FITB 8-K

Fifth Third Bancorp (FITB)

8-K 2025-04-17 For: 2025-04-17

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Added on April 10, 2026

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						FIFTH THIRD BANCORP
						(Registrant)

Date: April 17, 2025						/s/ Bryan D. Preston

						Bryan D. Preston
						Executive Vice President and Chief Financial Officer



Key Financial Data							Key Highlights

$ in millions for all balance sheet and income statement items
	1Q25		4Q24		1Q24		Stability: •Resilient balance sheet delivered stable NII sequentially and 4% growth compared to 1Q24, attributed to loan growth, deposit rate management, and fixed-rate asset repricing •Net charge-off ratio remained stable sequentially Profitability: •Continued expense discipline: ◦Expenses down 3% compared to 1Q24, and stable on an adjusted basis. ◦Efficiency ratio(a) of 61.0%. Adjusted efficiency ratio(a) of 60.5% improved 110 bps compared to 1Q24 •Net interest margin expanded for the 5th consecutive quarter. Interest-bearing liabilities costs down 20 bps from 4Q24 Growth: •Average loans up 3% sequentially and year-over-year due to growth in both commercial and consumer lending •Generated 20% more commercial new quality relationships compared to 1Q24 •Wealth & asset management revenue up 7% and commercial payments revenue up 6% year-over-year

Income Statement Data
Net income available to common shareholders	$478		$582		$480
Net interest income (U.S. GAAP)	1,437		1,437		1,384
Net interest income (FTE)(a)	1,442		1,443		1,390
Noninterest income	694		732		710
Noninterest expense	1,304		1,226		1,342

Per Share Data
Earnings per share, basic	$0.71		$0.86		$0.70
Earnings per share, diluted	0.71		0.85		0.70
Book value per share	27.41		26.17		24.72
Tangible book value per share(a)	19.92		18.69		17.35

Balance Sheet & Credit Quality
Average portfolio loans and leases	$121,272		$117,860		$117,334
Average deposits	164,157		167,237		168,122
Accumulated other comprehensive loss	(3,895)		(4,636)		(4,888)
Net charge-off ratio(b)	0.46	%	0.46	%	0.38	%
Nonperforming asset ratio(c)	0.81		0.71		0.64

Financial Ratios
Return on average assets	0.99	%	1.17	%	0.98	%
Return on average common equity	10.8		13.0		11.6
Return on average tangible common equity(a)	15.2		18.4		17.0
CET1 capital(d)(e)	10.45		10.57		10.47
Net interest margin(a)	3.03		2.97		2.86
Efficiency(a)	61.0		56.4		63.9
Other than the Quarterly Financial Review tables beginning on page 13, commentary is on a fully taxable-equivalent (FTE) basis unless otherwise noted. Consistent with SEC guidance in Regulation S-K that contemplates the calculation of tax-exempt income on a taxable-equivalent basis, net interest income, net interest margin, net interest rate spread, total revenue and the efficiency ratio are provided on an FTE basis.


Income Statement Highlights
($ in millions, except per share data)	For the Three Months Ended			% Change
	March	December	March
	2025	2024	2024	Seq	Yr/Yr
Condensed Statements of Income
Net interest income (NII)(a)	$1,442	$1,443	$1,390	—	4%
Provision for credit losses	174	179	94	(3)%	85%
Noninterest income	694	732	710	(5)%	(2)%
Noninterest expense	1,304	1,226	1,342	6%	(3)%
Income before income taxes(a)	$658	$770	$664	(15)%	(1)%

Taxable equivalent adjustment	$5	$6	$6	(17)%	(17)%
Applicable income tax expense	138	144	138	(4)%	—
Net income	$515	$620	$520	(17)%	(1)%
Dividends on preferred stock	37	38	40	(3)%	(8)%
Net income available to common shareholders	$478	$582	$480	(18)%	—
Earnings per share, diluted	$0.71	$0.85	$0.70	(16)%	1%


Net Interest Income
(FTE; $ in millions)(a)	For the Three Months Ended						% Change
	March		December		March
	2025		2024		2024		Seq	Yr/Yr
Interest Income
Interest income	$2,437		$2,534		$2,614		(4)%	(7)%
Interest expense	995		1,091		1,224		(9)%	(19)%
Net interest income (NII)	$1,442		$1,443		$1,390		—	4%


