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Key Financial Data
$ in millions for all balance sheet and income statement items
4Q25
3Q25
4Q24
Income Statement Data
Net income available to common shareholders$699$608$582
Net interest income (U.S. GAAP)1,5291,5201,437
Net interest income (FTE)(a)
1,5331,5251,443
Noninterest income811781732
Noninterest expense1,3091,2671,226
Per Share Data
Earnings per share, basic$1.05$0.91$0.86
Earnings per share, diluted1.040.910.85
Book value per share30.1829.2626.17
Tangible book value per share(a)
22.6021.6618.69
Balance Sheet & Credit Quality
Average portfolio loans and leases$123,430$123,326$117,860
Average deposits168,384164,754167,237
Accumulated other comprehensive loss(3,110)(3,276)(4,636)
Net charge-off ratio(b)
0.40%1.09%0.46%
Nonperforming asset ratio(c)
0.650.650.71
Financial Ratios
Return on average assets1.36%1.21%1.17%
Return on average common equity14.012.613.0
Return on average tangible common equity(a)
19.017.318.4
CET1 capital(d)(e)
10.7710.5710.57
Net interest margin(a)
3.133.132.97
Efficiency(a)
55.854.956.4
Other than the Quarterly Financial Review tables, commentary is on a fully taxable-equivalent (FTE) basis unless otherwise noted. Consistent with SEC guidance in Regulation S-K that contemplates the calculation of tax-exempt income on a taxable-equivalent basis, net interest income, net interest margin, net interest rate spread, total revenue and the efficiency ratio are provided on an FTE basis.
Income Statement Highlights
($ in millions, except per share data)For the Three Months Ended% Change
DecemberSeptemberDecember
202520252024SeqYr/Yr
Condensed Statements of Income
Net interest income (NII)(a)
$1,533$1,525$1,4431%6%
Provision for credit losses119197179(40)%(34)%
Noninterest income8117817324%11%
Noninterest expense1,3091,2671,2263%7%
Income before income taxes(a)
$916$842$7709%19%
Taxable equivalent adjustment$4$5$6(20)%(33)%
Applicable income tax expense181188144(4)%26%
Net income$731$649$62013%18%
Dividends on preferred stock324138(22)%(16)%
Net income available to common shareholders$699$608$58215%20%
Earnings per share, diluted$1.04$0.91$0.8514%22%
Fifth Third Bancorp (NASDAQ®: FITB) today reported fourth quarter 2025 net income available to common shareholders of $699 million, or $1.04 per diluted share, compared to $608 million, or $0.91 per diluted share, in the prior quarter and $582 million, or $0.85 per diluted share, in the year-ago quarter.
1


Diluted earnings per share impact of certain item(s) - 4Q25
(after-tax impact; $ in millions, except per share data)
Fifth Third Foundation contribution(f)
$(38)
Merger-related expenses(f)1
(13)
Interchange litigation matters(f)2
(8)
Benefit related to the resolution of certain tax matters7
Litigation settlements (noninterest income)(f)
9
FDIC special assessment (noninterest expense)(f)
19
After-tax impact of certain item(s)
$(24)
Diluted earnings per share impact of certain item(s)3
$(0.04)
Totals may not foot due to rounding; 1A portion of the adjustments related to merger-related expenses are not tax-deductible; 2Interchange litigation matters decreased noninterest income by $8 million and increased noninterest expense by $3 million; 3Diluted earnings per share impact reflects 669.153 million average diluted shares outstanding

Full year 2025 net income available to common shareholders was $2.4 billion, or $3.53 per diluted share, compared to full year 2024 net income available to common shareholders of $2.2 billion, or $3.14 per diluted share.

2

Net Interest Income
(FTE; $ in millions)(a)
For the Three Months Ended% Change
DecemberSeptemberDecember
202520252024SeqYr/Yr
Interest Income
Interest income$2,472 $2,524 $2,534 (2)%(2)%
Interest expense9399991,091(6)%(14)%
Net interest income (NII)$1,533 $1,525 $1,443 1%6%
Average Yield/Rate Analysisbps Change
Yield on interest-earning assets5.05%5.18%5.21%(13)(16)
Rate paid on interest-bearing liabilities2.60%2.77%3.00%(17)(40)
Ratios
Net interest rate spread2.45%2.41%2.21%424
Net interest margin (NIM)3.13%3.13%2.97%—16
Fully taxable-equivalent (FTE) NII of $1.533 billion increased $8 million, or 1%, compared to the prior quarter. This improvement primarily reflects deposit and wholesale funding management actions decreasing the cost of interest-bearing liabilities, partially offset by lower loan yields due to the impact of market rates on floating rate loans. These same factors, coupled with higher average other short-term investments (including interest-bearing cash), contributed to the flat NIM in the quarter.
Compared to the year-ago quarter, NII increased $90 million, or 6%, and NIM increased 16 bps. This improvement was due to the benefits from proactive deposit and wholesale funding management decreasing interest-bearing liabilities costs by 40 bps and the benefit of fixed-rate asset repricing, which combined more than offset the 16 bps decrease in interest-earning asset yields.

3

Noninterest Income
($ in millions)For the Three Months Ended% Change
DecemberSeptemberDecember
202520252024SeqYr/Yr
Noninterest Income
Wealth and asset management revenue$185$181$1632%13%
Commercial payments revenue1671571556%8%
Consumer banking revenue143144137(1)%4%
Capital markets fees1211151235%(2)%
Commercial banking revenue1028710917%(6)%
Mortgage banking net revenue565857(3)%(2)%
Other noninterest income (loss)4229(4)45%NM
Securities (losses) gains, net(5)10(8)NM(38)%
Total noninterest income$811$781$7324%11%
Noninterest income of $811 million increased $30 million, or 4%, from the prior quarter and increased $79 million, or 11%, from the year-ago quarter. The reported results reflect the impact of certain items in the table below, including securities gains/losses which incorporate mark-to-market impacts from securities associated with non-qualified deferred compensation plans that are offset in noninterest expense.
Noninterest Income excluding certain items
($ in millions)For the Three Months Ended% Change
DecemberSeptemberDecember
202520252024SeqYr/Yr
Noninterest Income excluding certain items
Noninterest income (U.S. GAAP)$811 $781 $732 
Interchange litigation matters81851
Litigation settlements(12)——
Securities (gains) losses, net5(10)8
Noninterest income excluding certain items(a)
$812 $789 $7913%3% 
Noninterest income excluding certain items of $812 million increased $23 million, or 3%, compared to the prior quarter and increased $21 million, or 3%, from the year-ago quarter.
Wealth and asset management revenue increased $4 million, or 2% sequentially, due to an increase in personal asset management revenue. Commercial payments revenue increased $10 million, or 6%, driven by commercial card and Newline revenue. Capital markets fees were up $6 million, or 5%, reflecting seasonal strength in M&A advisory revenue and loan syndications. Commercial banking revenue increased $15 million, or 17%, driven by higher lease syndication and remarketing.
Compared to the year-ago quarter, wealth and asset management revenue increased $22 million, or 13%, with 16% year-over-year AUM growth driving increases in personal asset management revenue and brokerage fees. Commercial payments revenue increased $12 million, or 8%, led by managed services, Newline revenue, and commercial card fees, partially offset by higher earnings credits. Capital markets fees decreased $2 million, or 2%, driven by lower loan syndications revenue, partially offset by higher M&A advisory revenue. Commercial banking revenue decreased $7 million, or 6%, primarily reflecting lower operating lease and other commercial banking revenue.





