-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, MFV2urj6XZVStpH3f6xaWdvRcVshF1k0dFlNclYFYRZfvg6gNChSBrdH6GubUgMc wSp91dsQbHpCKkQL4+h6Tw== 0000950152-01-502391.txt : 20010604 0000950152-01-502391.hdr.sgml : 20010604 ACCESSION NUMBER: 0000950152-01-502391 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20010601 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 20010601 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: 8-K SEC ACT: SEC FILE NUMBER: 000-08076 FILM NUMBER: 1653120 BUSINESS ADDRESS: STREET 1: 38 FOUNTAIN SQ PLZ STREET 2: FIFTH THIRD CENTER CITY: CINCINNATI STATE: OH ZIP: 45263 BUSINESS PHONE: 5135795300 8-K 1 l88752ae8-k.txt FIFTH THIRD BANCORP FORM 8-K 1 =============================================================================== SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15 (D) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): June 1, 2001 FIFTH THIRD BANCORP (Exact name of registrant as specified in its charter) Ohio 0-8076 31-0854434 (State or other jurisdiction (Commission (IRS Employer of incorporation) File Number) Identification No.) Fifth Third Center 38 Fountain Square Plaza, Cincinnati, Ohio 45263 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (513) 579-5300 Not Applicable (Former name or address, if changed since last report) =============================================================================== 2 Item 7. Financial Statements and Exhibits Exhibit 99.1 - Management Discussion of Trends Exhibit 99.2 - Quarterly Financial Supplement - 1Q01 - 1Q99 Item 9. Regulation FD Disclosure To assist investors, financial analysts and other interested parties in their analysis of Fifth Third Bancorp, the Registrant developed the document attached as Exhibit 99.1 to this Form 8-K. In addition, Fifth Third Bancorp has prepared the attached unaudited condensed financial statements and supplemental financial data for each of the six years ended December 31, 2000 and for each of the nine quarters in the period ended March 31, 2001. The unaudited condensed financial statements and supplemental financial data preliminarily include the effect of Fifth Third Bancorp's acquisition of Old Kent Financial Corporation on April 2, 2001 as if the entities had been combined for all periods presented. The attached information has been prepared, without audit, to assist investors, financial analysts and other interested parties in determining the effect of the acquisition of Old Kent Financial Corporation. These documents, incorporated herein by reference, are furnished, not filed. 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 hereunto duly authorized. FIFTH THIRD BANCORP (Registrant) June 1, 2001 /s/ Neal E. Arnold ------------------------------ Neal E. Arnold Executive Vice President and Chief Financial Officer EX-99.1 2 l88752aex99-1.txt EXHIBIT 99.1 1 EXHIBIT 99.1 In response to numerous questions from investors and other members of the financial community, Fifth Third Bancorp has developed the document attached as Exhibit 99.2 containing historical unaudited financial information restated for the effect of its April 2, 2001 acquisition of Old Kent Financial Corporation. Fifth Third previously provided on March 6, 2001 certain limited financial information on a restated, pooled basis for the individual quarters in 2000 as well as the fiscal year ending December 31, 2000. The purpose of this release is to provide additional detail in restated, pooled financial information for prior periods as well as for the first quarter of 2001 including final reclassifications required to conform the reporting practices of the two companies. Old Kent's first quarter 2001 financial results were in line with expectations, but were affected by adjustments to conform Old Kent to Fifth Third's loan loss reserve and mortgage servicing rights valuation practices. In addition to this restated financial information, management is also providing a general trend overview of Fifth Third's objectives, financial condition and results of operation as for the second quarter and the remainder of 2001. * * * * * MANAGEMENT DISCUSSION OF TRENDS FEE BUSINESSES In general, management expects growth trends in fee revenue to be similar to recent periods. Specifically, by major category: Data Processing Fifth Third believes that recent year-over-year growth rates in excess of 25 percent are sustainable for the remainder of 2001 based on: o Continued success in selling significant new customer relationships and subsequent transaction volumes o A solid pipeline of unconverted new business and new sales leads. o New product opportunities. o Continued strong trends in the mix of retail transaction volumes to electronic forms of payment, combined with our demonstrated commitment to remain the most reliable and technologically-advanced provider. Investment Advisory Management expects year-over-year growth rates in this business to be in the range of 10 percent throughout the remainder of the year. Obviously, trends may be affected to some degree by financial market performance, but sales results are solid and accelerating. Fifth Third has increased its sales force in private client services and institutional asset management and will continue to emphasize growth across all business lines. New affiliate markets represent a substantial opportunity for growth as we bring the business mix of new Fifth Third affiliates towards that of our oldest and most profitable affiliates. 2 Other Fees o Consumer and Commercial service charges on deposits should continue at recent growth rates as deposit sales campaigns generate net new accounts and as Fifth Third's experience is applied in the new markets added with Old Kent. o The growth in treasury management fees continues to accelerate, reflecting Fifth Third's emphasis on deposit accounts as the core relationship product and cross-sell base. o Mortgage Banking fees over the remainder of the year will be affected considerably by the divestitures of the former Old Kent out-of-market mortgage production. Expenses o As previously disclosed, Fifth Third expects second quarter expenses to be higher sequentially and year-over-year than recent trends because nearly all of the Old Kent merger conversions occur in the second half of the year. A higher level of expenses is being maintained through second and third quarter to ensure a smooth integration and preserve future revenue opportunities. o Also as previously disclosed, second quarter will include a portion of the merger-related charges for the Old Kent acquisition. The pretax merger charge in the second quarter is expected to be approximately $250 million, with the remaining charges incurred in later quarters. NET INTEREST INCOME AND MARGIN Management expects high single-digit percentage growth in net interest income in the second quarter fueled by a stable net interest margin and modest earning asset growth. Other trends affecting net interest income: o Lower overall funding costs due to lower interest rates of all categories, somewhat mitigated by asset repricing and the resulting decline in the contribution of free funds. o Success in the decrease of deposit rates of interest, commensurate with recent rate cuts, without evidence of negative impacts on the level of balances outstanding. Fifth Third's overall deposit pricing remains highly competitive with market conditions, and balance trends are closely monitored. BALANCE SHEET TRENDS o Direct installment loan balances are expected to continue to show strong growth through the second quarter. o Commercial loans and leases are expected to experience low double-digit year-over-year growth in the second quarter 2001. 