Average Yield/Rate Analysis							bps Change
Yield on interest-earning assets	5.13	%	5.21	%	5.38	%	(8)	(25)
Rate paid on interest-bearing liabilities	2.80	%	3.00	%	3.36	%	(20)	(56)

Ratios
Net interest rate spread	2.33	%	2.21	%	2.02	%	12	31
Net interest margin (NIM)	3.03	%	2.97	%	2.86	%	6	17


Noninterest Income
($ in millions)	For the Three Months Ended			% Change
	March	December	March
	2025	2024	2024	Seq	Yr/Yr
Noninterest Income
Wealth and asset management revenue	$172	$163	$161	6%	7%
Commercial payments revenue	153	155	145	(1)%	6%
Consumer banking revenue	137	137	135	—	1%
Capital markets fees	90	123	97	(27)%	(7)%
Commercial banking revenue	80	109	85	(27)%	(6)%
Mortgage banking net revenue	57	57	54	—	6%
Other noninterest income (loss)	14	(4)	23	NM	(39)%
Securities (losses) gains, net	(9)	(8)	10	13%	NM


Total noninterest income	$694	$732	$710	(5)%	(2)%


Noninterest Income excluding certain items
($ in millions)	For the Three Months Ended
	March	December	March	% Change
	2025	2024	2024	Seq	Yr/Yr
Noninterest Income excluding certain items
Noninterest income (U.S. GAAP)	$694	$732	$710
Valuation of Visa total return swap	18	51	17

Securities (gains) losses, net	9	8	(10)
Noninterest income excluding certain items(a)	$721	$791	$717	(9)%	1%


Noninterest Expense excluding certain item(s)
($ in millions)	For the Three Months Ended			% Change
	March	December	March
	2025	2024	2024	Seq	Yr/Yr
Noninterest Expense excluding certain item(s)
Noninterest expense (U.S. GAAP)	$1,304	$1,226	$1,342
Fifth Third Foundation contribution	—	(15)	—
Interchange litigation matters	—	(4)	(5)
FDIC special assessment	—	11	(33)

Noninterest expense excluding certain item(s)(a)	$1,304	$1,218	$1,304	7%	—


Average Interest-Earning Assets
($ in millions)	For the Three Months Ended			% Change
	March	December	March
	2025	2024	2024	Seq	Yr/Yr
Average Portfolio Loans and Leases
Commercial loans and leases:
Commercial and industrial loans	$53,401	$51,567	$53,183	4%	—
Commercial mortgage loans	12,368	11,792	11,339	5%	9%
Commercial construction loans	5,797	5,702	5,732	2%	1%
Commercial leases	3,110	2,902	2,542	7%	22%
Total commercial loans and leases	$74,676	$71,963	$72,796	4%	3%
Consumer loans:
Residential mortgage loans	$17,552	$17,322	$16,977	1%	3%
Home equity	4,222	4,125	3,933	2%	7%
Indirect secured consumer loans	16,476	16,100	15,172	2%	9%
Credit card	1,627	1,668	1,773	(2)%	(8)%
Solar energy installation loans	4,221	4,137	3,794	2%	11%
Other consumer loans	2,498	2,545	2,889	(2)%	(14)%
Total consumer loans	$46,596	$45,897	$44,538	2%	5%
Total average portfolio loans and leases	$121,272	$117,860	$117,334	3%	3%

Average Loans and Leases Held for Sale
Commercial loans and leases held for sale	$64	$48	$74	33%	(14)%
Consumer loans held for sale	428	584	291	(27)%	47%
Total average loans and leases held for sale	$492	$632	$365	(22)%	35%

Total average loans and leases	$121,764	$118,492	$117,699	3%	3%

Securities (taxable and tax-exempt)	$56,598	$56,702	$56,456	—	—
Other short-term investments	14,446	18,319	21,194	(21)%	(32)%
Total average interest-earning assets	$192,808	$193,513	$195,349	—	(1)%


Average Wholesale Funding
	($ in millions)	For the Three Months Ended			% Change
		March	December	March
		2025	2024	2024	Seq	Yr/Yr
	Average Wholesale Funding
	CDs over $250,0001	$2,346	$2,531	$5,521	(7)%	(58)%

	Federal funds purchased	194	223	201	(13)%	(3)%
	Securities sold under repurchase agreements	286	313	366	(9)%	(22)%
	FHLB advances	4,767	1,567	3,111	204%	53%
	Derivative collateral and other secured borrowings	84	76	57	11%	47%
	Long-term debt	14,585	15,492	15,515	(6)%	(6)%
	Total average wholesale funding	$22,262	$20,202	$24,771	10%	(10)%
	1CDs over $250,000 includes $1.3BN, $1.5BN, and $4.7BN of retail brokered certificates of deposit which are fully covered by FDIC insurance for the three months ended 3/31/25, 12/31/24, and 3/31/24, respectively.


