Company: FITBI
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0000035527-25-000137
Chunk: 19

Company: FIFTH THIRD BANCORP
Filing Date: 2025-05-06
Form: 10-Q
Item: Item 7
Chunk 19
---
. The tax credits are primarily associated with the Low-Income Housing Tax Credit program established under Section 42 of the IRC, the New Markets Tax Credit program established under Section 45D of the IRC, the Rehabilitation Investment Tax Credit program established under Section 47 of the IRC and the Research Credit program established under Section 41 of the IRC.  

The effective tax rate increased to 21.2% for the three months ended March 31, 2025 compared to 21.1% for the same period in the prior year primarily related to an increase in state tax expense, largely offset by an increase in excess tax benefits related to share-based compensation.

15

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

BALANCE SHEET ANALYSIS

Loans and Leases

The Bancorp classifies its commercial loans and leases based upon primary purpose and consumer loans based upon product or collateral. Table 12 summarizes end of period loans and leases, including loans and leases held for sale, and Table 13 summarizes average total loans and leases, including average loans and leases held for sale.

TABLE 12:  Components of Total Loans and Leases (including loans and leases held for sale)As of ($ in millions)March 31, 2025December 31, 2024Commercial loans and leases:Commercial and industrial loans$53,728 52,286 Commercial mortgage loans12,357 12,268 Commercial construction loans5,952 5,617 Commercial leases3,128 3,188 Total commercial loans and leases$75,165 73,359 Consumer loans:Residential mortgage loans18,026 18,117 Home equity4,265 4,188 Indirect secured consumer loans16,804 16,313 Credit card1,660 1,734 Solar energy installation loans4,262 4,202 Other consumer loans2,482 2,518 Total consumer loans$47,499 47,072 Total loans and leases$122,664 120,431 Total portfolio loans and leases (excluding loans and leases held for sale)$122,191 119,791 

Total loans and leases, including loans and leases held for sale, increased $2.2 billion, or 2%, from December 31, 2024 driven by increases in both commercial loans and leases and consumer loans.

Commercial loans and leases increased $1.8 billion, or 2%,