{"schemaVersion":1,"research":true,"symbol":"fitb","name":"Fifth Third Bancorp","topic":"moat","path":"/stock/fitb/moat","status":"stale","version":8,"updatedAt":"2026-10-19T16:02:36.970Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"uncertain","summary":"Fifth Third demonstrates deposit share gains, repeat payments demand and productive branch expansion, but the passages do not establish durable switching costs or a sustained funding-cost advantage over competitors. Third-quarter results strengthen evidence of growth and integration execution; rising deposit costs and earnings credits show limits to pricing power. The competitive position remains insufficiently established rather than demonstrably weak.","advantages":[{"mechanism":"switching_costs","claim":"Commercial payments relationships and cross-selling demonstrate repeat demand and potential customer integration benefits. Actual switching costs are not established.","durability":"Payments growth across multiple periods supports relationship continuity, but neither migration costs nor sustained customer dependence is quantified.","risks":"Meaningful alternatives exist across significant products. Higher earnings credits offset third-quarter payments deposit-fee growth; acquisition contributions complicate growth comparisons.","invalidation":"The relationship-deepening thesis would weaken if existing-customer payments revenue and operating deposits persistently declined, or retaining clients required concessions that eliminated the economic benefit.","competitors":[],"evidenceIds":["e1","e2","e3"],"counterEvidenceIds":["e4","e5"]},{"mechanism":"cost_advantage","claim":"Branch productivity and consumer deposit growth support a valuable funding franchise. A durable funding-cost advantage relative to competitors remains unproven.","durability":"Southeast deposits per branch increased over 2018–2026 and market-share gains continued, but favorable growth does not establish a persistent relative cost advantage.","risks":"Deposit competition, customer rate sensitivity, acquisition effects and sweep-balance migration can raise funding costs. Planned Southwest expansion remains partly prospective.","invalidation":"The funding-franchise thesis would weaken if deposit share gains reversed, mature branch productivity deteriorated, or maintaining balances required sustained increases in funding costs without corresponding relationship revenue.","competitors":[],"evidenceIds":["e6","e7","e8"],"counterEvidenceIds":["e9","e10","e11"]}],"evidence":[{"id":"e1","sourceId":"filing-1","location":"MD&A / 2025 commercial payments revenue","excerpt":"Commercial payments revenue increased $22 million for the year ended December 31, 2025 compared to the year ended December 31, 2024 primarily driven by an increase in treasury management fees due to higher average revenue per existing customer, which included the benefit of cross sales to existing customers, and new client acquisition."},{"id":"e2","sourceId":"filing-2","location":"MD&A / first-half 2026 commercial payments revenue","excerpt":"13 Table of Contents Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued) Commercial payments revenue increased $102 million and $167 million for the three and six months ended June 30, 2026, respectively, compared to the three and six months ended June 30, 2025 primarily driven by higher treasury management fees and merchant payment processing revenue from increased volume, as well as the impact of revenue from the Direct Express government prepaid card program."},{"id":"e3","sourceId":"filing-8","location":"Roadshow presentation / commercial payments clients and processing scale","excerpt":"• Liquidity manager • Escrow manager • Commercial card • Lockbox & check 0.04% 0.06% 0.06% 0.07% 0.08% 0.11% 0.11% 0.11% 0.11% 0.11% 0.15% 0.21% 0.42% Peer 12 Peer 6 Peer 9 Peer 3 Peer 4 Peer 11 Peer 5 Peer 2 Peer 1 Peer 8 Peer 10 Peer 7 x HighlightsPayments processed ACH credit send / commercial deposits4 ~1,500 People in the commercial payments organization ~24K Commercial payments related clients ~40% Of new commercial payments relationships are payments-led with no credit extended $5 $10 $15 $18 2007 2019 2023 2025 $ in trillions 2Q26 LTM commercial payments fees $1.0B Commercial payments fees and NII contribution from operating deposits represents over $2B in annualized revenue today Noninterest income contribution 2Q26 LTM pro-forma noninterest income1,2 of $4.2B 7% long-term CAGR Note: Totals may not foot due to rounding."},{"id":"e4","sourceId":"filing-1","location":"Business / competition","excerpt":"These companies compete across geographic boundaries and provide customers with meaningful alternatives to traditional banking services in nearly all significant products."},{"id":"e5","sourceId":"filing-11","location":"Third-quarter earnings release / commercial payments fees and earnings credits","excerpt":"Commercial payments was stable, as growth in deposit fees was offset by higher earnings credits."},{"id":"e6","sourceId":"filing-7","location":"Conference presentation / Southeast branch productivity history","excerpt":"12 © Fifth Third Bancorp | All Rights Reserved Southeast expansion track record: 2018  2026 A proven Southeast playbook, ready for the Southwest Southeast retail deposits The Southeast is delivering The Southwest is the next chapter of the same repeatable playbook $35 $51 2Q18 2Q26 Deposits / branch Up +48% Deposit seasoning curve Retail deposits per branch ($ millions) $41 $51 $95 Southwest Southeast Midwest Executing a proven playbook Disciplined location selection — geospatial site-selection model Sales staffing — relationship managers & branch teams Marketing investment — analytics-driven acquisition campaigns Source: internal management reporting; Note: Deposits and households represent retail deposits and households only."