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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended March 31, 2024
Commission File Number 001-33653

53_Logo_horizontal_FullColor.jpg
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)
38 Fountain Square Plaza
Cincinnati, Ohio 45263
(Address of principal executive offices)
Registrant’s telephone number, including area code: (800) 972-3030
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 No
Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No
Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No

Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading
Symbol(s)
 Name of each exchange
on which registered:
Common Stock, Without Par Value FITB The NASDAQ Stock Market LLC
Depositary Shares Representing a 1/1000th Ownership Interest in a Share of   
6.625% Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series IFITBIThe NASDAQ Stock Market LLC
Depositary Shares Representing a 1/40th Ownership Interest in a Share of   
6.00% Non-Cumulative Perpetual Class B Preferred Stock, Series AFITBPThe NASDAQ Stock Market LLC
Depositary Shares Representing a 1/1000th Ownership Interest in a Share of   
4.95% Non-Cumulative Perpetual Preferred Stock, Series KFITBOThe NASDAQ Stock Market LLC
There were 684,044,683 shares of the Registrant’s common stock, without par value, outstanding as of April 30, 2024.


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FINANCIAL CONTENTS
Part I. Financial Information
Part II. Other Information

FORWARD-LOOKING STATEMENTS
This report contains statements that we believe are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Rule 175 promulgated thereunder, and Section 21E of the Securities Exchange Act of 1934, as amended, and Rule 3b-6 promulgated thereunder. All statements other than statements of historical fact are forward-looking statements. These statements relate to our financial condition, results of operations, plans, objectives, future performance, capital actions or business. They usually can be identified by the use of forward-looking language such as “will likely result,” “may,” “are expected to,” “is anticipated,” “potential,” “estimate,” “forecast,” “projected,” “intends to,” or may include other similar words or phrases such as “believes,” “plans,” “trend,” “objective,” “continue,” “remain,” or similar expressions, or future or conditional verbs such as “will,” “would,” “should,” “could,” “might,” “can,” or similar verbs. You should not place undue reliance on these statements, as they are subject to risks and uncertainties, including but not limited to the risk factors set forth in our most recent Annual Report on Form 10-K, as updated by our Quarterly Reports on Form 10-Q. Moreover, you should treat these statements as speaking only as of the date they are made and based only on information then actually known to us. 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) deteriorating credit quality; (2) loan concentration by location or industry of borrowers or collateral; (3) problems encountered by other financial institutions; (4) inadequate sources of funding or liquidity; (5) unfavorable actions of rating agencies; (6) inability to maintain or grow deposits; (7) limitations on the ability to receive dividends from subsidiaries; (8) cyber-security risks; (9) Fifth Third’s ability to secure confidential information and deliver products and services through the use of computer systems and telecommunications networks; (10) failures by third-party service providers; (11) inability to manage strategic initiatives and/or organizational changes; (12) inability to implement technology system enhancements; (13) failure of internal controls and other risk management programs; (14) losses related to fraud, theft, misappropriation or violence; (15) inability to attract and retain skilled personnel; (16) adverse impacts of government regulation; (17) governmental or regulatory changes or other actions; (18) failures to meet applicable capital requirements; (19) regulatory objections to Fifth Third’s capital plan; (20) regulation of Fifth Third’s derivatives activities; (21) deposit insurance premiums; (22) assessments for the orderly liquidation fund; (23) weakness in the national or local economies; (24) global political and economic uncertainty or negative actions; (25) changes in interest rates and the effects of inflation; (26) changes and trends in capital markets; (27) fluctuation of Fifth Third’s stock price; (28) volatility in mortgage banking revenue; (29) litigation, investigations, and enforcement proceedings by governmental authorities; (30) breaches of contractual covenants, representations and warranties; (31) competition and changes in the financial services industry; (32) potential impacts of the adoption of real-time payment networks; (33) changing retail distribution strategies, customer preferences and behavior; (34) difficulties in identifying, acquiring or integrating suitable strategic partnerships, investments or acquisitions; (35) potential dilution from future acquisitions; (36) loss of income and/or difficulties encountered in the sale and separation of businesses, investments or other assets; (37) results of investments or acquired entities; (38) changes in accounting standards or interpretation or declines in the value of Fifth Third’s goodwill or other intangible assets; (39) inaccuracies or other failures from the use of models; (40) effects of critical accounting policies and judgments or the use of inaccurate estimates; (41) weather-related events, other natural disasters, or health emergencies (including pandemics); (42) the impact of reputational risk created by these or other developments on such matters as business generation and retention, funding and liquidity; (43) changes in law or requirements imposed by Fifth Third’s regulators impacting our capital actions, including dividend payments and stock repurchases; and (44) Fifth Third’s ability to meet its environmental and/or social targets, goals and commitments. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in our expectations or any changes in events, conditions or circumstances on which any such statement is based, except as may be required by law, and we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. The information contained herein is intended to be reviewed in its totality, and any stipulations, conditions or provisos that apply to a given piece of information in one part of this report should be read as applying mutatis mutandis to every other instance of such information appearing herein.
1

