Fifth Third Bancorp
Fifth Third Bancorp (FITB) Economic Moat Analysis—
Competitive advantages, dated evidence and erosion risks.
Uncertain economic moat
Fifth Third demonstrates repeat commercial payments demand, cross-selling and a substantial core deposit franchise, but the passages do not establish durable switching costs, superior funding costs or another structural advantage. Observed pricing is mixed: deposit costs fell, while savings customers migrated toward higher rates; payments revenue growth includes volume and cross-selling rather than demonstrated fee increases. Comerica added scale, but sustained competitive benefits remain unproven. This is insufficient evidence of a moat, rather than an established weak competitive position.
Changes since the previous analysis
- The uncertain verdict is unchanged from the previous accepted analysis.
- The expanded assessment recognizes demonstrated existing-customer payments demand and mixed realized pricing, while distinguishing these from durable switching costs.
- Actual proxy disclosures now support assessments of incentive alignment and governance; bank financial and capital allocation assessments are added.
Evidence limitations
- The passages identify no named entity as a current competitor. Comerica is an acquired business; other named companies are not established competitors.
- Operating results and contractual disclosures support numerical assessments, but issuer descriptions of superior offerings, liquidity strength and competitive position are not independent proof of superiority.
- No comparative funding-cost series, measured switching costs, customer cohort retention or sustained fee increases establish a structural advantage. Acquisition accounting intangibles do not prove an economic moat.
- Erosion indicators include rate-sensitive savings account losses, deposit outflows and integration costs. Payments growth and demand deposit account growth provide countervailing evidence; generic risk factors do not establish realized erosion.
- A relationship-based advantage hypothesis would be weakened by sustained existing-customer payments revenue declines, continued account losses despite competitive rates, or persistent deposit outflows after integration. Evidence of durable retention through repricing and a sustained comparative funding advantage could support reconsidering the uncertain verdict.
- All source dates used are filed dates. Financial grades use filings from February, March, May or August 2026, within 550 days of October 18, 2026. The February 2025 filing supports historical pricing context only.
- The passages omit June 2026 regulatory capital ratios and applicable numerical requirements and buffers, uninsured deposit concentration, detailed asset-quality ratios and current consolidated return-on-equity measures.
- Actual executive ownership and compliance with ownership guidelines are not supplied. The proxy's proposed annual votes are not treated as completed approvals.
Financial indicators to test against the thesis
Calculated from annual filings. Missing data remains unavailable. Detailed financial charts remain in the other topics.
| Period | Gross margin | Operating margin | ROIC | FCF margin |
|---|---|---|---|---|
| 2021 | — | — | — | 399.2% |
| 2022 | — | — | — | 1032.3% |
| 2023 | — | — | — | 696.4% |
| 2024 | — | — | — | — |
| 2025 | — | — | — | — |
Pricing power44
- Pricing outcomes
Interest-bearing core deposit costs fell from 287 to 234 basis points in 2025, but rate-sensitive savings losses constrain interpretation. Higher payments revenue per existing customer includes cross-selling; 2026 growth includes volume. These are mixed pricing outcomes, not demonstrated premium pricing.
- Customer demand
Indirect operating evidence shows repeat payments demand and cross-selling, plus demand deposit account growth. Savings account declines and net deposit outflows offset those positives. No retention rate is inferred.
- Margin resilience
First-half FTE NIM improved to 3.33% from 3.08%, supported by lower funding costs and repricing. Acquisition mix and purchase accounting contributed, while consolidated first-half earnings declined. Spread improvement does not alone establish pricing power.
- Pricing freedom
The supplied historical disclosure establishes explicit debit interchange fee caps, a material constraint on pricing in that activity. Broader customer contract repricing rights and subsequent changes to those limits are not supplied.
Management63
- Capital discipline
2025 profitability, a 43.3% dividend payout and actual repurchases support discipline. The substantial all-stock acquisition, integration spending and weaker first-half per-share earnings leave the latest allocation outcome mixed.
- Incentive alignment
Disclosed compensation includes three-year relative ROACE performance awards, graded equity vesting, risk-based downward discretion, forfeiture and clawbacks. These are actual plan provisions; executive ownership amounts and demonstrated enforcement are absent.
- Execution
Indirect operating evidence supports execution through 2025 earnings improvement and payments cross-selling. Merger-related expenses and lower first-half 2026 EPS temper that record; successful integration and acquisition returns are not yet established.