},{"id":"e7","sourceId":"filing-7","location":"Conference presentation / pro forma consumer deposit mix and growth","excerpt":"10 © Fifth Third Bancorp | All Rights Reserved x Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 Peer 8 Peer 9 Peer 10 Peer 11 10% 20% 30% 40% 50% 60% -10% -5% 0% 5% 10% High-quality consumer deposit franchise 1Data sourced from Call Report and Includes: nonInt bearing deposits for individuals, int bearing deposits for individuals, MMDAs for individuals, other savings deposits for individuals, and retail time deposits, and excludes: brokered deposits <=$250K, fully insured and not fully insured non-affiliate retail sweep deposits, 2Year-over-Year growth as of June 30, 2026, presented pro-forma for merger and acquisition activity Core Consumer Deposit Growth1,2 As of June 30, 2026 Higher consumer deposit mix & peer-leading growth support a stronger, more durable funding franchise Higher mix & higher growth C o re C o n su m e r D e p o si ts % o f T o ta l D e p o si ts 1 Peer Median Growth 1% Peer Median Mix 34% 10% Growth 48% Deposit mix FITB Leads Peers in Core Consumer Deposit Mix & Growth YoY"},{"id":"e8","sourceId":"filing-11","location":"Third-quarter earnings release / deposit share gains","excerpt":"•Gained deposit share in Texas and California, with capped deposits in Dallas, Houston and Austin each up more than 20% year-over-year, while Southeast deposit growth was more than five times the market rate\n \nIncome Statement Data\nNet income available to common shareholders\n$828\n$763\n$608\nNet interest income (U.S."},{"id":"e9","sourceId":"filing-1","location":"MD&A / savings balances and customer accounts","excerpt":"Average savings deposits decreased $564 million from the year ended December 31, 2024 primarily due to lower average balances per customer account as well as a decrease in the number of customer accounts, partially driven by the impact of consumer preferences for products with higher offering rates."},{"id":"e10","sourceId":"filing-12","location":"Third-quarter presentation / deposit costs and funding mix","excerpt":"© Fifth Third Bancorp | All Rights Reserved 4.25% 3.75% 3.75% 3.75% 4.00% 1.81% 1.71% 1.58% 1.54% 1.64% Fed Funds Rate Total Cost of Deposits 3Q25 4Q25 1Q26 2Q26 3Q26 Total cost of deposits Total deposit mixAverage deposit balances $164.8 $168.4 $209.4 $231.5 $238.3 $162.5 $166.4 $206.5 $228.5 $235.6 2.41% 2.28% 2.15% 2.13% 2.24% Core Deposits CDs > $250K Total interest-bearing deposit costs 3Q25 4Q25 1Q26 2Q26 3Q26 $ in billions Demand, 27% Interest checking, 31% Money market and savings, 35% Time deposits, 6% $238B Average Deposits $162.5 $166.4 $206.5 $228.5 $235.6 $121.3 $124.7 $150.8 $164.5 $171.4$41.2 $41.8 $55.8 $64.0 $64.2 25.4% 25.1% 27.0% 28.0% 27.3% Interest-Bearing $ Non Interest-Bearing $ Non Interest-Bearing % 3Q25 4Q25 1Q26 2Q26 3Q26 Core deposit trends (average) $ in billions Deposits Note: Totals shown above may not foot due to rounding 9"},{"id":"e11","sourceId":"filing-11","location":"Third-quarter earnings release / market rates and sweep migration","excerpt":"These benefits were partially offset by higher deposit costs due to higher market rates and the migration of former off-balance-sheet Comerica investment sweep balances into interest-bearing deposits."},{"id":"e12","sourceId":"filing-1","location":"MD&A / 2025 interest-bearing core deposit costs","excerpt":"Interest expense on average core deposits decreased $666 million from the year ended December 31, 2024 primarily due to a decrease in the cost of average interest-bearing core deposits to 234 bps for the year ended December 31, 2025 from 287 bps for the year ended December 31, 2024."},{"id":"e13","sourceId":"filing-11","location":"Third-quarter earnings release / earnings and net interest income drivers","excerpt":"Investor contact: Matt Curoe (513) 534-2345 | Media contact: Jennifer Hendricks Sullivan (614) 744-7693 October 19, 2026 \nIncome Statement Highlights\n($ in millions, except per share data)\nFor the Three Months Ended\n% Change\nSeptember\nJune\nSeptember\n2026\n2026\n2025\nSeq\nYr/Yr\nCondensed Statements of Income\nNet interest income (NII)(a)\n$2,276\n$2,220\n$1,525\n3%\n49%\nProvision for credit losses\n122\n129\n197\n(5)%\n(38)%\nNoninterest income\n1,008\n1,059\n781\n(5)%\n29%\nNoninterest expense\n2,049\n2,109\n1,267\n(3)%\n62%\nIncome before income taxes(a)\n$1,113\n$1,041\n$842\n7%\n32%\nTaxable equivalent adjustment\n$5\n$5\n$5\n—\n—\nApplicable income tax expense\n242\n235\n188\n3%\n29%\nNet income\n$866\n$801\n$649\n8%\n33%\nDividends on preferred stock\n38\n38\n41\n—\n(7)%\nNet income available to common shareholders\n$828\n$763\n$608\n9%\n36%\nEarnings per share, diluted\nNet interest rate spread\n2.65\n%\n2.67\n%\n2.41\n%\n(2)\n24\nNet interest margin (NIM)\n3.34\n%\n3.36\n%\n3.13\n%\n(2)\n21\nNet interest income (FTE) increased 3% sequentially to $2.28 billion, reflecting the benefit of higher market rates, continued fixed-rate asset repricing, active investment portfolio management, and loan growth."},{"id":"e14","sourceId":"filing-11","location":"Third-quarter earnings release / EPS, returns, margin and AOCI","excerpt":"GAAP)\n2,271\n2,215\n1,520\nNet interest income (FTE)(a)\n2,276\n2,220\n1,525\nNoninterest income\n1,008\n1,059\n781\nNoninterest expense\n2,049\n2,109\n1,267\nPer Share Data\nEarnings per share, basic\n$0.91\n$0.84\n$0.91\nEarnings per share, diluted\n0.90\n0.83\n0.91\nBook value per share\n34.31\n35.63\n29.26\nTangible book value per share(a)\n22.01\n23.22\n21.66\nBalance Sheet & Credit Quality\nAverage portfolio loans and leases\n$179,244\n$177,572\n$123,326\nAverage deposits\n238,344\n231,506\n164,754\nAccumulated other comprehensive loss\n(4,919)\n(3,286)\n(3,276)\nNet charge-off ratio(b)\n0.31\n%\n0.30\n%\n1.09\n%\nNonperforming asset ratio(c)\n0.64\n0.60\n0.65\nFinancial Ratios\nReturn on average assets\n1.14\n%\n1.08\n%\n1.21\n%\nReturn on average common equity\n10.2\n9.5\n12.6\nReturn on average tangible common equity(a)\n16.6\n15.6\n17.3\nCET1 capital(d)\n10.02\n9.93\n10.57\nNet interest margin(a)\n3.34\n3.36\n3.13\nEfficiency(a)\n62.4\n64.3\n54.9\nOther than the Quarterly Financial Review tables beginning on page 14, commentary is on a fully taxable-equivalent (FTE) basis unless otherwise noted."