Company: FITBI
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0000035527-25-000079
Chunk: 93

Company: FIFTH THIRD BANCORP
Filing Date: 2025-02-24
Form: 10-K
Item: Item 7A
Chunk 93
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 of core deposit intangibles, developed technology, customer relationships, and other intangible assets which include trade names, backlog, operating leases and non-compete agreements. Intangible assets are amortized on either a straight-line or an accelerated basis over their estimated useful lives and, based on the type of intangible asset, the amortization expense may be recorded in either commercial banking revenue or other noninterest expense in the Consolidated Statements of Income.The details of the Bancorp’s intangible assets are shown in the following table:($ in millions)Gross Carrying AmountAccumulatedAmortizationNet CarryingAmountAs of December 31, 2024Core deposit intangibles$206 (196)10 Developed technology106 (50)56 Customer relationships28 (9)19 Other13 (8)5 Total intangible assets$353 (263)90 As of December 31, 2023Core deposit intangibles$209 (184)25 Developed technology106 (33)73 Customer relationships30 (10)20 Other16 (9)7 Total intangible assets$361 (236)125 As of December 31, 2024, all of the Bancorp’s intangible assets were being amortized. Amortization expense recognized on intangible assets was $35 million, $43 million and $48 million for the years ended December 31, 2024, 2023 and 2022, respectively. The Bancorp’s projections of amortization expense shown in the following table are based on existing asset balances as of December 31, 2024. Future amortization expense may vary from these projections. Estimated amortization expense for 2025 through 2029 is as follows:($ in millions)Total2025$28 202622 202714 20289 20296 

148 Fifth Third Bancorp

Table of ContentsNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

12. Variable Interest Entities

The Bancorp, in the normal course of business, engages in a variety of activities that involve VIEs, which are legal entities that lack sufficient equity at risk to finance their activities without additional subordinated financial support or the equity investors of the entities as a group lack any of the characteristics of a controlling interest. The Bancorp evaluates its interest in certain entities to determine if these entities meet the definition of a VIE and whether the Bancorp is