This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Fifth Third Announces Fourth Quarter Earnings Per Diluted Share Of $0.43

Fifth Third Bancorp (Nasdaq: FITB) today reported record full year 2013 net income of $1.8 billion, up 16 percent from net income of $1.6 billion in 2012. After preferred dividends, 2013 net income available to common shareholders was a record $1.8 billion, or $2.02 per diluted share, up 17 percent compared with 2012 net income available to common shareholders of $1.5 billion, or $1.66 per diluted share.

Fourth quarter 2013 net income was $402 million, a decrease of 4 percent from net income of $421 million in the third quarter of 2013 and an increase of 1 percent from net income of $399 million in the fourth quarter of 2012. After preferred dividends, net income available to common shareholders was $383 million, or $0.43 per diluted share, in the fourth quarter 2013, compared with $421 million, or $0.47 per diluted share, in the third quarter 2013, and $390 million, or $0.43 per diluted share, in the fourth quarter of 2012.

Fourth quarter 2013 included:

  • $91 million positive valuation adjustment on the Vantiv warrant
  • ($18 million) charge related to the valuation of the total return swap entered into as part of the 2009 sale of Visa, Inc. Class B shares
  • $9 million annual payment received from Vantiv pursuant to tax receivable agreement

  • ($69 million) in net charges to increase litigation reserves
  • ($8 million) of debt extinguishment costs associated with the redemption of Fifth Third Capital Trust IV trust preferred securities (TruPS)
  • ($8 million) contribution to Fifth Third Foundation
  • ($8 million) in severance expense

Results also included a benefit to the mortgage repurchase provision of $28 million primarily related to Fifth Third’s settlement with Freddie Mac and corresponding expectations for future repurchase requests and file claims. (As previously announced, Fifth Third entered into a settlement for $25 million with Freddie Mac to resolve certain repurchase claims associated with mortgage loans originated and sold prior to January 1, 2009, which was charged against the representation and warranty reserve.)

1 of 19

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $94.99 0.00%
FB $101.11 1.60%
GOOG $678.11 0.00%
TSLA $151.85 2.40%
YHOO $26.82 0.00%


Chart of I:DJI
DOW 16,014.38 -12.67 -0.08%
S&P 500 1,852.21 -1.23 -0.07%
NASDAQ 4,268.7630 -14.99 -0.35%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs