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Form 8-K FIFTH THIRD BANCORP For: Jul 25

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July 25, 2022 8:31 AM EDT

Exhibit 99.1
Key Financial Data
$ millions for all balance sheet and income statement items
2Q22
1Q22
2Q21
Income Statement Data
Net income available to common shareholders$526$474$674
Net interest income (U.S. GAAP)1,3391,1951,208
Net interest income (FTE)(a)
1,3421,1981,211
Noninterest income676684741
Noninterest expense1,1121,2221,153
Per Share Data
Earnings per share, basic$0.76$0.69$0.95
Earnings per share, diluted0.760.680.94
Book value per share24.5626.3329.57
Tangible book value per share(a)
17.1019.5423.34
Balance Sheet & Credit Quality
Average portfolio loans and leases$117,693$113,467$108,534
Average deposits162,890168,662162,619
Net charge-off ratio(b)
0.21%0.12%0.16%
Nonperforming asset ratio(c)
0.470.490.61
Financial Ratios
Return on average assets1.09%0.96%1.38%
Return on average common equity12.310.013.0
Return on average tangible common equity(a)
17.513.416.6
CET1 capital(d)(e)
8.969.3110.37
Net interest margin(a)
2.922.592.63
Efficiency(a)
55.164.959.1
Other than the Quarterly Financial Review tables, 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
JuneMarchJune
202220222021SeqYr/Yr
Condensed Statements of Income
Net interest income (NII)(a)
$1,342$1,198$1,21112%11%
Provision for (benefit from) credit losses17945(115)298%NM
Noninterest income676684741(1)%(9)%
Noninterest expense1,1121,2221,153(9)%(4)%
Income before income taxes(a)
$727$615$91418%(20)%
Taxable equivalent adjustment$3$3$3——
Applicable income tax expense16211820237%(20)%
Net income$562$494$70914%(21)%
Dividends on preferred stock36203580%3%
Net income available to common shareholders$526$474$67411%(22)%
Earnings per share, diluted$0.76$0.68$0.9412%(19)%
Fifth Third Bancorp (NASDAQ®: FITB) today reported second quarter 2022 net income of $562 million compared to net income of $494 million in the prior quarter and $709 million in the year-ago quarter. Net income available to common shareholders in the current quarter was $526 million, or $0.76 per diluted share, compared to $474 million, or $0.68 per diluted share, in the prior quarter and $674 million, or $0.94 per diluted share, in the year-ago quarter.

Diluted earnings per share impact of certain item(s) - 2Q22
(after-tax impact(f); $ in millions, except per share data)
Valuation of Visa total return swap (noninterest income)$(14)
Business disposition charges (noninterest income)(5)
After-tax impact(f) of certain items
$(19)
Diluted earnings per share impact of certain item(s)1
$(0.03)
1Diluted earnings per share impact reflects 694.805 million average diluted shares outstanding




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Net Interest Income
(FTE; $ in millions)(a)
For the Three Months Ended% Change
JuneMarchJune
202220222021SeqYr/Yr
Interest Income
Interest income$1,467 $1,292 $1,326 14%11%
Interest expense1259411533%9%
Net interest income (NII)$1,342 $1,198 $1,211 12%11%
Average Yield/Rate Analysisbps Change
Yield on interest-earning assets3.19 %2.79 %2.88 %4031
Rate paid on interest-bearing liabilities0.43 %0.33 %0.40 %103
Ratios
Net interest rate spread2.76 %2.46 %2.48 %3028
Net interest margin (NIM)2.92 %2.59 %2.63 %3329
Compared to the prior quarter, NII increased $144 million, or 12%, primarily reflecting higher market rates, as well as growth in investment portfolio balances and commercial & industrial (C&I) loan balances, partially offset by a reduction in prepayment penalties received in the investment portfolio (approximately $5 million in the current quarter compared to $24 million in the prior quarter) as well as lower interest income from government guaranteed mortgage buyouts. PPP-related income was $12 million in the current quarter compared to $20 million in the prior quarter. Compared to the prior quarter, NIM increased 33 bps, reflecting the benefit of higher market rates as well as a decrease in other short-term investments (primarily interest-bearing cash), partially offset by a reduction in prepayment penalties received in the investment portfolio.
Compared to the year-ago quarter, NII increased $131 million, or 11%, reflecting the recent benefits of higher market rates, as well as growth in investment portfolio balances and C&I loan balances, partially offset by lower PPP-related income and lower interest income from government guaranteed mortgage buyouts. Compared to the year-ago quarter, NIM increased 29 bps, reflecting the benefit of higher market rates as well as a decrease in other short-term investments (primarily interest-bearing cash).
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Noninterest Income
($ in millions)For the Three Months Ended% Change
JuneMarchJune
202220222021SeqYr/Yr
Noninterest Income
Service charges on deposits$154$152$1491%3%
Commercial banking revenue1371351601%(14)%
Mortgage banking net revenue315264(40)%(52)%
Wealth and asset management revenue140149145(6)%(3)%
Card and processing revenue105971028%3%
Leasing business revenue566261(10)%(8)%
Other noninterest income85524963%73%
Securities (losses) gains, net(32)(14)10129%NM
Securities (losses) gains, net - non-qualifying hedges
   on mortgage servicing rights—(1)1(100)%(100)%
Total noninterest income$676$684$741(1)%(9)%
Reported noninterest income decreased $8 million, or 1%, from the prior quarter, and decreased $65 million, or 9%, from the year-ago quarter. The reported results reflect the impact of certain items in the table below. Reported current quarter results included $32 million of net securities losses, which included $26 million in net losses attributable to mark-to-market impacts related to investments supporting non-qualified deferred compensation plans, as well as a $3 million loss attributable to market value changes on Fifth Third's shares of AvidXchange Holdings, Inc.