3 o Total average earning asset growth should remain relatively modest in the near term and should approximate the year-over-year growth rate seen in first quarter's pooled results. o Recent positive trends in the mix of deposits is expected to continue in the near term, highlighted by sequential and year-over-year growth in demand deposits and interest checking due to the better than expected success of deposit campaigns in new and existing markets. CREDIT QUALITY o Sequentially, credit quality is expected to improve slightly, with net charge-offs expected to stabilize for the reminder of the year in the range of 40 bp as a percentage of average loans and leases, down from the 46 bp level in the first quarter. o The amount of nonperforming assets (nonaccrual loans and leases plus OREO) is expected to remain relatively flat in the second quarter as compared to first quarter's $220 million. o As in prior quarters, individual credit flows into nonaccrual status during the second quarter remain small in dollar amount. o Consumer credit trends continue to be stable in the second quarter. OTHER ITEMS o Old Kent's first quarter 2001 financial results were in line with expectations, but were affected by adjustments to conform Old Kent to Fifth Third's loan loss reserve and mortgage servicing rights valuation practices. o The first of four scheduled conversions of the Old Kent acquisition was completed successfully in May. Extensive customer satisfaction surveys indicated that greater than 97 percent of the customers in the market had a favorable impression of the process. o During the remainder of the year, Fifth Third expects financial results to be affected by the: - Planned divestiture of the former Old Kent small-ticket leasing business and sub-prime lending portfolio in the second quarter - Planned divestiture of the former Old Kent out-of-market mortgage production in the third quarter. - Sale of branches in Arizona in the third quarter and those required by the Justice Department as a condition for approval of the Old Kent merger in the second quarter. 4 o Fifth Third will report second quarter earnings on JULY 16, 2001 PRIOR TO THE MARKET OPENING and will again host a conference call to be held the morning of the release. * * * * * This document contains forward-looking statements about Fifth Third Bancorp which we believe are within the meaning of the Private Securities Litigation Reform Act of 1995. This document contains certain forward-looking statements with respect to the financial condition, results of operations, plans, objectives, future performance and business of Fifth including statements preceded by, followed by or that include the words "believes," "expects," "anticipates" or similar expressions. These forward-looking statements involve certain risks and uncertainties. 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) competitive pressures among depository institutions increase significantly; (2) changes in the interest rate environment reduce interest margins; (3) prepayment speeds, loan sale volumes, charge-offs and loan loss provisions; (4) general economic conditions, either national or in the states in which Fifth Third does business, are less favorable than expected; (5) legislative or regulatory changes adversely affect the businesses in which Fifth Third is engaged; (6) changes in the securities markets; Further information on other factors which could affect the financial results of Fifth Third are included in Fifth Third's filings with the Securities and Exchange Commission. These documents are available free of charge at the Commission's website at http://www.sec.gov and/or from Fifth Third. EX-99.2 3 l88752aex99-2.txt EXHIBIT 99.2 1 EXHIBIT 99.2 ------------ June 2001 [LOGO] FIFTH THIRD BANCORP QUARTERLY FINANCIAL SUPPLEMENT 1Q01 - 1Q99 Investment Community Member: To assist in your financial analysis, the following supplement of most requested information concerning Fifth Third Bancorp is provided. All information, except market price and dividends per common share, has been restated to reflect the acquisition of Old Kent Financial Corporation (4/2/01) accounted for as a pooling-of-interests. Numbers are unaudited for both year-end and quarterly information. If you need further information, please fax or e-mail your request to Fifth Third's Investor Relations Department at (513) 579-6246 or investorrelations.cincinnati@53.com. /s/Neal E. Arnold /s/Rob Cafera Neal E. Arnold Rob Cafera EVP/Chief Financial Officer VP/External Reporting Manager (513) 579-4356 (513) 744-6662 2 FIFTH THIRD BANCORP YEAR ENDED
Years Ended December 31, --------------------------------------------------------------------------------------- 2000 1999 1998 1997 1996 1995 --------------------------------------------------------------------------------------- RATIOS % - -------- Return on Average Assets* ** 1.81 1.74 1.64 1.46 1.39 1.36 Return on Average Equity* ** 20.2 19.2 18.1 16.6 15.5 15.2 Average Equity/Average Assets 8.98 9.07 9.10 8.82 8.97 8.92 Net Interest Margin 3.74 3.97 3.89 3.97 3.95 3.95 Efficiency* ** 48.5 50.3 51.3 51.2 53.4 55.2 Net Charge-Offs/Average Loans & Leases * 0.26 0.32 0.44 0.45 0.42 0.21 Reserve/Loans & Leases Outstanding 1.43 1.48 1.56 1.50 1.53 1.66 Nonperforming Assets/Loans, Leases and OREO 0.47 0.40 0.52 0.60 0.63 0.72 Underperforming Assets/Loans, Leases and OREO 0.77 0.61 0.82 0.82 0.91 0.94 Loan Loss Reserve/Nonperforming Assets 303.85 370.86 300.58 250.24 244.00 229.44 Loan Loss Reserve/Underperforming Assets 185.21 241.16 189.33 182.85 167.33 177.69 SHARE DATA - ---------- Earnings Per Share $ 2.02 $ 1.68 $ 1.44 $ 1.39 $ 1.16 $ 1.09 Earnings Per Diluted Share 1.98 1.66 1.42 1.37 1.14 1.07 Operating Earnings Per Diluted Share* ** 2.10 1.83 1.63 1.37 1.20 1.07 Dividends Per Common Share 0.70 0.59 0.47 0.38 0.33 0.28 Book Value Per Share 11.71 9.84 9.64 9.00 8.32 7.66 Common Shares Outstanding (net of treasury) 569,056,843 565,425,468 557,438,774 556,356,059 564,561,419 548,266,213 Market Price Per Share: High $ 60.88 $ 50.29 $ 49.42 $ 37.11 $ 22.00 $ 15.11 Low 29.33 38.58 31.67 18.00 12.89 9.29 Close 59.75 48.92 47.54 36.33 18.61 14.47 Price/Earnings Ratio 30.18 29.47 33.48 26.52 16.32 13.52 SUPPLEMENTAL DATA - ----------------- Common Dividends Declared (000's) $ 324,959 $ 247,871 $ 186,710 $ 137,288 $ 118,477 $ 97,214 Employees (Full-time Equivalents) 20,468 21,290 20,375 19,752 18,666 17,483 Banking Centers 963 939 931 947 960 925 * - excludes merger-related charges ** - excludes one-time SAIF assessment
3 FIFTH THIRD BANCORP YEAR ENDED
