Fifth Third Announces First Quarter 2021 Results
Reported diluted earnings per share of $0.93
CINCINNATI–(BUSINESS WIRE)–Fifth Third Bancorp (NASDAQ®: FITB):
Key Highlights
- Returned $180 million to shareholders through repurchases; capacity to repurchase up to $347 million in 2Q21
- ROTCE(a) of 16.8%; adjusted ROTCE(a) of 19.8% excl. AOCI improved 150 bps sequentially
- Produced record commercial banking revenue
- Generated consumer household growth of 3% compared to 1Q20
- Historically low NCO ratio reflecting improvements in commercial and consumer
- Benefit to credit losses and resulting reserve coverage reflects improved macroeconomic environment and strong credit results; NPA ratio improved 7 bps sequentially
- NII(a) down 1%; reported NIM(a) increased 4 bps, with ~4 bps decline in underlying NIM excl. excess cash and all PPP impacts(f)
- Named one of the “World’s Most Ethical Companies” by Ethisphere
- Exceeded five-year commitment to low-and-moderate income communities by more than $9 billion
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| Key Financial Data |
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| $ millions for all balance sheet and income statement items |
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| 1Q21 | 4Q20 | 1Q20 | |||
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| Income Statement Data |
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| Net income available to common shareholders | $674 |
| $569 |
| $29 |
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| Net interest income (U.S. GAAP) | 1,176 |
| 1,182 |
| 1,229 |
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| Net interest income (FTE)(a) | 1,179 |
| 1,185 |
| 1,233 |
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| Noninterest income | 749 |
| 787 |
| 671 |
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| Noninterest expense | 1,215 |
| 1,236 |
| 1,200 |
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| Per Share Data |
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| Earnings per share, basic | $0.94 |
| $0.79 |
| $0.04 |
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| Earnings per share, diluted | 0.93 |
| 0.78 |
| 0.04 |
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| Book value per share | 28.78 |
| 29.46 |
| 28.26 |
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| Tangible book value per share(a) | 22.60 |
| 23.28 |
| 22.02 |
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| Balance Sheet & Credit Quality |
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| Average portfolio loans and leases | $108,956 |
| $109,360 |
| $110,779 |
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| Average deposits | 158,888 |
| 158,626 |
| 126,789 |
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| Net charge-off ratio(b) | 0.27 | % | 0.43 | % | 0.44 | % |
| Nonperforming asset ratio(c) | 0.72 |
| 0.79 |
| 0.60 |
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| Financial Ratios |
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| Return on average assets | 1.38 | % | 1.18 | % | 0.11 | % |
| Return on average common equity | 13.1 |
| 10.8 |
| 0.6 |
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| Return on average tangible common equity(a) | 16.8 |
| 13.9 |
| 1.0 |
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| CET1 capital(d)(e) | 10.46 |
| 10.34 |
| 9.37 |
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| Net interest margin(a) | 2.62 |
| 2.58 |
| 3.28 |
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| Efficiency(a) | 63.0 |
| 62.7 |
| 63.0 |
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Other than the Quarterly Financial Review tables beginning on page 13 of the earnings release, commentary is on a fully taxable-equivalent (FTE) basis unless otherwise noted. Consistent with SEC guidance in Industry Guide 3 that contemplates the calculation of tax-exempt income on a taxable-equivalent basis, net interest income, net interest margin, net interest rate spread, total revenue and the efficiency ratio are provided on an FTE basis.
CEO Commentary
“Fifth Third’s quarterly financial performance was once again strong, reflecting record commercial banking revenue, continued momentum generating household growth, a strong underlying net interest margin, and historically low net charge-offs with improvements in both commercial and consumer portfolios.
Our credit results continue to demonstrate the strength of our balance sheet, as we have maintained our disciplined client selection, adhered to our conservative underwriting, and continued to manage our balance sheet exposures with a focus on a long-term performance horizon. I am optimistic that we will continue to benefit from an improving economic environment, including higher interest rates, as well as a more vibrant economy over the next year within most of our commercial franchise and throughout our retail footprint.
Despite the overall economic recovery over the past several quarters, I recognize that not everyone in our society has benefited from it. This is why I am very proud that, in addition to producing strong financial results, we have also continued to take deliberate actions to improve the lives of our customers and the well-being of our communities. I am particularly pleased that we exceeded our five-year community commitment to invest in low-and-moderate income communities by more than $9 billion.