- Governance
Independent standing committees, nine audit committee meetings in 2025 and reported Regulation O compliance demonstrate functioning oversight arrangements. These disclosures do not establish exceptional governance effectiveness.
Sources and methodology
Current publication · Updated 18/10/2026 · Version 4
AI interpretation based on checked source excerpts. Issuer assertions and evidence limitations remain explicit.
Policy quality-scores-2: six equally weighted categories. The overall score requires full coverage. Missing inputs are not zero. Qualitative grades are sourced interpretations, not probabilities. 3/6 · 18/10/2026
Moat—
Insufficient evidence for every rubric criterion; no category score is inferred.
structural advantage · — · Payments cross-selling and core deposits establish commercial activity, but no durable switching barrier or comparative cost advantage. Acquisition scale and management's competitive-position claim are insufficient.
durability · — · Payments growth across periods suggests continuity of demand, but does not establish how long any competitive advantage would endure.
customer dependency · — · Existing-customer cross-sales suggest deeper relationships, while savings account losses demonstrate mobility. Neither establishes customer dependence or material switching friction.
erosion resilience · — · Payments growth and demand deposit gains coexist with savings losses and acquisition-adjusted deposit outflows. Resilience of a structural advantage cannot be established.
Pricing power44
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
realized pricing · 2/4 · Interest-bearing core deposit costs fell from 287 to 234 basis points in 2025, but rate-sensitive savings losses constrain interpretation. Higher payments revenue per existing customer includes cross-selling; 2026 growth includes volume. These are mixed pricing outcomes, not demonstrated premium pricing.
retention · 2/4 · Indirect operating evidence shows repeat payments demand and cross-selling, plus demand deposit account growth. Savings account declines and net deposit outflows offset those positives. No retention rate is inferred.
margin resilience · 2/4 · First-half FTE NIM improved to 3.33% from 3.08%, supported by lower funding costs and repricing. Acquisition mix and purchase accounting contributed, while consolidated first-half earnings declined. Spread improvement does not alone establish pricing power.
contractual freedom · 1/4 · The supplied historical disclosure establishes explicit debit interchange fee caps, a material constraint on pricing in that activity. Broader customer contract repricing rights and subsequent changes to those limits are not supplied.
Predictability—
Five consecutive annual periods with reported revenue and consolidated net income are required for financial-sector predictability.
Financial strength—
Insufficient current sector evidence for every criterion; no category score is inferred.
capital adequacy · — · Year-end 2025 CET1 was 10.8%, and the issuer reported capital ratios above well-capitalized levels. Applicable numerical requirements and buffers and post-acquisition June 2026 ratios are absent, preventing a sufficiently grounded assessment of current adequacy.
liquidity funding · 3/4 · June 2026 deposits were predominantly classified as core, with $141 billion of disclosed readily available liquidity and $91.1 billion of secured borrowing capacity. These liquidity measures are not added together. Net deposit outflows and missing uninsured concentration limit confidence in funding stability.
asset liability risk · 2/4 · June 2026 modeled NII sensitivity remained within disclosed limits, but a 200-basis-point declining-rate scenario reduced second-year NII by 9.72%. Elevated commercial credit loss ratios relative to peers and continuing provisions temper the assessment. Simulation results are not forecasts; detailed asset-quality coverage is missing.
earnings resilience · 2/4 · The bank remained profitable across 2023–2025 and first-half 2026. However, first-half net income fell from $1.142 billion to $966 million and diluted EPS from $1.58 to $1.02 despite acquisition-driven revenue growth. Second-quarter net income improved, producing a mixed resilience assessment.
Capital allocation44
Qualitative bank assessment: equal-weight average of four current evidence-backed grades (0–4), scaled to 100. Policy financial-industry-1; not an industrial ratio score or credit rating.
capital efficiency · 2/4 · 2025 consolidated return on average common equity was 12.6%; the separately reported 17.4% tangible common equity return is non-GAAP. These support demonstrated returns, but latest acquisition-adjusted returns on capital are absent and first-half EPS weakened.
distributions and buffers · 2/4 · 2025 dividends had a 43.3% payout and actual repurchases occurred. First-half 2026 common and preferred dividends paid were $710 million against $966 million of net income, with no treasury repurchases reported in that cash-flow line. Distributions remain supported by profits, but post-acquisition regulatory buffer headroom is unavailable.
dilution and cost · 1/4 · Outstanding common shares rose from approximately 661 million to 907 million following the all-stock acquisition. First-half stock compensation expense increased from $108 million to $188 million, while diluted EPS declined. Acquired assets explain much of the issuance, but per-share benefits are not yet demonstrated.
investment discipline · 2/4 · The completed $12.7 billion acquisition added deposits and revenue, while disclosed integration costs materially affected earnings. Purchase accounting remained preliminary and sustained returns or realized synergies are not supplied. Outcomes are mixed rather than established success or failure.