Noninterest Income excluding certain items
($ in millions)For the Three Months Ended
JuneMarchJune
202220222021
Noninterest Income excluding certain items
Noninterest income (U.S. GAAP)$676 $684 $741 
Valuation of Visa total return swap181137
Business disposition charges6——
Securities losses/(gains), net3214(10)
Noninterest income excluding certain items(a)
$732 $709 $768 
Compared to the prior quarter, noninterest income excluding certain items increased $23 million, or 3%. Compared to the year-ago quarter, noninterest income excluding certain items decreased $36 million, or 5%.
Compared to the prior quarter, service charges on deposits increased $2 million, or 1%, primarily reflecting an increase in consumer deposit fees, as an increase in gross commercial treasury management revenue was offset by earnings credits. Commercial banking revenue increased $2 million, or 1%, primarily driven by M&A advisory revenue and higher customer financial risk management revenue, partially offset by a decrease in corporate bond fees. Mortgage banking net revenue decreased $21 million, or 40%, primarily reflecting a $28 million decrease from MSR net valuation adjustments, partially offset by a $10 million increase in mortgage servicing revenue. Wealth and asset management revenue decreased $9 million, or 6%, driven by the impact of lower market values and seasonally strong tax-related private client service revenue from the prior quarter. Card and processing revenue increased $8 million, or 8%, primarily driven by higher spend volumes, partially offset by higher rewards. Leasing business revenue decreased $6 million, or 10%, reflecting the disposition of LaSalle Solutions. The increase in other noninterest income was primarily attributable to higher private equity income.
Compared to the year-ago quarter, service charges on deposits increased $5 million, or 3%, primarily reflecting an increase in commercial treasury management fees. Commercial banking revenue decreased $23 million, or 14%, primarily
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driven by decreases in corporate bond fees and loan syndication revenue, partially offset by an increase in customer financial risk management revenue. Mortgage banking net revenue decreased $33 million, or 52%, reflecting a $58 million decrease in origination fees and gains on loan sales and a $16 million reduction from MSR net valuation adjustments, partially offset by a $22 million increase in mortgage servicing revenue and a $19 million decrease in MSR asset decay reflecting slower prepayment speeds. Wealth and asset management revenue decreased $5 million, or 3%, reflecting lower personal asset management revenue. Card and processing revenue increased $3 million, or 3%, primarily driven by higher spend volumes, partially offset by higher rewards. Leasing business revenue decreased $5 million, or 8%, reflecting the disposition of LaSalle Solutions, partially offset by an increase in lease syndication revenue. The increase in other noninterest income was primarily attributable to higher private equity income.

Noninterest Expense
($ in millions)For the Three Months Ended% Change
JuneMarchJune
202220222021SeqYr/Yr
Noninterest Expense
Compensation and benefits$584 $711 $638 (18)%(8)%
Net occupancy expense757777(3)%(3)%
Technology and communications9810194(3)%4%
Equipment expense363634—6%
Card and processing expense2019205%—
Leasing business expense313233(3)%(6)%
Marketing expense28242017%40%
Other noninterest expense2402222378%1%
Total noninterest expense$1,112 $1,222 $1,153 (9)%(4)%

Compared to the prior quarter, noninterest expense decreased $110 million, or 9%, driven by a decrease in compensation and benefits expense, reflecting seasonally-higher compensation in the prior quarter, lower incentive-based compensation due to the current market dynamics, and overall expense discipline throughout the firm. Noninterest expense in the current quarter included a $27 million benefit related to the impact of non-qualified deferred compensation mark-to-market (compared to a $12 million benefit in the prior quarter). Excluding the non-qualified deferred compensation impacts from both periods, total noninterest expense decreased $95 million, or 8%.

Compared to the year-ago quarter, noninterest expense decreased $41 million, or 4%, reflecting a decrease in compensation and benefits expense. This was partially offset by higher marketing expense and an increase in technology and communications expense related to continued modernization investments.
5

Average Interest-Earning Assets
($ in millions)For the Three Months Ended% Change
JuneMarchJune
202220222021SeqYr/Yr
Average Portfolio Loans and Leases
Commercial loans and leases:
Commercial and industrial loans$55,460 $52,554 $48,773 6%14%
Commercial mortgage loans10,71010,52110,4592%2%
Commercial construction loans5,3565,3716,043—(11)%
Commercial leases2,8392,9423,174(4)%(11)%
Total commercial loans and leases$74,365$71,388$68,4494%9%
Consumer loans:
Residential mortgage loans$17,363$16,501$15,8835%9%
Home equity3,8954,0094,674(3)%(17)%
Indirect secured consumer loans17,24117,13614,7021%17%
Credit card1,7041,6911,7701%(4)%
Other consumer loans3,1252,7423,05614%2%
Total consumer loans$43,328$42,079$40,0853%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$43,9637%25%
Average Loans and Leases Held for Sale
Commercial loans and leases held for sale$7$18$52(61)%(87)%
Consumer loans held for sale2,5363,6775,857(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$114,4433%5%
Securities (taxable and tax-exempt)$54,538$42,422$36,91729%48%
Other short-term investments9,63228,31033,558(66)%(71)%
Total average interest-earning assets$184,406$187,894$184,918(2)%—
Compared to the prior quarter, total average portfolio loans and leases increased 4%, reflecting an increase in both commercial and consumer portfolios. Average commercial portfolio loans and leases increased 4%, primarily reflecting C&I loan growth of 6%. Average consumer portfolio loans increased 3%, reflecting higher residential mortgage and other consumer loans (primarily from the Dividend Finance acquisition), partially offset by lower home equity balances.
Compared to the year-ago quarter, total average portfolio loans and leases increased 8%, reflecting an increase in both commercial and consumer portfolios. Average commercial portfolio loans and leases increased 9%, primarily reflecting C&I loan growth of 14%, partially offset by lower commercial construction loans. Average consumer portfolio loans increased 8%, as higher indirect secured consumer and residential mortgage loans were partially offset by lower home equity balances.
Average loans and leases held for sale were $3 billion in the current quarter compared to $4 billion in the prior quarter and $6 billion in the year-ago quarter. Current quarter average loans and leases held for sale were impacted by a decline in residential mortgage balances (primarily from a decline in government guaranteed mortgage buyouts).
Average securities (taxable and tax-exempt) of $55 billion in the current quarter increased $12 billion, or 29%, compared to the prior quarter and increased $18 billion, or 48%, compared to the year-ago quarter. Average other short-term investments (including interest-bearing cash) of $10 billion in the current quarter decreased $19 billion, or 66%, compared to the prior quarter and decreased $24 billion, or 71%, compared to the year-ago quarter.
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Total period-end commercial portfolio loans and leases of $75 billion increased 3% compared to the prior quarter, primarily reflecting C&I loan growth of 4%. Compared to the year-ago quarter, total period-end commercial portfolio loans increased 12%, primarily reflecting C&I loan growth of 18%, partially offset by lower commercial construction loan balances. Period-end commercial revolving line utilization was 37%, compared to 36% in the prior quarter and 31% in the year-ago quarter.
Period-end consumer portfolio loans of $44 billion increased 2% compared to the prior quarter, primarily reflecting higher other consumer loans (primarily from the Dividend Finance acquisition) and residential mortgage loans, partially offset by a decline in indirect secured consumer loan balances. Compared to the year-ago quarter, total period-end consumer portfolio loans increased 8%, reflecting an increase in indirect secured consumer loans and residential mortgage loans, partially offset by lower home equity balances.
Total period-end securities (taxable and tax-exempt; amortized cost) of $57 billion in the current quarter increased $6 billion, or 12%, compared to the prior quarter and increased $20 billion, or 54%, compared to the year-ago quarter. Period-end other short-term investments of $7 billion in the current quarter decreased $13 billion, or 64%, compared to the prior quarter and decreased $25 billion, or 77%, compared to the year-ago quarter.