4

Noninterest Expense
($ in millions)For the Three Months Ended% Change
DecemberSeptemberDecember
202520252024SeqYr/Yr
Noninterest Expense
Compensation and benefits$683$685$665—3%
Technology and communications1381281238%12%
Net occupancy expense898988—1%
Equipment expense434439(2)%10%
Loan and lease expense4139365%14%
Marketing expense3734239%61%
Card and processing expense27222123%29%
Other noninterest expense25122623111%9%
Total noninterest expense$1,309$1,267$1,2263%7%
Noninterest expense of $1.309 billion increased 3% from the prior quarter and increased 7% from the year-ago quarter. The reported results reflect the impact of certain items in the table below.
Noninterest Expense excluding certain item(s)
($ in millions)For the Three Months Ended% Change
DecemberSeptemberDecember
202520252024SeqYr/Yr
Noninterest Expense excluding certain item(s)
Noninterest expense (U.S. GAAP)$1,309 $1,267 $1,226 
Fifth Third Foundation contribution(50)—(15)
Merger-related expenses(13)——
FDIC special assessment25611
Interchange litigation matters(3)(9)(4)
Noninterest expense excluding certain item(s)(a)
$1,268 $1,264 $1,218—4%
Non-qualified deferred compensation (expense)/benefit5(11)7
Noninterest expense excluding certain item(s) and non-qualified deferred compensation(a)
$1,273$1,253$1,2252%4%

Noninterest expense excluding certain items and non-qualified deferred compensation of $1.273 billion increased 2% compared to the prior quarter with increases in technology and communications and card and processing expense.
Compared to the year-ago quarter, noninterest expense excluding certain items and non-qualified deferred compensation increased $48 million, or 4%, due primarily to increases in compensation and benefits, technology and communications, and marketing expense.
Expenses related to the mark-to-market impact of non-qualified deferred compensation were largely offset in net securities gains/losses through noninterest income in the current and prior periods.
5

Average Interest-Earning Assets
($ in millions)For the Three Months Ended% Change
DecemberSeptemberDecember
202520252024SeqYr/Yr
Average Portfolio Loans and Leases
Commercial loans and leases:
Commercial and industrial loans$53,947 $54,170 $51,567 —5%
Commercial mortgage loans12,07912,02711,792—2%
Commercial construction loans5,3995,5415,702(3)%(5)%
Commercial leases3,1723,1772,902—9%
Total commercial loans and leases$74,597$74,915$71,963—4%
Consumer loans:
Residential mortgage loans$17,660$17,656$17,322—2%
Home equity4,7694,5794,1254%16%
Indirect secured consumer loans17,87917,72916,1001%11%
Credit card1,6941,6781,6681%2%
Solar energy installation loans4,4864,3554,1373%8%
Other consumer loans2,3452,4142,545(3)%(8)%
Total consumer loans$48,833$48,411$45,8971%6%
Total average portfolio loans and leases$123,430 $123,326 $117,860 —5%
Average Loans and Leases Held for Sale
Commercial loans and leases held for sale$19$44$48(57)%(60)%
Consumer loans held for sale69862358412%20%
Total average loans and leases held for sale$717$667$6327%13%
Total average loans and leases$124,147$123,993$118,492—5%
Securities (taxable and tax-exempt)$52,512$54,592$56,702(4)%(7)%
Other short-term investments17,48514,91518,31917%(5)%
Total average interest-earning assets$194,144$193,500$193,513——
Total average portfolio loans and leases of $123 billion and average commercial portfolio loans and leases of $75 billion remained stable compared to the prior quarter. Average consumer portfolio loans of $49 billion increased 1%, driven by continued growth in home equity and indirect secured consumer loans.
Compared to the year-ago quarter, total average portfolio loans and leases increased 5%. Average commercial portfolio loans and leases increased 4%, reflecting increases in C&I loans, commercial mortgage loans, and commercial leases. Average consumer portfolio loans increased 6%, primarily due to increases in indirect secured consumer, home equity, and solar energy installation loans.
Average securities (taxable and tax-exempt; amortized cost) of $53 billion in the current quarter decreased 4% compared to the prior quarter and 7% compared to the year-ago quarter. Average other short-term investments (including interest-bearing cash) of $17 billion in the current quarter increased 17% compared to the prior quarter and decreased 5% compared to the year-ago quarter.
6

