FITB 10-Q Quarterly Report March 31, 2024 | Alphaminr
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FITB 10-Q Quarter ended March 31, 2024

Balance Sheet
Cash Flow
Income Statement
Debt
FIFTH THIRD BANCORP
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Table of Contents




UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended March 31, 2024
Commission File Number 001-33653

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Fifth Third Bancorp
(Exact name of Registrant as specified in its charter)
Ohio
31-0854434
(State or other jurisdiction (I.R.S. Employer
of incorporation or organization) Identification Number)
38 Fountain Square Plaza
Cincinnati , Ohio 45263
(Address of principal executive offices)
Registrant’s telephone number, including area code: ( 800 ) 972-3030
Indicate by check mark whether the Registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
☒
Accelerated filer
☐
Non-accelerated filer
☐
Smaller reporting company
☐
Emerging growth company
☐
If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading
Symbol(s) 		Name of each exchange
on which registered:
Common Stock, Without Par Value FITB The NASDAQ Stock Market LLC
Depositary Shares Representing a 1/1000th Ownership Interest in a Share of
6.625% Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series I FITBI The NASDAQ Stock Market LLC
Depositary Shares Representing a 1/40th Ownership Interest in a Share of
6.00% Non-Cumulative Perpetual Class B Preferred Stock, Series A FITBP The NASDAQ Stock Market LLC
Depositary Shares Representing a 1/1000th Ownership Interest in a Share of
4.95% Non-Cumulative Perpetual Preferred Stock, Series K FITBO The NASDAQ Stock Market LLC
There were 684,044,683 shares of the Registrant’s common stock, without par value, outstanding as of April 30, 2024.

Table of Contents




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FINANCIAL CONTENTS
Part I. Financial Information
Part II. Other Information

FORWARD-LOOKING STATEMENTS
This report contains statements that we believe are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Rule 175 promulgated thereunder, and Section 21E of the Securities Exchange Act of 1934, as amended, and Rule 3b-6 promulgated thereunder. All statements other than statements of historical fact are forward-looking statements. These statements relate to our financial condition, results of operations, plans, objectives, future performance, capital actions or business. They usually can be identified by the use of forward-looking language such as “will likely result,” “may,” “are expected to,” “is anticipated,” “potential,” “estimate,” “forecast,” “projected,” “intends to,” or may include other similar words or phrases such as “believes,” “plans,” “trend,” “objective,” “continue,” “remain,” or similar expressions, or future or conditional verbs such as “will,” “would,” “should,” “could,” “might,” “can,” or similar verbs. You should not place undue reliance on these statements, as they are subject to risks and uncertainties, including but not limited to the risk factors set forth in our most recent Annual Report on Form 10-K, as updated by our Quarterly Reports on Form 10-Q. Moreover, you should treat these statements as speaking only as of the date they are made and based only on information then actually known to us. There are a number of important factors that could cause future results to differ materially from historical performance and these forward-looking statements. Factors that might cause such a difference include, but are not limited to: (1) deteriorating credit quality; (2) loan concentration by location or industry of borrowers or collateral; (3) problems encountered by other financial institutions; (4) inadequate sources of funding or liquidity; (5) unfavorable actions of rating agencies; (6) inability to maintain or grow deposits; (7) limitations on the ability to receive dividends from subsidiaries; (8) cyber-security risks; (9) Fifth Third’s ability to secure confidential information and deliver products and services through the use of computer systems and telecommunications networks; (10) failures by third-party service providers; (11) inability to manage strategic initiatives and/or organizational changes; (12) inability to implement technology system enhancements; (13) failure of internal controls and other risk management programs; (14) losses related to fraud, theft, misappropriation or violence; (15) inability to attract and retain skilled personnel; (16) adverse impacts of government regulation; (17) governmental or regulatory changes or other actions; (18) failures to meet applicable capital requirements; (19) regulatory objections to Fifth Third’s capital plan; (20) regulation of Fifth Third’s derivatives activities; (21) deposit insurance premiums; (22) assessments for the orderly liquidation fund; (23) weakness in the national or local economies; (24) global political and economic uncertainty or negative actions; (25) changes in interest rates and the effects of inflation; (26) changes and trends in capital markets; (27) fluctuation of Fifth Third’s stock price; (28) volatility in mortgage banking revenue; (29) litigation, investigations, and enforcement proceedings by governmental authorities; (30) breaches of contractual covenants, representations and warranties; (31) competition and changes in the financial services industry; (32) potential impacts of the adoption of real-time payment networks; (33) changing retail distribution strategies, customer preferences and behavior; (34) difficulties in identifying, acquiring or integrating suitable strategic partnerships, investments or acquisitions; (35) potential dilution from future acquisitions; (36) loss of income and/or difficulties encountered in the sale and separation of businesses, investments or other assets; (37) results of investments or acquired entities; (38) changes in accounting standards or interpretation or declines in the value of Fifth Third’s goodwill or other intangible assets; (39) inaccuracies or other failures from the use of models; (40) effects of critical accounting policies and judgments or the use of inaccurate estimates; (41) weather-related events, other natural disasters, or health emergencies (including pandemics); (42) the impact of reputational risk created by these or other developments on such matters as business generation and retention, funding and liquidity; (43) changes in law or requirements imposed by Fifth Third’s regulators impacting our capital actions, including dividend payments and stock repurchases; and (44) Fifth Third’s ability to meet its environmental and/or social targets, goals and commitments. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in our expectations or any changes in events, conditions or circumstances on which any such statement is based, except as may be required by law, and we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. The information contained herein is intended to be reviewed in its totality, and any stipulations, conditions or provisos that apply to a given piece of information in one part of this report should be read as applying mutatis mutandis to every other instance of such information appearing herein.
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Table of Contents




