FITB 8-K

Fifth Third Bancorp (FITB)

8-K 2023-07-20 For: 2023-07-20

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Added on April 10, 2026

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						FIFTH THIRD BANCORP
						(Registrant)

Date: July 20, 2023						/s/ James C. Leonard

						James C. Leonard
						Executive Vice President and Chief Financial Officer



Key Financial Data							Key Highlights

$ in millions for all balance sheet and income statement items
	2Q23		1Q23		2Q22		Stability: •Period-end total deposits increased 1% compared to 1Q23; average total deposits were flat sequentially •Strong credit quality metrics; net charge-off ratio of 0.29%, 30-89 day early stage delinquencies of 0.28%, and NPA ratio of 0.54% •ACL of 2.08%, an increase of 9 bps from 1Q23, reflecting the impact of Dividend Finance and the macroeconomic forecast Profitability: Compared to 2Q22 •Revenue increased 8%, PPNR(a) increased 6% (adjusted PPNR(a) increased 8%), and net income increased 7% •Tangible book value per share ex. AOCI(a) increased 11%; CET1 increased to 9.5% •Adjusted ROTCE ex. AOCI(a) of 15.4% increased 20 basis points •De-emphasizing indirect secured consumer lending, including reducing auto originations ~15% through exit of select non-core states Growth: •Generated consumer household growth of 3% compared to 2Q22 •Acquisition of Rize Money accelerates embedded payments capabilities, including launching "Newline by Fifth Third"

Income Statement Data
Net income available to common shareholders	$562		$535		$526
Net interest income (U.S. GAAP)	1,457		1,517		1,339
Net interest income (FTE)(a)	1,463		1,522		1,342
Noninterest income	726		696		676
Noninterest expense	1,231		1,331		1,112

Per Share Data
Earnings per share, basic	$0.82		$0.78		$0.76
Earnings per share, diluted	0.82		0.78		0.76
Book value per share	23.05		23.87		24.56
Tangible book value per share(a)	15.61		16.41		17.10

Balance Sheet & Credit Quality
Average portfolio loans and leases	$123,327		$122,812		$117,693
Average deposits	160,857		160,645		162,890
Accumulated other comprehensive loss	(5,166)		(4,245)		(2,644)
Net charge-off ratio(b)	0.29	%	0.26	%	0.21	%
Nonperforming asset ratio(c)	0.54		0.51		0.47

Financial Ratios
Return on average assets	1.17	%	1.10	%	1.09	%
Return on average common equity	13.9		13.7		12.3
Return on average tangible common equity(a)	20.5		20.5		17.5
CET1 capital(d)(e)	9.53		9.28		8.95
Net interest margin(a)	3.10		3.29		2.92
Efficiency(a)	56.2		60.0		55.1
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
	2023	2023	2022	Seq	Yr/Yr
Condensed Statements of Income
Net interest income (NII)(a)	$1,463	$1,522	$1,342	(4)%	9%
Provision for credit losses	177	164	179	8%	(1)%
Noninterest income	726	696	676	4%	7%
Noninterest expense	1,231	1,331	1,112	(8)%	11%
Income before income taxes(a)	$781	$723	$727	8%	7%

Taxable equivalent adjustment	$6	$5	$3	20%	100%
Applicable income tax expense	174	160	162	9%	7%
Net income	$601	$558	$562	8%	7%
Dividends on preferred stock	39	23	36	70%	8%
Net income available to common shareholders	$562	$535	$526	5%	7%
Earnings per share, diluted	$0.82	$0.78	$0.76	5%	8%


Net Interest Income
(FTE; $ in millions)(a)	For the Three Months Ended						% Change
	June		March		June
	2023		2023		2022		Seq	Yr/Yr
Interest Income
Interest income	$2,376		$2,218		$1,467		7%	62%
Interest expense	913		696		125		31%	630%
Net interest income (NII)	$1,463		$1,522		$1,342		(4)%	9%


Average Yield/Rate Analysis							bps Change
Yield on interest-earning assets	5.04	%	4.80	%	3.19	%	24	185
Rate paid on interest-bearing liabilities	2.72	%	2.18	%	0.43	%	54	229

Ratios
Net interest rate spread	2.32	%	2.62	%	2.76	%	(30)	(44)
Net interest margin (NIM)	3.10	%	3.29	%	2.92	%	(19)	18


