Fifth Third Bank 2014 Annual Report Download - page 39

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
37 Fifth Third Bancorp
TABLE 8: CONSOLIDATED AVERAGE BALANCE SHEET AND ANALYSIS OF NET INTEREST INCOME
For the years ended December 31 2014 2013 2012
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 $ 41,178 $ 1,346 3.27 % $ 37,770 $1,361 3.60 % $32,911 $1,349 4.10 %
Commercial mortgage 7,745 260 3.36 8,481 306 3.60 9,686 369 3.81
Commercial construction 1,492 51 3.44 793 27 3.45 835 25 2.99
Commercial leases 3,585 108 3.01 3,565 116 3.26 3,502 127 3.62
Subtotal – commercial 54,000 1,765 3.27 50,609 1,810 3.58 46,934 1,870 3.98
Residential mortgage loans 13,344 518 3.88 14,428 564 3.91 13,370 543 4.06
Home equity 9,059 336 3.71 9,554 355 3.71 10,369 393 3.79
A
utomobile loans 12,068 334 2.77 12,021 373 3.10 11,849 439 3.70
Credit card 2,271 227 9.98 2,121 209 9.87 1,960 192 9.79
Other consumer loans and leases 385 138 35.99 360 155 42.93 340 155 45.32
Subtotal – consumer 37,127 1,553 4.18 38,484 1,656 4.30 37,888 1,722 4.54
Total loans and leases 91,127 3,318 3.64 89,093 3,466 3.89 84,822 3,592 4.23
Securities:
Taxable 21,770 722 3.32 16,395 518 3.16 15,262 527 3.45
Exempt from income taxes(a) 53 3 4.94 49 3 5.29 57 2 3.29
Other short-term investments 3,043 8 0.26 2,417 6 0.26 1,495 4 0.26
Total interest-earning assets 115,993 4,051 3.49 107,954 3,993 3.70 101,636 4,125 4.06
Cash and due from banks 2,892 2,482 2,355
Other assets 14,539 15,053 15,695
A
llowance for loan and lease losses (1,481) (1,757) (2,072)
Total assets $ 131,943 $ 123,732 $117,614
Liabilities and Equity
Interest-bearing liabilities:
Interest checking $ 25,382 $56 0.22 % $ 23,582 $53 0.23 % $23,096 $49 0.22 %
Savings 16,080 16 0.10 18,440 22 0.12 21,393 37 0.17
Money market 14,670 51 0.35 9,467 23 0.25 4,903 11 0.22
Foreign office deposits 1,828 5 0.29 1,501 4 0.28 1,528 4 0.27
Other time deposits 3,762 40 1.06 3,760 50 1.33 4,306 68 1.59
Certificates - $100,000 and over 3,929 34 0.85 6,339 50 0.78 3,102 46 1.48
Other deposits - - 0.02 17 - 0.11 27 - 0.13
Federal funds purchased 458 - 0.09 503 1 0.12 560 1 0.14
Other short-term borrowings 1,873 2 0.10 3,024 5 0.18 4,246 8 0.18
Long-term debt 12,928 247 1.91 7,914 204 2.58 9,043 288 3.17
Total interest-bearing liabilities 80,910 451 0.56 74,547 412 0.55 72,204 512 0.71
Demand deposits 31,755 29,925 27,196
Other liabilities 3,950 4,917 4,462
Total liabilities 116,615 109,389 103,862
Total equity 15,328 14,343 13,752
Total liabilities and equity $ 131,943 $ 123,732 $117,614
Net interest income $3,600 $3,581 $3,613
Net interest margin 3.10 % 3.32 % 3.55 %
Net interest rate spread 2.94 3.15 3.35
Interest-bearing liabilities to interest-earning assets 69.75 69.05 71.04
(a) The FTE adjustments included in the above table were $21 , $20 and $18 for the years ended December 31, 2014 , 2013 and 2012, respectively. The federal statutory rate utilized was 35% for
all periods presented.