End of Period Interest-Earning Assets
($ in millions)As of% Change
DecemberSeptemberDecember
202520252024SeqYr/Yr
End of Period Portfolio Loans and Leases
Total commercial loans and leases$73,562$74,423$73,293(1)%—
Total consumer loans49,08948,70746,4981%6%
Total portfolio loans and leases$122,651$123,130$119,791 —2%
End of Period Loans and Leases Held for Sale
Total loans and leases held for sale$733$576$64027%15%
Total loans and leases$123,384$123,706$120,431—2%
Securities (taxable and tax-exempt)$51,961$52,680$56,713(1)%(8)%
Other short-term investments18,87617,21517,12010%10%
Total interest-earning assets$194,221$193,601$194,264——
Period-end commercial portfolio loans and leases of $74 billion decreased 1% compared to the prior quarter as the highest quarterly commercial loan production in over three years was more than offset by the decrease in line utilization. Compared to the year-ago quarter, period-end commercial portfolio loans and leases remained stable.
Period-end consumer portfolio loans of $49 billion increased 1% compared to the prior quarter, primarily reflecting increases in home equity and indirect secured consumer loans. Compared to the year-ago quarter, period-end consumer portfolio loans increased 6% driven by increases in indirect secured consumer and home equity loans.
Total period-end securities (taxable and tax-exempt; amortized cost) of $52 billion in the current quarter decreased 1% compared to the prior quarter and decreased 8% compared to the year-ago quarter. Period-end other short-term investments of approximately $19 billion increased 10% compared to the prior and year-ago quarters.
Average Deposits
($ in millions)For the Three Months Ended% Change
DecemberSeptemberDecember
202520252024SeqYr/Yr
Average Deposits
Demand$41,771 $41,235 $40,137 1%4%
Interest checking58,61256,62459,4414%(1)%
Savings16,10316,37617,257(2)%(7)%
Money market39,40937,43437,2795%6%
Total transaction deposits$155,895$151,669$154,1143%1%
CDs $250,000 or less10,54110,84110,592(3)%—
Total core deposits$166,436$162,510$164,7062%1%
CDs over $250,0001
1,9482,2442,531(13)%(23)%
Total average deposits$168,384 $164,754 $167,237 2%1%
1CDs over $250,000 includes $0.8BN, $1.0BN, and $1.5BN of retail brokered certificates of deposit which are fully covered by FDIC insurance for the three months ended 12/31/25, 9/30/25, and 12/31/24, respectively.
Total average deposits of $168 billion increased 2% compared to the prior quarter, primarily driven by growth in interest checking, money market and demand deposits, partially offset by declines in CDs $250,000 or less. The growth in demand deposits reflects our strategic focus on enhancing the deposit mix and represents the third consecutive quarter of demand deposit growth. Period-end total deposits of $172 billion increased 3%.
Compared to the year-ago quarter, total average deposits increased 1%, mainly due to increases in money market and demand deposits, partially offset by decreases in savings and interest checking deposits. Period-end total deposits increased 3%.
7

The period-end portfolio loan-to-core deposit ratio was 72% in the current quarter, compared to 75% in the prior quarter and 73% in the year-ago quarter.

Average Wholesale Funding
($ in millions)For the Three Months Ended% Change
DecemberSeptemberDecember
202520252024SeqYr/Yr
Average Wholesale Funding
CDs over $250,0001
$1,948 $2,244 $2,531 (13)%(23)%
Federal funds purchased2041982233%(9)%
Securities sold under repurchase agreements365376313(3)%17%
FHLB advances2,5524,9201,567(48)%63%
Derivative collateral and other secured borrowings8482762%11%
Long-term debt13,70014,00115,492(2)%(12)%
Total average wholesale funding$18,853$21,821$20,202(14)%(7)%
1CDs over $250,000 includes $0.8BN, $1.0BN, and $1.5BN of retail brokered certificates of deposit which are fully covered by FDIC insurance for the three months ended 12/31/25, 9/30/25, and 12/31/24, respectively.
Average wholesale funding of $19 billion decreased 14% compared to the prior quarter, driven by a reduction in FHLB advances and long-term debt. The 7% decrease in average wholesale funding compared to the year-ago quarter was primarily attributable to a decrease in long-term debt and CDs over $250,000, inclusive of brokered deposits, partially offset by an increase in FHLB advances.
8

Credit Quality Summary
($ in millions)As of and For the Three Months Ended
DecemberSeptemberJuneMarchDecember
20252025202520252024
Total nonaccrual portfolio loans and leases (NPLs)$767$768$853$966$823
Repossessed property1112899
OREO1921252121
Total nonperforming portfolio loans and leases and OREO (NPAs)$797$801$886$996$853
NPL ratio(g)
0.62%0.62%0.70%0.79%0.69%
NPA ratio(c)
0.65%0.65%0.72%0.81%0.71%
Portfolio loans and leases 30-89 days past due (accrual)$360$348$277$385$303
Portfolio loans and leases 90 days past due (accrual)3029343332
30-89 days past due as a % of portfolio loans and leases0.29%0.28%0.23%0.31%0.25%
90 days past due as a % of portfolio loans and leases0.02%0.02%0.03%0.03%0.03%
Allowance for loan and lease losses (ALLL), beginning$2,265 $2,412 $2,384 $2,352 $2,305 
Total net losses charged-off(125)(339)(139)(136)(136)
Provision for loan and lease losses113192167168183
ALLL, ending$2,253$2,265$2,412$2,384$2,352
Reserve for unfunded commitments, beginning$151$146$140$134$138
Provision for (benefit from) the reserve for unfunded commitments6566(4)
Reserve for unfunded commitments, ending$157$151$146$140$134
Total allowance for credit losses (ACL)$2,410 $2,416 $2,558 $2,524 $2,486 
ACL ratios:
As a % of portfolio loans and leases1.96% 1.96% 2.09% 2.07% 2.08% 
As a % of nonperforming portfolio loans and leases314% 314% 300% 261% 302% 
As a % of nonperforming portfolio assets302% 302% 289% 253% 291% 
ALLL as a % of portfolio loans and leases1.84%1.84%1.97%1.95%1.96%
Total losses charged-off$(177)$(382)$(194)$(173)$(175)
Total recoveries of losses previously charged-off5243553739
Total net losses charged-off$(125)$(339)$(139)$(136)$(136)
Net charge-off ratio (NCO ratio)(b)
0.40%1.09%0.45%0.46%0.46%
Commercial NCO ratio0.27%1.46%0.38%0.35%0.32%
Consumer NCO ratio0.59%0.52%0.56%0.63%0.68%
The provision for credit losses totaled $119 million in the current quarter. The ACL ratio represented 1.96% of total portfolio loans and leases at quarter end, consistent with the prior quarter and down 12 bps from the year-ago quarter. The ACL coverage ratio was unchanged from the prior quarter at 314% of nonperforming portfolio loans and leases and 302% of nonperforming portfolio assets.
Net charge-offs totaled $125 million in the current quarter, down $214 million from the prior quarter and the NCO ratio decreased 69 bps to 0.40%. The third quarter of 2025 net charge-offs included a $178 million fraud-related impairment of a commercial credit. Excluding this credit, net charge-offs were down $36 million, or 12 bps, sequentially. Commercial net charge-offs were $51 million, with a commercial NCO ratio of 0.27%, down 119 bps from the prior quarter. Consumer net
9

charge-offs were $74 million, with a consumer NCO ratio of 0.59%, up 7 bps sequentially, reflecting the seasonal increase in indirect secured net charge-offs.
Compared to the year-ago quarter, net charge-offs decreased $11 million and the NCO ratio decreased 6 bps. The commercial NCO ratio decreased 5 bps, and the consumer NCO ratio decreased 9 bps compared to the prior year.
Nonperforming portfolio loans and leases totaled $767 million in the current quarter, representing an NPL ratio of 0.62%, compared to 0.62% in the prior quarter and 0.69% in the year-ago quarter. Nonperforming portfolio assets totaled $797 million in the current quarter, resulting in an NPA ratio of 0.65%, compared to 0.65% in the prior quarter and 0.71% in the year-ago quarter.

