0000035527-95-000012.txt : 19950815
0000035527-95-000012.hdr.sgml : 19950815
ACCESSION NUMBER: 0000035527-95-000012
CONFORMED SUBMISSION TYPE: 10-Q
PUBLIC DOCUMENT COUNT: 3
CONFORMED PERIOD OF REPORT: 19950630
FILED AS OF DATE: 19950814
SROS: NASD
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: FIFTH THIRD BANCORP
CENTRAL INDEX KEY: 0000035527
STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022]
IRS NUMBER: 310854434
STATE OF INCORPORATION: OH
FISCAL YEAR END: 1231
FILING VALUES:
FORM TYPE: 10-Q
SEC ACT: 1934 Act
SEC FILE NUMBER: 000-08076
FILM NUMBER: 95562250
BUSINESS ADDRESS:
STREET 1: 38 FOUNTAIN SQ PLZ
STREET 2: FIFTH THIRD CENTER
CITY: CINCINNATI
STATE: OH
ZIP: 45263
BUSINESS PHONE: 5135795300
10-Q
1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the Quarter Ended June 30, 1995
Commission File Number 0-8076
FIFTH THIRD BANCORP
(Exact name of Registrant as specified in its charter)
Ohio 31-0854434
(State or other jurisdiction (I.R.S. Employer
of incorporation or organization) Identification Number)
Fifth Third Center
Cincinnati, Ohio 45263
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (513)579-5300
Indicate by check mark whether the Registrant
(1) has filed all reports required to be filed
by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for
such shorter period that the Registrant was required
to file such reports), and (2) has been subject to
such filing requirements for the past 90 days.
YES /X/ NO / /
The number of shares outstanding of the Registrant's Common Stock,
without par value, as of June 30, 1995 was 65,237,026 shares.
FIFTH THIRD BANCORP
INDEX
Part I. Financial Information
Item 1. Financial Statements
Consolidated Balance Sheets -
June 30, 1995 and 1994 and December 31, 1994 3
Consolidated Statements of Income -
Three and Six Months Ended June 30, 1995 and 1994 5
Consolidated Statements of Cash Flows -
Six Months Ended June 30, 1995 and 1994 7
Consolidated Statements of Changes in Stockholders'
Equity - Six Months Ended June 30, 1995 and 1994 9
Notes to Consolidated Financial Statements 10
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations 11
Part II. Other Information
Item 6. Exhibits 13
2
Fifth Third Bancorp and Subsidiaries June 30, Dec. 31, June 30,
Consolidated Balance Sheets 1995 1994 1994
($000's) (unaudited) (unaudited)
ASSETS ----------- ----------- -----------
Cash and Due from Banks $ 601,880 695,009 573,304
Securities Available for Sale (a) 1,945,647 1,129,492 1,110,744
Securities Held to Maturity (b) 2,590,810 2,507,543 1,789,128
Other Short-Term Investments 56,087 23,765 24,588
Loans and Leases
Commercial Loans 3,407,182 3,045,315 2,866,015
Construction Loans 280,850 286,088 324,915
Commercial Mortgage Loans 747,465 729,532 735,059
Commercial Lease Financing 665,372 569,539 423,922
Residential Mortgage Loans 2,000,240 2,346,931 2,552,678
Consumer Loans 2,522,528 2,407,261 2,283,179
Consumer Lease Financing 1,284,964 1,133,953 922,382
Unearned Income (271,976) (232,162) (174,563)
Reserve for Credit Losses (162,118) (155,918) (156,965)
----------- ----------- -----------
Total Loans and Leases 10,474,507 10,130,539 9,776,622
Bank Premises and Equipment 179,243 176,897 172,128
Accrued Income Receivable 128,080 114,039 96,157
Other Assets 187,969 179,725 193,752
----------- ----------- -----------
Total Assets $ 16,164,223 14,957,009 13,736,423
=========== =========== ===========
LIABILITIES
Deposits
Demand $ 1,572,261 1,679,625 1,467,036
Interest Checking 1,366,255 1,486,780 1,438,496
Savings 602,650 637,609 716,622
Money Market 1,733,695 1,688,147 1,657,853
Other Time 4,272,784 3,863,103 4,055,061
Certificates - $100,000 and Over 997,589 262,402 245,758