Noninterest Income
($ in millions)	For the Three Months Ended			% Change
	June	March	June
	2023	2023	2022	Seq	Yr/Yr
Noninterest Income
Service charges on deposits	$144	$137	$154	5%	(6)%
Commercial banking revenue	146	161	137	(9)%	7%
Mortgage banking net revenue	59	69	31	(14)%	90%
Wealth and asset management revenue	143	146	140	(2)%	2%
Card and processing revenue	106	100	105	6%	1%
Leasing business revenue	47	57	56	(18)%	(16)%
Other noninterest income	74	22	85	236%	(13)%
Securities gains (losses), net	7	4	(32)	75%	NM
Securities losses, net - non-qualifying hedges
on mortgage servicing rights	—	—	—	NM	NM
Total noninterest income	$726	$696	$676	4%	7%


Noninterest Income excluding certain items
($ in millions)	For the Three Months Ended
	June	March	June	% Change
	2023	2023	2022	Seq	Yr/Yr
Noninterest Income excluding certain items
Noninterest income (U.S. GAAP)	$726	$696	$676
Valuation of Visa total return swap	30	31	18
Net disposition charges/(gain)	—	—	6
Securities (gains)/losses, net	(7)	(4)	32
Noninterest income excluding certain items(a)	$749	$723	$732	4%	2%


Noninterest Expense excluding certain item(s)
($ in millions)	For the Three Months Ended			% Change
	June	March	June
	2023	2023	2022	Seq	Yr/Yr
Noninterest Expense excluding certain item(s)
Noninterest expense (U.S. GAAP)	$1,231	$1,331	$1,112
Restructuring severance expense	(12)	(12)	—
Noninterest expense excluding certain item(s)(a)	$1,219	$1,319	$1,112	(8)%	10%


Average Interest-Earning Assets
($ in millions)	For the Three Months Ended			% Change
	June	March	June
	2023	2023	2022	Seq	Yr/Yr
Average Portfolio Loans and Leases
Commercial loans and leases:
Commercial and industrial loans	$58,137	$58,149	$55,460	—	5%
Commercial mortgage loans	11,373	11,121	10,710	2%	6%
Commercial construction loans	5,535	5,507	5,356	1%	3%
Commercial leases	2,700	2,662	2,839	1%	(5)%
Total commercial loans and leases	$77,745	$77,439	$74,365	—	5%
Consumer loans:
Residential mortgage loans	$17,517	$17,581	$17,363	—	1%
Home equity	3,937	4,005	3,895	(2)%	1%
Indirect secured consumer loans	16,281	16,598	17,241	(2)%	(6)%
Credit card	1,783	1,780	1,704	—	5%
Other consumer loans	6,064	5,409	3,125	12%	94%
Total consumer loans	$45,582	$45,373	$43,328	—	5%
Total average portfolio loans and leases	$123,327	$122,812	$117,693	—	5%

Memo:
Average PPP loans	$37	$66	$549	(44)%	(93)%
Average portfolio commercial and industrial loans - excl. PPP loans	$58,100	$58,083	$54,911	—	6%

Average Loans and Leases Held for Sale
Commercial loans and leases held for sale	$19	$56	$7	(66)%	171%
Consumer loans held for sale	641	747	2,536	(14)%	(75)%
Total average loans and leases held for sale	$660	$803	$2,543	(18)%	(74)%

Total average loans and leases	$123,987	$123,615	$120,236	—	3%

Securities (taxable and tax-exempt)	$57,267	$58,514	$54,538	(2)%	5%
Other short-term investments	7,806	5,278	9,632	48%	(19)%
Total average interest-earning assets	$189,060	$187,407	$184,406	1%	3%


Average Wholesale Funding
	($ in millions)	For the Three Months Ended			% Change
		June	March	June
		2023	2023	2022	Seq	Yr/Yr
	Average Wholesale Funding
	CDs over $250,000	$5,375	$4,348	$662	24%	712%

	Federal funds purchased	376	487	392	(23)%	(4)%
	Securities sold under repurchase agreements	361	327	488	10%	(26)%
	FHLB advances	6,589	4,803	2,743	37%	140%
	Derivative collateral and other secured borrowings	79	245	340	(68)%	(77)%
	Long-term debt	12,848	13,510	11,164	(5)%	15%
	Total average wholesale funding	$25,628	$23,720	$15,789	8%	62%

	CDs over $250,000 includes $4.9 billion of retail brokered certificates of deposit which are covered by FDIC insurance as of the second quarter of 2023.