We were honored to be named one of the world’s most ethical companies by Ethisphere, reflecting our strong corporate culture, compliance program, and ESG actions. We are guided by our core values to work as one bank, be respectful, take accountability, and always act with integrity. We remain committed to generating sustainable long-term value for shareholders and anticipate that we will continue improving our relative performance as a top performing regional bank.”
-Greg D. Carmichael, Chairman and CEO
| Income Statement Highlights |
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| ($ in millions, except per share data) | For the Three Months Ended |
| % Change |
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| December |
| March |
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| 2021 |
| 2020 |
| 2020 |
| Seq |
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| Condensed Statements of Income |
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| Net interest income (NII)(a) | $1,179 |
| $1,185 |
| $1,233 |
| (1)% |
| (4)% |
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| (Benefit from) provision for credit losses | (173) |
| (13) |
| 640 |
| NM |
| NM |
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| Noninterest income | 749 |
| 787 |
| 671 |
| (5)% |
| 12% |
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| Noninterest expense | 1,215 |
| 1,236 |
| 1,200 |
| (2)% |
| 1% |
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| Income before income taxes(a) | $886 |
| $749 |
| $64 |
| 18% |
| NM |
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| Taxable equivalent adjustment | $3 |
| $3 |
| $4 |
| — |
| (25)% |
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| Applicable income tax expense | 189 |
| 142 |
| 14 |
| 33% |
| NM |
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| Net income | $694 |
| $604 |
| $46 |
| 15% |
| NM |
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| Dividends on preferred stock | 20 |
| 35 |
| 17 |
| (43)% |
| 18% |
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| Net income available to common shareholders | $674 |
| $569 |
| $29 |
| 18% |
| NM |
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| Earnings per share, diluted | $0.93 |
| $0.78 |
| $0.04 |
| 19% |
| NM |
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Fifth Third Bancorp (NASDAQ®: FITB) today reported first quarter 2021 net income of $694 million compared to net income of $604 million in the prior quarter and $46 million in the year-ago quarter. Net income available to common shareholders in the current quarter was $674 million, or $0.93 per diluted share, compared to $569 million, or $0.78 per diluted share, in the prior quarter and $29 million, or $0.04 per diluted share, in the year-ago quarter.
| Net Interest Income |
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| (FTE; $ in millions)(a) | For the Three Months Ended |
| % Change |
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| December |
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| 2020 |
| Seq |
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| Interest Income |
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| Interest income | $1,305 |
| $1,318 |
| $1,529 |
| (1)% |
| (15)% |
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| Interest expense | 126 |
| 133 |
| 296 |
| (5)% |
| (57)% |
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| Net interest income (NII) | $1,179 |
| $1,185 |
| $1,233 |
| (1)% |
| (4)% |
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| Average Yield/Rate Analysis |
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| bps Change |
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| Yield on interest-earning assets | 2.90 | % |
| 2.87 | % |
| 4.07 | % |
| 3 |
| (117) |
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| Rate paid on interest-bearing liabilities | 0.44 | % |
| 0.45 | % |
| 1.09 | % |
| (1) |
| (65) |
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| Ratios |
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| Net interest rate spread | 2.46 | % |
| 2.42 | % |
| 2.98 | % |
| 4 |
| (52) |
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| Net interest margin (NIM) | 2.62 | % |
| 2.58 | % |
| 3.28 | % |
| 4 |
| (66) |
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Compared to the prior quarter, NII decreased $6 million, or 1%, primarily due to lower day count and a reduction in prepayment penalties received in the investment portfolio, partially offset by the impact of loan purchases of government guaranteed GNMA loan buyouts associated with CARES Act forbearance plans from a third party ($2.1 billion in December 2020 and $0.6 billion in March 2021), as well as approximately $12 million in incremental PPP fees reflecting loan forgiveness. Compared to the prior quarter, NIM increased 4 bps reflecting a decline in excess liquidity, an increase in PPP fees, and the impact of day count, partially offset by the reduction in investment portfolio prepayment penalties received relative to the prior quarter. First quarter 2021 NIM was negatively impacted by approximately 48 bps due to the impacts of PPP and excess liquidity relative to historical balances, compared to 56 bps in the prior quarter.