Management63
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
capital discipline · 2/4 · 2025 profitability, a 43.3% dividend payout and actual repurchases support discipline. The substantial all-stock acquisition, integration spending and weaker first-half per-share earnings leave the latest allocation outcome mixed.
incentive alignment · 3/4 · Disclosed compensation includes three-year relative ROACE performance awards, graded equity vesting, risk-based downward discretion, forfeiture and clawbacks. These are actual plan provisions; executive ownership amounts and demonstrated enforcement are absent.
execution · 2/4 · Indirect operating evidence supports execution through 2025 earnings improvement and payments cross-selling. Merger-related expenses and lower first-half 2026 EPS temper that record; successful integration and acquisition returns are not yet established.
governance · 3/4 · Independent standing committees, nine audit committee meetings in 2025 and reported Regulation O compliance demonstrate functioning oversight arrangements. These disclosures do not establish exceptional governance effectiveness.
Evidence
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.
MD&A: 2025 commercial payments revenue and existing-customer cross-sales · Filed 24/02/2026
Commercial payments revenue increased $44 million for the year ended December 31, 2024 compared to the year ended December 31, 2023 primarily driven by an increase in treasury management fees due to new client acquisition and higher average revenue per existing customer.
MD&A: 2024 commercial payments revenue · Filed 24/02/2025
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.
MD&A: interest-bearing core deposit costs · Filed 24/02/2026
Savings deposits decreased $992 million, or 6%, from December 31, 2024 primarily due to lower balances per consumer customer account as well as a decrease in the number of consumer customer accounts, partially driven by the impact of consumer preferences for products with higher offering rates.
MD&A: savings balances, customer accounts and rate preferences · Filed 24/02/2026
Demand deposits increased $1.6 billion, or 4%, from December 31, 2024 primarily as a result of higher balances per customer account as well as growth in the number of consumer customer accounts.
MD&A: demand deposit and consumer account growth · Filed 24/02/2026
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.
MD&A: 2026 commercial payments revenue drivers · Filed 04/08/2026
Total deposits increased $62.3 billion, or 36%, from December 31, 2025 due to the Comerica acquisition as the Bancorp assumed commercial and consumer deposit balances of $65.2 billion at acquisition.
MD&A: deposit growth attributable to Comerica · Filed 04/08/2026
52 Table of Contents Fifth Third Bancorp and Subsidiaries Condensed Consolidated Financial Statements and Notes (continued) CONDENSED CONSOLIDATED STATEMENTS OF INCOME (unaudited) For the three months ended June 30, For the six months ended June 30, ($ in millions, except share data) 2026 2025 2026 2025 Interest Income Interest and fees on loans and leases $ 2,607 1,881 4,900 3,696 Interest on securities 598 458 1,099 910 Interest on other short-term investments 167 145 345 311 Total interest income 3,372 2,484 6,344 4,917 Interest Expense Interest on deposits 891 732 1,705 1,476 Interest on short-term borrowings 38 61 43 119 Interest on long-term debt 228 196 447 390 Total interest expense 1,157 989 2,195 1,985 Net Interest Income 2,215 1,495 4,149 2,932 Provision for credit losses 129 173 356 347 Net Interest Income After Provision for Credit Losses 2,086 1,322 3,793 2,585 Noninterest Income Wealth and asset management revenue 256 166 489 338 Commercial payments revenue 254 152 472 305 Consumer banking revenue 161 147 307 284 Capital markets fees 154 90 287 179 Commercial banking revenue 125 79 230 160 Mortgage banking net revenue 39 56 83 113 Other noninterest income 50 44 78 58 Securities gains, net 20 16 8 7 Total noninterest income 1,059 750 1,954 1,444 Noninterest Expense Compensation and benefits 1,129 698 2,539 1,447 Technology and communications 250 126 453 250 Net occupancy expense 154 83 295 171 Card and processing expense 66 22 144 43 Equipment expense 60 41 115 82 Marketing expense 65 43 114 71 Loan and lease expense 53 36 95 66 Other noninterest expense 332 215 749 438 Total noninterest expense 2,109 1,264 4,504 2,568 Income Before Income Taxes 1,036 808 1,243 1,461 Applicable income tax expense 235 180 277 319 Net Income 801 628 966 1,142 Dividends on preferred stock 38 37 75 73 Net Income Available to Common Shareholders $ 763 591 891 1,069 Earnings per share - basic $ 0.84 0.88 1.03 1.59 Earnings per share - diluted $ 0.83 0.88 1.02 1.58 Average common shares outstanding - basic 911,612,858 670,787,224 868,604,806 670,919,040 Average common shares outstanding - diluted 915,959,377 674,034,313 873,353,249 675,031,656 Refer to the Notes to Condensed Consolidated Financial Statements.
