Company: FITBI
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0000035527-25-000079
Chunk: 500

Company: FIFTH THIRD BANCORP
Filing Date: 2025-02-24
Form: 10-K
Item: Item 7
Chunk 500
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3.

Noninterest expense decreased $32 million from the year ended December 31, 2023 primarily driven by the expense recognized in 2023 associated with the FDIC special assessment, partially offset by a decrease in corporate overhead allocations from General Corporate and Other to the other segments and an increase in performance-based compensation.

68 Fifth Third Bancorp 

Table of Contents MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

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 19 summarizes end of period loans and leases, including loans and leases held for sale, and Table 20 summarizes average total loans and leases, including average loans and leases held for sale.

 TABLE 19:  Components of Total Loans and Leases (including loans and leases held for sale)As of December 31 ($ in millions)20242023Commercial loans and leases:Commercial and industrial loans$52,286 53,311 Commercial mortgage loans12,268 11,276 Commercial construction loans5,617 5,621 Commercial leases3,188 2,582 Total commercial loans and leases$73,359 72,790 Consumer loans:Residential mortgage loans18,117 17,360 Home equity4,188 3,916 Indirect secured consumer loans16,313 14,965 Credit card1,734 1,865 Solar energy installation loans4,202 3,728 Other consumer loans2,518 2,988 Total consumer loans$47,072 44,822 Total loans and leases$120,431 117,612 Total portfolio loans and leases (excluding loans and leases held for sale)$119,791 117,234 

Total loans and leases, including loans and leases held for sale, increased $2.8 billion, or 2%, from December 31, 2023 driven by increases in both consumer loans and commercial loans and leases.

Commercial loans and leases increased $569 million, or 1%, from December 31, 2023 primarily due to increases in commercial mortgage loans and commercial leases, partially offset by a decrease in commercial and industrial loans. Commercial mortgage loans increased $992 million, or 9%, from December 31, 2023 and included the impact of commercial construction loans transitioning to commercial mortgage loans and increased originations. Commercial