Compared to the year-ago quarter, NII decreased $54 million, or 4%, primarily reflecting lower market rates and lower commercial loan balances, partially offset by lower deposit costs, the favorable impact of previously executed cash flow hedges, and interest income from PPP loans. Compared to the year-ago quarter, NIM decreased 66 bps, primarily reflecting the impact of excess liquidity, lower market rates, and lower commercial loan balances, partially offset by lower deposit costs.
| Noninterest Income |
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| ($ in millions) | For the Three Months Ended |
| % Change |
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| March |
| December |
| March |
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| 2021 |
| 2020 |
| 2020 |
| Seq |
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| Noninterest Income |
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| Service charges on deposits | $144 |
| $146 |
| $148 |
| (1)% |
| (3)% |
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| Commercial banking revenue | 153 |
| 141 |
| 124 |
| 9% |
| 23% |
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| Mortgage banking net revenue | 85 |
| 25 |
| 120 |
| 240% |
| (29)% |
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| Wealth and asset management revenue | 143 |
| 133 |
| 134 |
| 8% |
| 7% |
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| Card and processing revenue | 94 |
| 92 |
| 86 |
| 2% |
| 9% |
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| Leasing business revenue | 87 |
| 69 |
| 73 |
| 26% |
| 19% |
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| Other noninterest income | 42 |
| 168 |
| 7 |
| (75)% |
| 500% |
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| Securities gains (losses), net | 3 |
| 14 |
| (24) |
| (79)% |
| NM |
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| Securities (losses) gains, net – non-qualifying hedges |
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| on mortgage servicing rights | (2) |
| (1) |
| 3 |
| 100% |
| NM |
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| Total noninterest income | $749 |
| $787 |
| $671 |
| (5)% |
| 12% |
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Reported noninterest income decreased $38 million, or 5%, from the prior quarter, and increased $78 million, or 12%, from the year-ago quarter. The reported results reflect the impact of certain items in the table below, including securities gains and losses, which included approximately $4 million attributable to mark-to-market impacts related to non-qualified deferred compensation assets in the current quarter.
| Noninterest Income excluding certain items | |||||||
| ($ in millions) | For the Three Months Ended |
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| March |
| December |
| March |
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| 2021 |
| 2020 |
| 2020 |
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| Noninterest Income excluding certain items |
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| Noninterest income (U.S. GAAP) | $749 |
| $787 |
| $671 |
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| Valuation of Visa total return swap | 13 |
| 30 |
| 22 |
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| Net business dispositions charge | — |
| 11 |
| — |
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| Net impairment of private equity investments | — |
| — |
| 15 |
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| Securities (gains) losses, net | (3) |
| (14) |
| 24 |
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| Noninterest income excluding certain items(a) | $759 |
| $814 |
| $732 |
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Compared to the prior quarter, noninterest income excluding certain items decreased $55 million, or 7%. Compared to the year-ago quarter, noninterest income excluding certain items increased $27 million, or 4%.
Compared to the prior quarter, service charges on deposits decreased $2 million, or 1%, as a decrease in consumer deposit fees was partially offset by an increase in commercial deposit fees. Commercial banking revenue increased $12 million, or 9%, primarily driven by strong debt capital markets revenue combined with increased equity capital markets revenue, partially offset by lower M&A advisory revenue. Mortgage banking net revenue increased $60 million, or 240%, reflecting a $42 million increase in origination fees and gains on loan sales reflecting increased origination volumes and a $31 million improvement from MSR net valuation adjustments. This was partially offset by lower servicing revenue and elevated MSR asset decay. Current quarter mortgage originations of $4.7 billion increased 19% compared to the prior quarter. Wealth and asset management revenue increased $10 million, or 8%, driven by seasonally strong tax-related private client service revenue and higher personal asset management revenue reflecting market improvements. Card and processing revenue increased $2 million, or 2%, primarily driven by higher debit interchange and lower rewards, partially offset by a decrease in credit spend volume. Leasing business revenue increased $18 million, or 26%, primarily driven by strong lease syndication revenue, partially offset by lower income related to operating leases. Other noninterest income results were impacted by both the recognition of tax receivable agreement revenue of $74 million as well as private equity income in the prior quarter.