PART I. FINANCIAL INFORMATION
Glossary of Abbreviations and Acronyms
Fifth Third Bancorp provides the following list of abbreviations and acronyms as a tool for the reader that are used in Management’s Discussion and Analysis of Financial Condition and Results of Operations, the Condensed Consolidated Financial Statements and the Notes to Condensed Consolidated Financial Statements.
ACL : Allowance for Credit Losses
FTP : Funds Transfer Pricing
AFS : Available-For-Sale
FTS : Fifth Third Securities, Inc.
ALCO : Asset Liability Management Committee
GDP : Gross Domestic Product
ALLL : Allowance for Loan and Lease Losses
GNMA : Government National Mortgage Association
AOCI : Accumulated Other Comprehensive Income (Loss)
GSE : United States Government Sponsored Enterprise
APR : Annual Percentage Rate
HTM : Held-To-Maturity
ARM : Adjustable Rate Mortgage
IPO : Initial Public Offering
ASC : Accounting Standards Codification
IRC : Internal Revenue Code
ASU : Accounting Standards Update
IRLC : Interest Rate Lock Commitment
ATM : Automated Teller Machine
ISDA : International Swaps and Derivatives Association, Inc.
BHC : Bank Holding Company
LIBOR : London Interbank Offered Rate
BOLI : Bank Owned Life Insurance
LIHTC : Low-Income Housing Tax Credit
bps : Basis Points
LLC : Limited Liability Company
CD : Certificate of Deposit
LTV : Loan-to-Value Ratio
CDC : Fifth Third Community Development Corporation and Fifth Third
MD&A : Management’s Discussion and Analysis of Financial
Community Development Company, LLC Condition and Results of Operations
CECL : Current Expected Credit Loss
MSR : Mortgage Servicing Right
CET1 : Common Equity Tier 1
N/A : Not Applicable
CFPB : United States Consumer Financial Protection Bureau
NII : Net Interest Income
C&I : Commercial and Industrial
NM : Not Meaningful
DCF : Discounted Cash Flow
OAS : Option-Adjusted Spread
DTCC : Depository Trust & Clearing Corporation
OCC : Office of the Comptroller of the Currency
ERM : Enterprise Risk Management
OCI : Other Comprehensive Income (Loss)
ERMC : Enterprise Risk Management Committee
OREO : Other Real Estate Owned
EVE : Economic Value of Equity
ROU : Right-of-Use
FASB : Financial Accounting Standards Board
SBA : Small Business Administration
FDIC : Federal Deposit Insurance Corporation
SEC : United States Securities and Exchange Commission
FHA : Federal Housing Administration
SOFR : Secured Overnight Financing Rate
FHLB : Federal Home Loan Bank
TBA : To Be Announced
FHLMC : Federal Home Loan Mortgage Corporation
TILA : Truth in Lending Act
FICO : Fair Isaac Corporation (credit rating)
U.S. : United States of America
FINRA : Financial Industry Regulatory Authority
U.S. GAAP : United States Generally Accepted Accounting
FNMA : Federal National Mortgage Association
Principles
FOMC : Federal Open Market Committee
VA : United States Department of Veterans Affairs
FRB : Federal Reserve Bank
VIE : Variable Interest Entity
FTE : Fully Taxable Equivalent
VRDN : Variable Rate Demand Note


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Management’s Discussion and Analysis of Financial Condition and Results of Operations (Item 2)
The following is Management’s Discussion and Analysis of Financial Condition and Results of Operations of certain significant factors that have affected Fifth Third Bancorp’s (the “Bancorp” or “Fifth Third”) financial condition and results of operations during the periods included in the Condensed Consolidated Financial Statements, which are a part of this filing. Reference to the Bancorp incorporates the parent holding company and all consolidated subsidiaries. The Bancorp’s banking subsidiary is referred to as the Bank.

