Fifth Third Bancorp 8-K, filed Jul 21, 2022

Fifth Third Bancorp (FITB)

8-K 2022-07-21 For: 2022-07-21

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Added on April 10, 2026

About this 8-K

Fifth Third Bancorp filed this 8-K on July 21, 2022.

Items reported

Item 2.02: Financial results
Item 7.01: Regulation FD disclosure
Item 9.01: Financial statements and exhibits

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						FIFTH THIRD BANCORP
						(Registrant)

Date: July 21, 2022						/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
	2Q22		1Q22		2Q21		Select Business Highlights: •Generated consumer household growth of 2% compared to 2Q21 •Announced stress capital buffer requirement of 2.5% (regulatory minimum) •Closed acquisition of Dividend Finance, a national point-of-sale consumer lender •Announced $100 billion environmental and social finance target to be achieved through 2030 Select Financial Highlights: •ROTCE(a) of 17.5%; adjusted ROTCE(a) of 15.2% excl. AOCI •Compared to 2Q21, PPNR(a) increased 13% (adjusted PPNR(a) increased 11%) •Efficiency ratio(a) of 55%, a 4 point improvement from 2Q21 •Net interest income(a) increased 12% compared to 1Q22; NIM(a) up 33 basis points compared to 1Q22 •ACL of 1.85%, an increase of 5 bps from 1Q22 (includes 4 bps from Dividend Finance); Net charge-off ratio of 0.21% and NPA ratio of 0.47%

Income Statement Data
Net income available to common shareholders	$526		$474		$674
Net interest income (U.S. GAAP)	1,339		1,195		1,208
Net interest income (FTE)(a)	1,342		1,198		1,211
Noninterest income	676		684		741
Noninterest expense	1,112		1,222		1,153

Per Share Data
Earnings per share, basic	$0.76		$0.69		$0.95
Earnings per share, diluted	0.76		0.68		0.94
Book value per share	24.56		26.33		29.57
Tangible book value per share(a)	17.10		19.54		23.34

Balance Sheet & Credit Quality
Average portfolio loans and leases	$117,693		$113,467		$108,534
Average deposits	162,890		168,662		162,619
Net charge-off ratio(b)	0.21	%	0.12	%	0.16	%
Nonperforming asset ratio(c)	0.47		0.49		0.61

Financial Ratios
Return on average assets	1.09	%	0.96	%	1.38	%
Return on average common equity	12.3		10.0		13.0
Return on average tangible common equity(a)	17.5		13.4		16.6
CET1 capital(d)(e)	8.96		9.31		10.37
Net interest margin(a)	2.92		2.59		2.63
Efficiency(a)	55.1		64.9		59.1
Other than the Quarterly Financial Review tables beginning on page 14, commentary is on a fully taxable-equivalent (FTE) basis unless otherwise noted. Consistent with SEC guidance in Regulation S-K that contemplates the calculation of tax-exempt income on a taxable-equivalent basis, net interest income, net interest margin, net interest rate spread, total revenue and the efficiency ratio are provided on an FTE basis.


Income Statement Highlights
($ in millions, except per share data)	For the Three Months Ended			% Change
	June	March	June
	2022	2022	2021	Seq	Yr/Yr
Condensed Statements of Income
Net interest income (NII)(a)	$1,342	$1,198	$1,211	12%	11%
Provision for (benefit from) credit losses	179	45	(115)	298%	NM
Noninterest income	676	684	741	(1)%	(9)%
Noninterest expense	1,112	1,222	1,153	(9)%	(4)%
Income before income taxes(a)	$727	$615	$914	18%	(20)%

Taxable equivalent adjustment	$3	$3	$3	—	—
Applicable income tax expense	162	118	202	37%	(20)%
Net income	$562	$494	$709	14%	(21)%
Dividends on preferred stock	36	20	35	80%	3%
Net income available to common shareholders	$526	$474	$674	11%	(22)%
Earnings per share, diluted	$0.76	$0.68	$0.94	12%	(19)%


