Company: FITBI
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0000035527-25-000079
Chunk: 530

Company: FIFTH THIRD BANCORP
Filing Date: 2025-02-24
Form: 10-K
Item: Item 7
Chunk 530
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 secured by real estate were 35% of nonaccrual loans and leases as of December 31, 2024 compared to 32% as of December 31, 2023.

Portfolio commercial nonaccrual loans and leases were $456 million at December 31, 2024, an increase of $130 million from December 31, 2023. Portfolio residential mortgage and consumer nonaccrual loans were $367 million at December 31, 2024, an increase of $44 million from December 31, 2023. Refer to Table 49 for a rollforward of portfolio nonaccrual loans and leases.

OREO and other repossessed property was $30 million and $39 million at December 31, 2024 and 2023, respectively. The Bancorp recognized losses of $2 million and $8 million on the transfer, sale or write-down of OREO properties during the years ended December 31, 2024 and 2023, respectively.

During the years ended December 31, 2024 and 2023, approximately $64 million and $54 million, respectively, of interest income would have been recognized if the nonaccrual portfolio loans and leases had been current in accordance with their contractual terms. Although these values help demonstrate the costs of carrying nonaccrual credits, the Bancorp does not expect to recover the full amount of interest as nonaccrual loans and leases are generally carried below their principal balance.

TABLE 48:  Summary of Nonperforming Assets and Delinquent Loans and LeasesAs of December 31 ($ in millions)20242023Nonaccrual portfolio loans and leases:Commercial and industrial loans$374 304 Commercial mortgage loans79 20 Commercial construction loans1 1 Commercial leases2 1 Residential mortgage loans137 124 Home equity70 57 Indirect secured consumer loans55 36 Credit card32 34 Solar energy installation loans64 60 Other consumer loans9 12 Total nonaccrual portfolio loans and leases(a)823 649 OREO and other repossessed property(c)30 39 Total nonperforming portfolio assets853 688 Nonaccrual loans held for sale7 1 Total nonperforming assets$860 689 Total portfolio loans and leases 90 days past due and still accruing:Commercial and industrial loans$5 8 Commercial leases1 — Res