FITB 8-K

Fifth Third Bancorp (FITB)

8-K 2021-04-20 For: 2021-04-20

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Added on April 10, 2026

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						FIFTH THIRD BANCORP
						(Registrant)

Date: April 20, 2021						/s/ James C. Leonard

						James C. Leonard
						Executive Vice President and Chief Financial Officer



Key Financial Data							Key Highlights

$ millions for all balance sheet and income statement items
	1Q21		4Q20		1Q20		•Returned $180 million to shareholders through repurchases; capacity to repurchase up to $347 million in 2Q21 •ROTCE(a) of 16.8%; adjusted ROTCE(a) of 19.8% excl. AOCI improved 150 bps sequentially •Produced record commercial banking revenue •Generated consumer household growth of 3% compared to 1Q20 •Historically low NCO ratio reflecting improvements in commercial and consumer •Benefit to credit losses and resulting reserve coverage reflects improved macroeconomic environment and strong credit results; NPA ratio improved 7 bps sequentially •NII(a) down 1%; reported NIM(a) increased 4 bps, with ~4 bps decline in underlying NIM excl. excess cash and all PPP impacts(f) •Named one of the "World's Most Ethical Companies" by Ethisphere •Exceeded five-year commitment to low-and-moderate income communities by more than $9 billion

Income Statement Data
Net income available to common shareholders	$674		$569		$29
Net interest income (U.S. GAAP)	1,176		1,182		1,229
Net interest income (FTE)(a)	1,179		1,185		1,233
Noninterest income	749		787		671
Noninterest expense	1,215		1,236		1,200

Per Share Data
Earnings per share, basic	$0.94		$0.79		$0.04
Earnings per share, diluted	0.93		0.78		0.04
Book value per share	28.78		29.46		28.26
Tangible book value per share(a)	22.60		23.28		22.02

Balance Sheet & Credit Quality
Average portfolio loans and leases	$108,956		$109,360		$110,779
Average deposits	158,888		158,626		126,789
Net charge-off ratio(b)	0.27	%	0.43	%	0.44	%
Nonperforming asset ratio(c)	0.72		0.79		0.60

Financial Ratios
Return on average assets	1.38	%	1.18	%	0.11	%
Return on average common equity	13.1		10.8		0.6
Return on average tangible common equity(a)	16.8		13.9		1.0
CET1 capital(d)(e)	10.46		10.34		9.37
Net interest margin(a)	2.62		2.58		3.28
Efficiency(a)	63.0		62.7		63.0
Other than the Quarterly Financial Review tables beginning on page 13, commentary is on a fully taxable-equivalent (FTE) basis unless otherwise noted. Consistent with SEC guidance in Industry Guide 3 that contemplates the calculation of tax-exempt income on a taxable-equivalent basis, net interest income, net interest margin, net interest rate spread, total revenue and the efficiency ratio are provided on an FTE basis.


Income Statement Highlights
($ in millions, except per share data)	For the Three Months Ended			% Change
	March	December	March
	2021	2020	2020	Seq	Yr/Yr
Condensed Statements of Income
Net interest income (NII)(a)	$1,179	$1,185	$1,233	(1)%	(4)%
(Benefit from) provision for credit losses	(173)	(13)	640	NM	NM
Noninterest income	749	787	671	(5)%	12%
Noninterest expense	1,215	1,236	1,200	(2)%	1%
Income before income taxes(a)	$886	$749	$64	18%	NM

Taxable equivalent adjustment	$3	$3	$4	—	(25)%
Applicable income tax expense	189	142	14	33%	NM
Net income	$694	$604	$46	15%	NM
Dividends on preferred stock	20	35	17	(43)%	18%
Net income available to common shareholders	$674	$569	$29	18%	NM
Earnings per share, diluted	$0.93	$0.78	$0.04	19%	NM


Net Interest Income
(FTE; $ in millions)(a)	For the Three Months Ended						% Change
	March		December		March
	2021		2020		2020		Seq	Yr/Yr
Interest Income
Interest income	$1,305		$1,318		$1,529		(1)%	(15)%
Interest expense	126		133		296		(5)%	(57)%
Net interest income (NII)	$1,179		$1,185		$1,233		(1)%	(4)%


