Fifth Third Announces Second Quarter 2021 Results
Reported diluted earnings per share of $0.94
CINCINNATI–(BUSINESS WIRE)–Fifth Third Bancorp (NASDAQ ®: FITB):
Key Highlights
Select Business Highlights:
- Launched Fifth Third Momentum Banking across footprint – a fintech banking solution with Early Pay, Extra Time, smart savings, and other features with no monthly fee
- Announced acquisition of Provide, a leading fintech company serving healthcare practices (expect to close early August 2021)
- Generated consumer household growth of 4% vs. 2Q20
- Published second annual ESG report on June 30th
Select Financial Highlights:
(2Q21 versus 1Q21 where applicable)
- ROTCE(a) of 16.6%; adjusted ROTCE(a) of 19.7% excl. AOCI
- PPNR(a) increased 12%; adjusted PPNR(a) increased 15%
- Historically low NCO ratio of 0.16% reflecting improvements in both commercial and consumer
- Benefit to credit losses and resulting reserve coverage reflects improved macroeconomic environment and strong credit results; NPA ratio improved 11 bps
- Repurchased shares totaling $347 million; capital plans support repurchase of shares totaling approximately $850 million in 2H21; continue to target 9.5% CET1 by June 2022
| Key Financial Data |
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| $ millions for all balance sheet and income statement items |
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| 2Q21 | 1Q21 | 2Q20 | |||||
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| Income Statement Data |
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| Net income available to common shareholders | $674 |
| $674 |
| $163 |
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| Net interest income (U.S. GAAP) | 1,208 |
| 1,176 |
| 1,200 |
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| Net interest income (FTE)(a) | 1,211 |
| 1,179 |
| 1,203 |
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| Noninterest income | 741 |
| 749 |
| 650 |
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| Noninterest expense | 1,153 |
| 1,215 |
| 1,121 |
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| Per Share Data |
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| Earnings per share, basic | $0.95 |
| $0.94 |
| $0.23 |
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| Earnings per share, diluted | 0.94 |
| 0.93 |
| 0.23 |
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| Book value per share | 29.57 |
| 28.78 |
| 28.88 |
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| Tangible book value per share(a) | 23.34 |
| 22.60 |
| 22.66 |
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| Balance Sheet & Credit Quality |
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| Average portfolio loans and leases | $108,534 |
| $108,956 |
| $118,506 |
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| Average deposits | 162,619 |
| 158,888 |
| 150,598 |
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| Net charge-off ratio(b) | 0.16 | % | 0.27 | % | 0.44 | % | ||
| Nonperforming asset ratio(c) | 0.61 |
| 0.72 |
| 0.65 |
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| Financial Ratios |
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| Return on average assets | 1.38 | % | 1.38 | % | 0.40 | % | ||
| Return on average common equity | 13.0 |
| 13.1 |
| 3.2 |
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| Return on average tangible common equity(a) | 16.6 |
| 16.8 |
| 4.3 |
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| CET1 capital(d)(e) | 10.37 |
| 10.46 |
| 9.72 |
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| Net interest margin(a) | 2.63 |
| 2.62 |
| 2.75 |
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| Efficiency(a) | 59.1 |
| 63.0 |
| 60.5 |
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| Other than the Quarterly Financial Review tables beginning on page 14 of the earnings release, commentary is on a fully taxable-equivalent (FTE) basis unless otherwise noted. Consistent with SEC guidance in Industry Guide 3 that contemplates the calculation of tax-exempt income on a taxable-equivalent basis, net interest income, net interest margin, net interest rate spread, total revenue and the efficiency ratio are provided on an FTE basis. |
CEO Commentary
“We delivered outstanding financial results once again this quarter supported by strong business performance across our franchise and reflecting improved and diversified revenues. This was combined with well-managed expenses and yet another quarter of historically low net charge-offs reflecting our disciplined client selection, conservative underwriting, and improvement in the broader economy supported by government stimulus programs.
Commercial lending production trends and pipelines continue to indicate improved loan growth once supply and labor constraints normalize. To further accelerate profitable relationship growth over the long-term, we recently announced the acquisition of Provide, a leading fintech company serving healthcare practices.
Furthermore, we recently launched Fifth Third Momentum Banking, a consumer banking value proposition unparalleled in the industry, which combines the best of a traditional bank offering with several leading fintech features. We believe this will further accelerate our already-strong household growth and continue to provide a differentiated customer experience.
