filings.toolsItem 6. SELECTED FINANCIAL DATA
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Item 6. SELECTED FINANCIAL DATA
| As of and for the years ended December 31 ($ in millions, except for per share data) | 2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||||||||||
| Income Statement Data | |||||||||||||||||||||||||||||
| Net interest income (U.S. GAAP) | $ | 4,782 | 4,797 | 4,140 | 3,798 | 3,615 | |||||||||||||||||||||||
| Net interest income (FTE)(a)(b) | 4,795 | 4,814 | 4,156 | 3,824 | 3,640 | ||||||||||||||||||||||||
| Noninterest income | 2,830 | 3,536 | 2,790 | 3,224 | 2,696 | ||||||||||||||||||||||||
| Total revenue (FTE)(a)(b) | 7,625 | 8,350 | 6,946 | 7,048 | 6,336 | ||||||||||||||||||||||||
| Provision for credit losses*(c)* | 1,097 | 471 | 207 | 261 | 366 | ||||||||||||||||||||||||
| Noninterest expense | 4,718 | 4,660 | 3,958 | 3,782 | 3,737 | ||||||||||||||||||||||||
| Net income | 1,427 | 2,512 | 2,193 | 2,180 | 1,543 | ||||||||||||||||||||||||
| Net income available to common shareholders | 1,323 | 2,419 | 2,118 | 2,105 | 1,472 | ||||||||||||||||||||||||
| Common Share Data | |||||||||||||||||||||||||||||
| Earnings per share - basic | $ | 1.84 | 3.38 | 3.11 | 2.86 | 1.92 | |||||||||||||||||||||||
| Earnings per share - diluted | 1.83 | 3.33 | 3.06 | 2.81 | 1.91 | ||||||||||||||||||||||||
| Cash dividends declared per common share | 1.08 | 0.94 | 0.74 | 0.60 | 0.53 | ||||||||||||||||||||||||
| Book value per share | 29.46 | 27.41 | 23.07 | 21.43 | 19.62 | ||||||||||||||||||||||||
| Market value per share | 27.57 | 30.74 | 23.53 | 30.34 | 26.97 | ||||||||||||||||||||||||
| Financial Ratios | |||||||||||||||||||||||||||||
| Return on average assets | 0.73 % | 1.53 | 1.54 | 1.55 | 1.09 | ||||||||||||||||||||||||
| Return on average common equity | 6.4 | 13.1 | 14.5 | 13.9 | 9.7 | ||||||||||||||||||||||||
| Return on average tangible common equity*(b)* | 8.4 | 17.1 | 17.5 | 16.6 | 11.6 | ||||||||||||||||||||||||
| Dividend payout | 58.7 | 27.8 | 23.8 | 21.0 | 27.6 | ||||||||||||||||||||||||
| Average total Bancorp shareholders’ equity as a percent of average assets | 11.61 | 12.14 | 11.23 | 11.69 | 11.57 | ||||||||||||||||||||||||
| Tangible common equity as a percent of tangible assets (excluding AOCI)(b) | 7.11 | 8.44 | 8.71 | 8.83 | 8.77 | ||||||||||||||||||||||||
| Net interest margin*(a)(b)* | 2.78 | 3.31 | 3.22 | 3.03 | 2.88 | ||||||||||||||||||||||||
| Net interest rate spread*(a)(b)* | 2.57 | 2.92 | 2.87 | 2.76 | 2.66 | ||||||||||||||||||||||||
| Efficiency*(a)(b)* | 61.9 | 55.8 | 57.0 | 53.7 | 59.0 | ||||||||||||||||||||||||
| Credit Quality | |||||||||||||||||||||||||||||
| Net losses charged-off | $ | 471 | 369 | 330 | 298 | 362 | |||||||||||||||||||||||
| Net losses charged-off as a percent of average portfolio loans and leases | 0.42 % | 0.35 | 0.35 | 0.32 | 0.39 | ||||||||||||||||||||||||
| ALLL as a percent of portfolio loans and leases | 2.25 | 1.10 | 1.16 | 1.30 | 1.36 | ||||||||||||||||||||||||
| ACL as a percent of portfolio loans and leases*(d)* | 2.41 | 1.23 | 1.30 | 1.48 | 1.54 | ||||||||||||||||||||||||
| Nonperforming portfolio assets as a percent of portfolio loans and leases and OREO | 0.79 | 0.62 | 0.41 | 0.53 | 0.80 | ||||||||||||||||||||||||
| Average Balances | |||||||||||||||||||||||||||||
| Loans and leases, including held for sale | $ | 114,411 | 107,794 | 93,876 | 92,731 | 94,320 | |||||||||||||||||||||||
| Securities and other short-term investments | 58,277 | 37,610 | 35,029 | 33,562 | 31,965 | ||||||||||||||||||||||||
| Total assets | 194,230 | 163,936 | 142,183 | 140,527 | 142,173 | ||||||||||||||||||||||||
| Transaction deposits*(e)* | 140,505 | 111,130 | 97,914 | 96,052 | 95,371 | ||||||||||||||||||||||||
| Core deposits*(f)* | 144,623 | 116,600 | 102,020 | 99,823 | 99,381 | ||||||||||||||||||||||||
| Wholesale funding*(g)* | 21,506 | 22,451 | 20,573 | 20,360 | 21,813 | ||||||||||||||||||||||||
| Bancorp shareholders’ equity | 22,555 | 19,902 | 15,970 | 16,424 | 16,453 | ||||||||||||||||||||||||
| Regulatory Capital**(h)** | |||||||||||||||||||||||||||||
| CET1 capital | 10.34 % | 9.75 | 10.24 | 10.61 | 10.39 | ||||||||||||||||||||||||
| Tier I risk-based capital | 11.83 | 10.99 | 11.32 | 11.74 | 11.50 | ||||||||||||||||||||||||
| Total risk-based capital | 15.08 | 13.84 | 14.48 | 15.16 | 15.02 | ||||||||||||||||||||||||
| Tier I leverage | 8.49 | 9.54 | 9.72 | 10.01 | 9.90 |
*(a)*Amounts presented on an FTE basis. The FTE adjustment for the years ended December 31, 2020, 2019, 2018, 2017, and 2016 was $13, $17, $16, $26 and $25, respectively.
*(b)*These are non-GAAP measures. For further information, refer to the Non-GAAP Financial Measures section of MD&A.
*(c)*The provision for credit losses is the sum of the provision for loan and lease losses and the provision for (benefit from) the reserve for unfunded commitments.
*(d)*The ACL is the sum of the ALLL and the reserve for unfunded commitments.
*(e)*Includes demand deposits, interest checking deposits, savings deposits, money market deposits and foreign office deposits.
*(f)*Includes transaction deposits and other time deposits.
*(g)*Includes certificates $100,000 and over, other deposits, federal funds purchased, other short-term borrowings and long-term debt.
*(h)*Regulatory capital ratios as of December 31, 2020 are calculated pursuant to the five-year transition provision option to phase in the effects of CECL on regulatory capital.
51 Fifth Third Bancorp
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
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