Capital Position
As of and For the Three Months Ended
DecemberSeptemberJuneMarchDecember
20252025202520252024
Capital Position
Average total Bancorp shareholders' equity as a % of average assets
10.11%10.02%9.82%9.50%9.40%
Tangible equity(a)
9.28%9.12%9.39%9.07%9.02%
Tangible common equity (excluding AOCI)(a)
8.46%8.29%8.38%8.07%8.03%
Tangible common equity (including AOCI)(a)
7.14%6.89%6.84%6.40%6.02%
Regulatory Capital Ratios(d)(e)
CET1 capital
10.77%10.57%10.58%10.43%10.57%
Tier 1 risk-based capital
11.82%11.63%11.85%11.71%11.86%
Total risk-based capital
13.73%13.54%13.77%13.63%13.86%
Leverage9.42%9.24%9.42%9.23%9.22%
CET1 capital ratio of 10.77% increased 20 bps sequentially, primarily reflecting strong earnings that bolstered retained capital. There was no share repurchase activity in the fourth quarter of 2025 due to the pending Comerica acquisition.

10

Tax Rate
The effective tax rate for the quarter was 19.8% compared with 22.6% in the prior quarter and 18.8% in the year-ago quarter.
Corporate Profile
Fifth Third Bank, National Association is a federally chartered institution. Fifth Third Bancorp is the indirect parent company of Fifth Third Bank and its common stock is traded on the NASDAQ® Global Select Market under the symbol “FITB.” Investor information and press releases can be viewed at www.53.com.
Earnings Release End Notes
(a)Non-GAAP measure; see discussion of non-GAAP reconciliation.
(b)Net losses charged-off as a percent of average portfolio loans and leases presented on an annualized basis.
(c)Nonperforming portfolio assets as a percent of portfolio loans and leases and OREO.
(d)Regulatory capital ratios as of December 31, 2024 were calculated pursuant to the five-year transition provision option to phase in the effects of CECL on regulatory capital.
(e)Current period regulatory capital ratios are estimated.
(f)Assumes a 24% tax rate.
(g)Nonperforming portfolio loans and leases as a percent of portfolio loans and leases.



11


FORWARD-LOOKING STATEMENTS

This release contains statements that we believe are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Rule 175 promulgated thereunder, and Section 21E of the Securities Exchange Act of 1934, as amended, and Rule 3b-6 promulgated thereunder. All statements other than statements of historical fact are forward-looking statements. These statements relate to our financial condition, results of operations, plans, objectives, future performance, capital actions or business. They usually can be identified by the use of forward-looking language such as “will likely result,” “may,” “are expected to,” “is anticipated,” “potential,” “estimate,” “forecast,” “projected,” “intends to,” or may include other similar words or phrases such as “believes,” “plans,” “trend,” “objective,” “continue,” “remain,” or similar expressions, or future or conditional verbs such as “will,” “would,” “should,” “could,” “might,” “can,” or similar verbs. You should not place undue reliance on these statements, as they are subject to risks and uncertainties, including but not limited to the risk factors set forth in our most recent Annual Report on Form 10-K as updated by our filings with the U.S. Securities and Exchange Commission (“SEC”).

There are a number of important factors that could cause future results to differ materially from historical performance and these forward-looking statements. Factors that might cause such a difference include, but are not limited to: (1) deteriorating credit quality; (2) loan concentration by location or industry of borrowers or collateral; (3) problems encountered by other financial institutions; (4) inadequate sources of funding or liquidity; (5) unfavorable actions of rating agencies; (6) inability to maintain or grow deposits; (7) limitations on the ability to receive dividends from subsidiaries; (8) cyber-security risks; (9) Fifth Third’s ability to secure confidential information and deliver products and services through the use of computer systems and telecommunications networks; (10) failures by third-party service providers; (11) inability to manage strategic initiatives and/or organizational changes; (12) inability to implement technology system enhancements, including the use of artificial intelligence; (13) failure of internal controls and other risk management programs; (14) losses related to fraud, theft, misappropriation or violence; (15) inability to attract and retain skilled personnel; (16) adverse impacts of government regulation; (17) governmental or regulatory changes or other actions; (18) failures to meet applicable capital requirements; (19) regulatory objections to Fifth Third’s capital plan; (20) regulation of Fifth Third’s derivatives activities; (21) deposit insurance premiums; (22) assessments for the orderly liquidation fund; (23) weakness in the national or local economies; (24) global political and economic uncertainty or negative actions; (25) changes in interest rates and the effects of inflation; (26) changes in U.S. trade policies, including the imposition of tariffs and retaliatory tariffs; (27) changes and trends in capital markets; (28) fluctuation of Fifth Third’s stock price; (29) volatility in mortgage banking revenue; (30) litigation, investigations, and enforcement proceedings; (31) breaches of contractual covenants, representations and warranties; (32) competition and changes in the financial services industry; (33) potential impacts of the adoption of real-time payment networks; (34) changing retail distribution strategies, customer preferences and behavior; (35) difficulties in identifying, acquiring or integrating suitable strategic partnerships, investments or acquisitions; (36) potential dilution from future acquisitions; (37) loss of income and/or difficulties encountered in the sale and separation of businesses, investments or other assets; (38) results of investments or acquired entities; (39) changes in accounting standards or interpretation or declines in the value of Fifth Third’s goodwill or other intangible assets; (40) inaccuracies or other failures from the use of models; (41) effects of critical accounting policies and judgments or the use of inaccurate estimates; (42) weather-related events, other natural disasters, or health emergencies (including pandemics); (43) the impact of reputational risk created by these or other developments on such matters as business generation and retention, funding and liquidity; (44) changes in law or requirements imposed by Fifth Third’s regulators impacting our capital actions, including dividend payments and stock repurchases; (45) Fifth Third's ability to meet its environmental and/or social targets, goals and commitments; and (46) risks relating to the pending merger with Comerica Incorporated, including Fifth Third’s inability to realize the anticipated benefits of the pending merger, the failure to satisfy the closing conditions of the pending merger or an unexpected delay in the closing of the pending merger and the disruption of Fifth Third’s business as a result of the pending merger.

