Fifth Third Bank 2014 Annual Report Download - page 172
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
170 Fifth Third Bancorp
General
Commercial Branch Consumer Investment Corporate
2012 ($ in millions) Banking Banking Lending Advisors and Other Eliminations Total
Net interest income $ 1,533 1,261 314 117 370 - 3,595
Provision for loan and lease losses 249 268 176 10 (400) - 303
Net interest income after provision for loan
and lease losses 1,284 993 138 107 770 - 3,292
Noninterest income:
Service charges on deposits 251 268 - 3 - - 522
Corporate banking revenue 402 8 - 3 - - 413
Investment advisory revenue 6 129 - 366 - (127)a(a) 374
Mortgage banking net revenue - 14 830 1 - - 845
Card and processing revenue 54 195 - 4 - - 253
Other noninterest income 61 85 a(b) 42 19 367 - 574
Securities gains, net - - 1 - 14 - 15
Securities gains, net - non-qualifying hedges on
mortgage servicing rights - - 3 - - - 3
Total noninterest income 774 699 876 396 381 (127) 2,999
Noninterest expense:
Salaries, wages and incentives 257 420 192 136 602 - 1,607
Employee benefits 47 117 39 25 143 - 371
Net occupancy expense 24 184 8 11 75 - 302
Technology and communications 10 3 1 - 182 - 196
Card and processing expense 5 115 - - 1 - 121
Equipment expense 2 54 1 1 52 - 110
Other noninterest expense 842 576 429 264 (610) (127) 1,374
Total noninterest expense 1,187 1,469 670 437 445 (127) 4,081
Income before income taxes 871 223 344 66 706 - 2,210
A
pplicable income tax expense 157 79 121 23 256 - 636
Net income 714 144 223 43 450 - 1,574
Less: Net income attributable to noncontrolling interests - - - - (2) - (2)
Net income attributable to Bancorp 714 144 223 43 452 - 1,576
Dividends on preferred stock - - - - 35 - 35
Net income available to common shareholders $ 714 144 223 43 417 - 1,541
Total goodwill $ 613 1,655 - 148 - - 2,416
Total assets $ 51,392 46,157 24,657 9,212 (9,524) - 121,894
(a) Revenue sharing agreements between Investment Advisors and Branch Banking are eliminated in the Consolidated Statements of Income.
(b) Includes an impairment charge of $21 for branches and land.
31. SUBSEQUENT EVENT
On January 22, 2015, the Bancorp entered into an accelerated share
repurchase transaction with a counterparty pursuant to which the
Bancorp purchased 8,542,713 shares, or approximately $180 million,
of its outstanding common stock on January 27, 2015. The Bancorp
repurchased the shares of its common stock as part of its Board
approved 100 million share repurchase program previously
announced on March 18, 2014. The Bancorp expects the settlement
of the transaction to occur on or before April 23, 2015.