Credit Quality Summary
($ in millions)	As of and For the Three Months Ended
	March		December		September		June		March
	2025		2024		2024		2024		2024

Total nonaccrual portfolio loans and leases (NPLs)	$966		$823		$686		$606		$708
Repossessed property	9		9		11		9		8
OREO	21		21		28		28		27
Total nonperforming portfolio loans and leases and OREO (NPAs)	$996		$853		$725		$643		$743

NPL ratio(g)	0.79	%	0.69	%	0.59	%	0.52	%	0.61	%
NPA ratio(c)	0.81	%	0.71	%	0.62	%	0.55	%	0.64	%

Portfolio loans and leases 30-89 days past due (accrual)	$385		$303		$283		$302		$342
Portfolio loans and leases 90 days past due (accrual)	33		32		40		33		35

30-89 days past due as a % of portfolio loans and leases	0.31	%	0.25	%	0.24	%	0.26	%	0.29	%
90 days past due as a % of portfolio loans and leases	0.03	%	0.03	%	0.03	%	0.03	%	0.03	%

Allowance for loan and lease losses (ALLL), beginning	$2,352		$2,305		$2,288		$2,318		$2,322
Total net losses charged-off	(136)		(136)		(142)		(144)		(110)
Provision for loan and lease losses	168		183		159		114		106
ALLL, ending	$2,384		$2,352		$2,305		$2,288		$2,318

Reserve for unfunded commitments, beginning	$134		$138		$137		$154		$166
Provision for (benefit from) the reserve for unfunded commitments	6		(4)		1		(17)		(12)
Reserve for unfunded commitments, ending	$140		$134		$138		$137		$154

Total allowance for credit losses (ACL)	$2,524		$2,486		$2,443		$2,425		$2,472

ACL ratios:
As a % of portfolio loans and leases	2.07	%	2.08	%	2.09	%	2.08	%	2.12	%
As a % of nonperforming portfolio loans and leases	261	%	302	%	356	%	400	%	349	%
As a % of nonperforming portfolio assets	253	%	291	%	337	%	377	%	333	%

ALLL as a % of portfolio loans and leases	1.95	%	1.96	%	1.98	%	1.96	%	1.99	%

Total losses charged-off	$(173)		$(175)		$(183)		$(182)		$(146)
Total recoveries of losses previously charged-off	37		39		41		38		36
Total net losses charged-off	$(136)		$(136)		$(142)		$(144)		$(110)

Net charge-off ratio (NCO ratio)(b)	0.46	%	0.46	%	0.48	%	0.49	%	0.38	%
Commercial NCO ratio	0.35	%	0.32	%	0.40	%	0.45	%	0.19	%
Consumer NCO ratio	0.63	%	0.68	%	0.62	%	0.57	%	0.67	%


Capital Position
	As of and For the Three Months Ended
	March		December		September		June		March
	2025		2024		2024		2024		2024
Capital Position
Average total Bancorp shareholders' equity as a % of average assets	9.50	%	9.40	%	9.47	%	8.80	%	8.78	%
Tangible equity(a)	9.07	%	9.02	%	8.99	%	8.91	%	8.75	%
Tangible common equity (excluding AOCI)(a)	8.07	%	8.03	%	8.00	%	7.92	%	7.77	%
Tangible common equity (including AOCI)(a)	6.40	%	6.02	%	6.52	%	5.80	%	5.67	%

Regulatory Capital Ratios(d)(e)
CET1 capital	10.45	%	10.57	%	10.75	%	10.62	%	10.47	%
Tier 1 risk-based capital	11.73	%	11.86	%	12.07	%	11.93	%	11.77	%
Total risk-based capital	13.66	%	13.86	%	14.13	%	13.95	%	13.81	%
Leverage	9.19	%	9.22	%	9.11	%	9.07	%	8.94	%




