Company: FITBI
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0000035527-25-000079
Chunk: 115

Company: FIFTH THIRD BANCORP
Filing Date: 2025-02-24
Form: 10-K
Item: Item 7A
Chunk 115
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$204 4.30 %$193 5.31 %Other short-term borrowings4,450 4.39 2,861 5.21 Average for the years ended December 31:Federal funds purchased$207 5.21 %$307 4.96 %Other short-term borrowings3,024 5.18 5,044 4.90 Maximum month-end balance for the years ended December 31:Federal funds purchased$247 $1,143 Other short-term borrowings5,070 7,423 The following table presents a summary of the Bancorp’s other short-term borrowings as of December 31:($ in millions)20242023FHLB advances$4,100 2,500 Securities sold under repurchase agreements273 330 Derivative collateral19 3 Other borrowed money58 28 Total other short-term borrowings$4,450 2,861 The Bancorp’s securities sold under repurchase agreements are accounted for as secured borrowings and are collateralized by securities included in available-for-sale debt and other securities and held-to-maturity securities in the Consolidated Balance Sheets. These securities are subject to changes in market value and, therefore, the Bancorp may increase or decrease the level of securities pledged as collateral based upon these movements in market value. As of both December 31, 2024 and 2023, all securities sold under repurchase agreements were secured by agency mortgage-backed securities and the repurchase agreements had an overnight remaining contractual maturity.

At both December 31, 2024 and 2023, the Bancorp’s other borrowed money primarily included obligations recognized by the Bancorp under ASC Topic 860 related to certain loans sold to GNMA and serviced by the Bancorp. Under ASC Topic 860, once the Bancorp has the unilateral right to repurchase the GNMA loans due to the borrower missing three consecutive payments, the Bancorp is considered to have regained effective control over the loan. As such, the Bancorp is required to recognize both the loan and the repurchase liability, regardless of the intent to repurchase the loans. 

162 Fifth Third Bancorp

Table of ContentsNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

17. Long-Term Debt

The following table is a summary of the Bancorp’s long-term borrowings at December 31:($ in millions)MaturityInterest Rate20242023Parent CompanySenior:Fixed