FITB 8-K

Fifth Third Bancorp (FITB)

8-K 2022-04-19 For: 2022-04-19

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Added on April 10, 2026

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						FIFTH THIRD BANCORP
						(Registrant)

Date: April 19, 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
	1Q22		4Q21		1Q21		Select Business Highlights: •Named one of the "World's Most Ethical Companies" by Ethisphere in March 2022 for the third time •Generated consumer household growth of 3% compared to 1Q21 •Announced $20/hour minimum wage for eligible employees effective July 2022 Select Financial Highlights: •ROTCE(a) of 13.4%; adjusted ROTCE(a) of 13.7% excl. AOCI •Net interest income(a) stable compared to 4Q21, or up 1% excluding the impact of PPP; NIM(a) up 4 basis points compared to 4Q21 •Average C&I loan growth ex. PPP of 8% compared to 4Q21 •Average securities balances increased $5 billion compared to 4Q21 •Core deposits increased 1% compared to 4Q21; Interest bearing deposit costs flat •Benign credit quality continued, including near-record low NCO ratio, stable non-performing loans and lower commercial criticized assets

Income Statement Data
Net income available to common shareholders	$474		$627		$674
Net interest income (U.S. GAAP)	1,195		1,197		1,176
Net interest income (FTE)(a)	1,198		1,200		1,179
Noninterest income	684		791		749
Noninterest expense	1,222		1,206		1,215

Per Share Data
Earnings per share, basic	$0.69		$0.91		$0.94
Earnings per share, diluted	0.68		0.90		0.93
Book value per share	26.33		29.43		28.78
Tangible book value per share(a)	19.54		22.58		22.60

Balance Sheet & Credit Quality
Average portfolio loans and leases	$113,467		$109,487		$108,956
Average deposits	168,662		167,541		158,888
Net charge-off ratio(b)	0.12	%	0.14	%	0.27	%
Nonperforming asset ratio(c)	0.47		0.47		0.72

Financial Ratios
Return on average assets	0.96	%	1.25	%	1.38	%
Return on average common equity	10.0		12.2		13.1
Return on average tangible common equity(a)	13.4		16.1		16.8
CET1 capital(d)(e)	9.28		9.54		10.46
Net interest margin(a)	2.59		2.55		2.62
Efficiency(a)	64.9		60.6		63.0
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
	March	December	March
	2022	2021	2021	Seq	Yr/Yr
Condensed Statements of Income
Net interest income (NII)(a)	$1,198	$1,200	$1,179	—	2%
Provision for (benefit from) credit losses	45	(47)	(173)	NM	NM
Noninterest income	684	791	749	(14)%	(9)%
Noninterest expense	1,222	1,206	1,215	1%	1%
Income before income taxes(a)	$615	$832	$886	(26)%	(31)%

Taxable equivalent adjustment	$3	$3	$3	—	—
Applicable income tax expense	118	167	189	(29)%	(38)%
Net income	$494	$662	$694	(25)%	(29)%
Dividends on preferred stock	20	35	20	(43)%	—
Net income available to common shareholders	$474	$627	$674	(24)%	(30)%
Earnings per share, diluted	$0.68	$0.90	$0.93	(24)%	(27)%


Net Interest Income
(FTE; $ in millions)(a)	For the Three Months Ended						% Change
	March		December		March
	2022		2021		2021		Seq	Yr/Yr
Interest Income
Interest income	$1,292		$1,297		$1,305		—	(1)%
Interest expense	94		97		126		(3)%	(25)%
Net interest income (NII)	$1,198		$1,200		$1,179		—	2%


Average Yield/Rate Analysis							bps Change
Yield on interest-earning assets	2.79	%	2.75	%	2.90	%	4	(11)
Rate paid on interest-bearing liabilities	0.33	%	0.33	%	0.44	%	—	(11)

Ratios
Net interest rate spread	2.46	%	2.42	%	2.46	%	4	—
Net interest margin (NIM)	2.59	%	2.55	%	2.62	%	4	(3)