			Financial Highlights			13-14
			Consolidated Statements of Income			15-16
			Consolidated Balance Sheets			17-18
			Consolidated Statements of Changes in Equity			19
			Average Balance Sheets and Yield/Rate Analysis			20
			Summary of Loans and Leases			21
			Regulatory Capital			22
			Summary of Credit Loss Experience			23
			Asset Quality			24
			Non-GAAP Reconciliation			25-27
			Segment Presentation			28


Fifth Third Bancorp and Subsidiaries
Financial Highlights		As of and For the Three Months Ended						% / bps
$ in millions, except per share data								Change
(unaudited)		March		December		March
		2025		2024		2024		Seq	Yr/Yr
Income Statement Data
Net interest income		$1,437		$1,437		$1,384		—	4%
Net interest income (FTE)(a)		1,442		1,443		1,390		—	4%
Noninterest income		694		732		710		(5%)	(2%)
	Total revenue (FTE)(a)	2,136		2,175		2,100		(2%)	2%
Provision for credit losses		174		179		94		(3%)	85%
Noninterest expense		1,304		1,226		1,342		6%	(3%)
Net income		515		620		520		(17%)	(1%)
Net income available to common shareholders		478		582		480		(18%)	—

Earnings Per Share Data
Net income allocated to common shareholders		$478		$582		$480		(18%)	—
Average common shares outstanding (in thousands):
	Basic	671,052		675,307		685,750		(1%)	(2%)
	Diluted	676,040		681,456		690,634		(1%)	(2%)
Earnings per share, basic		$0.71		$0.86		$0.70		(17%)	1%
Earnings per share, diluted		0.71		0.85		0.70		(16%)	1%

Common Share Data
Cash dividends per common share		$0.37		$0.37		$0.35		—	6%
Book value per share		27.41		26.17		24.72		5%	11%
Market value per share		39.20		42.28		37.21		(7%)	5%
Common shares outstanding (in thousands)		667,272		669,854		683,812		—	(2%)
Market capitalization		$26,157		$28,321		$25,445		(8%)	3%

Financial Ratios
Return on average assets		0.99	%	1.17	%	0.98	%	(18)	1
Return on average common equity		10.8	%	13.0	%	11.6	%	(220)	(80)
Return on average tangible common equity(a)		15.2	%	18.4	%	17.0	%	(320)	(180)
Noninterest income as a percent of total revenue(a)		32	%	34	%	34	%	(200)	(200)
Dividend payout		52.1	%	43.0	%	50.0	%	910	210
Average total Bancorp shareholders’ equity as a percent of average assets		9.50	%	9.40	%	8.78	%	10	72
Tangible common equity(a)		8.07	%	8.03	%	7.77	%	4	30
Net interest margin (FTE)(a)		3.03	%	2.97	%	2.86	%	6	17
Efficiency (FTE)(a)		61.0	%	56.4	%	63.9	%	460	(290)
Effective tax rate		21.2	%	18.8	%	21.1	%	240	10

Credit Quality
Net losses charged-off		$136		$136		$110		—	24	%
Net losses charged-off as a percent of average portfolio loans and leases (annualized)		0.46	%	0.46	%	0.38	%	—	8
ALLL as a percent of portfolio loans and leases		1.95	%	1.96	%	1.99	%	(1)	(4)
ACL as a percent of portfolio loans and leases(g)		2.07	%	2.08	%	2.12	%	(1)	(5)
Nonperforming portfolio assets as a percent of portfolio loans and leases and OREO		0.81	%	0.71	%	0.64	%	10	17

Average Balances
Loans and leases, including held for sale		$121,764		$118,492		$117,699		3%	3%
Securities and other short-term investments		71,044		75,021		77,650		(5%)	(9%)
Assets		210,558		211,709		213,203		(1%)	(1%)
Transaction deposits(b)		151,431		154,114		152,357		(2%)	(1%)
Core deposits(c)		161,811		164,706		162,601		(2%)	—
Wholesale funding(d)		22,262		20,202		24,771		10%	(10%)
Bancorp shareholders' equity		20,000		19,893		18,727		1%	7%

Regulatory Capital Ratios(e)(f)
CET1 capital		10.45	%	10.57	%	10.47	%	(12)	(2)
Tier 1 risk-based capital		11.73	%	11.86	%	11.77	%	(13)	(4)
Total risk-based capital		13.66	%	13.86	%	13.81	%	(20)	(15)
Leverage		9.19	%	9.22	%	8.94	%	(3)	25

