Fifth Third Bank 2001 Annual Report Download - page 48

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FIFTH THIRD BANCORP AND SUBSIDIARIES
46
Management’s Discussion and Analysis of
Financial Condition and Results of Operations
Consolidated Six Year Summary Of Operations
For the Years Ended December 31 ($ in millions, except per share data) 2001 2000 1999 1998 1997 1996
Interest Income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $4,708.8 4,947.4 4,199.4 4,052.2 3,933.4 3,621.0
Interest Expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,275.8 2,692.9 2,021.7 2,042.0 2,026.1 1,852.2
Net Interest Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,433.0 2,254.5 2,177.7 2,010.2 1,907.3 1,768.8
Provision for Credit Losses . . . . . . . . . . . . . . . . . . . . . . . . . . . 200.6 125.7 143.2 156.2 176.6 123.6
Merger-Related Loan Loss Provision . . . . . . . . . . . . . . . . . . . . 35.4 12.0 26.2 20.2 — —
Net Interest Income After Provision for Credit Losses . . . . . . . 2,197.0 2,116.8 2,008.3 1,833.8 1,730.7 1,645.2
Other Operating Income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,797.4 1,482.4 1,339.0 1,165.2 904.8 748.8
Operating Expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,992.8 1,831.8 1,784.4 1,621.6 1,463.7 1,369.3
SAIF Assessment. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —————49.6
Merger-Related Charges . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 348.6 87.0 108.1 146.3 — —
Income Before Income Taxes, Minority Interest
and Cumulative Effect . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,653.0 1,680.2 1,454.8 1,231.1 1,171.8 975.1
Applicable Income Taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 550.0 539.1 507.5 423.5 394.6 320.5
Income Before Minority Interest and Cumulative Effect . . . . . . 1,103.0 1,141.1 947.3 807.6 777.2 654.6
Minority Interest, Net of Tax . . . . . . . . . . . . . . . . . . . . . . . . . 2.5 —————
Income Before Cumulative Effect . . . . . . . . . . . . . . . . . . . . . . 1,100.5 1,141.1 947.3 807.6 777.2 654.6
Cumulative Effect of Change in Accounting Principle, Net of Tax 6.8 —————
Net Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,093.7 1,141.1 947.3 807.6 777.2 654.6
Dividends on Preferred Stock . . . . . . . . . . . . . . . . . . . . . . . . . .7 .7 .7 .7 .7 .9
Net Income Available to Common Shareholders . . . . . . . . . . . $1,093.0 1,140.4 946.6 806.9 776.5 653.7
Earnings Per Share (a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1.90 2.02 1.68 1.44 1.39 1.16
Earnings Per Diluted Share (a) . . . . . . . . . . . . . . . . . . . . . . . . $ 1.86 1.98 1.66 1.42 1.37 1.14
Cash Dividends Declared Per Share (a) . . . . . . . . . . . . . . . . . . $ .83 .70 .582⁄3.471⁄3.379⁄10 .324⁄7
Condensed Consolidated Balance Sheet Information
As of December 31 ($ in millions) 2001 2000 1999 1998 1997 1996
Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $20,523.0 19,581.4 16,663.7 16,509.9 15,620.9 15,332.2
Loans and Leases. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41,547.9 42,530.4 38,836.6 34,115.4 33,906.1 31,597.4
Loans Held for Sale. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,180.1 1,655.0 1,198.4 2,861.3 1,590.3 682.5
Assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 71,026.3 69,658.3 62,156.7 58,201.9 55,260.1 51,937.0
Deposits. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45,854.1 48,359.5 41,855.8 41,014.0 39,609.0 38,531.5
Short-Term Borrowings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,452.7 6,344.0 10,095.4 6,214.0 6,541.5 5,444.7
Long-Term Debt and Convertible Subordinated Debentures . . 7,029.9 6,238.1 3,278.7 4,285.2 2,952.8 2,342.7
Shareholders’ Equity. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,639.3 6,662.4 5,562.8 5,371.4 5,004.6 4,694.9
Summarized Quarterly Financial Information
2001 2000
(Unaudited) Fourth Third Second First Fourth Third Second First
($ in millions, except per share data) Quarter Quarter Quarter Quarter Quarter Quarter Quarter Quarter
Interest Income . . . . . . . . . . . . . . . . $1,065.7 1,155.5 1,228.4 1,259.2 1,292.0 1,275.6 1,231.1 1,148.7
Net Interest Income. . . . . . . . . . . . . 629.0 608.0 607.7 588.4 571.8 567.0 560.6 555.1
Provision for Credit Losses. . . . . . . . 61.6 47.5 25.6 65.9 31.5 26.8 35.3 32.0
Merger-Related Loan Loss
Provision . . . . . . . . . . . . . . . . . . . — — 35.4 — — — 8.0 4.0
Merger-Related Charges. . . . . . . . . . — 129.4 219.2 — — — 64.8 22.1
Income Before Income Taxes . . . . . . 557.0 406.6 239.2 450.3 465.8 456.4 365.0 393.1
Net Income Available to
Common Shareholders . . . . . . . . . 385.5 279.4 128.7 299.4 319.1 309.5 247.6 264.3
Earnings Per Share (a) . . . . . . . . . . . .67 .48 .22 .52 .56 .55 .44 .47
Earnings Per Diluted Share (a) . . . . . .65 .47 .22 .51 .55 .54 .43 .46
(a) Per share amounts have been adjusted for the three-for-two stock splits effected in the form of stock dividends paid July 14, 2000, April 15, 1998, July 15, 1997 and January
12, 1996.