Net Interest Income
(FTE; $ in millions)(a)	For the Three Months Ended						% Change
	June		March		June
	2022		2022		2021		Seq	Yr/Yr
Interest Income
Interest income	$1,467		$1,292		$1,326		14%	11%
Interest expense	125		94		115		33%	9%
Net interest income (NII)	$1,342		$1,198		$1,211		12%	11%


Average Yield/Rate Analysis							bps Change
Yield on interest-earning assets	3.19	%	2.79	%	2.88	%	40	31
Rate paid on interest-bearing liabilities	0.43	%	0.33	%	0.40	%	10	3

Ratios
Net interest rate spread	2.76	%	2.46	%	2.48	%	30	28
Net interest margin (NIM)	2.92	%	2.59	%	2.63	%	33	29


Noninterest Income
($ in millions)	For the Three Months Ended			% Change
	June	March	June
	2022	2022	2021	Seq	Yr/Yr
Noninterest Income
Service charges on deposits	$154	$152	$149	1%	3%
Commercial banking revenue	137	135	160	1%	(14)%
Mortgage banking net revenue	31	52	64	(40)%	(52)%
Wealth and asset management revenue	140	149	145	(6)%	(3)%
Card and processing revenue	105	97	102	8%	3%
Leasing business revenue	56	62	61	(10)%	(8)%
Other noninterest income	85	52	49	63%	73%
Securities (losses) gains, net	(32)	(14)	10	129%	NM
Securities (losses) gains, net - non-qualifying hedges
on mortgage servicing rights	—	(1)	1	(100)%	(100)%
Total noninterest income	$676	$684	$741	(1)%	(9)%


Noninterest Income excluding certain items
($ in millions)	For the Three Months Ended
	June	March	June
	2022	2022	2021
Noninterest Income excluding certain items
Noninterest income (U.S. GAAP)	$676	$684	$741
Valuation of Visa total return swap	18	11	37
Business disposition charges	6	—	—
Securities losses/(gains), net	32	14	(10)
Noninterest income excluding certain items(a)	$732	$709	$768


Average Interest-Earning Assets
($ in millions)	For the Three Months Ended			% Change
	June	March	June
	2022	2022	2021	Seq	Yr/Yr
Average Portfolio Loans and Leases
Commercial loans and leases:
Commercial and industrial loans	$55,460	$52,554	$48,773	6%	14%
Commercial mortgage loans	10,710	10,521	10,459	2%	2%
Commercial construction loans	5,356	5,371	6,043	—	(11)%
Commercial leases	2,839	2,942	3,174	(4)%	(11)%
Total commercial loans and leases	$74,365	$71,388	$68,449	4%	9%
Consumer loans:
Residential mortgage loans	$17,363	$16,501	$15,883	5%	9%
Home equity	3,895	4,009	4,674	(3)%	(17)%
Indirect secured consumer loans	17,241	17,136	14,702	1%	17%
Credit card	1,704	1,691	1,770	1%	(4)%
Other consumer loans	3,125	2,742	3,056	14%	2%
Total consumer loans	$43,328	$42,079	$40,085	3%	8%
Total average portfolio loans and leases	$117,693	$113,467	$108,534	4%	8%

Memo:
Average PPP loans	$549	$1,012	$4,810	(46)%	(89)%
Average portfolio commercial and industrial loans - excl. PPP loans	$54,911	$51,542	$43,963	7%	25%

Average Loans and Leases Held for Sale
Commercial loans and leases held for sale	$7	$18	$52	(61)%	(87)%
Consumer loans held for sale	2,536	3,677	5,857	(31)%	(57)%
Total average loans and leases held for sale	$2,543	$3,695	$5,909	(31)%	(57)%

Total average loans and leases	$120,236	$117,162	$114,443	3%	5%

Securities (taxable and tax-exempt)	$54,538	$42,422	$36,917	29%	48%
Other short-term investments	9,632	28,310	33,558	(66)%	(71)%
Total average interest-earning assets	$184,406	$187,894	$184,918	(2)%	—


Average Wholesale Funding
	($ in millions)	For the Three Months Ended			% Change
		June	March	June
		2022	2022	2021	Seq	Yr/Yr
	Average Wholesale Funding
	CDs over $250,000	$662	$254	$326	161%	103%