Years Ended December 31, --------------------------------------------------------------------------------------- INCOME STATEMENT ($000S) 2000 1999 1998 1997 1996 1995 - ------------------------ --------------------------------------------------------------------------------------- Interest Income-FTE $ 4,994,731 $ 4,238,284 $ 4,085,148 $ 4,003,915 $ 3,680,234 $ 3,292,182 Interest Expense 2,692,850 2,021,736 2,041,974 2,026,132 1,852,182 1,673,153 --------------------------------------------------------------------------------------- Net Interest Income-FTE 2,301,881 2,216,548 2,043,174 1,977,783 1,828,052 1,619,029 Loan Loss Provision 125,661 143,232 156,217 176,619 123,645 79,943 Merger-Related Loan Loss Provision 12,000 26,213 20,202 -- -- -- Operating Income: Data Processing Income 251,730 188,652 146,586 115,362 90,660 77,797 Service Charges on Deposits 298,389 252,410 230,187 198,884 177,922 149,608 Trust Income 281,020 261,531 221,308 174,102 146,209 128,042 Mortgage banking revenue 255,964 289,526 248,358 160,957 119,774 85,084 Other Non-Interest Income 369,867 324,692 260,689 224,389 196,042 153,133 Securities Gains (Losses) 6,175 8,418 49,544 25,303 14,659 20,169 Foreign Exchange Income 19,129 13,829 8,484 5,773 3,550 3,060 --------------------------------------------------------------------------------------- Total Operating Income 1,482,274 1,339,058 1,165,156 904,770 748,816 616,893 Operating Expenses: Staff Expense 927,945 905,269 824,929 736,103 675,876 590,064 Equipment Expenses 99,846 98,380 91,277 81,566 73,796 68,458 Net Occupancy Expenses 137,615 131,037 120,284 113,722 104,954 91,935 Deposit Insurance Expenses 9,079 9,831 10,473 9,779 25,213 43,448 Foreclosed Property Expense 3,606 3,336 4,345 3,585 3,708 3,395 Other Expenses 653,772 636,483 570,154 518,879 485,633 425,118 One-Time SAIF Assessment -- -- -- -- 49,600 -- Merger-Related Charges 86,973 108,141 146,340 -- -- -- --------------------------------------------------------------------------------------- Total Operating Expenses 1,918,836 1,892,477 1,767,802 1,463,634 1,418,780 1,222,418 --------------------------------------------------------------------------------------- Pre-Tax Income-FTE 1,727,658 1,493,684 1,264,109 1,242,300 1,034,443 933,561 Tax Equivalent Adjustment 47,359 38,839 32,991 70,474 59,245 53,423 --------------------------------------------------------------------------------------- Income Before Income Taxes 1,680,299 1,454,845 1,231,118 1,171,826 975,198 880,138 Applicable Income Taxes 539,066 507,498 423,468 394,616 320,510 286,556 --------------------------------------------------------------------------------------- Net Income $ 1,141,233 $ 947,347 $ 807,650 $ 777,210 $ 654,688 $ 593,582 --------------------------------------------------------------------------------------- Dividend on preferred stock 740 740 740 740 940 1,106 --------------------------------------------------------------------------------------- Net income available to common $ 1,140,493 $ 946,607 $ 806,910 $ 776,470 $ 653,748 $ 592,476 ======================================================================================= Operating Earnings * $ 1,207,126 $ 1,048,007 $ 925,288 $ 776,470 $ 685,007 $ 592,476 --------------------------------------------------------------------------------------- REGULATORY CAPITAL DATA ($000S) - ------------------------------- Tier 1 Capital $ 6,317,271 $ 5,573,014 $ 5,117,988 $ 4,612,955 $ 4,157,927 $ 3,832,695 Tier 2 Capital 1,176,823 911,730 856,547 858,560 828,711 843,819 --------------------------------------------------------------------------------------- Total Risk-Based Capital $ 7,494,094 $ 6,484,744 $ 5,974,535 $ 5,471,515 $ 4,986,638 $ 4,676,514 ======================================================================================= Total Risk-Adjusted Assets $55,942,787 $49,379,320 $43,906,496 $41,356,922 $36,316,507 $32,420,872 Leverage Ratio 9.40% 9.04% 9.13% 8.64% 8.44% 8.58% Tier 1 Risk-Based Capital Ratio 11.29% 11.29% 11.66% 11.15% 11.45% 11.82% Total Risk-Based Capital Ratio 13.40% 13.13% 13.61% 13.23% 13.73% 14.42% * - excludes merger-related charges and one-time SAIF assessment
4 FIFTH THIRD BANCORP YEAR ENDED
Years Ended December 31, --------------------------------------------------------------------------------------------- 2000 1999 1998 1997 1996 1995 --------------------------------------------------------------------------------------------- BALANCE SHEET - ASSETS ($000S) - ------------------------------ Cash and Cash Equivalents $ 1,706,538 $ 1,892,244 $ 1,804,451 $ 1,646,867 $ 1,785,487 $ 1,589,688 Available-for-Sale Securities 19,028,803 15,925,358 15,584,229 13,554,947 12,748,785 10,546,845 Held-to-Maturity Securities 552,563 738,406 925,646 2,065,920 2,583,366 2,586,181 Other Short-Term Investments 232,524 387,875 247,697 383,806 564,216 583,426 --------------------------------------------------------------------------------------------- Total Securities 19,813,890 17,051,639 16,757,572 16,004,673 15,896,367 13,716,452 --------------------------------------------------------------------------------------------- Total Cash and Securities 21,520,428 18,943,883 18,562,023 17,651,540 17,681,854 15,306,140 Loans Held for Sale 1,654,996 1,198,407 2,861,345 1,590,307 682,544 663,699 Loans and Leases Held for Investment (before reserve) 42,530,390 38,836,589 34,115,399 33,906,147 31,597,392 28,488,756 --------------------------------------------------------------------------------------------- Total Loans and Leases 44,185,386 40,034,996 36,976,744 35,496,454 32,279,936 29,152,455 Loan Loss Reserve (609,340) (572,919) (532,176) (509,231) (483,572) (474,047) Goodwill 532,798 431,845 311,595 244,705 199,328 194,488 Other Intangibles 234,720 264,120 270,262 274,066 291,792 96,920 --------------------------------------------------------------------------------------------- Total Intangible Assets 767,518 695,965 581,857 518,771 491,120 291,408 Mortgage Servicing Rights 413,065 381,661 310,316 219,707 153,386 82,768 Other Real Estate Owned 27,626 20,747 22,079 22,933 31,897 30,337 Other Assets 3,353,656 2,652,355 2,281,014 1,859,904 1,782,394 1,548,631 --------------------------------------------------------------------------------------------- Total Assets $ 69,658,339 $ 62,156,688 $ 58,201,857 $ 55,260,078 $ 51,937,015 $ 45,937,692 ============================================================================================= BALANCE SHEET - LIABILITIES ($000S) - ----------------------------------- Deposits $ 48,359,441 $ 41,855,805 $ 41,014,027 $ 39,609,006 $ 38,531,504 $ 34,890,934 Borrowings: Short-Term 8,099,297 11,198,167 7,063,090 6,988,900 5,792,388 4,103,526 Long-Term 4,311,310 2,003,772 3,263,590 2,505,341 1,995,069 1,881,708 Convertible Subordinated Debentures 172,500 172,500 172,500 -- -- -- Other Liabilities 2,053,379 1,363,649 1,317,271 1,152,208 923,193 861,332 --------------------------------------------------------------------------------------------- Total Liabilities $ 62,995,927 $ 56,593,893 $ 52,830,478 $ 50,255,455 $ 47,242,154 $ 41,737,500 ============================================================================================= BALANCE SHEET - EQUITY ($000S) - ------------------------------ Common and Preferred Equity 6,635,513 5,864,656 5,293,523 5,049,282 4,678,191 4,154,163 Net Unrealized Gains (Losses) on Securities Available for Sale 28,012 (301,861) 135,815 139,921 16,847 46,029 Treasury Stock, at Cost (1,113) -- (57,959) (184,580) (177) -- --------------------------------------------------------------------------------------------- Total Shareholders' Equity $ 6,662,412 $ 5,562,795 $ 5,371,379 $ 5,004,623 $ 4,694,861 $ 4,200,192 ============================================================================================= Preferred Shares Outstanding 9,250 9,250 9,250 9,250 9,250 14,250 Common Shares Outstanding (net of treasury) 569,056,843 565,425,468 557,438,774 556,356,059 564,561,419 548,266,213 Treasury Shares Held 21,875 -- 1,383,042 8,137,328 13,266 --
