Last $21.03 USD
Change Today -0.12 / -0.57%
Volume 9.5M
As of 5:20 PM 04/24/14 All times are local (Market data is delayed by at least 15 minutes).

fifth third bancorp (FITB) Key Developments

Fifth Third Bancorp Reports Earnings Results for the First Quarter Ended March 31, 2014; Reports Net Charge-Offs for the First Quarter Ended March 31, 2014; Provides Tax Rate Guidance for the Year 2014

Fifth Third Bancorp reported earnings results for the first quarter ended March 31, 2014. For the quarter, the company's net income attributable to Bancorp was $318 million versus net income of $402 million in the fourth quarter of 2013 and $422 million in the first quarter of 2013. After preferred dividends, net income available to common shareholders was $309 million, or $0.36 per diluted share, in the first quarter 2014, compared with $383 million, or $0.43 per diluted share, in the fourth quarter of 2013, and $413 million, or $0.46 per diluted share, in the first quarter of 2013. Significant items during the quarter included a $36 million negative valuation on the Vantiv warrant, litigation reserve charges of $51 million and a few other items that Tayfun will cover. These items reduced EPS in the quarter by approximately $0.07. Net income available to common shareholders was $309 million against $413 million a year ago. Return on average assets was 1.00% against 1.41% a year ago. Return on average common equity was 9.0% against 12.5% a year ago. Return on average tangible common equity was 11.0% against 15.4% a year ago. Net interest income (taxable equivalent) was $898 million against $893 million a year ago. Income before income taxes (taxable equivalent) was $443 million against $596 million a year ago. Book value per share was $16.27 and tangible book value per share of $13.40, up 3% from fourth quarter 2013 and up 6% from first quarter 2013. For the period, the company's net charge-offs of $168 million against $133 million a year ago. The first quarter of 2014 included three credits that together resulted in combined charge-offs of $60 million. The company expects the full year 2014 effective tax rate to be in the 27% to 27.5% range.

Fifth Third Bancorp Announces Board Changes

Fifth Third Bancorp announced that its Board of Directors has elected James P. Hackett as the non-executive chairman of the Board following the retirement of William Isaac at the Annual Meeting of the Shareholders. Additionally, the Board elected Marsha C. Williams as the lead director of the Board to replace Hackett. Hackett is vice chair of the board of directors of Steelcase Inc., a manufacturer of office systems. He retired from the CEO role at Steelcase in February 2014, after overseeing all domestic and international operations of the company for more than 19 years. Williams is the retired senior vice president and chief financial officer for Orbitz Worldwide Inc. Williams also previously served as executive vice president and CFO of Equity Office Properties Trust.

Fifth Third Bancorp Announces Executive Changes

Fifth Third Bancorp announced that Steven Alonso, most recently executive vice president and head of the Consumer Bank, will take on a new role as regional president of a newly created Fifth Third Bank (Indiana) affiliate. Alonso will lead Fifth Third's operations within the state of Indiana under the new Fifth Third Bank (Indiana) affiliate, encompassing the Bank's Southern and Central Indiana affiliates. He will continue to report to Greg Carmichael, president and chief operating officer for Fifth Third Bancorp. Alonso joined Fifth Third Bank in November 2008, and prior to his role as head of the Consumer Bank, he served as executive vice president and head of Mortgage and Consumer Lending. He also has been responsible for Business Banking for the Bancorp. Chad Borton, former senior vice president and Head of the Retail Bank will now become executive vice president and Head of the Consumer Bank, succeeding Alonso and reporting to Carmichael. Prior to joining Fifth Third in July 2012, Borton held several senior management positions at JP Morgan Chase, including Consumer Bank chief financial officer and head of the Retail Distribution Network. Replacing Borton as Head of the Retail Bank is Mike Butera, former senior vice president and Retail Executive for Fifth Third's Cincinnati affiliate. Butera joined the Bank in 2003 as the Retail CFO and also served as managing director of Distribution Strategy and managing director in the Strategic Planning group.

Fifth Third Bank Announces Financial Supply Chain Management Services

Fifth Third Bank announced a service offering for companies with more than $500 million in revenue that will help optimize their financial supply chain, which includes the transactions that take place between the business and its suppliers involving the purchase of goods and services. Through this offering, the Bank works closely with clients to implement the appropriate financial supply chain solution to support the company's capital strategy while also improving the quality of supplier relationships. The banks approach takes into account all facets of a company's financial supply chain with a comprehensive analysis that includes liquidity needs, working capital, and payment efficiency.

Fifth Third Bancorp Announces Cash Dividends on Common Shares and Preferred Stock for the First Quarter of 2014

Fifth Third Bancorp declared a cash dividend on its common shares of $0.12 for the first quarter of 2014. The dividend is payable on April 17, 2014 to shareholders of record as of March 31, 2014. Fifth Third also declared a cash dividend on its 6.625% Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series I, at the rate of $515.28 per share, which equates to approximately $0.515 for each depositary share. Each depositary share represents a 1/1000th ownership interest in a share of Series I Preferred Stock. The Series I dividend is payable on March 31, 2014 to shareholders of record as of March 28, 2014 for the dividend period commencing on December 9, 2013 and ending on March 31, 2014.

 

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Price/Earnings 11.1x
Price/Sales 2.9x
Price/Book 1.3x
Price/Cash Flow 10.3x
TEV/Sales NM Not Meaningful
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