Compared to the year-ago quarter, service charges on deposits decreased $4 million, or 3%, as a decline in consumer deposit fees was partially offset by an increase in commercial deposit fees. Commercial banking revenue increased $29 million, or 23%, reflecting an increase in debt capital markets revenue, loan syndication revenue, and M&A advisory revenue, partially offset by lower financial risk management revenue. Mortgage banking net revenue decreased $35 million, or 29%, primarily driven by elevated MSR asset decay and lower servicing revenue, partially offset by an increase in mortgage origination fees and gain on loan sales. Wealth and asset management revenue increased $9 million, or 7%, primarily driven by higher personal asset management revenue and brokerage fees. Card and processing revenue increased by $8 million, or 9%, primarily reflecting higher consumer card spend and transaction volumes combined with lower rewards. Leasing business revenue increased $14 million, or 19%, primarily reflecting strong lease syndication revenue, partially offset by lower income related to operating leases.
| Noninterest Expense |
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| ($ in millions) | For the Three Months Ended |
| % Change |
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| March |
| December |
| March |
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| 2021 |
| 2020 |
| 2020 |
| Seq |
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| Noninterest Expense |
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| Compensation and benefits | $706 |
| $679 |
| $647 |
| 4% |
| 9% |
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| Net occupancy expense | 79 |
| 98 |
| 82 |
| (19)% |
| (4)% |
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| Technology and communications | 93 |
| 90 |
| 93 |
| 3% |
| — |
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| Equipment expense | 34 |
| 34 |
| 32 |
| — |
| 6% |
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| Card and processing expense | 30 |
| 31 |
| 31 |
| (3)% |
| (3)% |
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| Leasing business expense | 35 |
| 37 |
| 35 |
| (5)% |
| — |
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| Marketing expense | 23 |
| 30 |
| 31 |
| (23)% |
| (26)% |
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| Other noninterest expense | 215 |
| 237 |
| 249 |
| (9)% |
| (14)% |
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| Total noninterest expense | $1,215 |
| $1,236 |
| $1,200 |
| (2)% |
| 1% |
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Reported noninterest expense decreased $21 million, or 2%, from the prior quarter, and increased $15 million, or 1%, from the year-ago quarter. The reported results reflect the impact of certain items in the table below.
| Noninterest Expense excluding certain items | |||||||
| ($ in millions) | For the Three Months Ended |
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| March |
| December |
| March |
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| 2021 |
| 2020 |
| 2020 |
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| Noninterest Expense excluding certain items |
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| Noninterest expense (U.S. GAAP) | $1,215 |
| $1,236 |
| $1,200 |
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| Fifth Third Foundation contribution | — |
| (25) |
| — |
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| Branch and non-branch real estate charges | — |
| (21) |
| — |
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| Business acquisition and merger-related charges | — |
| (16) |
| (7) |
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| Noninterest expense excluding certain items(a) | $1,215 |
| $1,174 |
| $1,193 |
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Compared to the prior quarter, noninterest expense excluding certain items increased $41 million, or 3%, primarily due to a seasonal increase in compensation and benefits expense as well as expenses linked to strong business performance, partially offset by lower other noninterest expense, net occupancy expense, and the mark-to-market impacts of approximately $7 million in non-qualified deferred compensation expense in the current quarter compared to a $19 million expense in the prior quarter. Compared to the year-ago quarter, noninterest expense excluding certain items increased $22 million, or 2%, primarily reflecting an increase in compensation and benefits expense, the unfavorable impact of $33 million from non-qualified deferred expenses compared to the year-ago quarter and servicing expense associated with recently-purchased consumer loans, partially offset by lower other noninterest expense (reflecting a $36 million unfavorable credit valuation adjustment in the year-ago quarter) and lower marketing expense.