},{"id":"e15","sourceId":"filing-1","location":"MD&A / daily repricing option and internal funds transfer pricing","excerpt":"Given the daily repricing option on non-maturity deposits, the FTP credits on deposits earned by the segments generally increases or decreases at a faster pace than the amount of allocated FTP charges on loans and leases."},{"id":"e16","sourceId":"filing-1","location":"Revenue recognition / discounts, waivers and external costs","excerpt":"Revenues are recognized on an accrual basis when or as the services are provided to the customer, net of applicable discounts, waivers, reversals, and certain costs not controlled by the Bancorp (primarily interchange fees charged by credit card associations and expenses of certain transaction-based rewards programs offered to customers)."},{"id":"e17","sourceId":"filing-3","location":"Executive compensation / actual 2025 equity grants and vesting","excerpt":"Each of the Named Executive Officers received grants of performance shares that will vest in full three years from the grant date (contingent on meeting the performance threshold), and RSUs that will vest in three equal annual installments from the grant date."},{"id":"e18","sourceId":"filing-3","location":"Executive compensation / three-year relative ROACE performance condition","excerpt":"Executives have the opportunity to earn between zero and 150% of their target award based upon the Company’s three-year cumulative result on Adjusted Return on Average Common Equity (“ROACE”) versus our Compensation Peer Group."},{"id":"e19","sourceId":"filing-3","location":"Executive compensation / risk adjustments, forfeiture and clawbacks","excerpt":"Our executive compensation program includes several features that address potential compensation risk: Downward discretion based on risk, performance, and regulatory factors Caps on the maximum payment under our Variable Compensation Plan and our Performance Share Plan Mix of short-term and long-term compensation Forfeiture provisions related to material risk events Stock ownership and retention guidelines Ability to clawback incentive compensation erroneously received in the event of a financial restatement, or compensation received as a result of misconduct To execute the risk mitigation strategies, we conduct yearly review processes, which are documented and incorporate input from departments, including Finance, Legal, Human Capital, Risk Management, and the Company’s business leaders."},{"id":"e20","sourceId":"filing-3","location":"Governance / independent standing committees","excerpt":"Spence, our President and CEO. • Independent Director-Led Committees: All standing Committees of the Board of Directors are led by and entirely comprised of independent directors."},{"id":"e21","sourceId":"filing-3","location":"Governance / actual 2025 director attendance","excerpt":"No current member of our Board of Directors attended less than 75% of the aggregate number of meetings of the Board of Directors and all Committees on which such director served during 2025."},{"id":"e22","sourceId":"filing-3","location":"Governance / combined chair and CEO roles","excerpt":"The Board’s Chair is currently Mr. Spence, who is Fifth Third’s President and Chief Executive Officer."},{"id":"e23","sourceId":"filing-4","location":"CFPB settlements / monetary penalty and remediation commitments","excerpt":"The Bank agreed to the entry of a Stipulated Final Judgment and Order, pursuant to which the Bank, without admitting or denying any of the allegations in the suit except as specified in the order, agreed to pay a civil monetary penalty of $15 million, agreed to maintain existing policies around its consumer sales incentives, agreed to create a compliance plan to ensure its account opening practices comply with law and the order and agreed to provide a redress plan to remediate certain customers with checking, savings, or credit card accounts opened beginning January 1, 2010 and ending December 31, 2016."},{"id":"e24","sourceId":"filing-1","location":"MD&A / 2023–2025 earnings, returns and dividends","excerpt":"GAAP) $ 5,982 5,630 5,827 Net interest income (FTE)(a)(b) 6,002 5,654 5,852 Noninterest income 3,035 2,849 2,881 Total revenue (FTE)(a)(b) 9,037 8,503 8,733 Provision for credit losses 662 530 515 Noninterest expense 5,144 5,033 5,205 Net income 2,522 2,314 2,349 Net income available to common shareholders 2,376 2,155 2,212 Common Share Data Earnings per share - basic $ 3.56 3.16 3.23 Earnings per share - diluted 3.53 3.14 3.22 Cash dividends declared per common share 1.54 1.44 1.36 Book value per share 30.18 26.17 25.04 Market value per share 46.81 42.28 34.49 Financial Ratios Return on average assets 1.19 % 1.09 1.13 Return on average common equity 12.6 12.5 14.2 Return on average tangible common equity(b) 17.4 17.8 21.3 Dividend payout 43.3 45.6 42.1 (a)Amounts presented on an FTE basis."},{"id":"e25","sourceId":"filing-2","location":"Acquisition overview / completed all-stock Comerica transaction","excerpt":"Acquisition of Comerica Incorporated On February 1, 2026, Fifth Third Bancorp closed the merger with Comerica Incorporated (“Comerica”) in an all-stock transaction valued at approximately $12.7 billion."},{"id":"e26","sourceId":"filing-11","location":"Third-quarter earnings release / year-to-date merger expenses","excerpt":"Merger-related charges recognized in noninterest expense totaled approximately 1.04 billion year-to-date, consistent with the integration timeline."},{"id":"e27","sourceId":"filing-11","location":"CEO commentary / completed conversion and asserted retention","excerpt":"Less than a year after we announced the Comerica acquisition, we completed the systems conversion with strong client and banker retention."