Noninterest Income
($ in millions)	For the Three Months Ended			% Change
	March	December	March
	2022	2021	2021	Seq	Yr/Yr
Noninterest Income
Service charges on deposits	$152	$156	$144	(3)%	6%
Commercial banking revenue	135	171	153	(21)%	(12)%
Mortgage banking net revenue	52	35	85	49%	(39)%
Wealth and asset management revenue	149	150	143	(1)%	4%
Card and processing revenue	97	104	94	(7)%	3%
Leasing business revenue	62	74	87	(16)%	(29)%
Other noninterest income	52	120	42	(57)%	24%
Securities (losses) gains, net	(14)	(19)	3	(26)%	NM
Securities losses, net - non-qualifying hedges
on mortgage servicing rights	(1)	—	(2)	NM	(50)%
Total noninterest income	$684	$791	$749	(14)%	(9)%


Noninterest Income excluding certain items
($ in millions)	For the Three Months Ended
	March	December	March
	2022	2021	2021
Noninterest Income excluding certain items
Noninterest income (U.S. GAAP)	$684	$791	$749
Valuation of Visa total return swap	11	19	13
Securities losses/(gains), net	14	19	(3)
Noninterest income excluding certain items(a)	$709	$829	$759


Noninterest Expense excluding certain item(s)
($ in millions)	For the Three Months Ended
	March	December	March
	2022	2021	2021
Noninterest Expense excluding certain item(s)
Noninterest expense (U.S. GAAP)	$1,222	$1,206	$1,215
Special COVID staffing bonus to front-line employees	—	(10)	—
Noninterest expense excluding certain item(s)(a)	$1,222	$1,196	$1,215


Average Interest-Earning Assets
($ in millions)	For the Three Months Ended			% Change
	March	December	March
	2022	2021	2021	Seq	Yr/Yr
Average Portfolio Loans and Leases
Commercial loans and leases:
Commercial and industrial loans	$52,554	$49,566	$49,629	6%	6%
Commercial mortgage loans	10,521	10,247	10,532	3%	—
Commercial construction loans	5,371	5,329	6,039	1%	(11)%
Commercial leases	2,942	3,057	3,114	(4)%	(6)%
Total commercial loans and leases	$71,388	$68,199	$69,314	5%	3%
Consumer loans:
Residential mortgage loans	$16,501	$16,188	$15,803	2%	4%
Home equity	4,009	4,179	5,009	(4)%	(20)%
Indirect secured consumer loans	17,136	16,345	13,955	5%	23%
Credit card	1,691	1,739	1,879	(3)%	(10)%
Other consumer loans	2,742	2,837	2,996	(3)%	(8)%
Total consumer loans	$42,079	$41,288	$39,642	2%	6%
Total average portfolio loans and leases	$113,467	$109,487	$108,956	4%	4%

Memo:
Average PPP loans	$1,012	$1,756	$5,200	(42)%	(81)%
Average portfolio commercial and industrial loans - excl. PPP loans	$51,542	$47,810	$44,429	8%	16%

Average Loans and Leases Held for Sale
Commercial loans and leases held for sale	$18	$5	$104	260%	(83)%
Consumer loans held for sale	3,677	5,298	4,641	(31)%	(21)%
Total average loans and leases held for sale	$3,695	$5,303	$4,745	(30)%	(22)%

Securities (taxable and tax-exempt)	$42,422	$37,631	$36,297	13%	17%
Other short-term investments	28,310	34,624	32,717	(18)%	(13)%
Total average interest-earning assets	$187,894	$187,045	$182,715	—	3%


Average Wholesale Funding
	($ in millions)	For the Three Months Ended			% Change
		March	December	March
		2022	2021	2021	Seq	Yr/Yr
	Average Wholesale Funding
	CDs over $250,000	$254	$264	$1,226	(4)%	(79)%

	Federal funds purchased	259	315	324	(18)%	(20)%
	Other short-term borrowings	890	1,000	1,209	(11)%	(26)%
	Long-term debt	11,165	11,697	14,849	(5)%	(25)%
	Total average wholesale funding	$12,568	$13,276	$17,608	(5)%	(29)%


