Company: FITBI
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0000035527-25-000079
Chunk: 548

Company: FIFTH THIRD BANCORP
Filing Date: 2025-02-24
Form: 10-K
Item: Item 7
Chunk 548
---
IndexInterest rate swaps related to C&I loans – cash flow – receive-fixed$11,000 (2)5.73.05 %SOFRInterest rate swaps related to C&I loans – cash flow – receive-fixed – forward starting(a)1,000 1 7.03.20 SOFRInterest rate swaps related to commercial mortgage and commercial construction loans – cash flow – receive-fixed – forward starting(a)4,000 3 7.13.50 SOFRInterest rate swaps related to long-term debt – fair value – receive-fixed4,955 (11)4.75.04 SOFRTotal interest rate swaps$20,955 (9)

(a)Forward starting swaps will become effective in January and February 2025.

TABLE 59:  Summary of Qualifying Hedging InstrumentsAs of December 31, 2023 ($ in millions)Notional Amount  Fair ValueRemaining (years) Fixed Rate  IndexInterest rate swaps related to C&I loans – cash flow – receive-fixed$8,000 (9)4.43.02 %SOFRInterest rate swaps related to C&I loans – cash flow – receive-fixed – forward starting(a)6,000 5 7.83.11 SOFRInterest rate swaps related to commercial mortgage and commercial construction loans – cash flow – receive-fixed – forward starting(a)4,000 — 8.13.50 SOFRInterest rate swaps related to long-term debt – fair value – receive-fixed5,955 (32)4.95.18 SOFRTotal interest rate swaps$23,955 (36)Interest rate floors related to C&I loans – cash flow – receive-fixed$3,000 1 1.02.25 SOFR

(a)Forward starting swaps will become effective on various dates between June 2024 and February 2025.

Additionally, as part of its overall risk management strategy relative to its residential mortgage banking activities, the Bancorp enters into forward contracts accounted for as free-standing derivatives to economically hedge IRLCs that are also considered free-standing derivatives. The Bancorp economically hedges its exposure to residential mortgage loans held for sale through the use of forward contracts and mortgage options as well. Refer to the Residential Mortgage Servicing Rights and Price Risk section for the discussion of the use of derivatives to economically hedge this exposure.

The Bancorp also enters into derivative contracts with major financial institutions to economically