OVERVIEW
Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. At March 31, 2024, the Bancorp had $215 billion in assets and operated 1,070 full-service banking centers and 2,082 Fifth Third branded ATMs in eleven states throughout the Midwestern and Southeastern regions of the U.S. The Bancorp reports on three business segments: Commercial Banking, Consumer and Small Business Banking and Wealth and Asset Management.

This overview of MD&A highlights selected information in the financial results of the Bancorp and may not contain all of the information that is important to you. For a more complete understanding of trends, events, commitments, uncertainties, liquidity, capital resources and critical accounting policies and estimates, you should carefully read this entire document as well as the Bancorp’s Annual Report on Form 10-K for the year ended December 31, 2023. Each of these items could have an impact on the Bancorp’s financial condition, results of operations and cash flows. In addition, refer to the Glossary of Abbreviations and Acronyms in this report for a list of terms included as a tool for the reader of this Quarterly Report on Form 10-Q. The abbreviations and acronyms identified therein are used throughout this MD&A, as well as the Condensed Consolidated Financial Statements and Notes to Condensed Consolidated Financial Statements.

Net interest income, net interest margin, net interest rate spread and the efficiency ratio are presented in MD&A on an FTE basis. The FTE basis adjusts for the tax-favored status of income from certain loans and leases and securities held by the Bancorp that are not taxable for federal income tax purposes. The Bancorp believes this presentation to be the preferred industry measurement of net interest income as it provides a relevant comparison between taxable and non-taxable amounts. The FTE basis for presenting net interest income is a non-GAAP measure. For further information, refer to the Non-GAAP Financial Measures section of MD&A.

The Bancorp’s revenues are dependent on both net interest income and noninterest income. For the three months ended March 31, 2024, net interest income on an FTE basis and noninterest income provided 66% and 34% of total revenue, respectively. The Bancorp derives the majority of its revenues within the U.S. from customers domiciled in the U.S. Revenue from foreign countries and external customers domiciled in foreign countries was immaterial to the Condensed Consolidated Financial Statements for the three months ended March 31, 2024. Changes in interest rates, credit quality, economic trends and the capital markets are primary factors that drive the performance of the Bancorp. As discussed later in the Risk Management section of MD&A, risk identification, measurement, monitoring, control and reporting are important to the management of risk and to the financial performance and capital strength of the Bancorp.

Net interest income is the difference between interest income earned on assets such as loans, leases and securities, and interest expense incurred on liabilities such as deposits, other short-term borrowings and long-term debt. Net interest income is affected by the general level of interest rates, the relative level of short-term and long-term interest rates, changes in interest rates and changes in the amount and composition of interest-earning assets and interest-bearing liabilities. Generally, the rates of interest the Bancorp earns on its assets and pays on its liabilities are established for a period of time. The change in market interest rates over time exposes the Bancorp to interest rate risk through potential adverse changes to net interest income and financial position. The Bancorp manages this risk by continually analyzing and adjusting the composition of its assets and liabilities based on their payment streams and interest rates, the timing of their maturities and their sensitivity to changes in market interest rates. Additionally, in the ordinary course of business, the Bancorp enters into certain derivative transactions as part of its overall strategy to manage its interest rate and prepayment risks. The Bancorp is also exposed to the risk of loss on its loan and lease portfolio as a result of changing expected cash flows caused by borrower credit events, such as loan defaults and inadequate collateral.

Noninterest income is derived from wealth and asset management revenue, service charges on deposits, commercial banking revenue, card and processing revenue, mortgage banking net revenue, leasing business revenue, other noninterest income and net securities gains or losses. Noninterest expense includes compensation and benefits, technology and communications, net occupancy expense, equipment expense, marketing expense, leasing business expense, card and processing expense and other noninterest expense.

Current Economic Conditions
With economic growth above the long-term trend and unemployment below 4%, returning inflation to 2% on a sustained basis may take longer than previously expected. In response to persistent inflationary pressures, FRB officials have signaled that a longer period of restrictive monetary policy may be necessary to return inflation to 2% on a sustained basis. The FRB will continue to monitor the cumulative economic effects of their policy actions, including tighter credit conditions for households and businesses, when determining future monetary actions. Financial markets continue to anticipate interest rate cuts later this year, although the timing and magnitude remains uncertain.