Additional Metrics
Banking centers		1,084		1,089		1,070		—	1%
ATMs		2,069		2,080		2,082		(1%)	(1%)
Full-time equivalent employees		18,786		18,616		18,657		1%	1%
Assets under care ($ in billions)(h)		$639		$634		$634		1%	1%
Assets under management ($ in billions)(h)		68		69		62		(1%)	10%


Fifth Third Bancorp and Subsidiaries
Consolidated Statements of Income
$ in millions	For the Three Months Ended			% Change
(unaudited)	March	December	March
	2025	2024	2024	Seq	Yr/Yr
Interest Income
Interest and fees on loans and leases	$1,816	$1,836	$1,859	(1%)	(2%)
Interest on securities	451	464	455	(3%)	(1%)
Interest on other short-term investments	165	228	294	(28%)	(44%)
Total interest income	2,432	2,528	2,608	(4%)	(7%)

Interest Expense
Interest on deposits	743	856	954	(13%)	(22%)
Interest on federal funds purchased	2	3	3	(33%)	(33%)
Interest on other short-term borrowings	56	22	47	155%	19%
Interest on long-term debt	194	210	220	(8%)	(12%)
Total interest expense	995	1,091	1,224	(9%)	(19%)

Net Interest Income	1,437	1,437	1,384	—	4%

Provision for credit losses	174	179	94	(3%)	85%
Net Interest Income After Provision for Credit Losses	1,263	1,258	1,290	—	(2%)

Noninterest Income
Wealth and asset management revenue	172	163	161	6%	7%
Commercial payments revenue	153	155	145	(1%)	6%
Consumer banking revenue	137	137	135	—	1%
Capital markets fees	90	123	97	(27%)	(7%)
Commercial banking revenue	80	109	85	(27%)	(6%)
Mortgage banking net revenue	57	57	54	—	6%
Other noninterest income (loss)	14	(4)	23	NM	(39%)
Securities (losses) gains, net	(9)	(8)	10	13%	NM

Total noninterest income	694	732	710	(5%)	(2%)

Noninterest Expense
Compensation and benefits	750	665	753	13%	—
Technology and communications	123	123	117	—	5%
Net occupancy expense	87	88	87	(1%)	—
Equipment expense	42	39	37	8%	14%
Loan and lease expense	30	36	29	(17%)	3%
Marketing expense	28	23	32	22%	(13%)
Card and processing expense	21	21	20	—	5%
Other noninterest expense	223	231	267	(3%)	(16%)
Total noninterest expense	1,304	1,226	1,342	6%	(3%)
Income Before Income Taxes	653	764	658	(15%)	(1%)
Applicable income tax expense	138	144	138	(4%)	—
Net Income	515	620	520	(17%)	(1%)
Dividends on preferred stock	37	38	40	(3%)	(8%)
Net Income Available to Common Shareholders	$478	$582	$480	(18%)	—


Fifth Third Bancorp and Subsidiaries
Non-GAAP Reconciliation
$ and shares in millions		As of and For the Three Months Ended
(unaudited)		March		December		September		June		March
		2025		2024		2024		2024		2024
Net interest income		$1,437		$1,437		$1,421		$1,387		$1,384
Add: Taxable equivalent adjustment		5		6		6		6		6
Net interest income (FTE) (a)		1,442		1,443		1,427		1,393		1,390

Net interest income (annualized) (b)		5,828		5,717		5,653		5,578		5,566
Net interest income (FTE) (annualized) (c)		5,848		5,741		5,677		5,603		5,591

Interest income		2,432		2,528		2,669		2,620		2,608
Add: Taxable equivalent adjustment		5		6		6		6		6
Interest income (FTE)		2,437		2,534		2,675		2,626		2,614
Interest income (FTE) (annualized) (d)		9,883		10,081		10,642		10,562		10,513

Interest expense (annualized) (e)		4,035		4,340		4,965		4,959		4,923
Average interest-earning assets (f)		192,808		193,513		195,836		194,499		195,349
Average interest-bearing liabilities (g)		144,285		144,771		147,092		146,361		146,533

Net interest margin (b) / (f)		3.02	%	2.95	%	2.89	%	2.87	%	2.85	%
Net interest margin (FTE) (c) / (f)		3.03	%	2.97	%	2.90	%	2.88	%	2.86	%
Net interest rate spread (FTE) (d) / (f) - (e) / (g)		2.33	%	2.21	%	2.05	%	2.04	%	2.02	%

