1,262 | 31 | |||||||||||||
Total senior liens | $ | 1,384 | 35 | % | $ | 1,589 | 39 | % | |||||||||
Junior Liens: | |||||||||||||||||
FICO ≤ 659 | 209 | 5 | 211 | 5 | |||||||||||||
FICO 660-719 | 445 | 12 | 433 | 11 | |||||||||||||
FICO ≥ 720 | 1,860 | 48 | 1,806 | 45 | |||||||||||||
Total junior liens | $ | 2,514 | 65 | % | $ | 2,450 | 61 | % | |||||||||
Total | $ | 3,898 | 100 | % | $ | 4,039 | 100 | % |
Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued) |
TABLE 36: Home Equity Portfolio Loans Outstanding by LTV at Origination | |||||||||||||||||
September 30, 2023 | December 31, 2022 | ||||||||||||||||
($ in millions) |
Outstanding |
Weighted-
Average LTV |
Outstanding |
Weighted-
Average LTV |
|||||||||||||
Senior Liens: | |||||||||||||||||
LTV ≤ 80% | $ | 1,222 | 51.0 | % | $ | 1,395 | 52.1 | % | |||||||||
LTV > 80% | 162 | 88.9 | 194 | 88.8 | |||||||||||||
Total senior liens
|
$ | 1,384 | 55.7 | % | $ | 1,589 | 56.8 | % | |||||||||
Junior Liens: | |||||||||||||||||
LTV ≤ 80% | 1,716 | 65.1 | 1,628 | 65.6 | |||||||||||||
LTV > 80% | 798 | 88.8 | 822 | 89.2 | |||||||||||||
Total junior liens
|
$ | 2,514 | 73.1 | % | $ | 2,450 | 74.1 | % | |||||||||
Total | $ | 3,898 | 66.8 | % | $ | 4,039 | 67.2 | % |
TABLE 37: Home Equity Portfolio Loans Outstanding with an LTV Greater than 80% at Origination | |||||||||||||||||||||||
As of September 30, 2023 ($ in millions) |
For the three months ended
September 30, 2023
|
For the nine months ended
September 30, 2023
|
|||||||||||||||||||||
Outstanding | Exposure |
90 Days Past
Due and Accruing |
Nonaccrual | Net Charge-offs | Net (Recoveries) Charge-offs | ||||||||||||||||||
By State: | |||||||||||||||||||||||
Ohio | $ | 294 | 818 | — | 6 | — | — | ||||||||||||||||
Illinois | 147 | 349 | — | 3 | — | (1) | |||||||||||||||||
Michigan | 143 | 402 | — | 2 | — | — | |||||||||||||||||
Indiana | 95 | 252 | — | 2 | — | — | |||||||||||||||||
Florida | 84 | 205 | — | 2 | — | — | |||||||||||||||||
Kentucky | 81 | 214 | — | 1 | — | — | |||||||||||||||||
All other states | 116 | 302 | — | 3 | — | — | |||||||||||||||||
Total | $ | 960 | 2,542 | — | 19 | — | (1) |
TABLE 38: Home Equity Portfolio Loans Outstanding with an LTV Greater than 80% at Origination | |||||||||||||||||||||||
As of September 30, 2022 ($ in millions) |
For the three months ended
September 30, 2022
|
For the nine months ended
September 30, 2022
|
|||||||||||||||||||||
Outstanding | Exposure |
90 Days Past
Due and Accruing |
Nonaccrual | Net (Recoveries) Charge-offs | Net (Recoveries) Charge-offs | ||||||||||||||||||
By State: | |||||||||||||||||||||||
Ohio | $ | 318 | 865 | — | 8 | — | (1) | ||||||||||||||||
Illinois | 168 | 370 | 1 | 4 | — | (1) | |||||||||||||||||
Michigan | 163 | 441 | — | 3 | (1) | (1) | |||||||||||||||||
Indiana | 98 | 259 | — | 2 | — | — | |||||||||||||||||
Florida | 75 | 185 | — | 2 | — | — | |||||||||||||||||
Kentucky | 84 | 220 | — | 1 | — | — | |||||||||||||||||
All other states | 112 | 293 | — | 3 | — | — | |||||||||||||||||
Total | $ | 1,018 | 2,633 | 1 | 23 | (1) | (3) |
Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued) |
TABLE 39: Indirect Secured Consumer Portfolio Loans Outstanding by FICO Score at Origination | |||||||||||||||||
September 30, 2023 | December 31, 2022 | ||||||||||||||||
($ in millions) |
Outstanding
|
% of Total |
Outstanding
|
% of Total | |||||||||||||
FICO ≤ 659 | $ | 204 | 1 | % | $ | 248 | 1 | % | |||||||||
FICO 660-719 | 3,209 | 21 | 3,564 | 22 | |||||||||||||
FICO ≥ 720 | 12,021 | 78 | 12,740 | 77 | |||||||||||||
Total | $ | 15,434 | 100 | % | $ | 16,552 | 100 | % |
TABLE 40: Indirect Secured Consumer Portfolio Loans Outstanding by LTV at Origination | |||||||||||||||||
September 30, 2023 | December 31, 2022 | ||||||||||||||||
($ in millions) | Outstanding | Weighted- Average LTV | Outstanding | Weighted- Average LTV | |||||||||||||
LTV ≤ 100% | $ | 11,321 | 79.6 | % | $ | 12,087 | 79.6 | % | |||||||||
LTV > 100% | 4,113 | 110.3 | 4,465 | 110.5 | |||||||||||||
Total | $ | 15,434 | 87.7 | % | $ | 16,552 | 87.9 | % |
TABLE 41: Indirect Secured Consumer Portfolio Loans Outstanding with an LTV Greater than 100% at Origination | ||||||||||||||||||||
As of ($ in millions) |
Outstanding |
90 Days Past
Due and Accruing |
Nonaccrual |
Net Charge-offs for the
Three Months Ended |
Net Charge-offs for the
Nine Months Ended
|
|||||||||||||||
September 30, 2023 | $ | 4,113 | — | 15 | 9 | 27 | ||||||||||||||
September 30, 2022 | 4,460 | 7 | 9 | 6 | 14 |
TABLE 42: Credit Card Portfolio Loans Outstanding by FICO Score at Origination | |||||||||||||||||
September 30, 2023 | December 31, 2022 | ||||||||||||||||
($ in millions) | Outstanding | % of Total | Outstanding | % of Total | |||||||||||||
FICO ≤ 659 | $ | 73 | 4 | % | $ | 80 | 4 | % | |||||||||
FICO 660-719 | 509 | 28 | 528 | 28 | |||||||||||||
FICO ≥ 720 | 1,235 | 68 | 1,266 | 68 | |||||||||||||
Total | $ | 1,817 | 100 | % | $ | 1,874 | 100 | % |
Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued) |
TABLE 43: Other Consumer Portfolio Loans Outstanding by Product Type | |||||||||||||||||
September 30, 2023 | December 31, 2022 | ||||||||||||||||
($ in millions) | Outstanding | % of Total |
Outstanding
|
% of Total
|
|||||||||||||
Point-of-sale, primarily solar energy installation | $ | 4,191 | 64 | % | $ | 2,297 | 46 | % | |||||||||
Third-party point-of-sale | 942 | 14 | 1,262 | 25 | |||||||||||||
Other secured | 884 | 14 | 909 | 18 | |||||||||||||
Unsecured | 511 | 8 | 530 | 11 | |||||||||||||
Total | $ | 6,528 | 100 | % | $ | 4,998 | 100 | % |
Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued) |
TABLE 44: Summary of Nonperforming Assets and Delinquent Loans and Leases | ||||||||
As of ($ in millions) |
September 30,
2023 |
December 31,
2022 |
||||||
Nonaccrual portfolio loans and leases: | ||||||||
Commercial and industrial loans | $ | 262 | 215 | |||||
Commercial mortgage loans | 18 | 40 | ||||||
Commercial construction loans | — | 8 | ||||||
Commercial leases | 1 | — | ||||||
Residential mortgage loans | 127 | 124 | ||||||
Home equity | 58 | 67 | ||||||
Indirect secured consumer loans | 31 | 29 | ||||||
Credit card | 32 | 27 | ||||||
Other consumer loans | 41 | 5 | ||||||
Total nonaccrual portfolio loans and leases
(a)
|
$ | 570 | 515 | |||||
OREO and other repossessed property
(c)
|
42 | 24 | ||||||
Total nonperforming portfolio loans and leases and OREO | $ | 612 | 539 | |||||
Nonaccrual loans held for sale | 6 | — | ||||||
Total nonperforming assets | $ | 618 | 539 | |||||
Total portfolio loans and leases 90 days past due and still accruing: | ||||||||
Commercial and industrial loans | $ | 3 | 11 | |||||
Commercial leases | — | 2 | ||||||
Residential mortgage loans
(b)
|
6 | 7 | ||||||
Home equity | — | 1 | ||||||
Credit card | 20 | 18 | ||||||
Other consumer loans | — | 1 | ||||||
Total portfolio loans and leases 90 days past due and still accruing | $ | 29 | 40 | |||||
Nonperforming portfolio assets as a percent of portfolio loans and leases and OREO | 0.51 | % | 0.44 | |||||
Nonperforming portfolio loans and leases as a percent of portfolio loans and leases | 0.47 | 0.42 | ||||||
ACL as a percent of nonperforming portfolio loans and leases | 443 | 468 | ||||||
ACL as a percent of nonperforming portfolio assets | 413 | 447 |
TABLE 45: Rollforward of Portfolio Nonaccrual Loans and Leases | ||||||||||||||
For the nine months ended September 30, 2023 ($ in millions)
|
Commercial | Residential Mortgage | Consumer | Total | ||||||||||
Balance, beginning of period | $ | 263 | 124 | 128 | 515 | |||||||||
Transfers to nonaccrual status | 359 | 52 | 276 | 687 | ||||||||||
Transfers to accrual status | (59) | (21) | (69) | (149) | ||||||||||
Transfers to held for sale | (10) | — | — | (10) | ||||||||||
Loan paydowns/payoffs | (138) | (25) | (48) | (211) | ||||||||||
Transfers to OREO | — | (6) | (8) | (14) | ||||||||||
Charge-offs | (140) | — | (117) | (257) | ||||||||||
Draws/other extensions of credit | 6 | 3 | — | 9 | ||||||||||
Balance, end of period | $ | 281 | 127 | 162 | 570 |
Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued) |
TABLE 46: Rollforward of Portfolio Nonaccrual Loans and Leases | ||||||||||||||
For the nine months ended September 30, 2022 ($ in millions)
|
Commercial | Residential Mortgage | Consumer | Total | ||||||||||
Balance, beginning of period | $ | 337 | 33 | 128 | 498 | |||||||||
Transfers to nonaccrual status | 194 | 120 | 97 | 411 | ||||||||||
Transfers to accrual status | (2) | (22) | (52) | (76) | ||||||||||
Transfers to held for sale | (23) | — | — | (23) | ||||||||||
Loan paydowns/payoffs | (117) | (15) | (41) | (173) | ||||||||||
Transfers to OREO | — | (3) | — | (3) | ||||||||||
Charge-offs | (95) | — | (23) | (118) | ||||||||||
Draws/other extensions of credit | 4 | 2 | — | 6 | ||||||||||
Balance, end of period | $ | 298 | 115 | 109 | 522 |
Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued) |
TABLE 47: Summary of Credit Loss Experience | |||||||||||||||||
For the three months ended
September 30, |
For the nine months ended
September 30, |
||||||||||||||||
($ in millions) | 2023 | 2022 | 2023 | 2022 | |||||||||||||
Losses charged-off: | |||||||||||||||||
Commercial and industrial loans | $ | (70) | (46) | (138) | (91) | ||||||||||||
Commercial mortgage loans | — | — | (1) | — | |||||||||||||
Commercial construction loans | — | — | (1) | (3) | |||||||||||||
Commercial leases | — | (1) | — | (1) | |||||||||||||
Residential mortgage loans | (1) | (1) | (3) | (2) | |||||||||||||
Home equity | (2) | (2) | (6) | (7) | |||||||||||||
Indirect secured consumer loans | (27) | (18) | (75) | (48) | |||||||||||||
Credit card | (19) | (15) | (59) | (51) | |||||||||||||
Other consumer loans
(a)
|
(39) | (21) | (106) | (56) | |||||||||||||
Total losses charged-off | $ | (158) | (104) | (389) | (259) | ||||||||||||
Recoveries of losses previously charged-off: | |||||||||||||||||
Commercial and industrial loans | $ | 5 | 12 | 11 | 15 | ||||||||||||
Commercial mortgage loans | — | — | 1 | 1 | |||||||||||||
Commercial construction loans | — | 1 | — | 1 | |||||||||||||
Commercial leases | 1 | 2 | 1 | 2 | |||||||||||||
Residential mortgage loans | 1 | 2 | 3 | 4 | |||||||||||||
Home equity | 2 | 3 | 5 | 9 | |||||||||||||
Indirect secured consumer loans | 8 | 8 | 27 | 25 | |||||||||||||
Credit card | 4 | 3 | 13 | 12 | |||||||||||||
Other consumer loans
(a)
|
13 | 11 | 36 | 31 | |||||||||||||
Total recoveries of losses previously charged-off | $ | 34 | 42 | 97 | 100 | ||||||||||||
Net losses charged-off: | |||||||||||||||||
Commercial and industrial loans | $ | (65) | (34) | (127) | (76) | ||||||||||||
Commercial mortgage loans | — | — | — | 1 | |||||||||||||
Commercial construction loans | — | 1 | (1) | (2) | |||||||||||||
Commercial leases | 1 | 1 | 1 | 1 | |||||||||||||
Residential mortgage loans | — | 1 | — | 2 | |||||||||||||
Home equity | — | 1 | (1) | 2 | |||||||||||||
Indirect secured consumer loans | (19) | (10) | (48) | (23) | |||||||||||||
Credit card | (15) | (12) | (46) | (39) | |||||||||||||
Other consumer loans | (26) | (10) | (70) | (25) | |||||||||||||
Total net losses charged-off | $ | (124) | (62) | (292) | (159) | ||||||||||||
Net losses charged-off as a percent of average portfolio loans and leases: | |||||||||||||||||
Commercial and industrial loans | 0.45 | % | 0.24 | 0.29 | 0.18 | ||||||||||||
Commercial mortgage loans | — | (0.01) | 0.01 | (0.01) | |||||||||||||
Commercial construction loans | — | (0.08) | 0.03 | 0.05 | |||||||||||||
Commercial leases | (0.08) | (0.12) | (0.05) | (0.05) | |||||||||||||
Total commercial loans and leases | 0.34 | % | 0.17 | 0.22 | 0.14 | ||||||||||||
Residential mortgage loans | — | (0.02) | — | (0.02) | |||||||||||||
Home equity | 0.03 | (0.08) | 0.02 | (0.07) | |||||||||||||
Indirect secured consumer loans | 0.47 | 0.24 | 0.39 | 0.18 | |||||||||||||
Credit card | 3.25 | 2.69 | 3.43 | 3.02 | |||||||||||||
Other consumer loans | 1.67 | 1.10 | 1.58 | 1.07 | |||||||||||||
Total consumer loans | 0.53 | % | 0.28 | 0.48 | 0.26 | ||||||||||||
Total net losses charged-off as a percent of average portfolio loans and leases | 0.41 | % | 0.21 | 0.32 | 0.18 |
Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued) |
Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued) |
TABLE 48: Changes in Allowance for Credit Losses | ||||||||||||||||||||||||||
For the three months ended
September 30, |
For the nine months ended
September 30, |
|||||||||||||||||||||||||
($ in millions) |
2023
|
2022
|
2023
|
2022
|
||||||||||||||||||||||
ALLL: | ||||||||||||||||||||||||||
Balance, beginning of period | $ | 2,327 | 2,014 | 2,194 | 1,892 | |||||||||||||||||||||
Impact of adoption of ASU 2022-02
(b)
|
— | — | (49) | — | ||||||||||||||||||||||
Losses charged-off
(a)
|
(158) | (104) | (389) | (259) | ||||||||||||||||||||||
Recoveries of losses previously charged-off
(a)
|
34 | 42 | 97 | 100 | ||||||||||||||||||||||
Provision for loan and lease losses | 137 | 147 | 487 | 366 | ||||||||||||||||||||||
Balance, end of period | $ | 2,340 | 2,099 | 2,340 | 2,099 | |||||||||||||||||||||
Reserve for unfunded commitments: | ||||||||||||||||||||||||||
Balance, beginning of period | $ | 207 | 188 | 216 | 182 | |||||||||||||||||||||
(Benefit from) provision for the reserve for unfunded commitments | (18) | 11 | (27) | 17 | ||||||||||||||||||||||
Balance, end of period | $ | 189 | 199 | 189 | 199 |
Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued) |
TABLE 49: Attribution of Allowance for Loan and Lease Losses to Portfolio Loans and Leases | ||||||||
As of ($ in millions) |
September 30,
2023 |
December 31,
2022 |
||||||
Attributed ALLL: | ||||||||
Commercial and industrial loans | $ | 828 | 776 | |||||
Commercial mortgage loans | 276 | 246 | ||||||
Commercial construction loans | 67 | 90 | ||||||
Commercial leases | 16 | 15 | ||||||
Residential mortgage loans | 155 | 245 | ||||||
Home equity | 109 | 133 | ||||||
Indirect secured consumer loans | 241 | 187 | ||||||
Credit card | 229 | 254 | ||||||
Other consumer loans | 419 | 248 | ||||||
Total ALLL | $ | 2,340 | 2,194 | |||||
Portfolio loans and leases: | ||||||||
Commercial and industrial loans | $ | 55,790 | 57,232 | |||||
Commercial mortgage loans | 11,122 | 11,020 | ||||||
Commercial construction loans | 5,582 | 5,433 | ||||||
Commercial leases | 2,624 | 2,704 | ||||||
Residential mortgage loans
(a)
|
17,293 | 17,628 | ||||||
Home equity | 3,898 | 4,039 | ||||||
Indirect secured consumer loans | 15,434 | 16,552 | ||||||
Credit card | 1,817 | 1,874 | ||||||
Other consumer loans | 6,528 | 4,998 | ||||||
Total portfolio loans and leases | $ | 120,088 | 121,480 | |||||
Attributed ALLL as a percent of respective portfolio loans and leases: | ||||||||
Commercial and industrial loans | 1.48 | % | 1.36 | |||||
Commercial mortgage loans | 2.48 | 2.23 | ||||||
Commercial construction loans | 1.20 | 1.66 | ||||||
Commercial leases | 0.61 | 0.55 | ||||||
Residential mortgage loans | 0.90 | 1.39 | ||||||
Home equity | 2.80 | 3.29 | ||||||
Indirect secured consumer loans | 1.56 | 1.13 | ||||||
Credit card | 12.60 | 13.55 | ||||||
Other consumer loans | 6.42 | 4.96 | ||||||
Total ALLL as a percent of portfolio loans and leases | 1.95 | % | 1.81 | |||||
Total ACL as a percent of portfolio loans and leases | 2.11 | 1.98 |
Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued) |
Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued) |
TABLE 50: Estimated NII Sensitivity Profile and ALCO Policy Limits | |||||||||||||||||||||||||||||||||||
September 30, 2023 | September 30, 2022 | ||||||||||||||||||||||||||||||||||
% Change in NII (FTE) |
ALCO
Policy Limit |
% Change in NII (FTE) |
ALCO
Policy Limit |
||||||||||||||||||||||||||||||||
Change in Interest Rates (bps) |
12
Months |
13-24
Months |
12
Months |
13-24
Months |
12
Months |
13-24
Months |
12
Months |
13-24
Months |
|||||||||||||||||||||||||||
+200 Ramp over 12 months | (3.27) | % | (4.73) | (4.00) | (6.00) | (2.36) | (2.13) | (4.00) | (6.00) | ||||||||||||||||||||||||||
+100 Ramp over 12 months | (1.62) | (2.25) | N/A | N/A | (1.66) | (1.20) | N/A |
N/A
|
|||||||||||||||||||||||||||
-100 Ramp over 12 months | 0.61 | 0.27 | N/A | N/A | N/A | N/A | N/A | N/A | |||||||||||||||||||||||||||
-200 Ramp over 12 months | 0.91 | (0.18) | (8.00) | (12.00) | (3.53) | (9.79) | (8.00) | (12.00) |
Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued) |
TABLE 51: Estimated NII Sensitivity Profile at September 30, 2023 with a $1 Billion Change in Demand Deposit Assumption | |||||||||||||||||
% Change in NII (FTE) | |||||||||||||||||
Immediate $1 Billion Balance
Decrease |
Immediate $1 Billion Balance
Increase |
||||||||||||||||
Change in Interest Rates (bps) |
12
Months |
13-24
Months |
12
Months |
13-24
Months |
|||||||||||||
+200 Ramp over 12 months | (4.38) | % | (5.86) | (2.16) | (3.61) | ||||||||||||
+100 Ramp over 12 months | (2.64) | (3.22) | (0.60) | (1.28) | |||||||||||||
-100 Ramp over 12 months | (0.22) | (0.40) | 1.45 | 0.94 | |||||||||||||
-200 Ramp over 12 months | 0.17 | (0.70) | 1.65 | 0.34 |
TABLE 52: Estimated NII Sensitivity Profile at September 30, 2023 with Deposit Beta Assumptions Changes | |||||||||||||||||
% Change in NII (FTE) | |||||||||||||||||
Betas 10% Higher
(a)
|
Betas 10% Lower
(a)
|
||||||||||||||||
Change in Interest Rates (bps) |
12
Months |
13-24
Months |
12
Months |
13-24
Months |
|||||||||||||
+200 Ramp over 12 months | (4.33) | % | (6.70) | (1.74) | (1.95) | ||||||||||||
+100 Ramp over 12 months | (2.15) | (3.22) | (0.85) | (0.87) | |||||||||||||
-100 Ramp over 12 months | 1.10 | 1.15 | (0.04) | (0.90) | |||||||||||||
-200 Ramp over 12 months | 1.88 | 1.55 | (0.38) | (2.47) |
TABLE 53: Estimated EVE Sensitivity Profile | |||||||||||||||||
September 30, 2023 | September 30, 2022 | ||||||||||||||||
Change in Interest Rates (bps) | % Change in EVE |
ALCO
Policy Limit |
% Change in EVE |
ALCO
Policy Limit |
|||||||||||||
+200 Shock | (5.92) | % | (12.00) | (7.97) | (12.00) | ||||||||||||
+100 Shock | (2.39) | N/A | (3.75) | N/A | |||||||||||||
-100 Shock | 1.88 | N/A | N/A | N/A | |||||||||||||
-200 Shock | 2.21 | (12.00) | 0.58 | (12.00) |
Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued) |
TABLE 54: Weighted-Average Maturity, Receive Rate and Pay Rate on Qualifying Hedging Instruments | |||||||||||||||||
As of September 30, 2023 ($ in millions) |
Notional
Amount |
Fair
Value |
Remaining
(years) |
Fixed Rate |
Index |
||||||||||||
Interest rate swaps related to C&I loans – cash flow – receive-fixed | $ | 8,000 | (5) | 1.2 | 3.06 | % | SOFR | ||||||||||
Interest rate swaps related to C&I loans – cash flow – receive-fixed – forward starting
(a)
|