Average Yield/Rate Analysis							bps Change
Yield on interest-earning assets	2.90	%	2.87	%	4.07	%	3	(117)
Rate paid on interest-bearing liabilities	0.44	%	0.45	%	1.09	%	(1)	(65)

Ratios
Net interest rate spread	2.46	%	2.42	%	2.98	%	4	(52)
Net interest margin (NIM)	2.62	%	2.58	%	3.28	%	4	(66)


Noninterest Income
($ in millions)	For the Three Months Ended			% Change
	March	December	March
	2021	2020	2020	Seq	Yr/Yr
Noninterest Income
Service charges on deposits	$144	$146	$148	(1)%	(3)%
Commercial banking revenue	153	141	124	9%	23%
Mortgage banking net revenue	85	25	120	240%	(29)%
Wealth and asset management revenue	143	133	134	8%	7%
Card and processing revenue	94	92	86	2%	9%
Leasing business revenue	87	69	73	26%	19%
Other noninterest income	42	168	7	(75)%	500%
Securities gains (losses), net	3	14	(24)	(79)%	NM
Securities (losses) gains, net - non-qualifying hedges
on mortgage servicing rights	(2)	(1)	3	100%	NM
Total noninterest income	$749	$787	$671	(5)%	12%


Noninterest Income excluding certain items
($ in millions)	For the Three Months Ended
	March	December	March
	2021	2020	2020
Noninterest Income excluding certain items
Noninterest income (U.S. GAAP)	$749	$787	$671
Valuation of Visa total return swap	13	30	22
Net business dispositions charge	—	11	—
Net impairment of private equity investments	—	—	15
Securities (gains) losses, net	(3)	(14)	24
Noninterest income excluding certain items(a)	$759	$814	$732


Noninterest Expense excluding certain items
($ in millions)	For the Three Months Ended
	March	December	March
	2021	2020	2020
Noninterest Expense excluding certain items
Noninterest expense (U.S. GAAP)	$1,215	$1,236	$1,200
Fifth Third Foundation contribution	—	(25)	—
Branch and non-branch real estate charges	—	(21)	—
Business acquisition and merger-related charges	—	(16)	(7)
Noninterest expense excluding certain items(a)	$1,215	$1,174	$1,193


Average Interest-Earning Assets
($ in millions)	For the Three Months Ended			% Change
	March	December	March
	2021	2020	2020	Seq	Yr/Yr
Average Portfolio Loans and Leases
Commercial loans and leases:
Commercial and industrial loans	$49,629	$50,385	$51,586	(2)%	(4)%
Commercial mortgage loans	10,532	10,727	11,019	(2)%	(4)%
Commercial construction loans	6,039	5,820	5,132	4%	18%
Commercial leases	3,114	2,932	3,201	6%	(3)%
Total commercial loans and leases	$69,314	$69,864	$70,938	(1)%	(2)%
Consumer loans:
Residential mortgage loans	$15,803	$16,016	$16,732	(1)%	(6)%
Home equity	5,009	5,315	6,006	(6)%	(17)%
Indirect secured consumer loans	13,955	13,272	11,809	5%	18%
Credit card	1,879	2,042	2,498	(8)%	(25)%
Other consumer loans	2,996	2,851	2,796	5%	7%
Total consumer loans	$39,642	$39,496	$39,841	—	—
Total average portfolio loans and leases	$108,956	$109,360	$110,779	—	(2)%

Average Loans and Leases Held for Sale
Commercial loans and leases held for sale	$104	$56	$108	86%	(4)%
Consumer loans held for sale	4,641	2,048	1,293	127%	259%
Total average loans and leases held for sale	$4,745	$2,104	$1,401	126%	239%

Securities (taxable and tax-exempt)	$36,297	$35,965	$36,135	1%	—
Other short-term investments	32,717	34,989	2,898	(6)%	NM
Total average interest-earning assets	$182,715	$182,418	$151,213	—	21%


