Skip to main content
Midas Edge

FIFTH THIRD BANCORP

For the period ended Dec 31, 2023. Filed Feb 27, 2024.

View on SEC.gov

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2023 · Filed Feb 27, 2024

FITB$53.04-0.8%Stored close · as of Nov 6, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

See the whole filing, with its images and exhibits
Contents

Parent Company Financial Statements

  1. Parent Company Financial Statements
Condensed Statements of Income (Parent Company Only)
For the years ended December 31 ($ in millions)202320222021
Income
Dividends from consolidated nonbank subsidiaries(a)$1,8191653,040
Securities gains (losses), net4(9)1
Interest631111
Total income1,8861673,052
Expenses
Interest525311250
Other391930
Total expenses564330280
Income (Loss) Before Income Taxes and Equity in Undistributed Earnings of Subsidiaries1,322(163)2,772
Applicable income tax benefit(112)(76)(62)
Income (Loss) Before Equity in Undistributed Earnings of Subsidiaries1,434(87)2,834
Equity in undistributed earnings9152,533(64)
Net Income Attributable to Bancorp$2,3492,4462,770
Other Comprehensive Income———
Comprehensive Income Attributable to Bancorp$2,3492,4462,770

(a)Includes dividends paid by the Bancorp’s indirect banking subsidiary to the Bancorp’s direct nonbank subsidiary holding company of $1.8 billion and $3.0 billion for the years ended December 31, 2023 and 2021, respectively. The Bancorp’s indirect banking subsidiary didnot pay dividends during the year ended December 31, 2022.

Condensed Balance Sheets (Parent Company Only)
As of December 31 ($ in millions)20232022
Assets
Cash$120120
Other short-term investments6,5005,667
Available-for-sale debt and other securities1,0001,000
Equity securities3434
Loans to nonbank subsidiaries—60
Investment in nonbank subsidiaries21,99820,256
Goodwill8080
Other assets179326
Total Assets$29,91127,543
Liabilities
Other short-term borrowings$—121
Accrued expenses and other liabilities631764
Long-term debt (external)10,1089,331
Total Liabilities$10,73910,216
Equity
Common stock$2,0512,051
Preferred stock2,1162,116
Capital surplus3,7573,684
Retained earnings22,99721,689
Accumulated other comprehensive loss(4,487)(5,110)
Treasury stock(7,262)(7,103)
Total Equity19,17217,327
Total Liabilities and Equity$29,91127,543

205 Fifth Third Bancorp

Condensed Statements of Cash Flows (Parent Company Only)
For the years ended December 31 ($ in millions)202320222021
Operating Activities
Net income$2,3492,4462,770
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization and accretion777
Provision for (benefit from) deferred income taxes1(3)(1)
Securities (gains) losses, net(4)9(1)
Equity in undistributed earnings(915)(2,533)64
Net change in:
Equity securities461
Other assets147(115)(40)
Accrued expenses and other liabilities(126)45(80)
Net Cash Provided by (Used in) Operating Activities1,463(138)2,720
Investing Activities
Proceeds from maturities of securities issued by subsidiary1,000——
Purchase of securities issued by subsidiary(1,000)(1,000)—
Net change in:
Other short-term investments(833)567(656)
Loans to nonbank subsidiaries60132158
Net Cash Used in Investing Activities(773)(301)(498)
Financing Activities
Net change in other short-term borrowings(121)(240)(89)
Proceeds from issuance of long-term debt1,2442,986498
Repayment of long-term debt(500)(1,200)(250)
Dividends paid on common and preferred stock(1,060)(927)(897)
Repurchase of treasury stock and related forward contract(200)(100)(1,393)
Other, net(53)(82)(89)
Net Cash (Used in) Provided by Financing Activities(690)437(2,220)
(Decrease) Increase in Cash—(2)2
Cash at Beginning of Period120122120
Cash at End of Period$120120122

206 Fifth Third Bancorp

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.