Company: FITBI
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0000035527-25-000137
Chunk: 31

Company: FIFTH THIRD BANCORP
Filing Date: 2025-05-06
Form: 10-Q
Item: Item 7
Chunk 31
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 decrease in total deposits. The level of other short-term borrowings can fluctuate significantly from period to period depending on funding needs and the sources that are used to satisfy those needs. For further information on the components of other short-term borrowings, refer to Note 10 of the Notes to Condensed Consolidated Financial Statements. Long-term debt increased $202 million from December 31, 2024 primarily due to the issuance of senior fixed-rate/floating-rate notes in January of 2025 totaling $1.0 billion and fair value adjustments of $68 million associated with hedged long-term debt. These increases were partially offset by the redemptions or maturities of $750 million of notes and $110 million of paydowns associated with loan securitizations. 

The following table summarizes components of average borrowings for the three months ended:

TABLE 22:  Components of Average Borrowings($ in millions)March 31,2025March 31,2024Federal funds purchased$194 201 Other short-term borrowings5,137 3,534 Long-term debt14,585 15,515 Total average borrowings$19,916 19,250 

Total average borrowings increased $666 million, or 3%, for the three months ended March 31, 2025 compared to the same period in the prior year primarily due to an increase in average other short-term borrowings, partially offset by a decrease in average long-term debt. Average other short-term borrowings increased $1.6 billion for the three months ended March 31, 2025 compared to the same period in the prior year primarily due to increased funding needs resulting from loan growth and a decrease in retail brokered CDs. Average long-term debt decreased $930 million for the three months ended March 31, 2025 compared to the same period in the prior year primarily driven by redemptions or maturities of $1.8 billion of notes, a $500 million net reduction in long-term FHLB advances and $477 million of paydowns associated with loan securitizations since March 31, 2024. These decreases were partially offset by the issuance of $750 million of senior fixed-rate/floating-rate notes in September 2024, the aforementioned issuance of $1.0 billion of senior fixed-rate/floating-rate notes in January 2025 and $94 million of fair value adjustments associated with hedged long-term debt since March 31, 2024.