Average Wholesale Funding
	($ in millions)	For the Three Months Ended			% Change
		March	December	March
		2021	2020	2020	Seq	Yr/Yr
	Average Wholesale Funding
	Certificates - $100,000 and over	$2,009	$2,300	$3,355	(13)%	(40)%
	Other deposits	—	—	257	NM	(100)%
	Federal funds purchased	324	307	654	6%	(50)%
	Other short-term borrowings	1,209	1,091	1,750	11%	(31)%
	Long-term debt	14,849	15,018	15,816	(1)%	(6)%
	Total average wholesale funding	$18,391	$18,716	$21,832	(2)%	(16)%


Credit Quality Summary
($ in millions)	As of and For the Three Months Ended
	March		December		September		June		March
	2021		2020		2020		2020		2020

Total nonaccrual portfolio loans and leases (NPLs)	$741		$834		$891		$700		$647
Repossessed property	7		9		7		4		10
OREO	35		21		33		43		52
Total nonperforming portfolio loans and leases and OREO (NPAs)	$783		$864		$931		$747		$709

NPL ratio(h)	0.68	%	0.77	%	0.80	%	0.61	%	0.55	%
NPA ratio(c)	0.72	%	0.79	%	0.84	%	0.65	%	0.60	%

Total loans and leases 30-89 days past due (accrual)	$305		$357		$323		$381		$409
Total loans and leases 90 days past due (accrual)	124		163		139		136		151

Allowance for loan and lease losses (ALLL), beginning	$2,453		$2,574		$2,696		$2,348		$1,202
Impact of CECL adoption	—		—		—		—		643
Total net losses charged-off	(71)		(118)		(101)		(130)		(122)
(Benefit from) provision for loan and lease losses	(174)		(3)		(21)		478		625
ALLL, ending	$2,208		$2,453		$2,574		$2,696		$2,348

Reserve for unfunded commitments, beginning	$172		$182		$176		$169		$144
Impact of CECL adoption	—		—		—		—		10
Provision for (benefit from) the reserve for unfunded commitments	1		(10)		6		7		15
Reserve for unfunded commitments, ending	$173		$172		$182		$176		$169

Total allowance for credit losses (ACL)	$2,381		$2,625		$2,756		$2,872		$2,517

ACL ratios:
As a % of portfolio loans and leases	2.19	%	2.41	%	2.49	%	2.50	%	2.13	%
As a % of nonperforming portfolio loans and leases	321	%	315	%	309	%	410	%	389	%
As a % of nonperforming portfolio assets	304	%	304	%	296	%	385	%	355	%

ALLL as a % of portfolio loans and leases	2.03	%	2.25	%	2.32	%	2.34	%	1.99	%

Total losses charged-off	$(109)		$(154)		$(135)		$(163)		$(159)
Total recoveries of losses previously charged-off	38		36		34		33		37
Total net losses charged-off	$(71)		$(118)		$(101)		$(130)		$(122)

Net charge-off ratio (NCO ratio)(b)	0.27	%	0.43	%	0.35	%	0.44	%	0.44	%
Commercial NCO ratio	0.17	%	0.40	%	0.33	%	0.40	%	0.32	%
Consumer NCO ratio	0.43	%	0.47	%	0.40	%	0.52	%	0.66	%


Capital Position
	As of and For the Three Months Ended
	March		December		September	June	March
	2021		2020		2020	2020	2020
Capital Position
Average total Bancorp shareholders' equity as a % of average assets	11.26	%	11.34	%	11.33%	11.30%	12.63	%
Tangible equity(a)	8.20	%	8.18	%	8.09%	7.68%	8.41	%
Tangible common equity (excluding AOCI)(a)	7.14	%	7.11	%	6.99%	6.77%	7.41	%
Tangible common equity (including AOCI)(a)	7.95	%	8.29	%	8.31%	8.13%	8.65	%