5 FIFTH THIRD BANCORP YEAR ENDED
Years Ended December 31, --------------------------------------------------------------------------------------------- 2000 1999 1998 1997 1996 1995 --------------------------------------------------------------------------------------------- AVERAGE BALANCE SHEET ($000'S) - ------------------------------ Taxable Securities $ 17,245,897 $ 15,389,869 $ 14,825,601 $ 14,356,283 $ 13,786,764 $ 11,545,712 Tax Exempt Securities 1,383,831 1,511,008 1,265,051 1,068,719 1,171,821 1,168,938 Loans & Leases 42,690,459 38,652,106 36,013,782 33,850,423 30,742,193 27,598,267 Other Earning Assets 200,277 327,221 375,837 512,707 536,459 675,687 --------------------------------------------------------------------------------------------- Total Earning Assets 61,520,464 55,880,204 52,480,271 49,788,132 46,237,237 40,988,604 --------------------------------------------------------------------------------------------- Cash and Due from Banks 1,455,691 1,628,095 1,565,751 1,366,566 1,401,460 1,364,804 Other Assets 4,227,918 3,343,870 2,781,715 2,494,952 2,212,133 1,715,110 Reserve for Credit Losses (594,137) (559,840) (522,113) (488,200) (484,273) (460,697) --------------------------------------------------------------------------------------------- Total Assets $ 66,609,936 $ 60,292,329 $ 56,305,624 $ 53,161,450 $ 49,366,557 $ 43,607,821 ============================================================================================= Interest Checking $ 6,548,207 $ 6,081,813 $ 5,318,358 $ 4,437,157 $ 3,972,383 $ 3,585,746 Savings 7,857,873 7,413,312 6,592,961 5,419,319 5,010,127 4,090,058 Money Market Deposits 1,862,995 2,592,287 2,921,961 3,408,649 3,721,657 3,664,935 Consumer Time Deposits 14,875,713 14,674,472 15,854,845 16,897,103 16,135,000 13,397,944 --------------------------------------------------------------------------------------------- Total Customer Deposits 31,144,788 30,761,884 30,688,125 30,162,228 28,839,167 24,738,683 CDs $100,000 & Over 3,123,634 3,380,334 3,118,425 3,163,387 3,222,026 3,142,799 Foreign Deposits 3,895,499 952,277 269,765 440,533 569,057 1,006,439 Short-Term Borrowings 11,201,963 9,537,213 7,612,216 6,486,088 5,085,046 4,754,023 Long-Term Borrowings 3,229,340 2,522,803 2,694,953 2,306,648 1,832,919 1,289,630 --------------------------------------------------------------------------------------------- Total Interest-Bearing Liabilities 52,595,224 47,154,511 44,383,484 42,558,884 39,548,215 34,931,574 Demand Deposits 6,257,315 6,078,798 5,626,749 4,931,842 4,492,498 4,049,745 Other Liabilities 1,776,176 1,591,485 1,169,423 980,531 896,206 736,524 --------------------------------------------------------------------------------------------- Total Liabilities 60,628,715 54,824,794 51,179,656 48,471,257 44,936,919 39,717,843 --------------------------------------------------------------------------------------------- Shareholders' Equity 5,981,221 5,467,535 5,125,968 4,690,193 4,429,638 3,889,978 --------------------------------------------------------------------------------------------- Total Liabilities & Shareholders' Equity $ 66,609,936 $ 60,292,329 $ 56,305,624 $ 53,161,450 $ 49,366,557 $ 43,607,821 ============================================================================================= Average Loans and Leases (excluding held for sale) $ 41,302,964 $ 36,542,653 $ 33,929,975 $ 32,789,983 $ 30,231,339 $ 27,234,437 Average Common Shares Outstanding Basic 565,685,977 562,041,032 558,534,169 557,881,999 561,896,024 542,522,904 Diluted 578,973,325 575,895,318 571,084,574 566,574,828 572,902,298 558,322,766
6 FIFTH THIRD BANCORP YEAR ENDED
Years Ended December 31, -------------------------------------------------------------------------- 2000 1999 1998 1997 1996 1995 -------------------------------------------------------------------------- ASSET QUALITY ($000S) - --------------------- Non-Accrual Loans $ 174,250 $ 133,200 $ 150,472 $ 172,515 $ 156,373 $ 161,823 Renegotiated Loans 1,603 2,210 5,159 6,589 8,093 7,878 Other Real Estate Owned 24,685 19,073 21,417 24,389 33,719 36,908 -------------------------------------------------------------------------- Total Non-Performing Assets 200,538 154,483 177,048 203,493 198,185 206,609 Loans 90+ Days Past Due 128,454 83,087 104,030 75,001 90,802 60,173 -------------------------------------------------------------------------- Total NPAs Plus Loans Over 90 Days $ 328,992 $ 237,570 $ 281,078 $ 278,494 $ 288,987 $ 266,782 ========================================================================== LOAN PORTFOLIO ($ IN MILLIONS) - ------------------------------ (net of unearned discount) Construction & Land Development $ 3,223 $ 2,272 $ 1,662 $ 1,465 $ 1,306 $ 1,019 Commercial Mortgages 6,227 5,640 4,425 3,948 3,701 3,500 Commercial Loans & Leases 13,306 12,106 10,780 10,240 9,294 8,115 Residential Mortgages 7,167 7,750 10,569 10,908 9,503 8,392 Home Equity Loans 6,792 4,524 2,956 2,348 1,692 1,311 Credit Card Outstandings 362 318 345 380 760 723 Other Consumer 7,108 7,425 6,239 6,207 6,024 6,093 -------------------------------------------------------------------------- Total Loans & Leases $ 44,185 $ 40,035 $ 36,976 $ 35,496 $ 32,280 $ 29,153 ========================================================================== NON-PERFORMING LOANS ($000S) - ---------------------------- (non-accrual plus renegotiated) Construction & Land Development $ 10,868 $ 4,041 $ 4,840 $ 6,047 $ 9,633 $ 2,830 Commercial Mortgages 42,001 24,861 40,750 39,009 44,107 67,725 Commercial Loans & Leases 75,315 55,155 71,611 78,737 64,513 61,910 Residential 41,864 48,271 32,678 49,010 40,168 31,498 Installment 5,805 3,082 5,752 6,301 6,045 5,738 -------------------------------------------------------------------------- Total $ 175,853 $ 135,410 $ 155,631 $ 179,104 $ 164,466 $ 169,701 ========================================================================== NET CHARGE-OFFS ($000S) * - ------------------------- Gross Charge-Offs $ 175,846 $ 209,274 $ 213,601 $ 196,544 $ 173,729 $ 91,472 Recoveries (67,051) (67,682) (54,904) (48,770) (45,277) (34,212) -------------------------------------------------------------------------- Net Charge-Offs $ 108,795 $ 141,592 $ 158,697 $ 147,774 $ 128,452 $ 57,260 ========================================================================== * - 1999 and 1998 includes the effect of 4Q 1999, 4Q 1998 and 2Q 1998 merger-related charge-offs of $26,213, $3,000 and $5,952, respectively.
