RiverNorthPhotography Quick Overview With regional banks in the news again lately, along with the latest Fed meeting in late January, today we wanted to revisit a regional bank stock we covered last fall, Fifth Third Bancorp (NASDAQ:FITB). In both of our last 2 ratings we were bullish, and turned out to be right. Since our June rating of strong buy the stock is up +33%, and since our October buy rating it is up nearly +46%. Fifth Third - price since last rating (Seeking Alpha) So, are we still bullish on th ...

CINCINNATI--(BUSINESS WIRE)--Fifth Third is proud to announce it has been named to Fortune’s 2024 list of the World’s Most Admired CompaniesTM. This accolade is based on feedback from executives, directors, and analysts who rate enterprises in their own industry. “We’re honored to be included on Fortune’s list of Most Admired Companies for the first time,” said Tim Spence, chairman, chief executive officer and president of Fifth Third. “We’ve worked hard to build a company that delivers strong returns fo ...

Financial Data and Key Metrics Changes - The company achieved a full-year adjusted return on assets of 1.25% and an adjusted return on tangible common equity ex-AOCI of 15.9% [4] - The adjusted efficiency ratio was reported at 55.9%, ranking among the best in the peer group [4] - The company generated record full-year revenue of $8.7 billion, with deposits growing by 5% compared to an industry-wide decline of 3% [26] Business Line Data and Key Metrics Changes - The corporate banking business saw total commitments decrease by 6% and unused commitments decrease by 4% due to the RWA diet [40] - Average commercial deposits increased by 5% sequentially, while consumer and wealth deposits increased by 1% [41] - The treasury management, wealth and asset management, and capital markets businesses all experienced growth in 2023, with expectations of mid-to-high single-digit growth in 2024 [9] Market Data and Key Metrics Changes - The company maintained a loan to core deposit ratio of 72% at year-end, ranking as the best compared to regional peers [19] - The average total consumer portfolio loans and leases decreased by 1% sequentially, primarily due to a pullback in indirect auto lending and a slowdown in residential mortgage originations [18] - The company reported zero net charge-offs in commercial real estate for 2023, with delinquent loans at only 2 basis points [26] Company Strategy and Development Direction - The company is focused on differentiating itself through stability, profitability, and growth, with a strong emphasis on multi-year strategic investments [5][8] - Plans to open 31 new branches in the Southeast in 2024, building on the 37 branches opened in the past five years [31] - The company aims to resume share repurchases of up to $300 million to $400 million in the second half of 2024, contingent on regulatory conditions [7][21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's strong liquidity position and ability to adapt to changing economic conditions [6][35] - The outlook for 2024 includes expectations of improving revenue trends and continued expense discipline, despite a less certain economic environment [33] - Management anticipates a transition year in 2024, with expectations of net interest income decreasing by 2% to 4% due to the RWA diet and higher deposit costs [46][74] Other Important Information - The company completed a risk-weighted asset diet, reducing RWA by 3% in the fourth quarter [14] - The adjusted non-interest income increased by 3% sequentially, driven by growth in commercial banking, mortgage, wealth, and card processing revenues [16] - The company expects to close 29 branches in 2024 to offset costs associated with new branch openings [77] Q&A Session Summary Question: What are the expectations for loan demand in 2024? - Management indicated that customers are cautious but not pessimistic, with a focus on market share gains rather than robust growth [56][84] Question: How does the company plan to approach potential economic growth scenarios? - Management emphasized a flexible approach to navigate both stronger and weaker economic conditions, with a focus on maintaining stability [90][114] Question: What is the company's strategy regarding share repurchases? - Management expressed confidence in capital stability and the potential for share repurchases, depending on regulatory developments [120][122]

Table of Contents Table of Contents The Bancorp's net income available to common shareholders for the third quarter of 2023 was $623 million, or $0.91 per diluted share, which was net of $37 million in preferred stock dividends. The Bancorp's net income available to common shareholders for the third quarter of 2022 was $631 million, or $0.91 per diluted share, which was net of $22 million in preferred stock dividends. The Bancorp's net income available to common shareholders for the nine months ended Septem ...

Fifth Third Bancorp (NASDAQ:FITB) Q3 2023 Earnings Conference Call October 19, 2023 9:00 AM ET Company Participants Chris Doll - Head of IR Tim Spence - President and CEO Jamie Leonard - EVP and CFO Greg Schroeck - Chief Credit Officer Bryan Preston - Treasurer Conference Call Participants Scott Siefers - Piper Sandler Erika Najarian - UBS Gerard Cassidy - RBC Ebrahim Poonawala - Bank of America Ken Usdin - Jefferies Mike Mayo - Wells Fargo Securities John Pancari - Evercore ISI Manan Gosalia - Morgan Stanl ...

Fifth Third Bancorp and Subsidiaries Notes to Condensed Consolidated Financial Statements (unaudited) 3. Accounting and Reporting Developments Standards Adopted in 2023 The Bancorp adopted the following new accounting standards during the six months ended June 30, 2023: ASU 2022-01 – Derivatives and Hedging (Topic 815): Fair Value Hedging-Portfolio Layer Method In March 2022, the FASB issued ASU 2022-01, which clarifies the guidance in ASC 815 on fair value hedge accounting of interest rate risk for portfol ...

Fifth Third Bancorp (NASDAQ:FITB) Q2 2023 Earnings Conference Call July 20, 2023 9:00 AM ET Company Participants Chris Doll - Director-Investor Relations Timothy Spence - President and Chief Executive Officer James Leonard - Executive Vice President and Chief Financial Officer Bryan Preston - Treasurer Greg Schroeck - Chief Credit Officer Conference Call Participants Scott Siefers - Piper Sandler Erika Najarian - UBS John Panc - Evercore Ken Usdin - Jefferies Ebrahim Poonawala - Bank of America Michael Mayo ...

• 26% FDIC insured1 • Median relationship deposit balance of ~$340K © Fifth Third Bancorp | All Rights Reserved Credit quality overview NPA ratio1 30-89 days past due as a % of portfolio loans1 ‒ $93MM driven by Dividend Finance © Fifth Third Bancorp | All Rights Reserved Allowance for credit losses | --- | --- | --- | --- | --- | |---------------------------------------------------|--------|----------------------------------|---------|---------------------------| | $ in millions \nAllowance for loan & leas ...

At March 31, 2023 and December 31, 2022, investment securities with a fair value of $21.1 billion and $11.0 billion, respectively, were pledged to secure borrowing capacity, public deposits, trust funds, derivative contracts and for other purposes as required or permitted by law. 72 Table of Contents Fifth Third Bancorp and Subsidiaries Notes to Condensed Consolidated Financial Statements (unaudited) 5. Loans and Leases The Bancorp diversifies its loan and lease portfolio by offering a variety of loan and l ...

Fifth Third Bancorp. (NASDAQ:FITB) Q1 2023 Earnings Conference Call April 20, 2023 9:00 AM ET Company Participants Chris Doll - Director-Investor Relations Timothy Spence - President and Chief Executive Officer James Leonard - Executive Vice President and Chief Financial Officer Bryan Preston - Treasurer Conference Call Participants Scott Siefers - Piper Sandler Gerard Cassidy - RBC Capital Markets Ken Usdin - Jefferies Erika Najarian - UBS Michael Mayo - Wells Fargo Securities John Pancari - Evercore Manan ...