Regulatory Capital Ratios(e)
CET1 capital(d)	10.46	%	10.34	%	10.14%	9.72%	9.37	%
Tier I risk-based capital(d)	11.94	%	11.83	%	11.64%	10.96%	10.56	%
Total risk-based capital(d)	14.80	%	15.08	%	14.93%	14.24%	13.59	%
Tier I leverage	8.62	%	8.49	%	8.37%	8.16%	9.37	%




			Financial Highlights			13-14
			Consolidated Statements of Income			15-16
			Consolidated Balance Sheets			17-18
			Consolidated Statements of Changes in Equity			19
			Average Balance Sheet and Yield Analysis			20
			Summary of Loans and Leases			21
			Regulatory Capital			22
			Summary of Credit Loss Experience			23
			Asset Quality			24
			Non-GAAP Reconciliation			25-27
			Segment Presentation			28


Fifth Third Bancorp and Subsidiaries
Financial Highlights								% / bps
$ in millions, except per share data		For the Three Months Ended						Change
(unaudited)		March		December		March
		2021		2020		2020		Seq		Yr/Yr
Income Statement Data
Net interest income		$1,176		$1,182		$1,229		(1%)		(4%)
Net interest income (FTE)(a)		1,179		1,185		1,233		(1%)		(4%)
Noninterest income		749		787		671		(5%)		12%
	Total revenue (FTE)(a)	1,928		1,972		1,904		(2%)		1%
(Benefit from) provision for credit losses		(173)		(13)		640		NM		NM
Noninterest expense		1,215		1,236		1,200		(2%)		1%
Net income		694		604		46		15%		NM
Net income available to common shareholders		674		569		29		18%		NM

Earnings Per Share Data
Net income allocated to common shareholders		$672		$567		$28		19%		NM
Average common shares outstanding (in thousands):
	Basic	714,433		715,482		713,556		—		—
	Diluted	723,425		722,096		720,363		—		—
Earnings per share, basic		$0.94		$0.79		$0.04		19%		NM
Earnings per share, diluted		0.93		0.78		0.04		19%		NM

Common Share Data
Cash dividends per common share		$0.27		$0.27		$0.27		—		—
Book value per share		28.78		29.46		28.26		(2%)		2%
Market value per share		37.45		27.57		14.85		36%		152%
Common shares outstanding (in thousands)		711,596		712,760		711,306		—		—
Market capitalization		$26,649		$19,651		$10,563		36%		152%

Financial Ratios
Return on average assets		1.38	%	1.18	%	0.11	%	20		127
Return on average common equity		13.1	%	10.8	%	0.6	%	230		1,250
Return on average tangible common equity(a)		16.8	%	13.9	%	1.0	%	290		1,580
Noninterest income as a percent of total revenue(a)		39	%	40	%	35	%	(100)		400
Dividend payout		28.7	%	34.2	%	675.0	%	(550)		NM
Average total Bancorp shareholders' equity as a percent of average assets		11.26	%	11.34	%	12.63	%	(8)		(137)
Tangible common equity(a)		7.14	%	7.11	%	7.41	%	3		(27)
Net interest margin (FTE)(a)		2.62	%	2.58	%	3.28	%	4		(66)
Efficiency (FTE)(a)		63.0	%	62.7	%	63.0	%	30		—
Effective tax rate		21.4	%	19.1	%	22.6	%	230		(120)

Credit Quality
Net losses charged-off		$71		$118		$122		(40	%)	(42	%)
Net losses charged-off as a percent of average portfolio loans and leases (annualized)		0.27	%	0.43	%	0.44	%	(16)		(17)
ALLL as a percent of portfolio loans and leases		2.03	%	2.25	%	1.99	%	(22)		4
ACL as a percent of portfolio loans and leases(g)		2.19	%	2.41	%	2.13	%	(22)		6
Nonperforming portfolio assets as a percent of portfolio loans and leases and OREO		0.72	%	0.79	%	0.60	%	(7)		12