Condensed consolidated statements of income: second quarter and first half 2026 · Filed 04/08/2026
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.
Selected financial data: 2025–2023 earnings, returns and dividends · Filed 24/02/2026
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.
Condensed consolidated cash flows: deposits, compensation, financing and distributions · Filed 04/08/2026
The following table presents the end of period components of deposits: TABLE 20: Components of Deposits As of ($ in millions) June 30, 2026 December 31, 2025 Demand $ 63,928 42,647 Interest checking 70,527 61,155 Savings 18,161 16,155 Money market 65,932 39,285 Total transaction deposits $ 218,548 159,242 CDs $250,000 or less 12,708 10,599 Total core deposits $ 231,256 169,841 CDs over $250,000(a) 2,885 1,978 Total deposits $ 234,141 171,819 (a)Includes $1 and $777 of retail brokered CDs which are fully covered by FDIC insurance as of June 30, 2026 and December 31, 2025, respectively.
MD&A: June 2026 deposit composition · Filed 04/08/2026
Additionally, at June 30, 2026, the Bank had approximately $91.1 billion of borrowing capacity available through secured borrowing sources, including the FRB and the FHLB.
Liquidity risk management: secured borrowing capacity · Filed 04/08/2026
Current Liquidity Position The Bancorp maintains a strong liquidity profile driven by strong core deposit funding and $141 billion in readily available liquidity at June 30, 2026.
Liquidity risk management: readily available liquidity · Filed 04/08/2026
The following table shows the Bancorp’s estimated NII sensitivity profile and policy limits as of: TABLE 52: Estimated NII Sensitivity Profile and Policy Limits June 30, 2026 June 30, 2025 % Change in NII (FTE) Policy Limit % Change in NII (FTE) Policy Limit Change in Interest Rates (bps) 12 Months 13-24 Months 12 Months 13-24 Months 12 Months 13-24 Months 12 Months 13-24 Months +200 Ramp over 12 months 0.54 % 2.86 (9.00) (15.00) (3.51) (4.48) (6.00) (7.00) +100 Ramp over 12 months 0.42 1.87 NA NA (1.71) (2.03) NA NA -100 Ramp over 12 months (1.08) (3.72) NA NA 0.88 0.65 NA NA -200 Ramp over 12 months (2.92) (9.72) (9.00) (15.00) 1.29 (0.21) (6.00) (7.00) Table 52 presents the change in estimated net interest income for 12 month and 13-24 month horizons for alternative interest rate scenarios relative to the net interest income projection for a static rate scenario for those same time horizons.
Interest rate risk management: modeled NII sensitivity and policy limits · Filed 04/08/2026
The bank continued to deliver overall strong shareholder returns compared to peers, and a top efficiency ratio, however, did report elevated commercial credit loss ratios compared to peers.
Compensation discussion: elevated commercial credit loss ratios relative to peers · Filed 09/03/2026
Grew our Common Equity Tier 1 ratio 20 bps in 2025 to 10.8%
2025 performance highlights: CET1 ratio · Filed 09/03/2026
The Bancorp and its banking subsidiary, Fifth Third Bank, National Association, had CET1 risk-based capital, Tier 1 risk-based capital, Total risk-based capital and Leverage ratios above the well-capitalized levels at both December 31, 2025 and 2024.
Regulatory capital: well-capitalized status at year-end 2025 and 2024 · Filed 24/02/2026
(b)Common shares: Stated value $2.22 per share; authorized 2,000,000,000; outstanding at June 30, 2026 – 906,572,635 (excludes 257,666,032 treasury shares), December 31, 2025 – 661,197,787 (excludes 262,694,794 treasury shares).
Balance sheet footnote: outstanding common shares · Filed 04/08/2026
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.
