Company: FITBI
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0000035527-25-000137
Chunk: 156

Company: FIFTH THIRD BANCORP
Filing Date: 2025-05-06
Form: 10-Q
Item: Item 8
Chunk 156
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 mortgage loans classified as held for sale may change over time due to such factors as changes in the overall liquidity in markets or changes in characteristics specific to certain loans held for sale. Consequently, these loans may be reclassified to loans held for investment and maintained in the Bancorp’s loan portfolio. In such cases, the loans will continue to be measured at fair value.Fair value changes recognized in earnings for residential mortgage loans held at March 31, 2025 and 2024 for which the fair value option was elected included losses of $2 million and $11 million, respectively. These losses are reported in mortgage banking net revenue in the Condensed Consolidated Statements of Income. Valuation adjustments related to instrument-specific credit risk for residential mortgage loans measured at fair value negatively impacted the fair value of those loans by an immaterial amount at both March 31, 2025 and December 31, 2024. Interest on loans measured at fair value is accrued as it is earned using the effective interest method and is reported as interest income in the Condensed Consolidated Statements of Income.The following table summarizes the difference between the fair value and the unpaid principal balance for residential mortgage loans measured at fair value as of:March 31, 2025 ($ in millions)AggregateFair ValueAggregate UnpaidPrincipal BalanceResidential mortgage loans measured at fair value$554 556 Past due loans of 30-89 days1 1 Nonaccrual loans2 2 December 31, 2024Residential mortgage loans measured at fair value$682 693 Past due loans of 30-89 days1 1 Past due loans of 90 days or more1 1 Nonaccrual loans2 2 

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Table of ContentsFifth Third Bancorp and SubsidiariesNotes to Condensed Consolidated Financial Statements (unaudited)

Fair Value of Certain Financial InstrumentsThe following tables summarize the carrying amounts and estimated fair values for certain financial instruments, excluding financial instruments measured at fair value on a recurring basis:Net CarryingAmountFair Value Measurements UsingTotalFair ValueAs of March 31, 2025 ($ in millions)Level 1Level 2Level 3Financial assets:Cash and due from banks$3,009 3,009 — — 3,009 Other short-term investments14,965 14,965 — — 14,965 Other securities824 — 824 — 824 Held-to-maturity securities11