Income before income taxes		$653		$764		$728		$764		$658
Add: Taxable equivalent adjustment		5		6		6		6		6
Income before income taxes (FTE)		658		770		734		770		664

Net income available to common shareholders		478		582		532		561		480
Add: Intangible amortization, net of tax		6		7		7		7		8
Tangible net income available to common shareholders (h)		484		589		539		568		488
Tangible net income available to common shareholders (annualized) (i)		1,963		2,343		2,144		2,284		1,963

Average Bancorp shareholders’ equity		20,000		19,893		20,251		18,707		18,727
Less:	Average preferred stock	(2,116)		(2,116)		(2,116)		(2,116)		(2,116)
	Average goodwill	(4,918)		(4,918)		(4,918)		(4,918)		(4,918)
	Average intangible assets	(86)		(94)		(103)		(111)		(121)
Average tangible common equity, including AOCI (j)		12,880		12,765		13,114		11,562		11,572
Less:	Average AOCI	4,362		4,292		3,914		5,278		4,938
Average tangible common equity, excluding AOCI (k)		17,242		17,057		17,028		16,840		16,510

Total Bancorp shareholders’ equity		20,403		19,645		20,784		19,226		19,018
Less:	Preferred stock	(2,116)		(2,116)		(2,116)		(2,116)		(2,116)
	Goodwill	(4,918)		(4,918)		(4,918)		(4,918)		(4,918)
	Intangible assets	(82)		(90)		(98)		(107)		(115)
Tangible common equity, including AOCI (l)		13,287		12,521		13,652		12,085		11,869
Less:	AOCI	3,895		4,636		3,446		4,901		4,888
Tangible common equity, excluding AOCI (m)		17,182		17,157		17,098		16,986		16,757
Add:	Preferred stock	2,116		2,116		2,116		2,116		2,116
Tangible equity (n)		19,298		19,273		19,214		19,102		18,873

Total assets		212,669		212,927		214,318		213,262		214,506
Less:	Goodwill	(4,918)		(4,918)		(4,918)		(4,918)		(4,918)
	Intangible assets	(82)		(90)		(98)		(107)		(115)
Tangible assets, including AOCI (o)		207,669		207,919		209,302		208,237		209,473
Less:	AOCI, before tax	5,125		5,868		4,362		6,204		6,187
Tangible assets, excluding AOCI (p)		$212,794		$213,787		$213,664		$214,441		$215,660

Common shares outstanding (q)		667		670		676		681		684

Tangible equity (n) / (p)		9.07	%	9.02	%	8.99	%	8.91	%	8.75	%
Tangible common equity (excluding AOCI) (m) / (p)		8.07	%	8.03	%	8.00	%	7.92	%	7.77	%
Tangible common equity (including AOCI) (l) / (o)		6.40	%	6.02	%	6.52	%	5.80	%	5.67	%
Tangible book value per share (including AOCI) (l) / (q)		$19.92		$18.69		$20.20		$17.75		$17.35
Tangible book value per share (excluding AOCI) (m) / (q)		$25.76		$25.61		$25.29		$24.94		$24.50


Fifth Third Bancorp and Subsidiaries
Consolidated Balance Sheets
$ in millions, except per share data	As of
(unaudited)	March	December	September	June	March
	2025	2024	2024	2024	2024
Assets
Cash and due from banks	$3,009	$3,014	$3,215	$2,837	$2,796
Other short-term investments	14,965	17,120	21,729	21,085	22,840
Available-for-sale debt and other securities(a)	39,747	39,547	40,396	38,986	38,791
Held-to-maturity securities(b)	11,185	11,278	11,358	11,443	11,520
Trading debt securities	1,159	1,185	1,176	1,132	1,151
Equity securities	494	341	428	476	380
Loans and leases held for sale	473	640	612	537	339
Portfolio loans and leases:
Commercial and industrial loans	53,700	52,271	50,916	51,840	52,209
Commercial mortgage loans	12,357	12,246	11,394	11,429	11,346
Commercial construction loans	5,952	5,588	5,947	5,806	5,789
Commercial leases	3,128	3,188	2,873	2,708	2,572
Total commercial loans and leases	75,137	73,293	71,130	71,783	71,916
Residential mortgage loans	17,581	17,543	17,166	17,040	16,995
Home equity	4,265	4,188	4,074	3,969	3,883
Indirect secured consumer loans	16,804	16,313	15,942	15,442	15,306
Credit card	1,660	1,734	1,703	1,733	1,737
Solar energy installation loans	4,262	4,202	4,078	3,951	3,871
Other consumer loans	2,482	2,518	2,575	2,661	2,777
Total consumer loans	47,054	46,498	45,538	44,796	44,569
Portfolio loans and leases	122,191	119,791	116,668	116,579	116,485
Allowance for loan and lease losses	(2,384)	(2,352)	(2,305)	(2,288)	(2,318)
Portfolio loans and leases, net	119,807	117,439	114,363	114,291	114,167
Bank premises and equipment	2,506	2,475	2,425	2,389	2,376
Operating lease equipment	314	319	357	392	427
Goodwill	4,918	4,918	4,918	4,918	4,918
Intangible assets	82	90	98	107	115
Servicing rights	1,663	1,704	1,656	1,731	1,756
Other assets	12,347	12,857	11,587	12,938	12,930
Total Assets	$212,669	$212,927	$214,318	$213,262	$214,506

