FITBP

• Priorities are stability, profitability, and growth. Achieved adjusted return on equity of 14.5%, adjusted return on assets of 1.41%, and adjusted efficiency ratio of 54.3%.
• Opened 50 new branches in the Southeast, with De Novo branches delivering 45% higher deposit growth. Consumer mobile app recognized as top for user satisfaction. Small business became top 20 national SBA lender and 2nd in small business banking satisfaction.
• Commercial payments software and embedded payments growing rapidly. Wealth and asset management fees up 13%, AUM reached $80B. Value streams approach $200M in annualized run rate savings.
• Approved merger with Comerica, expecting to close Feb 1, 2026, with $850M expense synergies and $5B revenue synergies over five years.

• Expect to close Comerica transaction on Feb 1, 2026. Full-year NII to range between $8.6 and $8.8 billion. Full-year adjusted non-interest income expected to be between $4 and $4.4 billion. Noninterest expense to be between $7 and $7.3 billion. 2026 net charge-offs to range between thirty and forty basis points. CET1 post-close of Comerica acquisition to remain near 10.5% target. Resume regular quarterly share repurchases in 2026.

Fourth quarter adjusted revenues rose 5% year over year, driven by 6% growth in net interest income, 8% growth in commercial payments fees, and 13% growth in wealth and asset management fees. Average loans increased 5% year over year, with consumer loans up 7% and market and business banking C&I loans up 7%. Average core deposits grew 1% year over year, with consumer DDA up 5% and commercial DDA up 3%. Net charge-offs were 40 basis points, the lowest in the past seven quarters. CET1 ratio increased to 10.8%, and tangible book value per share grew 21% year over year.

• Macro factors such as unemployment reaching certain levels and interest rate changes. Risks associated with integrating Comerica, including system conversion challenges and client acceptance of the combined entity.

Q: Ebrahim Poonawala from Bank of America asked about Comerica opportunities, near-term vs longer-term.

A: Timothy N. Spence said immediate near-term from client base and deposit marketing, medium-term Texas expansion, medium to long-term innovation banking.

Q: Gerard Cassidy from RBC asked about Comerica integration progress.

A: Timothy N. Spence said ahead of schedule, legal close in Feb, conversion moved to Labor Day.

Q: Scott Siefers from Piper Sandler asked about balance sheet rate sensitivity post-comerica.

A: Bryan D. Preston said targeting rate neutrality, balance sheet becoming more asset sensitive with swaps and hedges.

Q: John Pancari from Evercore ISI asked about Comerica deal assumptions and loan growth.

A: Bryan D. Preston said no material changes to assumptions, loan growth from middle market and specialty verticals.

Q: Mike Mayo from Wells Fargo asked about merger prospects and direct mail.

A: Timothy N. Spence said direct mail works, branches in Texas growing with development partners.

Q: Erika Najarian from UBS Financial asked about deposits and funding costs.

A: Bryan D. Preston said continuation of Fifth Third's deposit growth and funding cost optimization.

Q: Ken Usdin from Autonomous Research asked about CDI and stand-alone momentum.

A: Bryan D. Preston said CDI add from Comerica, strong stand-alone momentum with mid-single-digit loan and revenue growth.

Q: Manan Gosalia from Morgan Stanley asked about ROTCE and Direct Express.

A: Bryan D. Preston said ROTCE seasonality and small ACL release, Direct Express full run rate in 2026.

Q: Christopher Edward McGratty from KBW asked about inorganic growth and tech spend.

A: Timothy N. Spence said focus on Comerica integration, tech spend in high single-digit to low double-digit range.