You should refer to our periodic and current reports filed with the Securities and Exchange Commission, or “SEC,” for further information on other factors, which could cause actual results to be significantly different from those expressed or implied by these forward-looking statements. Moreover, you should treat these statements as speaking only as of the date they are made and based only on information then actually known to us. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in our expectations or any changes in events, conditions or circumstances on which any such statement is based, except as may be required by law, and we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. The information contained herein is intended to be reviewed in its totality, and any stipulations, conditions or provisos that apply to a given piece of information in one part of this press release should be read as applying mutatis mutandis to every other instance of such information appearing herein.
# # #


12

Fifth Third Bancorp and Subsidiaries
Consolidated Statements of Income
$ in millionsFor the Three Months Ended% ChangeYear to Date% Change
(unaudited)DecemberSeptemberDecemberDecemberDecember
202520252024SeqYr/Yr20252024Yr/Yr
Interest Income
Interest and fees on loans and leases$1,862$1,909$1,836(2%)1%$7,466$7,477—
Interest on securities431444464(3%)(7%)1,7851,839(3%)
Interest on other short-term investments1751662285%(23%)6521,110(41%)
Total interest income2,4682,5192,528(2%)(2%)9,90310,426(5%)
Interest Expense
Interest on deposits726750856(3%)(15%)2,9523,736(21%)
Interest on short-term borrowings(a)
346125(44%)36%21516828%
Interest on long-term debt179188210(5%)(15%)754892(15%)
Total interest expense9399991,091(6%)(14%)3,9214,796(18%)
Net Interest Income1,5291,5201,4371%6%5,9825,6306%
Provision for credit losses119197179(40%)(34%)66253025%
Net Interest Income After Provision for Credit Losses1,4101,3231,2587%12%5,3205,1004%
Noninterest Income
Wealth and asset management revenue1851811632%13%7046479%
Commercial payments revenue1671571556%8%6306084%
Consumer banking revenue143144137(1%)4%5715553%
Capital markets fees1211151235%(2%)415424(2%)
Commercial banking revenue1028710917%(6%)349377(7%)
Mortgage banking net revenue565857(3%)(2%)2272118%
Other noninterest income (loss)4229(4)45%NM12612950%
Securities gains (losses), net(5)10(8)NM(38%)1315(13%)
Total noninterest income8117817324%11%3,0352,8497%
Noninterest Expense
Compensation and benefits683685665—3%2,8152,7632%
Technology and communications1381281238%12%5164749%
Net occupancy expense898988—1%3493393%
Equipment expense434439(2%)10%16915310%
Loan and lease expense4139365%14%14613211%
Marketing expense3734239%61%14211523%
Card and processing expense27222123%29%928410%
Other noninterest expense25122623111%9%915973(6%)
Total noninterest expense1,3091,2671,2263%7%5,1445,0332%
Income Before Income Taxes9128377649%19%3,2112,91610%
Applicable income tax expense181188144(4%)26%68960214%
Net Income73164962013%18%2,5222,3149%
Dividends on preferred stock324138(22%)(16%)146159(8%)
Net Income Available to Common Shareholders$699$608$58215%20%$2,376$2,15510%
(a)Effective December 31, 2025, interest on federal funds purchased and interest on other short-term borrowings are included in interest on short-term borrowings. Prior periods have been adjusted to conform to current period presentation.
13

Fifth Third Bancorp and Subsidiaries
Consolidated Statements of Income
$ in millionsFor the Three Months Ended
(unaudited)DecemberSeptemberJuneMarchDecember
20252025202520252024
Interest Income
Interest and fees on loans and leases$1,862$1,909$1,881$1,816$1,836
Interest on securities431444458451464
Interest on other short-term investments175166145165228
Total interest income2,4682,5192,4842,4322,528
Interest Expense
Interest on deposits726750732743856
Interest on short-term borrowings(a)
3461615825
Interest on long-term debt179188196194210
Total interest expense9399999899951,091
Net Interest Income1,5291,5201,4951,4371,437
Provision for credit losses119197173174179
Net Interest Income After Provision for Credit Losses1,4101,3231,3221,2631,258
Noninterest Income
Wealth and asset management revenue185181166172163
Commercial payments revenue167157152153155
Consumer banking revenue143144147137137
Capital markets fees1211159090123
Commercial banking revenue102877980109
Mortgage banking net revenue5658565757
Other noninterest income (loss)42294414(4)
Securities (losses) gains, net(5)1016(9)(8)
Total noninterest income811781750694732
Noninterest Expense
Compensation and benefits683685698750665
Technology and communications138128126123123
Net occupancy expense8989838788
Equipment expense4344414239
Loan and lease expense4139363036
Marketing expense3734432823
Card and processing expense2722222121
Other noninterest expense251226215223231
Total noninterest expense1,3091,2671,2641,3041,226
Income Before Income Taxes912837808653764
Applicable income tax expense181188180138144
Net Income731649628515620
Dividends on preferred stock3241373738
Net Income Available to Common Shareholders$699$608$591$478$582
(a)Effective December 31, 2025, interest on federal funds purchased and interest on other short-term borrowings are included in interest on short-term borrowings. Prior periods have been adjusted to conform to current period presentation.
14

