Fifth Third Bancorp

04/17/2025 | Press release | Distributed by Public on 04/17/2025 04:31

Fifth Third Bancorp Reports First Quarter 2025 Diluted Earnings Per Share of $0.71 (Form 8-K)

Fifth Third Bancorp Reports First Quarter 2025 Diluted Earnings Per Share of $0.71
Loan growth, net interest margin expansion, and expense discipline leads to positive operating leverage
Reported results included a negative $0.02 impact from certain items on page 2
Key Financial Data Key Highlights
$ in millions for all balance sheet and income statement items
1Q25
4Q24
1Q24
Stability:
•Resilient balance sheet delivered stable NII sequentially and 4% growth compared to 1Q24, attributed to loan growth, deposit rate management, and fixed-rate asset repricing
•Net charge-off ratio remained stable sequentially
Profitability:
•Continued expense discipline:
◦Expenses down 3% compared to 1Q24, and stable on an adjusted basis.
◦Efficiency ratio(a) of 61.0%. Adjusted efficiency ratio(a) of 60.5% improved 110 bps compared to 1Q24
•Net interest margin expanded for the 5th consecutive quarter. Interest-bearing liabilities costs down 20 bps from 4Q24
Growth:
•Average loans up 3% sequentially and year-over-year due to growth in both commercial and consumer lending
•Generated 20% more commercial new quality relationships compared to 1Q24
•Wealth & asset management revenue up 7% and commercial payments revenue up 6% year-over-year
Income Statement Data
Net income available to common shareholders $478 $582 $480
Net interest income (U.S. GAAP) 1,437 1,437 1,384
Net interest income (FTE)(a)
1,442 1,443 1,390
Noninterest income 694 732 710
Noninterest expense 1,304 1,226 1,342
Per Share Data
Earnings per share, basic $0.71 $0.86 $0.70
Earnings per share, diluted 0.71 0.85 0.70
Book value per share 27.41 26.17 24.72
Tangible book value per share(a)
19.92 18.69 17.35
Balance Sheet & Credit Quality
Average portfolio loans and leases $121,272 $117,860 $117,334
Average deposits 164,157 167,237 168,122
Accumulated other comprehensive loss (3,895) (4,636) (4,888)
Net charge-off ratio(b)
0.46 % 0.46 % 0.38 %
Nonperforming asset ratio(c)
0.81 0.71 0.64
Financial Ratios
Return on average assets 0.99 % 1.17 % 0.98 %
Return on average common equity 10.8 13.0 11.6
Return on average tangible common equity(a)
15.2 18.4 17.0
CET1 capital(d)(e)
10.45 10.57 10.47
Net interest margin(a)
3.03 2.97 2.86
Efficiency(a)
61.0 56.4 63.9
Other than the Quarterly Financial Review tables beginning on page 13, 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.
From Tim Spence, Fifth Third Chairman, CEO and President:
Fifth Third delivered another quarter of strong financial results reflecting our resilient balance sheet, diversified business mix, and disciplined expense management. We again generated positive operating leverage, delivered loan growth, and expanded net interest margin.

This environment of increased economic uncertainty has reinforced the importance of building a bank that produces strong through-the-cycle returns across a range of potential outcomes. Our balance sheet remains well-diversified and neutrally positioned. We remain proactive in managing our credit risk and stress testing our portfolio under many scenarios.

Our strategic investments continue to drive growth in consumer households and commercial relationships as well as year-over-year growth in commercial payments and wealth & asset management revenue. Our strong returns on capital enabled $225 million of share repurchases during the quarter and a 5% increase in tangible book value per share, excluding AOCI, over the past year.