	Federal funds purchased	392	259	346	51%	13%
	Other short-term borrowings	3,571	890	1,097	301%	226%
	Long-term debt	11,164	11,165	13,883	—	(20)%
	Total average wholesale funding	$15,789	$12,568	$15,652	26%	1%


Credit Quality Summary
($ in millions)	As of and For the Three Months Ended
	June		March		December		September		June
	2022		2022		2021		2021		2021

Total nonaccrual portfolio loans and leases (NPLs)	$539		$534		$498		$528		$621
Repossessed property	6		5		5		4		5
OREO	14		27		24		27		31
Total nonperforming portfolio loans and leases and OREO (NPAs)	$559		$566		$527		$559		$657

NPL ratio(h)	0.45	%	0.46	%	0.44	%	0.49	%	0.58	%
NPA ratio(c)	0.47	%	0.49	%	0.47	%	0.52	%	0.61	%

Total loans and leases 30-89 days past due (accrual)	$294		$288		$254		$267		$281
Total loans and leases 90 days past due (accrual)	39		50		117		92		83

Allowance for loan and lease losses (ALLL), beginning	$1,908		$1,892		$1,954		$2,033		$2,208
Total net losses charged-off	(62)		(34)		(38)		(21)		(44)
Provision for (benefit from) loan and lease losses	168		50		(24)		(58)		(131)
ALLL, ending	$2,014		$1,908		$1,892		$1,954		$2,033

Reserve for unfunded commitments, beginning	$177		$182		$205		$189		$173
Provision for (benefit from) the reserve for unfunded commitments	11		(5)		(23)		16		16
Reserve for unfunded commitments, ending	$188		$177		$182		$205		$189

Total allowance for credit losses (ACL)	$2,202		$2,085		$2,074		$2,159		$2,222

ACL ratios:
As a % of portfolio loans and leases	1.85	%	1.80	%	1.85	%	2.00	%	2.06	%
As a % of nonperforming portfolio loans and leases	408	%	391	%	416	%	409	%	358	%
As a % of nonperforming portfolio assets	394	%	369	%	394	%	386	%	338	%

ALLL as a % of portfolio loans and leases	1.70	%	1.65	%	1.69	%	1.81	%	1.89	%

Total losses charged-off	$(90)		$(64)		$(77)		$(56)		$(103)
Total recoveries of losses previously charged-off	28		30		39		35		59
Total net losses charged-off	$(62)		$(34)		$(38)		$(21)		$(44)

Net charge-off ratio (NCO ratio)(b)	0.21	%	0.12	%	0.14	%	0.08	%	0.16	%
Commercial NCO ratio	0.19	%	0.05	%	0.10	%	0.03	%	0.10	%
Consumer NCO ratio	0.24	%	0.25	%	0.21	%	0.16	%	0.26	%


Capital Position
	As of and For the Three Months Ended
	June		March		December	September	June
	2022		2022		2021	2021	2021
Capital Position
Average total Bancorp shareholders' equity as a % of average assets	9.35	%	10.23	%	10.71%	11.16%	11.11	%
Tangible equity(a)	8.05	%	7.98	%	7.97%	8.06%	8.35	%
Tangible common equity (excluding AOCI)(a)	7.01	%	6.96	%	6.94%	7.01%	7.28	%
Tangible common equity (including AOCI)(a)	5.82	%	6.48	%	7.47%	7.74%	8.18	%

Regulatory Capital Ratios(d)(e)
CET1 capital	8.96	%	9.31	%	9.54%	9.86%	10.37	%
Tier 1 risk-based capital	10.24	%	10.63	%	10.91%	11.28%	11.83	%
Total risk-based capital	12.48	%	12.93	%	13.42%	13.94%	14.60	%
Leverage	8.30	%	8.32	%	8.27%	8.41%	8.55	%




			Financial Highlights			14-15
			Consolidated Statements of Income			16-17
			Consolidated Balance Sheets			18-19
			Consolidated Statements of Changes in Equity			20
			Average Balance Sheet and Yield Analysis			21-22
			Summary of Loans and Leases			23
			Regulatory Capital			24
			Summary of Credit Loss Experience			25
			Asset Quality			26
			Non-GAAP Reconciliation			27-29
			Segment Presentation			30