We remain focused on disciplined client selection, generating strong relationships and managing the balance sheet through varying cycles over a long-term performance horizon. We are well-positioned to benefit when interest rates rise and well-hedged if rates remain at low levels for several more years. As a result, we expect to generate and return a significant amount of excess capital to shareholders over the next year.”
-Greg D. Carmichael, Chairman and CEO
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| Income Statement Highlights |
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| ($ in millions, except per share data) | For the Three Months Ended |
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| Condensed Statements of Income |
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| Net interest income (NII)(a) | $1,211 |
| $1,179 |
| $1,203 |
| 3% |
| 1% |
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| (Benefit from) provision for credit losses | (115) |
| (173) |
| 485 |
| (34)% |
| NM |
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| Noninterest income | 741 |
| 749 |
| 650 |
| (1)% |
| 14% |
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| Noninterest expense | 1,153 |
| 1,215 |
| 1,121 |
| (5)% |
| 3% |
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| Income before income taxes(a) | $914 |
| $886 |
| $247 |
| 3% |
| 270% |
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| Taxable equivalent adjustment | $3 |
| $3 |
| $3 |
| — |
| — |
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| Applicable income tax expense | 202 |
| 189 |
| 49 |
| 7% |
| 312% |
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| Net income | $709 |
| $694 |
| $195 |
| 2% |
| 264% |
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| Dividends on preferred stock | 35 |
| 20 |
| 32 |
| 75% |
| 9% |
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| Net income available to common shareholders | $674 |
| $674 |
| $163 |
| — |
| 313% |
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| Earnings per share, diluted | $0.94 |
| $0.93 |
| $0.23 |
| 1% |
| 309% |
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Fifth Third Bancorp (NASDAQ®: FITB) today reported second quarter 2021 net income of $709 million compared to net income of $694 million in the prior quarter and $195 million in the year-ago quarter. Net income available to common shareholders in the current quarter was $674 million, or $0.94 per diluted share, compared to $674 million, or $0.93 per diluted share, in the prior quarter and $163 million, or $0.23 per diluted share, in the year-ago quarter.
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| Net Interest Income |
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| (FTE; $ in millions)(a) | For the Three Months Ended |
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| Interest Income |
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| Interest income | $1,326 |
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| $1,305 |
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| $1,406 |
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| 2% |
| (6)% |
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| Interest expense | 115 |
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| 126 |
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| 203 |
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| (9)% |
| (43)% |
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| Net interest income (NII) | $1,211 |
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| $1,179 |
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| $1,203 |
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| 3% |
| 1% |
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| Average Yield/Rate Analysis |
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| bps Change |
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| Yield on interest-earning assets | 2.88 | % |
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| 2.90 | % |
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| 3.21 | % |
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| (2) |
| (33) |
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| Rate paid on interest-bearing liabilities | 0.40 | % |
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| 0.44 | % |
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| 0.66 | % |
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| (4) |
| (26) |
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| Ratios |
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| Net interest rate spread | 2.48 | % |
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| 2.46 | % |
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| 2.55 | % |
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| 2 |
| (7) |
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| Net interest margin (NIM) | 2.63 | % |
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| 2.62 | % |
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| 2.75 | % |
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| 1 |
| (12) |
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Compared to the prior quarter, NII increased $32 million, or 3%. Results reflected the impact of purchases of GNMA loan buyouts associated with CARES Act forbearance plans from a third party ($3.7 billion purchased since December 2020, including $1.0 billion in April 2021), elevated investment portfolio prepayment penalties, higher day count, and the early redemption of long-term debt, partially offset by the impact of lower commercial loan balances and lower yields on loan balances. PPP-related interest income was $53 million, unchanged relative to the prior quarter. Compared to the prior quarter, NIM increased 1 bp reflecting elevated investment portfolio prepayment penalties, early redemption of long-term debt, and the impact of the aforementioned GNMA loan buyout purchases, partially offset by lower C&I loan balances and lower yields on loan balances. PPP and excess liquidity had a negative impact on NIM of approximately 49 bps in the second quarter of 2021, compared to 48 bps in the prior quarter. As a result, underlying NIM(f) expanded 2 bps sequentially.