PART I. FINANCIAL INFORMATION
Glossary of Abbreviations and Acronyms
Fifth Third Bancorp provides the following list of abbreviations and acronyms as a tool for the reader that are used in Management’s Discussion and Analysis of Financial Condition and Results of Operations, the Condensed Consolidated Financial Statements and the Notes to Condensed Consolidated Financial Statements.
ACL: Allowance for Credit Losses
FTP: Funds Transfer Pricing
AFS: Available-For-Sale
FTS: Fifth Third Securities, Inc.
ALCO: Asset Liability Management Committee
GDP: Gross Domestic Product
ALLL: Allowance for Loan and Lease Losses
GNMA: Government National Mortgage Association
AOCI: Accumulated Other Comprehensive Income (Loss)
GSE: United States Government Sponsored Enterprise
APR: Annual Percentage Rate
HTM: Held-To-Maturity
ARM: Adjustable Rate Mortgage
IPO: Initial Public Offering
ASC: Accounting Standards Codification
IRC: Internal Revenue Code
ASU: Accounting Standards Update
IRLC: Interest Rate Lock Commitment
ATM: Automated Teller Machine
ISDA: International Swaps and Derivatives Association, Inc.
BHC: Bank Holding Company
LIBOR: London Interbank Offered Rate
BOLI: Bank Owned Life Insurance
LIHTC: Low-Income Housing Tax Credit
bps: Basis Points
LLC: Limited Liability Company
CD: Certificate of Deposit
LTV: Loan-to-Value Ratio
CDC: Fifth Third Community Development Corporation and Fifth Third
MD&A: Management’s Discussion and Analysis of Financial
Community Development Company, LLCCondition and Results of Operations
CECL: Current Expected Credit Loss
MSR: Mortgage Servicing Right
CET1: Common Equity Tier 1
N/A: Not Applicable
CFPB: United States Consumer Financial Protection Bureau
NII: Net Interest Income
C&I: Commercial and Industrial
NM: Not Meaningful
DCF: Discounted Cash Flow
OAS: Option-Adjusted Spread
DTCC: Depository Trust & Clearing Corporation
OCC: Office of the Comptroller of the Currency
ERM: Enterprise Risk Management
OCI: Other Comprehensive Income (Loss)
ERMC: Enterprise Risk Management Committee
OREO: Other Real Estate Owned
EVE: Economic Value of Equity
ROU: Right-of-Use
FASB: Financial Accounting Standards Board
SBA: Small Business Administration
FDIC: Federal Deposit Insurance Corporation
SEC: United States Securities and Exchange Commission
FHA: Federal Housing Administration
SOFR: Secured Overnight Financing Rate
FHLB: Federal Home Loan Bank
TBA: To Be Announced
FHLMC: Federal Home Loan Mortgage Corporation
TILA: Truth in Lending Act
FICO: Fair Isaac Corporation (credit rating)
U.S.: United States of America
FINRA: Financial Industry Regulatory Authority
U.S. GAAP: United States Generally Accepted Accounting
FNMA: Federal National Mortgage Association
Principles
FOMC: Federal Open Market Committee
VA: United States Department of Veterans Affairs
FRB: Federal Reserve Bank
VIE: Variable Interest Entity
FTE: Fully Taxable Equivalent
VRDN: Variable Rate Demand Note


2


Management’s Discussion and Analysis of Financial Condition and Results of Operations (Item 2)
The following is Management’s Discussion and Analysis of Financial Condition and Results of Operations of certain significant factors that have affected Fifth Third Bancorp’s (the “Bancorp” or “Fifth Third”) financial condition and results of operations during the periods included in the Condensed Consolidated Financial Statements, which are a part of this filing. Reference to the Bancorp incorporates the parent holding company and all consolidated subsidiaries. The Bancorp’s banking subsidiary is referred to as the Bank.

OVERVIEW
Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. At March 31, 2024, the Bancorp had $215 billion in assets and operated 1,070 full-service banking centers and 2,082 Fifth Third branded ATMs in eleven states throughout the Midwestern and Southeastern regions of the U.S. The Bancorp reports on three business segments: Commercial Banking, Consumer and Small Business Banking and Wealth and Asset Management.