7 FIFTH THIRD BANCORP QUARTER ENDED
Three Months Ended ----------------------------------------------------------------------------- March 31, December 31, September 30, June 30, March 31, 2001 2000 2000 2000 2000 ----------------------------------------------------------------------------- RATIOS (%) - ---------- Return on Average Assets* 1.79 1.87 1.83 1.80 1.76 Return on Average Equity* 18.1 20.4 20.6 21.1 19.6 Average Equity/Average Assets 9.92 9.18 8.89 8.53 8.96 Net Interest Margin 3.81 3.70 3.71 3.74 3.82 Efficiency* 48.1 47.9 48.0 48.3 49.9 Net Charge-Offs/Average Loans & Leases * 0.46 0.33 0.22 0.26 0.25 Reserve/Loans & Leases Outstanding 1.48 1.43 1.47 1.46 1.46 Nonperforming Assets/Loans, Leases and OREO 0.52 0.47 0.42 0.39 0.41 Underperforming Assets/Loans, Leases and OREO 0.77 0.77 0.69 0.66 0.65 Loan Loss Reserve/Nonperforming Assets 287.26 303.85 351.30 370.04 356.89 Loan Loss Reserve/Underperforming Assets 192.65 185.21 212.69 221.76 225.67 SHARE DATA - ---------- Earnings Per Share $ 0.52 $ 0.56 $ 0.55 $ 0.44 $ 0.47 Earnings Per Diluted Share 0.51 0.55 0.54 0.43 0.46 Operating Earnings Per Diluted Share* 0.52 0.55 0.54 0.52 0.49 Dividends Per Common Share 0.20 0.18 0.18 0.18 0.16 Book Value Per Share 12.19 11.71 10.72 10.33 9.99 Common Shares Outstanding (net of treasury) 575,410,069 569,056,843 563,201,628 566,309,657 566,324,584 High $ 61.31 $ 60.88 $ 54.75 $ 48.00 $ 48.50 Low 45.69 43.31 40.94 37.75 29.33 Close 53.44 59.75 53.88 42.17 42.00 Price/Earnings Ratio 26.33 30.18 30.61 25.40 25.15 SUPPLEMENTAL DATA - ----------------- Common Dividends Declared (000's) $ 94,377 $ 83,798 $ 83,108 $ 83,704 $ 74,323 Employees (Full-time Equivalents) 20,508 20,468 20,615 20,826 21,081 Banking Centers 974 963 920 922 932 ATMs 1,905 1,947 1,960 1,996 1,977
Three Months Ended -------------------------------------------------------------- December 31, September 30, June 30, March 31, 1999 1999 1999 1999 -------------------------------------------------------------- RATIOS (%) - ---------- Return on Average Assets* 1.74 1.76 1.70 1.75 Return on Average Equity* 19.3 19.4 18.8 19.2 Average Equity/Average Assets 9.01 9.10 9.05 9.12 Net Interest Margin 3.86 3.96 4.03 4.03 Efficiency* 49.6 48.9 51.7 51.0 Net Charge-Offs/Average Loans & Leases * 0.37 0.25 0.32 0.33 Reserve/Loans & Leases Outstanding 1.48 1.52 1.52 1.54 Nonperforming Assets/Loans, Leases and OREO 0.40 0.43 0.45 0.48 Underperforming Assets/Loans, Leases and OREO 0.61 0.71 0.71 0.78 Loan Loss Reserve/Nonperforming Assets 370.86 348.44 338.04 318.47 Loan Loss Reserve/Underperforming Assets 241.16 212.04 211.97 198.09 SHARE DATA - ---------- Earnings Per Share $ 0.33 $ 0.45 $ 0.45 $ 0.45 Earnings Per Diluted Share 0.33 0.44 0.44 0.44 Operating Earnings Per Diluted Share* 0.48 0.47 0.44 0.44 Dividends Per Common Share 0.16 0.16 0.13 0.13 Book Value Per Share 9.84 9.56 9.59 9.74 Common Shares Outstanding (net of treasury) 565,425,468 565,494,574 560,302,884 557,601,773 High $ 50.29 $ 46.58 $ 49.50 $ 50.29 Low 38.58 39.08 41.08 41.58 Close 48.92 40.56 44.38 43.96 Price/Earnings Ratio 29.47 23.58 25.80 29.50 SUPPLEMENTAL DATA - ----------------- Common Dividends Declared (000's) $ 74,152 $ 65,983 $ 54,262 $ 53,475 Employees (Full-time Equivalents) 21,290 21,165 21,326 20,977 Banking Centers 939 938 938 940 ATMs 1,962 1,966 1,975 2,044
* - excludes merger-related charges and cumulative effect of adopting SFAS 133. 8 FIFTH THIRD BANCORP QUARTER ENDED
Three Months Ended --------------------------------------------------------------------------------- March 31, December 31, September 30, June 30, March 31, 2001 2000 2000 2000 2000 --------------------------------------------------------------------------------- INCOME STATEMENT ($000S) - ------------------------ Interest Income-FTE $ 1,271,381 $ 1,304,507 $ 1,288,476 $ 1,243,165 $ 1,158,583 Interest Expense 670,786 720,229 708,595 670,409 593,617 --------------------------------------------------------------------------------- Net Interest Income-FTE 600,595 584,278 579,881 572,756 564,966 Loan Loss Provision 65,939 31,534 26,834 35,309 31,984 Merger-Related Loan Loss Provision -- -- -- 8,000 4,000 Operating Income: Data Processing Income 69,565 74,898 64,627 59,155 53,050 Service Charges on Deposits 77,829 76,639 78,384 75,894 67,472 Trust Income 77,115 70,362 68,889 70,283 71,486 Mortgage banking revenue 60,465 64,316 62,731 63,548 65,369 Other Non-Interest Income 117,722 91,407 92,984 91,494 93,982 Securities Gains (Losses) 4,319 5,815 420 (150) 90 Foreign Exchange Income 6,165 4,637 4,917 5,173 4,402 --------------------------------------------------------------------------------- Total Operating Income 413,180 388,074 372,952 365,397 355,851 Operating Expenses: Salaries, Wages & Incentives 203,204 200,595 194,204 193,167 195,222 Employee Benefits 37,884 28,298 35,006 38,252 43,201 Equipment Expenses 24,891 25,004 24,990 25,221 24,631 Net Occupancy Expenses 36,598 36,067 34,158 33,486 33,904 Deposit Insurance Expense 2,014 2,255 2,249 2,312 2,263 Foreclosed Property Expense 1,879 1,211 1,068 423 904 Other Expenses 178,909 169,081 165,082 160,063 159,546 Merger-Related and Special Charges -- -- -- 64,848 22,125 --------------------------------------------------------------------------------- Total Operating Expenses 485,379 462,511 456,757 517,772 481,796 --------------------------------------------------------------------------------- Pre-Tax Income-FTE 462,457 478,307 469,242 377,072 403,037 Tax Equivalent Adjustment 12,191 12,470 12,876 12,107 9,906 --------------------------------------------------------------------------------- Income Before Income Taxes 450,266 465,837 456,366 364,965 393,131 Applicable Income Taxes 143,866 146,528 146,686 117,192 128,660 --------------------------------------------------------------------------------- Net Income $ 306,400 $ 319,309 $ 309,680 $ 247,773 $ 264,471 --------------------------------------------------------------------------------- Cumulative effect of adopting SFAS 133 6,781 -- -- -- -- Dividend on preferred stock 185 185 185 185 185 --------------------------------------------------------------------------------- Net income available to common $ 299,434 $ 319,124 $ 309,495 $ 247,588 $ 264,286 ================================================================================= Operating Earnings * $ 306,215 $ 319,124 $ 309,495 $ 296,715 $ 281,792 REGULATORY CAPITAL DATA ($000S) - ------------------------------- Tier 1 Capital $ 6,573,025 $ 6,317,271 $ 6,033,849 $ 5,966,344 $ 5,652,589 Tier 2 Capital 1,207,280 1,176,823 1,216,006 1,060,550 932,421 --------------------------------------------------------------------------------- Total Risk-Based Capital $ 7,780,305 $ 7,494,094 $ 7,249,855 $ 7,026,894 $ 6,585,010 ================================================================================= Total Risk-Adjusted Assets $ 57,656,484 $ 55,942,787 $ 53,149,625 $ 53,179,094 $ 52,517,334 Leverage Ratio 9.61% 9.40% 9.07% 9.08% 8.78% Tier 1 Risk-Based Capital Ratio 11.40% 11.29% 11.35% 11.22% 10.76% Total Risk-Based Capital Ratio 13.49% 13.40% 13.64% 13.21% 12.54%
* - excludes merger-related charges and cumulative effect of adopting SFAS 133.