Average Deposits
($ in millions)For the Three Months Ended% Change
JuneMarchJune
202220222021SeqYr/Yr
Average Deposits
Demand$62,555 $64,212 $61,994 (3)%1%
Interest checking44,34948,65945,307(9)%(2)%
Savings23,70822,77220,4944%16%
Money market29,28430,26330,844(3)%(5)%
Foreign office(g)
13912614010%(1)%
Total transaction deposits$160,035$166,032$158,779(4)%1%
CDs $250,000 or less2,1932,3763,514(8)%(38)%
Total core deposits$162,228$168,408$162,293(4)%—
CDs over $250,000 662254326161%103%
Total average deposits$162,890 $168,662 $162,619 (3)%—

Compared to the prior quarter, average core deposits decreased 4% as decreases in interest checking, demand deposit and money market balances (primarily reflecting runoff of excess and higher cost commercial deposits) were partially offset by increases in savings deposit balances. Average demand deposits represented 39% of total core deposits in the current quarter, relatively stable with the prior quarter. Average commercial transaction deposits decreased 8% and average consumer transaction deposits increased 1%.
Compared to the year-ago quarter, average core deposits were flat, as ongoing success in generating consumer household growth was offset by runoff of excess and higher cost commercial deposits. Average commercial transaction deposits decreased 5% and average consumer transaction deposits increased 7%.
The period end portfolio loan-to-core deposit ratio was 75% in the current quarter, compared to 68% in the prior quarter and 67% in the year-ago quarter.
7

Average Wholesale Funding
($ in millions)For the Three Months Ended% Change
JuneMarchJune
202220222021SeqYr/Yr
Average Wholesale Funding
CDs over $250,000 $662 $254 $326 161%103%
Federal funds purchased39225934651%13%
Other short-term borrowings3,5718901,097301%226%
Long-term debt11,16411,16513,883—(20)%
Total average wholesale funding$15,789$12,568$15,65226%1%
Compared to the prior quarter, average wholesale funding increased 26%, reflecting increases in other short-term borrowings, jumbo CD balances, and federal funds purchased. During the quarter, $700 million in long-term debt was retired and $1 billion in long-term debt was issued. Compared to the year-ago quarter, average wholesale funding increased 1%, reflecting increases in other short-term borrowings, jumbo CD balances, and federal funds purchased, partially offset by decreases in long-term debt.

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Credit Quality Summary
($ in millions)As of and For the Three Months Ended
JuneMarchDecemberSeptemberJune
20222022202120212021
Total nonaccrual portfolio loans and leases (NPLs)$539$534$498$528$621
Repossessed property65545
OREO1427242731
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)39501179283
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 losses16850(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 commitments11(5)(23)1616
Reserve for unfunded commitments, ending$188$177$182$205$189
Total allowance for credit losses (ACL)$2,202 $2,085 $2,074 $2,159 $2,222 
ACL ratios:
As a % of portfolio loans and leases1.85 % 1.80 % 1.85 % 2.00 % 2.06 % 
As a % of nonperforming portfolio loans and leases408 % 391 % 416 % 409 % 358 % 
As a % of nonperforming portfolio assets394 % 369 % 394 % 386 % 338 % 
ALLL as a % of portfolio loans and leases1.70 %1.65 %1.69 %1.81 %1.89 %
Total losses charged-off$(90)$(64)$(77)$(56)$(103)
Total recoveries of losses previously charged-off2830393559
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 ratio0.19 %0.05 %0.10 %0.03 %0.10 %
Consumer NCO ratio0.24 %0.25 %0.21 %0.16 %0.26 %
Nonperforming portfolio loans and leases were $539 million in the current quarter, with the resulting NPL ratio of 0.45%. Compared to the prior quarter, NPLs increased $5 million with the NPL ratio decreasing 1 bp. Compared to the year-ago quarter, NPLs decreased $82 million with the NPL ratio decreasing 13 bps.
Nonperforming portfolio assets were $559 million in the current quarter, with the resulting NPA ratio of 0.47%. Compared to the prior quarter, NPAs decreased $7 million with the NPA ratio decreasing 2 bps. Compared to the year-ago quarter, NPAs decreased $98 million with the NPA ratio decreasing 14 bps.
The provision for credit losses totaled $179 million in the current quarter, including approximately $53 million for the provision expense for loans and unfunded commitments associated with the Dividend Finance acquisition. The allowance for credit loss ratio represented 1.85% of total portfolio loans and leases at quarter end, compared with 1.80% for the prior
9

