Company: FITBI
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0000035527-25-000137
Chunk: 28

Company: FIFTH THIRD BANCORP
Filing Date: 2025-05-06
Form: 10-Q
Item: Item 7
Chunk 28
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 million and $1.3 billion of retail brokered CDs which are fully covered by FDIC insurance as of March 31, 2025 and December 31, 2024, respectively.

(b)Effective January 1, 2025, foreign office deposits are included in interest checking. Prior periods have been adjusted to conform to current period presentation.

Core deposits decreased $1.3 billion, or 1%, from December 31, 2024 primarily due to decreases in transaction deposits and CDs $250,000 or less. Transaction deposits decreased $733 million from December 31, 2024 primarily driven by a decrease in interest checking deposits, partially offset by an increase in savings deposits. Interest checking deposits decreased $886 million, or 1%, from December 31, 2024 primarily as a result of seasonal impacts which contributed to lower balances per commercial customer account, partially offset by higher balances per consumer customer account. Savings deposits increased $436 million, or 3%, from December 31, 2024 primarily as a result of higher average balances per consumer customer account, which is partially attributable to seasonality. CDs $250,000 or less decreased $550 million, or 5%, from December 31, 2024 primarily due to maturities which outpaced new issuances given current market conditions.

CDs over $250,000 decreased $464 million, or 20%, from December 31, 2024 primarily due to maturities of retail brokered CDs.

The following table presents the components of average deposits for the three months ended:

TABLE 19:  Components of Average Deposits($ in millions)March 31, 2025March 31, 2024Demand$39,788 40,839 Interest checking(b)57,964 58,822 Savings17,226 18,107 Money market36,453 34,589 Total transaction deposits$151,431 152,357 CDs $250,000 or less10,380 10,244 Total core deposits$161,811 162,601 CDs over $250,000(a)2,346 5,521 Total average deposits$164,157 168,122 

(a)Includes $1.3 billion and $4.7 billion of retail brokered CDs which are fully covered by FDIC insurance for the three months ended March 31, 2025 and 2024, respectively.

(b)Effective January