Fifth Third Bancorp and Subsidiaries
Consolidated Balance Sheets
$ in millions, except per share dataAs of% Change
(unaudited)DecemberSeptemberDecember
202520252024SeqYr/Yr
Assets
Cash and due from banks$3,499$2,901$3,01421%16%
Other short-term investments18,87617,21517,12010%10%
Available-for-sale debt and other securities(a)
36,15936,46139,547(1%)(9%)
Held-to-maturity securities(b)
11,36811,49811,278(1%)1%
Trading debt securities1,0571,2661,185(17%)(11%)
Equity securities45328734158%33%
Loans and leases held for sale73357664027%15%
Portfolio loans and leases:
  Commercial and industrial loans52,74953,94752,271(2%)1%
  Commercial mortgage loans12,22811,93212,2462%—
  Commercial construction loans5,3165,3265,588—(5%)
  Commercial leases3,2693,2183,1882%3%
Total commercial loans and leases73,56274,42373,293(1%)—
  Residential mortgage loans17,65217,64417,543—1%
  Home equity4,8464,6784,1884%16%
  Indirect secured consumer loans17,96417,88516,313—10%
  Credit card1,7471,6921,7343%1%
  Solar energy installation loans4,5604,4324,2023%9%
  Other consumer loans2,3202,3762,518(2%)(8%)
Total consumer loans49,08948,70746,4981%6%
Portfolio loans and leases122,651123,130119,791—2%
Allowance for loan and lease losses(2,253)(2,265)(2,352)(1%)(4%)
Portfolio loans and leases, net120,398120,865117,439—3%
Bank premises and equipment2,7342,6552,4753%10%
Operating lease equipment374379319(1%)17%
Goodwill4,9474,9474,918—1%
Intangible assets697690(9%)(23%)
Servicing rights1,5981,6011,704—(6%)
Other assets12,11112,17612,857(1%)(6%)
Total Assets$214,376$212,903$212,9271%1%
Liabilities
Deposits:
  Demand $42,647$41,830$41,0382%4%
  Interest checking 61,15557,23959,3067%3%
  Savings 16,15516,11017,147—(6%)
  Money market 39,28538,74836,6051%7%
  CDs $250,000 or less10,59910,66710,798(1%)(2%)
  CDs over $250,0001,9781,9752,358—(16%)
Total deposits171,819166,569167,2523%3%
Short-term borrowings(d)
9265,2604,654(82%)(80%)
Accrued taxes, interest and expenses2,0831,9432,1377%(3%)
Other liabilities4,2354,3474,902(3%)(14%)
Long-term debt13,58913,67714,337(1%)(5%)
Total Liabilities192,652191,796193,282——
Equity
Common stock(c)
2,0512,0512,051——
Preferred stock1,7701,7702,116—(16%)
Capital surplus3,8313,8133,804—1%
Retained earnings25,48825,05724,1502%6%
Accumulated other comprehensive loss(3,110)(3,276)(4,636)(5%)(33%)
Treasury stock(8,306)(8,308)(7,840)—6%
Total Equity21,72421,10719,6453%11%
Total Liabilities and Equity$214,376$212,903$212,9271%1%
(a) Amortized cost$39,107$39,617$43,878(1%)(11%)
(b) Market values11,404 11,506 10,965 (1%)4%
(c) Common shares, stated value $2.22 per share (in thousands):
Authorized2,000,0002,000,0002,000,000——
Outstanding, excluding treasury661,198660,973669,854——
Treasury262,695262,919254,039——
(d) Effective December 31, 2025, federal funds purchased and other short-term borrowings are included in short-term borrowings. Prior periods have been adjusted to conform to
        current period presentation.

15

Fifth Third Bancorp and Subsidiaries
Consolidated Balance Sheets
$ in millions, except per share dataAs of
(unaudited)DecemberSeptemberJuneMarchDecember
20252025202520252024
Assets
Cash and due from banks$3,499$2,901$2,972$3,009$3,014
Other short-term investments18,87617,21513,04314,96517,120
Available-for-sale debt and other securities(a)
36,15936,46138,27039,74739,547
Held-to-maturity securities(b)
11,36811,49811,63011,18511,278
Trading debt securities1,0571,2661,3241,1591,185
Equity securities453287404494341
Loans and leases held for sale733576646473640
Portfolio loans and leases:
  Commercial and industrial loans52,74953,94753,31253,70052,271
  Commercial mortgage loans12,22811,93212,11212,35712,246
  Commercial construction loans5,3165,3265,5515,9525,588
  Commercial leases3,2693,2183,1773,1283,188
Total commercial loans and leases73,56274,42374,15275,13773,293
  Residential mortgage loans17,65217,64417,68117,58117,543
  Home equity4,8464,6784,4854,2654,188
  Indirect secured consumer loans17,96417,88517,59116,80416,313
  Credit card1,7471,6921,7071,6601,734
  Solar energy installation loans4,5604,4324,3164,2624,202
  Other consumer loans2,3202,3762,4642,4822,518
Total consumer loans49,08948,70748,24447,05446,498
Portfolio loans and leases122,651123,130122,396122,191119,791
Allowance for loan and lease losses(2,253)(2,265)(2,412)(2,384)(2,352)
Portfolio loans and leases, net120,398120,865119,984119,807117,439
Bank premises and equipment2,7342,6552,5602,5062,475
Operating lease equipment374379344314319
Goodwill4,9474,9474,9184,9184,918
Intangible assets6976758290
Servicing rights1,5981,6011,6291,6631,704
Other assets12,11112,17612,19212,34712,857
Total Assets$214,376$212,903$209,991$212,669$212,927
Liabilities
Deposits:
  Demand $42,647$41,830$42,174$40,855$41,038
  Interest checking61,15557,23955,52458,42059,306
  Savings 16,15516,11016,61417,58317,147
  Money market 39,28538,74836,58636,50536,605
CDs $250,000 or less10,59910,66710,88310,24810,798
CDs over $250,0001,9781,9752,4261,8942,358
Total deposits171,819166,569164,207165,505167,252
Short-term borrowings(d)
9265,2603,5715,6844,654
Accrued taxes, interest and expenses2,0831,9431,9701,7222,137
Other liabilities4,2354,3474,6274,8164,902
Long-term debt13,58913,67714,49214,53914,337
Total Liabilities192,652191,796188,867192,266193,282
Equity
Common stock(c)
2,0512,0512,0512,0512,051
Preferred stock1,7701,7702,1162,1162,116
Capital surplus3,8313,8133,7943,7733,804
Retained earnings25,48825,05724,71824,37724,150
Accumulated other comprehensive loss(3,110)(3,276)(3,546)(3,895)(4,636)
Treasury stock(8,306)(8,308)(8,009)(8,019)(7,840)
Total Equity21,72421,10721,12420,40319,645
Total Liabilities and Equity$214,376$212,903$209,991$212,669$212,927
(a) Amortized cost$39,107$39,617$41,731$43,445$43,878
(b) Market values11,40411,50611,54711,07210,965
(c) Common shares, stated value $2.22 per share (in thousands):
Authorized2,000,0002,000,0002,000,0002,000,0002,000,000
Outstanding, excluding treasury661,198660,973667,710667,272669,854
Treasury262,695262,919256,183256,621254,039
(d) Effective December 31, 2025, federal funds purchased and other short-term borrowings are included in short-term borrowings. Prior periods have been adjusted to conform to
        current period presentation.
16