Foreign Office 641,098 1,013,212 342,355
----------- ----------- -----------
Total Deposits 11,186,332 10,630,878 9,923,181
Federal Funds Borrowed 823,468 716,312 500,769
Short-Term Bank Notes 975,000 844,995 745,000
Other Short-Term Borrowings 1,089,789 890,911 668,525
Accrued Taxes, Interest and Expenses 266,385 194,753 199,123
Other Liabilities 118,011 101,673 96,343
Long-Term Debt 25,380 35,409 140,355
Convertible Subordinated Notes 143,574 143,304 143,028
----------- ----------- -----------
Total Liabilities 14,627,939 13,558,235 12,416,324
----------- ----------- -----------
STOCKHOLDERS' EQUITY
Common Stock (c) 144,826 143,655 143,190
Capital Surplus 286,952 272,999 266,887
Retained Earnings 1,119,317 1,030,338 942,917
Unrealized Losses (14,811) (48,218) (32,895)
----------- ----------- -----------
Total Stockholders' Equity 1,536,284 1,398,774 1,320,099
Total Liabilities and ----------- ----------- -----------
Stockholders' Equity $ 16,164,223 14,957,009 13,736,423
=========== =========== ===========
See Notes to Consolidated Financial Statements
3
Fifth Third Bancorp and Subsidiaries
Consolidated Balance Sheets
(continued)
(a) Amortized cost: June 30, 1995 - $1,986,433,000, Dec. 31, 1994 -
$1,203,677,000 and June 30, 1994 - $1,161,351,000.
(b) Market value: June 30, 1995 - $2,602,741,000, Dec. 31, 1994 -
$2,410,536,000 and June 30, 1994 - $1,756,033,000.
(c) Stated value $2.22 per share; authorized 140,000,000; outstanding
June 30, 1995 - 65,237,026, Dec. 31, 1994 - 64,709,304 and
June 30, 1994 - 64,499,830.
See Notes to Consolidated Financial Statements.
4
Fifth Third Bancorp and Subsidiaries Three Months Ended
Consolidated Statements of Income (unaudited) June 30,
($000's)
1995 1994
----------- -----------
Interest and Fees on Loans and Leases $220,821 179,067
Interest on Securities
Taxable 61,170 40,097
Exempt from Income Taxes 5,765 3,777
----------- -----------
Total Interest on Securities 66,935 43,874
Interest on Other Short-Term Investments 200 124
----------- -----------
Total Interest Income 287,956 223,065
INTEREST EXPENSE ----------- -----------
Interest on Deposits
Interest Checking 6,980 6,217
Savings 3,248 3,756
Money Market 15,083 9,267
Other Time 61,081 46,391
Certificates - $100,000 and Over 11,058 3,303
Foreign Office 14,968 3,039
----------- -----------
Total Interest on Deposits 112,418 71,973
Interest on Federal Funds Borrowed 13,057 9,396
Interest on Short-Term Bank Notes 15,143 4,327
Interest on Other Short-Term Borrowings 9,680 6,780
Interest on Long-Term Debt and Notes 1,988 3,243
----------- -----------
Total Interest Expense 152,286 95,719
----------- -----------
NET INTEREST INCOME 135,670 127,346
Provision for Credit Losses 8,207 7,842
NET INTEREST INCOME AFTER ----------- -----------
PROVISION FOR CREDIT LOSSES 127,463 119,504
OTHER OPERATING INCOME
Trust Income 15,497 13,886
Service Charges on Deposits 15,831 14,543
Data Processing Income 18,201 15,926
Other Service Charges and Fees 22,942 18,010
Securities Gains 20 4
----------- -----------
Total Other Operating Income 72,491 62,369
OPERATING EXPENSES
Salaries and Wages 37,248 35,372
Employee Benefits 10,143 8,497
Equipment Expenses 4,140 4,096
Net Occupancy Expenses 6,955 6,579
Other Operating Expenses 38,665 38,166
----------- -----------
Total Operating Expenses 97,151 92,710
----------- -----------
INCOME BEFORE INCOME TAXES 102,803 89,163
Applicable Income Taxes 34,289 30,082
----------- -----------
NET INCOME $ 68,514 59,081
=========== ===========
NET INCOME PER SHARE $ 1.05 .92
AVERAGE SHARES OUTSTANDING (000's) 65,207 64,222
CASH DIVIDENDS DECLARED PER SHARE $ .35 .31
See Notes to Consolidated Financial Statements.