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

Total nonaccrual portfolio loans and leases (NPLs)	$508		$498		$528		$621		$741
Repossessed property	5		5		4		5		7
OREO	27		24		27		31		35
Total nonperforming portfolio loans and leases and OREO (NPAs)	$540		$527		$559		$657		$783

NPL ratio(h)	0.44	%	0.44	%	0.49	%	0.58	%	0.68	%
NPA ratio(c)	0.47	%	0.47	%	0.52	%	0.61	%	0.72	%

Total loans and leases 30-89 days past due (accrual)	$288		$254		$267		$281		$305
Total loans and leases 90 days past due (accrual)	76		117		92		83		124

Allowance for loan and lease losses (ALLL), beginning	$1,892		$1,954		$2,033		$2,208		$2,453
Total net losses charged-off	(34)		(38)		(21)		(44)		(71)
Provision for (benefit from) loan and lease losses	50		(24)		(58)		(131)		(174)
ALLL, ending	$1,908		$1,892		$1,954		$2,033		$2,208

Reserve for unfunded commitments, beginning	$182		$205		$189		$173		$172
(Benefit from) provision for the reserve for unfunded commitments	(5)		(23)		16		16		1
Reserve for unfunded commitments, ending	$177		$182		$205		$189		$173

Total allowance for credit losses (ACL)	$2,085		$2,074		$2,159		$2,222		$2,381

ACL ratios:
As a % of portfolio loans and leases	1.80	%	1.85	%	2.00	%	2.06	%	2.19	%
As a % of nonperforming portfolio loans and leases	411	%	416	%	409	%	358	%	321	%
As a % of nonperforming portfolio assets	386	%	394	%	386	%	338	%	304	%

ALLL as a % of portfolio loans and leases	1.65	%	1.69	%	1.81	%	1.89	%	2.03	%

Total losses charged-off	$(64)		$(77)		$(56)		$(103)		$(109)
Total recoveries of losses previously charged-off	30		39		35		59		38
Total net losses charged-off	$(34)		$(38)		$(21)		$(44)		$(71)

Net charge-off ratio (NCO ratio)(b)	0.12	%	0.14	%	0.08	%	0.16	%	0.27	%
Commercial NCO ratio	0.05	%	0.10	%	0.03	%	0.10	%	0.17	%
Consumer NCO ratio	0.25	%	0.21	%	0.16	%	0.26	%	0.43	%


Capital Position
	As of and For the Three Months Ended
	March		December		September	June	March
	2022		2021		2021	2021	2021
Capital Position
Average total Bancorp shareholders' equity as a % of average assets	10.23	%	10.71	%	11.16%	11.11%	11.26	%
Tangible equity(a)	7.98	%	7.97	%	8.06%	8.35%	8.20	%
Tangible common equity (excluding AOCI)(a)	6.96	%	6.94	%	7.01%	7.28%	7.14	%
Tangible common equity (including AOCI)(a)	6.48	%	7.47	%	7.74%	8.18%	7.95	%

Regulatory Capital Ratios(d)(e)
CET1 capital	9.28	%	9.54	%	9.86%	10.37%	10.46	%
Tier I risk-based capital	10.60	%	10.91	%	11.28%	11.83%	11.94	%
Total risk-based capital	12.88	%	13.42	%	13.94%	14.60%	14.80	%
Tier I leverage	8.32	%	8.27	%	8.41%	8.55%	8.61	%




			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
			Summary of Loans and Leases			22
			Regulatory Capital			23
			Summary of Credit Loss Experience			24
			Asset Quality			25
			Non-GAAP Reconciliation			26-28
			Segment Presentation			29


Fifth Third Bancorp and Subsidiaries
Financial Highlights								% / bps
$ in millions, except per share data		For the Three Months Ended						Change
(unaudited)		March		December		March
		2022		2021		2021		Seq		Yr/Yr
Income Statement Data
Net interest income		$1,195		$1,197		$1,176		—		2%
Net interest income (FTE)(a)		1,198		1,200		1,179		—		2%
Noninterest income		684		791		749		(14%)		(9%)
	Total revenue (FTE)(a)	1,882		1,991		1,928		(5%)		(2%)
Provision for (benefit from) credit losses		45		(47)		(173)		NM		NM
Noninterest expense		1,222		1,206		1,215		1%		1%
Net income		494		662		694		(25%)		(29%)
Net income available to common shareholders		474		627		674		(24%)		(30%)