Fifth Third Bancorp and Subsidiaries
Consolidated Statements of Changes in Equity
$ in millions
(unaudited)
For the Three Months EndedYear to Date
DecemberDecemberDecemberDecember
2025202420252024
Total Equity, Beginning$21,107$20,784$19,645$19,172
Net income7316202,5222,314
Other comprehensive income, net of tax:
Change in unrealized gains (losses):
Available-for-sale debt securities159(747)1,04929
Qualifying cash flow hedges(18)(468)379(282)
Amortization of unrealized losses on securities transferred to held-to-maturity252597101
Change in accumulated other comprehensive income related to employee benefit plans——11
Other———2
Comprehensive income897(570)4,0482,165
Cash dividends declared:
Common stock(268)(252)(1,038)(992)
Preferred stock(32)(38)(142)(159)
Impact of stock transactions under stock compensation plans, net20249099
Shares acquired for treasury—(303)(529)(630)
Redemption of preferred stock——(350)—
Impact of cumulative effect of change in accounting principle———(10)
Total Equity, Ending$21,724$19,645$21,724$19,645
17

Fifth Third Bancorp and Subsidiaries
Regulatory Capital
$ in millionsAs of
(unaudited)DecemberSeptemberJuneMarchDecember
2025(a)
2025202520252024
Regulatory Capital(b)
CET1 capital$18,101$17,645$17,616$17,239$17,339
Additional tier 1 capital1,7701,7702,1162,1162,116
Tier 1 capital19,87119,41519,73219,35519,455
Tier 2 capital3,2043,2043,1973,1753,291
Total regulatory capital$23,075$22,619$22,929$22,530$22,746
Risk-weighted assets
$168,121$166,999$166,517$165,326$164,102
Ratios
Average total Bancorp shareholders' equity as a percent of average assets
10.11%10.02%9.82%9.50%9.40%
Regulatory Capital Ratios(b)
Fifth Third Bancorp
CET1 capital
10.77%10.57%10.58%10.43%10.57%
Tier 1 risk-based capital
11.82%11.63%11.85%11.71%11.86%
Total risk-based capital
13.73%13.54%13.77%13.63%13.86%
Leverage9.42%9.24%9.42%9.23%9.22%
Fifth Third Bank, National Association
Tier 1 risk-based capital
13.04%12.95%12.87%12.78%12.86%
Total risk-based capital
14.28%14.19%14.12%14.02%14.19%
Leverage10.41%10.31%10.25%10.10%10.02%
(a)Current period regulatory capital data and ratios are estimated.
(b)Regulatory capital ratios as of December 31, 2024 were calculated pursuant to the five-year transition provision option to phase in the effects of CECL on regulatory capital.
18


Use of Non-GAAP Financial Measures
In addition to GAAP measures, management considers various non-GAAP measures when evaluating the performance of the business, including: “net interest income (FTE),” “interest income (FTE),” “net interest margin (FTE),” “net interest rate spread (FTE),” “income before income taxes (FTE),” “tangible net income available to common shareholders,” “average tangible common equity,” “return on average tangible common equity,” “tangible common equity (excluding AOCI),” “tangible common equity (including AOCI),” “tangible equity,” “tangible book value per share,” “tangible book value per share (excluding AOCI),” “adjusted noninterest income,” “noninterest income excluding certain items,” “adjusted noninterest expense,” “noninterest expense excluding certain items,” “pre-provision net revenue,” “adjusted efficiency ratio,” “adjusted return on average common equity,” “adjusted return on average tangible common equity,” “adjusted return on average tangible common equity, excluding accumulated other comprehensive income", “adjusted pre-provision net revenue,” “adjusted return on average assets,” “efficiency ratio (FTE),” “total revenue (FTE),” "adjusted total revenue," “noninterest income as a percent of total revenue”, and certain ratios derived from these measures. The Bancorp believes these non-GAAP measures provide useful information to investors because these are among the measures used by the Fifth Third management team to evaluate operating performance and to make day-to-day operating decisions.

The FTE basis adjusts for the tax-favored status of income from certain loans and securities held by the Bancorp that are not taxable for federal income tax purposes. The Bancorp believes this presentation to be the preferred industry measurement of net interest income and net interest margin as it provides a relevant comparison between taxable and non-taxable amounts.

The Bancorp believes tangible net income available to common shareholders, average tangible common equity, tangible common equity (excluding AOCI), tangible common equity (including AOCI), tangible equity, tangible book value per share and return on average tangible common equity are important measures for evaluating the performance of the business without the impacts of intangible items, whether acquired or created internally, in a manner comparable to other companies in the industry who present similar measures.

The Bancorp believes noninterest income, noninterest expense, net interest income, net interest margin, pre-provision net revenue, efficiency ratio, adjusted total revenue, noninterest income as a percent of total revenue, return on average common equity, return on average tangible common equity, and return on average assets are important measures that adjust for significant, unusual, or large transactions that may occur in a reporting period which management does not consider indicative of ongoing financial performance and enhances comparability of results with prior periods.

The Bancorp believes noninterest income excluding certain items and noninterest expense excluding certain items are important measures that adjust for certain components that are prone to significant period-to-period changes in order to facilitate the explanation of variances in the noninterest income and noninterest expense line items.

Management considers various measures when evaluating capital utilization and adequacy, including the tangible equity and tangible common equity (including and excluding AOCI), in addition to capital ratios defined by U.S. banking agencies. These calculations are intended to complement the capital ratios defined by U.S. banking agencies for both absolute and comparative purposes. These ratios are not formally defined by U.S. GAAP or codified in the federal banking regulations and, therefore, are considered to be non-GAAP financial measures. Management believes that providing the tangible common equity ratio excluding AOCI on certain assets and liabilities enables investors and others to assess the Bancorp’s use of equity without the effects of changes in AOCI, some of which are uncertain; providing the tangible common equity ratio including AOCI enables investors and others to assess the Bancorp’s use of equity if components of AOCI, such as unrealized gains or losses, were to be monetized.

Please note that although non-GAAP financial measures provide useful insight, they should not be considered in isolation or relied upon as a substitute for analysis using GAAP measures.