5
Fifth Third Bancorp and Subsidiaries Six Months Ended
Consolidated Statements of Income (unaudited) June 30,
($000's)
1995 1994
----------- -----------
Interest and Fees on Loans and Leases $429,926 351,421
Interest on Securities
Taxable 115,252 77,755
Exempt from Income Taxes 11,286 7,242
----------- -----------
Total Interest on Securities 126,538 84,997
Interest on Other Short-Term Investments 644 233
----------- -----------
Total Interest Income 557,108 436,651
INTEREST EXPENSE ----------- -----------
Interest on Deposits
Interest Checking 13,838 12,237
Savings 6,504 7,416
Money Market 28,738 17,577
Other Time 114,569 90,655
Certificates - $100,000 and Over 15,663 6,670
Foreign Office 32,837 5,687
----------- -----------
Total Interest on Deposits 212,149 140,242
Interest on Federal Funds Borrowed 25,503 18,222
Interest on Short-Term Bank Notes 27,351 4,327
Interest on Other Short-Term Borrowings 18,684 11,447
Interest on Long-Term Debt and Notes 4,026 7,268
----------- -----------
Total Interest Expense 287,713 181,506
----------- -----------
NET INTEREST INCOME 269,395 255,145
Provision for Credit Losses 17,781 19,138
NET INTEREST INCOME AFTER ----------- -----------
PROVISION FOR CREDIT LOSSES 251,614 236,007
OTHER OPERATING INCOME
Trust Income 30,030 27,929
Service Charges on Deposits 31,260 28,700
Data Processing Income 34,788 29,781
Other Service Charges and Fees 46,744 39,777
Securities Gains 29 303
----------- -----------
Total Other Operating Income 142,851 126,490
OPERATING EXPENSES
Salaries and Wages 74,510 70,454
Employee Benefits 20,407 18,406
Equipment Expenses 8,226 8,164
Net Occupancy Expenses 13,818 13,123
Other Operating Expenses 75,381 75,940
----------- -----------
Total Operating Expenses 192,342 186,087
----------- -----------
INCOME BEFORE INCOME TAXES 202,123 176,410
Applicable Income Taxes 67,491 59,448
----------- -----------
NET INCOME $134,632 116,962
=========== ===========
NET INCOME PER SHARE $ 2.07 1.82
AVERAGE SHARES OUTSTANDING (000's) 65,141 64,202
CASH DIVIDENDS DECLARED PER SHARE $ .70 .58
See Notes to Consolidated Financial Statements.
6
Fifth Third Bancorp and Subsidiaries
Consolidated Statements of Cash Flows (unaudited)
For the Three Months Ended June 30, ($000's)
1995 1994
--------------------------------------------------------------------------
Operating Activities
--------------------------------------------------------------------------
Net Income $134,632 116,962
Adjustments to Reconcile Net Income to Net Cash
Provided by Operating Activities
Provision for Credit Losses 17,781 19,138
Depreciation, Amortization and Accretion 7,231 17,817
Provision for Deferred Income Taxes 14,806 15,642
Realized Securities Gains (38) (555)
Realized Securities Losses 9 252
Proceeds from Sales of Residential Mortgage
Loans Held for Sale 51,704 552,808
Net Gains from Sales of Residential Mortgage
Loans Held for Sale (370) (9,493)
Net Increase in Residential Mortgage Loans
Held for Sale (118,865) (242,670)
Net Decrease (Increase) in Accrued Income
Receivable (13,457) 4,121
Net Increase in Other Assets (4,541) (18,362)
Net Increase in Accrued Taxes, Interest and
Expenses 37,404 15,814
Net Increase in Other Liabilities 12,990 8,892
--------------------------------------------------------------------------
Net Cash Provided by Operating Activities 139,286 480,366
--------------------------------------------------------------------------
Investing Activities
Proceeds from Sales of Securities Available
for Sale 6,008 122,586
Proceeds from Calls, Paydowns and Maturities of
Securities Available for Sale 53,116 208,819
Purchases of Securities Available for Sale (256,274) (547,038)
Proceeds from Sales of Securities Held to Maturity -- 62,487
Proceeds from Calls, Paydowns and Maturities of
Securities Held to Maturity 210,345 290,930
Purchases of Securities Held to Maturity (275,152) (372,984)
Net Increase in Other Short-Term Investments (32,322) (13,451)
Net Increase in Loans and Leases (804,529) (658,972)
Purchases of Bank Premises and Equipment (11,833) (13,628)
Proceeds from Disposal of Bank Premises
and Equipment 887 650
Net Cash Acquired in Purchase of Subsidiary (441) (10,012)
--------------------------------------------------------------------------
Net Cash Used in Investing Activities $(1,110,195) (930,613)
--------------------------------------------------------------------------
7
