CINCINNATI (April 21, 2015_ — Fifth Third Bancorp on Tuesday reported first quarter 2015 net income of $382 million versus net income of $385 million in the fourth quarter of 2014 and $318 million in the first quarter of 2014.
After preferred dividends, Fifth Third net income available to common shareholders was $367 million, or $0.44 per diluted share, in the first quarter of 2015, compared with $362 million, or $0.43 per diluted share, in the fourth quarter of 2014, and $309 million, or $0.36 per diluted share, in the first quarter of 2014.
Net 1Q15 interest income (FTE) was $852 million, down 4 percent sequentially and down 5 percent from 1Q14. The net interest margin was 2.86 percent, down 10 basis points sequentially.
Average portfolio loans were $90.5 billion, down $533 million sequentially due to the transfer of $720 million of residential mortgage TDRs to held-for-sale in 4Q14 (reduced average balances by $694 million); loans were up $978 million from 1Q14, driven by increases in C&I loans.
Noninterest income of $660 million compared with $653 million in the prior quarter; this was impacted by the gain on sale of residential mortgage TDRs in 1Q15 and valuations on the Vantiv warrant in both quarters.
Noninterest expense were $923 million, up 1 percent from prior quarter driven by seasonally higher compensation-related expenses, partially offset by lower credit-related costs.
A diversified financial services company headquartered in Cincinnati, Fifth Third as of March 31 had $140 billion in assets and operated 15 affiliates with 1,303 full-service banking centers, including 101 Bank Mart® locations, most open seven days a week, inside select grocery stores and 2,637 ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Pennsylvania, Missouri, Georgia and North Carolina.
Fifth Third’s four main businesses are commercial banking, branch banking, consumer lending, and investment advising. Among the largest money managers in the Midwest, Fifth Third has $308 billion in assets under care, of which it managed $27 billion for individuals, corporations and not-for-profit organizations.