Credit Quality Summary
($ in millions)	As of and For the Three Months Ended
	June		March		December		September		June
	2023		2023		2022		2022		2022

Total nonaccrual portfolio loans and leases (NPLs)	$629		$593		$515		$522		$539
Repossessed property	8		8		6		6		6
OREO	24		22		18		18		14
Total nonperforming portfolio loans and leases and OREO (NPAs)	$661		$623		$539		$546		$559

NPL ratio(h)	0.52	%	0.48	%	0.42	%	0.44	%	0.45	%
NPA ratio(c)	0.54	%	0.51	%	0.44	%	0.46	%	0.47	%

Portfolio loans and leases 30-89 days past due (accrual)	$339		$317		$364		$335		$294
Portfolio loans and leases 90 days past due (accrual)	51		46		40		59		39

30-89 days past due as a % of portfolio loans and leases	0.28	%	0.26	%	0.30	%	0.28	%	0.25	%
90 days past due as a % of portfolio loans and leases	0.04	%	0.04	%	0.03	%	0.05	%	0.03	%

Allowance for loan and lease losses (ALLL), beginning	$2,215		$2,194		$2,099		$2,014		$1,908
Impact of adoption of ASU 2022-02	—		(49)		—		—		—
Total net losses charged-off	(90)		(78)		(68)		(62)		(62)
Provision for loan and lease losses	202		148		163		147		168
ALLL, ending	$2,327		$2,215		$2,194		$2,099		$2,014

Reserve for unfunded commitments, beginning	$232		$216		$199		$188		$177
(Benefit from) provision for the reserve for unfunded commitments	(25)		16		17		11		11
Reserve for unfunded commitments, ending	$207		$232		$216		$199		$188

Total allowance for credit losses (ACL)	$2,534		$2,447		$2,410		$2,298		$2,202

ACL ratios:
As a % of portfolio loans and leases	2.08	%	1.99	%	1.98	%	1.91	%	1.85	%
As a % of nonperforming portfolio loans and leases	403	%	413	%	468	%	440	%	408	%
As a % of nonperforming portfolio assets	383	%	393	%	447	%	420	%	394	%

ALLL as a % of portfolio loans and leases	1.91	%	1.80	%	1.81	%	1.75	%	1.70	%

Total losses charged-off	$(121)		$(110)		$(103)		$(104)		$(90)
Total recoveries of losses previously charged-off	31		32		35		42		28
Total net losses charged-off	$(90)		$(78)		$(68)		$(62)		$(62)

Net charge-off ratio (NCO ratio)(b)	0.29	%	0.26	%	0.22	%	0.21	%	0.21	%
Commercial NCO ratio	0.16	%	0.17	%	0.13	%	0.17	%	0.19	%
Consumer NCO ratio	0.50	%	0.42	%	0.38	%	0.28	%	0.24	%


Capital Position
	As of and For the Three Months Ended
	June		March	December	September	June
	2023		2023	2022	2022	2022
Capital Position
Average total Bancorp shareholders' equity as a % of average assets	8.90	%	8.77%	8.18%	9.13%	9.35	%
Tangible equity(a)	8.58	%	8.39%	8.31%	8.18%	8.05	%
Tangible common equity (excluding AOCI)(a)	7.57	%	7.38%	7.30%	7.16%	7.01	%
Tangible common equity (including AOCI)(a)	5.26	%	5.49%	5.00%	4.75%	5.82	%

Regulatory Capital Ratios(d)(e)
CET1 capital	9.53	%	9.28%	9.28%	9.14%	8.95	%
Tier 1 risk-based capital	10.78	%	10.53%	10.53%	10.40%	10.23	%
Total risk-based capital	12.89	%	12.64%	12.79%	12.64%	12.47	%
Leverage	8.81	%	8.67%	8.56%	8.44%	8.30	%