10,000 | (2) | 7.7 | 3.06 | SOFR | ||||||||||||
Interest rate swaps related to commercial mortgage and commercial construction loans – cash flow – receive-fixed
|
4,000 | 2 | 1.3 | 0.99 | SOFR | ||||||||||||
Interest rate swaps related to commercial mortgage and commercial construction loans – cash flow – receive-fixed – forward starting
(a)
|
4,000 | (2) | 8.3 | 2.25 | SOFR | ||||||||||||
Interest rate swaps related to long-term debt – fair value – receive-fixed | 5,955 | (63) | 5.1 | 5.18 | SOFR | ||||||||||||
Total interest rate swaps | $ | 31,955 | (70) | ||||||||||||||
Interest rate floors related to C&I loans – cash flow – receive-fixed |
$ | 3,000 | — | 1.2 | 2.25 | SOFR |
TABLE 55: Weighted-Average Maturity, Receive Rate and Pay Rate on Qualifying Hedging Instruments | |||||||||||||||||
As of December 31, 2022 ($ in millions) | Notional Amount | Fair Value | Remaining (years) | Fixed Rate |
Index |
||||||||||||
Interest rate swaps related to C&I loans – cash flow – receive-fixed | $ | 8,000 | (76) | 1.0 | 3.02 | % | 1 ML | ||||||||||
Interest rate swaps related to C&I loans – cash flow – receive-fixed – forward starting
(a)
|
11,000 | 22 | 8.3 | 3.05 | 1 ML | ||||||||||||
Interest rate swaps related to commercial mortgage and commercial construction loans – cash flow – receive-fixed
|
4,000 | (25) | 2.1 | 0.99 | 1 ML | ||||||||||||
Interest rate swaps related to commercial mortgage and commercial construction loans – cash flow – receive-fixed – forward starting
(a)
|
4,000 | 5 | 9.1 | 3.50 | 1 ML | ||||||||||||
Interest rate swaps related to long-term debt – fair value – receive-fixed | 5,955 | (69) | 5.9 | 5.18 | 1 ML / 3 ML / SOFR | ||||||||||||
Total interest rate swaps | $ | 32,955 | (143) | ||||||||||||||
Interest rate floors related to C&I loans – cash flow – receive-fixed | $ | 3,000 | 4 | 2.0 | 2.25 | 1 ML |
Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued) |
Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued) |
Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued) |
TABLE 56: Agency Ratings | ||||||||||||||
As of November 7, 2023 | Moody’s | Standard and Poor’s | Fitch | DBRS Morningstar | ||||||||||
Fifth Third Bancorp: | ||||||||||||||
Short-term borrowings | No rating | A-2 | F1 | R-1L | ||||||||||
Senior debt | Baa1 | BBB+ | A- | A | ||||||||||
Subordinated debt | Baa1 | BBB | BBB+ | AL | ||||||||||
Fifth Third Bank, National Association: | ||||||||||||||
Short-term borrowings | P-2 | A-2 | F1 | R-1M | ||||||||||
Short-term deposit | P-1 | No rating | F1 | No rating | ||||||||||
Long-term deposit | A1 | No rating | A | AH | ||||||||||
Senior debt | A3 | A- | A- | AH | ||||||||||
Subordinated debt | A3 | BBB+ | BBB+ | A | ||||||||||
Rating Agency Outlook for Fifth Third Bancorp and Fifth Third Bank, National Association | Negative | Stable | Stable | Stable |
Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued) |
TABLE 57: Prescribed Capital Ratios | ||||||||
Minimum | Well-Capitalized | |||||||
CET1 capital: | ||||||||
Fifth Third Bancorp | 4.50 | % | N/A | |||||
Fifth Third Bank, National Association
|
4.50 | 6.50 | ||||||
Tier 1 risk-based capital: | ||||||||
Fifth Third Bancorp | 6.00 | 6.00 | ||||||
Fifth Third Bank, National Association
|
6.00 | 8.00 | ||||||
Total risk-based capital: | ||||||||
Fifth Third Bancorp | 8.00 | 10.00 | ||||||
Fifth Third Bank, National Association
|
8.00 | 10.00 | ||||||
Leverage: | ||||||||
Fifth Third Bancorp | 4.00 | N/A | ||||||
Fifth Third Bank, National Association
|
4.00 | 5.00 |
Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued) |
TABLE 58: Capital Ratios | ||||||||
($ in millions)
|
September 30,
2023 |
December 31,
2022 |
||||||
Quarterly average total Bancorp shareholders’ equity as a percent of average assets | 8.30 | % | 8.18 | |||||
Tangible equity as a percent of tangible assets
(a)(b)
|
8.46 | 8.31 | ||||||
Tangible common equity as a percent of tangible assets
(a)(b)
|
7.49 | 7.30 | ||||||
Regulatory capital:
(c)
|
||||||||
CET1 capital | $ | 16,510 | 15,670 | |||||
Tier 1 capital | 18,626 | 17,786 | ||||||
Total regulatory capital | 22,111 | 21,606 | ||||||
Risk-weighted assets
|
168,433 | 168,909 | ||||||
Regulatory capital ratios:
(c)
|
||||||||
CET1 capital | 9.80 | % | 9.28 | |||||
Tier 1 risk-based capital | 11.06 | 10.53 | ||||||
Total risk-based capital | 13.13 | 12.79 | ||||||
Leverage | 8.85 | 8.56 |
Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued) |
TABLE 59: Share Repurchases | |||||||||||||||||
Period |
Total Number
of Shares Purchased
(a)
|
Average Price
Paid per Share |
Total Number of Shares
Purchased as a Part of Publicly Announced Plans or Programs |
Maximum Number of
Shares that May Yet Be
Purchased under the
Plans or Programs
(b)
|
|||||||||||||
July 1 - July 31, 2023 | 17,204 | $ | 26.71 | — | 32,115,811 | ||||||||||||
August 1 - August 31, 2023 | 55,538 | 28.03 | — | 32,115,811 | |||||||||||||
September 1 - September 30, 2023 | 1,401 | 26.88 | — | 32,115,811 | |||||||||||||
Total | 74,143 | $ | 27.70 | — | 32,115,811 |
Quantitative and Qualitative Disclosures about Market Risk (Item 3) |
Controls and Procedures (Item 4) |
Fifth Third Bancorp and Subsidiaries
Condensed Consolidated Financial Statements and Notes (Item 1) |
||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) | ||||||||
As of | ||||||||
September 30, | December 31, | |||||||
($ in millions, except share data) | 2023 | 2022 | ||||||
Assets | ||||||||
Cash and due from banks | $ |
|
|
|||||
Other short-term investments
(a)
|
|
|
||||||
Available-for-sale debt and other securities
(b)
|
|
|
||||||
Held-to-maturity securities
(c)
|
|
|
||||||
Trading debt securities |
|
|
||||||
Equity securities |
|
|
||||||
Loans and leases held for sale
(d)
|
|
|
||||||
Portfolio loans and leases
(a)(e)
|
|
|
||||||
Allowance for loan and lease losses
(a)
|
(
|
(
|
||||||
Portfolio loans and leases, net |
|
|
||||||
Bank premises and equipment
(f)
|
|
|
||||||
Operating lease equipment |
|
|
||||||
Goodwill |
|
|
||||||
Intangible assets |
|
|
||||||
Servicing rights |
|
|
||||||
Other assets
(a)
|
|
|
||||||
Total Assets | $ |
|
|
|||||
Liabilities | ||||||||
Deposits: | ||||||||
Noninterest-bearing deposits | $ |
|
|
|||||
Interest-bearing deposits |
|
|
||||||
Total deposits |
|
|
||||||
Federal funds purchased |
|
|
||||||
Other short-term borrowings |
|
|
||||||
Accrued taxes, interest and expenses |
|
|
||||||
Other liabilities
(a)
|
|
|
||||||
Long-term debt
(a)
|
|
|
||||||
Total Liabilities | $ |
|
|
|||||
Equity | ||||||||
Common stock
(g)
|
$ |
|
|
|||||
Preferred stock
(h)
|
|
|
||||||
Capital surplus |
|
|
||||||
Retained earnings |
|
|
||||||
Accumulated other comprehensive loss |
(
|
(
|
||||||
Treasury stock
(g
)
|
(
|
(
|
||||||
Total Equity | $ |
|
|
|||||
Total Liabilities and Equity | $ |
|
|
Fifth Third Bancorp and Subsidiaries
Condensed Consolidated Financial Statements and Notes (continued) |
||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (unaudited)
|
||||||||||||||
For the three months ended
September 30, |
For the nine months ended
September 30, |
|||||||||||||
($ in millions, except share data) | 2023 | 2022 | 2023 | 2022 | ||||||||||
Interest Income | ||||||||||||||
Interest and fees on loans and leases | $ |
|
|
|
|
|||||||||
Interest on securities |
|
|
|
|
||||||||||
Interest on other short-term investments |
|
|
|
|
||||||||||
Total interest income |
|
|
|
|
||||||||||
Interest Expense | ||||||||||||||
Interest on deposits |
|
|
|
|
||||||||||
Interest on federal funds purchased |
|
|
|
|
||||||||||
Interest on other short-term borrowings |
|
|
|
|
||||||||||
Interest on long-term debt |
|
|
|
|
||||||||||
Total interest expense |
|
|
|
|
||||||||||
Net Interest Income |
|
|
|
|
||||||||||
Provision for credit losses |
|
|
|
|
||||||||||
Net Interest Income After Provision for Credit Losses |
|
|
|
|
||||||||||
Noninterest Income | ||||||||||||||
Commercial banking revenue |
|
|
|
|
||||||||||
Wealth and asset management revenue |
|
|
|
|
||||||||||
Service charges on deposits |
|
|
|
|
||||||||||
Card and processing revenue |
|
|
|
|
||||||||||
Mortgage banking net revenue |
|
|
|
|
||||||||||
Leasing business revenue |
|
|
|
|
||||||||||
Other noninterest income |
|
|
|
|
||||||||||
Securities gains (losses), net |
(
|
(
|
|
(
|
||||||||||
Securities losses, net
–
non-qualifying hedges on mortgage servicing rights
|
|
(
|
|
(
|
||||||||||
Total noninterest income |
|
|
|
|
||||||||||
Noninterest Expense | ||||||||||||||
Compensation and benefits |
|
|
|
|
||||||||||
Technology and communications |
|
|
|
|
||||||||||
Net occupancy expense |
|
|
|
|
||||||||||
Equipment expense |
|
|
|
|
||||||||||
Marketing expense |
|
|
|
|
||||||||||
Leasing business expense |
|
|
|
|
||||||||||
Card and processing expense |
|
|
|
|
||||||||||
Other noninterest expense |
|
|
|
|
||||||||||
Total noninterest expense |
|
|
|
|
||||||||||
Income Before Income Taxes |
|
|
|
|
||||||||||
Applicable income tax expense |
|
|
|
|
||||||||||
Net Income |
|
|
|
|
||||||||||
Dividends on preferred stock |
|
|
|
|
||||||||||
Net Income Available to Common Shareholders | $ |
|
|
|
|
|||||||||
Earnings per share - basic | $ |
|
|
|
|
|||||||||
Earnings per share - diluted | $ |
|
|
|
|
|||||||||
Average common shares outstanding - basic |
|
|
|
|
||||||||||
Average common shares outstanding - diluted |
|
|
|
|
Fifth Third Bancorp and Subsidiaries
Condensed Consolidated Financial Statements and Notes (continued) |
||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited)
|
||||||||||||||
For the three months ended
September 30, |
For the nine months ended
September 30, |
|||||||||||||
($ in millions) | 2023 | 2022 | 2023 | 2022 | ||||||||||
Net Income | $ |
|
|
|
|
|||||||||
Other Comprehensive (Loss) Income, Net of Tax: | ||||||||||||||
Net unrealized losses on available-for-sale debt securities: | ||||||||||||||
Unrealized holding losses arising during period |
(
|
(
|
(
|
(
|
||||||||||
Reclassification adjustment for net losses (gains) included in net income |
|
|
|
(
|
||||||||||
Net unrealized losses on cash flow hedge derivatives: | ||||||||||||||
Unrealized holding losses arising during period |
(
|
(
|
(
|
(
|
||||||||||
Reclassification adjustment for net losses (gains) included in net income |
|
(
|
|
(
|
||||||||||
Defined benefit pension plans, net: | ||||||||||||||
Net actuarial loss arising during the year |
|
(
|
|
(
|
||||||||||
Reclassification of amounts to net periodic benefit costs |
|
|
|
|
||||||||||
Other comprehensive loss, net of tax |
(
|
(
|
(
|
(
|
||||||||||
Comprehensive Income (Loss) | $ |
(
|
(
|
|
(
|
Fifth Third Bancorp and Subsidiaries
Condensed Consolidated Financial Statements and Notes (continued) |
|||||||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (unaudited) | |||||||||||||||||||||||
($ in millions, except per share data) |
Common
Stock |
Preferred
Stock |
Capital
Surplus |
Retained
Earnings |
Accumulated
Other Comprehensive Loss |
Treasury
Stock |
Total
Equity |
||||||||||||||||
Balance at June 30, 2022 | $ |
|
|
|
|
(
|
(
|
|
|||||||||||||||
Net income |
|
|
|||||||||||||||||||||
Other comprehensive loss, net of tax |
(
|
(
|
|||||||||||||||||||||
Cash dividends declared: | |||||||||||||||||||||||
Common stock ($
|
(
|
(
|
|||||||||||||||||||||
Preferred stock: | |||||||||||||||||||||||
Series I ($
|
(
|
(
|
|||||||||||||||||||||
Series J ($
|
(
|
(
|
|||||||||||||||||||||
Series K ($
|
(
|
(
|
|||||||||||||||||||||
Series L ($
|
(
|
(
|
|||||||||||||||||||||
Class B, Series A ($
|
(
|
(
|
|||||||||||||||||||||
Impact of stock transactions under stock compensation plans, net |
|
|
|
||||||||||||||||||||
Balance at September 30, 2022 | $ |
|
|
|
|
(
|
(
|
|
|||||||||||||||
|
|||||||||||||||||||||||
Balance at June 30, 2023 | $ |
|
|
|
|
(
|
(
|
|
|||||||||||||||
Net income |
|
|
|||||||||||||||||||||
Other comprehensive loss, net of tax |
(
|
(
|
|||||||||||||||||||||
Cash dividends declared: | |||||||||||||||||||||||
Common stock ($
|
(
|
(
|
|||||||||||||||||||||
Preferred stock: | |||||||||||||||||||||||
Series H ($
|
(
|
(
|
|||||||||||||||||||||
Series I ($
|
(
|
(
|
|||||||||||||||||||||
Series J ($
|
(
|
(
|
|||||||||||||||||||||
Series K ($
|
(
|
(
|
|||||||||||||||||||||
Series L ($
|
(
|
(
|
|||||||||||||||||||||
Class B, Series A ($
|
(
|
(
|
|||||||||||||||||||||
Impact of stock transactions under stock compensation plans, net |
|
|
|
||||||||||||||||||||
Balance at September 30, 2023 | $ |
|
|
|
|
(
|
(
|
|
Fifth Third Bancorp and Subsidiaries
Condensed Consolidated Financial Statements and Notes (continued) |
|||||||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (unaudited) | |||||||||||||||||||||||
($ in millions, except per share data) |
Common
Stock |
Preferred
Stock |
Capital
Surplus |
Retained
Earnings |
Accumulated
Other Comprehensive (Loss) Income |
Treasury
Stock |
Total
Equity |
||||||||||||||||
Balance at December 31, 2021 | $ |
|
|
|
|
|
(
|
|
|||||||||||||||
Net income |
|
|
|||||||||||||||||||||
Other comprehensive loss, net of tax |
(
|
(
|
|||||||||||||||||||||
Cash dividends declared: | |||||||||||||||||||||||
Common stock ($
|
(
|
(
|
|||||||||||||||||||||
Preferred stock: | |||||||||||||||||||||||
Series H ($
|
(
|
(
|
|||||||||||||||||||||
Series I ($
|
(
|
(
|
|||||||||||||||||||||
Series J ($
|
(
|
(
|
|||||||||||||||||||||
Series K ($
|
(
|
(
|
|||||||||||||||||||||
Series L ($
|
(
|
(
|
|||||||||||||||||||||
Class B, Series A ($
|
(
|
(
|
|||||||||||||||||||||
Impact of stock transactions under stock compensation plans, net |
|
|
|
||||||||||||||||||||
Balance at September 30, 2022 | $ |
|
|
|
|
(
|
(
|
|
|||||||||||||||
|
|||||||||||||||||||||||
Balance at December 31, 2022 | $ |
|
|
|
|
(
|
(
|
|
|||||||||||||||
Impact of cumulative effect of change in accounting principle
(a)
|
|
|
|||||||||||||||||||||
Balance at January 1, 2023 | $ |
|
|
|
|
(
|
(
|
|
|||||||||||||||
Net income |
|
|
|||||||||||||||||||||
Other comprehensive loss, net of tax |
(
|
(
|
|||||||||||||||||||||
Cash dividends declared: | |||||||||||||||||||||||
Common stock ($
|
(
|
(
|
|||||||||||||||||||||
Preferred stock: | |||||||||||||||||||||||
Series H ($
|
(
|
(
|
|||||||||||||||||||||
Series I ($
|
(
|
(
|
|||||||||||||||||||||
Series J ($
|
(
|
(
|
|||||||||||||||||||||
Series K ($
|
(
|
(
|
|||||||||||||||||||||
Series L ($
|
(
|
(
|
|||||||||||||||||||||
Class B, Series A ($
|
(
|
(
|
|||||||||||||||||||||
Shares acquired for treasury |
(
|
(
|
|||||||||||||||||||||
Impact of stock transactions under stock compensation plans, net |
|
|
|
||||||||||||||||||||
Balance at September 30, 2023 | $ |
|
|
|
|
(
|
(
|
|
Fifth Third Bancorp and Subsidiaries
Condensed Consolidated Financial Statements and Notes (continued) |
||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)
|
||||||||
For the nine months ended September 30,
|
||||||||
($ in millions) | 2023 | 2022 | ||||||
Operating Activities | ||||||||
Net income | $ |
|
|
|||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Provision for credit losses |
|
|
||||||
Depreciation, amortization and accretion |
|
|
||||||
Stock-based compensation expense |
|
|
||||||
Benefit from deferred income taxes |
(
|
(
|
||||||
Securities (gains) losses, net |
(
|
|
||||||
MSR fair value adjustment |
|
(
|
||||||
Net gains on sales of loans and fair value adjustments on loans held for sale |
(
|
(
|
||||||
Net gains on disposition and impairment of bank premises and equipment and operating lease equipment |
(
|
(
|
||||||
Proceeds from sales of loans held for sale |
|
|
||||||
Loans originated or purchased for sale, net of repayments |
(
|
(
|
||||||
Dividends representing return on equity investments |
|
|
||||||
Net change in: | ||||||||
Equity and trading debt securities |
(
|
|
||||||
Other assets |
(
|
|
||||||
Accrued taxes, interest and expenses and other liabilities |
|
(
|
||||||
Net Cash Provided by Operating Activities |
|
|
||||||
Investing Activities | ||||||||
Proceeds from sales: | ||||||||
AFS securities and other investments |
|
|
||||||
Loans and leases |
|
|
||||||
Bank premises and equipment |
|
|
||||||
Proceeds from repayments / maturities of AFS and HTM securities and other investments |
|
|
||||||
Purchases: | ||||||||
AFS securities and other investments |
(
|
(
|
||||||
Bank premises and equipment |
(
|
(
|
||||||
MSRs |
(
|
(
|
||||||
Proceeds from settlement of BOLI |
|
|
||||||
Proceeds from sales and dividends representing return of equity investments |
|
|
||||||
Net cash received for divestitures |
|
|
||||||
Net cash paid on acquisitions |
|
(
|
||||||
Net change in: | ||||||||
Other short-term investments |
(
|
|
||||||
Portfolio loans and leases |
|
(
|
||||||
Operating lease equipment |
|
(
|
||||||
Net Cash Used in Investing Activities |
(
|
(
|
||||||
Financing Activities | ||||||||
Net change in deposits |
|
(
|
||||||
Net change in other short-term borrowings and federal funds purchased |
(
|
|
||||||
Dividends paid on common and preferred stock |
(
|
(
|
||||||
Proceeds from long-term debt issuances/advances |
|
|
||||||
Repayment of long-term debt |
(
|
(
|
||||||
Repurchases of treasury stock and related forward contract |
(
|
|
||||||
Other |
(
|
(
|
||||||
Net Cash Provided by (Used in) Financing Activities |
|
(
|
||||||
(Decrease) Increase in Cash and Due from Banks |
(
|
|
||||||
Cash and Due from Banks at Beginning of Period |
|
|
||||||
Cash and Due from Banks at End of Period | $ |
|
|
Fifth Third Bancorp and Subsidiaries
Notes to Condensed Consolidated Financial Statements (unaudited) |
($ in millions) | 2023 | 2022 | ||||||
Cash Payments: | ||||||||
Interest | $ |
|
|
|||||
Income taxes |
|
|
||||||
Transfers:
|
||||||||
Portfolio loans and leases to loans and leases held for sale | $ |
|
|
|||||
Loans and leases held for sale to portfolio loans and leases |
|
|
||||||
Portfolio loans and leases to OREO |
|
|
||||||
Bank premises and equipment to OREO |
|
|
||||||
Supplemental Disclosures:
|
||||||||
Net additions to lease liabilities under operating leases
|
$ |
|
|
|||||
Net (reductions) additions to lease liabilities under finance leases
|
(
|
|
Fifth Third Bancorp and Subsidiaries
Notes to Condensed Consolidated Financial Statements (unaudited) |
Fifth Third Bancorp and Subsidiaries
Notes to Condensed Consolidated Financial Statements (unaudited) |
Fifth Third Bancorp and Subsidiaries
Notes to Condensed Consolidated Financial Statements (unaudited) |
Fifth Third Bancorp and Subsidiaries
Notes to Condensed Consolidated Financial Statements (unaudited) |
Fifth Third Bancorp and Subsidiaries
Notes to Condensed Consolidated Financial Statements (unaudited) |
Fifth Third Bancorp and Subsidiaries
Notes to Condensed Consolidated Financial Statements (unaudited) |
