Company: FITBI
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0000035527-25-000137
Chunk: 18

Company: FIFTH THIRD BANCORP
Filing Date: 2025-05-06
Form: 10-Q
Item: Item 7
Chunk 18
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 same period in the prior year primarily due to investments in retail and treasury management equipment as well as the expansion of the Southeast branch network.

Marketing expense decreased $4 million for the three months ended March 31, 2025 compared to the same period in the prior year primarily due to decreases in advertising costs.

The following table presents the components of other noninterest expense:

TABLE 10:  Components of Other Noninterest ExpenseFor the three months endedMarch 31,($ in millions)20252024FDIC insurance and other taxes$42 73 Data processing19 20 Leasing business expense18 25 Losses and adjustments17 22 Dues and subscriptions17 15 Travel16 14 Securities recordkeeping14 13 Postal and courier13 13 Professional service fees12 9 Cash and coin processing11 12 Intangible amortization8 10 Other, net36 41 Total other noninterest expense$223 267 

Other noninterest expense decreased $44 million for the three months ended March 31, 2025 compared to the same period in the prior year primarily due to decreases in FDIC insurance and other taxes and leasing business expense. 

14

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

FDIC insurance and other taxes decreased $31 million for the three months ended March 31, 2025 compared to the same period in the prior year primarily due to the expense recognized in the first quarter of 2024 associated with the Bancorp’s updated estimate of its allocated share of the FDIC’s special assessment. Leasing business expense decreased $7 million for the three months ended March 31, 2025 compared to the same period in the prior year primarily driven by a decrease in depreciation expense associated with operating lease equipment.

Applicable Income Taxes

The Bancorp’s income before income taxes, applicable income tax expense and effective tax rate are as follows:

TABLE 11:  Applicable Income TaxesFor the three months endedMarch 31,($ in millions)20252024Income before income taxes$653 658 Applicable income tax expense138 138 Effective tax rate21.2  %21.1 

Applicable income tax expense for all periods presented includes the benefits from tax-exempt income, tax-advantaged investments, and tax credits (and other related tax benefits), partially offset by the effect of proportional amortization of qualifying investments and certain nondeductible expenses