Fifth Third Bank 2013 Annual Report Download - page 39

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
37 Fifth Third Bancorp
TABLE 5: CONSOLIDATED AVERAGE BALANCE SHEET AND ANALYSIS OF NET INTEREST INCOME
For the years ended December 31 2013 2012 2011
Average Average Average
Average Revenue/ Yield/ Average Revenue/ Yield/ Average Revenue/ Yield/
($ in millions) Balance Cost Rate Balance Cost Rate Balance Cost Rate
A
ssets
Interest-earning assets:
Loans and leases:(a)
Commercial and industrial loans $ 37,770 $1,361 3.60 % $ 32,911 $1,349 4.10 % $28,546 $1,240 4.34 %
Commercial mortgage 8,481 306 3.60 9,686 369 3.81 10,447 417 3.99
Commercial construction 793 27 3.45 835 25 2.99 1,740 53 3.06
Commercial leases 3,565 116 3.26 3,502 127 3.62 3,341 133 3.99
Subtotal – commercial 50,609 1,810 3.58 46,934 1,870 3.98 44,074 1,843 4.18
Residential mortgage loans 14,428 564 3.91 13,370 543 4.06 11,318 503 4.45
Home equity 9,554 355 3.71 10,369 393 3.79 11,077 433 3.91
A
utomobile loans 12,021 373 3.10 11,849 439 3.70 11,352 530 4.67
Credit card 2,121 209 9.87 1,960 192 9.79 1,864 184 9.86
Other consumer loans/leases 360 155 42.93 340 155 45.32 529 136 25.77
Subtotal – consumer 38,484 1,656 4.30 37,888 1,722 4.54 36,140 1,786 4.94
Total loans and leases 89,093 3,466 3.89 84,822 3,592 4.23 80,214 3,629 4.52
Securities:
Taxable 16,395 518 3.16 15,262 527 3.45 15,334 596 3.89
Exempt from income taxes(a) 49 3 5.29 57 2 3.29 103 6 5.41
Other short-term investments 2,417 6 0.26 1,495 4 0.26 2,031 5 0.25
Total interest-earning assets 107,954 3,993 3.70 101,636 4,125 4.06 97,682 4,236 4.34
Cash and due from banks 2,482 2,355 2,352
Other assets 15,053 15,695 15,335
A
llowance for loan and lease losses (1,757) (2,072) (2,703)
Total assets $ 123,732 $ 117,614 $112,666
Liabilities and Equity
Interest-bearing liabilities:
Interest checking $ 23,582 $53 0.23 % $ 23,096 $49 0.22 % $18,707 $49 0.26 %
Savings 18,440 22 0.12 21,393 37 0.17 21,652 67 0.31
Money market 9,467 23 0.25 4,903 11 0.22 5,154 14 0.27
Foreign office deposits 1,501 4 0.28 1,528 4 0.27 3,490 10 0.28
Other time deposits 3,760 50 1.33 4,306 68 1.59 6,260 140 2.23
Certificates - $100,000 and over 6,339 50 0.78 3,102 46 1.48 3,656 72 1.97
Other deposits 17 - 0.11 27 - 0.13 7 - 0.03
Federal funds purchased 503 1 0.12 560 1 0.14 345 - 0.11
Other short-term borrowings 3,024 5 0.18 4,246 8 0.18 2,777 3 0.12
Long-term debt 7,914 204 2.58 9,043 288 3.17 10,154 306 3.01
Total interest-bearing liabilities 74,547 412 0.55 72,204 512 0.71 72,202 661 0.92
Demand deposits 29,925 27,196 23,389
Other liabilities 4,917 4,462 4,189
Total liabilities 109,389 103,862 99,780
Total equity 14,343 13,752 12,886
Total liabilities and equity $ 123,732 $ 117,614 $112,666
Net interest income $3,581 $3,613 $3,575
Net interest margin 3.32 % 3.55 % 3.66 %
Net interest rate spread 3.15 3.35 3.42
Interest-bearing liabilities to interest-earning assets 69.05 71.04 73.92
(a) The FTE adjustments included in the above table are $20 for the year ended December 31, 2013 and $18 for the years ended 2012 and 2011. The federal statutory rate utilized was 35% for
all periods presented.