},{"id":"e28","sourceId":"filing-12","location":"Third-quarter presentation / actual expenses and conversion costs","excerpt":"© Fifth Third Bancorp | All Rights Reserved $1,267 $1,309 $2,395 $2,109 $2,049 $1,253* $1,273* $1,769* $1,861* $1,816* 54.1% 54.3% 61.9% 57.1% 54.6% Adjusted noninterest expense¹* Noninterest expense Adjusted Efficiency Ratio¹ 3Q25 4Q25 1Q26 2Q26 3Q26 T o ta l n o ni nt er es t ex p en se ; $ m ill io ns Noninterest expense 7 $ in millions 3Q26 2Q26 3Q25 Non-qualified deferred compensation expense/ (benefit), primarily offset in securities gains/losses ($6) $30 $11 For end note descriptions, see end note summary starting on page 42 $ millions 3Q26 PQ YoY Compensation and benefits $982 (13)% 43% Technology and communications 300 20% 134% Net occupancy expense 144 (6)% 62% Card and processing expense 60 (9)% 173% Equipment expense 59 (2)% 34% Marketing expense 57 (12)% 68% Loan and lease expense 47 (11)% 21% Other noninterest expense 400 20% 77% Total noninterest expense $2,049 (3)% 62% Impact of certain items (239) Noninterest expense excluding certain item(s)1 $1,810 (4)% 43% Non-qualified deferred compensation (expense)/benefit 6 Adjusted noninterest expense, excluding certain item(s)1 and non-qualified deferred compensation $1,816 (2)% 45% • Adjusted noninterest expense1 decreased 2% compared to the prior quarter and increased 45% from the year-ago quarter • Lower compensation and benefits expense in the quarter was offset by higher conversion-related technology costs • Merger-related charges recognized in noninterest expense totaled approximately $1.04 billion year-to-date, consistent with the integration timeline"},{"id":"e29","sourceId":"filing-11","location":"Financial highlights / regulatory capital ratios","excerpt":"Bancorp shareholders' equity\n34,338\n34,260\n21,216\n—\n62%\n32,917\n20,633\n60%\nRegulatory Capital Ratios(e)\nCET1 capital\n10.02\n%\n9.93\n%\n10.57\n%\n9\n(55)\n10.02\n%\n10.57\n%\n(55)\nTier 1 risk-based capital\n10.90\n%\n10.81\n%\n11.63\n%\n9\n(73)\n10.90\n%\n11.63\n%\n(73)\nTotal risk-based capital\n12.54\n%\n12.50\n%\n13.54\n%\n4\n(100)\n12.54\n%\n13.54\n%\n(100)\nLeverage\n9.22\n%\n9.20\n%\n9.24\n%\n2\n(2)\n9.22\n%\n9.24\n%\n(2)\nAdditional Metrics\nBanking centers\n1,429\n1,500\n1,102\n(5%)\n30%\n1,429\n1,102\n30%\nATMs\n2,549\n2,648\n2,184\n(4%)\n17%\n2,549\n2,184\n17%\nFull-time equivalent employees\n25,069\n25,197\n18,476\n(1%)\n36%\n25,069\n18,476\n36%\nAssets under care ($ in billions)(g)\n$880\n$902\n$681\n(2%)\n29%\n$880\n$681\n29%"},{"id":"e30","sourceId":"filing-11","location":"Financial highlights / estimated regulatory capital qualification","excerpt":"(e)Current period regulatory capital ratios are estimates."},{"id":"e31","sourceId":"filing-1","location":"Regulatory capital / prescribed minimums and historical ratios","excerpt":"The following table presents the prescribed capital ratios as well as the actual ratios and amounts for the Bancorp and Bank as of December 31:\nRegulatory Ratio Requirements\n2024(a)\nMinimum\nWell-Capitalized\nCET1 risk-based capital:\n4.50 \nN/A\n10.81 \n18,099 \n10.57 \n17,339 \n4.50 \n6.50 \n13.09 \n21,766 \n12.86 \n20,943 \nTier 1 risk-based capital:\n6.00 \n6.00 \n11.87 \n19,869 \n11.86 \n19,455 \n6.00 \n8.00 \n13.09 \n21,766 \n12.86 \n20,943 \nTotal risk-based capital:\n8.00 \n10.00 \n13.78 \n23,066 \n13.86 \n22,746 \n8.00 \n10.00 \n14.33 \n23,833 \n14.19 \n23,116 \nLeverage:(b)\n4.00 \nN/A\n9.41 \n19,869 \n9.22 \n19,455 \n4.00 \n5.00 \n10.41 \n21,766 \n10.02 \n20,943 \n(a)Regulatory capital ratios and amounts 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."},{"id":"e32","sourceId":"filing-12","location":"Third-quarter presentation / liquidity sources, LCR and capital generation","excerpt":"© Fifth Third Bancorp | All Rights Reserved 9.9% 33 bps (11 bps) 0 bps (16 bps) 2 bps 10.0% 2Q26 Net income to common RWA Share repurchases Common dividends Other 3Q26 12 Strong liquidity and capital position Liquidity position $ in billions Capital position Common equity tier 1 ratio1 For end note descriptions, see end note summary starting on page 42; totals shown above may not foot due to rounding Liquidity Sources 6/30/26 9/30/26 Fed reserves $18 $15 Unpledged investment securities $32 $34 Available FHLB borrowing capacity $13 $15 Current Fed discount window availability $78 $78 Total $141 $142 • Maintained full Category 1 LCR compliance during the quarter, ending at 102% • Loan-to-core deposit ratio of 76% • Robust liquidity risk management practices, including: – Daily LCR calculations – Monthly liquidity stress tests, including two FITB- specific scenarios over and above regulatory requirements – Monthly 2052a complex liquidity monitoring reporting Common equity tier 1 ratio1 Fully-phased common equity tier 1 ratio2 10.6% 10.8% 9.9% 9.9% 10.0% 9.2% Reported CET1 Ratio Fully-phased CET1 3Q25 4Q25 1Q26 2Q26 3Q263Q25 4Q25 1Q26 2Q26"},{"id":"e33","sourceId":"filing-11","location":"Third-quarter earnings release / reduced wholesale funding","excerpt":"Strong deposit growth improved the overall funding mix and supported a 10% sequential reduction in average wholesale funding to $23 billion, driven primarily by decreases of $1.3 billion in long-term debt and $1.1 billion in FHLB advances."},{"id":"e34","sourceId":"filing-11","location":"Third-quarter earnings release / deposit growth and sweep migration","excerpt":"5\nAverage Interest-Earning Assets\n($ in millions)\nFor the Three Months Ended\n% Change\nSeptember\nJune\nSeptember\n2026\n2026\n2025\nSeq\nYr/Yr\nAverage Portfolio Loans and Leases\nCommercial loans and leases:\nCommercial and industrial loans\n$85,982\n$84,967\n$54,170\n1%\n59%\nCommercial mortgage loans\n27,263\n27,176\n12,027\n—\n127%\nCommercial construction loans\n8,744\n8,437\n5,541\n4%\n58%\nCommercial leases\n3,574\n3,503\n3,177\n2%\n12%\nTotal commercial loans and leases\n$125,563\n$124,083\n$74,915\n1%\n68%\nConsumer loans:\nResidential mortgage loans\n$19,775\n$19,626\n$17,656\n1%\n12%\nHome equity\n7,023\n6,830\n4,579\n3%\n53%\nIndirect secured consumer loans\n18,182\n18,239\n17,729\n—\n3%\nCredit card\n1,646\n1,646\n1,678\n—\n(2)%\nSolar energy installation loans\n4,244\n4,384\n4,355\n(3)%\n(3)%\nOther consumer loans\nTotal average deposits increased 3% sequentially to $238 billion, reflecting operational deposit growth, the Southwest retail deposit campaign, and the migration of former off-balance-sheet Comerica investment sweep balances onto the balance sheet."