Fifth Third Bancorp and Subsidiaries
Consolidated Statements of Cash Flows (unaudited)
For the Six Months Ended June 30, ($000's)
(continued) 1995 1994
--------------------------------------------------------------------------
Financing Activities
Net Increase in Deposits $482,142 71,407
Purchase of Deposits 15,920 294,126
Net Increase (Decrease) in Federal Funds Borrowed 102,156 (530,795)
Net Increase in Short-Term Bank Notes 130,005 745,000
Net Increase in Other Short-Term Borrowings 198,878 7,051
Repayment of Long-Term Debt (10,030) (127,432)
Payment of Cash Dividends (42,880) (34,250)
Exercise of Stock Options 1,659 3,330
Other (70) 222
--------------------------------------------------------------------------
Net Cash Provided by Financing Activities 877,780 428,659
--------------------------------------------------------------------------
Decrease in Cash and Due from Banks (93,129) (21,588)
Cash and Due from Banks at Beginning of Period 695,009 594,892
--------------------------------------------------------------------------
Cash and Due from Banks at End of Period $601,880 573,304
==========================================================================
See Notes to Consolidated Financial Statements
8
Fifth Third Bancorp and Subsidiaries
Consolidated Statements of Changes
In Stockholders' Equity (unaudited)
For the Six Months Ended June 30, ($000's)
1995 1994
----------- -----------
Balance at January 1 $ 1,398,774 1,277,660
Net Income 134,632 116,962
Cash Dividends Declared:
Fifth Third Bancorp (1995 - $.70 Per
Share and 1994 - $.58 Per Share) (45,653) (35,767)
Pooled Acquisition -- (1,063)
Stock Options Exercised,
Including Treasury Shares Issued 1,659 3,434
Shares Acquired for Treasury (70) --
Stock Issued in Acquisitions and Other 13,535 4,193
Change in Unrealized Gains/Losses on
Securities Available for Sale 33,407 (45,320)
----------- -----------
Balance at June 30 $ 1,536,284 1,320,099
=========== ===========
See Notes to Consolidated Financial Statements
9
FINANCIAL INFORMATION
Item 1. Notes to Consolidated Financial Statements
1. Financial information for all prior periods has been restated for
the acquisition of The Cumberland Federal Bancorporation, Inc.,
which was completed August 26, 1994 and accounted for as a pooling
of interests. Financial information as of December 31, 1994 has
been derived from the audited consolidated financial statements of
the Registrant.
2. In the opinion of management, the unaudited consolidated financial
statements include all adjustments (which consist of only normal,
recurring accruals) necessary to present fairly the consolidated
financial position as of June 30, 1995 and 1994, and the results
of operations for the three and six months ended June 30, 1995 and
1994 and cash flows for the six months ended June 30, 1995 and
1994.
3. The results of operations and cash flows for the six months ended
June 30, 1995 and 1994 are not necessarily indicative of the
results to be expected for the full year.
4. The Registrant adopted Statement of Financial Accounting Standards
(SFAS) No. 114, "Accounting by Creditors for Impairment of a Loan,"
as amended by SFAS No. 118, "Accounting by Creditors for Impairment
of a Loan--Income Recognition and Disclosures," effective January
1, 1995. These statements require that impaired loans be measured
based on the present value of expected future cash flows discounted
at the loans' effective interest rates or the fair value of the
underlying collateral, and specify alternative methods for
recognizing interest income on loans that are impaired or for which
there are credit concerns. The adoption of SFAS No. 114 and No.
118 did not have any effect on the total reserve for credit losses
or related provision.
5. Residential mortgage loans held for sale, which are valued at the
lower of aggregate cost or market value, were $17,305,000,
$4,168,000 and $21,738,000 at June 30, 1995, December 31, 1994 and
June 30, 1994, respectively.
6. In the first six months of 1995, the Registrant paid $269,508,000
in interest and $44,500,000 in Federal income taxes. In the first
six months of 1994, the Registrant paid $169,342,000 in interest
and $45,600,000 in Federal income taxes. In the first six months of
1995 and 1994, respectively, the Registrant had noncash investing
activities consisting of the securitization of $553,149,000 and
$27,177,000 of residential mortgage loans.