Compared to the year-ago quarter, NII increased $8 million, or 1%, primarily reflecting lower deposit costs, the impact of the aforementioned GNMA loan buyout purchases, interest income from PPP loans, and a reduction in long-term debt, partially offset by lower C&I loan balances. Compared to the year-ago quarter, NIM decreased 12 bps, primarily reflecting the impact of excess liquidity, lower market rates, and lower commercial loan balances, partially offset by lower deposit costs.
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| Noninterest Income |
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| ($ in millions) | For the Three Months Ended |
| % Change |
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| June |
| March |
| June |
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| Noninterest Income |
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| Service charges on deposits | $149 |
| $144 |
| $122 |
| 3% |
| 22% |
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| Commercial banking revenue | 160 |
| 153 |
| 137 |
| 5% |
| 17% |
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| Mortgage banking net revenue | 64 |
| 85 |
| 99 |
| (25)% |
| (35)% |
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| Wealth and asset management revenue | 145 |
| 143 |
| 120 |
| 1% |
| 21% |
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| Card and processing revenue | 102 |
| 94 |
| 82 |
| 9% |
| 24% |
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| Leasing business revenue | 61 |
| 87 |
| 57 |
| (30)% |
| 7% |
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| Other noninterest income | 49 |
| 42 |
| 12 |
| 17% |
| 308% |
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| Securities gains, net | 10 |
| 3 |
| 21 |
| 233% |
| (52)% |
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| Securities gains (losses), net – non-qualifying hedges on mortgage servicing rights | 1 |
| (2) |
| — |
| NM |
| NM |
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| Total noninterest income | $741 |
| $749 |
| $650 |
| (1)% |
| 14% |
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Reported noninterest income decreased $8 million, or 1%, from the prior quarter, and increased $91 million, or 14%, from the year-ago quarter. The reported results reflect the impact of certain items in the table below, including securities gains and losses, which included approximately $10 million attributable to mark-to-market impacts related to non-qualified deferred compensation assets in the current quarter.
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| Noninterest Income excluding certain items | |||||||||
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| ($ in millions) | For the Three Months Ended |
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| March |
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| June |
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| 2021 |
| 2021 |
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| 2020 |
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| Noninterest Income excluding certain items |
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| Noninterest income (U.S. GAAP) | $741 |
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| $749 |
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| $650 |
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| Valuation of Visa total return swap | 37 |
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| 13 |
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| 29 |
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| Branch and non-branch real estate charges | — |
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| — |
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| 12 |
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| Securities (gains), net | (10) |
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| (3) |
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| (21) |
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| Noninterest income excluding certain items(a) | $768 |
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| $759 |
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| $670 |
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Compared to the prior quarter, noninterest income excluding certain items increased $9 million, or 1%. Compared to the year-ago quarter, noninterest income excluding certain items increased $98 million, or 15%.
Compared to the prior quarter, service charges on deposits increased $5 million, or 3%, reflecting an increase in both commercial and consumer deposit fees. Commercial banking revenue increased $7 million, or 5%, primarily driven by increases in loan syndication revenue and financial risk management revenue, partially offset by lower corporate bond fees. Mortgage banking net revenue decreased $21 million, or 25%, reflecting an incremental $21 million unfavorable impact from MSR net valuation adjustments and an $8 million decrease in origination fees and gains on loan sales due to market pressures including margin compression. This was partially offset by an $8 million decrease in MSR asset decay reflecting slower prepayment speeds. Current quarter mortgage originations of $5.0 billion increased 7% compared to the prior quarter. Wealth and asset management revenue increased $2 million, or 1%, driven primarily by higher personal asset management revenue and brokerage fees, partially offset by seasonally strong tax preparation fees from the prior quarter. Card and processing revenue increased $8 million, or 9%, primarily driven by higher credit and debit interchange, partially offset by higher rewards. Leasing business revenue decreased $26 million, or 30%, primarily driven by strong lease syndication revenue from the prior quarter.
Compared to the year-ago quarter, service charges on deposits increased $27 million, or 22%, reflecting an increase in both commercial and consumer deposit fees. Commercial banking revenue increased $23 million, or 17%, primarily driven by increases in loan syndication revenue and M&A advisory revenue, partially offset by lower corporate bond fees. Mortgage banking net revenue decreased $35 million, or 35%, primarily driven by an increase in MSR asset decay and a decrease in origination fees and gains on loan sales due to market pressures including margin compression. Wealth and asset management revenue increased $25 million, or 21%, primarily driven by higher personal asset management revenue and brokerage fees. Card and processing revenue increased by $20 million, or 24%, primarily driven by higher credit and debit interchange, partially offset by higher rewards. Leasing business revenue increased $4 million, or 7%, primarily reflecting increases in lease remarketing revenue and business solutions revenue.