quarter end and 2.06% for the year-ago quarter end. In the current quarter, the allowance for credit losses represented 408% of nonperforming portfolio loans and leases and 394% of nonperforming portfolio assets.
Net charge-offs were $62 million in the current quarter, with the resulting NCO ratio of 0.21%. Compared to the prior quarter, net charge-offs increased $28 million and the NCO ratio increased 9 bps, reflecting higher charge-offs in the commercial portfolio. Compared to the year-ago quarter, net charge-offs increased $18 million and the NCO ratio increased 5 bps, reflecting higher commercial net charge-offs, offset by slightly lower consumer net charge-offs.

Capital Position
As of and For the Three Months Ended
JuneMarchDecemberSeptemberJune
20222022202120212021
Capital Position
Average total Bancorp shareholders' equity as a % of average assets9.35 %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 %
Leverage8.30 %8.32 %8.27%8.41%8.55 %
The CET1 capital ratio was 8.96%, the tangible common equity to tangible assets ratio was 7.01% excluding AOCI, and 5.82% including AOCI. The Tier 1 risk-based capital ratio was 10.24%, the Total risk-based capital ratio was 12.48%, and the Leverage ratio was 8.30%.
On June 27, 2022, Fifth Third released its indicative stress capital buffer requirement resulting from the Federal Reserve
Board’s 2022 annual bank stress test, incorporating the supervisory severely adverse scenario published in February 2022. Fifth Third’s indicative stress capital buffer under this scenario is 2.5%, effective October 1, 2022. The stress capital buffer of 2.5% is the floor under the regulatory capital rules.
10

Tax Rate
The effective tax rate was 22.4% compared with 19.2% in the prior quarter and 22.1% in the year-ago quarter.
Corporate Profile
Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio, and the indirect parent company of Fifth Third Bank, National Association, a federally chartered institution. As of June 30, 2022, the Company had $207 billion in assets and operates 1,080 full-service Banking Centers, and 2,153 Fifth Third branded ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Georgia, North Carolina and South Carolina. In total, Fifth Third provides its customers with access to approximately 56,000 fee-free ATMs across the United States. Fifth Third operates four main businesses: Commercial Banking, Branch Banking, Consumer Lending, and Wealth & Asset Management. Fifth Third is among the largest money managers in the Midwest and, as of June 30, 2022, had $512 billion in assets under care, of which it managed $54 billion for individuals, corporations and not-for-profit organizations through its Trust and Registered Investment Advisory businesses. Investor information and press releases can be viewed at www.53.com. Fifth Third’s common stock is traded on the NASDAQ® Global Select Market under the symbol “FITB.”

Earnings Release End Notes
(a)Non-GAAP measure; see discussion of non-GAAP reconciliation.
(b)Net losses charged-off as a percent of average portfolio loans and leases presented on an annualized basis.
(c)Nonperforming portfolio assets as a percent of portfolio loans and leases and OREO.
(d)Regulatory capital ratios are calculated pursuant to the five-year transition provision option to phase in the effects of CECL on regulatory capital after its adoption on January 1, 2020.
(e)Current period regulatory capital ratios are estimated.
(f)Assumes a 23% tax rate.
(g)Includes commercial customer Eurodollar sweep balances for which the Bank pays rates comparable to other commercial deposit accounts.
(h)Nonperforming portfolio loans and leases as a percent of portfolio loans and leases.




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FORWARD-LOOKING STATEMENTS

This release contains statements that we believe are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Rule 175 promulgated thereunder, and Section 21E of the Securities Exchange Act of 1934, as amended, and Rule 3b-6 promulgated thereunder. All statements other than statements of historical fact are forward-looking statements. These statements relate to our financial condition, results of operations, plans, objectives, future performance, capital actions or business. They usually can be identified by the use of forward-looking language such as “will likely result,” “may,” “are expected to,” “is anticipated,” “potential,” “estimate,” “forecast,” “projected,” “intends to,” or may include other similar words or phrases such as “believes,” “plans,” “trend,” “objective,” “continue,” “remain,” or similar expressions, or future or conditional verbs such as “will,” “would,” “should,” “could,” “might,” “can,” or similar verbs. You should not place undue reliance on these statements, as they are subject to risks and uncertainties, including but not limited to the risk factors set forth in our most recent Annual Report on Form 10-K as updated by our filings with the U.S. Securities and Exchange Commission (“SEC”).