Earnings Per Share Data
Net income allocated to common shareholders		$473		$625		$672		(24%)		(30%)
Average common shares outstanding (in thousands):
	Basic	687,538		688,370		714,433		—		(4%)
	Diluted	696,242		697,532		723,425		—		(4%)
Earnings per share, basic		$0.69		$0.91		$0.94		(24%)		(27%)
Earnings per share, diluted		0.68		0.90		0.93		(24%)		(27%)

Common Share Data
Cash dividends per common share		$0.30		$0.30		$0.27		—		11%
Book value per share		26.33		29.43		28.78		(11%)		(9%)
Market value per share		43.04		43.55		37.45		(1%)		15%
Common shares outstanding (in thousands)		685,905		682,778		711,596		—		(4%)
Market capitalization		$29,521		$29,735		$26,649		(1%)		11%

Financial Ratios
Return on average assets		0.96	%	1.25	%	1.38	%	(29)		(42)
Return on average common equity		10.0	%	12.2	%	13.1	%	(220)		(310)
Return on average tangible common equity(a)		13.4	%	16.1	%	16.8	%	(270)		(340)
Noninterest income as a percent of total revenue(a)		36	%	40	%	39	%	(400)		(300)
Dividend payout		43.5	%	33.0	%	28.7	%	1,050		1,480
Average total Bancorp shareholders' equity as a percent of average assets		10.23	%	10.71	%	11.26	%	(48)		(103)
Tangible common equity(a)		6.96	%	6.94	%	7.14	%	2		(18)
Net interest margin (FTE)(a)		2.59	%	2.55	%	2.62	%	4		(3)
Efficiency (FTE)(a)		64.9	%	60.6	%	63.0	%	430		190
Effective tax rate		19.2	%	20.1	%	21.4	%	(90)		(220)

Credit Quality
Net losses charged-off		$34		$38		$71		(11	%)	(52	%)
Net losses charged-off as a percent of average portfolio loans and leases (annualized)		0.12	%	0.14	%	0.27	%	(2)		(15)
ALLL as a percent of portfolio loans and leases		1.65	%	1.69	%	2.03	%	(4)		(38)
ACL as a percent of portfolio loans and leases(g)		1.80	%	1.85	%	2.19	%	(5)		(39)
Nonperforming portfolio assets as a percent of portfolio loans and leases and OREO		0.47	%	0.47	%	0.72	%	—		(25)

Average Balances
Loans and leases, including held for sale		$117,162		$114,790		$113,701		2%		3%
Securities and other short-term investments		70,732		72,255		69,014		(2%)		2%
Assets		209,150		209,604		203,836		—		3%
Transaction deposits(b)		166,032		164,673		153,834		1%		8%
Core deposits(c)		168,408		167,277		157,662		1%		7%
Wholesale funding(d)		12,568		13,276		17,608		(5%)		(29%)
Bancorp shareholders' equity		21,402		22,449		22,952		(5%)		(7%)

Regulatory Capital Ratios(e)(f)
CET1 capital		9.28	%	9.54	%	10.46	%	(26)		(118)
Tier I risk-based capital		10.60	%	10.91	%	11.94	%	(31)		(134)
Total risk-based capital		12.88	%	13.42	%	14.80	%	(54)		(192)
Tier I leverage		8.32	%	8.27	%	8.61	%	5		(29)

Operations
Banking centers		1,079		1,117		1,098		(3%)		(2%)
ATMs		2,201		2,322		2,383		(5%)		(8%)
Full-time equivalent employees		19,247		19,112		19,819		1%		(3%)


Fifth Third Bancorp and Subsidiaries
Consolidated Statements of Income
$ in millions	For the Three Months Ended			% Change
(unaudited)	March	December	March
	2022	2021	2021	Seq	Yr/Yr
Interest Income
Interest and fees on loans and leases	$983	$1,000	$1,030	(2%)	(5%)
Interest on securities	294	281	264	5%	11%
Interest on other short-term investments	12	13	8	(8%)	50%
Total interest income	1,289	1,294	1,302	—	(1%)