September 30, 2023 ($ in millions) |
Amortized
Cost |
Unrealized
Gains |
Unrealized
Losses |
Fair
Value |
||||||||||
Available-for-sale debt and other securities: | ||||||||||||||
U.S. Treasury and federal agencies securities | $ |
|
|
(
|
|
|||||||||
Obligations of states and political subdivisions securities |
|
|
|
|
||||||||||
Mortgage-backed securities: | ||||||||||||||
Agency residential mortgage-backed securities |
|
|
(
|
|
||||||||||
Agency commercial mortgage-backed securities |
|
|
(
|
|
||||||||||
Non-agency commercial mortgage-backed securities |
|
|
(
|
|
||||||||||
Asset-backed securities and other debt securities |
|
|
(
|
|
||||||||||
Other securities
(a)
|
|
|
|
|
||||||||||
Total available-for-sale debt and other securities | $ |
|
|
(
|
|
|||||||||
Held-to-maturity securities: | ||||||||||||||
Asset-backed securities and other debt securities | $ |
|
|
|
|
|||||||||
Total held-to-maturity securities | $ |
|
|
|
|
December 31, 2022 ($ in millions) |
Amortized
Cost |
Unrealized
Gains |
Unrealized
Losses |
Fair
Value |
||||||||||
Available-for-sale debt and other securities: | ||||||||||||||
U.S. Treasury and federal agencies securities | $ |
|
|
(
|
|
|||||||||
Obligations of states and political subdivisions securities |
|
|
|
|
||||||||||
Mortgage-backed securities: | ||||||||||||||
Agency residential mortgage-backed securities |
|
|
(
|
|
||||||||||
Agency commercial mortgage-backed securities |
|
|
(
|
|
||||||||||
Non-agency commercial mortgage-backed securities |
|
|
(
|
|
||||||||||
Asset-backed securities and other debt securities |
|
|
(
|
|
||||||||||
Other securities
(a)
|
|
|
|
|
||||||||||
Total available-for-sale debt and other securities | $ |
|
|
(
|
|
|||||||||
Held-to-maturity securities: | ||||||||||||||
Obligations of states and political subdivisions securities | $ |
|
|
|
|
|||||||||
Asset-backed securities and other debt securities |
|
|
|
|
||||||||||
Total held-to-maturity securities | $ |
|
|
|
|
($ in millions) |
September 30,
2023 |
December 31,
2022 |
||||||
Trading debt securities | $ |
|
|
|||||
Equity securities |
|
|
Fifth Third Bancorp and Subsidiaries
Notes to Condensed Consolidated Financial Statements (unaudited) |
For the three months ended September 30, |
For the nine months ended
September 30, |
|||||||||||||
($ in millions) | 2023 | 2022 | 2023 | 2022 | ||||||||||
Available-for-sale debt and other securities: | ||||||||||||||
Realized gains | $ |
|
|
|
|
|||||||||
Realized losses |
|
(
|
(
|
(
|
||||||||||
Impairment losses |
(
|
|
(
|
|
||||||||||
Net realized (losses) gains on available-for-sale debt and other securities | $ |
|
|
(
|
|
|||||||||
Trading debt securities: | ||||||||||||||
Net realized losses |
|
(
|
|
(
|
||||||||||
Net unrealized gains |
|
|
|
|
||||||||||
Net trading debt securities gains (losses) | $ |
|
(
|
|
|
|||||||||
Equity securities: | ||||||||||||||
Net realized gains |
|
|
|
|
||||||||||
Net unrealized losses |
(
|
(
|
(
|
(
|
||||||||||
Net equity securities gains (losses) | $ |
(
|
(
|
|
(
|
|||||||||
Total gains (losses) recognized in income from available-for-sale debt and other securities, trading debt securities and equity securities
(a)
|
$ |
(
|
(
|
|
(
|
($ in millions) | Available-for-Sale Debt and Other | Held-to-Maturity | ||||||||||||
Amortized Cost | Fair Value | Amortized Cost | Fair Value | |||||||||||
Debt securities:
(a)
|
||||||||||||||
Due in 1 year or less | $ |
|
|
|
|
|||||||||
Due after 1 year through 5 years |
|
|
|
|
||||||||||
Due after 5 years through 10 years |
|
|
|
|
||||||||||
Due after 10 years |
|
|
|
|
||||||||||
Other securities |
|
|
|
|
||||||||||
Total | $ |
|
|
|
|
Fifth Third Bancorp and Subsidiaries
Notes to Condensed Consolidated Financial Statements (unaudited) |
Less than 12 months | 12 months or more | Total | ||||||||||||||||||
($ in millions) | Fair Value |
Unrealized
Losses |
Fair Value |
Unrealized
Losses |
Fair Value |
Unrealized
Losses |
||||||||||||||
September 30, 2023 | ||||||||||||||||||||
U.S. Treasury and federal agencies securities | $ |
|
(
|
|
(
|
|
(
|
|||||||||||||
Agency residential mortgage-backed securities |
|
(
|
|
(
|
|
(
|
||||||||||||||
Agency commercial mortgage-backed securities |
|
(
|
|
(
|
|
(
|
||||||||||||||
Non-agency commercial mortgage-backed securities |
|
(
|
|
(
|
|
(
|
||||||||||||||
Asset-backed securities and other debt securities |
|
(
|
|
(
|
|
(
|
||||||||||||||
Total | $ |
|
(
|
|
(
|
|
(
|
|||||||||||||
December 31, 2022 | ||||||||||||||||||||
U.S. Treasury and federal agencies securities | $ |
|
(
|
|
|
|
(
|
|||||||||||||
Obligations of states and political subdivisions securities |
|
|
|
|
|
|
||||||||||||||
Agency residential mortgage-backed securities |
|
(
|
|
(
|
|
(
|
||||||||||||||
Agency commercial mortgage-backed securities |
|
(
|
|
(
|
|
(
|
||||||||||||||
Non-agency commercial mortgage-backed securities |
|
(
|
|
(
|
|
(
|
||||||||||||||
Asset-backed securities and other debt securities |
|
(
|
|
(
|
|
(
|
||||||||||||||
Total | $ |
|
(
|
|
(
|
|
(
|
Fifth Third Bancorp and Subsidiaries
Notes to Condensed Consolidated Financial Statements (unaudited) |
($ in millions) |
September 30,
2023 |
December 31,
2022 |
||||||
Loans and leases held for sale: | ||||||||
Commercial and industrial loans | $ |
|
|
|||||
Commercial construction loans |
|
|
||||||
Residential mortgage loans |
|
|
||||||
Total loans and leases held for sale | $ |
|
|
|||||
Portfolio loans and leases: | ||||||||
Commercial and industrial loans | $ |
|
|
|||||
Commercial mortgage loans |
|
|
||||||
Commercial construction loans |
|
|
||||||
Commercial leases |
|
|
||||||
Total commercial loans and leases | $ |
|
|
|||||
Residential mortgage loans | $ |
|
|
|||||
Home equity |
|
|
||||||
Indirect secured consumer loans |
|
|
||||||
Credit card |
|
|
||||||
Other consumer loans |
|
|
||||||
Total consumer loans | $ |
|
|
|||||
Total portfolio loans and leases | $ |
|
|
Fifth Third Bancorp and Subsidiaries
Notes to Condensed Consolidated Financial Statements (unaudited) |
Carrying Value |
90 Days Past Due and Still Accruing
(a)
|
|||||||||||||
($ in millions) |
September 30,
2023 |
December 31,
2022 |
September 30,
2023 |
December 31,
2022 |
||||||||||
Commercial and industrial loans | $ |
|
|
|
|
|||||||||
Commercial mortgage loans |
|
|
|
|
||||||||||
Commercial construction loans |
|
|
|
|
||||||||||
Commercial leases |
|
|
|
|
||||||||||
Residential mortgage loans |
|
|
|
|
||||||||||
Home equity |
|
|
|
|
||||||||||
Indirect secured consumer loans |
|
|
|
|
||||||||||
Credit card |
|
|
|
|
||||||||||
Other consumer loans |
|
|
|
|
||||||||||
Total loans and leases | $ |
|
|
|
|
|||||||||
Less: Loans and leases held for sale |
|
|
||||||||||||
Total portfolio loans and leases | $ |
|
|
For the three months ended
September 30, |
For the nine months ended
September 30, |
|||||||||||||
($ in millions) | 2023 | 2022 | 2023 | 2022 | ||||||||||
Commercial and industrial loans | $ |
|
|
|
|
|||||||||
Commercial mortgage loans |
|
|
|
(
|
||||||||||
Commercial construction loans |
|
(
|
|
|
||||||||||
Commercial leases |
(
|
(
|
(
|
(
|
||||||||||
Residential mortgage loans |
|
(
|
|
(
|
||||||||||
Home equity |
|
(
|
|
(
|
||||||||||
Indirect secured consumer loans |
|
|
|
|
||||||||||
Credit card |
|
|
|
|
||||||||||
Other consumer loans |
|
|
|
|
||||||||||
Total net charge-offs | $ |
|
|
|
|
($ in millions)
(a)
|
September 30,
2023 |
December 31,
2022 |
||||||
Net investment in direct financing leases: | ||||||||
Lease payment receivable (present value) | $ |
|
|
|||||
Unguaranteed residual assets (present value) |
|
|
||||||
Net investment in sales-type leases: | ||||||||
Lease payment receivable (present value) |
|
|
||||||
Unguaranteed residual assets (present value) |
|
|
Fifth Third Bancorp and Subsidiaries
Notes to Condensed Consolidated Financial Statements (unaudited) |
As of September 30, 2023 ($ in millions) |
Direct Financing
Leases |
Sales-Type Leases | ||||||
Remainder of 2023 | $ |
|
|
|||||
2024 |
|
|
||||||
2025 |
|
|
||||||
2026 |
|
|
||||||
2027 |
|
|
||||||
2028 |
|
|
||||||
Thereafter |
|
|
||||||
Total undiscounted cash flows | $ |
|
|
|||||
Less: Difference between undiscounted cash flows and discounted cash flows |
|
|
||||||
Present value of lease payments (recognized as lease receivables) | $ |
|
|
Fifth Third Bancorp and Subsidiaries
Notes to Condensed Consolidated Financial Statements (unaudited) |
For the three months ended September 30, 2023 ($ in millions) |
Commercial |
Residential
Mortgage |
Consumer |
Total |
||||||||||
Balance, beginning of period | $ |
|
|
|
|
|||||||||
Losses charged off
(a)
|
(
|
(
|
(
|
(
|
||||||||||
Recoveries of losses previously charged off
(a)
|
|
|
|
|
||||||||||
Provision for (benefit from) loan and lease losses |
|
(
|
|
|
||||||||||
Balance, end of period | $ |
|
|
|
|
For the three months ended September 30, 2022 ($ in millions) |
Commercial
|
Residential
Mortgage |
Consumer
|
Total
|
||||||||||
Balance, beginning of period | $ |
|
|
|
|
|||||||||
Losses charged off
(a)
|
(
|
(
|
(
|
(
|
||||||||||
Recoveries of losses previously charged off
(a)
|
|
|
|
|
||||||||||
Provision for loan and lease losses |
|
|
|
|
||||||||||
Balance, end of period | $ |
|
|
|
|
For the nine months ended September 30, 2023 ($ in millions)
|
Commercial |
Residential
Mortgage |
Consumer |
Total |
||||||||||
Balance, beginning of period | $ |
|
|
|
|
|||||||||
Impact of adoption of ASU 2022-02 |
|
(
|
(
|
(
|
||||||||||
Losses charged off
(a)
|
(
|
(
|
(
|
(
|
||||||||||
Recoveries of losses previously charged off
(a)
|
|
|
|
|
||||||||||
Provision for (benefit from) loan and lease losses |
|
(
|
|
|
||||||||||
Balance, end of period | $ |
|
|
|
|
For the nine months ended September 30, 2022 ($ in millions)
|
Commercial | Residential Mortgage | Consumer | Total | ||||||||||
Balance, beginning of period | $ |
|
|
|
|
|||||||||
Losses charged off
(a)
|
(
|
(
|
(
|
(
|
||||||||||
Recoveries of losses previously charged off
(a)
|
|
|
|
|
||||||||||
Provision for loan and lease losses |
|
|
|
|
||||||||||
Balance, end of period | $ |
|
|
|
|
Fifth Third Bancorp and Subsidiaries
Notes to Condensed Consolidated Financial Statements (unaudited) |
As of September 30, 2023 ($ in millions) |
Commercial |
Residential
Mortgage |
Consumer |
Total |
||||||||||
ALLL:
(a)
|
||||||||||||||
Individually evaluated | $ |
|
|
|
|
|||||||||
Collectively evaluated |
|
|
|
|
||||||||||
Total ALLL | $ |
|
|
|
|
|||||||||
Portfolio loans and leases:
(b)
|
||||||||||||||
Individually evaluated | $ |
|
|
|
|
|||||||||
Collectively evaluated |
|
|
|
|
||||||||||
Total portfolio loans and leases | $ |
|
|
|
|
As of December 31, 2022 ($ in millions) |
Commercial
|
Residential
Mortgage |
Consumer
|
Total
|
||||||||||
ALLL:
(a)
|
||||||||||||||
Individually evaluated | $ |
|
|
|
|
|||||||||
Collectively evaluated |
|
|
|
|
||||||||||
Total ALLL | $ |
|
|
|
|
|||||||||
Portfolio loans and leases:
(b)
|
||||||||||||||
Individually evaluated | $ |
|
|
|
|
|||||||||
Collectively evaluated |
|
|
|
|
||||||||||
Total portfolio loans and leases | $ |
|
|
|
|
Fifth Third Bancorp and Subsidiaries
Notes to Condensed Consolidated Financial Statements (unaudited) |
Fifth Third Bancorp and Subsidiaries
Notes to Condensed Consolidated Financial Statements (unaudited) |
As of September 30, 2023 ($ in millions) | Term Loans and Leases by Origination Year | Revolving Loans | Revolving Loans Converted to Term Loans | ||||||||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | Prior | Total | |||||||||||||||||||||||
Commercial and industrial loans: | |||||||||||||||||||||||||||||
Pass | $ |
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Special mention |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Substandard |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Doubtful |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Total commercial and industrial loans | $ |
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Commercial mortgage owner-occupied loans: |
|
||||||||||||||||||||||||||||
Pass | $ |
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Special mention |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Substandard |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Doubtful |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Total commercial mortgage owner- occupied loans | $ |
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Commercial mortgage nonowner-occupied loans: |
|
||||||||||||||||||||||||||||
Pass | $ |
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Special mention |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Substandard |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Doubtful |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Total commercial mortgage nonowner-occupied loans | $ |
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Commercial construction loans: |
|
||||||||||||||||||||||||||||
Pass | $ |
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Special mention |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Substandard |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Doubtful |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Total commercial construction loans | $ |
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Commercial leases: |
|
||||||||||||||||||||||||||||
Pass | $ |
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Special mention |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Substandard |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Doubtful |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Total commercial leases | $ |
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Total commercial loans and leases: | |||||||||||||||||||||||||||||
Pass | $ |
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Special mention |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Substandard |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Doubtful |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Total commercial loans and leases | $ |
|
|
|
|
|
|
|
|
|
Fifth Third Bancorp and Subsidiaries
Notes to Condensed Consolidated Financial Statements (unaudited) |
As of December 31, 2022 ($ in millions) | Term Loans and Leases by Origination Year | Revolving Loans | Revolving Loans Converted to Term Loans | ||||||||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | Prior | Total | |||||||||||||||||||||||
Commercial and industrial loans: | |||||||||||||||||||||||||||||
Pass | $ |
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Special mention |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Substandard |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Doubtful |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Total commercial and industrial loans | $ |
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Commercial mortgage owner-occupied loans: | |||||||||||||||||||||||||||||
Pass | $ |
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Special mention |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Substandard |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Doubtful |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Total commercial mortgage owner-occupied loans | $ |
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Commercial mortgage nonowner-occupied loans: | |||||||||||||||||||||||||||||
Pass | $ |
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Special mention |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Substandard |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Doubtful |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Total commercial mortgage nonowner-occupied loans | $ |
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Commercial construction loans: | |||||||||||||||||||||||||||||
Pass | $ |
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Special mention |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Substandard |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Doubtful |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Total commercial construction loans | $ |
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Commercial leases: | |||||||||||||||||||||||||||||
Pass | $ |
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Special mention |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Substandard |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Doubtful |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Total commercial leases | $ |
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Total commercial loans and leases: | |||||||||||||||||||||||||||||
Pass | $ |
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Special mention |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Substandard |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Doubtful |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Total commercial loans and leases | $ |
|
|
|
|
|
|
|
|
|
For the nine months ended September 30, 2023
($ in millions)
|
Term Loans and Leases by Origination Year | Revolving Loans | Revolving Loans Converted to Term Loans | ||||||||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | Prior | Total | |||||||||||||||||||||||
Commercial loans and leases: | |||||||||||||||||||||||||||||
Commercial and industrial loans | $ |
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Commercial mortgage owner-occupied loans |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Commercial construction loans |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Total commercial loans and leases | $ |
|
|
|
|
|
|
|
|
|
Fifth Third Bancorp and Subsidiaries
Notes to Condensed Consolidated Financial Statements (unaudited) |
Current
Loans and
Leases
(a)
|
Past Due |
Total Loans
and Leases |
90 Days Past
Due and Still Accruing |
|||||||||||||||||
As of September 30, 2023 ($ in millions) |
30-89
Days
(a)
|
90 Days
or More
(a)
|
Total
Past Due |
|||||||||||||||||
Commercial loans and leases: | ||||||||||||||||||||
Commercial and industrial loans | $ |
|
|
|
|
|
|
|||||||||||||
Commercial mortgage owner-occupied loans |
|
|
|
|
|
|
||||||||||||||
Commercial mortgage nonowner-occupied loans |
|
|
|
|
|
|
||||||||||||||
Commercial construction loans |
|
|
|
|
|
|
||||||||||||||
Commercial leases |
|
|
|
|
|
|
||||||||||||||
Total portfolio commercial loans and leases | $ |
|
|
|
|
|
|
Current
Loans and
Leases
(a)
|
Past Due |
Total Loans
and Leases |
90 Days Past
Due and Still Accruing |
|||||||||||||||||
As of December 31, 2022 ($ in millions) |
30-89
Days
(a)
|
90 Days
or More
(a)
|
Total
Past Due |
|||||||||||||||||
Commercial loans and leases: | ||||||||||||||||||||