Changes in interest rates can affect numerous aspects of the Bancorp’s business and may impact the Bancorp’s future performance. If financial markets remain volatile, this may impact the future performance of various segments of the Bancorp’s business, in addition to the
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Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)
value of the Bancorp’s investment securities portfolio. The Bancorp continues to closely monitor the pace of inflation and the impacts of inflation on the broader market.

For more information on current economic conditions, refer to the Credit Risk Management subsection of the Risk Management section of MD&A. Additionally, refer to the Interest Rate and Price Risk Management and Liquidity Risk Management subsections of the Risk Management section of MD&A for additional information about the Bancorp’s interest rate risk management and liquidity risk management activities.

FDIC Special Assessment
The bank failures that occurred in the first half of 2023 generated significant market volatility and increased regulatory and market focus on the liquidity, asset-liability management and unrealized securities losses of banks. In response to these failures, the U.S. banking agencies have proposed a number of regulatory amendments to improve the stability of U.S. banking institutions. Among these amendments, in November 2023, the FDIC issued a final rule for a special deposit insurance assessment on banking organizations with greater than $5 billion in assets to recover the costs associated with protecting uninsured depositors following these closures. The Bancorp’s initial estimate of its allocated share of the special assessment under the provisions of the final rule was $224 million, which was recognized in earnings upon issuance of the final rule in November 2023. During the first quarter of 2024, the FDIC announced that it expected to incur additional losses related to these bank closures beyond its initial estimates. These incremental losses, if incurred, would result in an increase to the amount of the special assessment allocated to each member bank. As a result of this announcement, in the first quarter of 2024, the Bancorp recorded an incremental liability and expense of $33 million associated with the special assessment. The special assessment will be paid to the FDIC over an anticipated total of eight quarterly assessment periods beginning with the first quarter of 2024. The estimate of the cost associated with protecting the uninsured depositors will continue to be subject to periodic adjustment until the final loss is determined upon the termination of the receiverships by the FDIC.

Senior Notes Offering
On January 29, 2024, the Bancorp issued and sold $1.0 billion of fixed-rate/floating-rate senior notes which will mature on January 29, 2032. The senior notes will bear interest at a rate of 5.631% per annum to, but excluding, January 29, 2031. From, and including January 29, 2031 until, but excluding January 29, 2032, the senior notes will bear interest at a rate of compounded SOFR plus 1.840%. Refer to Note 15 of the Notes to Condensed Consolidated Financial Statements for more information.

Transfer of Securities
In January 2024, the Bancorp transferred $12.6 billion (amortized cost basis) of securities from available-for-sale to held-to-maturity to reflect the Bancorp’s change in intent to hold these securities to maturity in order to reduce potential capital volatility associated with investment security market price fluctuations. The transfer included U.S. Treasury and federal agencies securities, agency residential mortgage-backed securities and agency commercial mortgage-backed securities. Refer to the Investment Securities subsection of the Balance Sheet Analysis section of MD&A for more information.

Proposed Updates to Regulatory Requirements for Capital and Long-Term Debt
On July 27, 2023, the U.S. banking agencies released a notice of proposed rulemaking to revise the Basel III Capital Rules, which would modify its existing risk-based capital framework for large banks and introduce a new framework that implements international capital standards. The proposed rulemaking would increase capital requirements applicable to banking organizations with total assets of $100 billion or more, including Fifth Third, and would align the calculation of regulatory capital and the calculation of risk-weighted assets across large banking organizations. As proposed, the rules would be effective for the Bancorp on July 1, 2025 and phased in over a three-year transition period. The Bancorp is in the process of evaluating this proposed rulemaking and assessing its potential impact.

On August 29, 2023, the U.S. banking agencies issued a notice of proposed rulemaking to require that certain banking organizations with $100 billion or more in consolidated assets, including Fifth Third, comply with certain long-term debt requirements at the holding company and insured depository institution levels. These proposed requirements are intended to absorb losses and recapitalize the insured depository institution in the event of the failure of a banking organization. As proposed, the rules would be phased in over a three-year period after their effective date. The Bancorp is in the process of evaluating this proposed rulemaking and assessing its potential impact, which is dependent on the finalization of the aforementioned proposed capital rule.