There are a number of important factors that could cause future results to differ materially from historical performance and these forward-looking statements. Factors that might cause such a difference include, but are not limited to: (1) effects of the global COVID-19 pandemic; (2) deteriorating credit quality; (3) loan concentration by location or industry of borrowers or collateral; (4) problems encountered by other financial institutions; (5) inadequate sources of funding or liquidity; (6) unfavorable actions of rating agencies; (7) inability to maintain or grow deposits; (8) limitations on the ability to receive dividends from subsidiaries; (9) cyber-security risks; (10) Fifth Third’s ability to secure confidential information and deliver products and services through the use of computer systems and telecommunications networks; (11) failures by third-party service providers; (12) inability to manage strategic initiatives and/or organizational changes; (13) inability to implement technology system enhancements; (14) failure of internal controls and other risk management systems; (15) losses related to fraud, theft, misappropriation or violence; (16) inability to attract and retain skilled personnel; (17) adverse impacts of government regulation; (18) governmental or regulatory changes or other actions; (19) failures to meet applicable capital requirements; (20) regulatory objections to Fifth Third’s capital plan; (21) regulation of Fifth Third’s derivatives activities; (22) deposit insurance premiums; (23) assessments for the orderly liquidation fund; (24) replacement of LIBOR; (25) weakness in the national or local economies; (26) global political and economic uncertainty or negative actions; (27) changes in interest rates; (28) changes and trends in capital markets; (29) fluctuation of Fifth Third’s stock price; (30) volatility in mortgage banking revenue; (31) litigation, investigations, and enforcement proceedings by governmental authorities; (32) breaches of contractual covenants, representations and warranties; (33) competition and changes in the financial services industry; (34) changing retail distribution strategies, customer preferences and behavior; (35) difficulties in identifying, acquiring or integrating suitable strategic partnerships, investments or acquisitions; (36) potential dilution from future acquisitions; (37) loss of income and/or difficulties encountered in the sale and separation of businesses, investments or other assets; (38) results of investments or acquired entities; (39) changes in accounting standards or interpretation or declines in the value of Fifth Third’s goodwill or other intangible assets; (40) inaccuracies or other failures from the use of models; (41) effects of critical accounting policies and judgments or the use of inaccurate estimates; (42) weather-related events, other natural disasters, or health emergencies (including pandemics); (43) the impact of reputational risk created by these or other developments on such matters as business generation and retention, funding and liquidity; (44) changes in law or requirements imposed by Fifth Third’s regulators impacting our capital actions, including dividend payments and stock repurchases; and (45) Fifth Third's ability to meet its sustainability targets, goals and commitments.

You should refer to our periodic and current reports filed with the Securities and Exchange Commission, or “SEC,” for further information on other factors, which could cause actual results to be significantly different from those expressed or implied by these forward-looking statements. Moreover, you should treat these statements as speaking only as of the date they are made and based only on information then actually known to us. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in our expectations or any changes in events, conditions or circumstances on which any such statement is based, except as may be required by law, and we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. The information contained herein is intended to be reviewed in its totality, and any stipulations, conditions or provisos that apply to a given piece of information in one part of this press release should be read as applying mutatis mutandis to every other instance of such information appearing herein.
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Fifth Third Bancorp and Subsidiaries
Consolidated Statements of Income
$ in millionsFor the Three Months Ended% ChangeYear to Date% Change
(unaudited)JuneMarchJuneJuneJune
202220222021SeqYr/Yr20222021Yr/Yr
Interest Income
Interest and fees on loans and leases$1,081$983$1,03510%4%$2,062$2,064—
Interest on securities36929427926%32%66354322%
Interest on other short-term investments1412917%56%271759%
Total interest income1,4641,2891,32314%11%2,7522,6245%
Interest Expense
Interest on deposits251115127%67%3636—
Interest on federal funds purchased1——NMNM1—NM
Interest on other short-term borrowings12——NMNM131NM
Interest on long-term debt87831005%(13%)168202(17%)
Total interest expense1259411533%9%218239(9%)
Net Interest Income1,3391,1951,20812%11%2,5342,3856%
Provision for (benefit from) credit losses17945(115)298%NM224(288)NM
Net Interest Income After Provision for (Benefit from) Credit Losses1,1601,1501,3231%(12%)2,3102,673(14%)
Noninterest Income
Service charges on deposits1541521491%3%3062925%
Commercial banking revenue1371351601%(14%)272313(13%)
Mortgage banking net revenue315264(40%)(52%)83149(44%)
Wealth and asset management revenue140149145(6%)(3%)289288—
Card and processing revenue105971028%3%2011963%
Leasing business revenue566261(10%)(8%)118148(20%)
Other noninterest income85524963%73%1389250%
Securities (losses) gains, net(32)(14)10129%NM(47)13NM
Securities (losses) gains, net - non-qualifying hedges on mortgage servicing rights—(1)1(100%)(100%)(1)(1)—
Total noninterest income676684741(1%)(9%)1,3591,490(9%)
Noninterest Expense
Compensation and benefits584711638(18%)(8%)1,2951,343(4%)
Net occupancy expense757777(3%)(3%)152156(3%)
Technology and communications9810194(3%)4%1991876%
Equipment expense363634—6%72686%
Card and processing expense2019205%—3850(24%)
Leasing business expense313233(3%)(6%)6368(7%)
Marketing expense28242017%40%524321%
Other noninterest expense2402222378%1%4634542%
Total noninterest expense1,1121,2221,153(9%)(4%)2,3342,369(1%)
Income Before Income Taxes72461291118%(21%)1,3351,794(26%)
Applicable income tax expense16211820237%(20%)279391(29%)
Net Income56249470914%(21%)1,0561,403(25%)
Dividends on preferred stock36203580%3%56552%
Net Income Available to Common Shareholders$526$474$67411%(22%)$1,000$1,348(26%)
13

Fifth Third Bancorp and Subsidiaries
Consolidated Statements of Income
$ in millionsFor the Three Months Ended
(unaudited)JuneMarchDecemberSeptemberJune
20222022202120212021
Interest Income
Interest and fees on loans and leases$1,081$983$1,000$1,014$1,035
Interest on securities369294281266279
Interest on other short-term investments141213129
Total interest income1,4641,2891,2941,2921,323
Interest Expense
Interest on deposits2511111215
Interest on other short-term borrowings12————
Interest on long-term debt87838691100
Total interest expense1259497103115
Net Interest Income1,3391,1951,1971,1891,208
Provision for (benefit from) credit losses17945(47)(42)(115)
Net Interest Income After Provision for (Benefit from) Credit Losses1,1601,1501,2441,2311,323
Noninterest Income
Service charges on deposits154152156152149
Commercial banking revenue137135171152160
Mortgage banking net revenue3152358664
Wealth and asset management revenue140149150147145
Card and processing revenue10597104102102
Leasing business revenue5662747861
Other noninterest income855212012049
Securities (losses) gains, net(32)(14)(19)(1)10
Securities (losses) gains, net - non-qualifying hedges on mortgage servicing rights—(1)——1
Total noninterest income676684791836741
Noninterest Expense
Compensation and benefits584711655627638
Net occupancy expense7577777977
Technology and communications981011039894
Equipment expense3636363434
Card and processing expense2019191920
Leasing business expense3132363333
Marketing expense2824352920
Other noninterest expense240222245253237
Total noninterest expense1,1121,2221,2061,1721,153
Income Before Income Taxes724612829895911
Applicable income tax expense162118167191202
Net Income562494662704709
Dividends on preferred stock3620352035
Net Income Available to Common Shareholders$526$474$627$684$674
14