Fifth Third Bancorp and Subsidiaries
Financial Highlights								% / bps								% / bps
$ in millions, except per share data		For the Three Months Ended						Change				Year to Date				Change
(unaudited)		June		March		June						June		June
		2022		2022		2021		Seq		Yr/Yr		2022		2021		Yr/Yr
Income Statement Data
Net interest income		$1,339		$1,195		$1,208		12%		11%		$2,534		$2,385		6%
Net interest income (FTE)(a)		1,342		1,198		1,211		12%		11%		2,541		2,391		6%
Noninterest income		676		684		741		(1%)		(9%)		1,359		1,490		(9%)
	Total revenue (FTE)(a)	2,018		1,882		1,952		7%		3%		3,900		3,881		—
Provision for (benefit from) credit losses		179		45		(115)		298%		NM		224		(288)		NM
Noninterest expense		1,112		1,222		1,153		(9%)		(4%)		2,334		2,369		(1%)
Net income		562		494		709		14%		(21%)		1,056		1,403		(25%)
Net income available to common shareholders		526		474		674		11%		(22%)		1,000		1,348		(26%)

Earnings Per Share Data
Net income allocated to common shareholders		$525		$473		$673		11%		(22%)		$999		$1,344		(26%)
Average common shares outstanding (in thousands):
	Basic	689,019		687,538		708,833		—		(3%)		688,282		711,617		(3%)
	Diluted	694,805		696,242		718,085		—		(3%)		695,520		720,740		(3%)
Earnings per share, basic		$0.76		$0.69		$0.95		10%		(20%)		$1.45		$1.89		(23%)
Earnings per share, diluted		0.76		0.68		0.94		12%		(19%)		1.44		1.87		(23%)

Common Share Data
Cash dividends per common share		$0.30		$0.30		$0.27		—		11%		$0.60		$0.54		11%
Book value per share		24.56		26.33		29.57		(7%)		(17%)		24.56		29.57		(17%)
Market value per share		33.60		43.04		38.23		(22%)		(12%)		33.60		38.23		(12%)
Common shares outstanding (in thousands)		686,152		685,905		703,740		—		(2%)		686,152		703,740		(2%)
Market capitalization		$23,055		$29,521		$26,904		(22%)		(14%)		$23,055		$26,904		(14%)

Financial Ratios
Return on average assets		1.09	%	0.96	%	1.38	%	13		(29)		1.03	%	1.38	%	(35)
Return on average common equity		12.3	%	10.0	%	13.0	%	230		(70)		11.1	%	13.1	%	(200)
Return on average tangible common equity(a)		17.5	%	13.4	%	16.6	%	410		90		15.3	%	16.7	%	(140)
Noninterest income as a percent of total revenue(a)		33	%	36	%	38	%	(300)		(500)		35	%	38	%	(300)
Dividend payout		39.5	%	43.5	%	28.4	%	(400)		NM		41.4	%	28.6	%	NM
Average total Bancorp shareholders’ equity as a percent of average assets		9.35	%	10.23	%	11.11	%	(88)		(176)		9.79	%	11.18	%	(139)
Tangible common equity(a)		7.01	%	6.96	%	7.28	%	5		(27)		7.01	%	7.28	%	(27)
Net interest margin (FTE)(a)		2.92	%	2.59	%	2.63	%	33		29		2.75	%	2.62	%	13
Efficiency (FTE)(a)		55.1	%	64.9	%	59.1	%	(980)		(400)		59.8	%	61.0	%	(120)
Effective tax rate		22.4	%	19.2	%	22.1	%	320		30		20.9	%	21.8	%	(90)