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| Noninterest Expense |
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| ($ in millions) | For the Three Months Ended |
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| Noninterest Expense |
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| Compensation and benefits | $638 |
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| $706 |
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| $627 |
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| (10)% |
| 2% |
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| Net occupancy expense | 77 |
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| 79 |
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| 82 |
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| (3)% |
| (6)% |
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| Technology and communications | 94 |
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| 93 |
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| 90 |
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| 1% |
| 4% |
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| Equipment expense | 34 |
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| 34 |
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| 32 |
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| — |
| 6% |
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| Card and processing expense | 20 |
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| 30 |
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| 29 |
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| (33)% |
| (31)% |
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| Leasing business expense | 33 |
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| 35 |
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| 33 |
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| (6)% |
| — |
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| Marketing expense | 20 |
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| 23 |
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| 20 |
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| (13)% |
| — |
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| Other noninterest expense | 237 |
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| 215 |
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| 208 |
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| 10% |
| 14% |
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| Total noninterest expense | $1,153 |
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| $1,215 |
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| $1,121 |
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| (5)% |
| 3% |
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Reported noninterest expense decreased $62 million, or 5%, from the prior quarter, and increased $32 million, or 3%, from the year-ago quarter. The reported results reflect the impact of certain items in the table below.
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| Noninterest Expense excluding certain items | ||||||||
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| ($ in millions) | For the Three Months Ended |
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| June |
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| 2021 |
| 2021 |
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| 2020 |
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| Noninterest Expense excluding certain items |
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| Noninterest expense (U.S. GAAP) | $1,153 |
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| $1,215 |
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| $1,121 |
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| Merger-related expenses | — |
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| — |
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| (9) |
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| FHLB debt extinguishment charge | — |
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| — |
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| (6) |
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| Noninterest expense excluding certain items(a) | $1,153 |
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| $1,215 |
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| $1,106 |
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Compared to the prior quarter, noninterest expense decreased $62 million, or 5%, reflecting the prior quarter seasonal compensation and benefits expense impacts, lower card and processing expense due to contract renegotiations, and diligent expense management throughout the company. These expense decreases were partially offset by increased performance-based compensation expense reflecting strong business results, higher other noninterest expense including the expenses associated with the aforementioned GNMA loan buyout purchases, and the impact of non-qualified deferred compensation mark-to-market expense ($12 million in the current quarter compared to $7 million in the prior quarter). Full-time equivalent employees declined 2% compared to the prior quarter.
Compared to the year-ago quarter, noninterest expense excluding certain items increased $47 million, or 4%, primarily due to an increase in performance-based compensation expense reflecting strong business results and higher other noninterest expense including the expenses associated with the aforementioned GNMA loan buyout purchases, partially offset by lower card and processing expense and lower net occupancy expense. Full-time equivalent employees declined 5% compared to the year-ago quarter.
