2358b6ab7ed03219a827a8d1d35b01a100a2135a11db7fbf014f37aa84f87d34

The documents provided do not include any explanation for the low **Provision for credit losses** in Q4 2023, so I cannot provide a detailed reason for the low value in that period.   

Why was Provision for credit losses so low in Q4 2023?

The jump in noninterest expense in Q4 2023 was primarily driven by a **$224 million FDIC special assessment**, a **$15 million contribution to the Fifth Third Foundation**, and a **$5 million restructuring severance expense**. These items together contributed to a significant **$267 million (22%)** increase from Q3 2023, while other adjusted expense components had a more modest impact.  **[0000035527-24-000005_q42023earningsrelease.htm:5]** 

What drove the jump in Noninterest expense in Q4 2023?

The **net income** fell in **Q4 2023** primarily due to a **decline in Net Interest Income (NII)**, which decreased by **$132 million (9%)** year-over-year—driven by higher funding costs as interest rates increased. This reduction was only partly offset by a significant **$70 million (43%) decrease in Provision for Credit Losses**, a modest **$14 million (2%) rise in Noninterest Income**, and a slight **$11 million (1%) increase in Noninterest Expense**.  **[0000035527-24-000154_q12024earningsrelease.htm:2]** 

Why did Net income fall in Q4 2023?

The drop in **Total revenue (FTE)** in Q1 2024 was primarily due to a **9% decline** in **Net Interest Income** (falling from **$1,522 million** in Q1 2023 to **$1,390 million** in Q1 2024) and a significant **43% reduction** in **Provision for Credit Losses** (decreasing from **$164 million** to **$94 million**). Although **Noninterest Income** experienced a modest **2% increase** (from **$696 million** to **$710 million**), it was not sufficient to counterbalance the negative impact of the declines, leading to the overall decrease in Total revenue from **$2,218 million** to **$2,100 million**.  **[0000035527-24-000166_fitb-20240331.htm:10]** 

What caused the drop in Total revenue (FTE) in Q1 2024?

bbef280d609f6e446167656cba7baf3b63781b90cbb47c8e1d287284ee2e13ef

The surge in **Held-to-Maturity securities** in Q1 2024 was primarily driven by a **transfer of $12.6 billion** of securities from the **Available-for-Sale (AFS)** category. This move was implemented as the company changed its intent to hold these securities to maturity in order to reduce potential capital volatility. The transfer involved **U.S. Treasury and federal agencies securities, agency residential mortgage-backed securities, and agency commercial mortgage-backed securities**, even though it also incorporated **pre-tax unrealized losses of $994 million** that will be amortized over time.  **[0000035527-24-000166_fitb-20240331.htm:32]** 

Why did Held-to-maturity securities suddenly surge in Q1 2024?

The documents do not provide any information detailing what caused the spike in **Equity securities** in **Q4 2023**.   

What caused the spike in Equity securities in Q4 2023?

The documents do not provide any details on what drove the **increase in Long-term debt** in **Q3 2024**. The available information only shows the debt amount without an accompanying explanation for the change.   

What drove the increase in Long-term debt in Q3 2024?

Other short-term borrowings dropped sharply in Q3 2024 because FITB increased its use of long-term debt, reducing the reliance on short-term funding by an **average decrease of $1.1 billion** compared to Q3 2023, and there was an **end-of-period decline of $1.4 billion** due to the maturity of Federal Home Loan Bank advances, which were not replaced given the lower need for short-term funding.  **[0000035527-24-000249_fitb-20240930.htm:40]** **[0000035527-24-000249_fitb-20240930.htm:39]** 

Why did Other short-term borrowings drop so sharply in Q3 2024?

db22e65df7b1cb1a485e88149e620606dc9f861ccee6d608a6d13c00b0f6970d

Net interest income (U.S. GAAP) (USD, millions)

Net interest income (FTE) (USD, millions)

Noninterest income (USD, millions)

Total revenue (FTE) (USD, millions)

Provision for credit losses (USD, millions)

Noninterest expense (USD, millions)

Net income (USD, millions)

Net income available to common shareholders (USD, millions)

24b7ddf340494c909be513189231c395c7bb2f943afbbbf1ea70370a9f6cf091

5b3f92691d4e0358138b033e247eed5e81358090d4fee897a768081c81c17599

Adjustments for Non-Cash Items [USD, M]

Stock-Based Compensation [USD, M]

Changes in Working Capital [USD, M]

Capital Expenditures (CapEx) [USD, M]

Proceeds from / Repayments of Debt [USD, M]

Share Repurchases [USD, M]

Dividend Payments [USD, M]

Net Change in Cash [USD, M]

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Total Revenue [USD, Millions]

Cost of Goods Sold (COGS) [USD, Millions]

SG&A [USD, Millions]

R&D [USD, Millions]

D&A [USD, Millions]

Interest Expense [USD, Millions]

Operating Income (EBIT) [USD, Millions]

Net Income [USD, Millions]

EPS - Basic [USD]

EPS - Diluted [USD]

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Cash and Cash Equivalents [USD, Millions]

Goodwill [USD, Millions]

Shareholders' Equity [USD, Millions]

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Common Stock [USD, Millions]

Additional Paid-in Capital [USD, Millions]

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FIFTH THIRD BANCORP (FITB)

Financials