8-K/AEarnings & ResultsRegulation FD

FIFTH THIRD BANCORP 8-K/A Report, Financial Results (May 12, 2015)

Filed May 12, 2015For Securities:FITBFITBOFITBPFITB-PIFITB-PMFITB-PAFITBIFITB-PK

Summary

This Form 8-K/A filing from Fifth Third Bancorp (FITB) amends a prior report filed on April 21, 2015, to disclose a previously unrecognized impairment charge. Specifically, the company identified an impairment of $30 million related to certain corporate aircraft subject to operating leases. This impairment impacts the company's first quarter 2015 results. As a result of this $30 million impairment, Fifth Third Bancorp's reported noninterest income for the first quarter of 2015 is revised downwards to $630 million from the previously reported $660 million. Consequently, net income available to common shareholders is adjusted to $346 million from $367 million, and earnings per diluted share are revised to $0.42 from $0.44. These revised figures are now reflected in the company's Quarterly Report on Form 10-Q for the first quarter of 2015.

Key Highlights

  • 1Amendment to prior 8-K filing dated April 21, 2015.
  • 2Identification of a $30 million impairment related to corporate aircraft under operating leases.
  • 3Impairment charge recognized in the first quarter of 2015.
  • 4Revised Q1 2015 noninterest income reduced to $630 million (from $660 million).
  • 5Revised Q1 2015 net income available to common shareholders reduced to $346 million (from $367 million).
  • 6Revised Q1 2015 diluted earnings per share reduced to $0.42 (from $0.44).
  • 7Revised Q1 2015 results are now reported in the Form 10-Q filing.

Frequently Asked Questions

This filing is an amendment to a previous 8-K report. It's used to correct or update information previously disclosed. In this case, Fifth Third Bancorp is amending its April 21, 2015 report to disclose a $30 million impairment charge related to operating lease assets for corporate aircraft that was not initially recognized.

The $30 million impairment charge reduced Q1 2015 noninterest income to $630 million, net income available to common shareholders to $346 million, and diluted earnings per share to $0.42. These are downward revisions from the initial $660 million in noninterest income, $367 million in net income, and $0.44 per diluted share previously reported.

The impairment was identified during a 'periodic review of long lived assets for impairment associated with operating lease assets' subsequent to the initial earnings release. The company applied 'appropriate tests under current accounting guidance' and determined the recoverability was in doubt, leading to the recognition of the impairment.

The revised first quarter 2015 financial results, incorporating this $30 million impairment, are reported in Fifth Third Bancorp's Quarterly Report on Form 10-Q for the first quarter of 2015.