			Financial Highlights			14-15
			Consolidated Statements of Income			16-17
			Consolidated Balance Sheets			18-19
			Consolidated Statements of Changes in Equity			20
			Average Balance Sheets and Yield/Rate 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		As of and For the Three Months Ended						% / bps								% / bps
$ in millions, except per share data								Change				Year to Date				Change
(unaudited)		June		March		June						June		June
		2023		2023		2022		Seq		Yr/Yr		2023		2022		Yr/Yr
Income Statement Data
Net interest income		$1,457		$1,517		$1,339		(4%)		9%		$2,974		$2,534		17%
Net interest income (FTE)(a)		1,463		1,522		1,342		(4%)		9%		2,985		2,541		17%
Noninterest income		726		696		676		4%		7%		1,422		1,359		5%
	Total revenue (FTE)(a)	2,189		2,218		2,018		(1%)		8%		4,407		3,900		13%
Provision for credit losses		177		164		179		8%		(1%)		341		224		52%
Noninterest expense		1,231		1,331		1,112		(8%)		11%		2,562		2,334		10%
Net income		601		558		562		8%		7%		1,159		1,056		10%
Net income available to common shareholders		562		535		526		5%		7%		1,097		1,000		10%

Earnings Per Share Data
Net income allocated to common shareholders		$562		$535		$525		5%		7%		$1,097		$999		10%
Average common shares outstanding (in thousands):
	Basic	684,029		684,017		689,019		—		(1%)		684,023		688,282		(1%)
	Diluted	686,386		689,566		694,805		—		(1%)		687,967		695,520		(1%)
Earnings per share, basic		$0.82		$0.78		$0.76		5%		8%		$1.60		$1.45		10%
Earnings per share, diluted		0.82		0.78		0.76		5%		8%		1.59		1.44		10%

Common Share Data
Cash dividends per common share		$0.33		$0.33		$0.30		—		10%		$0.66		$0.60		10%
Book value per share		23.05		23.87		24.56		(3%)		(6%)		23.05		24.56		(6%)
Market value per share		26.21		26.64		33.60		(2%)		(22%)		26.21		33.60		(22%)
Common shares outstanding (in thousands)		680,850		680,537		686,152		—		(1%)		680,850		686,152		(1%)
Market capitalization		$17,845		$18,129		$23,055		(2%)		(23%)		$17,845		$23,055		(23%)

Financial Ratios
Return on average assets		1.17	%	1.10	%	1.09	%	7		8		1.14	%	1.03	%	11
Return on average common equity		13.9	%	13.7	%	12.3	%	20		160		13.8	%	11.1	%	270
Return on average tangible common equity(a)		20.5	%	20.5	%	17.5	%	—		300		20.5	%	15.3	%	520
Noninterest income as a percent of total revenue(a)		33	%	31	%	33	%	200		—		32	%	35	%	(300)
Dividend payout		40.2	%	42.3	%	39.5	%	(210)		70		41.3	%	41.4	%	(10)
Average total Bancorp shareholders’ equity as a percent of average assets		8.90	%	8.77	%	9.35	%	13		(45)		8.83	%	9.79	%	(96)
Tangible common equity(a)		7.57	%	7.38	%	7.01	%	19		56		7.57	%	7.01	%	56
Net interest margin (FTE)(a)		3.10	%	3.29	%	2.92	%	(19)		18		3.20	%	2.75	%	45
Efficiency (FTE)(a)		56.2	%	60.0	%	55.1	%	(380)		110		58.1	%	59.8	%	(170)
Effective tax rate		22.5	%	22.3	%	22.4	%	20		10		22.4	%	20.9	%	150

Credit Quality
Net losses charged-off		$90		$78		$62		15	%	45	%	$168		$96		75	%
Net losses charged-off as a percent of average portfolio loans and leases (annualized)		0.29	%	0.26	%	0.21	%	3		8		0.27	%	0.17	%	10
ALLL as a percent of portfolio loans and leases		1.91	%	1.80	%	1.70	%	11		21		1.91	%	1.70	%	21
ACL as a percent of portfolio loans and leases(g)		2.08	%	1.99	%	1.85	%	9		23		2.08	%	1.85	%	23
Nonperforming portfolio assets as a percent of portfolio loans and leases and OREO		0.54	%	0.51	%	0.47	%	3		7		0.54	%	0.47	%	7

Average Balances
Loans and leases, including held for sale		$123,987		$123,615		$120,236		—		3%		$123,802		$118,708		4%
Securities and other short-term investments		65,073		63,792		64,170		2%		1%		64,436		67,431		(4%)
Assets		206,079		205,084		205,897		—		—		205,584		207,515		(1%)
Transaction deposits(b)		147,723		151,124		160,035		(2%)		(8%)		149,414		163,016		(8%)
Core deposits(c)		155,482		156,297		162,228		(1%)		(4%)		155,887		165,300		(6%)
Wholesale funding(d)		25,628		23,720		15,789		8%		62%		24,680		14,188		74%
Bancorp shareholders' equity		18,344		17,977		19,248		2%		(5%)		18,162		20,319		(11%)