Credit Quality
Net losses charged-off		$62		$34		$44		82	%	41	%	$96		$115		(17	%)
Net losses charged-off as a percent of average portfolio loans and leases (annualized)		0.21	%	0.12	%	0.16	%	9		5		0.17	%	0.21	%	(4)
ALLL as a percent of portfolio loans and leases		1.70	%	1.65	%	1.89	%	5		(19)		1.70	%	1.89	%	(19)
ACL as a percent of portfolio loans and leases(g)		1.85	%	1.80	%	2.06	%	5		(21)		1.85	%	2.06	%	(21)
Nonperforming portfolio assets as a percent of portfolio loans and leases and OREO		0.47	%	0.49	%	0.61	%	(2)		(14)		0.47	%	0.61	%	(14)

Average Balances
Loans and leases, including held for sale		$120,236		$117,162		$114,443		3%		5%		$118,708		$114,074		4%
Securities and other short-term investments		64,170		70,732		70,475		(9%)		(9%)		67,431		69,749		(3%)
Assets		205,897		209,150		206,353		(2%)		—		207,515		205,102		1%
Transaction deposits(b)		160,035		166,032		158,779		(4%)		1%		163,016		156,321		4%
Core deposits(c)		162,228		168,408		162,293		(4%)		—		165,300		159,989		3%
Wholesale funding(d)		15,789		12,568		15,652		26%		1%		14,188		16,626		(15%)
Bancorp shareholders’ equity		19,248		21,402		22,927		(10%)		(16%)		20,319		22,939		(11%)

Regulatory Capital Ratios(e)(f)
CET1 capital		8.96	%	9.31	%	10.37	%	(35)		(141)		8.96	%	10.37	%	(141)
Tier 1 risk-based capital		10.24	%	10.63	%	11.83	%	(39)		(159)		10.24	%	11.83	%	(159)
Total risk-based capital		12.48	%	12.93	%	14.60	%	(45)		(212)		12.48	%	14.60	%	(212)
Leverage		8.30	%	8.32	%	8.55	%	(2)		(25)		8.30	%	8.55	%	(25)

Operations
Banking centers		1,080		1,079		1,096		—		(1%)		1,080		1,096		(1%)
ATMs		2,153		2,201		2,369		(2%)		(9%)		2,153		2,369		(9%)
Full-time equivalent employees		19,119		19,247		19,402		(1%)		(1%)		19,119		19,402		(1%)


Fifth Third Bancorp and Subsidiaries
Consolidated Statements of Income
$ in millions	For the Three Months Ended			% Change		Year to Date		% Change
(unaudited)	June	March	June			June	June
	2022	2022	2021	Seq	Yr/Yr	2022	2021	Yr/Yr
Interest Income
Interest and fees on loans and leases	$1,081	$983	$1,035	10%	4%	$2,062	$2,064	—
Interest on securities	369	294	279	26%	32%	663	543	22%
Interest on other short-term investments	14	12	9	17%	56%	27	17	59%
Total interest income	1,464	1,289	1,323	14%	11%	2,752	2,624	5%

Interest Expense
Interest on deposits	25	11	15	127%	67%	36	36	—
Interest on federal funds purchased	1	—	—	NM	NM	1	—	NM
Interest on other short-term borrowings	12	—	—	NM	NM	13	1	NM
Interest on long-term debt	87	83	100	5%	(13%)	168	202	(17%)
Total interest expense	125	94	115	33%	9%	218	239	(9%)

Net Interest Income	1,339	1,195	1,208	12%	11%	2,534	2,385	6%

Provision for (benefit from) credit losses	179	45	(115)	298%	NM	224	(288)	NM
Net Interest Income After Provision for (Benefit from) Credit Losses	1,160	1,150	1,323	1%	(12%)	2,310	2,673	(14%)

Noninterest Income
Service charges on deposits	154	152	149	1%	3%	306	292	5%
Commercial banking revenue	137	135	160	1%	(14%)	272	313	(13%)
Mortgage banking net revenue	31	52	64	(40%)	(52%)	83	149	(44%)
Wealth and asset management revenue	140	149	145	(6%)	(3%)	289	288	—
Card and processing revenue	105	97	102	8%	3%	201	196	3%
Leasing business revenue	56	62	61	(10%)	(8%)	118	148	(20%)
Other noninterest income	85	52	49	63%	73%	138	92	50%
Securities (losses) gains, net	(32)	(14)	10	129%	NM	(47)	13	NM
Securities (losses) gains, net - non-qualifying hedges on mortgage servicing rights	—	(1)	1	(100%)	(100%)	(1)	(1)	—
Total noninterest income	676	684	741	(1%)	(9%)	1,359	1,490	(9%)