Commercial and industrial loans | $ |
|
|
|
|
|
|
|||||||||||||
Commercial mortgage owner-occupied loans |
|
|
|
|
|
|
||||||||||||||
Commercial mortgage nonowner-occupied loans |
|
|
|
|
|
|
||||||||||||||
Commercial construction loans |
|
|
|
|
|
|
||||||||||||||
Commercial leases |
|
|
|
|
|
|
||||||||||||||
Total portfolio commercial loans and leases | $ |
|
|
|
|
|
|
Fifth Third Bancorp and Subsidiaries
Notes to Condensed Consolidated Financial Statements (unaudited) |
As of September 30, 2023 ($ in millions) | Term Loans by Origination Year | Revolving Loans | Revolving Loans Converted to Term Loans | ||||||||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | Prior | Total | |||||||||||||||||||||||
Residential mortgage loans: | |||||||||||||||||||||||||||||
Performing: | |||||||||||||||||||||||||||||
Current
(a)
|
$ |
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
30-89 days past due |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
90 days or more past due |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Total performing |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Nonperforming |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Total residential mortgage loans
(b)
|
$ |
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Home equity: |
|
||||||||||||||||||||||||||||
Performing: |
|
||||||||||||||||||||||||||||
Current | $ |
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
30-89 days past due |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
90 days or more past due |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Total performing |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Nonperforming |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Total home equity | $ |
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Indirect secured consumer loans: |
|
||||||||||||||||||||||||||||
Performing: |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Current | $ |
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
30-89 days past due |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
90 days or more past due |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Total performing |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Nonperforming |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Total indirect secured consumer loans | $ |
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Credit card: |
|
||||||||||||||||||||||||||||
Performing: | |||||||||||||||||||||||||||||
Current | $ |
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
30-89 days past due |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
90 days or more past due |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Total performing |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Nonperforming |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Total credit card | $ |
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Other consumer loans: |
|
||||||||||||||||||||||||||||
Performing: |
|
||||||||||||||||||||||||||||
Current | $ |
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
30-89 days past due |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
90 days or more past due |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Total performing |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Nonperforming |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Total other consumer loans | $ |
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Total residential mortgage and consumer loans: | |||||||||||||||||||||||||||||
Performing: | |||||||||||||||||||||||||||||
Current | $ |
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
30-89 days past due |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
90 days or more past due |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Total performing |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Nonperforming |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Total residential mortgage and consumer loans
(b)
|
$ |
|
|
|
|
|
|
|
|
|
Fifth Third Bancorp and Subsidiaries
Notes to Condensed Consolidated Financial Statements (unaudited) |
As of December 31, 2022 ($ in millions) | Term Loans by Origination Year | Revolving Loans | Revolving Loans Converted to Term Loans | ||||||||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | Prior | Total | |||||||||||||||||||||||
Residential mortgage loans: | |||||||||||||||||||||||||||||
Performing: | |||||||||||||||||||||||||||||
Current
(a)
|
$ |
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
30-89 days past due |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
90 days or more past due |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Total performing |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Nonperforming |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Total residential mortgage loans
(b)
|
$ |
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Home equity: | |||||||||||||||||||||||||||||
Performing: | |||||||||||||||||||||||||||||
Current | $ |
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
30-89 days past due |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
90 days or more past due |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Total performing |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Nonperforming |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Total home equity | $ |
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Indirect secured consumer loans: | |||||||||||||||||||||||||||||
Performing: | |||||||||||||||||||||||||||||
Current | $ |
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
30-89 days past due |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
90 days or more past due |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Total performing |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Nonperforming |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Total indirect secured consumer loans | $ |
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Credit card: | |||||||||||||||||||||||||||||
Performing: | |||||||||||||||||||||||||||||
Current | $ |
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
30-89 days past due |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
90 days or more past due |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Total performing |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Nonperforming |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Total credit card | $ |
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Other consumer loans: | |||||||||||||||||||||||||||||
Performing: | |||||||||||||||||||||||||||||
Current | $ |
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
30-89 days past due |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
90 days or more past due |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Total performing |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Nonperforming |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Total other consumer loans | $ |
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Total residential mortgage and consumer loans: | |||||||||||||||||||||||||||||
Performing: | |||||||||||||||||||||||||||||
Current | $ |
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
30-89 days past due |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
90 days or more past due |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Total performing |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Nonperforming |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Total residential mortgage and consumer loans
(b)
|
$ |
|
|
|
|
|
|
|
|
|
Fifth Third Bancorp and Subsidiaries
Notes to Condensed Consolidated Financial Statements (unaudited) |
For the nine months ended September 30, 2023
($ in millions)
|
Term Loans by Origination Year | Revolving Loans | Revolving Loans Converted to Term Loans | ||||||||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | Prior | Total | |||||||||||||||||||||||
Residential mortgage loans | $ |
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Consumer loans: | |||||||||||||||||||||||||||||
Home equity |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Indirect secured consumer loans |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Credit cards |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Other consumer loans |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Total residential mortgage and consumer loans | $ |
|
|
|
|
|
|
|
|
|
($ in millions) |
September 30,
2023 |
December 31,
2022 |
||||||
Commercial loans and leases: | ||||||||
Commercial and industrial loans | $ |
|
|
|||||
Commercial mortgage owner-occupied loans |
|
|
||||||
Commercial mortgage nonowner-occupied loans |
|
|
||||||
Commercial construction loans |
|
|
||||||
Commercial leases |
|
|
||||||
Total commercial loans and leases | $ |
|
|
|||||
Residential mortgage loans |
|
|
||||||
Consumer loans: | ||||||||
Home equity |
|
|
||||||
Indirect secured consumer loans |
|
|
||||||
Total consumer loans | $ |
|
|
|||||
Total portfolio loans and leases | $ |
|
|
Fifth Third Bancorp and Subsidiaries
Notes to Condensed Consolidated Financial Statements (unaudited) |
September 30, 2023 | December 31, 2022 | ||||||||||||||||||||||
($ in millions) | With an ALLL |
No Related
ALLL |
Total | With an ALLL |
No Related
ALLL |
Total | |||||||||||||||||
Commercial loans and leases: | |||||||||||||||||||||||
Commercial and industrial loans | $ |
|
|
|
|
|
|
||||||||||||||||
Commercial mortgage owner-occupied loans |
|
|
|
|
|
|
|||||||||||||||||
Commercial mortgage nonowner-occupied loans |
|
|
|
|
|
|
|||||||||||||||||
Commercial construction loans |
|
|
|
|
|
|
|||||||||||||||||
Commercial leases |
|
|
|
|
|
|
|||||||||||||||||
Total nonaccrual portfolio commercial loans and leases | $ |
|
|
|
|
|
|
||||||||||||||||
Residential mortgage loans |
|
|
|
|
|
|
|||||||||||||||||
Consumer loans: | |||||||||||||||||||||||
Home equity |
|
|
|
|
|
|
|||||||||||||||||
Indirect secured consumer loans |
|
|
|
|
|
|
|||||||||||||||||
Credit card |
|
|
|
|
|
|
|||||||||||||||||
Other consumer loans |
|
|
|
|
|
|
|||||||||||||||||
Total nonaccrual portfolio consumer loans | $ |
|
|
|
|
|
|
||||||||||||||||
Total nonaccrual portfolio loans and leases
(a)(b)
|
$ |
|
|
|
|
|
|
||||||||||||||||
OREO and other repossessed property |
|
|
|
|
|
|
|||||||||||||||||
Total nonperforming portfolio assets
(a)(b)
|
$ |
|
|
|
|
|
|
Fifth Third Bancorp and Subsidiaries
Notes to Condensed Consolidated Financial Statements (unaudited) |
For the three months ended September 30, 2023 ($ in millions) | Term Extension | Term Extension and Interest Rate Reduction | Term Extension and Payment Deferral | Total | % of Total Class | |||||||||||||||
Commercial and industrial loans | $ |
|
|
|
|
|
% | |||||||||||||
Commercial mortgage owner-occupied loans |
|
|
|
|
|
|||||||||||||||
Commercial mortgage nonowner-occupied loans |
|
|
|
|
|
|||||||||||||||
Commercial construction loans |
|
|
|
|
|
|||||||||||||||
Total commercial portfolio loans | $ |
|
|
|
|
|
% |
For the nine months ended September 30, 2023 ($ in millions)
|
Term Extension | Interest Rate Reduction | Term Extension and Interest Rate Reduction | Term Extension and Payment Deferral | Payment Deferral | Total | % of Total Class | ||||||||||||||||
Commercial and industrial loans | $ |
|
|
|
|
|
|
|
% | ||||||||||||||
Commercial mortgage owner-occupied loans |
|
|
|
|
|
|
|
||||||||||||||||
Commercial mortgage nonowner-occupied loans |
|
|
|
|
|
|
|
||||||||||||||||
Commercial construction loans |
|
|
|
|
|
|
|
||||||||||||||||
Total commercial portfolio loans | $ |
|
|
|
|
|
|
|
% |
For the three months ended September 30, 2023 ($ in millions) | Total | % of Total Class | ||||||
Payment delay | $ |
|
|
% | ||||
Term extension and payment delay |
|
|
||||||
Term extension, interest rate reduction and payment delay |
|
|
||||||
Total residential mortgage portfolio loans | $ |
|
|
% |
For the nine months ended September 30, 2023 ($ in millions)
|
Total | % of Total Class | ||||||
Payment delay | $ |
|
|
% | ||||
Term extension and payment delay |
|
|
||||||
Term extension, interest rate reduction and payment delay |
|
|
||||||
Total residential mortgage portfolio loans | $ |
|
|
% |
Fifth Third Bancorp and Subsidiaries
Notes to Condensed Consolidated Financial Statements (unaudited) |
For the three months ended September 30, 2023 ($ in millions) | Interest Rate Reduction | Payment Deferral | Term Extension and Payment Deferral | Term Extension, Interest Rate Reduction and Payment Deferral | Total | % of Total Class | ||||||||||||||
Home equity | $ |
|
|
|
|
|
|
% | ||||||||||||
Credit card |
|
|
|
|
|
|
||||||||||||||
Other consumer loans |
|
|
|
|
|
|
||||||||||||||
Total consumer portfolio loans | $ |
|
|
|
|
|
|
% |
For the nine months ended September 30, 2023 ($ in millions)
|
Interest Rate Reduction | Payment Deferral | Term Extension and Payment Deferral | Term Extension, Interest Rate Reduction and Payment Deferral | Total | % of Total Class | ||||||||||||||
Home equity | $ |
|
|
|
|
|
|
% | ||||||||||||
Credit card |
|
|
|
|
|
|
||||||||||||||
Other consumer loans |
|
|
|
|
|
|
||||||||||||||
Total consumer portfolio loans | $ |
|
|
|
|
|
|
% |
For the three months ended September 30, 2023
|
Financial Effects | ||||
Commercial loans: | |||||
Commercial and industrial loans |
Weighted-average length of term extensions was
|
||||
Commercial mortgage owner-occupied loans |
Weighted-average length of term extensions was
|
||||
Commercial mortgage nonowner-occupied loans |
Weighted-average length of term extensions was
|
||||
Commercial construction loans |
Weighted-average length of term extensions was
|
||||
Residential mortgage loans |
Weighted-average length of term extensions was
|
||||
Consumer loans: | |||||
Home equity |
Weighted-average length of term extensions was
|
||||
Credit card |
Weighted-average interest rate reduction was from
|
||||
Other consumer loans |
Amount of payment deferrals represented approximately
|
Fifth Third Bancorp and Subsidiaries
Notes to Condensed Consolidated Financial Statements (unaudited) |
For the nine months ended September 30, 2023
|
Financial Effects | ||||
Commercial loans: | |||||
Commercial and industrial loans |
Weighted-average length of term extensions was
|
||||
Commercial mortgage owner-occupied loans |
Weighted-average length of term extensions was
|
||||
Commercial mortgage nonowner-occupied loans |
Weighted-average length of term extensions was
|
||||
Commercial construction loans |
Weighted-average length of term extensions was
|
||||
Residential mortgage loans |
Weighted-average length of term extensions was
|
||||
Consumer loans: | |||||
Home equity |
Weighted-average length of term extensions was
|
||||
Credit card |
Weighted-average interest rate reduction was from
|
||||
Other consumer loans |
Amount of payment deferrals represented approximately
|
For the three months ended September 30, 2023
($ in millions)
|
Past Due | |||||||||||||
Current | 30-89 Days | 90 Days or More | Total | |||||||||||
Commercial loans: | ||||||||||||||
Commercial and industrial loans | $ |
|
|
|
|
|||||||||
Commercial mortgage owner-occupied loans |
|
|
|
|
||||||||||
Commercial mortgage nonowner-occupied loans |
|
|
|
|
||||||||||
Commercial construction loans |
|
|
|
|
||||||||||
Residential mortgage loans |
|
|
|
|
||||||||||
Consumer loans: | ||||||||||||||
Home equity |
|
|
|
|
||||||||||
Credit card
(a)
|
|
|
|
|
||||||||||
Other consumer loans |
|
|
|
|
||||||||||
Total portfolio loans | $ |
|
|
|
|
For the nine months ended September 30, 2023
($ in millions)
|
Past Due | |||||||||||||
Current | 30-89 Days | 90 Days or More | Total | |||||||||||
Commercial loans: | ||||||||||||||
Commercial and industrial loans | $ |
|
|
|
|
|||||||||
Commercial mortgage owner-occupied loans |
|
|
|
|
||||||||||
Commercial mortgage nonowner-occupied loans |
|
|
|
|
||||||||||
Commercial construction loans |
|
|
|
|
||||||||||
Residential mortgage loans |
|
|
|
|
||||||||||
Consumer loans: | ||||||||||||||
Home equity |
|
|
|
|
||||||||||
Credit card
(a)
|
|
|
|
|
||||||||||
Other consumer loans |
|
|
|
|
||||||||||
Total portfolio loans | $ |
|
|
|
|
Fifth Third Bancorp and Subsidiaries
Notes to Condensed Consolidated Financial Statements (unaudited) |
September 30, 2022 ($ in millions)
|
Number of Loans
Modified in a TDR
During the Period
(a)
|
Amortized Cost Basis
in Loans Modified in a TDR During the Period |
Increase
(Decrease) to ALLL Upon Modification |
Charge-offs
Recognized Upon Modification |
||||||||||
Commercial loans: | ||||||||||||||
Commercial and industrial loans |
|
$ |
|
|
|
|||||||||
Commercial mortgage owner-occupied loans |
|
|
|
|
||||||||||
Residential mortgage loans |
|
|
|
|
||||||||||
Consumer loans: | ||||||||||||||
Home equity |
|
|
(
|
|
||||||||||
Indirect secured consumer loans |
|
|
|
|
||||||||||
Credit card |
|
|
|
|
||||||||||
Total portfolio loans |
|
$ |
|
|
|
September 30, 2022 ($ in millions)
(a)
|
Number of Loans
Modified in a TDR
During the Period
(a)
|
Amortized Cost Basis
in Loans Modified in a TDR During the Period |
Increase
(Decrease) to ALLL Upon Modification |
Charge-offs
Recognized Upon Modification |
||||||||||
Commercial loans: | ||||||||||||||
Commercial and industrial loans |
|
$ |
|
|
|
|||||||||
Commercial mortgage owner-occupied loans |
|
|
(
|
|
||||||||||
Commercial mortgage nonowner-occupied loans |
|
|
|
|
||||||||||
Commercial construction loans |
|
|
(
|
|
||||||||||
Residential mortgage loans |
|
|
|
|
||||||||||
Consumer loans: | ||||||||||||||
Home equity |
|
|
(
|
|
||||||||||
Indirect secured consumer loans |
|
|
|
|
||||||||||
Credit card |
|
|
|
|
||||||||||
Total portfolio loans |
|
$ |
|
|
|
Fifth Third Bancorp and Subsidiaries
Notes to Condensed Consolidated Financial Statements (unaudited) |
September 30, 2022 ($ in millions)
(a)
|
Number of
Contracts |
Amortized
Cost Basis |
||||||
Commercial loans: | ||||||||
Commercial and industrial loans |
|
$ |
|
|||||
Residential mortgage loans |
|
|
||||||
Consumer loans: | ||||||||
Home equity |
|
|
||||||
Indirect secured consumer loans |
|
|
||||||
Credit card |
|
|
||||||
Total portfolio loans |
|
$ |
|
September 30, 2022 ($ in millions)
(a)
|
Number of
Contracts |
Amortized
Cost Basis |
||||||
Commercial loans: | ||||||||
Commercial and industrial loans |
|
$ |
|
|||||
Commercial construction loans |
|
|
||||||
Residential mortgage loans |
|
|
||||||
Consumer loans: | ||||||||
Home equity |
|
|
||||||
Indirect secured consumer loans |
|
|
||||||
Credit card |
|
|
||||||
Total portfolio loans |
|