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| Average Interest-Earning Assets |
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| ($ in millions) | For the Three Months Ended |
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| % Change |
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| June |
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| June |
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| 2021 |
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| Average Portfolio Loans and Leases |
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| Commercial loans and leases: |
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| Commercial and industrial loans | $48,773 |
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| $49,629 |
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| $59,040 |
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| (2)% |
| (17)% |
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| Commercial mortgage loans | 10,459 |
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| 10,532 |
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| 11,222 |
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| (1)% |
| (7)% |
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| Commercial construction loans | 6,043 |
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| 6,039 |
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| 5,548 |
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| — |
| 9% |
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| Commercial leases | 3,174 |
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| 3,114 |
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| 3,056 |
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| 2% |
| 4% |
| |
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| Total commercial loans and leases | $68,449 |
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| $69,314 |
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| $78,866 |
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| (1)% |
| (13)% |
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| Consumer loans: |
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| Residential mortgage loans | $15,883 |
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| $15,803 |
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| $16,561 |
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| 1% |
| (4)% |
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| Home equity | 4,674 |
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| 5,009 |
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| 5,820 |
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| (7)% |
| (20)% |
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| Indirect secured consumer loans | 14,702 |
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| 13,955 |
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| 12,124 |
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| 5% |
| 21% |
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| Credit card | 1,770 |
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| 1,879 |
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| 2,248 |
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| (6)% |
| (21)% |
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| Other consumer loans | 3,056 |
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| 2,996 |
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| 2,887 |
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| 2% |
| 6% |
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| Total consumer loans | $40,085 |
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| $39,642 |
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| $39,640 |
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| 1% |
| 1% |
| |
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| Total average portfolio loans and leases | $108,534 |
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| $108,956 |
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| $118,506 |
|
| — |
| (8)% |
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| Average Loans and Leases Held for Sale |
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| Commercial loans and leases held for sale | $52 |
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| $104 |
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| $68 |
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| (50)% |
| (24)% |
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| Consumer loans held for sale | 5,857 |
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| 4,641 |
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| 844 |
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| 26% |
| 594% |
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| Total average loans and leases held for sale | $5,909 |
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| $4,745 |
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| $912 |
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| 25% |
| 548% |
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| Securities (taxable and tax-exempt) | $36,917 |
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| $36,297 |
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| $36,973 |
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| 2% |
| — |
| |
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| Other short-term investments | 33,558 |
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| 32,717 |
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| 19,833 |
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| 3% |
| 69% |
| |
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| Total average interest-earning assets | $184,918 |
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| $182,715 |
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| $176,224 |
|
| 1% |
| 5% |
| |
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Compared to the prior quarter, total average portfolio loans and leases were flat, as an increase in consumer loans was offset by a decrease in commercial loan and lease balances. Average commercial portfolio loans and leases decreased 1%, reflecting lower C&I term loan balances (nearly half of the sequential decline was due to PPP forgiveness), as well as lower commercial mortgage loans. Average consumer portfolio loans increased 1%, as higher indirect secured consumer loans were partially offset by lower home equity and credit card balances.
Compared to the year-ago quarter, total average portfolio loans and leases decreased 8% reflecting lower C&I revolving line of credit utilization and term loan balances, as well as declines in home equity and commercial mortgage loans, partially offset by increases in indirect secured consumer loans and commercial construction loans. Average commercial portfolio loans and leases decreased 13% due to declines in C&I revolving line of credit utilization and term loan balances and lower commercial mortgage loans, partially offset by growth in commercial construction loans. Average consumer portfolio loans increased 1%, as higher indirect secured consumer loans were partially offset by lower home equity, residential mortgage, and credit card balances.
Average loans and leases held for sale of $6 billion in the current quarter increased $1 billion compared to the prior quarter and increased $5 billion compared to the year-ago quarter, impacted by the aforementioned GNMA loan buyout purchases within consumer loans held for sale ($3.7 billion purchased since December 2020, including $1.0 billion in April 2021).
Average other short-term investments (including interest-bearing cash) of $34 billion in the current quarter increased $1 billion compared to the prior quarter and increased $14 billion compared to the year-ago quarter. The increase relative to the year-ago quarter reflected average core deposit growth of 10% compared to average total loan decline of 4%.
Total period-end commercial portfolio loans and leases of $67 billion decreased 3% from the prior quarter driven by lower C&I term loan balances almost entirely due to PPP forgiveness, as well as declines in commercial construction and commercial mortgage loan balances. Compared to the year-ago quarter, total period-end commercial portfolio loans decreased $8 billion, or 11%, reflecting lower C&I revolving line of credit utilization and term loan balances partially due to PPP forgiveness, as well as lower commercial mortgage loans, partially offset by growth in commercial construction loans. Period-end commercial revolving line utilization was flat compared to the prior quarter at 31%, compared to 38% in the year-ago quarter. Period-end consumer portfolio loans of $41 billion increased 2% compared to the prior quarter, as continued growth in indirect secured consumer loans and residential mortgage loans were partially offset by a decline in home equity balances. Compared to the year-ago quarter, total period-end consumer portfolio loans increased $1 billion, or 3%, reflecting higher indirect secured consumer loan balances, partially offset by lower home equity balances.
