Company: FITBI
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0000035527-25-000137
Chunk: 17

Company: FIFTH THIRD BANCORP
Filing Date: 2025-05-06
Form: 10-Q
Item: Item 7
Chunk 17
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99.6 billion, respectively, of residential mortgage loans serviced for others.

Other noninterest income decreased $9 million for the three months ended March 31, 2025 compared to the three months ended March 31, 2024 primarily due to a decrease in private equity investment income, which was driven by valuation adjustments recognized on certain private equity investments during the prior year. 

Net securities losses were $9 million for the three months ended March 31, 2025 compared to gains of $10 million for the three months ended March 31, 2024. For more information, refer to Note 4 of the Notes to Condensed Consolidated Financial Statements.

13

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

Noninterest Expense

Noninterest expense decreased $38 million for the three months ended March 31, 2025 compared to the same period in the prior year.

The following table presents the components of noninterest expense:

TABLE 9:  Components of Noninterest ExpenseFor the three months endedMarch 31,($ in millions)20252024% ChangeCompensation and benefits$750 753 —Technology and communications123 117 5Net occupancy expense87 87 —Equipment expense42 37 14Loan and lease expense30 29 3Marketing expense28 32 (13)Card and processing expense21 20 5Other noninterest expense223 267 (16)Total noninterest expense$1,304 1,342 (3)Efficiency ratio on an FTE basis(a)61.0 %63.9 

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

Compensation and benefits expense decreased $3 million for the three months ended March 31, 2025 compared to the same period in the prior year primarily driven by a decrease in non-qualified deferred compensation expense, partially offset by increases in base compensation and performance-based compensation. Full-time equivalent employees totaled 18,786 at March 31, 2025 compared to 18,657 at March 31, 2024.

Technology and communications expense increased $6 million for the three months ended March 31, 2025 compared to the same period in the prior year primarily driven by increased investments in strategic initiatives and technology modernization.

Equipment expense increased $5 million for the three months ended March 31, 2025 compared to the