Average Balances
Loans and leases, including held for sale		$113,701		$111,464		$112,180		2%		1%
Securities and other short-term investments		69,014		70,954		39,033		(3%)		77%
Assets		203,836		203,930		171,871		—		19%
Transaction deposits(b)		153,834		153,053		118,096		1%		30%
Core deposits(c)		156,879		156,326		123,177		—		27%
Wholesale funding(d)		18,391		18,716		21,832		(2%)		(16%)
Bancorp shareholders' equity		22,952		23,126		21,713		(1%)		6%

Regulatory Capital Ratios(e)
CET1 capital(f)		10.46	%	10.34	%	9.37	%	12		109
Tier I risk-based capital(f)		11.94	%	11.83	%	10.56	%	11		138
Total risk-based capital(f)		14.80	%	15.08	%	13.59	%	(28)		121
Tier I leverage		8.62	%	8.49	%	9.37	%	13		(75)

Operations
Banking centers		1,098		1,134		1,123		(3%)		(2%)
ATMs		2,383		2,397		2,464		(1%)		(3%)
Full-time equivalent employees		19,819		19,872		20,182		—		(2%)


Fifth Third Bancorp and Subsidiaries
Consolidated Statements of Income
$ in millions	For the Three Months Ended			% Change
(unaudited)	March	December	March
	2021	2020	2020	Seq	Yr/Yr
Interest Income
Interest and fees on loans and leases	$1,030	$1,028	$1,235	—	(17%)
Interest on securities	264	278	283	(5%)	(7%)
Interest on other short-term investments	8	9	7	(11%)	14%
Total interest income	1,302	1,315	1,525	(1%)	(15%)

Interest Expense
Interest on deposits	21	27	166	(22%)	(87%)
Interest on federal funds purchased	—	—	2	NM	(100%)
Interest on other short-term borrowings	1	1	6	—	(83%)
Interest on long-term debt	104	105	122	(1%)	(15%)
Total interest expense	126	133	296	(5%)	(57%)

Net Interest Income	1,176	1,182	1,229	(1%)	(4%)

(Benefit from) provision for credit losses	(173)	(13)	640	NM	NM
Net Interest Income After Provision for Credit Losses	1,349	1,195	589	13%	129%

Noninterest Income
Service charges on deposits	144	146	148	(1%)	(3%)
Commercial banking revenue	153	141	124	9%	23%
Mortgage banking net revenue	85	25	120	240%	(29%)
Wealth and asset management revenue	143	133	134	8%	7%
Card and processing revenue	94	92	86	2%	9%
Leasing business revenue	87	69	73	26%	19%
Other noninterest income	42	168	7	(75%)	500%
Securities gains (losses), net	3	14	(24)	(79%)	NM
Securities (losses) gains, net - non-qualifying hedges on mortgage servicing rights	(2)	(1)	3	100%	NM
Total noninterest income	749	787	671	(5%)	12%

Noninterest Expense
Compensation and benefits	706	679	647	4%	9%
Net occupancy expense	79	98	82	(19%)	(4%)
Technology and communications	93	90	93	3%	—
Equipment expense	34	34	32	—	6%
Card and processing expense	30	31	31	(3%)	(3%)
Leasing business expense	35	37	35	(5%)	—
Marketing expense	23	30	31	(23%)	(26%)
Other noninterest expense	215	237	249	(9%)	(14%)
Total noninterest expense	1,215	1,236	1,200	(2%)	1%
Income Before Income Taxes	883	746	60	18%	NM
Applicable income tax expense	189	142	14	33%	NM
Net Income	694	604	46	15%	NM
Dividends on preferred stock	20	35	17	(43%)	18%
Net Income Available to Common Shareholders	$674	$569	$29	18%	NM