This overview of MD&A highlights selected information in the financial results of the Bancorp and may not contain all of the information that is important to you. For a more complete understanding of trends, events, commitments, uncertainties, liquidity, capital resources and critical accounting policies and estimates, you should carefully read this entire document as well as the Bancorp’s Annual Report on Form 10-K for the year ended December 31, 2023. Each of these items could have an impact on the Bancorp’s financial condition, results of operations and cash flows. In addition, refer to the Glossary of Abbreviations and Acronyms in this report for a list of terms included as a tool for the reader of this Quarterly Report on Form 10-Q. The abbreviations and acronyms identified therein are used throughout this MD&A, as well as the Condensed Consolidated Financial Statements and Notes to Condensed Consolidated Financial Statements.

Net interest income, net interest margin, net interest rate spread and the efficiency ratio are presented in MD&A on an FTE basis. The FTE basis adjusts for the tax-favored status of income from certain loans and leases and securities held by the Bancorp that are not taxable for federal income tax purposes. The Bancorp believes this presentation to be the preferred industry measurement of net interest income as it provides a relevant comparison between taxable and non-taxable amounts. The FTE basis for presenting net interest income is a non-GAAP measure. For further information, refer to the Non-GAAP Financial Measures section of MD&A.

The Bancorp’s revenues are dependent on both net interest income and noninterest income. For the three months ended March 31, 2024, net interest income on an FTE basis and noninterest income provided 66% and 34% of total revenue, respectively. The Bancorp derives the majority of its revenues within the U.S. from customers domiciled in the U.S. Revenue from foreign countries and external customers domiciled in foreign countries was immaterial to the Condensed Consolidated Financial Statements for the three months ended March 31, 2024. Changes in interest rates, credit quality, economic trends and the capital markets are primary factors that drive the performance of the Bancorp. As discussed later in the Risk Management section of MD&A, risk identification, measurement, monitoring, control and reporting are important to the management of risk and to the financial performance and capital strength of the Bancorp.

Net interest income is the difference between interest income earned on assets such as loans, leases and securities, and interest expense incurred on liabilities such as deposits, other short-term borrowings and long-term debt. Net interest income is affected by the general level of interest rates, the relative level of short-term and long-term interest rates, changes in interest rates and changes in the amount and composition of interest-earning assets and interest-bearing liabilities. Generally, the rates of interest the Bancorp earns on its assets and pays on its liabilities are established for a period of time. The change in market interest rates over time exposes the Bancorp to interest rate risk through potential adverse changes to net interest income and financial position. The Bancorp manages this risk by continually analyzing and adjusting the composition of its assets and liabilities based on their payment streams and interest rates, the timing of their maturities and their sensitivity to changes in market interest rates. Additionally, in the ordinary course of business, the Bancorp enters into certain derivative transactions as part of its overall strategy to manage its interest rate and prepayment risks. The Bancorp is also exposed to the risk of loss on its loan and lease portfolio as a result of changing expected cash flows caused by borrower credit events, such as loan defaults and inadequate collateral.

Noninterest income is derived from wealth and asset management revenue, service charges on deposits, commercial banking revenue, card and processing revenue, mortgage banking net revenue, leasing business revenue, other noninterest income and net securities gains or losses. Noninterest expense includes compensation and benefits, technology and communications, net occupancy expense, equipment expense, marketing expense, leasing business expense, card and processing expense and other noninterest expense.

Current Economic Conditions
With economic growth above the long-term trend and unemployment below 4%, returning inflation to 2% on a sustained basis may take longer than previously expected. In response to persistent inflationary pressures, FRB officials have signaled that a longer period of restrictive monetary policy may be necessary to return inflation to 2% on a sustained basis. The FRB will continue to monitor the cumulative economic effects of their policy actions, including tighter credit conditions for households and businesses, when determining future monetary actions. Financial markets continue to anticipate interest rate cuts later this year, although the timing and magnitude remains uncertain.

Changes in interest rates can affect numerous aspects of the Bancorp’s business and may impact the Bancorp’s future performance. If financial markets remain volatile, this may impact the future performance of various segments of the Bancorp’s business, in addition to the
3


Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)
value of the Bancorp’s investment securities portfolio. The Bancorp continues to closely monitor the pace of inflation and the impacts of inflation on the broader market.

For more information on current economic conditions, refer to the Credit Risk Management subsection of the Risk Management section of MD&A. Additionally, refer to the Interest Rate and Price Risk Management and Liquidity Risk Management subsections of the Risk Management section of MD&A for additional information about the Bancorp’s interest rate risk management and liquidity risk management activities.