Noninterest Expense
Compensation and benefits	584	711	638	(18%)	(8%)	1,295	1,343	(4%)
Net occupancy expense	75	77	77	(3%)	(3%)	152	156	(3%)
Technology and communications	98	101	94	(3%)	4%	199	187	6%
Equipment expense	36	36	34	—	6%	72	68	6%
Card and processing expense	20	19	20	5%	—	38	50	(24%)
Leasing business expense	31	32	33	(3%)	(6%)	63	68	(7%)
Marketing expense	28	24	20	17%	40%	52	43	21%
Other noninterest expense	240	222	237	8%	1%	463	454	2%
Total noninterest expense	1,112	1,222	1,153	(9%)	(4%)	2,334	2,369	(1%)
Income Before Income Taxes	724	612	911	18%	(21%)	1,335	1,794	(26%)
Applicable income tax expense	162	118	202	37%	(20%)	279	391	(29%)
Net Income	562	494	709	14%	(21%)	1,056	1,403	(25%)
Dividends on preferred stock	36	20	35	80%	3%	56	55	2%
Net Income Available to Common Shareholders	$526	$474	$674	11%	(22%)	$1,000	$1,348	(26%)


Fifth Third Bancorp and Subsidiaries
Average Balance Sheet and Yield/Rate Analysis	For the Three Months Ended
$ in millions	June			March			June
(unaudited)	2022			2022			2021
	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)	$55,466	3.59	%	$52,562	3.29	%	$48,817	3.62	%
Commercial mortgage loans(a)	10,710	3.34	%	10,529	3.00	%	10,467	3.11	%
Commercial construction loans(a)	5,356	3.69	%	5,371	3.29	%	6,043	3.09	%
Commercial leases(a)	2,840	2.93	%	2,943	2.85	%	3,174	2.94	%
Total commercial loans and leases	74,372	3.54	%	71,405	3.23	%	68,501	3.47	%
Residential mortgage loans	19,899	3.12	%	20,179	3.17	%	21,740	3.29	%
Home equity	3,895	3.81	%	4,010	3.52	%	4,674	3.60	%
Indirect secured consumer loans	17,241	3.17	%	17,136	3.08	%	14,702	3.41	%
Credit card	1,704	12.29	%	1,691	12.31	%	1,770	12.13	%
Other consumer loans	3,125	5.99	%	2,741	6.08	%	3,056	5.96	%
Total consumer loans	45,864	3.73	%	45,757	3.68	%	45,942	3.88	%
Total loans and leases	120,236	3.61	%	117,162	3.41	%	114,443	3.63	%
Securities:
Taxable securities	53,475	2.73	%	41,412	2.84	%	36,097	3.06	%
Tax exempt securities(a)	1,063	2.47	%	1,010	2.40	%	820	2.47	%
Other short-term investments	9,632	0.60	%	28,310	0.18	%	33,558	0.11	%
Total interest-earning assets	184,406	3.19	%	187,894	2.79	%	184,918	2.88	%
Cash and due from banks	3,118			2,962			3,033
Other assets	20,282			20,186			20,608
Allowance for loan and lease losses	(1,909)			(1,892)			(2,206)
Total Assets	$205,897			$209,150			$206,353

Liabilities
Interest-bearing liabilities:
Interest checking deposits	$44,349	0.15	%	$48,659	0.05	%	$45,307	0.06	%
Savings deposits	23,708	0.03	%	22,772	0.02	%	20,494	0.02	%
Money market deposits	29,284	0.06	%	30,263	0.03	%	30,844	0.05	%
Foreign office deposits	139	0.13	%	126	0.04	%	140	0.03	%
CDs $250,000 or less	2,193	0.09	%	2,376	0.12	%	3,514	0.30	%
Total interest-bearing core deposits	99,673	0.09	%	104,196	0.04	%	100,299	0.06	%
CDs over $250,000	662	1.08	%	254	0.85	%	326	1.84	%