Three Months Ended ------------------------------------------------------------- December 31, September 30, June 30, March 31, 1999 1999 1999 1999 ------------------------------------------------------------- INCOME STATEMENT ($000S) - ------------------------ Interest Income-FTE $ 1,108,531 $ 1,082,525 $ 1,038,905 $ 1,008,323 Interest Expense 548,090 516,508 484,261 472,877 ------------------------------------------------------------- Net Interest Income-FTE 560,441 566,017 554,644 535,446 Loan Loss Provision 30,404 38,006 41,235 33,587 Merger-Related Loan Loss Provision 26,213 -- -- -- Operating Income: Data Processing Income 56,498 48,263 43,965 39,926 Service Charges on Deposits 66,966 65,331 62,273 57,840 Trust Income 65,233 67,131 66,550 62,617 Mortgage banking revenue 76,628 66,070 73,305 73,523 Other Non-Interest Income 72,542 86,151 83,664 82,335 Securities Gains (Losses) 729 (2,995) 6,289 4,395 Foreign Exchange Income 3,664 3,496 3,161 3,508 ------------------------------------------------------------- Total Operating Income 342,260 333,447 339,207 324,144 Operating Expenses: Salaries, Wages & Incentives 190,629 192,290 196,654 183,383 Employee Benefits 28,728 34,083 38,893 40,609 Equipment Expenses 25,922 24,056 24,930 23,472 Net Occupancy Expenses 34,314 33,153 31,747 31,823 Deposit Insurance Expense 2,373 2,483 2,473 2,502 Foreclosed Property Expense 1,009 614 771 942 Other Expenses 164,761 154,753 163,133 153,836 Merger-Related and Special Charges 82,141 26,000 -- -- ------------------------------------------------------------- Total Operating Expenses 529,877 467,432 458,601 436,567 ------------------------------------------------------------- Pre-Tax Income-FTE 316,207 394,026 394,015 389,436 Tax Equivalent Adjustment 9,818 9,762 9,729 9,530 ------------------------------------------------------------- Income Before Income Taxes 306,389 384,264 384,286 379,906 Applicable Income Taxes 116,884 129,831 131,698 129,085 ------------------------------------------------------------- Net Income $ 189,505 $ 254,433 $ 252,588 $ 250,821 ------------------------------------------------------------- Cumulative effect of adopting SFAS 133 -- -- -- -- Dividend on preferred stock 185 185 185 185 ------------------------------------------------------------- Net income available to common $ 189,320 $ 254,248 $ 252,403 $ 250,636 ============================================================= Operating Ea$rnings * $ 273,120 $ 271,848 $ 252,403 $ 250,636 REGULATORY CAPITAL DATA ($000S) - ------------------------------- Tier 1 Capital $ 5,573,014 $ 5,620,852 $ 5,310,779 $ 5,220,610 Tier 2 Capital 911,730 906,195 875,925 797,185 ------------------------------------------------------------- Total Risk-Based Capital $ 6,484,744 $ 6,527,047 $ 6,186,704 $ 6,017,795 ============================================================= Total Risk-Adjusted Assets $ 49,379,320 $ 46,717,433 $ 44,513,517 $ 43,753,852 Leverage Ratio 9.04% 9.51% 9.29% 9.14% Tier 1 Risk-Based Capital Ratio 11.29% 12.03% 11.93% 11.93% Total Risk-Based Capital Ratio 13.13% 13.97% 13.90% 13.75%
* - excludes merger-related charges and cumulative effect of adopting SFAS 133. 9 FIFTH THIRD BANCORP QUARTER ENDED
Three Months Ended ----------------------------------------------------------------------------- March 31, December 31, September 30, June 30, March 31, 2001 2000 2000 2000 2000 ----------------------------------------------------------------------------- BALANCE SHEET - ASSETS ($000S) - ------------------------------ Cash and Cash Equivalents $ 1,422,043 $ 1,706,538 $ 1,433,887 $ 1,425,500 $ 1,550,611 Available-for-Sale Securities 19,281,407 19,028,803 18,239,166 18,302,233 18,035,609 Held-to-Maturity Securities 28,086 552,563 606,872 617,312 736,019 Other Short-Term Investments 209,279 232,524 245,005 131,231 393,492 ----------------------------------------------------------------------------- Total Securities 19,518,772 19,813,890 19,091,043 19,050,776 19,165,120 ----------------------------------------------------------------------------- Total Cash and Securities 20,940,815 21,520,428 20,524,930 20,476,276 20,715,731 Loans Held for Sale 3,468,581 1,654,996 1,372,259 1,578,543 1,434,741 Loans and Leases Held for Investment (before reserve) 43,106,807 42,530,390 41,458,106 41,293,376 40,104,015 ----------------------------------------------------------------------------- Total Loans and Leases 46,575,388 44,185,386 42,830,365 42,871,919 41,538,756 Loan Loss Reserve (639,697) (609,340) (607,836) (602,204) (584,877) Goodwill 579,792 532,798 424,992 426,833 424,765 Other Intangibles 229,044 234,720 241,270 254,048 260,858 ----------------------------------------------------------------------------- Intangible Assets 808,836 767,518 666,262 680,881 685,623 Mortgage Servicing Rights 410,124 413,065 411,687 381,247 397,196 Other Real Estate Owned 28,095 27,626 25,307 24,418 19,229 Other Assets 3,344,774 3,353,656 3,032,196 3,062,618 2,886,590 ----------------------------------------------------------------------------- Total Assets $ 71,468,335 $ 69,658,339 $ 66,882,911 $ 66,895,155 $ 65,658,248 ============================================================================= BALANCE SHEET - LIABILITIES ($000S) - ----------------------------------- Interest Checking $ 7,969,642 $ 7,125,969 $ 6,444,286 $ 6,396,465 $ 6,610,646 Savings 8,573,504 8,335,489 7,837,947 7,755,921 7,908,632 Money Market Deposits 1,826,433 1,772,648 1,725,227 1,935,001 2,036,396 Consumer Time Deposits 15,554,222 15,642,715 15,042,726 14,617,035 14,598,644 ----------------------------------------------------------------------------- Total Customer Deposits 33,923,801 32,876,821 31,050,186 30,704,422 31,154,318 CDs $100,000 & Over 3,653,808 3,637,710 3,440,033 3,349,972 2,290,276 Foreign Deposits 1,283,963 4,692,529 1,462,030 3,847,185 5,240,275 Short-Term 10,877,233 8,099,297 11,544,177 12,313,110 11,257,125 Long-Term 5,173,244 4,311,310 5,171,621 2,587,003 2,042,986 Convertible Subordinated Debentures 172,500 172,500 172,500 172,500 172,500 ----------------------------------------------------------------------------- Total Interest-Bearing Liabilities 55,084,549 53,790,167 52,840,547 52,974,192 52,157,480 ----------------------------------------------------------------------------- Demand Deposits 7,061,772 7,152,381 6,280,460 6,364,057 6,211,112 Other Liabilities 2,306,150 2,053,379 1,724,229 1,707,569 1,633,892 ----------------------------------------------------------------------------- Total Liabilities 64,452,471 62,995,927 60,845,236 61,045,818 60,002,484 ============================================================================= BALANCE SHEET - EQUITY ($000S) - ------------------------------ Common and Preferred Equity 6,938,885 6,635,513 6,400,978 6,178,780 6,033,142 Net Unrealized Gains (Losses) on Securities Available for Sale 76,979 28,012 (198,531) (329,443) (377,378) Treasury Stock, at Cost -- (1,113) (164,772) -- -- ----------------------------------------------------------------------------- Total Shareholders' Equity $ 7,015,864 $ 6,662,412 $ 6,037,675 $ 5,849,337 $ 5,655,764 ============================================================================= Preferred Shares Outstanding 9,250 9,250 9,250 9,250 9,250 Common Shares Outstanding (net of treasury) 575,410,069 569,056,843 563,201,628 566,309,657 566,324,584 Treasury Shares Held -- 21,875 3,600,000 -- --