Fifth Third Bancorp and Subsidiaries
Consolidated Balance Sheets
$ in millions, except per share dataAs of% Change
(unaudited)JuneMarchJune
202220222021SeqYr/Yr
Assets
Cash and due from banks$3,437$3,049$3,28513%5%
Other short-term investments7,41920,52932,409(64%)(77%)
Available-for-sale debt and other securities(a)
52,83748,83238,0128%39%
Held-to-maturity securities(b)
5610(17%)(50%)
Trading debt securities293324711(10%)(59%)
Equity securities326358341(9%)(4%)
Loans and leases held for sale2,5422,6165,730(3%)(56%)
Portfolio loans and leases:
  Commercial and industrial loans56,09553,90947,5644%18%
  Commercial mortgage loans10,74810,69410,3471%4%
  Commercial construction loans5,3575,4205,871(1%)(9%)
  Commercial leases2,8502,9153,238(2%)(12%)
Total commercial loans and leases75,05072,93867,0203%12%
  Residential mortgage loans17,56617,14416,1312%9%
  Home equity3,9063,9164,545—(14%)
  Indirect secured consumer loans17,01717,42415,192(2%)12%
  Credit card1,7631,6901,7934%(2%)
  Other consumer loans3,5212,7533,05228%15%
Total consumer loans43,77342,92740,7132%8%
Portfolio loans and leases118,823115,865107,7333%10%
Allowance for loan and lease losses(2,014)(1,908)(2,033)6%(1%)
Portfolio loans and leases, net116,809113,957105,7003%11%
Bank premises and equipment2,1182,1022,0731%2%
Operating lease equipment600622715(4%)(16%)
Goodwill4,9264,5144,2599%16%
Intangible assets19414511734%66%
Servicing rights1,5821,44481810%93%
Other assets13,69412,96111,2106%22%
Total Assets$206,782$211,459$205,390(2%)1%
Liabilities
Deposits:
  Demand $60,859$65,590$62,760(7%)(3%)
  Interest checking 43,33848,83644,872(11%)(3%)
  Savings 23,74823,62220,6671%15%
  Money market 28,79229,94730,564(4%)(6%)
  Foreign office 17711515254%16%
  CDs $250,000 or less2,1252,2672,958(6%)(28%)
  CDs over $250,0002,135234310812%589%
Total deposits161,174170,611162,283(6%)(1%)
Federal funds purchased711250338184%110%
Other short-term borrowings7,0578721,130709%525%
Accrued taxes, interest and expenses1,6831,4712,04514%(18%)
Other liabilities6,1977,2634,304(15%)44%
Long-term debt10,99010,81512,3642%(11%)
Total Liabilities187,812191,282182,464(2%)3%
Equity
Common stock(c)
2,0512,0512,051——
Preferred stock2,1162,1162,116——
Capital surplus3,6363,6153,6021%1%
Retained earnings20,81820,50119,3432%8%
Accumulated other comprehensive (loss) income(2,644)(1,096)1,974141%NM
Treasury stock(7,007)(7,010)(6,160)—14%
Total Equity18,97020,17722,926(6%)(17%)
Total Liabilities and Equity$206,782$211,459$205,390(2%)1%
(a) Amortized cost$56,140$50,171$36,08112%56%
(b) Market values5 6 10 (17%)(50%)
(c) Common shares, stated value $2.22 per share (in thousands):
Authorized2,000,0002,000,0002,000,000——
Outstanding, excluding treasury686,152685,905703,740—(2 %)
Treasury237,741237,987220,153—8 %


15

Fifth Third Bancorp and Subsidiaries
Consolidated Balance Sheets
$ in millions, except per share dataAs of
(unaudited)JuneMarchDecemberSeptemberJune
20222022202120212021
Assets
Cash and due from banks$3,437$3,049$2,994$3,213$3,285
Other short-term investments7,41920,52934,57234,20332,409
Available-for-sale debt and other securities(a)
52,83748,83238,11037,87038,012
Held-to-maturity securities(b)
568810
Trading debt securities293324512685711
Equity securities326358376329341
Loans and leases held for sale2,5422,6164,4155,2035,730
Portfolio loans and leases:
  Commercial and industrial loans56,09553,90951,65947,83447,564
  Commercial mortgage loans10,74810,69410,31610,30010,347
  Commercial construction loans5,3575,4205,2415,4565,871
  Commercial leases2,8502,9153,0523,1303,238
Total commercial loans and leases75,05072,93870,26866,72067,020
  Residential mortgage loans17,56617,14416,39716,15816,131
  Home equity3,9063,9164,0844,2764,545
  Indirect secured consumer loans17,01717,42416,78316,00415,192
  Credit card1,7631,6901,7661,7441,793
  Other consumer loans3,5212,7532,7523,0093,052
Total consumer loans43,77342,92741,78241,19140,713
Portfolio loans and leases118,823115,865112,050107,911107,733
Allowance for loan and lease losses(2,014)(1,908)(1,892)(1,954)(2,033)
Portfolio loans and leases, net116,809113,957110,158105,957105,700
Bank premises and equipment2,1182,1022,1202,1012,073
Operating lease equipment600622616647715
Goodwill4,9264,5144,5144,5144,259
Intangible assets194145156169117
Servicing rights1,5821,4441,121943818
Other assets13,69412,96111,44411,88911,210
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
  Interest checking43,33848,83648,87045,96444,872
  Savings 23,74823,62222,22721,42320,667
  Money market 28,79229,94730,26330,65230,564
  Foreign office 177115121202152
CDs $250,000 or less2,1252,2672,4862,6912,958
CDs over $250,0002,135234269297310
Total deposits161,174170,611169,324165,108162,283
Federal funds purchased711250281309338
Other short-term borrowings7,0578729809491,130
Accrued taxes, interest and expenses1,6831,4712,2332,0832,045
Other liabilities6,1977,2634,2675,3394,304
Long-term debt10,99010,81511,82111,41912,364
Total Liabilities187,812191,282188,906185,207182,464
Equity
Common stock(c)
2,0512,0512,0512,0512,051
Preferred stock2,1162,1162,1162,1162,116
Capital surplus3,6363,6153,6243,6113,602
Retained earnings20,81820,50120,23619,81719,343
Accumulated other comprehensive (loss) income(2,644)(1,096)1,2071,6371,974
Treasury stock(7,007)(7,010)(7,024)(6,708)(6,160)
Total Equity18,97020,17722,21022,52422,926
Total Liabilities and Equity$206,782$211,459$211,116$207,731$205,390
(a) Amortized cost$56,140$50,171$36,941$36,308$36,081
(b) Market values568810
(c) Common shares, stated value $2.22 per share (in thousands):
Authorized2,000,0002,000,0002,000,0002,000,0002,000,000
Outstanding, excluding treasury686,152685,905682,778689,790703,740
Treasury237,741237,987241,115234,102220,153
16

