Company: FITBI
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0000035527-25-000079
Chunk: 489

Company: FIFTH THIRD BANCORP
Filing Date: 2025-02-24
Form: 10-K
Item: Item 7
Chunk 489
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3. The following table presents the components of noninterest expense:

TABLE 12:  Components of Noninterest ExpenseFor the years ended December 31 ($ in millions)(a)202420232022Compensation and benefits$2,763 2,694 2,554 Technology and communications474 464 416 Net occupancy expense339 331 307 Equipment expense153 148 145 Loan and lease expense132 133 167 Marketing expense115 126 118 Card and processing expense84 84 80 Other noninterest expense973 1,225 932 Total noninterest expense$5,033 5,205 4,719 Efficiency ratio on an FTE basis(b)59.2 %59.6 56.2 

(a)During 2024, certain noninterest expense line items were reclassified to better align disclosures to business activities. These reclassifications were retrospectively applied to all prior periods presented. Total noninterest expense did not change as a result of these reclassifications.

(b)This is a non-GAAP measure. For further information, refer to the Non-GAAP Financial Measures section of MD&A.

Compensation and benefits expense increased $69 million for the year ended December 31, 2024 compared to the year ended December 31, 2023 primarily driven by increases in performance-based compensation, base compensation and employee benefits expense. Full-time equivalent employees totaled 18,616 at December 31, 2024 compared to 18,724 at December 31, 2023.

Technology and communications expense increased $10 million for the year ended December 31, 2024 compared to the year ended December 31, 2023 primarily driven by increased investments in strategic initiatives and technology modernization.

Net occupancy expense increased $8 million for the year ended December 31, 2024 compared to the year ended December 31, 2023 primarily driven by expansion of the Southeast branch network and higher expenses associated with the maintenance and renovation of banking centers.

Marketing expense decreased $11 million for the year ended December 31, 2024 compared to the year ended December 31, 2023 primarily due to decreases in advertising costs. 

The following table presents the components of other noninterest expense:

TABLE 13:  Components of Other Noninterest ExpenseFor the years ended December 31 ($ in millions)202420232022FDIC insurance and other taxes$181 385 132 Leasing