| Average Deposits |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
| ($ in millions) | For the Three Months Ended |
|
| % Change |
| ||||||||
|
|
| June |
| March |
| June |
|
|
|
|
| |||
|
|
| 2021 |
| 2021 |
| 2020 |
| Seq |
| Yr/Yr |
| |||
|
| Average Deposits |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Demand | $61,994 |
|
| $58,586 |
|
| $45,761 |
|
| 6% |
| 35% |
|
|
| Interest checking | 45,307 |
|
| 45,568 |
|
| 49,760 |
|
| (1)% |
| (9)% |
|
|
| Savings | 20,494 |
|
| 18,951 |
|
| 16,354 |
|
| 8% |
| 25% |
|
|
| Money market | 30,844 |
|
| 30,601 |
|
| 30,022 |
|
| 1% |
| 3% |
|
|
| Foreign office(g) | 140 |
|
| 128 |
|
| 182 |
|
| 9% |
| (23)% |
|
|
| Total transaction deposits | $158,779 |
|
| $153,834 |
|
| $142,079 |
|
| 3% |
| 12% |
|
|
| Other time | 2,696 |
|
| 3,045 |
|
| 4,421 |
|
| (11)% |
| (39)% |
|
|
| Total core deposits | $161,475 |
|
| $156,879 |
|
| $146,500 |
|
| 3% |
| 10% |
|
|
| Certificates – $100,000 and over | 1,144 |
|
| 2,009 |
|
| 4,067 |
|
| (43)% |
| (72)% |
|
|
| Other deposits | — |
|
| — |
|
| 31 |
|
| NM |
| (100)% |
|
|
| Total average deposits | $162,619 |
|
| $158,888 |
|
| $150,598 |
|
| 2% |
| 8% |
|
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|
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|
|
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|
|
Compared to the prior quarter, average core deposits increased 3%, as increases in consumer and commercial deposit balances across most product types benefited from continued fiscal and monetary stimulus and were partially offset by a decrease in other time balances. Average demand deposits represented 38% of total core deposits in the current quarter compared to 37% in the prior quarter. Average commercial transaction deposits increased 1% and average consumer transaction deposits increased 5%.
Compared to the year-ago quarter, average core deposits increased 10%, driven by the impacts of fiscal and monetary stimulus combined with success generating consumer household growth. Average commercial transaction deposits increased 7% and average consumer transaction deposits increased 17%.
The period end portfolio loan-to-core deposit ratio was 67% in the current quarter, compared to 68% in the prior quarter and 75% in the year-ago quarter. Excluding the impact of PPP loans, the period end portfolio loan-to-core deposit ratio was 64% in the current quarter, compared to 64% in the prior quarter and 72% in the year-ago quarter.
| Average Wholesale Funding |
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| ($ in millions) | For the Three Months Ended |
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| % Change |
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|
|
| June |
| March |
| June |
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|
|
| ||||
|
|
| 2021 |
| 2021 |
| 2020 |
| Seq |
| Yr/Yr |
| ||||
|
| Average Wholesale Funding |
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|
|
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| |
|
| Certificates – $100,000 and over | $1,144 |
|
| $2,009 |
|
| $4,067 |
|
| (43)% |
| (72)% |
| |
|
| Other deposits | — |
|
| — |
|
| 31 |
|
| NM |
| (100)% |
| |
|
| Federal funds purchased | 346 |
|
| 324 |
|
| 309 |
|
| 7% |
| 12% |
| |
|
| Other short-term borrowings | 1,097 |
|
| 1,209 |
|
| 2,377 |
|
| (9)% |
| (54)% |
| |
|
| Long-term debt | 13,883 |
|
| 14,849 |
|
| 16,955 |
|
| (7)% |
| (18)% |
| |
|
| Total average wholesale funding | $16,470 |
|
| $18,391 |
|
| $23,739 |
|
| (10)% |
| (31)% |
| |
|
|
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| |
Compared to the prior quarter, average wholesale funding decreased 10%, driven by the retirement of approximately $2.3 billion in long-term debt in the current quarter, as well as continued runoff in jumbo CD balances. Compared to the year-ago quarter, average wholesale funding decreased 31%, reflecting decreases in long-term debt, jumbo CD balances, and other short-term borrowings.