| Average Interest-Earning Assets |
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| ($ in millions) | For the Three Months Ended |
| % Change |
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| March |
| December |
| March |
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| 2021 |
| 2020 |
| 2020 |
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| Average Portfolio Loans and Leases |
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| Commercial loans and leases: |
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| Commercial and industrial loans | $49,629 |
| $50,385 |
| $51,586 |
| (2)% |
| (4)% |
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| Commercial mortgage loans | 10,532 |
| 10,727 |
| 11,019 |
| (2)% |
| (4)% |
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| Commercial construction loans | 6,039 |
| 5,820 |
| 5,132 |
| 4% |
| 18% |
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| Commercial leases | 3,114 |
| 2,932 |
| 3,201 |
| 6% |
| (3)% |
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| Total commercial loans and leases | $69,314 |
| $69,864 |
| $70,938 |
| (1)% |
| (2)% |
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| Consumer loans: |
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| Residential mortgage loans | $15,803 |
| $16,016 |
| $16,732 |
| (1)% |
| (6)% |
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| Home equity | 5,009 |
| 5,315 |
| 6,006 |
| (6)% |
| (17)% |
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| Indirect secured consumer loans | 13,955 |
| 13,272 |
| 11,809 |
| 5% |
| 18% |
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| Credit card | 1,879 |
| 2,042 |
| 2,498 |
| (8)% |
| (25)% |
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| Other consumer loans | 2,996 |
| 2,851 |
| 2,796 |
| 5% |
| 7% |
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| Total consumer loans | $39,642 |
| $39,496 |
| $39,841 |
| — |
| — |
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| Total average portfolio loans and leases | $108,956 |
| $109,360 |
| $110,779 |
| — |
| (2)% |
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| Average Loans and Leases Held for Sale |
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| Commercial loans and leases held for sale | $104 |
| $56 |
| $108 |
| 86% |
| (4)% |
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| Consumer loans held for sale | 4,641 |
| 2,048 |
| 1,293 |
| 127% |
| 259% |
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| Total average loans and leases held for sale | $4,745 |
| $2,104 |
| $1,401 |
| 126% |
| 239% |
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| Securities (taxable and tax-exempt) | $36,297 |
| $35,965 |
| $36,135 |
| 1% |
| — |
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| Other short-term investments | 32,717 |
| 34,989 |
| 2,898 |
| (6)% |
| NM |
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| Total average interest-earning assets | $182,715 |
| $182,418 |
| $151,213 |
| — |
| 21% |
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Compared to the prior quarter, total average portfolio loans and leases were flat, as an increase in indirect secured consumer loans was offset by a decrease in C&I balances. Average commercial portfolio loans and leases decreased 1%, reflecting lower C&I revolving line of credit utilization and term loan balances, partially offset by growth in commercial construction balances reflecting drawdowns on previous commitments. Average consumer portfolio loans were flat, as higher indirect secured consumer loans were offset by lower home equity and residential mortgage balances.
Compared to the year-ago quarter, total average portfolio loans and leases decreased 2% reflecting lower C&I revolving line of credit utilization and term loan balances, as well as declines in home equity and residential mortgage loans, partially offset by increases from PPP loans, indirect secured consumer loans, and commercial construction loans. Average commercial portfolio loans and leases decreased 2% due to a decline in C&I loan balances reflecting lower revolving line of credit utilization and lower commercial mortgage loans, partially offset by growth from PPP loans and commercial construction loans. Average consumer portfolio loans were flat, as higher indirect secured consumer loans were offset by lower residential mortgage, home equity, and credit card balances.
Average other short-term investments (including interest-bearing cash) of $33 billion in the current quarter decreased $2 billion compared to the prior quarter and increased $30 billion compared to the year-ago quarter. The increase relative to the year-ago quarter reflected average core deposit growth of 27% compared to average total loan growth of 1%.
Total period-end commercial portfolio loans and leases of $69 billion were flat from the prior quarter as higher PPP, commercial construction, and commercial lease balances were offset by lower C&I revolving line of credit utilization and term loan balances reflecting elevated paydowns. Compared to the year-ago quarter, total period-end commercial portfolio loans decreased $9 billion, or 11%, reflecting lower C&I revolving line of credit utilization. Period-end commercial revolving line utilization was 31%, compared to 32% in the prior quarter and 47% in the year-ago quarter. Period-end consumer portfolio loans were stable compared to the prior quarter, as continued growth in indirect secured consumer loans was partially offset by declines in home equity and credit card balances. Period-end consumer loans held for sale increased $0.9 billion sequentially, primarily attributable to the purchase of approximately $0.6 billion in government guaranteed loans related to GNMA early buyouts associated with CARES Act forbearance plans.