FDIC Special Assessment
The bank failures that occurred in the first half of 2023 generated significant market volatility and increased regulatory and market focus on the liquidity, asset-liability management and unrealized securities losses of banks. In response to these failures, the U.S. banking agencies have proposed a number of regulatory amendments to improve the stability of U.S. banking institutions. Among these amendments, in November 2023, the FDIC issued a final rule for a special deposit insurance assessment on banking organizations with greater than $5 billion in assets to recover the costs associated with protecting uninsured depositors following these closures. The Bancorp’s initial estimate of its allocated share of the special assessment under the provisions of the final rule was $224 million, which was recognized in earnings upon issuance of the final rule in November 2023. During the first quarter of 2024, the FDIC announced that it expected to incur additional losses related to these bank closures beyond its initial estimates. These incremental losses, if incurred, would result in an increase to the amount of the special assessment allocated to each member bank. As a result of this announcement, in the first quarter of 2024, the Bancorp recorded an incremental liability and expense of $33 million associated with the special assessment. The special assessment will be paid to the FDIC over an anticipated total of eight quarterly assessment periods beginning with the first quarter of 2024. The estimate of the cost associated with protecting the uninsured depositors will continue to be subject to periodic adjustment until the final loss is determined upon the termination of the receiverships by the FDIC.

Senior Notes Offering
On January 29, 2024, the Bancorp issued and sold $1.0 billion of fixed-rate/floating-rate senior notes which will mature on January 29, 2032. The senior notes will bear interest at a rate of 5.631% per annum to, but excluding, January 29, 2031. From, and including January 29, 2031 until, but excluding January 29, 2032, the senior notes will bear interest at a rate of compounded SOFR plus 1.840%. Refer to Note 15 of the Notes to Condensed Consolidated Financial Statements for more information.

Transfer of Securities
In January 2024, the Bancorp transferred $12.6 billion (amortized cost basis) of securities from available-for-sale to held-to-maturity to reflect the Bancorp’s change in intent to hold these securities to maturity in order to reduce potential capital volatility associated with investment security market price fluctuations. The transfer included U.S. Treasury and federal agencies securities, agency residential mortgage-backed securities and agency commercial mortgage-backed securities. Refer to the Investment Securities subsection of the Balance Sheet Analysis section of MD&A for more information.

Proposed Updates to Regulatory Requirements for Capital and Long-Term Debt
On July 27, 2023, the U.S. banking agencies released a notice of proposed rulemaking to revise the Basel III Capital Rules, which would modify its existing risk-based capital framework for large banks and introduce a new framework that implements international capital standards. The proposed rulemaking would increase capital requirements applicable to banking organizations with total assets of $100 billion or more, including Fifth Third, and would align the calculation of regulatory capital and the calculation of risk-weighted assets across large banking organizations. As proposed, the rules would be effective for the Bancorp on July 1, 2025 and phased in over a three-year transition period. The Bancorp is in the process of evaluating this proposed rulemaking and assessing its potential impact.

On August 29, 2023, the U.S. banking agencies issued a notice of proposed rulemaking to require that certain banking organizations with $100 billion or more in consolidated assets, including Fifth Third, comply with certain long-term debt requirements at the holding company and insured depository institution levels. These proposed requirements are intended to absorb losses and recapitalize the insured depository institution in the event of the failure of a banking organization. As proposed, the rules would be phased in over a three-year period after their effective date. The Bancorp is in the process of evaluating this proposed rulemaking and assessing its potential impact, which is dependent on the finalization of the aforementioned proposed capital rule.

Key Performance Indicators
The Bancorp, as a banking institution, utilizes various key indicators of financial condition and operating results in managing and monitoring the performance of the business. In addition to traditional financial metrics, such as revenue and expense trends, the Bancorp monitors other financial measures that assist in evaluating growth trends, capital strength and operational efficiencies. The Bancorp analyzes these key performance indicators against its past performance, its forecasted performance and with the performance of its peer banking institutions. These indicators may change from time to time as the operating environment and businesses change.

4


Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)
The following are some of the key indicators used by management to assess the Bancorp’s business performance, including those which are considered in the Bancorp’s compensation programs:

CET1 Capital Ratio: CET1 capital divided by risk-weighted assets as defined by the Basel III standardized approach to risk-weighting of assets
Return on Average Tangible Common Equity (non-GAAP): Tangible net income available to common shareholders divided by average tangible common equity
Return on Average Common Equity, Excluding AOCI (non-GAAP): Net income available to common shareholders divided by total equity, excluding AOCI and preferred stock
Net Interest Margin (non-GAAP): Net interest income on an FTE basis divided by average interest-earning assets
Efficiency Ratio (non-GAAP): Noninterest expense divided by the sum of net interest income on an FTE basis and noninterest income
Earnings Per Share, Diluted: Net income allocated to common shareholders divided by average common shares outstanding after the effect of dilutive stock-based awards
Nonperforming Portfolio Assets Ratio: Nonperforming portfolio assets divided by portfolio loans and leases and OREO
Net Charge-off Ratio: Net losses charged-off divided by average portfolio loans and leases
Return on Average Assets: Net income divided by average assets
Loan-to-Deposit Ratio: Total loans divided by total deposits
Household Growth: Change in the number of consumer households with retail relationship-based checking accounts

The list of indicators above is intended to summarize some of the most important metrics utilized by management in evaluating the Bancorp’s performance and does not represent an all-inclusive list of all performance measures that may be considered relevant or important to management or investors.

