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Fifth Third Announces 2012 Earnings Per Share Of $1.66, Up 41 Percent From 2011

Average commercial portfolio loan and lease balances were up $788 million, or 2 percent, sequentially and increased $3.1 billion, or 7 percent, from the fourth quarter of 2011. Average C&I loans increased 4 percent sequentially and 15 percent compared with the fourth quarter of 2011. Average commercial mortgage and commercial construction loan balances combined declined 4 percent sequentially and 13 percent from the same period the previous year. Commercial line usage, on an end of period basis, was 31 percent of committed lines in the fourth quarter of 2012 compared with 32 percent in the third quarter of 2012 and 32 percent in the fourth quarter of 2011.

Average consumer portfolio loan and lease balances increased $267 million, or 1 percent, sequentially and $976 million, or 3 percent, from the fourth quarter of 2011. Average residential mortgage loans increased 2 percent sequentially, reflecting strong originations due to continued refinancing activity associated with historically low interest rates as well as the continued retention of certain shorter term residential mortgage loans. Compared with the fourth quarter of 2011, average residential mortgage loans increased 13 percent and reflected the retention of these shorter term residential mortgage loans. Home equity loan balances declined 2 percent sequentially and 6 percent year-over-year due to lower demand and production. Average auto loans increased 1 percent sequentially and increased 2 percent year-over-year.

Average loans held-for-sale balance fluctuations were primarily driven by changes in residential mortgage held-for-sale balances. Average loans held-for-sale balances of $2.2 billion increased $296 million sequentially and decreased $127 million compared with the fourth quarter of 2011, and period end loans held-for-sale of $2.9 billion increased $1.1 billion from the previous quarter and decreased $15 million from the fourth quarter of 2011.

Deposits

  For the Three Months Ended   % Change
December   September   June   March   December    
2012   2012   2012   2012   2011   Seq   Yr/Yr
Average Deposits ($ in millions)
Demand deposits $29,223 $27,127 $26,351 $26,063 $26,069 8% 12%
Interest checking 23,556 22,967 23,548 22,308 19,263 3% 22%
Savings 20,216 21,283 22,143 21,944 21,715 (5%) (7%)
Money market 6,026 4,776 4,258 4,543 5,255 26% 15%
Foreign office (a)   1,174   1,345   1,321   2,277   3,325   (13%)   (65%)
Subtotal - Transaction deposits 80,195 77,498 77,621 77,135 75,627 3% 6%
Other time   4,094   4,224   4,359   4,551   4,960   (3%)   (17%)
Subtotal - Core deposits 84,289 81,722 81,980 81,686 80,587 3% 5%
Certificates - $100,000 and over 3,084 3,016 3,130 3,178 3,085 2% -
Other   32   32   23   19   16   (2%)   94%
Total deposits   $87,405   $84,770   $85,133   $84,883   $83,688   3%   4%

(a) Includes commercial customer Eurodollar sweep balances for which the Bancorp pays rates comparable to other commercial deposit accounts.

 

Average core deposits increased $2.6 billion, or 3 percent, sequentially and increased $3.7 billion, or 5 percent, from the fourth quarter of 2011. Average transaction deposits, which are included in core deposits, increased $2.7 billion, or 3 percent, from the third quarter of 2012 primarily driven by higher demand deposits, money market, and interest checking balances, partially offset by lower savings balances. Year-over-year transaction deposits increased $4.6 billion, or 6 percent, driven by higher interest checking, demand deposits, and money market balances, partially offset by lower foreign office and savings balances. Other time deposits, primarily CDs, decreased 3 percent sequentially and 17 percent compared with the fourth quarter of 2011.

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