Interest Expense
Interest on deposits	11	11	21	—	(48%)

Interest on other short-term borrowings	—	—	1	NM	(100%)
Interest on long-term debt	83	86	104	(3%)	(20%)
Total interest expense	94	97	126	(3%)	(25%)

Net Interest Income	1,195	1,197	1,176	—	2%

Provision for (benefit from) credit losses	45	(47)	(173)	NM	NM
Net Interest Income After Provision for (Benefit from) Credit Losses	1,150	1,244	1,349	(8%)	(15%)

Noninterest Income
Service charges on deposits	152	156	144	(3%)	6%
Commercial banking revenue	135	171	153	(21%)	(12%)
Mortgage banking net revenue	52	35	85	49%	(39%)
Wealth and asset management revenue	149	150	143	(1%)	4%
Card and processing revenue	97	104	94	(7%)	3%
Leasing business revenue	62	74	87	(16%)	(29%)
Other noninterest income	52	120	42	(57%)	24%
Securities (losses) gains, net	(14)	(19)	3	(26%)	NM
Securities losses, net - non-qualifying hedges on mortgage servicing rights	(1)	—	(2)	NM	(50%)
Total noninterest income	684	791	749	(14%)	(9%)

Noninterest Expense
Compensation and benefits	711	655	706	9%	1%
Net occupancy expense	77	77	79	—	(3%)
Technology and communications	101	103	93	(2%)	9%
Equipment expense	36	36	34	—	6%
Card and processing expense	19	19	30	—	(37%)
Leasing business expense	32	36	35	(11%)	(9%)
Marketing expense	24	35	23	(31%)	4%
Other noninterest expense	222	245	215	(9%)	3%
Total noninterest expense	1,222	1,206	1,215	1%	1%
Income Before Income Taxes	612	829	883	(26%)	(31%)
Applicable income tax expense	118	167	189	(29%)	(38%)
Net Income	494	662	694	(25%)	(29%)
Dividends on preferred stock	20	35	20	(43%)	—
Net Income Available to Common Shareholders	$474	$627	$674	(24%)	(30%)


Fifth Third Bancorp and Subsidiaries
Average Balance Sheet and Yield/Rate Analysis	For the Three Months Ended
$ in millions	March			December			March
(unaudited)	2022			2021			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)	$52,562	3.29	%	$49,571	3.42	%	$49,715	3.60	%
Commercial mortgage loans(a)	10,529	3.00	%	10,247	2.86	%	10,534	3.06	%
Commercial construction loans(a)	5,371	3.29	%	5,329	3.10	%	6,039	3.20	%
Commercial leases(a)	2,943	2.85	%	3,057	2.81	%	3,130	3.17	%
Total commercial loans and leases	71,405	3.23	%	68,204	3.28	%	69,418	3.46	%
Residential mortgage loans	20,179	3.17	%	21,486	3.17	%	20,444	3.36	%
Home equity	4,010	3.52	%	4,179	3.60	%	5,009	3.58	%
Indirect secured consumer loans	17,136	3.08	%	16,345	3.18	%	13,955	3.58	%
Credit card	1,691	12.31	%	1,739	12.24	%	1,879	12.36	%
Other consumer loans	2,741	6.08	%	2,837	6.15	%	2,996	6.12	%
Total consumer loans	45,757	3.68	%	46,586	3.73	%	44,283	4.02	%
Total loans and leases	117,162	3.41	%	114,790	3.46	%	113,701	3.68	%
Securities:
Taxable securities	41,412	2.84	%	36,607	3.00	%	35,764	2.97	%
Tax exempt securities(a)	1,010	2.40	%	1,024	2.38	%	533	2.26	%
Other short-term investments	28,310	0.18	%	34,624	0.15	%	32,717	0.10	%
Total interest-earning assets	187,894	2.79	%	187,045	2.75	%	182,715	2.90	%
Cash and due from banks	2,962			3,079			2,991
Other assets	20,186			21,433			20,580
Allowance for loan and lease losses	(1,892)			(1,953)			(2,450)
Total Assets	$209,150			$209,604			$203,836