TABLE 1: Earnings Summary
For the three months ended
March 31,
%
($ in millions, except for per share data)20242023Change
Income Statement Data
Net interest income (U.S. GAAP)$1,384 1,517 (9)
Net interest income (FTE)(a)(b)
1,390 1,522 (9)
Noninterest income710 696 2
Total revenue (FTE)(a)(b)
2,100 2,218 (5)
Provision for credit losses94 164 (43)
Noninterest expense1,342 1,331 1
Net income520 558 (7)
Net income available to common shareholders480 535 (10)
Common Share Data
Earnings per share - basic$0.70 0.78 (10)
Earnings per share - diluted0.70 0.78 (10)
Cash dividends declared per common share0.35 0.33 6
Book value per share24.72 23.87 4
Market value per share37.21 26.64 40
Financial Ratios
Return on average assets0.98 %1.10 (11)
Return on average common equity11.6 13.7 (15)
Return on average tangible common equity(b)
17.0 20.5 (17)
Dividend payout50.0 42.3 18
(a)Amounts presented on an FTE basis. The FTE adjustments were $6 and $5 for the three months ended March 31, 2024 and 2023, respectively.
(b)These are non-GAAP measures. For further information, refer to the Non-GAAP Financial Measures section of MD&A.

Earnings Summary
The Bancorp’s net income available to common shareholders for the first quarter of 2024 was $480 million, or $0.70 per diluted share, which was net of $40 million in preferred stock dividends. The Bancorp’s net income available to common shareholders for the first quarter of 2023 was $535 million, or $0.78 per diluted share, which was net of $23 million in preferred stock dividends.

Net interest income on an FTE basis (non-GAAP) was $1.4 billion for the three months ended March 31, 2024, a decrease of $132 million compared to the same period in the prior year. Net interest income was negatively impacted by higher funding costs due to increases in
5


Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)
market interest rates and deposit balance migration into higher yielding products. Rates paid on average interest-bearing core deposits and average long-term debt increased for the three months ended March 31, 2024 compared to the same period in the prior year. The deposit balance migration impacting net interest income resulted in decreases in the average balances of demand deposits and increases in the average balances of interest-bearing core deposits for the three months ended March 31, 2024 compared to the same period in the prior year. Additionally, net interest income was negatively impacted by a decrease in the average balances of commercial and industrial loans and an increase in the average balances of long-term debt for the three months ended March 31, 2024 compared to the same period in the prior year. These negative impacts were partially offset by increases in yields on average loans and leases and average taxable securities for the three months ended March 31, 2024 compared to the same period in the prior year. Net interest income also benefited from an increase in average other short-term investments for the three months ended March 31, 2024 compared to the same period in the prior year. Net interest margin on an FTE basis (non-GAAP) was 2.86% for the three months ended March 31, 2024 compared to 3.29% for the same period in the prior year.

The provision for credit losses was $94 million and $164 million for the three months ended March 31, 2024 and 2023, respectively. Provision expense for the three months ended March 31, 2024 was affected by factors which caused a slight decrease in the ACL from December 31, 2023, including improvement in the economic forecasts used to calculate the ACL and lower period-end loan and lease balances, partially offset by increases in specific reserves on individually evaluated commercial loans. Provision expense for the three months ended March 31, 2023 was driven by factors which caused an increase in the ACL from December 31, 2022, including growth in period-end loan and lease balances and increases to specific reserves on individually evaluated commercial loans. Net losses charged off as a percent of average portfolio loans and leases were 0.38% and 0.26% for the three months ended March 31, 2024 and 2023, respectively. At March 31, 2024 and December 31, 2023, nonperforming portfolio assets as a percent of portfolio loans and leases and OREO were 0.64% and 0.59%, respectively. For more information on credit quality, refer to the Credit Risk Management subsection of the Risk Management section of MD&A as well as Note 6 of the Notes to Condensed Consolidated Financial Statements.

Noninterest income increased $14 million for the three months ended March 31, 2024 compared to the same period in the prior year primarily due to increases in other noninterest income, wealth and asset management revenue and service charges on deposits, partially offset by decreases in commercial banking revenue, leasing business revenue and mortgage banking net revenue.

Noninterest expense increased $11 million for the three months ended March 31, 2024 compared to the same period in the prior year primarily due to increases in other noninterest expense and net occupancy expense, partially offset by decreases in leasing business expense and compensation and benefits expense.

For more information on net interest income, provision for credit losses, noninterest income and noninterest expense refer to the Statements of Income Analysis section of MD&A.