},{"id":"e35","sourceId":"filing-12","location":"Third-quarter presentation / credit quality","excerpt":"© Fifth Third Bancorp | All Rights Reserved Net charge-offs (NCOs) $339 $125 $144 $135 $139 $339 $125 $144 $135 3Q25 4Q25 1Q26 2Q26 3Q26 Credit quality overview 10 3Q25 4Q25 1Q26 2Q26 3Q26 NPL ratio 0.62% 0.62% 0.54% 0.58% 0.59% NPA ratio1,2 0.65% 0.65% 0.57% 0.60% 0.64% 30-89 days past due as a % of portfolio loans and leases 0.28% 0.29% 0.39% 0.31% 0.30% NCO ratio3 1.09% 0.40% 0.37% 0.30% 0.31% ACL ratio as a % of portfolio loans and leases 1.96% 1.96% 1.79% 1.76% 1.74% Nonperforming loans (NPLs) $768 $767 $960 $1,041 $1,070 3Q25 4Q25 1Q26 2Q26 3Q26 Portfolio loans & leases 30-89 days past due $348 $360 $683 $561 $540 3Q25 4Q25 1Q26 2Q26 3Q26 $ in millions For end note descriptions, see end note summary starting on page 42"},{"id":"e36","sourceId":"filing-12","location":"Credit-quality end notes / branch real estate included in NPAs","excerpt":"2. 3Q26 includes $74 million of branch-related real estate no longer intended to be used for banking purposes."},{"id":"e37","sourceId":"filing-12","location":"Third-quarter presentation / modeled interest-rate sensitivity","excerpt":"© Fifth Third Bancorp | All Rights Reserved Managing rate risk against conservative outcomes 32 For end note descriptions, see end note summary starting on page 42; totals shown above may not foot due to rounding Estimated NII sensitivity profile and ALCO policy limits Estimated NII beta sensitivity Rate risk models assume approximately 65% effective up betas and 55-60% down betas in our baseline NII sensitivity used in IRR simulations1,2 • Models are calibrated to performance in prior rate cycles • Additionally, rate risk measures assume no deposit re-pricing lags As of September 30, 2026: • 58% of HFI loans were variable rate net of existing hedges (75% of total commercial; 17% of total consumer) • Short-term borrowings represent less than 2% of total funding • Approximately $13.8BN in non-core funding matures beyond one year % Change NII (FTE) ALCO policy limit Change in interest rates (bps) 12 months 13 to 24 months 12 months 13 to 24 months +200 Ramp over 12 months 0.2% 2.4% (9.0%) (15.0%) +100 Ramp over 12 months 0.2% 1.5% NA NA -100 Ramp over 12 months (0.8%) (3.2%) NA NA -200 Ramp over 12 months (2.3%) (8.3%) (9.0%) (15.0%) 5% Higher Beta 5% Lower Beta Change in interest rates (bps) 12 months 13 to 24 months 12 months 13 to 24 months +200 Ramp over 12 months (0.6%) 1.0% 1.0% 4.0% +100 Ramp over 12 months (0.2%) 0.8% 0.6% 2.3% -100 Ramp over 12 months (0.5%) (2.6%) (1.2%) (3.9%) -200 Ramp over 12 months (1.6%) (7.1%) (3.0%) (9.6%) Estimated NII sensitivity with demand deposit balance changes % Change in NII (FTE) $1BN balance decline $1BN balance increase Change in interest rates (bps) 12 months 13 to 24 months 12 months 13 to 24 months +200 Ramp over 12 months (0.3%) 1.8% 0.7% 2.9% +100 Ramp over 12 months (0.3%) 1.0% 0.7% 2.0% -100 Ramp over 12 months (1.2%) (3.5%) (0.5%) (2.9%) -200 Ramp over 12 months (2.6%) (8.5%) (2.0%) (8.1%)"},{"id":"e38","sourceId":"filing-11","location":"Consolidated results and balance sheet / nine-month earnings, shares and AOCI","excerpt":"Marketing expense\n57\n65\n34\n(12%)\n68%\n171\n105\n63%\nOther noninterest expense\n400\n332\n226\n20%\n77%\n1,149\n664\n73%\nTotal noninterest expense\n2,049\n2,109\n1,267\n(3%)\n62%\n6,553\n3,835\n71%\nIncome Before Income Taxes\n1,108\n1,036\n837\n7%\n32%\n2,350\n2,298\n2%\nApplicable income tax expense\n242\n235\n188\n3%\n29%\n518\n507\n2%\nNet Income\n866\n801\n649\n8%\n33%\n1,832\n1,791\n2%\nDividends on preferred stock\n38\n38\n41\n—\n(7%)\n113\n114\n(1%)\nNet Income Available to Common Shareholders\n$828\n$763\n$608\n9%\n36%\n$1,719\n$1,677\n3%\n16\nFifth Third Bancorp and Subsidiaries\nConsolidated Statements of Income\n$ in millions\nFor the Three Months Ended\n(unaudited)\nSeptember\nJune\nMarch\nDecember\nSeptember\n2026\n2026\n2026\n2025\n2025\nInterest Income\nInterest and fees on loans and leases\n$2,669\n$2,607\n$2,293\n$1,862\n$1,909\nInterest on securities\n631\n598\n501\n431\n444\nInterest on other short-term investments\n198\nGoodwill\n9,984\n9,990\n9,966\n4,947\n4,947\nIntangible assets\n1,190\n1,253\n1,233\n69\n76\nServicing rights\n1,669\n1,607\n1,583\n1,598\n1,601\nOther assets\n20,268\n18,569\n19,978\n12,485\n12,555\nTotal Assets\n$301,224\n$300,180\n$297,039\n$214,376\n$212,903\nLiabilities\nDeposits:\n Demand \n$64,747\n$63,928\n$65,335\n$42,647\n$41,830\n Interest checking\n81,784\n70,527\n72,425\n61,155\n57,239\n Savings \n18,002\n18,161\n18,610\n16,155\n16,110\n Money market \n60,842\n65,932\n62,345\n39,285\n38,748\nCDs $250,000 or less\n11,576\n12,708\n11,807\n10,599\n10,667\nCDs over $250,000\n2,535\n2,885\n3,099\n1,978\n1,975\nTotal deposits\n239,486\n234,141\n233,621\n171,819\n166,569\nShort-term borrowings\n1,200\n4,633\n1,289\n926\n5,260\nAccrued taxes, interest and expenses\n2,955\n3,022\n2,628\n2,083\n1,943\nOther liabilities\n7,330\n6,266\n6,642\n4,235\n4,347\nLong-term debt\n16,938\n17,636\n18,753\n13,589\n13,677\nTotal Liabilities\n267,909\n265,698\n262,933\n192,652\n191,796\nEquity\nCommon stock(c)\n2,585\n2,585\n2,585\n2,051\n2,051\nPreferred stock\n2,182\n2,182\n2,182\n1,770\n1,770\nCapital surplus\n15,619\n15,603\n15,586\n3,831\n3,813\nRetained earnings\n26,085\n25,645\n25,248\n25,488\n25,057\nAccumulated other comprehensive loss\n(4,919)\n(3,286)\n(3,234)\n(3,110)\n(3,276)\nTreasury stock\n(8,237)\n(8,247)\n(8,261)\n(8,306)\n(8,308)\nTotal Equity\n33,315\n34,482\n34,106\n21,724\n21,107\nTotal Liabilities and Equity\n$301,224\n$300,180\n$297,039\n$214,376\n$212,903\n(a) Amortized cost\n$47,718\n$47,623\n$49,238\n$39,107\n$39,617\n(b) Market values\n19,823\n18,258\n16,341\n11,404\n11,506\n(c) Common shares, stated value $2.22 per share (in thousands):\nAuthorized\n2,000,000\n2,000,000\n2,000,000\n2,000,000\n2,000,000\nOutstanding, excluding treasury\n907,367\n906,573\n905,823\n661,198\n660,973\nTreasury\n256,872\n257,666\n258,416\n262,695\n262,919\n19\nFifth Third Bancorp and Subsidiaries"},{"id":"e39","sourceId":"filing-2","location":"Cash-flow statement / stock compensation and actual dividends paid","excerpt":"56 Table of Contents Fifth Third Bancorp and Subsidiaries Condensed Consolidated Financial Statements and Notes (continued) CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) For