Three Months Ended ------------------------------------------------------------ December 31, September 30, June 30, March 31, 1999 1999 1999 1999 ------------------------------------------------------------ BALANCE SHEET - ASSETS ($000S) - ------------------------------ Cash and Cash Equivalents $ 1,892,244 $ 1,516,495 $ 1,662,362 $ 1,540,597 Available-for-Sale Securities 15,925,358 16,033,871 16,135,707 16,344,881 Held-to-Maturity Securities 738,406 826,789 844,015 899,455 Other Short-Term Investments 387,875 487,039 198,403 205,546 ------------------------------------------------------------ Total Securities 17,051,639 17,347,699 17,178,125 17,449,882 ------------------------------------------------------------ Total Cash and Securities 18,943,883 18,864,194 18,840,487 18,990,479 Loans Held for Sale 1,198,407 1,641,915 1,658,703 1,899,632 Loans and Leases Held for Investment (before reserve) 38,836,589 38,250,894 36,518,638 34,889,002 ------------------------------------------------------------ Total Loans and Leases 40,034,996 39,892,809 38,177,341 36,788,634 Loan Loss Reserve (572,919) (580,061) (553,577) (538,709) Goodwill 431,845 319,666 324,359 319,870 Other Intangibles 264,120 254,816 251,215 263,570 ------------------------------------------------------------ Intangible Assets 695,965 574,482 575,574 583,440 Mortgage Servicing Rights 381,661 386,058 377,027 351,797 Other Real Estate Owned 19,349 19,659 19,790 21,369 Other Assets 2,653,753 2,489,786 2,815,744 2,087,716 ------------------------------------------------------------ Total Assets $ 62,156,688 $ 61,646,927 $ 60,252,386 $ 58,284,726 ============================================================ BALANCE SHEET - LIABILITIES ($000S) - ----------------------------------- Interest Checking $ 6,525,622 $ 6,097,388 $ 5,974,045 $ 5,822,178 Savings 7,528,729 7,546,047 7,481,462 7,245,099 Money Market Deposits 2,177,984 2,490,038 2,552,657 2,792,219 Consumer Time Deposits 14,665,357 14,752,513 14,518,395 14,592,471 ------------------------------------------------------------ Total Customer Deposits 30,897,692 30,885,986 30,526,559 30,451,967 CDs $100,000 & Over 2,533,626 2,857,385 2,896,852 3,852,596 Foreign Deposits 2,260,413 696,780 1,744,350 410,309 Short-Term 11,198,167 11,534,448 9,166,323 7,903,452 Long-Term 2,003,772 2,571,239 2,809,964 2,742,160 Convertible Subordinated Debentures 172,500 172,500 172,500 172,500 ------------------------------------------------------------ Total Interest-Bearing Liabilities 49,066,170 48,718,338 47,316,548 45,532,984 ------------------------------------------------------------ Demand Deposits 6,164,074 6,227,283 6,295,415 5,877,584 Other Liabilities 1,363,649 1,293,294 1,267,471 1,444,793 ------------------------------------------------------------ Total Liabilities 56,593,893 56,238,915 54,879,434 52,855,361 ============================================================ BALANCE SHEET - EQUITY ($000S) - ------------------------------ Common and Preferred Equity 5,864,656 5,636,050 5,483,694 5,358,322 Net Unrealized Gains (Losses) on Securities Available for Sale (301,861) (228,038) (106,113) 100,343 Treasury Stock, at Cost -- -- (4,629) (29,300) ------------------------------------------------------------ Total Shareholders' Equity $ 5,562,795 $ 5,408,012 $ 5,372,952 $ 5,429,365 ============================================================ Preferred Shares Outstanding 9,250 9,250 9,250 9,250 Common Shares Outstanding (net of treasury) 565,425,468 565,494,574 560,302,884 557,601,773 Treasury Shares Held -- -- 110,454 699,167
10 FIFTH THIRD BANCORP QUARTER ENDED
Three Months Ended ------------------------------------------------------------------------------ March 31, December 31, September 30, June 30, March 31, 2001 2000 2000 2000 2000 ------------------------------------------------------------------------------ AVERAGE BALANCE SHEET ($000S) - ----------------------------- Taxable Securities $ 17,626,644 $ 17,401,269 $ 17,416,705 $ 17,713,139 $ 17,096,576 Tax Exempt Securities 1,311,895 1,344,961 1,387,353 1,442,892 1,629,452 Loans & Leases 45,053,440 44,050,197 43,415,231 42,407,424 40,749,563 ------------------------------------------------------------------------------ Total Earning Assets 63,991,979 62,796,427 62,219,289 61,563,455 59,475,591 ------------------------------------------------------------------------------ Cash and Due from Banks 1,356,181 1,362,986 1,349,887 1,515,734 1,602,068 Other Assets 4,508,190 4,326,532 4,134,259 3,797,002 3,882,442 Reserve for Credit Losses (612,928) (603,800) (604,997) (593,113) (574,351) ------------------------------------------------------------------------------ Total Assets $ 69,243,422 $ 67,882,145 $ 67,098,438 $ 66,283,078 $ 64,385,750 ============================================================================== Interest Checking $ 7,352,535 $ 6,683,496 $ 6,472,719 $ 6,538,858 $ 6,497,098 Savings 8,387,530 8,108,064 7,800,984 7,797,927 7,722,998 Money Market Deposits 1,776,509 1,727,943 1,766,923 1,854,168 2,105,486 Consumer Time Deposits 15,663,933 15,368,706 14,888,242 14,635,098 14,604,641 ------------------------------------------------------------------------------ Total Customer Deposits 33,180,507 31,888,209 30,928,868 30,826,051 30,930,223 Certificates - $100,000 and Over 3,764,000 3,470,422 3,435,503 3,002,097 2,579,277 Foreign Office Deposits 2,171,676 3,356,012 3,870,518 5,592,282 2,769,387 Short-Term Borrowings 9,108,119 10,121,271 10,872,969 11,525,191 12,279,643 Long-Term Borrowings 5,504,679 4,325,954 4,159,772 2,166,431 2,271,691 ------------------------------------------------------------------------------ Total Interest-Bearing Liabilities 53,728,981 53,161,868 53,267,630 53,112,052 50,830,221 Demand Deposits 6,478,754 6,564,650 6,159,992 6,245,165 6,057,142 Other Liabilities 2,164,223 1,925,905 1,704,655 1,275,158 1,728,356 ------------------------------------------------------------------------------ Total Liabilities 62,371,958 61,652,423 61,132,277 60,632,375 58,615,719 Shareholders' Equity 6,871,464 6,229,722 5,966,161 5,650,703 5,770,031 ------------------------------------------------------------------------------ Total Liabilities & Shareholders' Equity $ 69,243,422 $ 67,882,145 $ 67,098,438 $ 66,283,078 $ 64,385,750 ============================================================================== Average Loans and Leases (excluding held for sale) $ 42,891,054 $ 42,489,976 $ 42,042,943 $ 40,901,833 $ 39,444,240 Average Common Shares Outstanding Basic 571,181,662 565,262,982 565,439,872 566,271,992 565,776,239 Diluted 586,852,457 580,405,529 578,443,616 578,856,010 577,501,480