Regulatory Capital Ratios(e)(f)
CET1 capital		9.53	%	9.28	%	8.95	%	25		58		9.53	%	8.95	%	58
Tier 1 risk-based capital		10.78	%	10.53	%	10.23	%	25		55		10.78	%	10.23	%	55
Total risk-based capital		12.89	%	12.64	%	12.47	%	25		42		12.89	%	12.47	%	42
Leverage		8.81	%	8.67	%	8.30	%	14		51		8.81	%	8.30	%	51

Additional Metrics
Banking centers		1,072		1,069		1,080		—		(1%)		1,072		1,080		(1%)
ATMs		2,114		2,118		2,153		—		(2%)		2,114		2,153		(2%)
Full-time equivalent employees		19,225		19,474		19,119		(1%)		1%		19,225		19,119		1%
Assets under care ($ in billions)(h)		$554		$542		$512		2%		8%		$554		$512		8%
Assets under management ($ in billions)(h)		59		57		54		4%		9%		59		54		9%


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
	2023	2023	2022	Seq	Yr/Yr	2023	2022	Yr/Yr
Interest Income
Interest and fees on loans and leases	$1,831	$1,714	$1,081	7%	69%	$3,545	$2,062	72%
Interest on securities	437	439	369	—	18%	876	663	32%
Interest on other short-term investments	102	60	14	70%	629%	162	27	500%
Total interest income	2,370	2,213	1,464	7%	62%	4,583	2,752	67%

Interest Expense
Interest on deposits	655	478	25	37%	NM	1,133	36	NM
Interest on federal funds purchased	5	5	1	—	400%	10	1	900%
Interest on other short-term borrowings	90	57	12	58%	650%	147	13	NM
Interest on long-term debt	163	156	87	4%	87%	319	168	90%
Total interest expense	913	696	125	31%	630%	1,609	218	638%

Net Interest Income	1,457	1,517	1,339	(4%)	9%	2,974	2,534	17%

Provision for credit losses	177	164	179	8%	(1%)	341	224	52%
Net Interest Income After Provision for Credit Losses	1,280	1,353	1,160	(5%)	10%	2,633	2,310	14%

Noninterest Income
Service charges on deposits	144	137	154	5%	(6%)	281	306	(8%)
Commercial banking revenue	146	161	137	(9%)	7%	307	272	13%
Mortgage banking net revenue	59	69	31	(14%)	90%	127	83	53%
Wealth and asset management revenue	143	146	140	(2%)	2%	289	289	—
Card and processing revenue	106	100	105	6%	1%	206	201	2%
Leasing business revenue	47	57	56	(18%)	(16%)	104	118	(12%)
Other noninterest income	74	22	85	236%	(13%)	97	138	(30%)
Securities gains (losses), net	7	4	(32)	75%	NM	11	(47)	NM
Securities losses, net - non-qualifying hedges on mortgage servicing rights	—	—	—	NM	NM	—	(1)	(100%)
Total noninterest income	726	696	676	4%	7%	1,422	1,359	5%

Noninterest Expense
Compensation and benefits	650	757	584	(14%)	11%	1,407	1,295	9%
Net occupancy expense	83	81	75	2%	11%	164	152	8%
Technology and communications	114	118	98	(3%)	16%	232	199	17%
Equipment expense	36	37	36	(3%)	—	73	72	1%
Card and processing expense	20	22	20	(9%)	—	42	38	11%
Leasing business expense	31	34	31	(9%)	—	65	63	3%
Marketing expense	31	29	28	7%	11%	60	52	15%
Other noninterest expense	266	253	240	5%	11%	519	463	12%
Total noninterest expense	1,231	1,331	1,112	(8%)	11%	2,562	2,334	10%
Income Before Income Taxes	775	718	724	8%	7%	1,493	1,335	12%
Applicable income tax expense	174	160	162	9%	7%	334	279	20%
Net Income	601	558	562	8%	7%	1,159	1,056	10%
Dividends on preferred stock	39	23	36	70%	8%	62	56	11%
Net Income Available to Common Shareholders	$562	$535	$526	5%	7%	$1,097	$1,000	10%