Fifth Third Bancorp and Subsidiaries
Consolidated Statements of Changes in Equity
$ in millions
(unaudited)
For the Three Months EndedYear to Date
JuneJuneJuneJune
2022202120222021
Total Equity, Beginning$20,177$22,595$22,210$23,111
Net income5627091,0561,403
Other comprehensive loss, net of tax:
Change in unrealized (losses) gains:
Available-for-sale debt securities(1,506)230(3,437)(459)
Qualifying cash flow hedges(43)(49)(416)(170)
Change in accumulated other comprehensive income related to employee benefit plans1122
Comprehensive income(986)891(2,795)776
Cash dividends declared:
Common stock(209)(192)(418)(387)
Preferred stock(36)(35)(56)(55)
Impact of stock transactions under stock compensation plans, net2415299
Shares acquired for treasury—(347)—(527)
Other—(1)—(1)
Total Equity, Ending$18,970$22,926$18,970$22,926
17

Fifth Third Bancorp and Subsidiaries
Regulatory Capital
$ in millionsAs of
(unaudited)JuneMarchDecemberSeptemberJune
2022(a)
2022202120212021
Regulatory Capital(b)
CET1 capital$14,830$14,937$14,781$14,673$15,050
Additional tier 1 capital2,1162,1162,1162,1162,116
Tier 1 capital16,94617,05316,89716,78917,166
Tier 2 capital3,7133,6763,8923,9534,018
Total regulatory capital$20,659$20,729$20,789$20,742$21,184
Risk-weighted assets
$165,502$160,352$154,860$148,827$145,084
Ratios
Average total Bancorp shareholders’ equity as a percent of average assets
9.35 %10.23 %10.71 %11.16 %11.11 %
Regulatory Capital Ratios(b)
Fifth Third Bancorp
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 %
Leverage8.30 %8.32 %8.27 %8.41 %8.55 %
Fifth Third Bank, National Association
Tier 1 risk-based capital
10.60 %10.85 %10.90 %11.25 %11.67 %
Total risk-based capital
12.03 %12.24 %12.33 %12.79 %13.27 %
Leverage8.62 %8.51 %8.29 %8.43 %8.46 %
(a)Current period regulatory capital data and ratios are estimated.
(b)Regulatory capital ratios are calculated pursuant to the five-year transition provision option to phase in the effects of CECL on regulatory capital after its adoption on January 1, 2020.
18


Use of Non-GAAP Financial Measures
In addition to GAAP measures, management considers various non-GAAP measures when evaluating the performance of the business, including: “net interest income (FTE),” “interest income (FTE),” “net interest margin (FTE),” “net interest rate spread (FTE),” “income before income taxes (FTE),” “tangible net income available to common shareholders,” “average tangible common equity,” “return on average tangible common equity,” “tangible common equity (excluding AOCI),” “tangible common equity (including AOCI),” “tangible equity,” “tangible book value per share,” “tangible book value per share (excluding AOCI),” “adjusted noninterest income,” “noninterest income excluding certain items,” “adjusted noninterest expense,” “noninterest expense excluding certain items,” “pre-provision net revenue,” “adjusted efficiency ratio,” “adjusted return on average common equity,” “adjusted return on average tangible common equity,” “adjusted return on average tangible common equity, excluding accumulated other comprehensive income", “adjusted pre-provision net revenue,” “adjusted return on average assets,” “efficiency ratio (FTE),” “total revenue (FTE),” “noninterest income as a percent of total revenue”, and certain ratios derived from these measures. The Bancorp believes these non-GAAP measures provide useful information to investors because these are among the measures used by the Fifth Third management team to evaluate operating performance and to make day-to-day operating decisions.

The FTE basis adjusts for the tax-favored status of income from certain loans and securities held by the Bancorp that are not taxable for federal income tax purposes. The Bancorp believes this presentation to be the preferred industry measurement of net interest income and net interest margin as it provides a relevant comparison between taxable and non-taxable amounts.

The Bancorp believes tangible net income available to common shareholders, average tangible common equity, tangible common equity (excluding AOCI), tangible common equity (including AOCI), tangible equity, tangible book value per share and return on average tangible common equity are important measures for evaluating the performance of the business without the impacts of intangible items, whether acquired or created internally, in a manner comparable to other companies in the industry who present similar measures.