| Credit Quality Summary |
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| ||||
| ($ in millions) | As of and For the Three Months Ended | |||||||||||||||
|
| June |
| March |
| December |
| September |
| June | |||||||
|
| 2021 |
| 2021 |
| 2020 |
| 2020 |
| 2020 | |||||||
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| ||||
| Total nonaccrual portfolio loans and leases (NPLs) | $621 |
| $741 |
|
| $834 |
|
| $891 |
|
| $700 | ||||
| Repossessed property | 5 |
| 7 |
|
| 9 |
|
| 7 |
|
| 4 | ||||
| OREO | 31 |
| 35 |
|
| 21 |
|
| 33 |
|
| 43 | ||||
| Total nonperforming portfolio loans and leases and OREO (NPAs) | $657 |
| $783 |
|
| $864 |
|
| $931 |
|
| $747 | ||||
|
|
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|
|
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|
|
|
|
| ||||
| NPL ratio(h) | 0.58% |
| 0.68% |
|
| 0.77% |
|
| 0.80% |
|
| 0.61% | ||||
| NPA ratio(c) | 0.61% |
| 0.72% |
|
| 0.79% |
|
| 0.84% |
|
| 0.65% | ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
| Total loans and leases 30-89 days past due (accrual) | $281 |
| $305 |
|
| $357 |
|
| $323 |
|
| $381 | ||||
| Total loans and leases 90 days past due (accrual) | 83 |
| 124 |
|
| 163 |
|
| 139 |
|
| 136 | ||||
|
|
|
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|
|
|
|
|
|
|
|
|
| ||||
| Allowance for loan and lease losses (ALLL), beginning | $2,208 |
|
| $2,453 |
|
| $2,574 |
|
| $2,696 |
|
| $2,348 | |||
| Total net losses charged-off | (44) |
| (71) |
|
| (118) |
|
| (101) |
|
| (130) | ||||
| (Benefit from) provision for loan and lease losses | (131) |
| (174) |
|
| (3) |
|
| (21) |
|
| 478 | ||||
| ALLL, ending | $2,033 |
| $2,208 |
|
| $2,453 |
|
| $2,574 |
|
| $2,696 | ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
| Reserve for unfunded commitments, beginning | $173 |
| $172 |
|
| $182 |
|
| $176 |
|
| $169 | ||||
| Provision for (benefit from) the reserve for unfunded commitments | 16 |
| 1 |
|
| (10) |
|
| 6 |
|
| 7 | ||||
| Reserve for unfunded commitments, ending | $189 |
| $173 |
|
| $172 |
|
| $182 |
|
| $176 | ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
| Total allowance for credit losses (ACL) | $2,222 |
|
| $2,381 |
|
| $2,625 |
|
| $2,756 |
|
| $2,872 | |||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
| ACL ratios: |
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|
|
|
|
|
|
|
|
|
|
| ||||
| As a % of portfolio loans and leases | 2.06% |
|
| 2.19% |
|
| 2.41% |
|
| 2.49% |
|
| 2.50% | |||
| As a % of nonperforming portfolio loans and leases | 358% |
|
| 321% |
|
| 315% |
|
| 309% |
|
| 410% | |||
| As a % of nonperforming portfolio assets | 338% |
|
| 304% |
|
| 304% |
|
| 296% |
|
| 385% | |||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
| ALLL as a % of portfolio loans and leases | 1.89% |
| 2.03% |
|
| 2.25% |
|
| 2.32% |
|
| 2.34% | ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
| Total losses charged-off | $(103) |
| $(109) |
|
| $(154) |
|
| $(135) |
|
| $(163) | ||||
| Total recoveries of losses previously charged-off | 59 |
| 38 |
|
| 36 |
|
| 34 |
|
| 33 | ||||
| Total net losses charged-off | $(44) |
| $(71) |
|
| $(118) |
|
| $(101) |
|
| $(130) | ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
| Net charge-off ratio (NCO ratio)(b) | 0.16% |
| 0.27% |
|
| 0.43% |
|
| 0.35% |
|
| 0.44% | ||||
| Commercial NCO ratio | 0.10% |
| 0.17% |
|
| 0.40% |
|
| 0.33% |
|
| 0.40% | ||||
| Consumer NCO ratio | 0.26% |
| 0.43% |
|
| 0.47% |
|
| 0.40% |
|
| 0.52% | ||||
|
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|
|
|
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|
|
| ||||
Contacts
Investor contact: Chris Doll (513) 534-2345 | Media contact: Ed Loyd (513) 534-6397