Average Deposits |
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| ($ in millions) | For the Three Months Ended |
| % Change |
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| March |
| December |
| March |
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| 2021 |
| 2020 |
| 2020 |
| Seq |
| Yr/Yr |
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| Average Deposits |
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| Demand | $58,586 |
| $56,365 |
| $35,765 |
| 4% |
| 64% |
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| Interest checking | 45,568 |
| 47,664 |
| 40,298 |
| (4)% |
| 13% |
| |
| Savings | 18,951 |
| 17,658 |
| 14,715 |
| 7% |
| 29% |
| |
| Money market | 30,601 |
| 31,205 |
| 27,109 |
| (2)% |
| 13% |
| |
| Foreign office(g) | 128 |
| 161 |
| 209 |
| (20)% |
| (39)% |
| |
| Total transaction deposits | $153,834 |
| $153,053 |
| $118,096 |
| 1% |
| 30% |
| |
| Other time | 3,045 |
| 3,273 |
| 5,081 |
| (7)% |
| (40)% |
| |
| Total core deposits | $156,879 |
| $156,326 |
| $123,177 |
| — |
| 27% |
| |
| Certificates – $100,000 and over | 2,009 |
| 2,300 |
| 3,355 |
| (13)% |
| (40)% |
| |
| Other deposits | — |
| — |
| 257 |
| NM |
| (100)% |
| |
| Total average deposits | $158,888 |
| $158,626 |
| $126,789 |
| — |
| 25% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
Compared to the prior quarter, average core deposits were flat, as increases in demand and savings deposits were offset by decreases in interest checking, money market, and other time deposits. Average demand deposits represented 37% of total core deposits in the current quarter compared to 36% in the prior quarter. Average commercial transaction deposits decreased 4% primarily reflecting seasonality, and average consumer transaction deposits increased 5% partially impacted by fiscal stimulus.
Compared to the year-ago quarter, average core deposits increased 27%, reflecting double-digit growth in all deposit captions except other time and foreign office deposits. Average commercial transaction deposits increased 42% and average consumer transaction deposits increased 20%.
The period end portfolio loan-to-core deposit ratio was 68% in the current quarter, compared to 69% in the prior quarter and 89% in the year-ago quarter. Excluding the impact of PPP loans, the period end portfolio loan-to-core deposit ratio was 64% in the current quarter, compared to 66% in the prior quarter.
Average Wholesale Funding |
|
|
|
|
|
|
|
|
|
| ||
| ($ in millions) | For the Three Months Ended |
| % Change |
| |||||||
|
| March |
| December |
| March |
|
|
|
|
| |
|
| 2021 |
| 2020 |
| 2020 |
| Seq |
| Yr/Yr |
| |
| Average Wholesale Funding |
|
|
|
|
|
|
|
|
|
| |
| Certificates – $100,000 and over | $2,009 |
| $2,300 |
| $3,355 |
| (13)% |
| (40)% |
| |
| Other deposits | — |
| — |
| 257 |
| NM |
| (100)% |
| |
| Federal funds purchased | 324 |
| 307 |
| 654 |
| 6% |
| (50)% |
| |
| Other short-term borrowings | 1,209 |
| 1,091 |
| 1,750 |
| 11% |
| (31)% |
| |
| Long-term debt | 14,849 |
| 15,018 |
| 15,816 |
| (1)% |
| (6)% |
| |
| Total average wholesale funding | $18,391 |
| $18,716 |
| $21,832 |
| (2)% |
| (16)% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
Compared to the prior quarter, average wholesale funding decreased 2%, driven by lower jumbo CD balances and long-term debt outstanding, partially offset by an increase in other short-term borrowings (reflecting commercial client sweep accounts). Compared to the year-ago quarter, average wholesale funding decreased 16%, reflecting decreases in jumbo CD balances, long-term debt, and other short-term borrowings.