Liabilities
Interest-bearing liabilities:
Interest checking deposits	$48,659	0.05	%	$47,384	0.05	%	$45,568	0.07	%
Savings deposits	22,772	0.02	%	21,702	0.02	%	18,951	0.03	%
Money market deposits	30,263	0.03	%	30,566	0.03	%	30,601	0.05	%
Foreign office deposits	126	0.04	%	193	0.04	%	128	0.05	%
CDs $250,000 or less	2,376	0.12	%	2,604	0.16	%	3,828	0.50	%
Total interest-bearing core deposits	104,196	0.04	%	102,449	0.04	%	99,076	0.07	%
CDs over $250,000	254	0.85	%	264	0.94	%	1,226	1.31	%

Federal funds purchased	259	0.15	%	315	0.13	%	324	0.13	%
Securities sold under repurchase agreements	491	0.01	%	578	0.01	%	663	0.04	%
Derivative collateral and other secured borrowings	399	0.31	%	422	0.26	%	546	0.48	%
Long-term debt	11,165	3.02	%	11,697	2.92	%	14,849	2.83	%
Total interest-bearing liabilities	116,764	0.33	%	115,725	0.33	%	116,684	0.44	%
Demand deposits	64,212			64,828			58,586
Other liabilities	6,772			6,602			5,614
Total Liabilities	187,748			187,155			180,884
Total Equity	21,402			22,449			22,952
Total Liabilities and Equity	$209,150			$209,604			$203,836
Ratios:
Net interest margin (FTE)(b)		2.59	%		2.55	%		2.62	%
Net interest rate spread (FTE)(b)		2.46	%		2.42	%		2.46	%
Interest-bearing liabilities to interest-earning assets		62.14	%		61.87	%		63.86	%
(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 26.


Fifth Third Bancorp and Subsidiaries
Consolidated Balance Sheets
$ in millions, except per share data	As of			% Change
(unaudited)	March	December	March
	2022	2021	2021	Seq	Yr/Yr
Assets
Cash and due from banks	$3,049	$2,994	$3,122	2%	(2%)
Other short-term investments	20,529	34,572	34,187	(41%)	(40%)
Available-for-sale debt and other securities(a)	48,832	38,110	37,595	28%	30%
Held-to-maturity securities(b)	6	8	10	(25%)	(40%)
Trading debt securities	324	512	728	(37%)	(55%)
Equity securities	358	376	315	(5%)	14%
Loans and leases held for sale	2,616	4,415	5,477	(41%)	(52%)
Portfolio loans and leases:
Commercial and industrial loans	53,909	51,659	49,094	4%	10%
Commercial mortgage loans	10,694	10,316	10,481	4%	2%
Commercial construction loans	5,420	5,241	6,198	3%	(13%)
Commercial leases	2,915	3,052	3,255	(4%)	(10%)
Total commercial loans and leases	72,938	70,268	69,028	4%	6%
Residential mortgage loans	17,144	16,397	15,776	5%	9%
Home equity	3,916	4,084	4,815	(4%)	(19%)
Indirect secured consumer loans	17,424	16,783	14,336	4%	22%
Credit card	1,690	1,766	1,810	(4%)	(7%)
Other consumer loans	2,753	2,752	3,090	—	(11%)
Total consumer loans	42,927	41,782	39,827	3%	8%
Portfolio loans and leases	115,865	112,050	108,855	3%	6%
Allowance for loan and lease losses	(1,908)	(1,892)	(2,208)	1%	(14%)
Portfolio loans and leases, net	113,957	110,158	106,647	3%	7%
Bank premises and equipment	2,102	2,120	2,072	(1%)	1%
Operating lease equipment	622	616	718	1%	(13%)
Goodwill	4,514	4,514	4,259	—	6%
Intangible assets	145	156	127	(7%)	14%
Servicing rights	1,444	1,121	784	29%	84%
Other assets	12,961	11,444	10,858	13%	19%
Total Assets	$211,459	$211,116	$206,899	—	2%