Key Performance Indicators
The Bancorp, as a banking institution, utilizes various key indicators of financial condition and operating results in managing and monitoring the performance of the business. In addition to traditional financial metrics, such as revenue and expense trends, the Bancorp monitors other financial measures that assist in evaluating growth trends, capital strength and operational efficiencies. The Bancorp analyzes these key performance indicators against its past performance, its forecasted performance and with the performance of its peer banking institutions. These indicators may change from time to time as the operating environment and businesses change.

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Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)
The following are some of the key indicators used by management to assess the Bancorp’s business performance, including those which are considered in the Bancorp’s compensation programs:

• CET1 Capital Ratio: CET1 capital divided by risk-weighted assets as defined by the Basel III standardized approach to risk-weighting of assets
• Return on Average Tangible Common Equity (non-GAAP): Tangible net income available to common shareholders divided by average tangible common equity
• Return on Average Common Equity, Excluding AOCI (non-GAAP): Net income available to common shareholders divided by total equity, excluding AOCI and preferred stock
• Net Interest Margin (non-GAAP): Net interest income on an FTE basis divided by average interest-earning assets
• Efficiency Ratio (non-GAAP): Noninterest expense divided by the sum of net interest income on an FTE basis and noninterest income
• Earnings Per Share, Diluted: Net income allocated to common shareholders divided by average common shares outstanding after the effect of dilutive stock-based awards
• Nonperforming Portfolio Assets Ratio: Nonperforming portfolio assets divided by portfolio loans and leases and OREO
• Net Charge-off Ratio: Net losses charged-off divided by average portfolio loans and leases
• Return on Average Assets: Net income divided by average assets
• Loan-to-Deposit Ratio: Total loans divided by total deposits
• Household Growth: Change in the number of consumer households with retail relationship-based checking accounts

The list of indicators above is intended to summarize some of the most important metrics utilized by management in evaluating the Bancorp’s performance and does not represent an all-inclusive list of all performance measures that may be considered relevant or important to management or investors.

TABLE 1: Earnings Summary
For the three months ended
March 31, 		%
($ in millions, except for per share data) 2024 2023 Change
Income Statement Data
Net interest income (U.S. GAAP) $ 1,384 1,517 (9)
Net interest income (FTE) (a)(b)
1,390 1,522 (9)
Noninterest income 710 696 2
Total revenue (FTE) (a)(b)
2,100 2,218 (5)
Provision for credit losses 94 164 (43)
Noninterest expense 1,342 1,331 1
Net income 520 558 (7)
Net income available to common shareholders 480 535 (10)
Common Share Data
Earnings per share - basic $ 0.70 0.78 (10)
Earnings per share - diluted 0.70 0.78 (10)
Cash dividends declared per common share 0.35 0.33 6
Book value per share 24.72 23.87 4
Market value per share 37.21 26.64 40
Financial Ratios
Return on average assets 0.98 % 1.10 (11)
Return on average common equity 11.6 13.7 (15)
Return on average tangible common equity (b)
17.0 20.5 (17)
Dividend payout 50.0 42.3 18
(a) Amounts presented on an FTE basis. The FTE adjustments were $6 and $5 for the three months ended March 31, 2024 and 2023, respectively.
(b) These are non-GAAP measures. For further information, refer to the Non-GAAP Financial Measures section of MD&A.

Earnings Summary
The Bancorp’s net income available to common shareholders for the first quarter of 2024 w a s $480 million, or $0.70 per diluted share, which was net of $40 million in preferred stock dividends. The Bancorp’s net income available to co mmon shareholders for the first quarter of 2023 wa s $535 million, or $0.78 p er diluted share, which was net of $23 million in preferred stock dividends.

Net interest income on an FTE basis (non-GAAP) was $1.4 billion for the three months ended March 31, 2024, a decrease of $132 million compared to the same period in the prior year. Net interest income was negatively impacted by higher funding costs due to increases in
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Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)
market interest rates and deposit balance migration into higher yielding products. Rates paid on average interest-bearing core deposits and average long-term debt increased for the three months ended March 31, 2024 compared to the same period in the prior year. The deposit balance migration impacting net interest income resulted in decreases in the average balances of demand deposits and increases in the average balances of interest-bearing core deposits for the three months ended March 31, 2024 compared to the same period in the prior year. Additionally, net interest income was negatively impacted by a decrease in the average balances of commercial and industrial loans and an increase in the average balances of long-term debt for the three months ended March 31, 2024 compared to the same period in the prior year. These negative impacts were partially offset by increases in yields on average loans and leases and average taxable securities for the three months ended March 31, 2024 compared to the same period in the prior year. Net interest income also benefited from an increase in average other short-term investments for the three months ended March 31, 2024 compared to the same period in the prior year. Net interest margin on an FTE basis (non-GAAP) was 2.86% for the three months ended March 31, 2024 compared to 3.29% for the same period in the prior year.