Capital Summary
The Bancorp calculated its regulatory capital ratios under the Basel III standardized approach to risk-weighting of assets and pursuant to the five-year transition provision option to phase in the effects of CECL on regulatory capital as of March 31, 2024. As of March 31, 2024, the Bancorp’s capital ratios, as defined by the U.S. banking agencies, were:
CET1 capital ratio: 10.47%;
Tier 1 risk-based capital ratio: 11.77%;
Total risk-based capital ratio: 13.81%;
Leverage ratio: 8.94%.
6


Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)
NON-GAAP FINANCIAL MEASURES
The following are non-GAAP financial measures which provide useful insight to the reader of the Condensed Consolidated Financial Statements but should be supplemental to primary U.S. GAAP measures and should not be read in isolation or relied upon as a substitute for the primary U.S. GAAP measures. The Bancorp encourages readers to consider the Condensed Consolidated Financial Statements in their entirety and not to rely on any single financial measure.

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

The following table reconciles the non-GAAP financial measures of net interest income on an FTE basis, interest income on an FTE basis, net interest margin, net interest rate spread and the efficiency ratio to U.S. GAAP:
TABLE 2: Non-GAAP Financial Measures - Financial Measures and Ratios on an FTE basis
For the three months ended
March 31,
($ in millions)20242023
Net interest income (U.S. GAAP)$1,384 1,517 
Add: FTE adjustment6 
Net interest income on an FTE basis (1)$1,390 1,522 
Net interest income on an FTE basis (annualized) (2)5,591 6,173 
Interest income (U.S. GAAP)$2,608 2,213 
Add: FTE adjustment6 
Interest income on an FTE basis$2,614 2,218 
Interest income on an FTE basis (annualized) (3)10,513 8,995 
Interest expense (annualized) (4)$4,923 2,823 
Noninterest income (5)710 696 
Noninterest expense (6)1,342 1,331 
Average interest-earning assets (7)195,349 187,407 
Average interest-bearing liabilities (8)146,533 129,280 
Ratios:
Net interest margin on an FTE basis (2) / (7)2.86 %3.29 
Net interest rate spread on an FTE basis ((3) / (7)) - ((4) / (8))2.02 2.62 
Efficiency ratio on an FTE basis (6) / ((1) + (5))63.9 60.0 

The Bancorp believes return on average tangible common equity is an important measure for comparative purposes with other financial institutions, but is not defined under U.S. GAAP, and therefore is considered a non-GAAP financial measure. This measure is useful for evaluating the performance of a business as it calculates the return available to common shareholders without the impact of intangible assets and their related amortization.

7


Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)
The following table reconciles the non-GAAP financial measure of return on average tangible common equity to U.S. GAAP:
TABLE 3: Non-GAAP Financial Measures - Return on Average Tangible Common Equity
For the three months ended
March 31,
($ in millions)
20242023
Net income available to common shareholders (U.S. GAAP)$480 535 
Add: Intangible amortization, net of tax8 
Tangible net income available to common shareholders$488 544 
Tangible net income available to common shareholders (annualized) (1)1,963 2,206 
Average Bancorp shareholders’ equity (U.S. GAAP)$18,727 17,977 
Less: Average preferred stock2,116 2,116 
Average goodwill4,918 4,915 
Average intangible assets121 163 
Average tangible common equity (2)$11,572 10,783 
Return on average tangible common equity (1) / (2)17.0 %20.5 

The Bancorp considers various measures when evaluating capital utilization and adequacy, including the tangible equity ratio and tangible common equity ratio, in addition to capital ratios defined by the U.S. banking agencies. These calculations are intended to complement the capital ratios defined by the U.S. banking agencies for both absolute and comparative purposes. As U.S. GAAP does not include capital ratio measures, the Bancorp believes there are no comparable U.S. GAAP financial measures to these ratios. These ratios are not formally defined by U.S. GAAP or codified in the federal banking regulations and, therefore, are considered to be non-GAAP financial measures.

The following table reconciles non-GAAP capital ratios to U.S. GAAP:
TABLE 4: Non-GAAP Financial Measures - Capital Ratios
As of ($ in millions)March 31,
2024
December 31,
2023
Total Bancorp Shareholders’ Equity (U.S. GAAP)$19,018 19,172 
Less: Preferred stock2,116 2,116 
Goodwill4,918 4,919 
Intangible assets115 125 
AOCI(4,888)(4,487)
Tangible common equity, excluding AOCI (1)$16,757 16,499 
Add: Preferred stock2,116 2,116 
Tangible equity (2)$18,873 18,615 
Total Assets (U.S. GAAP)$214,506 214,574 
Less: Goodwill4,918 4,919 
Intangible assets115 125 
AOCI, before tax(6,187)(5,680)
Tangible assets, excluding AOCI (3)$215,660 215,210 
Ratios:
Tangible equity as a percentage of tangible assets (2) / (3)8.75  %8.65 
Tangible common equity as a percentage of tangible assets (1) / (3)7.77 7.67 

8


Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)
RECENT ACCOUNTING STANDARDS
Note 3 of the Notes to Condensed Consolidated Financial Statements provides a discussion of the significant new accounting standards applicable to the Bancorp and the expected impact of a significant accounting standard issued, but not yet required to be adopted.

