Fifth Third Bank 2002 Annual Report Download - page 43

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FIFTH THIRD BANCORP AND SUBSIDIARIES
41
Notes to Consolidated Financial Statements
Investment Electronic General
Commercial Retail Advisory Payment Corporate Elimina-
($ in millions) Banking Banking Services Processing (a) and Other tions (a) Total
2002
Results of Operations
Net Interest Income (Expense). . . . . . . . . . . . $ 1,002.5 1,568.3 128.4 ( 3.6) 4.7 —2,700.3
Provision for Credit Losses . . . . . . . . . . . . . . 99.5 144.6 2.5 ———246.6
Net Interest Income (Expense) After Provision
for Credit Losses . . . . . . . . . . . . . . . . . . . . 903.0 1,423.7 125.9 ( 3.6) 4.7 —2,453.7
Other Operating Income . . . . . . . . . . . . . . . . 371.5 665.6 336.2 543.2 308.7 (31.1) 2,194.1
Operating Expenses . . . . . . . . . . . . . . . . . . . . 452.2 1,022.3 290.9 302.1 179.7 (31.1) 2,216.1
Income Before Income Taxes, Minority
Interest and Cumulative Effect . . . . . . . . . . 822.3 1,067.0 171.2 237.5 133.7 —2,431.7
Applicable Income Taxes . . . . . . . . . . . . . . . . 256.6 333.2 53.3 74.4 41.8 —759.3
Net Income Available to
Common Shareholders . . . . . . . . . . . . . . . . $ 565.7 696.1 117.9 163.1 91.2 —1,634.0
Selected Financial Information
Goodwill as of Jan. 1, 2002 . . . . . . . . . . . . . . $ 183.4 235.8 98.4 164.7 ——682.3
Goodwill Recognized (b) . . . . . . . . . . . . . . . . — — — 28.6 —— 28.6
Divestiture . . . . . . . . . . . . . . . . . . . . . . . . . . — ( 8.8) —— ——( 8.8)
Goodwill as of Dec. 31, 2002 . . . . . . . . . . . . $ 183.4 227.0 98.4 193.3 ——702.1
Identifiable Assets . . . . . . . . . . . . . . . . . . . . . $21,690.3 28,465.0 1,720.0 491.0 28,528.1 —80,894.4
Depreciation and Amortization . . . . . . . . . . . $ 1.0 13.4 1.4 2.0 79.0 —96.8
2001
Results of Operations
Net Interest Income (Expense). . . . . . . . . . . . $ 929.2 1,386.4 95.6 ( 4.8) 26.6 — 2,433.0
Provision for Credit Losses . . . . . . . . . . . . . . 90.9 104.1 5.6 — 35.4 — 236.0
Net Interest Income (Expense) After Provision
for Credit Losses . . . . . . . . . . . . . . . . . . . . 838.3 1,282.3 90.0 ( 4.8) ( 8.8) — 2,197.0
Other Operating Income . . . . . . . . . . . . . . . . 228.5 584.9 306.5 372.2 330.1 (24.8) 1,797.4
Merger-Related Charges. . . . . . . . . . . . . . . . . — — — — 348.6 — 348.6
Operating Expenses . . . . . . . . . . . . . . . . . . . . 389.6 981.7 235.2 200.1 211.0 (24.8) 1,992.8
Income Before Income Taxes, Minority
Interest and Cumulative Effect . . . . . . . . . . 677.2 885.5 161.3 167.3 ( 238.3) — 1,653.0
Applicable Income Taxes . . . . . . . . . . . . . . . . 225.3 294.6 53.7 55.7 ( 79.3) — 550.0
Net Income Available to
Common Shareholders . . . . . . . . . . . . . . . . $ 451.9 590.9 107.6 111.6 ( 169.0) — 1,093.0
Selected Financial Information
Identifiable Assets . . . . . . . . . . . . . . . . . . . . . $19,506.0 25,087.7 1,305.9 494.1 24,632.6 — 71,026.3
Depreciation and Amortization . . . . . . . . . . . $ 1.5 19.7 1.4 2.0 74.8 — 99.4
2000
Results of Operations
Net Interest Income (Expense). . . . . . . . . . . . $ 820.1 1,223.1 81.0 ( 2.9) 133.2 — 2,254.5
Provision for Credit Losses . . . . . . . . . . . . . . 55.3 67.1 3.3 — 12.0 — 137.7
Net Interest Income (Expense) After Provision
for Credit Losses . . . . . . . . . . . . . . . . . . . . 764.8 1,156.0 77.7 ( 2.9) 121.2 — 2,116.8
Other Operating Income . . . . . . . . . . . . . . . . 176.5 452.9 281.0 271.9 320.2 (20.2) 1,482.3
Merger-Related Charges. . . . . . . . . . . . . . . . . — — — — 87.0 — 87.0
Operating Expenses . . . . . . . . . . . . . . . . . . . . 383.7 826.6 211.4 142.5 287.9 (20.2) 1,831.9
Income Before Income Taxes, Minority
Interest and Cumulative Effect . . . . . . . . . . 557.6 782.3 147.3 126.5 66.5 — 1,680.2
Applicable Income Taxes . . . . . . . . . . . . . . . . 178.9 251.0 47.2 40.6 21.4 — 539.1
Net Income Available to
Common Shareholders . . . . . . . . . . . . . . . . $ 378.7 531.3 100.1 85.9 44.4 — 1,140.4
Selected Financial Information
Identifiable Assets . . . . . . . . . . . . . . . . . . . . . $19,097.2 24,927.5 1,103.5 146.0 24,384.1 — 69,658.3
Depreciation and Amortization . . . . . . . . . . . $ 1.6 28.7 1.5 1.3 70.1 — 103.2
(a) Electronic payment processing service revenues provided to the banking segments are eliminated in the Consolidated Statements of Income.
(b) The net increase in goodwill resulted from finalizing purchase accounting, including the deferred tax accounts, related to the USB purchase acquisition.