Fifth Third Bancorp and Subsidiaries
Average Balance Sheet and Yield/Rate Analysis	For the Three Months Ended
$ in millions	March			December			March
(unaudited)	2021			2020			2020
	Average	Average		Average	Average		Average	Average
	Balance	Yield/Rate		Balance	Yield/Rate		Balance	Yield/Rate
Assets
Interest-earning assets:
Loans and leases:
Commercial and industrial loans(a)	$49,715	3.60	%	$50,437	3.50	%	$51,693	4.25	%
Commercial mortgage loans(a)	10,534	3.06	%	10,731	3.17	%	11,020	4.44	%
Commercial construction loans(a)	6,039	3.20	%	5,820	3.19	%	5,132	4.82	%
Commercial leases(a)	3,130	3.17	%	2,932	3.33	%	3,201	3.46	%
Total commercial loans and leases	69,418	3.46	%	69,920	3.42	%	71,046	4.28	%
Residential mortgage loans	20,444	3.36	%	18,065	3.33	%	18,024	3.63	%
Home equity	5,009	3.58	%	5,315	3.64	%	6,006	4.71	%
Indirect secured consumer loans	13,955	3.58	%	13,272	3.70	%	11,809	4.09	%
Credit card	1,879	12.36	%	2,042	11.75	%	2,498	12.13	%
Other consumer loans	2,996	6.12	%	2,850	6.38	%	2,797	7.71	%
Total consumer loans	44,283	4.02	%	41,544	4.11	%	41,134	4.71	%
Total loans and leases	113,701	3.68	%	111,464	3.68	%	112,180	4.44	%
Securities:
Taxable securities	35,764	2.97	%	35,506	3.10	%	35,973	3.15	%
Tax exempt securities(a)	533	2.26	%	459	2.21	%	162	3.04	%
Other short-term investments	32,717	0.10	%	34,989	0.10	%	2,898	0.97	%
Total interest-earning assets	182,715	2.90	%	182,418	2.87	%	151,213	4.07	%
Cash and due from banks	2,991			2,969			2,880
Other assets	20,580			21,116			19,623
Allowance for loan and lease losses	(2,450)			(2,573)			(1,845)
Total Assets	$203,836			$203,930			$171,871

Liabilities
Interest-bearing liabilities:
Interest checking deposits	$45,568	0.07	%	$47,664	0.08	%	$40,298	0.75	%
Savings deposits	18,951	0.03	%	17,658	0.03	%	14,715	0.13	%
Money market deposits	30,601	0.05	%	31,205	0.06	%	27,109	0.72	%
Foreign office deposits	128	0.05	%	161	0.07	%	209	0.57	%
Other time deposits	3,045	0.44	%	3,273	0.58	%	5,081	1.56	%
Total interest-bearing core deposits	98,293	0.06	%	99,961	0.08	%	87,412	0.68	%
Certificates $100,000 and over	2,009	1.08	%	2,300	1.17	%	3,355	2.09	%
Other deposits	—	—		—	—		257	0.85	%
Federal funds purchased	324	0.13	%	307	0.18	%	654	1.13	%
Other short-term borrowings	1,209	0.24	%	1,091	0.35	%	1,750	1.32	%
Long-term debt	14,849	2.83	%	15,018	2.76	%	15,816	3.12	%
Total interest-bearing liabilities	116,684	0.44	%	118,677	0.45	%	109,244	1.09	%
Demand deposits	58,586			56,365			35,765
Other liabilities	5,614			5,762			5,149
Total Liabilities	180,884			180,804			150,158
Total Equity	22,952			23,126			21,713
Total Liabilities and Equity	$203,836			$203,930			$171,871
Ratios:
Net interest margin (FTE)(b)		2.62	%		2.58	%		3.28	%
Net interest rate spread (FTE)(b)		2.46	%		2.42	%		2.98	%
Interest-bearing liabilities to interest-earning assets		63.86	%		65.06	%		72.24	%
(a) Average Yield/Rate of these assets are presented on an FTE basis.
(b) Non-GAAP measure; see discussion and reconciliation of non-GAAP measures beginning on page 25.