the six months ended June 30, ($ in millions) 2026 2025 Operating Activities Net income $ 966 1,142 Adjustments to reconcile net income to net cash provided by operating activities: Provision for credit losses 356 347 Depreciation, amortization and accretion 404 273 Stock-based compensation expense 188 108 Benefit from deferred income taxes (1) (13) Securities gains, net (13) (13) Residential MSR fair value adjustment 74 100 Net gains on sales of loans and fair value adjustments on loans held for sale (32) (35) Proceeds from sales of loans held for sale 3,190 2,239 Loans originated or purchased for sale, net of repayments (3,421) (2,256) Dividends representing return on equity method investments 25 22 Net change in: Equity and trading debt securities (319) (91) Other assets 252 839 Accrued taxes, interest and expenses and other liabilities 21 (123) Net Cash Provided by Operating Activities 1,690 2,539 Investing Activities Proceeds from sales: AFS securities and other investments 5,768 2,361 Loans and leases 420 173 Proceeds from repayments and maturities of AFS securities 3,732 2,063 Proceeds from repayments and maturities of HTM securities 1,012 269 Purchases: AFS securities (10,760) (2,263) HTM securities (4,267) (529) Bank premises and equipment (320) (260) Proceeds from settlement of BOLI 47 26 Proceeds from sales and dividends representing return of equity method investments 8 11 Net cash received from acquisitions 677 — Net change in: Other short-term investments 10,777 4,077 Portfolio loans and leases (5,991) (3,069) Other, net (535) (484) Net Cash Provided by Investing Activities 568 2,375 Financing Activities Net change in deposits (2,886) (3,045) Net change in short-term borrowings 512 8 Proceeds from short-term FHLB advances 3,500 2,500 Repayment of short-term FHLB advances (300) (3,600) Proceeds from long-term debt issuances/advances 2,274 1,028 Repayment of long-term debt (3,685) (980) Dividends paid on common and preferred stock (710) (581) Repurchases of treasury stock and related forward contract — (225) Other, net (88) (61) Net Cash Used in Financing Activities (1,383) (4,956) Increase (Decrease) in Cash and Due from Banks 875 (42) Cash and Due from Banks at Beginning of Period 3,499 3,014 Cash and Due from Banks at End of Period $ 4,374 2,972 Refer to the Notes to Condensed Consolidated Financial Statements."},{"id":"e40","sourceId":"filing-11","location":"Financial highlights / quarterly earnings, returns and dividend payout","excerpt":"As of and For the Three Months Ended\n(unaudited)\nSeptember\nJune\nMarch\nDecember\nSeptember\n2026\n2026\n2026\n2025\n2025\nIncome Statement Data\nNet interest income\n$2,271\n$2,215\n$1,934\n$1,529\n$1,520\nNet interest income (FTE)(a) \n2,276\n2,220\n1,939\n1,533\n1,525\nNoninterest income\n1,008\n1,059\n895\n811\n781\nTotal revenue (FTE)(a) \n3,284\n3,279\n2,834\n2,344\n2,306\nProvision for credit losses\n122\n129\n227\n119\n197\nNoninterest expense\n2,049\n2,109\n2,395\n1,309\n1,267\nNet income\n866\n801\n165\n731\n649\nNet income available to common shareholders\n828\n763\n1.08\n%\n0.25\n%\n1.36\n%\n1.21\n%\nReturn on average common equity\n10.2\n%\n9.5\n%\n1.8\n%\n14.0\n%\n12.6\n%\nReturn on average tangible common equity(a) \n16.6\n%\n15.6\n%\n3.5\n%\n19.0\n%\n17.3\n%\nNoninterest income as a percent of total revenue(a) \n31\n%\n32\n%\n32\n%\n35\n%\n34\n%\nDividend payout\n46.2\n%\n47.6\n%\n250.0\n%\n38.1\n%\n44.0\n%\nAverage total Bancorp shareholders’ equity as a percent of average assets\n11.37\n%\n11.50\n%\n11.34\n%\n10.11\n%\n10.02\n%\nTangible common equity(a) \n8.39\n%\n8.30\n%\n8.26\n%\n8.46\n%\n8.29\n%\nNet interest margin (FTE)(a) \n3.34\n%\n3.36\n%\n3.30\n%\n3.13\n%\n3.13\n%\nEfficiency (FTE)(a) \n62.4\n%\n64.3\n%\n84.5\n%\n55.8\n%\n54.9\n%\nEffective tax rate\n21.8\n%\n22.7\n%\n20.1\n%\n19.8\n%\n22.6\n%\nCredit Quality\nNet losses charged-off(h) \n$139\n$135\n$144\n$125\n$339\nNet losses charged-off as a percent of average portfolio loans and leases (annualized)\n0.31\n%\n0.30\n%\n0.37\n%\n0.40\n%\n1.09\n%\nALLL as a percent of portfolio loans and leases\n1.61\n%\n1.63\n%\n1.66\n%\n1.84\n%\n1.84\n%\nACL as a percent of portfolio loans and leases(f)\n1.74\n%\n1.76\n%\n1.79\n%\n1.96\n%\n1.96\n%\nNonperforming portfolio assets as a percent of portfolio loans and leases and OREO\n0.64\n%\n0.60\n%\n0.57\n%\n0.65\n%\n0.65\n%\nAverage Balances\nLoans and leases, including held for sale\n$180,011\n$178,707\n$158,283\n$124,147\n$123,993\nSecurities and other short-term investments\n90,012\n86,282\n79,678\n69,997\n69,507\nAssets\n302,119\n297,948\n265,551\n213,021\n211,770\nTransaction deposits(b)\n223,537\n216,113\n194,904\n155,895\n151,669\nCore deposits(c)\n235,639\n228,516\nMortgage banking net revenue\n47\n39\n58\n21%\n(19%)\n130\n171\n(24%)\nOther noninterest income\n18\n50\n29\n(64%)\n(38%)\n95\n86\n10%\nSecurities gains (losses), net\n(5)\n20\n10\nNM\nNM\n3\n17\n(82%)\nTotal noninterest income\n1,008\n1,059\n781\n(5%)\n29%\n2,962\n2,224\n33%\nNoninterest Expense\nCompensation and benefits\n982\n1,129\n685\n(13%)\n43%\n3,521\n2,132\n65%\nTechnology and communications\n300\n250\n128\n20%\n134%\n753\n378\n99%\nNet occupancy expense\n144\n154\n89\n(6%)\n62%\n439\n260\n69%\nCard and processing expense\n60\n66\n22\n(9%)\n173%\n205\n65\n215%\nEquipment expense\n59\n60\n44\n(2%)\n34%\n173\n126\n37%\nLoan and lease expense\n47\n53\n39\n(11%)\n21%\n142\n105\n35%"},{"id":"e41","sourceId":"filing-12","location":"Management key messages / integration completion and prospective fourth-quarter synergies","excerpt":"© Fifth Third Bancorp | All Rights Reserved For end note descriptions, see end note summary starting on page 42 Key Messages 3 Strong deposits, resilient credit, and disciplined balance sheet management provide flexibility across a range of economic and interest-rate environments Comerica systems integration successfully completed, with strong client and banker retention and the full $850 million expense synergy run-rate locked in for 4Q26 Earnings power of the combined company is increasingly evident, with stronger PPNR1, higher returns, and improved operating efficiency Organic growth is broadening across legacy and newly acquired markets, supported by deposit share gains, commercial relationship growth and continued Southeast momentum 1 2 3 4"},{"id":"e42","sourceId":"filing-9","location":"Second-quarter earnings release / legacy household growth","excerpt":"•Legacy Fifth Third consumer household growth of 3%, including 7% in the Southeast\nIncome Statement Data\nNet income available to common shareholders\n$763\n$128\n$591\nNet interest income (U.S."