10
Item 1. Notes to Consolidated Financial Statements (cont.)
7. On January 20, 1995, the Registrant acquired Mutual Federal Savings
Bank of Miamisburg (Ohio), A Stock Savings Bank, with $78 million
in assets, in a transaction accounted for as a pooling of
interests. The Consolidated Financial Statements have not been
restated for this acquisition due to immateriality. On June 23,
1995, the Registrant purchased $16 million in deposits and the
fixed assets of the Bank One, Dayton, NA, branch located in
Lebanon, Ohio.
8. Certain prior year's data has been reclassified to conform to
current presentation.
Item 2. Management's Discussion and Analysis of Financial Condition
and Results of Operations
The following is management's discussion and analysis of certain
significant factors which have affected the Registrant's financial
condition and results of operations during the periods included in the
consolidated financial statements which are a part of this filing.
Results of Operations
The Registrant's net income was $68,514,000 for the second quarter of
1995, compared to $59,081,000 for the same period in 1994. Second
quarter earnings per share were $1.05, a 14.1% increase over last year's
$.92.
Total assets were $16.2 billion at quarter end, compared to 1994's
second quarter-end assets of $13.7 billion. For the second quarter of
1995, return on average equity was 17.9% and return on average assets
was 1.74%.
The Registrant's net interest income on a fully taxable equivalent basis
for the second quarter of 1995 was $143.8 million, an 8.1% increase over
the $133.0 million realized in the same period of 1994. This increase
resulted from a 15.5% increase in average interest-earning assets,
offset by a decrease of 27 basis points in the net interest margin.
Total loans and leases increased 7.1% over last year. Since June 30,
1994, the Bancorp has sold or securitized approximately $981 million in
residential mortgage loans to improve liquidity and limit interest rate
risk, contributing to a 21.7% decline in residential mortgage
outstandings. Excluding these transactions, which included $553 million
in securitizations during the second quarter of 1995, total consumer
loans and leases increased 17.5%.
The provision for credit losses was $8.2 million in the second quarter
of 1995 and $7.8 million in the second quarter of 1994. The reserve for
credit losses as a percentage of loans and leases outstanding was 1.52%
at June 30, 1995 and 1.58% at June 30, 1994. Under-performing assets
(including loans and leases ninety days past due) as a percentage of
total loans, leases and other real estate owned were .40% at June 30,
1995 and .48% at June 30, 1994.
11
Item 2. Management's Discussion and Analysis of Financial Condition
and Results of Operations (cont.)
Total other operating income, excluding securities gains, increased to
$72.5 million during the second quarter of 1995, a 16.2% increase over
the second quarter of 1994. This growth was led by a 27.4% increase in
other service charges and fees. Other service charges and fees for the
quarter included a gain of approximately $6.0 million from the sale of
servicing rights for $552.9 million in residential mortgage loans, while
the second quarter of 1994 included a $3.3 million gain on sales of
residential mortgages by the former Cumberland Federal Bancorporation,
Inc. Data processing and trust income increased 14.3% and 11.6%,
respectively, over the same period in 1994.
Total operating expenses increased 4.8% during the second quarter over
the similar period of 1994. Salaries, wages and employee benefits
increased 8.0% over 1994. The number of full-time equivalent employees
increased 1.0% (or 58) over the same period in 1994 to 5,671 at June 30,
1995. Equipment and net occupancy expenses increased 3.9% over 1994 and
other operating expenses increased 1.3% over 1994. The overhead ratios
(operating expenses divided by the sum of fully taxable equivalent net
interest income and other operating income) were 44.9% for the second
quarter 1995 and 47.4% for the second quarter of 1994.
Material Changes in Financial Condition
The material changes that have occurred in the Registrant's financial
condition during 1995 are as follows ($000's):
June. 30, Dec. 31,
1995 1994 $ +/- % +/-
---------------------------------------
Securities Available for Sale $1,945,647 1,129,492 816,155 72.3
Loans and Leases 10,636,625 10,286,457 350,168 3.4
Deposits 11,186,332 10,630,878 555,454 5.2
Other Borrowings 2,888,257 2,452,218 436,039 17.8
The growth in securities available for sale was due in part to the
securitizations and transfers of $553 million in residential mortgage
loans. The growth in total loans and leases has been funded primarily
through growth in total deposits and other borrowings consisting of
federal funds borrowed, short-term bank notes and other short-term
borrowings.