The provision for credit losses was $94 million and $164 million for the three months ended March 31, 2024 and 2023, respectively. Provision expense for the three months ended March 31, 2024 was affected by factors which caused a slight decrease in the ACL from December 31, 2023, including improvement in the economic forecasts used to calculate the ACL and lower period-end loan and lease balances, partially offset by increases in specific reserves on individually evaluated commercial loans. Provision expense for the three months ended March 31, 2023 was driven by factors which caused an increase in the ACL from December 31, 2022, including growth in period-end loan and lease balances and increases to specific reserves on individually evaluated commercial loans. Net losses charged off as a percent of average portfolio loans and leases were 0.38% and 0.26% for the three months ended March 31, 2024 and 2023, respectively. At March 31, 2024 and December 31, 2023, nonperforming portfolio assets as a percent of portfolio loans and leases and OREO were 0.64% and 0.59%, respectively. For more information on credit quality, refer to the Credit Risk Management subsection of the Risk Management section of MD&A as well as Note 6 of the Notes to Condensed Consolidated Financial Statements.

Noninterest income increased $14 million for the three months ended March 31, 2024 compared to the same period in the prior year primarily due to increases in other noninterest income, wealth and asset management revenue and service charges on deposits, partially offset by decreases in commercial banking revenue, leasing business revenue and mortgage banking net revenue.

Noninterest expense increased $11 million for the three months ended March 31, 2024 compared to the same period in the prior year primarily due to increases in other noninterest expense and net occupancy expense, partially offset by decreases in leasing business expense and compensation and benefits expense.

For more information on net interest income, provision for credit losses, noninterest income and noninterest expense refer to the Statements of Income Analysis section of MD&A.

Capital Summary
The Bancorp calculated its regulatory capital ratios under the Basel III standardized approach to risk-weighting of assets and pursuant to the five-year transition provision option to phase in the effects of CECL on regulatory capital as of March 31, 2024. As of March 31, 2024, the Bancorp’s capital ratios, as defined by the U.S. banking agencies, were:
• CET1 capital ratio: 10.47%;
• Tier 1 risk-based capital ratio: 11.77%;
• Total risk-based capital ratio: 13.81%;
• Leverage ratio: 8.94%.
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Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)
NON-GAAP FINANCIAL MEASURES
The following are non-GAAP financial measures which provide useful insight to the reader of the Condensed Consolidated Financial Statements but should be supplemental to primary U.S. GAAP measures and should not be read in isolation or relied upon as a substitute for the primary U.S. GAAP measures. The Bancorp encourages readers to consider the Condensed Consolidated Financial Statements in their entirety and not to rely on any single financial measure.

The FTE basis adjusts for the tax-favored status of income from certain loans and leases and securities held by the Bancorp that are not taxable for federal income tax purposes. The Bancorp believes this presentation to be the preferred industry measurement of net interest income as it provides a relevant comparison between taxable and non-taxable amounts.

The following table reconciles the non-GAAP financial measures of net interest income on an FTE basis, interest income on an FTE basis, net interest margin, net interest rate spread and the efficiency ratio to U.S. GAAP:
TABLE 2: Non-GAAP Financial Measures - Financial Measures and Ratios on an FTE basis
For the three months ended
March 31,
($ in millions) 2024 2023
Net interest income (U.S. GAAP) $ 1,384 1,517
Add: FTE adjustment 6 5
Net interest income on an FTE basis (1) $ 1,390 1,522
Net interest income on an FTE basis (annualized) (2) 5,591 6,173
Interest income (U.S. GAAP) $ 2,608 2,213
Add: FTE adjustment 6 5
Interest income on an FTE basis $ 2,614 2,218
Interest income on an FTE basis (annualized) (3) 10,513 8,995
Interest expense (annualized) (4) $ 4,923 2,823
Noninterest income (5) 710 696
Noninterest expense (6) 1,342 1,331
Average interest-earning assets (7) 195,349 187,407
Average interest-bearing liabilities (8) 146,533 129,280
Ratios:
Net interest margin on an FTE basis (2) / (7) 2.86 % 3.29
Net interest rate spread on an FTE basis ((3) / (7)) - ((4) / (8)) 2.02 2.62
Efficiency ratio on an FTE basis (6) / ((1) + (5)) 63.9 60.0

The Bancorp believes return on average tangible common equity is an important measure for comparative purposes with other financial institutions, but is not defined under U.S. GAAP, and therefore is considered a non-GAAP financial measure. This measure is useful for evaluating the performance of a business as it calculates the return available to common shareholders without the impact of intangible assets and their related amortization.

