Fifth Third Bancorp reported consolidated earnings results for the fourth quarter and year ended December 31, 2016. For the quarter, the company reported net interest income (taxable equivalent) of $909 million compared to $904 million a year ago. Net income attributable to common shareholders was $372 million or $0.49 per diluted share compared to $634 million or $0.79 per diluted share a year ago. Income before income taxes (taxable equivalent) was $515 million against $954 million a year ago. Net income was $395 million against $657 million a year ago. Return on average assets was 1.11% compared to 1.83% a year ago. Return on average common equity was 9.7% compared to 17.2% a year ago. Book value per share was $19.82 down 3% from third quarter of 2016 and up 7% from fourth quarter of 2015. Tangible book value per share was $16.60 down 4% from third quarter of 2016 and up 8% from fourth quarter of 2015.

The company reported full year 2016 net income of $1.6 billion, down 9% from net income of $1.7 billion in 2015. After preferred dividends, 2016 net income available to common shareholders was $1.5 billion, or $1.93 per diluted share, down 9% compared with 2015 net income available to common shareholders of $1.6 billion, or $2.01 per diluted share. Results were significantly impacted by Vantiv-related transactions throughout 2015 and 2016.

For the fourth quarter of 2016, the company reported net charge-offs were $73 million, decreased from third quarter of 2016 NCOs of $107 million. For the same period last year, the company announced net charge-offs of $80 million.

The company expects first quarter 2017 tax rate to be in the mid-25% range. The company expects its first quarter net interest income to be up by 1.5% to 2% from the reported fourth quarter net interest income.

The company expects to continue to generate improved results in 2017. The company expects full year 2017 tax rate to be in the mid-25% range. The company is projecting full year net interest income growth of 3.5% to 5%, bracketed by the two rate scenarios that I just outlined.