On July 21, 1995, the Registrant completed its acquisition of Falls
Financial, Inc., a thrift holding company with approximately $600
million in assets headquartered in Akron, Ohio. As a result, the
Registrant issued 1,479,388 new common shares and paid cash of $48,900
to the selling stockholders of Falls Financial, Inc.
12
Liquidity and Capital Resources
The maintenance of an adequate level of liquidity is necessary to ensure
that sufficient funds are available to meet customers' loan demand and
deposit withdrawals. The banking subsidiaries' liquidity sources
consist of short-term marketable securities, maturing loans and federal
funds loaned and selected securitizable loan assets. Liquidity has also
been obtained through liabilities such as customer-related core
deposits, funds borrowed, certificates of deposit and public funds
deposits.
At June 30, 1995, stockholders' equity was $1.536 billion, compared to
$1.320 billion at June 30, 1994, an increase of $.216 billion, or 16.4%.
Stockholders' equity as a percentage of total assets as of June 30,
1995 was 9.5%. At June 30, 1995, the Registrant had a Tier 1 risk-based
capital ratio of 11.2%, a total risk-based capital ratio of 12.9% and a
leverage ratio of 9.5%. At June 30, 1994, the Registrant had a Tier 1
risk-based capital ratio of 11.6%, total risk-based capital ratio of
13.6% and a leverage ratio of 9.5%.
On July 18, 1995, a subsidiary of the Registrant issued $250 million of
noncallable subordinated notes due July 15, 2005, at a fixed rate of
6.75%. The proceeds will be used for general corporate purposes.
PART II. OTHER INFORMATION
Item 6. Exhibits
1. Exhibit No. 11 - Computation of Consolidated Net Income Per Share
for the Three and Six Months Ended June 30, 1995 and 1994.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
FIFTH THIRD BANCORP
Registrant
/s/ P. Michael Brumm
Date: August 14, 1995 P. Michael Brumm,
Senior Vice President and CFO
13
EX-11
2
EXHIBIT 11
FIFTH THIRD BANCORP
COMPUTATION OF CONSOLIDATED NET INCOME PER SHARE
($000's except per share data)
For the Three Months For the Six Months
Ended June 30, Ended June 30,
1995 1994 1995 1994
------ ------ ------ ------
Net Income $ 68,514 59,081 $ 134,632 116,962
======== ======== ======== ========
Net income per common share - assuming no dilution:
Weighted average number of shares outstanding 65,207 64,222 65,141 64,202
======== ======== ======== ========
Per share (net income divided by the weighted average
number of shares outstanding) $ 1.05 0.92 $ 2.07 1.82
======== ======== ======== ========
Net income per common and common equivalent share:
Net income $ 68,514 59,081 $ 134,632 116,962
Add - Interest on 4 1/4% convertible subordinated notes
due 1998, net of applicable income taxes 1,080 1,084 2,161 2,165
-------- -------- -------- --------
Adjusted net income $ 69,594 60,165 $ 136,793 119,127
======== ======== ======== ========
Adjusted weighted average number of shares outstanding -
after giving effect to the conversion of stock options
and convertible subordinated notes 67,630 66,790 67,566 66,766
======== ======== ======== ========
Per share (adjusted net income divided by the adjusted
weighted average number of shares outstanding) $ 1.03 0.90 $ 2.02 1.78
======== ======== ======== ========
Net income per common share - assuming full dilution:
Adjusted net income $ 69,594 60,165 $ 136,793 119,127
======== ======== ======== ========
Adjusted weighted average number of shares outstanding -
after giving effect to the conversion of stock options
and convertible subordinated notes 67,704 66,790 67,646 66,775
======== ======== ======== ========
Per share (adjusted net income divided by the adjusted
weighted average number of shares outstanding) $ 1.03 0.90 $ 2.02 1.78
======== ======== ======== ========
EX-27
3
9
0000035527
FIFTH THIRD BANCORP
1,000
6-MOS
DEC-31-1995
JAN-01-1995
JUN-30-1995
601,880
1,087
55,000
0
1,945,647
2,590,810
2,602,741
10,636,625
162,118
16,164,223
11,186,332
2,888,257
384,396
168,954
144,826
0
0
1,391,458
16,164,223
429,926
126,538
644
557,108
212,149
287,713
269,395
17,781
29
192,342
202,123
134,632
0
0
134,632
2.02
2.02
3.94
23,826
14,688
416
0
155,918
17,444
6,246
162,118
162,118
0
0