},{"id":"e43","sourceId":"filing-12","location":"Third-quarter presentation / digital engagement","excerpt":"© Fifth Third Bancorp | All Rights Reserved Consumer and Business Banking Digital Metrics Average Active Digital Users (Millions) 3.19 3.19 3.25 3.27 3.49 3Q25 4Q25 1Q26 2Q26 3Q26 Digital Engagement Digital Originations Average Active Mobile Users (Millions) 2.47 2.49 2.53 2.57 2.73 3Q25 4Q25 1Q26 2Q26 3Q26 Digital Assisted Mortgage Applications 98% 98% 97% 98% 98% 3Q25 4Q25 1Q26 2Q26 3Q26 New Consumer Deposit Accounts 28% 31% 33% 29% 33% 3Q25 4Q25 1Q26 2Q26 3Q26 Award-Winning App Jeanie® named Best Chatbot by Tearsheet AI Innovation Awards 15 For end note descriptions, see end note summary starting on page 42 1 2 Mobile app serves millions of monthly users & powers more than one billion digital interactions each year"},{"id":"e44","sourceId":"filing-12","location":"Digital-metrics end notes / active-user definition","excerpt":"Slide 15 end notes 1. Digitally active defined as having at least one login to mobile or online banking during the quarter."},{"id":"e45","sourceId":"filing-11","location":"Credit-quality footnotes / acquisition-date charge-off exclusion","excerpt":"(h)Excludes net charge-offs of $100 million which were taken at the time of acquisition."},{"id":"e46","sourceId":"filing-12","location":"Capital end notes / proposed-rule fully phased CET1 definition","excerpt":"2. Estimated fully-phased CET1 ratio based on the March 19, 2026 Basel III standardized approach regulatory capital proposal."},{"id":"e47","sourceId":"filing-11","location":"Third-quarter earnings release / regional household growth","excerpt":"•Consumer household growth of 7% in the Southeast and 8% in the Southwest"}],"changes":["The uncertain moat verdict is retained: current growth achievements still do not establish durable switching costs or a relative funding-cost advantage.","Third-quarter evidence updates deposit costs to 2.24% for interest-bearing deposits and 1.64% overall, versus 2.13% and 1.54% in the second quarter. Higher earnings credits also constrain payments pricing.","Third-quarter estimated CET1 improved to 10.02%, while reported LCR fell to 102%; liquidity_funding is reduced from 3 to 2 because the disclosed LCR cushion narrowed despite deposit growth and lower wholesale funding.","Nine-month consolidated net income increased to $1.832 billion from $1.791 billion, superseding the previous first-half earnings decline as the latest cumulative comparison. Quarterly diluted EPS remained slightly below the year-earlier level.","Conversion completion is supported by current disclosures, but management's fourth-quarter expense synergy run-rate remains prospective. Execution remains mixed given substantial integration charges.","All retained grades are reassessed using the current catalog; previous evidence identifiers and unsupported historical details are not carried forward."],"limitations":["The evidence consists of issuer filings and presentations. Reported operating results support numerical grades, while management descriptions of differentiation, retention and future synergies receive less weight.","Competition disclosures identify generic categories and presentation peers are anonymized. No named company is established as a competitor; acquired businesses, service providers and transaction counterparties are not treated as competitors.","Customer migration costs, contractual exclusivity and comparable competitor funding costs are absent. Product breadth, processing volume, accounting intangibles and branch scale alone do not establish a moat.","Current regulatory capital ratios are estimates. Baseline minimums are supplied, but complete current stress-capital-buffer requirements are missing, preventing a full regulatory-headroom assessment.","Financial grades use sources filed within 550 days of October 19, 2026. The older CFPB settlement disclosure supports governance history only.","Acquisition effects, preliminary accounting and non-GAAP adjustments limit period comparisons. Proposed-rule fully phased CET1 is distinct from currently reported CET1.","Actual executive grants and compensation provisions are disclosed, but management ownership balances and the 2026 advisory-vote outcome are not established.","Acquisition-date charge-off exclusions differ across supplied releases and presentation footnotes. Reported periodic charge-off ratios are not treated as comprehensive acquisition-inclusive losses."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":null,"rationale":"Cross-sales and productive branches demonstrate franchise value, but do not establish a durable structural advantage relative to available alternatives.","evidenceIds":["e1","e4","e6","e7"]},{"criterion":"durability","grade":null,"rationale":"Multi-period growth supports continuity of demand; the duration of any excess economic advantage cannot be established.","evidenceIds":["e1","e2","e6","e8"]},{"criterion":"customer_dependency","grade":null,"rationale":"Payments relationships and engagement are observable, but customer dependence and meaningful switching burdens remain unestablished.","evidenceIds":["e3","e9","e43"]},{"criterion":"erosion_resilience","grade":null,"rationale":"Growth coexists with customer rate sensitivity and higher funding concessions; resilience of a structural advantage cannot be determined.","evidenceIds":["e5","e8","e9","e10"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":2,"rationale":"Funding costs declined in 2025 and remain below third-quarter 2025 levels, but increased sequentially to 2.24% on interest-bearing deposits. Market rates and sweep migration contributed; higher