Liabilities
Deposits:


Fifth Third Bancorp and Subsidiaries
Segment Presentation(b)
$ in millions
(unaudited)

For the three months ended March 31, 2025	Commercial Banking	Consumer and Small Business Banking	Wealth and Asset Management	General Corporate and Other	Total

Net interest income (FTE)(a)	$552	$975	$49	$(134)	$1,442
Provision for credit losses	(80)	(84)	—	(10)	(174)
Net interest income after provision for credit losses	472	891	49	(144)	1,268
Noninterest income	301	281	109	3	694
Noninterest expense	(511)	(650)	(106)	(37)	(1,304)
Income (loss) before income taxes (FTE)	262	522	52	(178)	658



For the three months ended December 31, 2024	Commercial Banking	Consumer and Small Business Banking	Wealth and Asset Management	General Corporate and Other	Total

Net interest income (FTE)(a)	$598	$984	$48	$(187)	$1,443
Provision for credit losses	(21)	(89)	—	(69)	(179)
Net interest income after provision for credit losses	577	895	48	(256)	1,264
Noninterest income	373	278	103	(22)	732
Noninterest expense	(452)	(617)	(94)	(63)	(1,226)
Income (loss) before income taxes (FTE)	498	556	57	(341)	770



For the three months ended September 30, 2024	Commercial Banking	Consumer and Small Business Banking	Wealth and Asset Management	General Corporate and Other	Total

Net interest income (FTE)(a)	$648	$1,056	$50	$(327)	$1,427
Provision for credit losses	(76)	(78)	—	(6)	(160)
Net interest income after provision for credit losses	572	978	50	(333)	1,267
Noninterest income	354	283	99	(25)	711
Noninterest expense	(460)	(614)	(95)	(75)	(1,244)
Income (loss) before income taxes (FTE)	466	647	54	(433)	734



For the three months ended June 30, 2024	Commercial Banking	Consumer and Small Business Banking	Wealth and Asset Management	General Corporate and Other	Total

Net interest income (FTE)(a)	$634	$1,081	$54	$(376)	$1,393
(Provision for) benefit from credit losses	(137)	(70)	—	110	(97)
Net interest income after (provision for) benefit from credit losses	497	1,011	54	(266)	1,296
Noninterest income	320	275	98	2	695
Noninterest expense	(445)	(638)	(93)	(45)	(1,221)
Income (loss) before income taxes (FTE)	372	648	59	(309)	770



For the three months ended March 31, 2024	Commercial Banking	Consumer and Small Business Banking	Wealth and Asset Management	General Corporate and Other	Total

Net interest income (FTE)(a)	$663	$1,152	$59	$(484)	$1,390
(Provision for) benefit from credit losses	(71)	(84)	—	61	(94)
Net interest income after (provision for) benefit from credit losses	592	1,068	59	(423)	1,296
Noninterest income	325	267	102	16	710
Noninterest expense	(490)	(650)	(103)	(99)	(1,342)
Income (loss) before income taxes (FTE)	427	685	58	(506)	664


(a) Includes taxable equivalent adjustments of $5 million for the three months ended March 31, 2025 and $6 million for the three months ended December 31, 2024, September 30, 2024, June 30, 2024 and March 31, 2024.
(b) During the first quarter of 2025, the Bancorp realigned its reporting structure and moved certain business banking customer relationships and relationship management personnel to the Consumer and Small Business Banking segment from the Commercial Banking segment. Prior period results have been adjusted to reflect current presentation.