$ |
|
Fifth Third Bancorp and Subsidiaries
Notes to Condensed Consolidated Financial Statements (unaudited) |
($ in millions) |
September 30,
2023 |
December 31,
2022 |
||||||
Equipment | $ |
|
|
|||||
Buildings
(a)
|
|
|
||||||
Leasehold improvements |
|
|
||||||
Land and improvements
(a)
|
|
|
||||||
Construction in progress
(a)
|
|
|
||||||
Bank premises and equipment held for sale: | ||||||||
Land and improvements |
|
|
||||||
Buildings |
|
|
||||||
Accumulated depreciation and amortization |
(
|
(
|
||||||
Total bank premises and equipment | $ |
|
|
Fifth Third Bancorp and Subsidiaries
Notes to Condensed Consolidated Financial Statements (unaudited) |
As of September 30, 2023 ($ in millions) |
Undiscounted
Cash Flows |
||||
Remainder of 2023 | $ |
|
|||
2024 |
|
||||
2025 |
|
||||
2026 |
|
||||
2027 |
|
||||
2028 |
|
||||
Thereafter |
|
||||
Total operating lease payments | $ |
|
($ in millions) | Condensed Consolidated Balance Sheets Caption |
September 30,
2023 |
December 31,
2022 |
||||||||
Assets | |||||||||||
Operating lease right-of-use assets | Other assets | $ |
|
|
|||||||
Finance lease right-of-use assets | Bank premises and equipment |
|
|
||||||||
Total right-of-use assets
(a)
|
$ |
|
|
||||||||
Liabilities | |||||||||||
Operating lease liabilities | Accrued taxes, interest and expenses | $ |
|
|
|||||||
Finance lease liabilities | Long-term debt |
|
|
||||||||
Total lease liabilities | $ |
|
|
($ in millions) | Condensed Consolidated Statements of Income Caption |
For the three months ended
September 30, |
For the nine months ended
September 30, |
|||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||
Lease costs: | ||||||||||||||||||||
Amortization of ROU assets | Net occupancy and equipment expense | $ |
|
|
|
|
||||||||||||||
Interest on lease liabilities | Interest on long-term debt |
|
|
|
|
|||||||||||||||
Total finance lease costs | $ |
|
|
|
|
|||||||||||||||
Operating lease cost | Net occupancy expense | $ |
|
|
|
|
||||||||||||||
Short-term lease cost | Net occupancy expense |
|
|
|
|
|||||||||||||||
Variable lease cost | Net occupancy expense |
|
|
|
|
|||||||||||||||
Sublease income | Net occupancy expense |
(
|
(
|
(
|
(
|
|||||||||||||||
Total operating lease costs | $ |
|
|
|
|
|||||||||||||||
Total lease costs | $ |
|
|
|
|
Fifth Third Bancorp and Subsidiaries
Notes to Condensed Consolidated Financial Statements (unaudited) |
As of September 30, 2023 ($ in millions) |
Operating
Leases |
Finance
Leases |
Total |
||||||||
Remainder of 2023 | $ |
|
|
|
|||||||
2024 |
|
|
|
||||||||
2025 |
|
|
|
||||||||
2026 |
|
|
|
||||||||
2027 |
|
|
|
||||||||
2028 |
|
|
|
||||||||
Thereafter |
|
|
|
||||||||
Total undiscounted cash flows | $ |
|
|
|
|||||||
Less: Difference between undiscounted cash flows and discounted cash flows |
|
|
|
||||||||
Present value of lease liabilities | $ |
|
|
|
September 30,
2023 |
December 31,
2022 |
||||||||||
Weighted-average remaining lease term (years): | |||||||||||
Operating leases |
|
|
|||||||||
Finance leases |
|
|
|||||||||
Weighted-average discount rate: | |||||||||||
Operating leases |
|
% |
|
||||||||
Finance leases |
|
|
($ in millions) | 2023 | 2022 | ||||||
Cash paid for amounts included in the measurement of lease liabilities:
(a)
|
||||||||
Operating cash flows from operating leases | $ |
|
|
|||||
Operating cash flows from finance leases |
|
|
||||||
Financing cash flows from finance leases |
|
|
||||||
Gains on sale-leaseback transactions |
|
|
Fifth Third Bancorp and Subsidiaries
Notes to Condensed Consolidated Financial Statements (unaudited) |
($ in millions) |
Commercial
Banking |
Consumer and Small Business
Banking |
Wealth
and Asset Management |
General
Corporate and Other |
Total | ||||||||||||
Goodwill | $ |
|
|
|
|
|
|||||||||||
Accumulated impairment losses |
(
|
(
|
|
|
(
|
||||||||||||
Net carrying value as of December 31, 2021 | $ |
|
|
|
|
|
|||||||||||
Acquisition activity |
|
|
|
|
|
||||||||||||
Reallocation of goodwill |
|
(
|
|
|
|
||||||||||||
Sale of businesses |
(
|
|
(
|
|
(
|
||||||||||||
Net carrying value as of December 31, 2022 |
|
|
|
|
|
||||||||||||
Acquisition activity |
|
|
|
|
|
||||||||||||
Net carrying value as of September 30, 2023 | $ |
|
|
|
|
|
Fifth Third Bancorp and Subsidiaries
Notes to Condensed Consolidated Financial Statements (unaudited) |
($ in millions)
|
Gross Carrying
Amount
|
Accumulated
Amortization
|
Net Carrying
Amount
|
||||||||
As of September 30, 2023 | |||||||||||
Core deposit intangibles
|
$ |
|
(
|
|
|||||||
Developed technology |
|
(
|
|
||||||||
Customer relationships
|
|
(
|
|
||||||||
Other
|
|
(
|
|
||||||||
Total intangible assets
|
$ |
|
(
|
|
|||||||
As of December 31, 2022 |
|
||||||||||
Core deposit intangibles
|
$ |
|
(
|
|
|||||||
Developed technology |
|
(
|
|
||||||||
Customer relationships
|
|
(
|
|
||||||||
Other
|
|
(
|
|
||||||||
Total intangible assets
|
$ |
|
(
|
|
($ in millions) | Total | ||||
Remainder of 2023 | $ |
|
|||
2024 |
|
||||
2025 |
|
||||
2026 |
|
||||
2027 |
|
Fifth Third Bancorp and Subsidiaries
Notes to Condensed Consolidated Financial Statements (unaudited) |
($ in millions) |
September 30,
2023 |
December 31,
2022 |
||||||
Assets: | ||||||||
Other short-term investments | $ |
|
|
|||||
Indirect secured consumer loans |
|
|
||||||
Other consumer loans |
|
|
||||||
ALLL |
(
|
(
|
||||||
Other assets |
|
|
||||||
Total assets | $ |
|
|
|||||
Liabilities: | ||||||||
Other liabilities | $ |
|
|
|||||
Long-term debt |
|
|
||||||
Total liabilities | $ |
|
|
Fifth Third Bancorp and Subsidiaries
Notes to Condensed Consolidated Financial Statements (unaudited) |
September 30, 2023 ($ in millions) |
Total
Assets |
Total
Liabilities |
Maximum
Exposure |
||||||||
CDC investments | $ |
|
|
|
|||||||
Private equity investments |
|
|
|
||||||||
Loans provided to VIEs |
|
|
|
||||||||
Lease pool entities |
|
|
|
||||||||
Solar loan securitizations |
|
|
|
December 31, 2022 ($ in millions) |
Total
Assets |
Total
Liabilities |
Maximum
Exposure |
||||||||
CDC investments | $ |
|
|
|
|||||||
Private equity investments |
|
|
|
||||||||
Loans provided to VIEs |
|
|
|
||||||||
Lease pool entities |
|
|
|
||||||||
Solar loan securitizations |
|
|
|
Condensed Consolidated
Statements of Income Caption
(a)
|
For the three months ended September 30, | For the nine months ended September 30, | ||||||||||||||||||
($ in millions) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||
Proportional amortization | Applicable income tax expense | $ |
|
|
|
|
||||||||||||||
Tax credits and other benefits | Applicable income tax expense |
(
|
(
|
(
|
(
|
Fifth Third Bancorp and Subsidiaries
Notes to Condensed Consolidated Financial Statements (unaudited) |
Fifth Third Bancorp and Subsidiaries
Notes to Condensed Consolidated Financial Statements (unaudited) |
For the three months ended
September 30, |
For the nine months ended
September 30, |
||||||||||||||||
($ in millions) | 2023 | 2022 | 2023 | 2022 | |||||||||||||
Residential mortgage loan sales
(a)
|
$ |
|
|
|
|
||||||||||||
Origination fees and gains on loan sales |
|
|
|
|
|||||||||||||
Gross mortgage servicing fees |
|
|
|
|
($ in millions) | 2023 | 2022 | ||||||
Balance, beginning of period | $ |
|
|
|||||
Servicing rights originated |
|
|
||||||
Servicing rights purchased |
|
|
||||||
Changes in fair value: | ||||||||
Due to changes in inputs or assumptions
(a)
|
|
|
||||||
Other changes in fair value
(b)
|
(
|
(
|
||||||
Balance, end of period | $ |
|
|
For the three months ended
September 30, |
For the nine months ended
September 30, |
||||||||||||||||
($ in millions) | 2023 | 2022 | 2023 | 2022 | |||||||||||||
Securities losses, net – non-qualifying hedges on mortgage servicing rights | $ |
|
(
|
|
(
|
||||||||||||
Changes in fair value and settlement of free-standing derivatives purchased to economically hedge the MSR portfolio
(a)
|
(
|
(
|
(
|
(
|
|||||||||||||
MSR fair value adjustment due to changes in inputs or assumptions
(a)
|
|
|
|
|
Fifth Third Bancorp and Subsidiaries
Notes to Condensed Consolidated Financial Statements (unaudited) |
September 30, 2023 | September 30, 2022 | ||||||||||||||||||||||
Weighted-
Average Life (in years) |
Prepayment
Speed (annual) |
OAS
(bps) |
Weighted-
Average Life (in years) |
Prepayment
Speed (annual) |
OAS
(bps) |
||||||||||||||||||
Fixed-rate |
|
|
% |
|
|
|
% |
|
|||||||||||||||
Adjustable-rate | — |
|
|
|
|
|
($ in millions)
(a)
|
Prepayment
Speed Assumption |
OAS
Assumption |
||||||||||||||||||||||||||||||
Fair Value |
Weighted-
Average Life (in years) |
Impact of Adverse Change
on Fair Value |
OAS
(bps) |
Impact of Adverse Change on Fair Value | ||||||||||||||||||||||||||||
Rate | 10% | 20% | 50% | 10% | 20% | |||||||||||||||||||||||||||
Fixed-rate | $ |
|
|
|
% | $ |
(
|
(
|
(
|
|
$ |
(
|
(
|
|||||||||||||||||||
Adjustable-rate |
|
|
|
(
|
(
|
(
|
|
|
|
Fifth Third Bancorp and Subsidiaries
Notes to Condensed Consolidated Financial Statements (unaudited) |
Fifth Third Bancorp and Subsidiaries
Notes to Condensed Consolidated Financial Statements (unaudited) |
Fair Value | |||||||||||
September 30, 2023 ($ in millions) |
Notional
Amount |
Derivative
Assets |
Derivative
Liabilities |
||||||||
Derivatives Designated as Qualifying Hedging Instruments: | |||||||||||
Fair value hedges: | |||||||||||
Interest rate swaps related to long-term debt | $ |
|
|
|
|||||||
Total fair value hedges |
|
|
|||||||||
Cash flow hedges: | |||||||||||
Interest rate floors related to C&I loans |
|
|
|
||||||||
Interest rate swaps related to C&I loans |
|
|
|
||||||||
Interest rate swaps related to C&I loans - forward starting
(a)
|
|
|
|
||||||||
Interest rate swaps related to commercial mortgage and commercial construction loans |
|
|
|
||||||||
Interest rate swaps related to commercial mortgage and commercial construction loans -
forward starting
(a)
|
|
|
|
||||||||
Total cash flow hedges |
|
|
|||||||||
Total derivatives designated as qualifying hedging instruments |
|
|
|||||||||
Derivatives Not Designated as Qualifying Hedging Instruments: | |||||||||||
Free-standing derivatives – risk management and other business purposes:
|
|||||||||||
Interest rate contracts related to MSR portfolio |
|
|
|
||||||||
Forward contracts related to residential mortgage loans held for sale
(b)
|
|
|
|
||||||||
Swap associated with the sale of Visa, Inc. Class B Shares |
|
|
|
||||||||
Foreign exchange contracts |
|
|
|
||||||||
Interest-only strips |
|
|
|
||||||||
Interest rate contracts for collateral management |
|
|
|
||||||||
Interest rate contracts for LIBOR transition |
|
|
|
||||||||
Other |
|
|
|
||||||||
Total free-standing derivatives – risk management and other business purposes
|
|
|
|||||||||
Free-standing derivatives – customer accommodation:
|
|||||||||||
Interest rate contracts
(c)(d)
|
|
|
|
||||||||
Interest rate lock commitments |
|
|
|
||||||||
Commodity contracts |
|
|
|
||||||||
TBA securities |
|
|
|
||||||||
Foreign exchange contracts |
|
|
|
||||||||
Total free-standing derivatives – customer accommodation
|
|
|
|||||||||
Total derivatives not designated as qualifying hedging instruments |
|
|
|||||||||
Total | $ |
|
|
Fifth Third Bancorp and Subsidiaries
Notes to Condensed Consolidated Financial Statements (unaudited) |
Fair Value | |||||||||||
December 31, 2022 ($ in millions) |
Notional
Amount |
Derivative
Assets |
Derivative
Liabilities |
||||||||
Derivatives Designated as Qualifying Hedging Instruments: | |||||||||||
Fair value hedges: | |||||||||||
Interest rate swaps related to long-term debt | $ |
|
|
|
|||||||
Total fair value hedges |
|
|
|||||||||
Cash flow hedges: | |||||||||||
Interest rate floors related to C&I loans |
|
|
|
||||||||
Interest rate swaps related to C&I loans |
|
|
|
||||||||
Interest rate swaps related to C&I loans - forward starting
(a)
|
|
|
|
||||||||
Interest rate swaps related to commercial mortgage and commercial construction loans |
|
|
|
||||||||
Interest rate swaps related to commercial mortgage and commercial construction loans - forward starting
(a)
|
|
|
|
||||||||
Total cash flow hedges |
|
|
|||||||||
Total derivatives designated as qualifying hedging instruments |
|
|
|||||||||
Derivatives Not Designated as Qualifying Hedging Instruments: | |||||||||||
Free-standing derivatives – risk management and other business purposes:
|
|||||||||||
Interest rate contracts related to MSR portfolio |
|
|
|
||||||||
Forward contracts related to residential mortgage loans held for sale
(b)
|
|
|
|
||||||||
Swap associated with the sale of Visa, Inc. Class B Shares |
|
|
|
||||||||
Foreign exchange contracts |
|
|
|
||||||||
Interest-only strips |
|
|
|
||||||||
Interest rate contracts for collateral management |
|
|
|
||||||||
Interest rate contracts for LIBOR transition |
|
|
|
||||||||
Total free-standing derivatives – risk management and other business purposes
|
|
|
|||||||||
Free-standing derivatives – customer accommodation:
|
|||||||||||
Interest rate contracts
(c)
|
|
|
|
||||||||
Interest rate lock commitments |
|
|
|
||||||||
Commodity contracts |
|
|
|
||||||||
TBA securities |
|
|
|
||||||||
Foreign exchange contracts |
|
|
|
||||||||
Total free-standing derivatives – customer accommodation
|
|
|
|||||||||
Total derivatives not designated as qualifying hedging instruments |
|
|
|||||||||
Total | $ |
|
|
Fifth Third Bancorp and Subsidiaries
Notes to Condensed Consolidated Financial Statements (unaudited) |
Condensed Consolidated
Statements of Income Caption |
For the three months ended
September 30, |
For the nine months ended
September 30, |
||||||||||||||||||
($ in millions) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||
Long-term debt: | ||||||||||||||||||||
Change in fair value of interest rate swaps hedging long-term debt | Interest on long-term debt | $ |
(
|
(
|
(
|
(
|
||||||||||||||
Change in fair value of hedged long-term debt attributable to the risk being hedged | Interest on long-term debt |
|
|
|
|
|||||||||||||||
Available-for-sale debt and other securities: | ||||||||||||||||||||
Change in fair value of interest rate swaps hedging available-for-sale debt and other securities | Interest on securities |
|
|
|
|
|||||||||||||||
Change in fair value of hedged available-for-sale debt and other securities attributable to the risk being hedged | Interest on securities |
|
|
|
(
|
($ in millions) |
Condensed Consolidated
Balance Sheets Caption |
September 30,
2023 |
December 31,
2022 |
||||||||
Long-term debt: | |||||||||||
Carrying amount of the hedged items | Long-term debt | $ |
|
|
|||||||
Cumulative amount of fair value hedging adjustments included in the carrying amount of the hedged items | Long-term debt |
(
|
(
|
||||||||
Available-for-sale debt and other securities: | |||||||||||
Cumulative amount of fair value hedging adjustments remaining for hedged items for which hedge accounting has been discontinued | Available-for-sale debt and other securities |
(
|
(
|
Fifth Third Bancorp and Subsidiaries
Notes to Condensed Consolidated Financial Statements (unaudited) |
For the three months ended
September 30, |
For the nine months ended
September 30, |
||||||||||||||||
($ in millions) | 2023 | 2022 | 2023 | 2022 | |||||||||||||
Amount of pre-tax net losses recognized in OCI | $ |
(
|
(
|
(
|
(
|
||||||||||||
Amount of pre-tax net (losses) gains reclassified from OCI into net income |
(
|
|
(
|
|
Condensed Consolidated
Statements of Income Caption |
For the three months ended
September 30, |
For the nine months ended
September 30, |
||||||||||||||||||
($ in millions) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||
Interest rate contracts: | ||||||||||||||||||||
Interest rate contracts related to MSR portfolio | Mortgage banking net revenue | $ |
(
|
(
|
(
|
(
|
||||||||||||||
Forward contracts related to residential mortgage loans held for sale
|
Mortgage banking net revenue |
|
|
|
|
|||||||||||||||
Interest-only strips | Other noninterest income |
|
|
(
|
|
|||||||||||||||
Foreign exchange contracts: | ||||||||||||||||||||
Foreign exchange contracts for risk management purposes
|
Other noninterest income |
|
|
|
|
|||||||||||||||
Equity contracts: | ||||||||||||||||||||
Swap associated with sale of Visa, Inc. Class B Shares
|
Other noninterest income |
(
|
(
|
(
|
(
|
Fifth Third Bancorp and Subsidiaries
Notes to Condensed Consolidated Financial Statements (unaudited) |
($ in millions) |
September 30,
2023 |
December 31,
2022 |
||||||
Pass | $ |
|
|
|||||
Special mention |
|
|
||||||
Substandard |
|
|
||||||
Total | $ |
|
|
Condensed Consolidated
Statements of Income Caption |
For the three months ended
September 30, |
For the nine months ended
September 30, |
||||||||||||||||||
($ in millions) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||
Interest rate contracts:
|
||||||||||||||||||||
Interest rate contracts for customers (contract revenue)
|
Commercial banking revenue | $ |
|
|
|
|
||||||||||||||
Interest rate contracts for customers (credit portion of fair value adjustment)
|
Other noninterest expense |
|
|
|
|
|||||||||||||||
Interest rate lock commitments | Mortgage banking net revenue |
|
(
|
|
|
|||||||||||||||
Commodity contracts:
|
||||||||||||||||||||
Commodity contracts for customers (contract revenue)
|
Commercial banking revenue |
|
|
|
|
|||||||||||||||
Commodity contracts for customers (credit portion of fair value adjustment)
|
Other noninterest expense |
|
|
|
(
|
|||||||||||||||
Foreign exchange contracts:
|
||||||||||||||||||||
Foreign exchange contracts for customers (contract revenue)
|
Commercial banking revenue |
|
|
|
|
|||||||||||||||
Foreign exchange contracts for customers (contract revenue)
|
Other noninterest income |
|
|
|
|
|||||||||||||||
Foreign exchange contracts for customers (credit portion of fair value adjustment)
|
Other noninterest expense |
|
(
|
|
(
|
Fifth Third Bancorp and Subsidiaries
Notes to Condensed Consolidated Financial Statements (unaudited) |
Gross Amount
Recognized in the
Condensed Consolidated
Balance Sheets
(a)
|
Gross Amounts Not Offset in the
Condensed Consolidated Balance Sheets |
|||||||||||||
Derivatives |
Collateral
(b)
|
Net Amount | ||||||||||||
As of September 30, 2023 | ||||||||||||||
Derivative assets | $ |
|
(
|
(
|
|
|||||||||
Derivative liabilities |
|
(
|
(
|
|
||||||||||
As of December 31, 2022 | ||||||||||||||
Derivative assets | $ |
|
(
|
(
|
|
|||||||||
Derivative liabilities |
|
(
|
(
|
|
Fifth Third Bancorp and Subsidiaries
Notes to Condensed Consolidated Financial Statements (unaudited) |
($ in millions) |
September 30,
2023 |
December 31,
2022 |
||||||
FHLB advances | $ |
|
|
|||||
Securities sold under repurchase agreements |
|
|
||||||
Derivative collateral |
|
|
||||||