As we navigate this environment, we will continue to follow our operating principles of stability, profitability, and growth - in that order.
Investor contact: Matt Curoe (513) 534-2345 | Media contact: Jennifer Hendricks Sullivan (614) 744-7693 April 17, 2025

Income Statement Highlights
($ in millions, except per share data) For the Three Months Ended % Change
March December March
2025 2024 2024 Seq Yr/Yr
Condensed Statements of Income
Net interest income (NII)(a)
$1,442 $1,443 $1,390 - 4%
Provision for credit losses 174 179 94 (3)% 85%
Noninterest income 694 732 710 (5)% (2)%
Noninterest expense 1,304 1,226 1,342 6% (3)%
Income before income taxes(a)
$658 $770 $664 (15)% (1)%
Taxable equivalent adjustment $5 $6 $6 (17)% (17)%
Applicable income tax expense 138 144 138 (4)% -
Net income $515 $620 $520 (17)% (1)%
Dividends on preferred stock 37 38 40 (3)% (8)%
Net income available to common shareholders $478 $582 $480 (18)% -
Earnings per share, diluted $0.71 $0.85 $0.70 (16)% 1%
Fifth Third Bancorp (NASDAQ®: FITB) today reported first quarter 2025 net income available to common shareholders of $478 million, or $0.71 per diluted share, compared to $582 million, or $0.85 per diluted share, in the prior quarter and $480 million, or $0.70 per diluted share, in the year-ago quarter.

Diluted earnings per share impact of certain item(s) - 1Q25
(after-tax impact; $ in millions, except per share data)
Valuation of Visa total return swap (noninterest income)(f)
$(14)
After-tax impact(f) of certain item(s)
$(14)
Diluted earnings per share impact of certain item(s)1
$(0.02)
Totals may not foot due to rounding; 1Diluted earnings per share impact reflects 676.040 million average diluted shares outstanding

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Net Interest Income
(FTE; $ in millions)(a)
For the Three Months Ended % Change
March December March
2025 2024 2024 Seq Yr/Yr
Interest Income
Interest income $2,437 $2,534 $2,614 (4)% (7)%
Interest expense 995 1,091 1,224 (9)% (19)%
Net interest income (NII) $1,442 $1,443 $1,390 - 4%
Average Yield/Rate Analysis bps Change
Yield on interest-earning assets 5.13 % 5.21 % 5.38 % (8) (25)
Rate paid on interest-bearing liabilities 2.80 % 3.00 % 3.36 % (20) (56)
Ratios
Net interest rate spread 2.33 % 2.21 % 2.02 % 12 31
Net interest margin (NIM) 3.03 % 2.97 % 2.86 % 6 17
Compared to the prior quarter, NII was stable, primarily reflecting higher average commercial loan balances, fixed-rate asset repricing and a combination of seasonal fluctuations and strategic deposit management actions decreasing the cost of interest-bearing deposits, offset by the impact of market rates on floating rate loans and lower day count. These same factors, coupled with the normalization of cash and other short-term investment balances contributed to the 6 bps increase in NIM.
Compared to the year-ago quarter, NII increased $52 million, or 4%, and NIM increased 17 bps. This year-over-year improvement was due to the benefits from proactive deposit and wholesale funding management decreasing interest-bearing liabilities costs by 56 bps and the benefit of fixed-rate asset repricing, which more than offset the impact of lower market rates on floating rate assets.

