Fifth Third Bank 2004 Annual Report Download - page 5

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Please find page 5 of the 2004 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.

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2004 highlights include:
• The 2004 dividend of $1.31 per share was a 16
percent increase over last year and a 34 percent
increase over the 2002 annual dividend.
• Credit quality improved in 2004 with nonperforming
assets and net charge-offs, as a percent of loans and
leases, declining from .61 percent in 2003 to .51
percent in 2004 and from .63 percent in 2003 to .45
percent in 2004, respectively.
• Average loans and leases increased by nine percent
and average transaction deposits increased by seven
percent over 2003.
• We added 1,155 net new sales positions throughout
our markets.
• We added 76 new banking center locations in 2004,
excluding relocations of existing facilities. We believe
this is the most cost-effective method of expansion in
our largest affiliate markets.
• The acquisition and integration of Franklin Financial,
combined with continuing de-novo expansion,
provided entry into the attractive Nashville market.
With $1.9 billion in assets and 14 locations, our
Nashville affiliate provides a strong springboard for
continued growth in the Southeast.
• The acquisition of First National Bankshares of Florida,
a $5.6 billion asset bank holding company located
primarily in the rapidly expanding markets of
Orlando, Tampa, Sarasota, Naples and Fort Myers, was
announced in 2004 and subsequently completed early
in 2005. First National was the largest bank holding
company headquartered in the state of Florida and
provides Fifth Third with a tremendous platform in
some of the fastest growing deposit markets in the
United States.
• We also invested significantly in information
technology including the launch of an improved
internet banking platform. We completed numerous
automation and infrastructure improvements
that will all serve to ensure the scalability and
strength of your company.
“We improved our
competitive positioning
on many fronts to drive revenue and
earnings growth in the years to come.”
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