Other borrowed money |
|
|
||||||
Total other short-term borrowings | $ |
|
|
Fifth Third Bancorp and Subsidiaries
Notes to Condensed Consolidated Financial Statements (unaudited) |
Security Type |
Date SOFR Rate Dividends/Interest Begins to Accrue
(a)
|
First Payment Date of SOFR Rate Dividends/Interest | ||||||
Depositary Shares Representing a 1/25th Ownership Interest in a Share of 5.10% Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series H | September 30, 2023 | December 31, 2023 | ||||||
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 | December 31, 2023 | March 31, 2024 | ||||||
Depositary Shares Representing a 1/25th Ownership Interest in a Share of Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series J | September 30, 2023 | December 31, 2023 |
Repurchase Date |
Amount
($ in millions) |
Shares Repurchased on Repurchase Date | Shares Received from Forward Contract Settlement | Total Shares Repurchased | Final Settlement Date | ||||||||||||
January 24, 2023 | $ |
|
|
|
|
March 6, 2023 | |||||||||||
Fifth Third Bancorp and Subsidiaries
Notes to Condensed Consolidated Financial Statements (unaudited) |
($ in millions) |
September 30,
2023 |
December 31,
2022 |
||||||
Commitments to extend credit | $ |
|
|
|||||
Letters of credit |
|
|
||||||
Forward contracts related to residential mortgage loans held for sale |
|
|
||||||
Capital commitments for private equity investments |
|
|
||||||
Capital expenditures |
|
|
||||||
Purchase obligations |
|
|
($ in millions) |
September 30,
2023 |
December 31,
2022 |
||||||
Pass | $ |
|
|
|||||
Special mention |
|
|
||||||
Substandard |
|
|
||||||
Total commitments to extend credit | $ |
|
|
($ in millions) | |||||
Less than 1 year
(a)
|
$ |
|
|||
1 - 5 years
(a)
|
|
||||
Over 5 years |
|
||||
Total letters of credit | $ |
|
Fifth Third Bancorp and Subsidiaries
Notes to Condensed Consolidated Financial Statements (unaudited) |
($ in millions) |
September 30,
2023 |
December 31,
2022 |
||||||
Pass | $ |
|
|
|||||
Special mention |
|
|
||||||
Substandard |
|
|
||||||
Total letters of credit | $ |
|
|
Fifth Third Bancorp and Subsidiaries
Notes to Condensed Consolidated Financial Statements (unaudited) |
Fifth Third Bancorp and Subsidiaries
Notes to Condensed Consolidated Financial Statements (unaudited) |
Period ($ in millions) |
Visa
Funding Amount |
Bancorp Cash
Payment Amount |
||||||
Q2 2010 | $ |
|
|
|||||
Q4 2010 |
|
|
||||||
Q2 2011 |
|
|
||||||
Q1 2012 |
|
|
||||||
Q3 2012 |
|
|
||||||
Q3 2014 |
|
|
||||||
Q2 2018 |
|
|
||||||
Q3 2019 |
|
|
||||||
Q4 2021 |
|
|
||||||
Q2 2022 |
|
|
||||||
Q4 2022 |
|
|
||||||
Q2 2023 |
|
|
||||||
Q3 2023 |
|
(a) |
Fifth Third Bancorp and Subsidiaries
Notes to Condensed Consolidated Financial Statements (unaudited) |
Fifth Third Bancorp and Subsidiaries
Notes to Condensed Consolidated Financial Statements (unaudited) |
Fifth Third Bancorp and Subsidiaries
Notes to Condensed Consolidated Financial Statements (unaudited) |
Fifth Third Bancorp and Subsidiaries
Notes to Condensed Consolidated Financial Statements (unaudited) |
Total OCI | Total AOCI | |||||||||||||||||||
September 30, 2023 ($ in millions) |
Pre-tax
Activity |
Tax
Effect |
Net
Activity |
Beginning
Balance |
Net
Activity |
Ending
Balance |
||||||||||||||
Unrealized holding losses on available-for-sale debt securities arising during period | $ |
(
|
|
(
|
||||||||||||||||
Reclassification adjustment for net losses on available-for-sale debt securities included in net income |
|
|
|
|||||||||||||||||
Net unrealized losses on available-for-sale debt securities |
(
|
|
(
|
(
|
(
|
(
|
||||||||||||||
Unrealized holding losses on cash flow hedge derivatives arising during period |
(
|
|
(
|
|||||||||||||||||
Reclassification adjustment for net losses on cash flow hedge derivatives included in net income |
|
(
|
|
|||||||||||||||||
Net unrealized losses on cash flow hedge derivatives |
(
|
|
(
|
(
|
(
|
(
|
||||||||||||||
Net actuarial loss arising during the year |
|
|
|
|||||||||||||||||
Reclassification of amounts to net periodic benefit costs |
|
|
|
|||||||||||||||||
Defined benefit pension plans, net |
|
|
|
(
|
|
(
|
||||||||||||||
Other |
|
|
|
(
|
|
(
|
||||||||||||||
Total | $ |
(
|
|
(
|
(
|
(
|
(
|
Total OCI | Total AOCI | |||||||||||||||||||
September 30, 2022 ($ in millions) |
Pre-tax
Activity |
Tax
Effect |
Net
Activity |
Beginning
Balance |
Net
Activity |
Ending
Balance |
||||||||||||||
Unrealized holding losses on available-for-sale debt securities arising during period | $ |
(
|
|
(
|
||||||||||||||||
Reclassification adjustment for net gains on available-for-sale debt securities included in net income |
|
|
|
|||||||||||||||||
Net unrealized losses on available-for-sale debt securities |
(
|
|
(
|
(
|
(
|
(
|
||||||||||||||
Unrealized holding losses on cash flow hedge derivatives arising during period |
(
|
|
(
|
|||||||||||||||||
Reclassification adjustment for net gains on cash flow hedge derivatives included in net income |
(
|
|
(
|
|||||||||||||||||
Net unrealized losses on cash flow hedge derivatives |
(
|
|
(
|
(
|
(
|
(
|
||||||||||||||
Net actuarial loss arising during the year |
(
|
|
(
|
|||||||||||||||||
Reclassification of amounts to net periodic benefit costs |
|
|
|
|||||||||||||||||
Defined benefit pension plans, net |
|
|
|
(
|
|
(
|
||||||||||||||
Other |
|
|
|
(
|
|
(
|
||||||||||||||
Total | $ |
(
|
|
(
|
(
|
(
|
(
|
Fifth Third Bancorp and Subsidiaries
Notes to Condensed Consolidated Financial Statements (unaudited) |
Total OCI | Total AOCI | |||||||||||||||||||
September 30, 2023 ($ in millions) |
Pre-tax
Activity |
Tax Effect | Net Activity | Beginning Balance | Net Activity | Ending Balance | ||||||||||||||
Unrealized holding losses on available-for-sale debt securities arising during period | $ |
(
|
|
(
|
||||||||||||||||
Reclassification adjustment for net losses on available-for-sale debt securities included in net income |
|
|
|
|||||||||||||||||
Net unrealized losses on available-for-sale debt securities |
(
|
|
(
|
(
|
(
|
(
|
||||||||||||||
Unrealized holding losses on cash flow hedge derivatives arising during period |
(
|
|
(
|
|||||||||||||||||
Reclassification adjustment for net losses on cash flow hedge derivatives included in net income |
|
(
|
|
|||||||||||||||||
Net unrealized losses on cash flow hedge derivatives |
(
|
|
(
|
(
|
(
|
(
|
||||||||||||||
Net actuarial loss arising during the year |
|
|
|
|||||||||||||||||
Reclassification of amounts to net periodic benefit costs |
|
|
|
|||||||||||||||||
Defined benefit pension plans, net |
|
|
|
(
|
|
(
|
||||||||||||||
Other |
|
|
|
(
|
|
(
|
||||||||||||||
Total | $ |
(
|
|
(
|
(
|
(
|
(
|
Total OCI | Total AOCI | |||||||||||||||||||
September 30, 2022 ($ in millions) |
Pre-tax
Activity |
Tax Effect | Net Activity | Beginning Balance | Net Activity | Ending Balance | ||||||||||||||
Unrealized holding losses on available-for-sale debt securities arising during period | $ |
(
|
|
(
|
||||||||||||||||
Reclassification adjustment for net gains on available-for-sale debt securities included in net income |
(
|
|
(
|
|||||||||||||||||
Net unrealized losses on available-for-sale debt securities |
(
|
|
(
|
|
(
|
(
|
||||||||||||||
Unrealized holding losses on cash flow hedge derivatives arising during period |
(
|
|
(
|
|||||||||||||||||
Reclassification adjustment for net gains on cash flow hedge derivatives included in net income |
(
|
|
(
|
|||||||||||||||||
Net unrealized losses on cash flow hedge derivatives |
(
|
|
(
|
|
(
|
(
|
||||||||||||||
Net actuarial loss arising during the year |
(
|
|
(
|
|||||||||||||||||
Reclassification of amounts to net periodic benefit costs |
|
(
|
|
|||||||||||||||||
Defined benefit pension plans, net |
|
(
|
|
(
|
|
(
|
||||||||||||||
Other |
|
|
|
(
|
|
(
|
||||||||||||||
Total | $ |
(
|
|
(
|
|
(
|
(
|
Fifth Third Bancorp and Subsidiaries
Notes to Condensed Consolidated Financial Statements (unaudited) |
Condensed Consolidated Statements of Income Caption |
For the three months ended
September 30, |
For the nine months ended
September 30, |
|||||||||||||||
($ in millions) | 2023 | 2022 | 2023 | 2022 | |||||||||||||
Net unrealized losses on available-for-sale debt securities:
(a)
|
|||||||||||||||||
Net (losses) gains included in net income | Securities gains (losses), net | $ |
|
|
(
|
|
|||||||||||
Income before income taxes |
|
|
(
|
|
|||||||||||||
Applicable income tax expense |
|
|
|
(
|
|||||||||||||
Net income |
|
|
(
|
|
|||||||||||||
Net unrealized losses on cash flow hedge derivatives:
(a)
|
|||||||||||||||||
Interest rate contracts related to C&I, commercial mortgage and commercial construction loans | Interest and fees on loans and leases |
(
|
|
(
|
|
||||||||||||
Income before income taxes |
(
|
|
(
|
|
|||||||||||||
Applicable income tax expense |
|
(
|
|
(
|
|||||||||||||
Net income |
(
|
|
(
|
|
|||||||||||||
Net periodic benefit costs:
(a)
|
|||||||||||||||||
Amortization of net actuarial loss |
Compensation and benefits
(b)
|
|
(
|
(
|
(
|
||||||||||||
Settlements |
Compensation and benefits
(b)
|
|
|
|
(
|
||||||||||||
Income before income taxes |
|
(
|
(
|
(
|
|||||||||||||
Applicable income tax expense |
|
|
|
|
|||||||||||||
Net income |
|
(
|
(
|
(
|
|||||||||||||
Total reclassifications for the period | Net income |
(
|
|
(
|
|
Fifth Third Bancorp and Subsidiaries
Notes to Condensed Consolidated Financial Statements (unaudited) |
2023 | 2022 | |||||||||||||||||||
For the three months ended September 30,
(in millions, except per share data)
|
Income |
Average
Shares |
Per Share
Amount |
Income |
Average
Shares |
Per Share
Amount |
||||||||||||||
Earnings Per Share: | ||||||||||||||||||||
Net income available to common shareholders | $ |
|
$ |
|
||||||||||||||||
Less: Income allocated to participating securities |
|
|
||||||||||||||||||
Net income allocated to common shareholders | $ |
|
|
$ |
|
$ |
|
|
$ |
|
||||||||||
Earnings Per Diluted Share: | ||||||||||||||||||||
Net income available to common shareholders | $ |
|
$ |
|
||||||||||||||||
Effect of dilutive securities: | ||||||||||||||||||||
Stock-based awards |
|
|
|
|
||||||||||||||||
Net income available to common shareholders plus assumed conversions | $ |
|
$ |
|
||||||||||||||||
Less: Income allocated to participating securities |
|
|
||||||||||||||||||
Net income allocated to common shareholders plus assumed conversions | $ |
|
|
$ |
|
$ |
|
|
$ |
|
2023 | 2022 | |||||||||||||||||||
For the nine months ended September 30,
(in millions, except per share data)
|
Income | Average Shares | Per Share Amount | Income | Average Shares | Per Share Amount | ||||||||||||||
Earnings Per Share: | ||||||||||||||||||||
Net income available to common shareholders | $ |
|
$ |
|
||||||||||||||||
Less: Income allocated to participating securities |
|
|
||||||||||||||||||
Net income allocated to common shareholders | $ |
|
|
$ |
|
$ |
|
|
$ |
|
||||||||||
Earnings Per Diluted Share: | ||||||||||||||||||||
Net income available to common shareholders | $ |
|
$ |
|
||||||||||||||||
Effect of dilutive securities: | ||||||||||||||||||||
Stock-based awards |
|
|
|
|
||||||||||||||||
Net income available to common shareholders plus assumed conversions | $ |
|
$ |
|
||||||||||||||||
Less: Income allocated to participating securities |
|
|
||||||||||||||||||
Net income allocated to common shareholders plus assumed conversions | $ |
|
|
$ |
|
$ |
|
|
$ |
|
Fifth Third Bancorp and Subsidiaries
Notes to Condensed Consolidated Financial Statements (unaudited) |
Fair Value Measurements Using | ||||||||||||||
September 30, 2023 ($ in millions) | Level 1 | Level 2 | Level 3 | Total Fair Value | ||||||||||
Assets: | ||||||||||||||
Available-for-sale debt and other securities: | ||||||||||||||
U.S. Treasury and federal agencies securities | $ |
|
|
|
|
|||||||||
Obligations of states and political subdivisions securities |
|
|
|
|
||||||||||
Mortgage-backed securities: |
|
|||||||||||||
Agency residential mortgage-backed securities |
|
|
|
|
||||||||||
Agency commercial mortgage-backed securities |
|
|
|
|
||||||||||
Non-agency commercial mortgage-backed securities |
|
|
|
|
||||||||||
Asset-backed securities and other debt securities |
|
|
|
|
||||||||||
Available-for-sale debt and other securities
(a)
|
|
|
|
|
||||||||||
Trading debt securities: |
|
|||||||||||||
U.S. Treasury and federal agencies securities |
|
|
|
|
||||||||||
Obligations of states and political subdivisions securities |
|
|
|
|
||||||||||
Agency residential mortgage-backed securities |
|
|
|
|
||||||||||
Asset-backed securities and other debt securities |
|
|
|
|
||||||||||
Trading debt securities |
|
|
|
|
||||||||||
Equity securities |
|
|
|
|
||||||||||
Residential mortgage loans held for sale |
|
|
|
|
||||||||||
Residential mortgage loans
(b)
|
|
|
|
|
||||||||||
Servicing rights |
|
|
|
|
||||||||||
Derivative assets: | ||||||||||||||
Interest rate contracts |
|
|
|
|
||||||||||
Foreign exchange contracts |
|
|
|
|
||||||||||
Commodity contracts |
|
|
|
|
||||||||||
Derivative assets
(c)
|
|
|
|
|
||||||||||
Total assets | $ |
|
|
|
|
|||||||||
Liabilities: |
|
|||||||||||||
Derivative liabilities: |
|
|||||||||||||
Interest rate contracts | $ |
|
|
|
|
|||||||||
Foreign exchange contracts |
|
|
|
|
||||||||||
Equity contracts |
|
|
|
|
||||||||||
Commodity contracts |
|
|
|
|
||||||||||
Derivative liabilities
(d)
|
|
|
|
|
||||||||||
Short positions: |
|
|||||||||||||
U.S. Treasury and federal agencies securities |
|
|
|
|
||||||||||
Asset-backed securities and other debt securities |
|
|
|
|
||||||||||
Short positions
(d)
|
|
|
|
|
||||||||||
Total liabilities | $ |
|
|
|
|
Fifth Third Bancorp and Subsidiaries
Notes to Condensed Consolidated Financial Statements (unaudited) |
Fair Value Measurements Using | ||||||||||||||
December 31, 2022 ($ in millions) | Level 1 | Level 2 | Level 3 | Total Fair Value | ||||||||||
Assets: | ||||||||||||||
Available-for-sale debt and other securities: | ||||||||||||||
U.S. Treasury and federal agencies securities | $ |
|
|
|
|
|||||||||
Obligations of states and political subdivisions securities |
|
|
|
|
||||||||||
Mortgage-backed securities: | ||||||||||||||
Agency residential mortgage-backed securities |
|
|
|
|
||||||||||
Agency commercial mortgage-backed securities |
|
|
|
|
||||||||||
Non-agency commercial mortgage-backed securities |
|
|
|
|
||||||||||
Asset-backed securities and other debt securities |
|
|
|
|
||||||||||
Available-for-sale debt and other securities
(a)
|
|
|
|
|
||||||||||
Trading debt securities: | ||||||||||||||
U.S. Treasury and federal agencies securities |
|
|
|
|
||||||||||
Obligations of states and political subdivisions securities |
|
|
|
|
||||||||||
Agency residential mortgage-backed securities |
|
|
|
|
||||||||||
Asset-backed securities and other debt securities |
|
|
|
|
||||||||||
Trading debt securities |
|
|
|
|
||||||||||
Equity securities |
|
|
|
|
||||||||||
Residential mortgage loans held for sale |
|
|
|
|
||||||||||
Residential mortgage loans
(b)
|
|
|
|
|
||||||||||
Servicing rights |
|
|
|
|
||||||||||
Derivative assets: | ||||||||||||||
Interest rate contracts |
|
|
|
|
||||||||||
Foreign exchange contracts |
|
|
|
|
||||||||||
Commodity contracts |
|
|
|
|
||||||||||
Derivative assets
(c)
|
|
|
|
|
||||||||||
Total assets | $ |
|
|
|
|
|||||||||
Liabilities: | ||||||||||||||
Derivative liabilities: | ||||||||||||||
Interest rate contracts | $ |
|
|
|
|
|||||||||
Foreign exchange contracts |
|
|
|
|
||||||||||
Equity contracts |
|
|
|
|
||||||||||
Commodity contracts |
|
|
|
|
||||||||||
Derivative liabilities
(d)
|
|
|
|
|
||||||||||
Short positions: | ||||||||||||||
U.S. Treasury and federal agencies securities |
|
|
|
|
||||||||||
Asset-backed securities and other debt securities |
|
|
|
|
||||||||||
Short positions
(d)
|
|
|
|
|
||||||||||
Total liabilities | $ |
|
|
|
|
Fifth Third Bancorp and Subsidiaries
Notes to Condensed Consolidated Financial Statements (unaudited) |
Fifth Third Bancorp and Subsidiaries
Notes to Condensed Consolidated Financial Statements (unaudited) |
Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | |||||||||||||||||
For the three months ended September 30, 2023 ($ in millions)
|
Residential
Mortgage Loans |
Servicing
Rights |
Interest Rate
Derivatives,
Net
(a)
|
Equity
Derivatives |
Total
Fair Value |
||||||||||||
Balance, beginning of period | $ |
|
|
|
(
|
|
|||||||||||
Total gains (losses) (realized/unrealized):
(b)
|
|||||||||||||||||
Included in earnings |
(
|
|
|
(
|
|
||||||||||||
Purchases/originations |
|
|
|
|
|
||||||||||||
Settlements |
(
|
|
(
|
|
|
||||||||||||
Transfers into Level 3
(c)
|
|
|
|
|
|
||||||||||||
Balance, end of period | $ |
|
|
(
|
(
|
|
|||||||||||
The amount of total gains (losses) for the period included in earnings attributable to the change in unrealized gains or losses relating to instruments still held at September 30, 2023
|
$ |
(
|
|
|
(
|
|
Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | |||||||||||||||||
For the three months ended September 30, 2022 ($ in millions)
|
Residential
Mortgage Loans |
Servicing
Rights |
Interest Rate
Derivatives,
Net
(a)
|
Equity
Derivatives |
Total
Fair Value |
||||||||||||
Balance, beginning of period | $ |
|
|
|
(
|
|
|||||||||||
Total gains (losses) (realized/unrealized):
(b)
|
|||||||||||||||||
Included in earnings |
(
|
|
(
|
(
|
|
||||||||||||
Purchases/originations |
|
|
(
|
|
|
||||||||||||
Settlements |
(
|
|
(
|
|
|
||||||||||||
Transfers into Level 3
(c)
|
|
|
|
|
|
||||||||||||
Balance, end of period | $ |
|
|
(
|
(
|
|
|||||||||||
The amount of total gains (losses) for the period included in earnings attributable to the change in unrealized gains or losses relating to instruments still held at September 30, 2022
|
$ |
(
|
|
(
|
(
|
|
Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | |||||||||||||||||
For the nine months ended September 30, 2023 ($ in millions)
|
Residential
Mortgage Loans |
Servicing
Rights |
Interest Rate
Derivatives,
Net
(a)
|
Equity
Derivatives |
Total
Fair Value |
||||||||||||
Balance, beginning of period | $ |
|
|
(
|
(
|
|
|||||||||||
Total (losses) gains (realized/unrealized):
(b)
|
|||||||||||||||||
Included in earnings |
(
|
(
|
|
(
|
(
|
||||||||||||
Purchases/originations |
|
|
(
|
|
|
||||||||||||
Settlements |
(
|
|
(
|
|
|
||||||||||||
Transfers into Level 3
(c)
|
|
|
|
|
|
||||||||||||
Balance, end of period | $ |
|
|
(
|
(
|
|
|||||||||||
The amount of total (losses) gains for the period included in earnings attributable to the change in unrealized gains or losses relating to instruments still held at September 30, 2023
|
$ |
(
|
|
|
(
|
(
|
Fifth Third Bancorp and Subsidiaries