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Noninterest Income
($ in millions) For the Three Months Ended % Change
March December March
2025 2024 2024 Seq Yr/Yr
Noninterest Income
Wealth and asset management revenue $172 $163 $161 6% 7%
Commercial payments revenue 153 155 145 (1)% 6%
Consumer banking revenue 137 137 135 - 1%
Capital markets fees 90 123 97 (27)% (7)%
Commercial banking revenue 80 109 85 (27)% (6)%
Mortgage banking net revenue 57 57 54 - 6%
Other noninterest income (loss) 14 (4) 23 NM (39)%
Securities (losses) gains, net (9) (8) 10 13% NM
Total noninterest income $694 $732 $710 (5)% (2)%
Reported noninterest income decreased $38 million, or 5%, from the prior quarter, and decreased $16 million, or 2%, from the year-ago quarter. The reported results reflect the impact of certain items in the table below, including the mark-to-market on the valuation of the Visa total return swap and securities gains/losses which incorporate mark-to-market impacts from securities associated with non-qualified deferred compensation plans that are more than offset in noninterest expense.
Noninterest Income excluding certain items
($ in millions) For the Three Months Ended
March December March % Change
2025 2024 2024 Seq Yr/Yr
Noninterest Income excluding certain items
Noninterest income (U.S. GAAP) $694 $732 $710
Valuation of Visa total return swap 18 51 17
Securities (gains) losses, net 9 8 (10)
Noninterest income excluding certain items(a)
$721 $791 $717 (9)% 1%
Noninterest income excluding certain items decreased $70 million, or 9%, compared to the prior quarter, but increased $4 million, or 1%, from the year-ago quarter.
Compared to the prior quarter, wealth and asset management revenue increased $9 million, or 6%, primarily due to seasonal tax-related revenue and increased customer transaction activity. Commercial payments revenue decreased $2 million, or 1%, primarily driven by seasonality. Capital markets fees decreased $33 million, or 27%, reflecting decreases in syndication and M&A advisory fees due to seasonality and market uncertainty. Commercial banking revenue decreased $29 million, or 27%, primarily reflecting decreases in lease syndication and remarketing.
Compared to the year-ago quarter, wealth and asset management revenue increased $11 million, or 7%, primarily reflecting an increase in personal asset management revenue due to AUM growth. Commercial payments revenue increased $8 million, or 6%, primarily driven by deposit fees. Consumer banking revenue increased $2 million, or 1%, primarily driven by deposit fees. Capital markets fees decreased $7 million, or 7%, reflecting a decrease in syndication fees and M&A advisory fees, partially offset by an increase in client financial risk management revenue. Commercial banking revenue decreased $5 million, or 6%, primarily reflecting the continued decrease in operating lease revenue, partially offset by an increase in lease syndication and remarketing. Mortgage banking net revenue increased $3 million, or 6%, due to the prior year loss on MSR net valuation adjustments not recurring in the current quarter.

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Noninterest Expense
($ in millions) For the Three Months Ended % Change
March December March
2025 2024 2024 Seq Yr/Yr
Noninterest Expense
Compensation and benefits $750 $665 $753 13% -
Technology and communications 123 123 117 - 5%
Net occupancy expense 87 88 87 (1)% -
Equipment expense 42 39 37 8% 14%
Loan and lease expense 30 36 29 (17)% 3%
Marketing expense 28 23 32 22% (13)%
Card and processing expense 21 21 20 - 5%
Other noninterest expense 223 231 267 (3)% (16)%
Total noninterest expense $1,304 $1,226 $1,342 6% (3)%
Reported noninterest expense increased $78 million, or 6%, from the prior quarter, and decreased $38 million, or 3%, from the year-ago quarter. The reported results reflect the impact of certain items in the table below.
Noninterest Expense excluding certain item(s)
($ in millions) For the Three Months Ended % Change
March December March
2025 2024 2024 Seq Yr/Yr
Noninterest Expense excluding certain item(s)
Noninterest expense (U.S. GAAP) $1,304 $1,226 $1,342
Fifth Third Foundation contribution - (15) -
Interchange litigation matters - (4) (5)
FDIC special assessment - 11 (33)
Noninterest expense excluding certain item(s)(a)
$1,304 $1,218 $1,304 7% -