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Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)
The following table reconciles the non-GAAP financial measure of return on average tangible common equity to U.S. GAAP:
TABLE 3: Non-GAAP Financial Measures - Return on Average Tangible Common Equity
For the three months ended
March 31,
($ in millions)
2024 2023
Net income available to common shareholders (U.S. GAAP) $ 480 535
Add: Intangible amortization, net of tax 8 9
Tangible net income available to common shareholders $ 488 544
Tangible net income available to common shareholders (annualized) (1) 1,963 2,206
Average Bancorp shareholders’ equity (U.S. GAAP) $ 18,727 17,977
Less: Average preferred stock 2,116 2,116
Average goodwill 4,918 4,915
Average intangible assets 121 163
Average tangible common equity (2) $ 11,572 10,783
Return on average tangible common equity (1) / (2) 17.0 % 20.5

The Bancorp considers various measures when evaluating capital utilization and adequacy, including the tangible equity ratio and tangible common equity ratio, in addition to capital ratios defined by the U.S. banking agencies. These calculations are intended to complement the capital ratios defined by the U.S. banking agencies for both absolute and comparative purposes. As U.S. GAAP does not include capital ratio measures, the Bancorp believes there are no comparable U.S. GAAP financial measures to these ratios. These ratios are not formally defined by U.S. GAAP or codified in the federal banking regulations and, therefore, are considered to be non-GAAP financial measures.

The following table reconciles non-GAAP capital ratios to U.S. GAAP:
TABLE 4: Non-GAAP Financial Measures - Capital Ratios
As of ($ in millions) March 31,
2024 		December 31,
2023
Total Bancorp Shareholders’ Equity (U.S. GAAP) $ 19,018 19,172
Less: Preferred stock 2,116 2,116
Goodwill 4,918 4,919
Intangible assets 115 125
AOCI (4,888) (4,487)
Tangible common equity, excluding AOCI (1) $ 16,757 16,499
Add: Preferred stock 2,116 2,116
Tangible equity (2) $ 18,873 18,615
Total Assets (U.S. GAAP) $ 214,506 214,574
Less: Goodwill 4,918 4,919
Intangible assets 115 125
AOCI, before tax (6,187) (5,680)
Tangible assets, excluding AOCI (3) $ 215,660 215,210
Ratios:
Tangible equity as a percentage of tangible assets (2) / (3) 8.75 % 8.65
Tangible common equity as a percentage of tangible assets (1) / (3) 7.77 7.67

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Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)
RECENT ACCOUNTING STANDARDS
Note 3 of the Notes to Condensed Consolidated Financial Statements provides a discussion of the significant new accounting standards applicable to the Bancorp and the expected impact of a significant accounting standard issued, but not yet required to be adopted.

CRITICAL ACCOUNTING POLICIES
The Bancorp’s Condensed Consolidated Financial Statements are prepared in accordance with U.S. GAAP. Certain accounting policies require management to exercise judgment in determining methodologies, economic assumptions and estimates that may materially affect the Bancorp’s financial position, results of operations and cash flows. The Bancorp’s critical accounting policies include the accounting for the ALLL, reserve for unfunded commitments, valuation of servicing rights, fair value measurements, goodwill and legal contingencies. These accounting policies are discussed in detail in the Critical Accounting Policies section of the Bancorp’s Annual Report on Form 10-K for the year ended December 31, 2023. There have been no material changes to the valuation techniques or models during the three months ended March 31, 2024.

STATEMENTS OF INCOME ANALYSIS

Net Interest Income
Net interest income is the interest earned on loans and leases (including yield-related fees), securities and other short-term investments less the interest incurred on core deposits and wholesale funding (including CDs over $250,000, federal funds purchased, other short-term borrowings and long-term debt). The net interest margin is calculated by dividing net interest income by average interest-earning assets. Net interest rate spread is the difference between the average yield earned on interest-earning assets and the average rate paid on interest-bearing liabilities. Net interest margin is typically greater than net interest rate spread due to the interest income earned on those assets that are funded by noninterest-bearing liabilities, or free funding, such as demand deposits or shareholders’ equity.