Federal funds purchased	392	0.82	%	259	0.15	%	346	0.10	%
Securities sold under repurchase agreements	488	0.08	%	491	0.01	%	566	0.03	%
FHLB advances	2,743	1.41	%	—	0.15	%	—	—
Derivative collateral and other secured borrowings	340	3.12	%	399	0.31	%	531	0.22	%
Long-term debt	11,164	3.09	%	11,165	3.02	%	13,883	2.85	%
Total interest-bearing liabilities	115,462	0.43	%	116,764	0.33	%	115,951	0.40	%
Demand deposits	62,555			64,212			61,994
Other liabilities	8,632			6,772			5,481
Total Liabilities	186,649			187,748			183,426
Total Equity	19,248			21,402			22,927
Total Liabilities and Equity	$205,897			$209,150			$206,353
Ratios:
Net interest margin (FTE)(b)		2.92	%		2.59	%		2.63	%
Net interest rate spread (FTE)(b)		2.76	%		2.46	%		2.48	%
Interest-bearing liabilities to interest-earning assets		62.61	%		62.14	%		62.70	%
(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 27.


Fifth Third Bancorp and Subsidiaries
Non-GAAP Reconciliation
$ and shares in millions		As of and For the Three Months Ended
(unaudited)		June		March		December		September		June
		2022		2022		2021		2021		2021
Net interest income		$1,339		$1,195		$1,197		$1,189		$1,208
Add: Taxable equivalent adjustment		3		3		3		3		3
Net interest income (FTE) (a)		1,342		1,198		1,200		1,192		1,211

Net interest income (annualized) (b)		5,371		4,846		4,749		4,717		4,845
Net interest income (FTE) (annualized) (c)		5,383		4,859		4,761		4,729		4,857






Interest income		1,464		1,289		1,294		1,292		1,323
Add: Taxable equivalent adjustment		3		3		3		3		3
Interest income (FTE)		1,467		1,292		1,297		1,295		1,326
Interest income (FTE) (annualized) (d)		5,884		5,240		5,146		5,138		5,319

Interest expense (annualized) (e)		501		381		385		409		461
Average interest-earning assets (f)		184,406		187,894		187,045		182,801		184,918
Average interest-bearing liabilities (g)		115,462		116,764		115,725		113,548		115,951

Net interest margin (b) / (f)		2.91	%	2.58	%	2.54	%	2.58	%	2.62	%
Net interest margin (FTE) (c) / (f)		2.92	%	2.59	%	2.55	%	2.59	%	2.63	%

Net interest rate spread (FTE) (d) / (f) - (e) / (g)		2.76	%	2.46	%	2.42	%	2.45	%	2.48	%

Income before income taxes		$724		$612		$829		$895		$911
Add: Taxable equivalent adjustment		3		3		3		3		3
Income before income taxes (FTE)		727		615		832		898		914

Net income available to common shareholders		526		474		627		684		674
Add: Intangible amortization, net of tax		9		9		9		9		8
Tangible net income available to common shareholders (h)		535		483		636		693		682
Tangible net income available to common shareholders (annualized) (i)		2,146		1,959		2,523		2,749		2,735

Average Bancorp shareholders’ equity		19,248		21,402		22,449		22,927		22,927
Less:	Average preferred stock	(2,116)		(2,116)		(2,116)		(2,116)		(2,116)
	Average goodwill	(4,744)		(4,514)		(4,514)		(4,430)		(4,259)
	Average intangible assets	(158)		(150)		(162)		(149)		(122)
Average tangible common equity, including AOCI (j)		12,230		14,622		15,657		16,232		16,430
Less:	Average AOCI	2,397		(129)		(1,382)		(1,980)		(1,968)
Average tangible common equity, excluding AOCI (k)		14,627		14,493		14,275		14,252		14,462