Compared to the prior quarter, noninterest expense excluding certain items increased $86 million, or 7%, primarily reflecting a seasonal increase in compensation and benefits expense. Noninterest expense in the current quarter included a $4 million benefit related to the mark-to-market impact of non-qualified deferred compensation compared to a $7 million benefit in the prior quarter, both of which were largely offset in net securities losses through noninterest income.
Compared to the year-ago quarter, noninterest expense excluding certain items was stable. The year-ago quarter included an $11 million expense related to the mark-to-market impact of non-qualified deferred compensation, which was largely offset in net securities gains through noninterest income.
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Average Interest-Earning Assets
($ in millions) For the Three Months Ended % Change
March December March
2025 2024 2024 Seq Yr/Yr
Average Portfolio Loans and Leases
Commercial loans and leases:
Commercial and industrial loans $53,401 $51,567 $53,183 4% -
Commercial mortgage loans 12,368 11,792 11,339 5% 9%
Commercial construction loans 5,797 5,702 5,732 2% 1%
Commercial leases 3,110 2,902 2,542 7% 22%
Total commercial loans and leases $74,676 $71,963 $72,796 4% 3%
Consumer loans:
Residential mortgage loans $17,552 $17,322 $16,977 1% 3%
Home equity 4,222 4,125 3,933 2% 7%
Indirect secured consumer loans 16,476 16,100 15,172 2% 9%
Credit card 1,627 1,668 1,773 (2)% (8)%
Solar energy installation loans 4,221 4,137 3,794 2% 11%
Other consumer loans 2,498 2,545 2,889 (2)% (14)%
Total consumer loans $46,596 $45,897 $44,538 2% 5%
Total average portfolio loans and leases $121,272 $117,860 $117,334 3% 3%
Average Loans and Leases Held for Sale
Commercial loans and leases held for sale $64 $48 $74 33% (14)%
Consumer loans held for sale 428 584 291 (27)% 47%
Total average loans and leases held for sale $492 $632 $365 (22)% 35%
Total average loans and leases $121,764 $118,492 $117,699 3% 3%
Securities (taxable and tax-exempt) $56,598 $56,702 $56,456 - -
Other short-term investments 14,446 18,319 21,194 (21)% (32)%
Total average interest-earning assets $192,808 $193,513 $195,349 - (1)%
Compared to the prior quarter, total average portfolio loans and leases increased 3%. Average commercial portfolio loans and leases increased 4%, primarily reflecting increases in C&I loans, commercial mortgage loans, and commercial leases. Average consumer portfolio loans increased 2%, primarily reflecting increases in indirect secured consumer and residential mortgage loans.
Compared to the year-ago quarter, total average portfolio loans and leases increased 3%. Average commercial portfolio loans and leases increased 3%, primarily reflecting increases in commercial mortgage loans and commercial leases. Average consumer portfolio loans increased 5%, primarily reflecting increases in indirect secured consumer loans, residential mortgage loans, and solar energy installation loans.
Average securities (taxable and tax-exempt; amortized cost) of $57 billion in the current quarter were stable compared to the prior and year-ago quarter. Average other short-term investments (including interest-bearing cash) of $14 billion in the current quarter decreased 21% compared to the prior quarter and decreased 32% compared to the year-ago quarter due to proactive liability management.
Period-end commercial portfolio loans and leases of $75 billion increased 3% compared to the prior quarter, primarily reflecting increases in C&I loans and commercial construction loans. Compared to the year-ago quarter, period-end commercial portfolio loans and leases increased 4%, primarily due to increases in C&I loans, commercial mortgage loans and commercial leases.
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Period-end consumer portfolio loans of $47 billion increased 1% compared to the prior quarter, primarily reflecting an increase in indirect secured consumer loans. Compared to the year-ago quarter, period-end consumer portfolio loans increased 6%, primarily driven by increases in indirect secured consumer loans, residential mortgage, and solar energy installation loans, partially offset by a decrease in other consumer loans.
Total period-end securities (taxable and tax-exempt; amortized cost) of $56 billion in the current quarter decreased 1% compared to the prior quarter and were stable compared to the year-ago quarter. Period-end other short-term investments of approximately $15 billion decreased 13% compared to the prior quarter, and decreased 34% compared to the year-ago quarter.
Average Deposits
($ in millions) For the Three Months Ended % Change
March December March
2025 2024 2024 Seq Yr/Yr
Average Deposits
Demand $39,788 $40,137 $40,839 (1)% (3)%
Interest checking 57,964 59,441 58,822 (2)% (1)%
Savings 17,226 17,257 18,107 - (5)%
Money market 36,453 37,279 34,589 (2)% 5%
Total transaction deposits $151,431 $154,114 $152,357 (2)% (1)%
CDs $250,000 or less 10,380 10,592 10,244 (2)% 1%
Total core deposits $161,811 $164,706 $162,601 (2)% -
CDs over $250,0001
2,346 2,531 5,521 (7)% (58)%
Total average deposits $164,157 $167,237 $168,122 (2)% (2)%
1CDs over $250,000 includes $1.3BN, $1.5BN, and $4.7BN of retail brokered certificates of deposit which are fully covered by FDIC insurance for the three months ended 3/31/25, 12/31/24, and 3/31/24, respectively.
Compared to the prior quarter, total average deposits were down 2%, primarily reflecting seasonal decreases in interest checking and money market deposits. Average demand deposits represented 25% of total core deposits in the current quarter compared to 24% in the prior quarter and 25% in the year-ago quarter. Period-end total deposits decreased 1%.
Compared to the year-ago quarter, total average deposits decreased 2%, primarily due to decreases in retail brokered deposits and demand deposits, partially offset by an increase in money market deposits. Period-end total deposits decreased 2%.
The period-end portfolio loan-to-core deposit ratio was 75% in the current quarter, compared to 73% in the prior quarter and 71% in the year-ago quarter.

