Company: FITBI
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0000035527-25-000137
Chunk: 168

Company: FIFTH THIRD BANCORP
Filing Date: 2025-05-06
Form: 10-Q
Item: Item 1
Chunk 168
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 with customer accommodation contracts, partially offset by a decrease in leasing business expense. Compensation and benefits expense decreased $8 million for the three months ended March 31, 2025 compared to the same period in the prior year primarily driven by a decrease in performance-based compensation.

Average commercial loans and leases increased $917 million for the three months ended March 31, 2025 compared to the same period in the prior year primarily due to increases in average commercial mortgage loans and average commercial leases, partially offset by a decrease in average commercial and industrial loans. Average commercial mortgage loans increased for the three months ended March 31, 2025 compared to the same period in the prior year and included the impact of commercial construction loans transitioning to commercial mortgage loans and increased originations. Average commercial leases increased for the three months ended March 31, 2025 compared to the same period in the prior year primarily driven by an increase in lease originations as a result of a shift in business strategy in the second half of 2024. Average commercial and industrial loans decreased for the three months ended March 31, 2025 compared to the same period in the prior year primarily as a result of lower demand throughout 2024. 

Average deposits decreased $1.3 billion for the three months ended March 31, 2025 compared to the same period in the prior year primarily due to a decrease in average demand deposits, partially offset by increases in average interest checking deposits and average money market deposits. Average demand deposits decreased $1.7 billion for the three months ended March 31, 2025 compared to the same period in the prior year primarily as a result of lower average balances per customer account. Average interest checking deposits increased $338 million for the three months ended March 31, 2025 compared to the same period in the prior year primarily driven by increases in balances associated with embedded payments products. Average money market deposits increased $186 million for the three months ended March 31, 2025 compared to the same period in the prior year primarily driven by balance growth resulting from expanded market presence in the Southeast U.S.

27

Table of ContentsManagement’s Discussion and Analysis of Financial Condition and Results of Operations (continued)

Consumer and Small Business Banking

Consumer and Small Business Banking provides a full range of deposit and loan products to individuals and small businesses through a network of full-service banking centers and relationships with indirect and correspondent loan originators in addition to providing products designed to meet the specific needs of small businesses, including cash management services. Consumer and