Fifth Third Bancorp and Subsidiaries
Consolidated Balance Sheets
$ in millions, except per share data	As of
(unaudited)	March	December	September	June	March
	2021	2020	2020	2020	2020
Assets
Cash and due from banks	$3,122	$3,147	$2,996	$3,221	$3,282
Other short-term investments	34,187	33,399	31,285	28,243	6,319
Available-for-sale debt and other securities(a)	37,595	37,513	37,425	38,599	38,645
Held-to-maturity securities(b)	10	11	15	16	17
Trading debt securities	728	560	704	526	433
Equity securities	315	313	277	273	459
Loans and leases held for sale	5,477	4,741	2,323	912	1,630
Portfolio loans and leases:
Commercial and industrial loans	49,094	49,665	51,695	55,661	58,250
Commercial mortgage loans	10,481	10,602	10,878	11,233	11,160
Commercial construction loans	6,198	5,815	5,656	5,479	5,462
Commercial leases	3,255	2,915	3,021	3,061	3,123
Total commercial loans and leases	69,028	68,997	71,250	75,434	77,995
Residential mortgage loans	15,776	15,928	16,158	16,457	16,701
Home equity	4,815	5,183	5,455	5,681	5,963
Indirect secured consumer loans	14,336	13,653	12,925	12,395	12,050
Credit card	1,810	2,007	2,087	2,211	2,417
Other consumer loans	3,090	3,014	2,856	2,875	2,911
Total consumer loans	39,827	39,785	39,481	39,619	40,042
Portfolio loans and leases	108,855	108,782	110,731	115,053	118,037
Allowance for loan and lease losses	(2,208)	(2,453)	(2,574)	(2,696)	(2,348)
Portfolio loans and leases, net	106,647	106,329	108,157	112,357	115,689
Bank premises and equipment	2,072	2,088	2,090	2,053	2,009
Operating lease equipment	718	777	818	809	819
Goodwill	4,259	4,258	4,261	4,261	4,261
Intangible assets	127	139	157	171	184
Servicing rights	784	656	660	676	685
Other assets	10,858	10,749	10,828	10,789	10,959
Total Assets	$206,899	$204,680	$201,996	$202,906	$185,391

Liabilities
Deposits:
Demand	$61,363	$57,711	$51,896	$49,359	$39,533


Fifth Third Bancorp and Subsidiaries
Regulatory Capital
$ in millions		As of
(unaudited)		March		December		September		June		March
		2021(a)		2020		2020		2020		2020
Regulatory Capital
CET1 capital		$14,930		$14,682		$14,307		$13,935		$13,840
Additional tier I capital		2,116		2,115		2,115		1,769		1,769
Tier I capital		17,046		16,797		16,422		15,704		15,609
Tier II capital		4,077		4,615		4,645		4,703		4,472
Total regulatory capital		$21,123		$21,412		$21,067		$20,407		$20,081
Risk-weighted assets(b)		$142,758		$141,974		$141,083		$143,322		$147,756

Ratios
Average total Bancorp shareholders' equity as a percent of average assets		11.26	%	11.34	%	11.33	%	11.30	%	12.63	%

Regulatory Capital Ratios
Fifth Third Bancorp
	CET1 capital(b)	10.46	%	10.34	%	10.14	%	9.72	%	9.37	%
	Tier I risk-based capital(b)	11.94	%	11.83	%	11.64	%	10.96	%	10.56	%
	Total risk-based capital(b)	14.80	%	15.08	%	14.93	%	14.24	%	13.59	%
	Tier I leverage	8.62	%	8.49	%	8.37	%	8.16	%	9.37	%

Fifth Third Bank
	Tier I risk-based capital(b)	12.70	%	12.28	%	12.25	%	11.76	%	11.36	%
	Total risk-based capital(b)	14.41	%	14.17	%	14.14	%	13.65	%	13.17	%
	Tier I leverage	9.19	%	8.85	%	8.85	%	8.80	%	10.16	%


Fifth Third Bancorp and Subsidiaries
Non-GAAP Reconciliation
$ and shares in millions	As of and For the Three Months Ended
(unaudited)	March		December		September		June		March
	2021		2020		2020		2020		2020
Net interest income	$1,176		$1,182		$1,170		$1,200		$1,229
Add: Taxable equivalent adjustment	3		3		3		3		4
Net interest income (FTE) (a)	1,179		1,185		1,173		1,203		1,233

Net interest income (annualized) (b)	4,769		4,702		4,655		4,826		4,943
Net interest income (FTE) (annualized) (c)	4,782		4,714		4,667		4,838		4,959