Average Wholesale Funding
($ in millions) For the Three Months Ended % Change
March December March
2025 2024 2024 Seq Yr/Yr
Average Wholesale Funding
CDs over $250,0001
$2,346 $2,531 $5,521 (7)% (58)%
Federal funds purchased 194 223 201 (13)% (3)%
Securities sold under repurchase agreements 286 313 366 (9)% (22)%
FHLB advances 4,767 1,567 3,111 204% 53%
Derivative collateral and other secured borrowings 84 76 57 11% 47%
Long-term debt 14,585 15,492 15,515 (6)% (6)%
Total average wholesale funding $22,262 $20,202 $24,771 10% (10)%
1CDs over $250,000 includes $1.3BN, $1.5BN, and $4.7BN of retail brokered certificates of deposit which are fully covered by FDIC insurance for the three months ended 3/31/25, 12/31/24, and 3/31/24, respectively.
Compared to the prior quarter, average wholesale funding increased 10%, primarily driven by an increase in short-term FHLB advances, partially offset by a decrease in retail brokered deposits. The 10% decrease in average wholesale funding compared to the year-ago quarter was driven by decreases in retail brokered deposits and long-term debt, partially offset by an increase in short-term FHLB advances.
Credit Quality Summary
($ in millions) As of and For the Three Months Ended
March December September June March
2025 2024 2024 2024 2024
Total nonaccrual portfolio loans and leases (NPLs) $966 $823 $686 $606 $708
Repossessed property 9 9 11 9 8
OREO 21 21 28 28 27
Total nonperforming portfolio loans and leases and OREO (NPAs) $996 $853 $725 $643 $743
NPL ratio(g)
0.79 % 0.69 % 0.59 % 0.52 % 0.61 %
NPA ratio(c)
0.81 % 0.71 % 0.62 % 0.55 % 0.64 %
Portfolio loans and leases 30-89 days past due (accrual) $385 $303 $283 $302 $342
Portfolio loans and leases 90 days past due (accrual) 33 32 40 33 35
30-89 days past due as a % of portfolio loans and leases 0.31 % 0.25 % 0.24 % 0.26 % 0.29 %
90 days past due as a % of portfolio loans and leases 0.03 % 0.03 % 0.03 % 0.03 % 0.03 %
Allowance for loan and lease losses (ALLL), beginning $2,352 $2,305 $2,288 $2,318 $2,322
Total net losses charged-off (136) (136) (142) (144) (110)
Provision for loan and lease losses 168 183 159 114 106
ALLL, ending $2,384 $2,352 $2,305 $2,288 $2,318
Reserve for unfunded commitments, beginning $134 $138 $137 $154 $166
Provision for (benefit from) the reserve for unfunded commitments 6 (4) 1 (17) (12)
Reserve for unfunded commitments, ending $140 $134 $138 $137 $154
Total allowance for credit losses (ACL) $2,524 $2,486 $2,443 $2,425 $2,472
ACL ratios:
As a % of portfolio loans and leases 2.07 % 2.08 % 2.09 % 2.08 % 2.12 %
As a % of nonperforming portfolio loans and leases 261 % 302 % 356 % 400 % 349 %
As a % of nonperforming portfolio assets 253 % 291 % 337 % 377 % 333 %
ALLL as a % of portfolio loans and leases 1.95 % 1.96 % 1.98 % 1.96 % 1.99 %
Total losses charged-off $(173) $(175) $(183) $(182) $(146)
Total recoveries of losses previously charged-off 37 39 41 38 36
Total net losses charged-off $(136) $(136) $(142) $(144) $(110)
Net charge-off ratio (NCO ratio)(b)
0.46 % 0.46 % 0.48 % 0.49 % 0.38 %
Commercial NCO ratio 0.35 % 0.32 % 0.40 % 0.45 % 0.19 %
Consumer NCO ratio 0.63 % 0.68 % 0.62 % 0.57 % 0.67 %
The provision for credit losses totaled $174 million in the current quarter. The ACL ratio was 2.07% of total portfolio loans and leases at quarter end, compared with 2.08% for the prior quarter end and 2.12% for the year-ago quarter end. In the current quarter, the ACL was 261% of nonperforming portfolio loans and leases and 253% of nonperforming portfolio assets.
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Net charge-offs were $136 million in the current quarter, resulting in an NCO ratio of 0.46%, which was flat compared to the prior quarter. Commercial net charge-offs were $64 million, resulting in a commercial NCO ratio of 0.35%, which increased 3 bps compared to the prior quarter. Consumer net charge-offs were $72 million, resulting in a consumer NCO ratio of 0.63%, which decreased 5 bps compared to the prior quarter.
Compared to the year-ago quarter, net charge-offs increased $26 million and the NCO ratio increased 8 bps. The commercial NCO ratio increased 16 bps compared to the prior year, and the consumer NCO ratio decreased 4 bps compared to the prior year.
Nonperforming portfolio loans and leases were $966 million in the current quarter, with the resulting NPL ratio of 0.79%. Compared to the prior quarter, NPLs increased $143 million with the NPL ratio increasing 10 bps. Compared to the year-ago quarter, NPLs increased $258 million with the NPL ratio increasing 18 bps.
Nonperforming portfolio assets were $996 million in the current quarter, with the resulting NPA ratio of 0.81%. Compared to the prior quarter, NPAs increased $143 million with the NPA ratio increasing 10 bps. Compared to the year-ago quarter, NPAs increased $253 million with the NPA ratio increasing 17 bps.