Acquisition overview: completed all-stock Comerica transaction · Filed 04/08/2026
Compensation and benefits expense increased $660 million for the three months ended March 31, 2026 compared to the same period in the prior year primarily driven by $427 million of merger-related expenses, including employee change in control and termination expenses, as well as increases in base compensation and performance-based compensation.
MD&A: merger-related compensation and termination expenses · Filed 05/05/2026
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.
Executive compensation: risk adjustments, forfeiture, ownership guidelines and clawbacks · Filed 09/03/2026
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.
Executive compensation: three-year relative ROACE performance award terms · Filed 09/03/2026
Fifth Third 2026 Proxy Statement 55 Table of Contents COMPENSATION DISCUSSION AND ANALYSIS A visual example of our performance share grant design is shown in the following graphic: Restricted Stock Units grants made in 2025 have a three-year graded vesting schedule.
Executive compensation: vesting schedule of RSUs granted in 2025 · Filed 09/03/2026
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.
Governance: CEO exception and independent standing committees · Filed 09/03/2026
26 Table of Contents BOARD OF DIRECTORS, ITS COMMITTEES, MEETINGS, AND FUNCTIONS 9 Audit Committee meetings in 2025 Audit Committee Our Audit Committee serves in a dual capacity as the Audit Committee of Fifth Third Bancorp and Fifth Third Bank, National Association and is comprised entirely of independent directors.
Governance: independent audit committee and 2025 meetings · Filed 09/03/2026
For 2025, all of these extensions of credit complied with the policies and procedures governed by Federal Reserve Board Regulation O.
Related transactions: 2025 Regulation O compliance · Filed 09/03/2026
Interchange fees for electronic debit transactions are limited to 21 cents plus 0.05% of the transaction, plus an additional one cent per transaction fraud adjustment.
Regulation: electronic debit interchange fee limits · Filed 24/02/2025
Net interest margin on an FTE basis (non-GAAP) was 3.36% and 3.33% for the three and six months ended June 30, 2026, respectively, compared to 3.12% and 3.08% for the comparable periods in the prior year.
MD&A: FTE net interest margin comparisons · Filed 04/08/2026
Net interest income for the three and six months ended June 30, 2026 was positively impacted by higher average balances of interest-earning assets primarily driven by the Comerica acquisition, lower funding costs due to the benefit of lower short-term market rates and repricing of fixed-rate assets to higher yields, including the reinvestment of cash flows from average taxable securities and securities repositioning during the second quarter of 2026.
MD&A: acquisition, market rates and fixed-rate repricing contributions to NII · Filed 04/08/2026
Additionally, net interest income for the three and six months ended June 30, 2026 included $64 million and $102 million, respectively, of amortization and accretion of purchase accounting premiums and discounts related to the Comerica acquisition.
MD&A: purchase accounting contribution to NII · Filed 04/08/2026
The merger resulted in a combined company that is one of the largest banks in the U.S., with a strengthened competitive position in the Midwest and significant operations in high-growth U.S.
Acquisition discussion: issuer claim of strengthened competitive position · Filed 04/08/2026
The following table summarizes shares authorized for repurchase as part of publicly announced plans or programs: TABLE 65: Share Repurchases For the years ended December 31 2025 2024 Shares authorized for repurchase at January 1 17,072,641 32,115,811 Additional authorizations 88,169,741 — Share repurchases(a) (12,171,734) (15,043,170) Shares authorized for repurchase at December 31 93,070,648 17,072,641 Average price paid per share(a) $ 43.46 41.87 (a)Excludes 1,723,786 and 1,866,182 shares repurchased during the years ended December 31, 2025 and 2024, respectively, in connection with various employee compensation plans.
Capital management: actual 2025 and 2024 repurchases · Filed 24/02/2026
The Bancorp declared dividends per common share of $0.40 and $0.37 for the three months ended June 30, 2026 and 2025, respectively, and $0.80 and $0.74 for the six months ended June 30, 2026 and 2025, respectively.
Capital management: quarterly and first-half common dividends · Filed 04/08/2026
These fair value estimates are considered preliminary as of June 30, 2026.
Acquisition accounting: preliminary fair value estimates · Filed 04/08/2026
Publication history
| Version | Updated | Competitive advantage |
|---|---|---|
| 4 | 18/10/2026 | uncertain |
| 3 | 18/10/2026 | uncertain |
| 2 | 18/10/2026 | uncertain |
| 1 | 18/10/2026 | Unavailable |
Sources
Research methodology and limitations · What is an economic moat?