Interest income	1,302		1,315		1,329		1,403		1,525
Add: Taxable equivalent adjustment	3		3		3		3		4
Interest income (FTE)	1,305		1,318		1,332		1,406		1,529
Interest income (FTE) (annualized) (d)	5,293		5,243		5,299		5,655		6,150

Interest expense (annualized) (e)	511		529		633		816		1,191
Average interest-earning assets (f)	182,715		182,418		180,704		176,224		151,213
Average interest-bearing liabilities (g)	116,684		118,677		123,626		124,478		109,244

Net interest margin (b) / (f)	2.61	%	2.58	%	2.58	%	2.74	%	3.27	%
Net interest margin (FTE) (c) / (f)	2.62	%	2.58	%	2.58	%	2.75	%	3.28	%

Net interest rate spread (FTE) (d) / (f) - (e) / (g)	2.46	%	2.42	%	2.42	%	2.55	%	2.98	%

Income before income taxes	$883		$746		$746		$244		$60
Add: Taxable equivalent adjustment	3		3		3		3		4
Income before income taxes (FTE)	$886		$749		$749		$247		$64

Net income available to common shareholders	$674		$569		$562		$163		$29
Add: Intangible amortization, net of tax	9		9		9		9		10
Tangible net income available to common shareholders (h)	683		578		571		172		39
Tangible net income available to common shareholders (annualized) (i)	2,770		2,299		2,272		692		157


Fifth Third Bancorp and Subsidiaries
Segment Presentation
$ in millions
(unaudited)

For the three months ended March 31, 2021	Commercial Banking	Branch Banking(b)	Consumer Lending(c)	Wealth and Asset Management	Other/ Eliminations	Total

Net interest income (FTE)(a)	$367	$295	$128	$21	$368	$1,179
Benefit from (provision for) credit losses	76	(41)	(8)	1	145	173
Net interest income after benefit from (provision for) credit losses	443	254	120	22	513	1,352
Noninterest income	361	204	82	138	(36)	749
Noninterest expense	(420)	(489)	(161)	(135)	(10)	(1,215)
Income (loss) before income taxes	384	(31)	41	25	467	886
Applicable income tax (expense) benefit(a)	(72)	7	(9)	(5)	(113)	(192)
Net income (loss)	$312	$(24)	$32	$20	$354	$694

For the three months ended December 31, 2020	Commercial Banking	Branch Banking(b)	Consumer Lending(c)	Wealth and Asset Management	Other/ Eliminations	Total

Net interest income (FTE)(a)	$397	$293	$102	$23	$370	$1,185
Benefit from (provision for) credit losses	(212)	(49)	(9)	(2)	285	13
Net interest income after benefit from (provision for) credit losses	185	244	93	21	655	1,198
Noninterest income	404	196	22	136	29	787
Noninterest expense	(427)	(471)	(135)	(131)	(72)	(1,236)
Income (loss) before income taxes	162	(31)	(20)	26	612	749
Applicable income tax (expense) benefit(a)	(24)	6	4	(5)	(126)	(145)
Net income (loss)	$138	$(25)	$(16)	$21	$486	$604

For the three months ended September 30, 2020	Commercial Banking	Branch Banking(b)	Consumer Lending(c)	Wealth and Asset Management	Other/ Eliminations	Total

Net interest income (FTE)(a)	$435	$355	$98	$28	$257	$1,173
Benefit from (provision for) credit losses	(337)	(68)	(2)	—	422	15
Net interest income after benefit from (provision for) credit losses	98	287	96	28	679	1,188
Noninterest income	318	192	73	132	7	722
Noninterest expense	(411)	(460)	(137)	(133)	(20)	(1,161)
Income before income taxes	5	19	32	27	666	749
Applicable income tax (expense) benefit(a)	7	(4)	(7)	(6)	(158)	(168)
Net income	$12	$15	$25	$21	$508	$581

For the three months ended June 30, 2020	Commercial Banking	Branch Banking(b)	Consumer Lending(c)	Wealth and Asset Management	Other/ Eliminations	Total