Capital Position
As of and For the Three Months Ended
March December September June March
2025 2024 2024 2024 2024
Capital Position
Average total Bancorp shareholders' equity as a % of average assets
9.50 % 9.40 % 9.47 % 8.80 % 8.78 %
Tangible equity(a)
9.07 % 9.02 % 8.99 % 8.91 % 8.75 %
Tangible common equity (excluding AOCI)(a)
8.07 % 8.03 % 8.00 % 7.92 % 7.77 %
Tangible common equity (including AOCI)(a)
6.40 % 6.02 % 6.52 % 5.80 % 5.67 %
Regulatory Capital Ratios(d)(e)
CET1 capital
10.45 % 10.57 % 10.75 % 10.62 % 10.47 %
Tier 1 risk-based capital
11.73 % 11.86 % 12.07 % 11.93 % 11.77 %
Total risk-based capital
13.66 % 13.86 % 14.13 % 13.95 % 13.81 %
Leverage 9.19 % 9.22 % 9.11 % 9.07 % 8.94 %
CET1 capital ratio of 10.45% decreased 12 bps sequentially due to loan growth during the quarter driving an increase in risk-weighted assets. During the first quarter of 2025, Fifth Third repurchased $225 million of its common stock, which reduced shares outstanding by approximately 5.2 million at quarter end.

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Tax Rate
The effective tax rate for the quarter was 21.2% compared with 18.8% in the prior quarter and 21.1% in the year-ago quarter.
Conference Call
Fifth Third will host a conference call to discuss these financial results at 9:00 a.m. (Eastern Time) today. This conference call will be webcast live and may be accessed through the Fifth Third Investor Relations website at www.53.com (click on "About Us" then "Investor Relations"). Those unable to listen to the live webcast may access a webcast replay through the Fifth Third Investor Relations website at the same web address, which will be available for 30 days.
Corporate Profile
Fifth Third is a bank that's as long on innovation as it is on history. Since 1858, we've been helping individuals, families, businesses and communities grow through smart financial services that improve lives. Our list of firsts is extensive, and it's one that continues to expand as we explore the intersection of tech-driven innovation, dedicated people, and focused community impact. Fifth Third is one of the few U.S.-based banks to have been named among Ethisphere's World's Most Ethical Companies® for several years. With a commitment to taking care of our customers, employees, communities and shareholders, our goal is not only to be the nation's highest performing regional bank, but to be the bank people most value and trust.

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 beginning on page 25.
(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, September 30, 2024, June 30, 2024 and March 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.

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