FIFTH THIRD BANCORP
For the period ended Sep 30, 2024. Filed Nov 5, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Nov 5, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 1. CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)
| As of | ||
|---|---|---|
| September 30, | December 31, | |
| ($ in millions, except share data) | 2024 | 2023 |
| Assets | ||
| Cash and due from banks | $3,215 | 3,142 |
| Other short-term investments(a) | 21,729 | 22,082 |
| Available-for-sale debt and other securities (amortized cost of $43,754 and $55,789) | 40,396 | 50,419 |
| Held-to-maturity securities (fair value of $11,554 and $2) | 11,358 | 2 |
| Trading debt securities | 1,176 | 899 |
| Equity securities | 428 | 613 |
| Loans and leases held for sale (includes $512 and $334 of residential mortgage loans measured at fair value) | 612 | 378 |
| Portfolio loans and leases(a) (includes $114 and $116 of residential mortgage loans measured at fair value) | 116,668 | 117,234 |
| Allowance for loan and lease losses(a) | (2,305) | (2,322) |
| Portfolio loans and leases, net | 114,363 | 114,912 |
| Bank premises and equipment (includes $24 and $19 held for sale) | 2,425 | 2,349 |
| Operating lease equipment | 357 | 459 |
| Goodwill | 4,918 | 4,919 |
| Intangible assets | 98 | 125 |
| Servicing rights | 1,656 | 1,737 |
| Other assets(a) | 11,587 | 12,538 |
| Total Assets | $214,318 | 214,574 |
| Liabilities | ||
| Deposits: | ||
| Noninterest-bearing deposits | $41,393 | 43,146 |
| Interest-bearing deposits | 126,947 | 125,766 |
| Total deposits | 168,340 | 168,912 |
| Federal funds purchased | 169 | 193 |
| Other short-term borrowings | 1,424 | 2,861 |
| Accrued taxes, interest and expenses | 2,034 | 2,195 |
| Other liabilities(a) | 4,471 | 4,861 |
| Long-term debt(a) | 17,096 | 16,380 |
| Total Liabilities | $193,534 | 195,402 |
| Equity | ||
| Common stock(b) | $2,051 | 2,051 |
| Preferred stock(c) | 2,116 | 2,116 |
| Capital surplus | 3,784 | 3,757 |
| Retained earnings | 23,820 | 22,997 |
| Accumulated other comprehensive loss | (3,446) | (4,487) |
| Treasury stock(b) | (7,541) | (7,262) |
| Total Equity | $20,784 | 19,172 |
| Total Liabilities and Equity | $214,318 | 214,574 |
(a)Includes $50 and $55 of other short-term investments, $1,131 and $1,573 of portfolio loans and leases, $(21) and $(28) of ALLL, $8 and $10 of other assets, $13 and $14 of other liabilities and $1,008 and $1,409 of long-term debt from consolidated VIEs that are included in their respective captions above at September 30, 2024 and December 31, 2023, respectively. For further information, refer to Note 12.
(b)Common shares: Stated value $2.22 per share; authorized 2,000,000,000; outstanding at September 30, 2024 –676,268,732 (excludes 247,623,849 treasury shares), December 31, 2023 –681,124,810 (excludes 242,767,771 treasury shares).
(c)500,000 shares of no par value preferred stock were authorized at both September 30, 2024 and December 31, 2023. There were 422,000 unissued shares of undesignated no par value preferred stock at both September 30, 2024 and December 31, 2023. Each issued share of no par value preferred stock has a liquidation preference of $25,000.500,000 shares of no par value Class B preferred stock were authorized at both September 30, 2024 and December 31, 2023. There were 300,000 unissued shares of undesignated no par value Class B preferred stock at both September 30, 2024 and December 31, 2023. Each issued share of no par value Class B preferred stock has a liquidation preference of $1,000.
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