Notes to Condensed Consolidated Financial Statements (unaudited) |
Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | |||||||||||||||||
For the nine months ended September 30, 2022 ($ in millions)
|
Residential
Mortgage Loans |
Servicing
Rights |
Interest Rate
Derivatives,
Net
(a)
|
Equity
Derivatives |
Total
Fair Value |
||||||||||||
Balance, beginning of period | $ |
|
|
|
(
|
|
|||||||||||
Total gains (losses) (realized/unrealized):
(b)
|
|||||||||||||||||
Included in earnings |
(
|
|
|
(
|
|
||||||||||||
Purchases/originations/acquisitions |
|
|
|
|
|
||||||||||||
Settlements |
(
|
|
(
|
|
|
||||||||||||
Transfers into Level 3
(c)
|
|
|
|
|
|
||||||||||||
Balance, end of period | $ |
|
|
(
|
(
|
|
|||||||||||
The amount of total gains (losses) for the period included in earnings attributable to the change in unrealized gains or losses relating to instruments still held at September 30, 2022
|
$ |
(
|
|
|
(
|
|
For the three months ended
September 30, |
For the nine months ended
September 30, |
|||||||||||||
($ in millions) | 2023 | 2022 | 2023 | 2022 | ||||||||||
Mortgage banking net revenue | $ |
|
|
|
|
|||||||||
Commercial banking revenue |
|
|
|
|
||||||||||
Other noninterest income |
(
|
(
|
(
|
(
|
||||||||||
Total (losses) gains | $ |
|
|
(
|
|
For the three months ended
September 30, |
For the nine months ended
September 30, |
|||||||||||||
($ in millions) | 2023 | 2022 | 2023 | 2022 | ||||||||||
Mortgage banking net revenue | $ |
|
|
|
|
|||||||||
Commercial banking revenue |
|
|
|
|
||||||||||
Other noninterest income |
(
|
(
|
(
|
(
|
||||||||||
Total (losses) gains | $ |
|
|
(
|
|
Fifth Third Bancorp and Subsidiaries
Notes to Condensed Consolidated Financial Statements (unaudited) |
As of September 30, 2023 ($ in millions) | |||||||||||||||||||||||||||||
Financial Instrument | Fair Value |
Valuation
Technique |
Significant
Unobservable Inputs |
Range of Inputs |
Weighted-Average
|
||||||||||||||||||||||||
Residential mortgage loans | $ |
|
Loss rate model | Interest rate risk factor |
(
|
- |
|
(
|
% |
(a)
|
|||||||||||||||||||
Credit risk factor |
|
- |
|
|
% |
(a)
|
|||||||||||||||||||||||
(Fixed)
|
|
% |
(b)
|
||||||||||||||||||||||||||
Servicing rights |
|
DCF | Prepayment speed |
|
- |
|
(Adjustable)
|
|
% |
(b)
|
|||||||||||||||||||
(Fixed)
|
|
(b)
|
|||||||||||||||||||||||||||
OAS (bps) |
|
- |
|
(Adjustable)
|
|
(b)
|
|||||||||||||||||||||||
IRLCs, net |
|
DCF | Loan closing rates |
|
- |
|
|
% |
(c)
|
||||||||||||||||||||
Swap associated with the sale of Visa, Inc. Class B Shares |
(
|
DCF |
Timing of the resolution
of the Covered Litigation |
|
- |
|
|
(d)
|
As of September 30, 2022 ($ in millions) | |||||||||||||||||||||||||||||
Financial Instrument | Fair Value |
Valuation
Technique |
Significant
Unobservable Inputs |
Range of Inputs | Weighted-Average | ||||||||||||||||||||||||
Residential mortgage loans | $ |
|
Loss rate model | Interest rate risk factor |
(
|
- |
|
(
|
% |
(a)
|
|||||||||||||||||||
Credit risk factor |
|
- |
|
|
% |
(a)
|
|||||||||||||||||||||||
(Fixed) |
|
% |
(b)
|
||||||||||||||||||||||||||
Servicing rights |
|
DCF | Prepayment speed |
|
- |
|
(Adjustable) |
|
% |
(b)
|
|||||||||||||||||||
(Fixed) |
|
(b)
|
|||||||||||||||||||||||||||
OAS (bps) |
|
- |
|
(Adjustable) |
|
(b)
|
|||||||||||||||||||||||
IRLCs, net |
(
|
DCF | Loan closing rates |
|
- |
|
|
% |
(c)
|
||||||||||||||||||||
Swap associated with the sale of Visa, Inc. Class B Shares
|
(
|
DCF |
Timing of the resolution
of the Covered Litigation |
|
- |
|
|
(d)
|
Fair Value Measurements Using | Total Losses | |||||||||||||||||||
As of September 30, 2023 ($ in millions) | Level 1 | Level 2 | Level 3 | Total |
For the three months ended September 30, 2023
|
For the nine
months ended September 30, 2023
|
||||||||||||||
Commercial loans and leases | $ |
|
|
|
|
(
|
(
|
|||||||||||||
Consumer and residential mortgage loans |
|
|
|
|
(
|
(
|
||||||||||||||
OREO |
|
|
|
|
(
|
(
|
||||||||||||||
Bank premises and equipment |
|
|
|
|
|
(
|
||||||||||||||
Private equity investments |
|
|
|
|
|
(
|
||||||||||||||
Total | $ |
|
|
|
|
(
|
(
|
Fifth Third Bancorp and Subsidiaries
Notes to Condensed Consolidated Financial Statements (unaudited) |
Fair Value Measurements Using | Total Losses | |||||||||||||||||||
As of September 30, 2022 ($ in millions) | Level 1 | Level 2 | Level 3 | Total |
For the three months ended
September 30, 2022
|
For the nine
months ended
September 30, 2022
|
||||||||||||||
Commercial loans and leases | $ |
|
|
|
|
(
|
(
|
|||||||||||||
Consumer and residential mortgage loans |
|
|
|
|
|
|
||||||||||||||
OREO |
|
|
|
|
|
|
||||||||||||||
Bank premises and equipment |
|
|
|
|
(
|
(
|
||||||||||||||
Operating lease equipment |
|
|
|
|
|
(
|
||||||||||||||
Private equity investments |
|
|
|
|
(
|
(
|
||||||||||||||
Total | $ |
|
|
|
|
(
|
(
|
As of September 30, 2023 ($ in millions) | |||||||||||||||||
Financial Instrument | Fair Value | Valuation Technique | Significant Unobservable Inputs |
Ranges of
Inputs |
Weighted-Average | ||||||||||||
Commercial loans and leases | $ |
|
Appraised value | Collateral value | NM | NM | |||||||||||
Consumer and residential mortgage loans |
|
Appraised value | Collateral value | NM | NM | ||||||||||||
OREO |
|
Appraised value | Appraised value | NM | NM | ||||||||||||
Bank premises and equipment |
|
Appraised value | Appraised value | NM | NM | ||||||||||||
Private equity investments |
|
Comparable company analysis | Market comparable transactions | NM | NM | ||||||||||||
As of September 30, 2022 ($ in millions) | |||||||||||||||||
Financial Instrument | Fair Value | Valuation Technique | Significant Unobservable Inputs |
Ranges of
Inputs |
Weighted-Average | ||||||||||||
Commercial loans and leases | $ |
|
Appraised value | Collateral value | NM | NM | |||||||||||
Consumer and residential mortgage loans |
|
Appraised value | Collateral value | NM | NM | ||||||||||||
OREO |
|
Appraised value | Appraised value | NM | NM | ||||||||||||
Bank premises and equipment |
|
Appraised value | Appraised value | NM | NM | ||||||||||||
Operating lease equipment |
|
Appraised value | Appraised value | NM | NM | ||||||||||||
Private equity investments |
|
Comparable company analysis | Market comparable transactions | NM | NM |
Fifth Third Bancorp and Subsidiaries
Notes to Condensed Consolidated Financial Statements (unaudited) |
Fifth Third Bancorp and Subsidiaries
Notes to Condensed Consolidated Financial Statements (unaudited) |
September 30, 2023 ($ in millions) |
Aggregate
Fair Value
|
Aggregate Unpaid
Principal Balance
|
Difference
|
||||||||
Residential mortgage loans measured at fair value | $ |
|
|
(
|
|||||||
Nonaccrual loans |
|
|
|
||||||||
December 31, 2022 |
|
||||||||||
Residential mortgage loans measured at fair value
|
$ |
|
|
(
|
|||||||
Past due loans of 30-89 days |
|
|
|
||||||||
Nonaccrual loans
|
|
|
|
Net Carrying
Amount |
Fair Value Measurements Using |
Total
Fair Value |
|||||||||||||||
As of September 30, 2023 ($ in millions) | Level 1 | Level 2 | Level 3 | ||||||||||||||
Financial assets: | |||||||||||||||||
Cash and due from banks | $ |
|
|
|
|
|
|||||||||||
Other short-term investments |
|
|
|
|
|
||||||||||||
Other securities |
|
|
|
|
|
||||||||||||
Held-to-maturity securities |
|
|
|
|
|
||||||||||||
Loans and leases held for sale |
|
|
|
|
|
||||||||||||
Portfolio loans and leases: |
|
||||||||||||||||
Commercial loans and leases |
|
|
|
|
|
||||||||||||
Consumer and residential mortgage loans |
|
|
|
|
|
||||||||||||
Total portfolio loans and leases, net | $ |
|
|
|
|
|
|||||||||||
Financial liabilities: |
|
||||||||||||||||
Deposits | $ |
|
|
|
|
|
|||||||||||
Federal funds purchased |
|
|
|
|
|
||||||||||||
Other short-term borrowings |
|
|
|
|
|
||||||||||||
Long-term debt |
|
|
|
|
|
Net Carrying
Amount |
Fair Value Measurements Using |
Total
Fair Value |
|||||||||||||||
As of December 31, 2022 ($ in millions) | Level 1 | Level 2 | Level 3 | ||||||||||||||
Financial assets: | |||||||||||||||||
Cash and due from banks | $ |
|
|
|
|
|
|||||||||||
Other short-term investments |
|
|
|
|
|
||||||||||||
Other securities |
|
|
|
|
|
||||||||||||
Held-to-maturity securities |
|
|
|
|
|
||||||||||||
Loans and leases held for sale |
|
|
|
|
|
||||||||||||
Portfolio loans and leases: | |||||||||||||||||
Commercial loans and leases |
|
|
|
|
|
||||||||||||
Consumer and residential mortgage loans |
|
|
|
|
|
||||||||||||
Total portfolio loans and leases, net | $ |
|
|
|
|
|
|||||||||||
Financial liabilities: | |||||||||||||||||
Deposits | $ |
|
|
|
|
|
|||||||||||
Federal funds purchased |
|
|
|
|
|
||||||||||||
Other short-term borrowings |
|
|
|
|
|
||||||||||||
Long-term debt |
|
|
|
|
|
Fifth Third Bancorp and Subsidiaries
Notes to Condensed Consolidated Financial Statements (unaudited) |
Fifth Third Bancorp and Subsidiaries
Notes to Condensed Consolidated Financial Statements (unaudited) |
September 30, 2023 ($ in millions) |
Commercial
Banking |
Consumer
and Small Business Banking |
Wealth
and Asset Management |
General
Corporate and Other |
Eliminations | Total | |||||||||||||||||||||||
Net interest income | $ |
|
|
|
(
|
|
|
||||||||||||||||||||||
Provision for credit losses |
|
|
|
|
|
|
|||||||||||||||||||||||
Net interest income after provision for credit losses
|
$ |
|
|
|
(
|
|
|
|
|
||||||||||||||||||||
Noninterest income: |
|
||||||||||||||||||||||||||||
Commercial banking revenue | $ |
|
|
|
(
|
|
|
||||||||||||||||||||||
Wealth and asset management revenue |
|
|
|
|
(
|
(a)
|
|
||||||||||||||||||||||
Service charges on deposits |
|
|
|
(
|
|
|
|||||||||||||||||||||||
Card and processing revenue |
|
|
|
|
|
|
|||||||||||||||||||||||
Mortgage banking net revenue |
|
|
|
|
|
|
|||||||||||||||||||||||
Leasing business revenue |
|
|
|
|
|
|
|||||||||||||||||||||||
Other noninterest income |
|
|
|
(
|
|
|
|||||||||||||||||||||||
Securities losses, net |
(
|
|
|
(
|
|
(
|
|||||||||||||||||||||||
Securities losses, net
–
non-qualifying hedges on MSRs
|
|
|
|
|
|
|
|||||||||||||||||||||||
Total noninterest income | $ |
|
|
|
(
|
|
(
|
|
|
||||||||||||||||||||
Noninterest expense: |
|
||||||||||||||||||||||||||||
Compensation and benefits | $ |
|
|
|
|
|
|
||||||||||||||||||||||
Technology and communications |
|
|
|
|
|
|
|||||||||||||||||||||||
Net occupancy expense
(c)
|
|
|
|
|
|
|
|||||||||||||||||||||||
Equipment expense |
|
|
|
|
|
|
|||||||||||||||||||||||
Marketing expense |
|
|
|
|
|
|
|||||||||||||||||||||||
Leasing business expense |
|
|
|
|
|
|
|||||||||||||||||||||||
Card and processing expense |
|
|
|
(
|
|
|
|||||||||||||||||||||||
Other noninterest expense |
|
|
|
(
|
(
|
|
|||||||||||||||||||||||
Total noninterest expense | $ |
|
|
|
(
|
|
(
|
|
|
||||||||||||||||||||
Income (loss) before income taxes | $ |
|
|
|
(
|
|
|
||||||||||||||||||||||
Applicable income tax expense (benefit) |
|
|
|
(
|
|
|
|||||||||||||||||||||||
Net income (loss) | $ |
|
|
|
(
|
|
|
|
|
||||||||||||||||||||
Total goodwill | $ |
|
|
|
|
|
|
||||||||||||||||||||||
Total assets | $ |
|
|
|
|
(b)
|
|
|
Fifth Third Bancorp and Subsidiaries
Notes to Condensed Consolidated Financial Statements (unaudited) |
September 30, 2022 ($ in millions) |
Commercial
Banking |
Consumer
and Small Business Banking |
Wealth
and Asset Management |
General
Corporate and Other |
Eliminations | Total | |||||||||||||||||||||||
Net interest income | $ |
|
|
|
(
|
|
|
||||||||||||||||||||||
Provision for (benefit from) credit losses |
(
|
|
|
|
|
|
|||||||||||||||||||||||
Net interest income after provision for (benefit from) credit losses | $ |
|
|
|
(
|
|
|
|
|||||||||||||||||||||
Noninterest income: |
|
||||||||||||||||||||||||||||
Commercial banking revenue | $ |
|
|
|
(
|
|
|
||||||||||||||||||||||
Wealth and asset management revenue |
|
|
|
|
(
|
(a)
|
|
||||||||||||||||||||||
Service charges on deposits |
|
|
|
|
|
|
|||||||||||||||||||||||
Card and processing revenue |
|
|
|
|
|
|
|||||||||||||||||||||||
Mortgage banking net revenue |
|
|
|
|
|
|
|||||||||||||||||||||||
Leasing business revenue |
|
|
|
|
|
|
|||||||||||||||||||||||
Other noninterest income
(b)
|
|
|
|
|
|
|
|||||||||||||||||||||||
Securities losses, net |
(
|
|
|
(
|
|
(
|
|||||||||||||||||||||||
Securities losses, net
–
non-qualifying hedges on MSRs
|
|
(
|
|
|
|
(
|
|||||||||||||||||||||||
Total noninterest income | $ |
|
|
|
(
|
|
(
|
|
|
||||||||||||||||||||
Noninterest expense: |
|
||||||||||||||||||||||||||||
Compensation and benefits | $ |
|
|
|
|
|
|
||||||||||||||||||||||
Technology and communications |
|
|
|
|
|
|
|||||||||||||||||||||||
Net occupancy expense |
|
|
|
|
|
|
|||||||||||||||||||||||
Equipment expense |
|
|
|
|
|
|
|||||||||||||||||||||||
Marketing expense |
|
|
|
|
|
|
|||||||||||||||||||||||
Leasing business expense |
|
|
|
|
|
|
|||||||||||||||||||||||
Card and processing expense |
|
|
|
(
|
|
|
|||||||||||||||||||||||
Other noninterest expense |
|
|
|
(
|
(
|
|
|||||||||||||||||||||||
Total noninterest expense | $ |
|
|
|
|
|
(
|
|
|||||||||||||||||||||
Income (loss) before income taxes | $ |
|
|
|
(
|
|
|
||||||||||||||||||||||
Applicable income tax expense (benefit) |
|
|
|
(
|
|
|
|||||||||||||||||||||||
Net income (loss) | $ |
|
|
|
(
|
|
|
|
|||||||||||||||||||||
Total goodwill | $ |
|
|
|
|
|
|
||||||||||||||||||||||
Total assets | $ |
|
|
|
|
(c)
|
|
|
Fifth Third Bancorp and Subsidiaries
Notes to Condensed Consolidated Financial Statements (unaudited) |
September 30, 2023 ($ in millions) |
Commercial
Banking |
Consumer and Small Business
Banking |
Wealth
and Asset Management |
General
Corporate and Other |
Eliminations | Total | |||||||||||||||||||||||
Net interest income | $ |
|
|
|
(
|
|
|
||||||||||||||||||||||
Provision for credit losses |
|
|
|
|
|
|
|||||||||||||||||||||||
Net interest income after provision for credit losses | $ |
|
|
|
|
(
|
|
|
|
|
|||||||||||||||||||
Noninterest income: |
|
||||||||||||||||||||||||||||
Commercial banking revenue | $ |
|
|
|
(
|
|
|
||||||||||||||||||||||
Wealth and asset management revenue |
|
|
|
|
(
|
(a)
|
|
||||||||||||||||||||||
Service charges on deposits |
|
|
|
(
|
|
|
|||||||||||||||||||||||
Card and processing revenue |
|
|
|
|
|
|
|||||||||||||||||||||||
Mortgage banking net revenue |
|
|
|
|
|
|
|||||||||||||||||||||||
Leasing business revenue |
|
|
|
|
|
|
|||||||||||||||||||||||
Other noninterest income
(b)
|
|
|
|
(
|
|
|
|||||||||||||||||||||||
Securities gains (losses), net |
(
|
|
|
|
|
|
|||||||||||||||||||||||
Securities losses, net
–
non-qualifying hedges on MSRs
|
|
|
|
|
|
|
|||||||||||||||||||||||
Total noninterest income | $ |
|
|
|
|
|
|
(
|
|
|
|||||||||||||||||||
Noninterest expense: |
|
||||||||||||||||||||||||||||
Compensation and benefits | $ |
|
|
|
|
|
|
||||||||||||||||||||||
Technology and communications |
|
|
|
|
|
|
|||||||||||||||||||||||
Net occupancy expense
(d)
|
|
|
|
|
|
|
|||||||||||||||||||||||
Equipment expense |
|
|
|
|
|
|
|||||||||||||||||||||||
Marketing expense |
|
|
|
|
|
|
|||||||||||||||||||||||
Leasing business expense |
|
|
|
|
|
|
|||||||||||||||||||||||
Card and processing expense |
|
|
|
(
|
|
|
|||||||||||||||||||||||
Other noninterest expense |
|
|
|
(
|
(
|
|
|||||||||||||||||||||||
Total noninterest expense | $ |
|
|
|
|
|
|
(
|
|
|
|||||||||||||||||||
Income (loss) before income taxes | $ |
|
|
|
(
|
|
|
||||||||||||||||||||||
Applicable income tax expense (benefit) |
|
|
|
(
|
|
|
|||||||||||||||||||||||
Net income (loss) | $ |
|
|
|
|
(
|
|
|
|
|
|||||||||||||||||||
Total goodwill | $ |
|
|
|
|
|
|
||||||||||||||||||||||
Total assets | $ |
|
|
|
|
(c)
|
|
|
Fifth Third Bancorp and Subsidiaries
Notes to Condensed Consolidated Financial Statements (unaudited) |
September 30, 2022 ($ in millions) |
Commercial
Banking |
Consumer and Small Business Banking |
Wealth
and Asset Management |
General
Corporate and Other |
Eliminations | Total | |||||||||||||||||||||||
Net interest income | $ |
|
|
|
|
|
|
||||||||||||||||||||||
Provision for credit losses |
|
|
|
|
|
|
|||||||||||||||||||||||
Net interest income after provision for credit losses | $ |
|
|
|
(
|
|
|
|
|||||||||||||||||||||
Noninterest income: |
|
||||||||||||||||||||||||||||
Commercial banking revenue | $ |
|
|
|
(
|
|
|
||||||||||||||||||||||
Wealth and asset management revenue |
|
|
|
|
(
|
(a)
|
|
||||||||||||||||||||||
Service charges on deposits |
|
|
|
(
|
|
|
|||||||||||||||||||||||
Card and processing revenue |
|
|
|
|
|
|
|||||||||||||||||||||||
Mortgage banking net revenue |
|
|
|
|
|
|
|||||||||||||||||||||||
Leasing business revenue |
|
(c)
|
|
|
|
|
|
||||||||||||||||||||||
Other noninterest income
(b)
|
|
|
|
|
|
|
|||||||||||||||||||||||
Securities losses, net |
(
|
|
|
(
|
|
(
|
|||||||||||||||||||||||
Securities losses, net
–
non-qualifying hedges on MSRs
|
|
(
|
|
|
|
(
|
|||||||||||||||||||||||
Total noninterest income | $ |
|
|
|
(
|
|
(
|
|
|
||||||||||||||||||||
Noninterest expense: |
|
||||||||||||||||||||||||||||
Compensation and benefits | $ |
|
|
|
|
|
|
||||||||||||||||||||||
Technology and communications |
|
|
|
|
|
|
|||||||||||||||||||||||
Net occupancy expense
(e)
|
|
|
|
|
|
|
|||||||||||||||||||||||
Equipment expense |
|
|
|
|
|
|
|||||||||||||||||||||||
Marketing expense |
|
|
|
|
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|
|||||||||||||||||||||||
Leasing business expense |
|
|
|
|
|
|
|||||||||||||||||||||||
Card and processing expense |
|
|
|
(
|
|
|
|||||||||||||||||||||||
Other noninterest expense |
|
|
|
(
|
(
|
|
|||||||||||||||||||||||
Total noninterest expense | $ |
|
|
|
|
|
(
|
|
|||||||||||||||||||||
Income (loss) before income taxes | $ |
|
|
|
(
|
|
|
||||||||||||||||||||||
Applicable income tax expense |
|
|
|
|
|
|
|||||||||||||||||||||||
Net income (loss) | $ |
|
|
|
(
|
|
|
|
|||||||||||||||||||||
Total goodwill | $ |
|
|
|
|
|
|
|
|||||||||||||||||||||
Total assets | $ |
|
|
|
|
(d)
|
|
|
3.1 | |||||
3.2 | |||||
4.1 | |||||
4.2 | |||||
31(i) | |||||
31(ii) | |||||
32(i) | |||||
32(ii) | |||||
101.INS | Inline XBRL Instance Document. | ||||
101.SCH | Inline XBRL Taxonomy Extension Schema. | ||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase. | ||||
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase. | ||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase. | ||||
101.DEF | Inline XBRL Taxonomy Definition Linkbase. | ||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). | ||||
Fifth Third Bancorp | ||
Registrant |
/s/ James C. Leonard | ||
James C. Leonard | ||
Executive Vice President and | ||
Chief Financial Officer | ||
(Duly Authorized Officer & Principal Financial Officer) |
No information found
* THE VALUE IS THE MARKET VALUE AS OF THE LAST DAY OF THE QUARTER FOR WHICH THE 13F WAS FILED.