The Bancorp believes noninterest income, noninterest expense, net interest income, net interest margin, pre-provision net revenue, efficiency ratio, noninterest income as a percent of total revenue, return on average common equity, return on average tangible common equity, and return on average assets are important measures that adjust for significant, unusual, or large transactions that may occur in a reporting period which management does not consider indicative of ongoing financial performance and enhances comparability of results with prior periods.

The Bancorp believes noninterest income excluding certain items and noninterest expense excluding certain items are important measures that adjust for certain components that are prone to significant period-to-period changes in order to facilitate the explanation of variances in the noninterest income and noninterest expense line items.

Management considers various measures when evaluating capital utilization and adequacy, including the tangible equity and tangible common equity (including and excluding AOCI), in addition to capital ratios defined by U.S. banking agencies. These calculations are intended to complement the capital ratios defined by U.S. banking agencies for both absolute and comparative purposes. These ratios are not formally defined by U.S. GAAP or codified in the federal banking regulations and, therefore, are considered to be non-GAAP financial measures. Management believes that providing the tangible common equity ratio excluding AOCI on certain assets and liabilities enables investors and others to assess the Bancorp’s use of equity without the effects of changes in AOCI, some of which are uncertain; providing the tangible common equity ratio including AOCI enables investors and others to assess the Bancorp’s use of equity if components of AOCI, such as unrealized gains or losses, were to be monetized.

Please note that although non-GAAP financial measures provide useful insight, they should not be considered in isolation or relied upon as a substitute for analysis using GAAP measures.

Please see reconciliations of all historical non-GAAP measures used in this release to the most directly comparable GAAP measures, beginning on the following page.
19

Fifth Third Bancorp and Subsidiaries
Non-GAAP Reconciliation
$ and shares in millionsAs of and For the Three Months Ended
(unaudited)JuneMarchDecemberSeptemberJune
20222022202120212021
Net interest income$1,339$1,195$1,197$1,189$1,208
Add: Taxable equivalent adjustment33333
Net interest income (FTE) (a)1,3421,1981,2001,1921,211
Net interest income (annualized) (b)5,3714,8464,7494,7174,845
Net interest income (FTE) (annualized) (c)5,3834,8594,7614,7294,857
Interest income1,4641,2891,2941,2921,323
Add: Taxable equivalent adjustment33333
Interest income (FTE)1,4671,2921,2971,2951,326
Interest income (FTE) (annualized) (d)5,8845,2405,1465,1385,319
Interest expense (annualized) (e)501381385409461
Average interest-earning assets (f)184,406187,894187,045182,801184,918
Average interest-bearing liabilities (g)115,462116,764115,725113,548115,951
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 adjustment33333
Income before income taxes (FTE)727615832898914
Net income available to common shareholders526474627684674
Add: Intangible amortization, net of tax99998
Tangible net income available to common shareholders (h)535483636693682
Tangible net income available to common shareholders (annualized) (i)2,1461,9592,5232,7492,735
Average Bancorp shareholders’ equity
19,24821,40222,44922,92722,927
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)12,23014,62215,65716,23216,430
Less:Average AOCI2,397(129)(1,382)(1,980)(1,968)
Average tangible common equity, excluding AOCI (k)14,62714,49314,27514,25214,462
Total Bancorp shareholders’ equity
18,97020,17722,21022,52422,926
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)11,73413,40215,42415,72516,434
Less:AOCI2,6441,096(1,207)(1,637)(1,974)
Tangible common equity, excluding AOCI (m)14,37814,49814,21714,08814,460
Add:Preferred stock2,1162,1162,1162,1162,116
Tangible equity (n)16,49416,61416,33316,20416,576
Total assets206,782211,459211,116207,731205,390
Less:Goodwill(4,926)(4,514)(4,514)(4,514)(4,259)
Intangible assets(194)(145)(156)(169)(117)
Tangible assets, including AOCI (o)201,662206,800206,446203,048201,014
Less:AOCI, before tax3,3471,387(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)686686683690704
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
20

Fifth Third Bancorp and Subsidiaries
Non-GAAP Reconciliation
$ in millionsFor the Three Months Ended
(unaudited)JuneMarchJune
202220222021
Net income (r)$562$494$709
Net income (annualized) (s)2,2542,0032,844
Adjustments (pre-tax items)
Valuation of Visa total return swap181137
Business disposition charges6——
Adjustments, after-tax (t)(a)
19828
Noninterest income (u)676684741
Valuation of Visa total return swap181137
Business disposition charges6——
Adjusted noninterest income (v)700695778
Noninterest expense (w)1,1121,2221,153
Adjusted net income (r) + (t)581502737
Adjusted net income (annualized) (x)2,3302,0362,956
Adjusted tangible net income available to common shareholders (h) + (t)554491710
Adjusted tangible net income available to common shareholders (annualized) (y)2,2221,9912,848
Average assets (z)$205,897$209,150$206,353
Return on average tangible common equity (i) / (j)17.5 %13.4 %16.6 %
Return on average tangible common equity excluding AOCI (i) / (k)14.7 %13.5 %18.9 %
Adjusted return on average tangible common equity, including AOCI (y) / (j)18.2 %13.6 %17.3 %
Adjusted return on average tangible common equity, excluding AOCI (y) / (k)15.2 %13.7 %19.7 %
Return on average assets (s) / (z)1.09 %0.96 %1.38 %
Adjusted return on average assets (x) / (z)1.13 %0.97 %1.43 %
Efficiency ratio (FTE) (w) / [(a) + (u)]55.1 %64.9 %59.1 %
Adjusted efficiency ratio (w) / [(a) + (v)]54.5 %64.6 %58.0 %
Total revenue (FTE) (a) + (u)$2,018$1,882$1,952
Adjusted total revenue (FTE) (a) + (v)$2,042$1,893$1,989
Pre-provision net revenue (PPNR) (a) + (u) - (w)$906$660$799
Adjusted pre-provision net revenue (PPNR) (a) + (v) - (w)$930$671$836
Totals may not foot due to rounding; (a) Assumes a 23% tax rate
21

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