Fifth Third Bank 2003 Annual Report Download - page 47

Download and view the complete annual report

Please find page 47 of the 2003 Fifth Third Bank annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 76

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76

FIFTH THIRD BANCORP AND SUBSIDIARIES
45
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
2003
Results of Operations
Net Interest Income (b) . . . . . . . . . . . . . . . . . . . $ 1,086 1,701 147 — 10 — 2,944
Provision for Credit Losses. . . . . . . . . . . . . . . . . 187 209 3 — — — 399
Net Interest Income After
Provision for Credit Losses . . . . . . . . . . . . . . . 899 1,492 144 — 10 — 2,545
Other Operating Income . . . . . . . . . . . . . . . . . . 435 904 344 609 225 (34) 2,483
Operating Expenses . . . . . . . . . . . . . . . . . . . . . . 489 1,192 322 362 111 (34) 2,442
Income from Continuing Operations Before
Income Taxes, Minority Interest and
Cumulative Effect . . . . . . . . . . . . . . . . . . . . . 845 1,204 166 247 124 — 2,586
Applicable Income Taxes (c). . . . . . . . . . . . . . . . (276) (393) (54) (81) (40) — (844)
Minority Interest, Net . . . . . . . . . . . . . . . . . . . . — (20) — — — — (20)
Discontinued Operations, Net . . . . . . . . . . . . . . 44 — — — — — 44
Cumulative Effect, Net . . . . . . . . . . . . . . . . . . . — (11) — — — — (11)
Dividends on Preferred Stock. . . . . . . . . . . . . . . — — — — (1) — (1)
Net Income Available to
Common Shareholders . . . . . . . . . . . . . . . . . . $ 613 780 112 166 83 — 1,754
Selected Financial Information
Goodwill as of January 1, 2003 . . . . . . . . . . . . . $ 183 227 98 194 — — 702
Goodwill Adjustment. . . . . . . . . . . . . . . . . . . . . — — (2) — — — (2)
Goodwill as of December 31, 2003 . . . . . . . . . . $ 183 227 96 194 — — 700
Identifiable Assets . . . . . . . . . . . . . . . . . . . . . . . $24,174 30,132 2,133 467 34,237 — 91,143
2002
Results of Operations
Net Interest Income (Expense) (b) . . . . . . . . . . . $ 1,015 1,568 128 (4) 31 — 2,738
Provision for Credit Losses. . . . . . . . . . . . . . . . . 99 144 3 — — — 246
Net Interest Income (Expense) After
Provision for Credit Losses . . . . . . . . . . . . . . . 916 1,424 125 (4) 31 — 2,492
Other Operating Income . . . . . . . . . . . . . . . . . . 360 666 336 543 309 (31) 2,183
Operating Expenses . . . . . . . . . . . . . . . . . . . . . . 446 1,022 291 302 180 (31) 2,210
Income from Continuing Operations Before
Income Taxes, Minority Interest and
Cumulative Effect . . . . . . . . . . . . . . . . . . . . . 830 1,068 170 237 160 — 2,465
Applicable Income Taxes (c). . . . . . . . . . . . . . . . (267) (345) (55) (77) (52) — (796)
Minority Interest, Net . . . . . . . . . . . . . . . . . . . . — (38) — — — — (38)
Discontinued Operations, Net . . . . . . . . . . . . . . 4 — — — — — 4
Dividends on Preferred Stock. . . . . . . . . . . . . . . — — — — (1) — (1)
Net Income Available to
Common Shareholders . . . . . . . . . . . . . . . . . . $ 567 685 115 160 107 — 1,634
Selected Financial Information
Goodwill as of January 1, 2002 . . . . . . . . . . . . . $ 183 236 98 165 — — 682
Goodwill Recognized . . . . . . . . . . . . . . . . . . . . . — — — 29 — — 29
Divestiture . . . . . . . . . . . . . . . . . . . . . . . . . . . . — (9) — — — — (9)
Goodwill as of December 31, 2002 . . . . . . . . . . $ 183 227 98 194 — — 702
Identifiable Assets . . . . . . . . . . . . . . . . . . . . . . . $21,690 28,465 1,720 491 28,528 — 80,894
2001
Results of Operations
Net Interest Income (Expense) (b) . . . . . . . . . . . $ 941 1,386 96 (5) 58 — 2,476
Provision for Credit Losses. . . . . . . . . . . . . . . . . 91 104 6 — 35 — 236
Net Interest Income (Expense) After
Provision for Credit Losses . . . . . . . . . . . . . . . 850 1,282 90 (5) 23 — 2,240
Other Operating Income . . . . . . . . . . . . . . . . . . 219 585 307 372 330 (25) 1,788
Merger-Related Charges. . . . . . . . . . . . . . . . . . . — — — — 349 — 349
Operating Expenses . . . . . . . . . . . . . . . . . . . . . . 384 982 235 200 211 (25) 1,987
Income from Continuing Operations Before
Income Taxes, Minority Interest and
Cumulative Effect . . . . . . . . . . . . . . . . . . . . . 685 885 162 167 (207) — 1,692
Applicable Income Taxes (c). . . . . . . . . . . . . . . . (240) (310) (57) (59) 73 — (593)
Minority Interest, Net . . . . . . . . . . . . . . . . . . . . — — — — (2) — (2)
Discontinued Operations, Net . . . . . . . . . . . . . . 4 — — — — — 4
Cumulative Effect, Net . . . . . . . . . . . . . . . . . . . — — — — (7) — (7)
Dividends on Preferred Stock. . . . . . . . . . . . . . . — — — — (1) — (1)
Net Income Available to
Common Shareholders . . . . . . . . . . . . . . . . . . $ 449 575 105 108 (144) — 1,093
Selected Financial Information
Identifiable Assets . . . . . . . . . . . . . . . . . . . . . . . $19,506 25,088 1,306 494 24,632 — 71,026
(a) Electronic payment processing service revenues provided to the banking segments by Fifth Third Processing Solutions are eliminated in the Consolidated Statements of Income.
(b) Net interest income is fully taxable equivalent and is presented on a funds transfer price basis for the business segments.
(c) Applicable income taxes includes income tax provision and taxable equivalent adjustment reversal of $39 million, $39 million and $45 million for the years ended December
31, 2003, 2002 and 2001, respectively.