Fifth Third Bank 2012 Annual Report Download - page 50

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MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
48 Fifth Third Bancorp
increased from $16 million in 2010 to $321 million for 2011 due to a
benefit in the FTP rate. The change in net income compared to the
prior year was impacted by a $127 million benefit, net of expenses,
from the settlement of litigation associated with one of the
Bancorp’s BOLI policies that was recorded in the third quarter of
2010. The results for 2011 were impacted by dividends on preferred
stock of $203 million compared to $250 million in the prior year.
2011 results included $153 million in preferred stock dividends as a
result of the accelerated accretion of the remaining issuance
discount on the Series F Preferred Stock that was repaid in the first
quarter of 2011.