Fifth Third Bank 2009 Annual Report Download - page 114

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
112 Fifth Third Bancorp
Results of operations and average assets by segment for each of the three years ended December 31 are:
2009 ($ in millions)
Commercial
Banking
Branch
Banking
Consumer
Lending
Investment
Advisors
General
Corporate Eliminations Total
Net interest income (a) $1,383 1,559 494 157 (220) - 3,373
Provision for loan and lease losses 1,360 585 574 57 967 - 3,543
Net interest income (loss) after provision for loan
and lease losses 23 974 (80) 100 (1,187) -(170)
Noninterest income:
Service charges on deposits 196 428 - 8 - - 632
Card and processing revenue 28 264 4 1 357 (39)
(b
)615
Mortgage banking net revenue - 26 526 1 - - 553
Corporate banking revenue 357 10 - 11 21 - 399
Investment advisory revenue 7 84 - 315 (24) (83)
(c)
299
Gain on sale of Processing Business - - - - 1,758 - 1,758
Other noninterest income 20 86 40 - 333 - 479
Securities gains (losses), net 1 - 57 - (11) - 47
Total noninterest income 609 898 627 336 2,434 (122) 4,782
Noninterest expense:
Salaries, wages and incentives 186 396 160 117 480 - 1,339
Employee benefits 35 106 27 23 120 - 311
Net occupancy expense 17 169 7 10 105 - 308
Card and processing expense 1 68 2 - 122 - 193
Technology and communications 6 16 2 2 155 - 181
Equipment expense 3 48 1 1 70 - 123
Other noninterest expense 741 569 312 201 (330) (122) 1,371
Total noninterest expense 989 1,372 511 354 722 (122) 3,826
Income (loss) before income taxes (357) 500 36 82 525 - 786
Applicable income tax expense (benefit) (a) (237) 176 13 29 68 - 49
Net income (loss) (120) 324 23 53 457 - 737
Dividends on preferred stock - - - - 226 - 226
Net income (loss) available to common
shareholders ($120) 324 23 53 231 - 511
Average assets $46,082 50,019 22,623 5,679 (9,547) - 114,856
(a) Includes fully taxable-equivalent adjustments of $19 million.
(b) Card and processing revenues provided to the banking segments are eliminated in the Consolidated Statements of Income.
(c) Revenue sharing agreements between Investment Advisors and Branch Banking are eliminated in the Consolidated Statements of Income
2008 ($ in millions)
Commercial
Banking
Branch
Banking
Consumer
Lending
Investment
Advisors
General
Corporate Eliminations Total
Net interest income (a) $1,567 1,714 481 191 (417) - 3,536
Provision for loan and lease losses 1,864 352 441 49 1,854 - 4,560
Net interest income (loss) after provision for loan
and lease losses (297) 1,362 40 142 (2,271) - (1,024)
Noninterest income:
Service charges on deposits 186 447 - 9 (1) - 641
Card and processing revenue 26 246 3 2 701 (66)(b)912
Mortgage banking net revenue - 13 184 1 1 - 199
Corporate banking revenue 414 12 - 18 - - 444
Investment advisory revenue 5 84 - 354 (6) (84)(c) 353
Other noninterest income 47 105 40 2 169 - 363
Securities gains (losses), net - - 124 - (90) - 34
Total noninterest income 678 907 351 386 774 (150) 2,946
Noninterest expense:
Salaries, wages and incentives 208 409 111 133 476 - 1,337
Employee benefits 35 108 26 26 83 - 278
Net occupancy expense 17 159 8 10 106 - 300
Card and processing expense 1 45 6 - 222 - 274
Technology and communications 7 16 2 2 164 - 191
Equipment expense 4 44 1 1 80 - 130
Goodwill impairment 750 - 215 - - - 965
Other noninterest expense 646 512 251 204 (374) (150) 1,089
Total noninterest expense 1,668 1,293 620 376 757 (150) 4,564
Income (loss) before income taxes (1,287) 976 (229) 152 (2,254) - (2,642)
Applicable income tax expense (benefit) (a) (554) 344 (81) 54 (292) - (529)
Net income (loss) (733) 632 (148) 98 (1,962) - (2,113)
Dividends on preferred stock - - - - 67 - 67
Net income (loss) available to common
shareholders ($733) 632 (148) 98 (2,029) -(2,180)
Average assets
$
47,834 46,182 23,294 5,496 (8,510) - 114,296
(a) Includes fully taxable-equivalent adjustments of $22 million.
(b) Card and processing revenues provided to the banking segments are eliminated in the Consolidated Statements of Income.
(c) Revenue sharing agreements between Investment Advisors and Branch Banking are eliminated in the Consolidated Statements of Income.