FUND | NUMBER OF SHARES | VALUE ($) | PUT OR CALL |
---|---|---|---|
VANGUARD GROUP INC | 82,700,128 | 3,542,873,484 | |
Capital World Investors | 38,202,249 | 1,636,584,347 | |
PRICE T ROWE ASSOCIATES INC /MD/ | 24,776,912 | 1,061,444 | |
CHARLES SCHWAB INVESTMENT MANAGEMENT INC | 20,774,462 | 889,977,952 | |
GEODE CAPITAL MANAGEMENT, LLC | 16,673,091 | 711,922,191 | |
Boston Partners | 13,311,627 | 570,283,482 | |
DIMENSIONAL FUND ADVISORS LP | 9,316,380 | 399,122,528 | |
Nuveen Asset Management, LLC | 9,304,053 | 399,297,494 | |
Allspring Global Investments Holdings, LLC | 8,679,671 | 371,837,090 | |
FIRST TRUST ADVISORS LP | 8,504,441 | 364,330,252 | |
FORT WASHINGTON INVESTMENT ADVISORS INC /OH/ | 5,618,241 | 240,685,445 | |
Legal & General Group Plc | 5,063,700 | 216,929,047 | |
Parametric Portfolio Associates LLC | 4,731,155 | 203,629 | |
UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | 3,664,243 | 156,976,171 | |
LSV ASSET MANAGEMENT | 3,230,200 | 138,382 | |
MILLENNIUM MANAGEMENT LLC | 2,689,843 | 115,232,874 | |
EATON VANCE MANAGEMENT | 2,538,410 | 81,128 | |
Davis Selected Advisers | 2,435,536 | 104,338,362 | |
KBC Group NV | 2,391,294 | 102,443 | |
Smead Capital Management, Inc. | 2,224,047 | 95,278,187 | |
Clark Capital Management Group, Inc. | 2,142,546 | 91,786,658 | |
HSBC HOLDINGS PLC | 1,996,534 | 85,573,454 | |
MANUFACTURERS LIFE INSURANCE COMPANY, THE | 1,778,375 | 76,185,585 | |
ENVESTNET ASSET MANAGEMENT INC | 1,744,375 | 74,729,029 | |
ZACKS INVESTMENT MANAGEMENT | 1,737,866 | 74,450,191 | |
FMR LLC | 1,692,599 | 72,510,965 | |
TODD ASSET MANAGEMENT LLC | 1,653,481 | 70,835,126 | |
DEUTSCHE BANK AG\ | 1,608,255 | 68,897,644 | |
SUSQUEHANNA INTERNATIONAL GROUP, LLP | 1,594,850 | 68,323,374 | |
APG Asset Management N.V. | 1,508,563 | 57,906,760 | |
Employees Retirement System of Texas | 1,433,900 | 61,428 | |
Artisan Partners Limited Partnership | 1,343,556 | 57,557,939 | |
TEACHERS RETIREMENT SYSTEM OF THE STATE OF KENTUCKY | 1,330,649 | 57,005 | |
California Public Employees Retirement System | 1,220,825 | 52,300,143 | |
BNP PARIBAS FINANCIAL MARKETS | 1,173,273 | 50,263,015 | |
PZENA INVESTMENT MANAGEMENT LLC | 1,163,906 | 49,861,733 | |
National Pension Service | 1,156,562 | 49,547,116 | |
LOS ANGELES CAPITAL MANAGEMENT LLC | 1,148,765 | 49,213,093 | |
AMUNDI | 1,120,219 | 47,037,995 | |
Rockefeller Capital Management L.P. | 1,059,641 | 45,372,135 | |
CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | 1,049,555 | 44,962,936 | |
AMUNDI ASSET MANAGEMENT US, INC. | 1,015,355 | 38,025 | |
SCHRODER INVESTMENT MANAGEMENT GROUP | 1,004,063 | 42,742,962 | |
Mitsubishi UFJ Asset Management Co., Ltd. | 973,541 | 41,706,496 | |
CREDIT SUISSE AG/ | 930,131 | 34,610,175 | |
VICTORY CAPITAL MANAGEMENT INC | 917,681 | 39,313,454 | |
ATWOOD & PALMER INC | 875,961 | 37,526,173 | |
JANE STREET GROUP, LLC | 830,157 | 35,563,926 | |
Balyasny Asset Management L.P. | 824,815 | 35,335,075 | |
STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM | 824,341 | 35,314,768 | |
BNP PARIBAS ASSET MANAGEMENT Holding S.A. | 807,572 | 34,596 | |
DEPRINCE RACE & ZOLLO INC | 807,264 | 34,583,190 | |
NATIXIS ADVISORS, LLC | 800,449 | 34,291 | |
AMERICAN CENTURY COMPANIES INC | 725,561 | 31,083,060 | |
CITADEL ADVISORS LLC | 683,474 | 29,280,026 | |
NORDEA INVESTMENT MANAGEMENT AB | 666,028 | 28,286,209 | |
Zurich Insurance Group Ltd/FI | 665,032 | 28,489,971 | |
Vest Financial, LLC | 657,435 | 28,164,515 | |
Mesirow Financial Investment Management, Inc. | 626,974 | 26,859,590 | |
BESSEMER GROUP INC | 619,890 | 26,556 | |
CANADA LIFE ASSURANCE Co | 614,662 | 26,369 | |
RAYMOND JAMES & ASSOCIATES | 604,688 | 25,904,807 | |
NEW YORK STATE TEACHERS RETIREMENT SYSTEM | 593,760 | 25,437 | |
Aperio Group, LLC | 575,616 | 15,869 | |
NATIONAL BANK OF CANADA /FI/ | 482,454 | 20,668,321 | |
Mirae Asset Global Investments Co., Ltd. | 460,549 | 19,775,974 | |
Clearbridge Investments, LLC | 460,231 | 19,716,293 | |
Russell Investments Group, Ltd. | 454,522 | 19,472,079 | |
ADAGE CAPITAL PARTNERS GP, L.L.C. | 452,997 | 19,406,391 | |
WELLINGTON MANAGEMENT GROUP LLP | 451,784 | 19,354,426 | |
LPL Financial LLC | 446,094 | 19,110,685 | |
SIMPLEX TRADING, LLC | 426,900 | 18,288 | |
NEW YORK STATE COMMON RETIREMENT FUND | 423,881 | 18,159 | |
EDMOND DE ROTHSCHILD HOLDING S.A. | 420,000 | 17,992,800 | |
STATE OF WISCONSIN INVESTMENT BOARD | 413,468 | 17,712,969 | |
TRILLIUM ASSET MANAGEMENT, LLC | 400,205 | 17,144,494 | |
GUGGENHEIM CAPITAL LLC | 392,549 | 16,816,798 | |
NISA INVESTMENT ADVISORS, LLC | 371,888 | 16,069,280 | |
Chevy Chase Trust Holdings, LLC | 363,269 | 15,562,444 | |
Parallax Volatility Advisers, L.P. | 346,861 | 14,859,525 | |
LAWSON KROEKER INVESTMENT MANAGEMENT INC/NE | 343,401 | 14,711,299 | |
IMC-Chicago, LLC | 342,600 | 14,676,984 | |
PICTET ASSET MANAGEMENT LTD | 336,743 | 12,874 | |
Mariner, LLC | 334,411 | 14,326,879 | |
Zurcher Kantonalbank (Zurich Cantonalbank) | 334,379 | 14,324,796 | |
PUBLIC EMPLOYEES RETIREMENT SYSTEM OF OHIO | 331,924 | 14,219,624 | |
Squarepoint Ops LLC | 331,775 | 14,213,241 | |
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | 328,641 | 14,078,980 | |
ISTHMUS PARTNERS, LLC | 323,091 | 13,841,218 | |
Mitsubishi UFJ Trust & Banking Corp | 322,727 | 13,825,625 | |
AE Wealth Management LLC | 318,261 | 13,634,311 | |
CANADA PENSION PLAN INVESTMENT BOARD | 318,241 | 13,633,444 | |
Brandywine Global Investment Management, LLC | 313,012 | 13,872,692 | |
Treasurer of the State of North Carolina | 306,841 | 13,145 | |
HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND | 301,000 | 12,894,840 | |
Pictet Asset Management Holding SA | 296,870 | 12,717,911 | |
Manning & Napier Advisors LLC | 296,384 | 12,697,090 | |
Walleye Trading LLC | 293,786 | 12,585,792 | |
Advisors Capital Management, LLC | 290,937 | 12,464 | |
TD Asset Management Inc | 290,922 | 12,492,191 |
DIRECTORS | AGE | BIO | OTHER DIRECTOR MEMBERSHIPS |
---|---|---|---|
For Mr. Spence: As President and Chief Executive Officer, Mr. Spence was responsible for delivering both short- and long-term financial results, which includes leading Fifth Third’s strategic planning process and executing on strategic priorities. Mr. Spence was actively engaged in investor outreach throughout the regional banking crisis. He was also responsible for customer experience accountable for a culture of strong risk management and regulatory excellence. This includes successfully navigating the dynamic environment in 2023 with peer leading deposit growth and financial results. Additionally, his focus on talent and succession led to effective and seamless leadership transitions in the fourth quarter of 2023. | |||
Thomas H. Harvey Chief Executive Officer of Energy Innovation: Policy and Technology, LLC Career Highlights: • Chief Executive Officer of Energy Innovation: Policy and Technology, LLC • Managing Partner and Principal Owner, Ajax, LLC • Former Chair of the Board of MB Financial, Inc. • Former Chief Executive Officer of ClimateWorks Foundation • Former Environmental Program Director of the William and Flora Hewlett Foundation • Former President of Energy Foundation Key Qualifications and Experience • 25 years of service in the financial services industry • Strong organizational and leadership skills and extensive investment experience derived from his executive positions with multiple foundations and organizations • Unique and diverse knowledge and experience with the emergence and growth of technology in the banking industry • Extensive knowledge and experience with renewable energy, sustainability, and climate matters Skills and Attributes: Accounting/Financial Reporting, Corporate Governance, Executive Management, Financial Services Industry, Human Capital Management, Strategic Planning, Sustainability | |||
Nicholas K. Akins Retired Chair, Chief Executive Officer, and President of American Electric Power Company Career Highlights: • Retired Chair, CEO, and President of American Electric Power Company • 40-year career of increasing leadership responsibility with American Electric Power Company (initially with the former Central and South West Corporation that merged with AEP in 2000), including roles as Executive Chair (2023), Chief Executive Officer (2011), President (2011), and Executive Vice President (2006) Key Qualifications and Experience • Business expertise as chief executive officer of multi-state utility • Oversight of operational, financial, and compliance-related management in heavily regulated industry • Significant experience leading corporate and employee culture initiatives • Oversight of cyber-related activities in business systems and critical infrastructure Skills and Attributes: Accounting/Financial Reporting, Compensation and Benefits, Corporate Governance, Cybersecurity, Executive Management, Human Capital Management, Legal and Regulatory, Risk Management, Strategic Planning, Sustainability | |||
Mitchell S. Feiger Retired Chair and Chief Executive Officer of Fifth Third Bank (Chicago) Career Highlights: • Former Chief Executive Officer and President of MB Financial, Inc. • Former Chief Executive Officer and President of MB Financial Bank, National Association • Former Chief Executive Officer, President, and director of Coal City Corporation (merged with Avondale Financial Corp and was renamed MB Financial, Inc.) Key Qualifications and Experience • 35 years of experience in the financial services industry, including 27 years as the president or chief executive officer of a bank holding company or commercial bank; President and Chief Executive Officer of MB Financial, Inc. immediately prior to its merger with Fifth Third Bancorp • Extensive knowledge of the financial services industry and banking business and operations in Chicago region • Significant experience in leadership of public companies • Substantial bank regulatory experience Skills and Attributes: Accounting and Reporting, Compensation and Benefits, Corporate Governance, Digital Innovation and Fintech, Executive Management, Financial Services Industry, Human Capital Management, Legal and Regulatory, Risk Management, Strategic Planning | |||
Michael B. McCallister Retired Chair of the Board of Directors of Humana, Inc. Career Highlights: • Retired Chief Executive Officer and Chair of the Board of Directors of Humana, Inc. • 39 years of service with Humana, Inc., including as CEO from 2000 through 2012 and as a board member from 2000 through 2013, including as Chair from 2010 through 2013 Key Qualifications and Experience • 39 years of experience in health care sector, including expertise in operational, financial, and strategic development • Key roles in business advocacy groups, including the Business Roundtable, where he served as chair of the organization’s Health and Retirement Task Force • Substantial experience as a public-company director Skills and Attributes: Accounting/Financial Reporting, Compensation and Benefits, Corporate Governance, Executive Management, Financial Services Industry, Human Capital Management, Legal and Regulatory, Risk Management, Strategic Planning, Sustainability | |||
Marsha C. Williams Retired Senior Vice President and Chief Financial Officer of Orbitz Worldwide, Inc. Career Highlights: • Retired Senior Vice President & Chief Financial Officer of Orbitz Worldwide, Inc. • Former Executive Vice President & Chief Financial Officer of Equity Office Properties Trust Key Qualifications and Experience • Extensive experience in financial matters, including 50 years in finance • Knowledge and expertise of the financial services industry through 15 years of service with banking organizations • Expertise from serving as a director of publicly traded companies and mutual funds, including leadership experience as a Chair and Lead Independent Director Skills and Attributes: Accounting/Financial Reporting, Compensation and Benefits, Corporate Governance, Digital Innovation/FinTech, Executive Management, Financial Services Industry, Human Capital Management, Legal and Regulatory, Risk Management, Strategic Planning, Sustainability | |||
Linda W. Clement-Holmes Retired Chief Information Officer of The Procter & Gamble Company Career Highlights: • Retired Chief Information Officer, Global Information and Decision Solutions Officer, Senior Vice President of Global Business Services, and Chief Diversity Officer of The Procter and Gamble Company Key Qualifications and Experience • 35-year career at Procter and Gamble, culminating in service as Chief Information Officer • Extensive technology, cybersecurity, and digital innovation expertise, including leadership of global Procter and Gamble technology team and responsibility for digital and IT architecture and governance, including information security • Experience in corporate strategy, including use of emerging business technologies to support speed and innovation • Knowledge of Cincinnati, Ohio regional market and leadership in inclusion and diversity efforts Skills and Attributes: Compensation and Benefits, Corporate Governance, Cybersecurity, Digital Innovation and FinTech, Executive Management, Human Capital Management, Risk Management, Strategic Planning, Sustainability | |||
Laurent Desmangles Retired Senior Partner and Managing Director of Boston Consulting Group Career Highlights: • Retired Senior Partner and Managing Director, Boston Consulting Group • Advisor, Nyca Partners • Advisor, Demopolis Equity Partners • Former Director of Financial Institutions Practice, Oliver Wyman Key Qualifications and Experience • 30 years of experience advising large financial services organizations on corporate strategy, large scale transformation, digital and analytics innovation, and change management • Significant knowledge of the financial services industry, including retail and commercial banking, market dynamics, and operational opportunities • Expertise in FinTech sector Skills and Attributes: Corporate Governance, Digital Innovation and FinTech, Executive Management, Financial Services Industry, Strategic Planning, Sustainability | |||
Kathleen A. Rogers Retired Executive Vice President of U.S. Bank Career Highlights: • Retired Executive Vice President, Chief Financial Officer, and Chief Finance Administration Officer of U.S. Bank Key Qualifications and Experience • Business expertise from 35-year career in the financial services industry • Significant knowledge of public company financial management, including financial risk management, treasury actions, accounting policy and reporting, corporate development activities (including mergers and acquisitions), and strategic investments • Extensive experience in regulatory activities and investor relations • Substantial experience in technology in several industries, including financial services Skills and Attributes: Accounting and Financial Reporting, Compensation and Benefits, Corporate Governance, Executive Management, Financial Services Industry, Human Capital Management, Legal and Regulatory, Risk Management, Strategic Planning | |||
Katherine B. Blackburn Executive Vice President of Cincinnati Bengals, Inc. Career Highlights: • Executive Vice President, Cincinnati Bengals, Inc. Key Qualifications and Experience • Extensive experience managing Cincinnati Bengals professional football franchise, including human resource management, cost and efficiency management, marketing, and business negotiations • Extensive experience with inclusion and diversity initiatives, including with the National Football League’s Diversity Committee • Knowledge and familiarity of Fifth Third Bank and the Cincinnati, Ohio regional market Skills and Attributes: Compensation and Benefits, Corporate Governance, Cybersecurity, Digital Innovation and Fintech, Executive Management, Human Capital Management, Legal and Regulatory, Risk Management, Strategic Planning, Sustainability | |||
Jorge L. Benitez Retired Chief Executive Officer of North America, Accenture Career Highlights: • Retired Chief Executive Officer of North America, Accenture • Former Chief Operating Officer, Accenture Products Operating Group Key Qualifications and Experience • Extensive experience developing and executing business strategies across a range of industries • Significant experience implementing large-scale systems integration services • Oversight of operating units within a large multinational publicly-traded company Skills and Attributes: Accounting/Financial Reporting, Compensation and Benefits, Corporate Governance, Cybersecurity, Digital Innovation and Fintech, Executive Management, Human Capital Management, Risk Management, Strategic Planning, Sustainability | |||
Gary R. Heminger Retired Chair and Chief Executive Officer of Marathon Petroleum Corporation Career Highlights: • Retired Chair and Chief Executive Officer of Marathon Petroleum Corporation • Former Chief Executive Officer of MPLX GP LLC Key Qualifications and Experience • Over 40 years of experience with Marathon Petroleum Corporation in a variety of groups and functions • Extensive valuable business knowledge from overseeing all operations, performance, reporting, and financial metrics for Marathon’s refining, marketing, transportation, and Speedway businesses • Substantial financial experience through oversight of all financial data, working capital, and merger and acquisition activity at Marathon Skills and Attributes: Accounting/Financial Reporting, Compensation and Benefits, Corporate Governance, Executive Management, Human Capital Management, Risk Management, Strategic Planning, Sustainability | |||
The Board continues to focus on the recruitment of diverse directors who meet the experience and expertise criteria identified by the Board. Additionally, as part of its succession planning process, the Board re-nominated Ms. Williams and Mr. Brumback for election to an additional term on the Board, although each reached the retirement age set forth in our Corporate Governance Guidelines prior to the 2024 Annual Shareholders Meeting. As more fully discussed on page 19, Ms. Williams provides the Board with leadership continuity (having previously served as Board Chair and Lead Independent Director), broad knowledge of the Company and the financial services sector, public company leadership experience, a diverse perspective, and expertise in many areas relevant to the Board’s effectiveness. Mr. Brumback offers the Board substantial experience in the financial services sector, particularly within regional banking, and, in light of the challenges to the banking sector in 2024, valuable financial risk and operational management expertise. The Board’s succession planning efforts will continue in 2024. | |||
Emerson L. Brumback Retired President and Chief Operating Officer of M&T Bank Career Highlights: • Retired President and Chief Operating Officer of M&T Bank • Vice Chair of the Board of Ascendium Education Group • Former Chair, President, and Chief Executive Officer of Bank One Cincinnati Key Qualifications and Experience • 30 years of experience in the financial services industry with several banking organizations • Extensive executive experience overseeing retail banking, commercial banking, banking operations, and banking systems • Knowledge of risk management systems in complex financial organizations Skills and Attributes: Accounting/Financial Reporting, Compensation and Benefits, Corporate Governance, Executive Management, Financial Services Industry, Human Capital Management, Legal and Regulatory, Risk Management, Strategic Planning | |||
Eileen A. Mallesch Certified Public Accountant and Retired Senior Vice President & Chief Financial Officer of Nationwide Property and Casualty Segment, Nationwide Mutual Insurance Company Career Highlights: • Certified Public Accountant • Retired Senior Vice President & Chief Financial Officer of Nationwide Property and Casualty Segment, Nationwide Mutual Insurance Company • Former Senior Vice President and Chief Financial Officer of Genworth Financial Life Insurance/Service Company Key Qualifications and Experience • More than 25 years of broad financial and strategy experience in a variety of industries, including insurance, telecommunications, consumer products, and manufacturing • Extensive financial management experience from tenure with Nationwide and Genworth • Vast knowledge of enterprise resource planning and large-scale technology integrations, strategic planning, managing acquisitions and divestitures, and risk and compliance management • Substantial experience as a public company director Skills and Attributes: Accounting/Financial Reporting, Compensation and Benefits, Corporate Governance, Cybersecurity, Executive Management, Financial Services Industry, Legal and Regulatory, Risk Management, Strategic Planning, Sustainability | |||
C. Bryan Daniels Co-Founder and Principal of Prairie Capital, a Chicago-based private equity firm Career Highlights: • Co-Founder and Principal of Prairie Capital, a Chicago-based private equity firm • Former Senior Vice President of Commercial Banking at American National Bank and Trust Company Key Qualifications and Experience • Extensive and varied experiences as an executive, director, and investor in the financial services industry • Possesses a rich and multi-faceted understanding of many different industries, companies, and business practices from his role at Prairie Capital • Substantial experience in technology in several industries, including financial services Skills and Attributes: Corporate Governance, Cybersecurity, Digital Innovation and FinTech, Executive Management, Financial Services Industry, Risk Management, Strategic Planning |
2023 Summary Compensation Table | ||||||||||||||||||||||||||||||
Name & Principal
Position |
Year |
Salary ($) |
Bonus ($) |
Stock
($) |
Option
($) |
Non-Equity
($) |
All Other
($) |
Total ($) |
||||||||||||||||||||||
Timothy N. Spence, President and Chief Executive Officer, Fifth Third Bancorp |
2023 | 1,025,385 | — | 5,481,769 | 900,000 | 1,622,250 | 356,322 | 9,385,726 | ||||||||||||||||||||||
|
2022 |
|
826,923 | — | 4,621,877 | 815,610 | 1,621,220 | 253,029 | 8,138,659 | |||||||||||||||||||||
|
2021 |
|
620,915 | — | 1,275,012 | 225,000 | 1,312,500 | 139,143 | 3,572,570 | |||||||||||||||||||||
James C. Leonard, Executive Vice President and Chief Financial Officer |
2023 | 679,616 | — | 1,598,835 | 262,502 | 753,500 | 133,807 | 3,428,260 | ||||||||||||||||||||||
|
2022 |
|
638,462 | — | 1,434,393 | 253,129 | 893,750 | 129,385 | 3,349,119 | |||||||||||||||||||||
|
2021 |
|
570,577 | — | 1,019,983 | 179,999 | 862,500 | 87,982 | 2,721,041 | |||||||||||||||||||||
Robert P. Shaffer, Executive Vice President and Chief Risk Officer |
2023 | 608,462 | — | 1,004,985 | 164,997 | 610,000 | 109,994 | 2,498,438 | ||||||||||||||||||||||
|
2022 |
|
580,770 | — | 1,136,869 | 200,619 | 690,000 | 129,450 | 2,737,708 | |||||||||||||||||||||
|
2021 |
|
473,294 | — | 934,984 | 165,001 | 712,500 | 81,323 | 2,367,102 | |||||||||||||||||||||
Kevin P. Lavender, Executive Vice President and Head of Commercial Bank |
2023 | 581,347 | — | 1,004,985 | 164,997 | 582,500 | 112,013 | 2,445,842 | ||||||||||||||||||||||
|
2022 |
|
563,462 | — | 1,147,487 | 202,500 | 546,250 | 112,652 | 2,572,351 | |||||||||||||||||||||
|
2021 |
|
498,462 | — | 934,984 | 165,001 | 750,000 | 117,382 | 2,465,829 | |||||||||||||||||||||
Jude A. Schramm, Executive Vice President and Chief Information Officer |
2023 | 556,346 | — | 913,647 | 149,997 | 557,500 | 87,668 | 2,265,158 |
No Customers Found
Suppliers
Price
Yield
Owner | Position | Direct Shares | Indirect Shares |
---|---|---|---|
Spence Timothy | Director | 361,931 | 0 |
Spence Timothy | President and CEO | 288,413 | 0 |
Leonard James C. | Director | 229,344 | 0 |
Shaffer Robert P | Director | 169,922 | 0 |
Leonard James C. | EVP & Chief Financial Officer | 158,957 | 0 |
Heminger Gary R. | Director | 127,043 | 14,786 |
Lavender Kevin P | Director | 125,087 | 0 |
Schramm Jude | Director | 114,422 | 0 |
HARVEY THOMAS H | Director | 109,429 | 22,266 |
Zaunbrecher Susan B | Director | 96,412 | 0 |
Shaffer Robert P | EVP | 93,215 | 0 |
Hazel Mark D | Director | 91,025 | 0 |
Bayh Evan | Director | 73,700 | 0 |
MCCALLISTER MICHAEL B | Director | 64,070 | 16,143 |
Lavender Kevin P | EVP | 57,136 | 0 |
Stevens Melissa S. | Director | 56,950 | 0 |
Gibson Kala | EVP | 56,769 | 0 |
Garrett Kristine R. | Director | 55,913 | 0 |
Hammond Howard | EVP | 49,202 | 0 |
Gibson Kala | Director | 48,243 | 0 |
MALLESCH EILEEN A | Director | 38,596 | 0 |
Garrett Kristine R. | EVP | 30,638 | 0 |
Pinckney Nancy C. | EVP | 29,212 | 0 |
Feiger Mitchell Stuart | Director | 21,613 | 21,689 |
FEIGER MITCHELL | Director | 19,005 | 40,915 |
Rogers Kathleen A | Director | 4,428 | 0 |