Fifth Third Bank 2008 Annual Report Download - page 59

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CONSOLIDATED STATEMENTS OF INCOME
Fifth Third Bancorp 57
For the years ended December 31 ($ in millions, except per share data) 2008 2007 2006
Interest Income
Interest and fees on loans and leases $4,935 5,418 5,000
Interest on securities 660 590 934
Interest on other short-term investments 13 19 21
Total interest income 5,608 6,027 5,955
Interest Expense
Interest on deposits 1,289 2,007 1,910
Interest on other short-term borrowings 248 324 402
Interest on long-term debt 557 687 770
Total interest expense 2,094 3,018 3,082
Net Interest Income 3,514 3,009 2,873
Provision for loan and lease losses 4,560 628 343
Net Interest Income (Loss) After Provision for Loan and Lease Losses (1,046) 2,381 2,530
Noninterest Income
Electronic payment processing revenue 912 826 717
Service charges on deposits 641 579 517
Corporate banking revenue 444 367 318
Investment advisory revenue 353 382 367
Mortgage banking net revenue 199 133 155
Other noninterest income 363 153 299
Securities gains (losses), net (86) 21 (364)
Securities gains - non-qualifying hedges on mortgage servicing rights 120 6 3
Total noninterest income 2,946 2,467 2,012
Noninterest Expense
Salaries, wages and incentives 1,337 1,239 1,174
Employee benefits 278 278 292
Net occupancy expense 300 269 245
Payment processing expense 274 244 184
Technology and communications 191 169 141
Equipment expense 130 123 116
Goodwill impairment 965 --
Other noninterest expense 1,089 989 763
Total noninterest expense 4,564 3,311 2,915
Income (Loss) Before Income Taxes and Cumulative Effect (2,664) 1,537 1,627
Applicable income tax expense (benefit) (551) 461 443
Income (Loss) Before Cumulative Effect (2,113) 1,076 1,184
Cumulative effect of change in accounting principle, net of tax (a) - - 4
Net Income (Loss) (2,113) 1,076 1,188
Dividends on preferred stock 67 1-
Net Income (Loss) Available to Common Shareholders
($2,180) 1,075 1,188
Earnings Per Share ($3.94) 2.00 2.14
Earnings Per Diluted Share ($3.94) 1.99 2.13
(a) Reflects a benefit of $4 million (net of $2 million of tax) for the adoption of SFAS No. 123(R) as of January 1, 2006.
See Notes to Consolidated Financial Statements.