Credit Quality Summary |
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|
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|
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| ||||||
($ in millions) | As of and For the Three Months Ended | |||||||||||||||
| March |
| December |
| September |
| June |
| March | |||||||
| 2021 |
| 2020 |
| 2020 |
| 2020 |
| 2020 | |||||||
|
|
|
|
|
|
|
|
|
|
| ||||||
Total nonaccrual portfolio loans and leases (NPLs) | $741 |
| $834 |
| $891 |
| $700 |
| $647 |
| ||||||
Repossessed property | 7 |
| 9 |
| 7 |
| 4 |
| 10 |
| ||||||
OREO | 35 |
| 21 |
| 33 |
| 43 |
| 52 |
| ||||||
Total nonperforming portfolio loans and leases and OREO (NPAs) | $783 |
| $864 |
| $931 |
| $747 |
| $709 |
| ||||||
|
|
|
|
|
|
|
|
|
|
| ||||||
NPL ratio(h) | 0.68 | % |
| 0.77 | % |
| 0.80 | % |
| 0.61 | % |
| 0.55 | % |
| |
NPA ratio(c) | 0.72 | % |
| 0.79 | % |
| 0.84 | % |
| 0.65 | % |
| 0.60 | % |
| |
|
|
|
|
|
|
|
|
|
|
| ||||||
Total loans and leases 30-89 days past due (accrual) | $305 |
| $357 |
| $323 |
| $381 |
| $409 |
| ||||||
Total loans and leases 90 days past due (accrual) | 124 |
| 163 |
| 139 |
| 136 |
| 151 |
| ||||||
|
|
|
|
|
|
|
|
|
|
| ||||||
Allowance for loan and lease losses (ALLL), beginning | $2,453 |
| $2,574 |
| $2,696 |
| $2,348 |
| $1,202 |
| ||||||
Impact of CECL adoption | — |
| — |
| — |
| — |
| 643 |
| ||||||
Total net losses charged-off | (71) |
| (118) |
| (101) |
| (130) |
| (122) |
| ||||||
(Benefit from) provision for loan and lease losses | (174) |
| (3) |
| (21) |
| 478 |
| 625 |
| ||||||
ALLL, ending | $2,208 |
| $2,453 |
| $2,574 |
| $2,696 |
| $2,348 |
| ||||||
|
|
|
|
|
|
|
|
|
|
| ||||||
Reserve for unfunded commitments, beginning | $172 |
| $182 |
| $176 |
| $169 |
| $144 |
| ||||||
Impact of CECL adoption | — |
| — |
| — |
| — |
| 10 |
| ||||||
Provision for (benefit from) the reserve for unfunded commitments | 1 |
| (10) |
| 6 |
| 7 |
| 15 |
| ||||||
Reserve for unfunded commitments, ending | $173 |
| $172 |
| $182 |
| $176 |
| $169 |
| ||||||
|
|
|
|
|
|
|
|
|
|
| ||||||
Total allowance for credit losses (ACL) | $2,381 |
| $2,625 |
| $2,756 |
| $2,872 |
| $2,517 |
| ||||||
|
|
|
|
|
|
|
|
|
|
| ||||||
ACL ratios: |
|
|
|
|
|
|
|
|
|
| ||||||
As a % of portfolio loans and leases | 2.19 | % |
| 2.41 | % |
| 2.49 | % |
| 2.50 | % |
| 2.13 | % |
| |
As a % of nonperforming portfolio loans and leases | 321 | % |
| 315 | % |
| 309 | % |
| 410 | % |
| 389 | % |
| |
As a % of nonperforming portfolio assets | 304 | % |
| 304 | % |
| 296 | % |
| 385 | % |
| 355 | % |
| |
|
|
|
|
|
|
|
|
|
|
| ||||||
ALLL as a % of portfolio loans and leases | 2.03 | % |
| 2.25 | % |
| 2.32 | % |
| 2.34 | % |
| 1.99 | % |
| |
|
|
|
|
|
|
|
|
|
|
| ||||||
Total losses charged-off | $(109) |
| $(154) |
| $(135) |
| $(163) |
| $(159) |
| ||||||
Total recoveries of losses previously charged-off | 38 |
| 36 |
| 34 |
| 33 |
| 37 |
| ||||||
Total net losses charged-off | $(71) |
| $(118) |
| $(101) |
| $(130) |
| $(122) |
| ||||||
|
|
|
|
|
|
|
|
|
|
| ||||||
Net charge-off ratio (NCO ratio)(b) | 0.27 | % |
| 0.43 | % |
| 0.35 | % |
| 0.44 | % |
| 0.44 | % |
| |
Commercial NCO ratio | 0.17 | % |
| 0.40 | % |
| 0.33 | % |
| 0.40 | % |
| 0.32 | % |
| |
Consumer NCO ratio | 0.43 | % |
| 0.47 | % |
| 0.40 | % |
| 0.52 | % |
| 0.66 | % |
| |
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Contacts
Investor contact: Chris Doll (513) 534-2345
Media contact: Ed Loyd (513) 534-6397