CRITICAL ACCOUNTING POLICIES
The Bancorp’s Condensed Consolidated Financial Statements are prepared in accordance with U.S. GAAP. Certain accounting policies require management to exercise judgment in determining methodologies, economic assumptions and estimates that may materially affect the Bancorp’s financial position, results of operations and cash flows. The Bancorp’s critical accounting policies include the accounting for the ALLL, reserve for unfunded commitments, valuation of servicing rights, fair value measurements, goodwill and legal contingencies. These accounting policies are discussed in detail in the Critical Accounting Policies section of the Bancorp’s Annual Report on Form 10-K for the year ended December 31, 2023. There have been no material changes to the valuation techniques or models during the three months ended March 31, 2024.

STATEMENTS OF INCOME ANALYSIS

Net Interest Income
Net interest income is the interest earned on loans and leases (including yield-related fees), securities and other short-term investments less the interest incurred on core deposits and wholesale funding (including CDs over $250,000, federal funds purchased, other short-term borrowings and long-term debt). The net interest margin is calculated by dividing net interest income by average interest-earning assets. Net interest rate spread is the difference between the average yield earned on interest-earning assets and the average rate paid on interest-bearing liabilities. Net interest margin is typically greater than net interest rate spread due to the interest income earned on those assets that are funded by noninterest-bearing liabilities, or free funding, such as demand deposits or shareholders’ equity.

Table 5 presents the components of net interest income, net interest margin and net interest rate spread for the three months ended March 31, 2024 and 2023, as well as the relative impact of changes in the average balance sheet and changes in interest rates on net interest income. Nonaccrual loans and leases and loans and leases held for sale have been included in the average loan and lease balances. Average outstanding securities balances are based on amortized cost with any unrealized gains or losses included in average other assets.

Net interest income on an FTE basis (non-GAAP) was $1.4 billion for the three months ended March 31, 2024, a decrease of $132 million compared to the same period in the prior year. Net interest income was negatively impacted by higher funding costs due to increases in market interest rates and deposit balance migration into higher yielding products. Rates paid on average interest-bearing core deposits and average long-term debt increased 124 bps and 103 bps, respectively, for the three months ended March 31, 2024 compared to the same period in the prior year. The deposit balance migration impacting net interest income resulted in decreases in the average balances of demand deposits of $9.9 billion and increases in the average balances of interest-bearing core deposits of $16.2 billion for the three months ended March 31, 2024 compared to the same period in the prior year. Additionally, net interest income was negatively impacted by a decrease in the average balances of commercial and industrial loans of $4.9 billion and an increase in the average balances of long-term debt of $2.0 billion for the three months ended March 31, 2024 compared to the same period in the prior year. These negative impacts were partially offset by increases in yields of 73 bps on average loans and leases and 20 bps on average taxable securities for the three months ended March 31, 2024 compared to the same period in the prior year. Net interest income also benefited from an increase in average other short-term investments of $15.9 billion for the three months ended March 31, 2024 compared to the same period in the prior year.

Net interest rate spread on an FTE basis (non-GAAP) was 2.02% for the three months ended March 31, 2024 compared to 2.62% for the same period in the prior year. Rates paid on average interest-bearing liabilities increased 118 bps, partially offset by a 58 bps increase in yields on average interest-earning assets for the three months ended March 31, 2024 compared to same period in the prior year.

Net interest margin on an FTE basis (non-GAAP) was 2.86% for the three months ended March 31, 2024 compared to 3.29% for the comparable period in the prior year. Net interest margin for the three months ended March 31, 2024 was negatively impacted by the migration of average balances of deposits from demand deposits to interest-bearing deposits, increases in rates paid on and average balances of wholesale funding and decreases in average balances of loans and leases, partially offset by higher market interest rates on interest-earning assets and growth in average balances of other short-term investments. Net interest margin results are expected to modestly increase over the next several quarters driven by fixed-rate asset repricing and deposit growth, partially offset by the impact of continued deposit margin compression. However, net interest margin may be negatively impacted by increased deposit competition or higher levels of cash and other short-term investments.