Fifth Third Bancorp and Subsidiaries
Average Balance Sheet and Yield/Rate Analysis	For the Three Months Ended
$ in millions	June			March			June
(unaudited)	2023			2023			2022
	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)	$58,152	6.78	%	$58,204	6.41	%	$55,466	3.59	%
Commercial mortgage loans(a)	11,374	5.92	%	11,121	5.54	%	10,710	3.34	%
Commercial construction loans(a)	5,535	6.80	%	5,507	6.50	%	5,356	3.69	%
Commercial leases(a)	2,703	3.54	%	2,663	3.48	%	2,840	2.93	%
Total commercial loans and leases	77,764	6.54	%	77,495	6.19	%	74,372	3.54	%
Residential mortgage loans	18,158	3.39	%	18,329	3.39	%	19,899	3.12	%
Home equity	3,937	7.39	%	4,006	6.47	%	3,895	3.81	%
Indirect secured consumer loans	16,281	4.19	%	16,598	3.95	%	17,241	3.17	%
Credit card	1,783	13.93	%	1,780	14.16	%	1,704	12.29	%
Other consumer loans	6,064	7.21	%	5,407	6.95	%	3,125	5.99	%
Total consumer loans	46,223	4.92	%	46,120	4.69	%	45,864	3.73	%
Total loans and leases	123,987	5.94	%	123,615	5.63	%	120,236	3.61	%
Securities:
Taxable securities	55,771	3.07	%	57,110	3.06	%	53,475	2.73	%
Tax exempt securities(a)	1,496	3.19	%	1,404	3.11	%	1,063	2.47	%
Other short-term investments	7,806	5.24	%	5,278	4.65	%	9,632	0.60	%
Total interest-earning assets	189,060	5.04	%	187,407	4.80	%	184,406	3.19	%
Cash and due from banks	2,622			3,136			3,118
Other assets	16,613			16,687			20,282
Allowance for loan and lease losses	(2,216)			(2,146)			(1,909)
Total Assets	$206,079			$205,084			$205,897

Liabilities
Interest-bearing liabilities:
Interest checking deposits	$50,472	2.81	%	$48,717	2.34	%	$44,349	0.15	%
Savings deposits	21,675	0.72	%	23,107	0.59	%	23,708	0.03	%
Money market deposits	28,913	1.86	%	28,420	1.20	%	29,284	0.06	%
Foreign office deposits	143	1.25	%	143	1.91	%	139	0.13	%
CDs $250,000 or less	7,759	3.48	%	5,173	2.67	%	2,193	0.09	%
Total interest-bearing core deposits	108,962	2.19	%	105,560	1.67	%	99,673	0.09	%
CDs over $250,000	5,375	4.53	%	4,348	4.15	%	662	1.08	%