Please see reconciliations of all historical non-GAAP measures used in this release to the most directly comparable GAAP measures, beginning on the following page.
19

Fifth Third Bancorp and Subsidiaries
Non-GAAP Reconciliation
$ and shares in millionsAs of and For the Three Months Ended
(unaudited)DecemberSeptemberJuneMarchDecember
20252025202520252024
Net interest income$1,529$1,520$1,495$1,437$1,437
Add: Taxable equivalent adjustment45556
Net interest income (FTE) (a)1,5331,5251,5001,4421,443
Net interest income (annualized) (b)6,0666,0305,9965,8285,717
Net interest income (FTE) (annualized) (c)6,0826,0506,0165,8485,741
Interest income2,4682,5192,4842,4322,528
Add: Taxable equivalent adjustment45556
Interest income (FTE)2,4722,5242,4892,4372,534
Interest income (FTE) (annualized) (d)9,80710,0149,9839,88310,081
Interest expense (annualized) (e)3,7253,9633,9674,0354,340
Average interest-earning assets (f)194,144193,500192,682192,808193,513
Average interest-bearing liabilities (g)143,518143,096142,913144,285144,771
Net interest margin (b) / (f)3.12 %3.12 %3.11 %3.02 %2.95 %
Net interest margin (FTE) (c) / (f)3.13 %3.13 %3.12 %3.03 %2.97 %
Net interest rate spread (FTE) (d) / (f) - (e) / (g)2.45 %2.41 %2.40 %2.33 %2.21 %
Income before income taxes$912$837$808$653$764
Add: Taxable equivalent adjustment45556
Income before income taxes (FTE)916842813658770
Net income available to common shareholders699608591478582
Add: Intangible amortization, net of tax55567
Tangible net income available to common shareholders (h)704613596484589
Tangible net income available to common shareholders (annualized) (i)2,7932,4322,3911,9632,343
Average Bancorp shareholders’ equity
21,52721,21620,67020,00019,893
Less: Average preferred stock(1,770)(2,112)(2,116)(2,116)(2,116)
Average goodwill(4,947)(4,937)(4,918)(4,918)(4,918)
Average intangible assets(72)(77)(79)(86)(94)
Average tangible common equity, including AOCI (j)14,73814,09013,55712,88012,765
Less:Average AOCI3,1373,5203,9354,3624,292
Average tangible common equity, excluding AOCI (k)17,87517,61017,49217,24217,057
Total Bancorp shareholders’ equity
21,72421,10721,12420,40319,645
Less:Preferred stock(1,770)(1,770)(2,116)(2,116)(2,116)
Goodwill(4,947)(4,947)(4,918)(4,918)(4,918)
Intangible assets(69)(76)(75)(82)(90)
Tangible common equity, including AOCI (l)14,93814,31414,01513,28712,521
Less:AOCI3,1103,2763,5463,8954,636
Tangible common equity, excluding AOCI (m)18,04817,59017,56117,18217,157
Add:Preferred stock1,7701,7702,1162,1162,116
Tangible equity (n)19,81819,36019,67719,29819,273
Total assets214,376212,903209,991212,669212,927
Less:Goodwill(4,947)(4,947)(4,918)(4,918)(4,918)
Intangible assets(69)(76)(75)(82)(90)
Tangible assets, including AOCI (o)209,360207,880204,998207,669207,919
Less:AOCI, before tax4,0924,3114,6665,1255,868
Tangible assets, excluding AOCI (p)$213,452$212,191$209,664$212,794$213,787
Common shares outstanding (q)661661668667670
Tangible equity (n) / (p)9.28%9.12%9.39%9.07%9.02%
Tangible common equity (excluding AOCI) (m) / (p)8.46%8.29%8.38%8.07%8.03%
Tangible common equity (including AOCI) (l) / (o)7.14%6.89%6.84%6.40%6.02%
Tangible book value per share (including AOCI) (l) / (q)$22.60$21.66$20.98$19.92$18.69
Tangible book value per share (excluding AOCI) (m) / (q)$27.30$26.61$26.29$25.76$25.61
20

Fifth Third Bancorp and Subsidiaries
Non-GAAP Reconciliation
$ in millionsFor the Three Months Ended
(unaudited)DecemberSeptemberDecember
202520252024
Net income (r)$731$649$620
Net income (annualized) (s)2,9002,5752,467
Adjustments (pre-tax items)
Interchange litigation matters112755
Non-qualified deferred compensation expense/(benefit)(5)11(7)
Securities (gains)/losses5(10)8
Litigation settlements(12)——
Merger-related expenses13——
FDIC special assessment(25)(6)(11)
Fifth Third Foundation contribution50—15
Adjustments, after-tax (t)(a)(b)
311647
Adjustments (tax related items)
Benefit related to the resolution of certain tax matters(7)—(15)
Adjustments (tax related items) (u)(7)—(15)
Noninterest income (v)811781732
Interchange litigation matters81851
Litigation settlements(12)——
Noninterest income excluding certain item(s)807799783
Securities (gains)/losses5(10)8
Adjusted noninterest income, excluding certain items and securities (gains)/losses (w)812789791
Noninterest expense (x)1,3091,2671,226
Interchange litigation matters(3)(9)(4)
Merger-related expenses(13)——
FDIC special assessment25611
Fifth Third Foundation contribution(50)—(15)
Noninterest expense excluding certain item(s)1,2681,2641,218
Non-qualified deferred compensation (expense)/benefit5(11)7
Adjusted noninterest expense, excluding certain items and non-qualified deferred compensation (y)1,2731,2531,225
Adjusted net income (r) + (t) + (u)755665652
Adjusted net income (annualized) (z)2,9952,6382,594
Adjusted tangible net income available to common shareholders (h) + (t) + (u)728629621
Adjusted tangible net income available to common shareholders (annualized) (aa)2,8882,4952,470
Average assets (ab)$213,021$211,770$211,709
Return on average tangible common equity (i) / (j)19.0%17.3%18.4%
Return on average tangible common equity excluding AOCI (i) / (k)15.6%13.8%13.7%
Adjusted return on average tangible common equity, including AOCI (aa) / (j)19.6%17.7%19.3%
Adjusted return on average tangible common equity, excluding AOCI (aa) / (k)16.2%14.2%14.5%
Return on average assets (s) / (ab)1.36%1.21%1.17%
Adjusted return on average assets (z) / (ab)1.41%1.25%1.23%
Efficiency ratio (FTE) (x) / [(a) + (v)]55.8%54.9%56.4%
Adjusted efficiency ratio (y) / [(a) + (w)]54.3%54.1%54.8%
Total revenue (FTE) (a) + (v)$2,344$2,306$2,175
Adjusted total revenue (FTE) (a) + (w)$2,345$2,314$2,234
Pre-provision net revenue (PPNR) (a) + (v) - (x)$1,035$1,039$949
Adjusted pre-provision net revenue (PPNR) (a) + (w) - (y)$1,072$1,061$1,009
Totals may not foot due to rounding.
(a) Assumes a 23% tax rate in 2024 and a 24% tax rate in 2025.
(b) A portion of the adjustments related to merger-related expenses are not tax-deductible.
21