Total Bancorp shareholders’ equity		18,970		20,177		22,210		22,524		22,926
Less:	Preferred stock	(2,116)		(2,116)		(2,116)		(2,116)		(2,116)
	Goodwill	(4,926)		(4,514)		(4,514)		(4,514)		(4,259)
	Intangible assets	(194)		(145)		(156)		(169)		(117)
Tangible common equity, including AOCI (l)		11,734		13,402		15,424		15,725		16,434
Less:	AOCI	2,644		1,096		(1,207)		(1,637)		(1,974)
Tangible common equity, excluding AOCI (m)		14,378		14,498		14,217		14,088		14,460
Add:	Preferred stock	2,116		2,116		2,116		2,116		2,116
Tangible equity (n)		16,494		16,614		16,333		16,204		16,576

Total assets		206,782		211,459		211,116		207,731		205,390
Less:	Goodwill	(4,926)		(4,514)		(4,514)		(4,514)		(4,259)
	Intangible assets	(194)		(145)		(156)		(169)		(117)
Tangible assets, including AOCI (o)		201,662		206,800		206,446		203,048		201,014
Less:	AOCI, before tax	3,347		1,387		(1,528)		(2,072)		(2,499)
Tangible assets, excluding AOCI (p)		$205,009		$208,187		$204,918		$200,976		$198,515

Common shares outstanding (q)		686		686		683		690		704

Tangible equity (n) / (p)		8.05	%	7.98	%	7.97	%	8.06	%	8.35	%
Tangible common equity (excluding AOCI) (m) / (p)		7.01	%	6.96	%	6.94	%	7.01	%	7.28	%
Tangible common equity (including AOCI) (l) / (o)		5.82	%	6.48	%	7.47	%	7.74	%	8.18	%
Tangible book value per share (including AOCI) (l) / (q)		$17.10		$19.54		$22.58		$22.79		$23.34
Tangible book value per share (excluding AOCI) (m) / (q)		$20.96		$21.13		$20.82		$20.42		$20.54


Fifth Third Bancorp and Subsidiaries
Consolidated Balance Sheets
$ in millions, except per share data	As of
(unaudited)	June	March	December	September	June
	2022	2022	2021	2021	2021
Assets
Cash and due from banks	$3,437	$3,049	$2,994	$3,213	$3,285
Other short-term investments	7,419	20,529	34,572	34,203	32,409
Available-for-sale debt and other securities(a)	52,837	48,832	38,110	37,870	38,012
Held-to-maturity securities(b)	5	6	8	8	10
Trading debt securities	293	324	512	685	711
Equity securities	326	358	376	329	341
Loans and leases held for sale	2,542	2,616	4,415	5,203	5,730
Portfolio loans and leases:
Commercial and industrial loans	56,095	53,909	51,659	47,834	47,564
Commercial mortgage loans	10,748	10,694	10,316	10,300	10,347
Commercial construction loans	5,357	5,420	5,241	5,456	5,871
Commercial leases	2,850	2,915	3,052	3,130	3,238
Total commercial loans and leases	75,050	72,938	70,268	66,720	67,020
Residential mortgage loans	17,566	17,144	16,397	16,158	16,131
Home equity	3,906	3,916	4,084	4,276	4,545
Indirect secured consumer loans	17,017	17,424	16,783	16,004	15,192
Credit card	1,763	1,690	1,766	1,744	1,793
Other consumer loans	3,521	2,753	2,752	3,009	3,052
Total consumer loans	43,773	42,927	41,782	41,191	40,713
Portfolio loans and leases	118,823	115,865	112,050	107,911	107,733
Allowance for loan and lease losses	(2,014)	(1,908)	(1,892)	(1,954)	(2,033)
Portfolio loans and leases, net	116,809	113,957	110,158	105,957	105,700
Bank premises and equipment	2,118	2,102	2,120	2,101	2,073
Operating lease equipment	600	622	616	647	715
Goodwill	4,926	4,514	4,514	4,514	4,259
Intangible assets	194	145	156	169	117
Servicing rights	1,582	1,444	1,121	943	818
Other assets	13,694	12,961	11,444	11,889	11,210
Total Assets	$206,782	$211,459	$211,116	$207,731	$205,390

Liabilities
Deposits:
Demand	$60,859	$65,590	$65,088	$63,879	$62,760