Liabilities
Deposits:
Demand	$65,590	$65,088	$61,363	1%	7%


Fifth Third Bancorp and Subsidiaries
Consolidated Balance Sheets
$ in millions, except per share data	As of
(unaudited)	March	December	September	June	March
	2022	2021	2021	2021	2021
Assets
Cash and due from banks	$3,049	$2,994	$3,213	$3,285	$3,122
Other short-term investments	20,529	34,572	34,203	32,409	34,187
Available-for-sale debt and other securities(a)	48,832	38,110	37,870	38,012	37,595
Held-to-maturity securities(b)	6	8	8	10	10
Trading debt securities	324	512	685	711	728
Equity securities	358	376	329	341	315
Loans and leases held for sale	2,616	4,415	5,203	5,730	5,477
Portfolio loans and leases:
Commercial and industrial loans	53,909	51,659	47,834	47,564	49,094
Commercial mortgage loans	10,694	10,316	10,300	10,347	10,481
Commercial construction loans	5,420	5,241	5,456	5,871	6,198
Commercial leases	2,915	3,052	3,130	3,238	3,255
Total commercial loans and leases	72,938	70,268	66,720	67,020	69,028
Residential mortgage loans	17,144	16,397	16,158	16,131	15,776
Home equity	3,916	4,084	4,276	4,545	4,815
Indirect secured consumer loans	17,424	16,783	16,004	15,192	14,336
Credit card	1,690	1,766	1,744	1,793	1,810
Other consumer loans	2,753	2,752	3,009	3,052	3,090
Total consumer loans	42,927	41,782	41,191	40,713	39,827
Portfolio loans and leases	115,865	112,050	107,911	107,733	108,855
Allowance for loan and lease losses	(1,908)	(1,892)	(1,954)	(2,033)	(2,208)
Portfolio loans and leases, net	113,957	110,158	105,957	105,700	106,647
Bank premises and equipment	2,102	2,120	2,101	2,073	2,072
Operating lease equipment	622	616	647	715	718
Goodwill	4,514	4,514	4,514	4,259	4,259
Intangible assets	145	156	169	117	127
Servicing rights	1,444	1,121	943	818	784
Other assets	12,961	11,444	11,889	11,210	10,858
Total Assets	$211,459	$211,116	$207,731	$205,390	$206,899

Liabilities
Deposits:
Demand	$65,590	$65,088	$63,879	$62,760	$61,363


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
	2022		2021		2021		2021		2021
Net interest income	$1,195		$1,197		$1,189		$1,208		$1,176
Add: Taxable equivalent adjustment	3		3		3		3		3
Net interest income (FTE) (a)	1,198		1,200		1,192		1,211		1,179

Net interest income (annualized) (b)	4,846		4,749		4,717		4,845		4,769
Net interest income (FTE) (annualized) (c)	4,859		4,761		4,729		4,857		4,782






Interest income	1,289		1,294		1,292		1,323		1,302
Add: Taxable equivalent adjustment	3		3		3		3		3
Interest income (FTE)	1,292		1,297		1,295		1,326		1,305
Interest income (FTE) (annualized) (d)	5,240		5,146		5,138		5,319		5,293

Interest expense (annualized) (e)	381		385		409		461		511
Average interest-earning assets (f)	187,894		187,045		182,801		184,918		182,715
Average interest-bearing liabilities (g)	116,764		115,725		113,548		115,951		116,684

Net interest margin (b) / (f)	2.58	%	2.54	%	2.58	%	2.62	%	2.61	%
Net interest margin (FTE) (c) / (f)	2.59	%	2.55	%	2.59	%	2.63	%	2.62	%

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

Income before income taxes	$612		$829		$895		$911		$883
Add: Taxable equivalent adjustment	3		3		3		3		3
Income before income taxes (FTE)	$615		$832		$898		$914		$886

Net income available to common shareholders	$474		$627		$684		$674		$674
Add: Intangible amortization, net of tax	9		9		9		8		9
Tangible net income available to common shareholders (h)	483		636		693		682		683
Tangible net income available to common shareholders (annualized) (i)	1,959		2,523		2,749		2,735		2,770