Total interest-bearing deposits	114,337	2.30	%	109,908	1.76	%	100,335	0.10	%
Federal funds purchased	376	5.11	%	487	4.55	%	392	0.82	%
Securities sold under repurchase agreements	361	1.17	%	327	0.73	%	488	0.08	%
FHLB advances	6,589	5.23	%	4,803	4.44	%	2,743	1.41	%
Derivative collateral and other secured borrowings	79	15.07	%	245	5.90	%	340	3.12	%
Long-term debt	12,848	5.12	%	13,510	4.68	%	11,164	3.09	%
Total interest-bearing liabilities	134,590	2.72	%	129,280	2.18	%	115,462	0.43	%
Demand deposits	46,520			50,737			62,555
Other liabilities	6,625			7,090			8,632
Total Liabilities	187,735			187,107			186,649
Total Equity	18,344			17,977			19,248
Total Liabilities and Equity	$206,079			$205,084			$205,897
Ratios:
Net interest margin (FTE)(b)		3.10	%		3.29	%		2.92	%
Net interest rate spread (FTE)(b)		2.32	%		2.62	%		2.76	%
Interest-bearing liabilities to interest-earning assets		71.19	%		68.98	%		62.61	%
(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
Consolidated Balance Sheets
$ in millions, except per share data	As of
(unaudited)	June	March	December	September	June
	2023	2023	2022	2022	2022
Assets
Cash and due from banks	$2,594	$2,780	$3,466	$3,068	$3,437
Other short-term investments	10,943	9,794	8,351	6,594	7,419
Available-for-sale debt and other securities(a)	49,329	50,719	51,503	51,289	52,837
Held-to-maturity securities(b)	2	2	5	5	5
Trading debt securities	1,139	1,174	414	414	293
Equity securities	331	323	317	315	326
Loans and leases held for sale	760	749	1,007	1,940	2,542
Portfolio loans and leases:
Commercial and industrial loans	56,897	57,720	57,232	56,437	56,095
Commercial mortgage loans	11,310	11,228	11,020	10,947	10,748
Commercial construction loans	5,475	5,548	5,433	5,573	5,357
Commercial leases	2,670	2,743	2,704	2,821	2,850
Total commercial loans and leases	76,352	77,239	76,389	75,778	75,050
Residential mortgage loans	17,503	17,608	17,628	17,600	17,566
Home equity	3,911	3,958	4,039	4,000	3,906
Indirect secured consumer loans	16,097	16,484	16,552	16,646	17,017
Credit card	1,818	1,761	1,874	1,770	1,763
Other consumer loans	6,210	5,807	4,998	4,205	3,521
Total consumer loans	45,539	45,618	45,091	44,221	43,773
Portfolio loans and leases	121,891	122,857	121,480	119,999	118,823
Allowance for loan and lease losses	(2,327)	(2,215)	(2,194)	(2,099)	(2,014)
Portfolio loans and leases, net	119,564	120,642	119,286	117,900	116,809
Bank premises and equipment	2,275	2,219	2,187	2,155	2,118
Operating lease equipment	537	578	627	612	600
Goodwill	4,919	4,915	4,915	4,925	4,926
Intangible assets	146	157	169	181	194
Servicing rights	1,764	1,725	1,746	1,732	1,582
Other assets	12,973	12,880	13,459	14,333	13,694
Total Assets	$207,276	$208,657	$207,452	$205,463	$206,782

Liabilities
Deposits:
Demand	$45,264	$49,649	$53,125	$57,601	$60,859


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
		2023		2023		2022		2022		2022
Net interest income		$1,457		$1,517		$1,577		$1,498		$1,339
Add: Taxable equivalent adjustment		6		5		5		4		3
Net interest income (FTE) (a)		1,463		1,522		1,582		1,502		1,342

Net interest income (annualized) (b)		5,844		6,152		6,257		5,943		5,371
Net interest income (FTE) (annualized) (c)		5,868		6,173		6,276		5,959		5,383

Interest income		2,370		2,213		2,075		1,760		1,464
Add: Taxable equivalent adjustment		6		5		5		4		3
Interest income (FTE)		2,376		2,218		2,080		1,764		1,467
Interest income (FTE) (annualized) (d)		9,530		8,995		8,252		6,998		5,884

Interest expense (annualized) (e)		3,662		2,823		1,976		1,039		501
Average interest-earning assets (f)		189,060		187,407		187,640		185,378		184,406
Average interest-bearing liabilities (g)		134,590		129,280		126,390		119,773		115,462

Net interest margin (b) / (f)		3.09	%	3.28	%	3.33	%	3.21	%	2.91	%
Net interest margin (FTE) (c) / (f)		3.10	%	3.29	%	3.35	%	3.22	%	2.92	%
Net interest rate spread (FTE) (d) / (f) - (e) / (g)		2.32	%	2.62	%	2.84	%	2.91	%	2.76	%

Income before income taxes		$775		$718		$914		$845		$724
Add: Taxable equivalent adjustment		6		5		5		4		3
Income before income taxes (FTE)		781		723		919		849		727

Net income available to common shareholders		562		535		699		631		526
Add: Intangible amortization, net of tax		8		9		10		10		9
Tangible net income available to common shareholders (h)		570		544		709		641		535
Tangible net income available to common shareholders (annualized) (i)		2,286		2,206		2,813		2,543		2,146

Average Bancorp shareholders’ equity		18,344		17,977		16,857		18,864		19,248
Less:	Average preferred stock	(2,116)		(2,116)		(2,116)		(2,116)		(2,116)
	Average goodwill	(4,919)		(4,915)		(4,925)		(4,926)		(4,744)
	Average intangible assets	(152)		(163)		(176)		(188)		(158)
Average tangible common equity, including AOCI (j)		11,157		10,783		9,640		11,634		12,230