Interest income on an FTE basis (non-GAAP) from loans and leases increased $146 million during the three months ended March 31, 2024 compared to the three months ended March 31, 2023, primarily driven by the previously mentioned increases in market interest rates, partially offset by a decrease in average balances of commercial and industrial loans. For more information on the Bancorp’s loan and lease portfolio, refer to the Loans and Leases subsection of the Balance Sheet Analysis section of MD&A. Interest income on an FTE basis (non-GAAP) from investment securities and other short-term investments increased $250 million during the three months ended March 31, 2024
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Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)
compared to the three months ended March 31, 2023 primarily due to the previously mentioned increase in the average balances of other short-term investments and increase in yields on average taxable securities.

Interest expense on average core deposits increased $448 million for the three months ended March 31, 2024 compared to the three months ended March 31, 2023 primarily due to the previously mentioned increase in the cost of average interest-bearing core deposits to 291 bps for the three months ended March 31, 2024 from 167 bps for the three months ended March 31, 2023, as a result of higher short-term interest rates and greater competition for deposits. Refer to the Deposits subsection of the Balance Sheet Analysis section of MD&A for additional information on the Bancorp’s deposits.

Interest expense on average wholesale funding increased $80 million for the three months ended March 31, 2024 compared to the three months ended March 31, 2023 primarily due to the previously mentioned increases in rates paid on and average balances of long-term debt. The increase for the three months ended March 31, 2024 was also driven by an increase in the average balances of CDs over $250,000 of $1.2 billion and an increase in the rates paid on average CDs over $250,000 of 107 bps. These negative impacts were partially offset by a decrease in the average balances of FHLB advances of $1.7 billion. Refer to the Borrowings subsection of the Balance Sheet Analysis section of MD&A for additional information on the Bancorp’s borrowings. During the three months ended March 31, 2024, average wholesale funding represented 17% of average interest-bearing liabilities compared to 18% for the three months ended March 31, 2023. For more information on the Bancorp’s interest rate risk management, including estimated earnings sensitivity to changes in market interest rates, refer to the Interest Rate and Price Risk Management subsection of the Risk Management section of MD&A.

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Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)
TABLE 5: Condensed Consolidated Average Balance Sheets and Analysis of Net Interest Income on an FTE Basis
For the three months endedMarch 31, 2024March 31, 2023
Attribution of Change in
Net Interest Income(a)
($ in millions)Average BalanceInterest Earned/PaidAverage Yield/ RateAverage BalanceInterest Earned/PaidAverage Yield/ RateVolumeYield/ RateTotal
Assets:
Interest-earning assets:
Loans and leases:(b)
Commercial and industrial loans$53,256 938 7.08 %$58,204 920 6.41 %$(82)100 18 
 Commercial mortgage loans11,339 177 6.28 11,121 152 5.54 22 25 
Commercial construction loans5,732 103 7.20 5,507 88 6.50 11 15 
Commercial leases2,543 27 4.24 2,663 23 3.48 (1)
Total commercial loans and leases$72,870 1,245 6.87 $77,495 1,183 6.19 $(76)138 62 
Residential mortgage loans17,268 152 3.55 18,329 153 3.39 (9)(1)
Home equity3,933 81 8.29 4,006 64 6.47 (1)18 17 
Indirect secured consumer loans15,172 186 4.93 16,598 162 3.95 (15)39 24 
Credit card1,773 61 13.73 1,780 62 14.16 — (1)(1)
Solar energy installation loans3,794 73 7.77 2,169 25 4.62 25 23 48 
Other consumer loans2,889 65 8.96 3,238 68 8.52 (7)(3)
Total consumer loans$44,829 618 5.54 $46,120 534 4.69 $(7)91 84 
Total loans and leases$117,699 1,863 6.36 %$123,615 1,717 5.63 %$(83)229 146 
Securities:
Taxable55,016 446 3.26 57,110 431 3.06 (16)31 15 
Exempt from income taxes(b)
1,440 11 3.27 1,404 10 3.11 — 
Other short-term investments21,194 294 5.58 5,278 60 4.65 219 15 234 
Total interest-earning assets$195,349 2,614 5.38 %$187,407 2,218 4.80 %$120 276 396 
Cash and due from banks2,743 3,136 
Other assets17,432 16,687 
Allowance for loan and lease losses(2,321)(2,146)
Total assets
$213,203 $205,084 
Liabilities and Equity:
Interest-bearing liabilities:
Interest checking deposits$58,677 494 3.38 %$48,717 281 2.34 %$66 147 213 
Savings deposits18,107 31 0.69 23,107 34 0.59 (8)(3)
Money market deposits34,589 250 2.91 28,420 84 1.20 21 145 166 
Foreign office deposits145 1 2.43 143 1.91 — — — 
CDs $250,000 or less10,244 106 4.15 5,173 34 2.67 46 26 72 
Total interest-bearing core deposits$121,762 882 2.91 $105,560