Three Months Ended ------------------------------------------------------------ December 31, September 30, June 30, March 31, 1999 1999 1999 1999 ------------------------------------------------------------ AVERAGE BALANCE SHEET ($000S) - ----------------------------- Taxable Securities $ 15,741,283 $ 15,771,695 $ 15,881,163 $ 15,473,517 Tax Exempt Securities 1,515,394 1,526,710 1,519,696 1,478,740 Loans & Leases 40,327,908 39,448,621 37,818,978 36,967,013 ------------------------------------------------------------ Total Earning Assets 57,584,585 56,747,026 55,219,837 53,919,270 ------------------------------------------------------------ Cash and Due from Banks 1,721,548 1,586,603 1,579,952 1,624,051 Other Assets 3,523,703 3,356,545 3,324,432 3,166,808 Reserve for Credit Losses (587,102) (566,500) (549,477) (535,606) ------------------------------------------------------------ Total Assets $ 62,242,734 $ 61,123,674 $ 59,574,744 $ 58,174,523 ============================================================ Interest Checking $ 6,343,289 $ 6,118,989 $ 6,032,382 $ 5,826,840 Savings 7,630,530 7,563,135 7,362,003 7,089,398 Money Market Deposits 2,317,655 2,596,029 2,654,643 2,806,128 Consumer Time Deposits 14,770,618 14,637,545 14,507,807 14,782,922 ------------------------------------------------------------ Total Customer Deposits 31,062,092 30,915,698 30,556,835 30,505,288 Certificates - $100,000 and Over 2,758,008 3,556,533 3,622,291 3,591,191 Foreign Office Deposits 2,357,156 737,276 386,558 307,748 Short-Term Borrowings 10,328,517 10,040,310 9,272,763 8,481,570 Long-Term Borrowings 2,136,050 2,682,571 2,682,537 2,593,595 ------------------------------------------------------------ Total Interest-Bearing Liabilities 48,641,823 47,932,388 46,520,984 45,479,392 Demand Deposits 6,213,320 6,097,388 6,106,668 5,893,963 Other Liabilities 1,778,483 1,531,654 1,555,865 1,497,628 ------------------------------------------------------------ Total Liabilities 56,633,626 55,561,430 54,183,517 52,870,983 Shareholders' Equity 5,609,108 5,562,244 5,391,227 5,303,540 ------------------------------------------------------------ Total Liabilities & Shareholders' Equity $ 62,242,734 $ 61,123,674 $ 59,574,744 $ 58,174,523 ============================================================ Average Loans and Leases (excluding held for sale) $ 38,574,935 $ 37,706,715 $ 35,707,418 $ 34,186,015 Average Common Shares Outstanding Basic 565,711,394 563,723,336 559,136,894 558,541,773 Diluted 578,024,149 577,393,825 573,464,269 573,446,332
11 FIFTH THIRD BANCORP QUARTER ENDED
Three Months Ended ------------------------------------------------------------------------ March 31, December 31, September 30, June 30, March 31, 2001 2000 2000 2000 2000 ------------------------------------------------------------------------ ASSET QUALITY ($000S) - --------------------- Non-Accrual Loans $ 196,575 $ 174,250 $ 148,897 $ 139,310 $ 143,941 Renegotiated Loans 1,957 1,603 1,353 1,720 1,851 Other Real Estate Owned 24,159 24,685 22,776 21,710 18,089 ------------------------------------------------------------------------ Total Non-Performing Assets 222,691 200,538 173,026 162,740 163,881 Loans 90+ Days Past Due 109,360 128,454 112,758 108,813 95,296 ------------------------------------------------------------------------ Total NPAs Plus Loans Over 90 Days $ 332,051 $ 328,992 $ 285,784 $ 271,553 $ 259,177 ======================================================================== LOAN PORTFOLIO ($ IN MILLIONS) (net of unearned discount) Construction & Land Development $ 3,424 $ 3,223 $ 2,864 $ 2,644 $ 2,377 Commercial Mortgages 6,680 6,227 6,068 6,009 5,524 Commercial Loans & Leases 13,542 13,306 12,921 12,883 12,739 Residential Mortgages 8,472 7,167 7,501 7,724 8,131 Home Equity Loans 6,842 6,792 6,303 5,850 5,066 Credit Card Outstandings 332 362 324 312 293 Other Consumer 7,283 7,108 6,849 7,450 7,408 ------------------------------------------------------------------------ Total Loans & Leases $ 46,575 $ 44,185 $ 42,830 $ 42,872 $ 41,538 ======================================================================== NON-PERFORMING LOANS ($000S) - ---------------------------- (non-accrual plus renegotiated) Construction & Land Development $ 9,780 $ 10,868 $ 5,430 $ 4,363 $ 3,124 Commercial Mortgages 53,168 42,001 21,217 22,567 25,287 Commercial Loans & Leases 81,939 75,315 78,641 76,829 78,165 Residential 46,489 41,864 41,941 34,224 35,936 Installment 7,156 5,805 3,021 3,047 3,280 ------------------------------------------------------------------------ Total $ 198,532 $ 175,853 $ 150,250 $ 141,030 $ 145,792 ======================================================================== NET CHARGE-OFFS ($000S) * - ------------------------- Gross Charge-Offs $ 65,235 $ 54,044 $ 38,615 $ 41,355 $ 41,832 Recoveries (16,882) (19,098) (15,642) (15,314) (16,997) ------------------------------------------------------------------------ Net Charge-Offs $ 48,353 $ 34,946 $ 22,973 $ 26,041 $ 24,835 ========================================================================
Three Months Ended -------------------------------------------------------- December 31, September 30, June 30, March 31, 1999 1999 1999 1999 -------------------------------------------------------- ASSET QUALITY ($000S) - --------------------- Non-Accrual Loans $ 133,200 $ 144,187 $ 139,963 $ 144,029 Renegotiated Loans 2,210 3,047 4,221 4,214 Other Real Estate Owned 19,073 19,240 19,576 20,914 -------------------------------------------------------- Total Non-Performing Assets 154,483 166,474 163,760 169,157 Loans 90+ Days Past Due 83,087 107,082 97,402 102,789 -------------------------------------------------------- Total NPAs Plus Loans Over 90 Days $ 237,570 $ 273,556 $ 261,162 $ 271,946 ======================================================== LOAN PORTFOLIO ($ IN MILLIONS) (net of unearned discount) Construction & Land Development $ 2,272 $ 2,080 $ 1,914 $ 1,739 Commercial Mortgages 5,640 5,469 5,140 4,834 Commercial Loans & Leases 12,106 11,587 11,168 10,675 Residential Mortgages 7,750 9,175 9,126 9,501 Home Equity Loans 4,524 3,931 3,529 3,268 Credit Card Outstandings 318 299 313 301 Other Consumer 7,425 7,352 6,987 6,471 -------------------------------------------------------- Total Loans & Leases $ 40,035 $ 39,893 $ 38,177 $ 36,789 ======================================================== NON-PERFORMING LOANS ($000S) - ---------------------------- (non-accrual plus renegotiated) Construction & Land Development $ 4,041 $ 2,959 $ 2,806 $ 3,694 Commercial Mortgages 24,861 38,396 48,798 40,822 Commercial Loans & Leases 55,155 56,524 57,651 64,941 Residential 48,271 43,162 28,696 31,740 Installment 3,082 6,193 6,233 7,046 -------------------------------------------------------- Total $ 135,410 $ 147,234 $ 144,184 $ 148,243 ======================================================== NET CHARGE-OFFS ($000S) * - ------------------------- Gross Charge-Offs $ 81,749 $ 41,241 $ 44,824 $ 41,460 Recoveries (19,492) (17,566) (16,740) (13,884) -------------------------------------------------------- Net Charge-Offs $ 62,257 $ 23,675 $ 28,084 $ 27,576 ========================================================
* - 4Q99 includes the effect of merger-related charge-offs of $26,213. -----END PRIVACY-ENHANCED MESSAGE-----