earnings credits offset payments fee growth. These are mixed realized pricing outcomes.","evidenceIds":["e5","e10","e11","e12"]},{"criterion":"retention","grade":2,"rationale":"Existing-customer cross-sales, household growth and increased digital engagement indirectly support repeat demand. Savings-account losses show mobility. Strong conversion retention is management's unquantified assertion; no retention rate is inferred.","evidenceIds":["e1","e9","e27","e42","e43","e44","e47"]},{"criterion":"margin_resilience","grade":2,"rationale":"Third-quarter FTE NIM of 3.34% exceeded 3.13% a year earlier but declined from 3.36% sequentially. Asset repricing, market rates, acquisition effects and funding mix materially influence the result, limiting evidence of pricing control.","evidenceIds":["e10","e11","e13","e14"]},{"criterion":"contractual_freedom","grade":2,"rationale":"The disclosed daily repricing option on non-maturity deposits supports some flexibility, although discussed within internal transfer pricing. Discounts, waivers and externally controlled costs constrain realization; comprehensive customer pricing terms are absent.","evidenceIds":["e15","e16"]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":2,"rationale":"Positive earnings, reduced wholesale funding and sequential capital generation coexist with a $12.7 billion stock-funded acquisition, substantial dilution and approximately $1.04 billion of year-to-date merger expenses. Long-term acquisition returns remain unproven.","evidenceIds":["e24","e25","e26","e32","e33","e38"]},{"criterion":"incentive_alignment","grade":3,"rationale":"Actual 2025 grants combine three-year performance shares and graded RSUs, with relative ROACE conditions and disclosed risk, forfeiture and clawback provisions. These provide substantive alignment, although ownership balances and complete metric adjustments are unavailable.","evidenceIds":["e17","e18","e19"]},{"criterion":"execution","grade":2,"rationale":"Completed conversion, deposit share gains, household growth and lower sequential expenses demonstrate execution through indirect operating evidence. Large integration charges and slightly lower year-over-year quarterly EPS temper the improvement; full fourth-quarter synergies remain prospective.","evidenceIds":["e8","e14","e26","e27","e28","e41","e47"]},{"criterion":"governance","grade":2,"rationale":"Independent standing committees and actual director attendance support oversight. Combined CEO-chair roles and the historical CFPB penalty and remediation commitments temper that evidence. Disputed allegations are not treated as admissions.","evidenceIds":["e20","e21","e22","e23"]}]}],"financialAssessments":[{"category":"financial_strength","checks":[{"criterion":"capital_adequacy","grade":2,"rationale":"September estimated CET1 of 10.02%, total risk-based capital of 12.54% and leverage of 9.22% exceed disclosed baseline minimums. CET1 improved sequentially but remains below year-end 2025. Complete current buffer requirements are absent; the proposed-rule 9.2% fully phased measure is not the current regulatory ratio.","evidenceIds":["e29","e30","e31","e32","e46"]},{"criterion":"liquidity_funding","grade":2,"rationale":"September liquidity sources total $142 billion, including $15 billion of reserves, $34 billion of unpledged securities and secured borrowing capacity. Deposit growth lowered wholesale funding and the loan-to-core deposit ratio reached 76%, but LCR declined to 102%. Borrowing capacity is not cash, and funding concentration disclosure is incomplete.","evidenceIds":["e32","e33","e34"]},{"criterion":"asset_liability_risk","grade":2,"rationale":"Third-quarter NCOs of 0.31% and ACL of 1.74% coexist with an NPA increase to 0.64%, partly reflecting branch real estate. AOCI losses increased materially. Modeled NII declines 8.3% in months 13–24 under a 200-basis-point rate decline; this is a scenario, not a forecast. Acquisition-date loss exclusions limit comparisons.","evidenceIds":["e14","e35","e36","e37","e38","e45"]},{"criterion":"earnings_resilience","grade":2,"rationale":"Net income remained positive across 2023–2025 and each disclosed 2026 quarter. Nine-month net income rose to $1.832 billion from $1.791 billion, while third-quarter diluted EPS was $0.90 versus $0.91 a year earlier. Integration costs and acquisition scope limit evidence of sustained per-share resilience.","evidenceIds":["e24","e14","e38","e40"]}]},{"category":"capital_allocation","checks":[{"criterion":"capital_efficiency","grade":2,"rationale":"GAAP return on average common equity improved sequentially to 10.2% but remained below 12.6% a year earlier and 12.6% for full-year 2025. Reported ROTCE of 16.6% uses a narrower non-GAAP tangible-equity scope; stronger adjusted returns do not eliminate actual merger costs.","evidenceIds":["e24","e14","e40"]},{"criterion":"distributions_and_buffers","grade":2,"rationale":"Actual first-half dividends paid were $710 million against positive consolidated earnings. Third-quarter disclosed dividend payout was 46.2%, and CET1 improved sequentially after dividends. Capital remains below year-end levels and LCR is 102%; complete current capital buffers are missing.","evidenceIds":["e39","e40","e29","e32"]},{"criterion":"dilution_and_cost","grade":1,"rationale":"Outstanding shares increased from approximately 661.2 million at year-end to 907.4 million in September following the stock-funded acquisition. First-half stock compensation increased to $188 million from $108 million, and third-quarter EPS remained slightly below the year-earlier level. Acquired earnings provide consideration, but durable per-share benefits are not yet demonstrated.","evidenceIds":["e25","e38","e39","e14"]},{"criterion":"investment_discipline","grade":2,"rationale":"Historical branch productivity, current deposit-share gains and completed conversion support effective implementation. Approximately $1.04 billion of year-to-date merger expenses and higher conversion technology costs are actual resource commitments; the full synergy run-rate and long-term acquisition returns remain 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