Table 5 presents the components of net interest income, net interest margin and net interest rate spread for the three months ended March 31, 2024 and 2023, as well as the relative impact of changes in the average balance sheet and changes in interest rates on net interest income. Nonaccrual loans and leases and loans and leases held for sale have been included in the average loan and lease balances. Average outstanding securities balances are based on amortized cost with any unrealized gains or losses included in average other assets.

Net interest income on an FTE basis (non-GAAP) was $1.4 billion for the three months ended March 31, 2024, a decrease of $132 million compared to the same period in the prior year. Net interest income was negatively impacted by higher funding costs due to increases in market interest rates and deposit balance migration into higher yielding products. Rates paid on average interest-bearing core deposits and average long-term debt increased 124 bps and 103 bps, respectively, for the three months ended March 31, 2024 compared to the same period in the prior year. The deposit balance migration impacting net interest income resulted in decreases in the average balances of demand deposits of $9.9 billion and increases in the average balances of interest-bearing core deposits of $16.2 billion for the three months ended March 31, 2024 compared to the same period in the prior year. Additionally, net interest income was negatively impacted by a decrease in the average balances of commercial and industrial loans of $4.9 billion and an increase in the average balances of long-term debt of $2.0 billion for the three months ended March 31, 2024 compared to the same period in the prior year. These negative impacts were partially offset by increases in yields of 73 bps on average loans and leases and 20 bps on average taxable securities for the three months ended March 31, 2024 compared to the same period in the prior year. Net interest income also benefited from an increase in average other short-term investments of $15.9 billion for the three months ended March 31, 2024 compared to the same period in the prior year.

Net interest rate spread on an FTE basis (non-GAAP) was 2.02% for the three months ended March 31, 2024 compared to 2.62% for the same period in the prior year. Rates paid on average interest-bearing liabilities increased 118 bps, partially offset by a 58 bps increase in yields on average interest-earning assets for the three months ended March 31, 2024 compared to same period in the prior year.

Net interest margin on an FTE basis (non-GAAP) was 2.86% for the three months ended March 31, 2024 compared to 3.29% for the comparable period in the prior year. Net interest margin for the three months ended March 31, 2024 was negatively impacted by the migration of average balances of deposits from demand deposits to interest-bearing deposits, increases in rates paid on and average balances of wholesale funding and decreases in average balances of loans and leases, partially offset by higher market interest rates on interest-earning assets and growth in average balances of other short-term investments. Net interest margin results are expected to modestly increase over the next several quarters driven by fixed-rate asset repricing and deposit growth, partially offset by the impact of continued deposit margin compression. However, net interest margin may be negatively impacted by increased deposit competition or higher levels of cash and other short-term investments.

Interest income on an FTE basis (non-GAAP) from loans and leases increased $146 million during the three months ended March 31, 2024 compared to the three months ended March 31, 2023, primarily driven by the previously mentioned increases in market interest rates, partially offset by a decrease in average balances of commercial and industrial loans. For more information on the Bancorp’s loan and lease portfolio, refer to the Loans and Leases subsection of the Balance Sheet Analysis section of MD&A. Interest income on an FTE basis (non-GAAP) from investment securities and other short-term investments increased $250 million during the three months ended March 31, 2024
9

Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)
compared to the three months ended March 31, 2023 primarily due to the previously mentioned increase in the average balances of other short-term investments and increase in yields on average taxable securities.

Interest expense on average core deposits increased $448 million for the three months ended March 31, 2024 compared to the three months ended March 31, 2023 primarily due to the previously mentioned increase in the cost of average interest-bearing core deposits to 291 bps for the three months ended March 31, 2024 from 167 bps for the three months ended March 31, 2023, as a result of higher short-term interest rates and greater competition for deposits. Refer to the Deposits subsection of the Balance Sheet Analysis section of MD&A for additional information on the Bancorp’s deposits.

Interest expense on average wholesale funding increased $80 million for the three months ended March 31, 2024 compared to the three months ended March 31, 2023 primarily due to the previously mentioned increases in rates paid on and average balances of long-term debt. The increase for the three months ended March 31, 2024 was also driven by an increase in the average balances of CDs over $250,000 of $1.2 billion and an increase in the rates paid on average CDs over $250,000 of 107 bps. These negative impacts were partially offset by a decrease in the average balances of FHLB advances of $1.7 billion. Refer to the Borrowings subsection of the Balance Sheet Analysis section of MD&A for additional information on the Bancorp’s borrowings. During the three months ended March 31, 2024, average wholesale funding represented 17% of average interest-bearing liabilities compared to 18% for the three months ended March 31, 2023. For more information on the Bancorp’s interest rate risk management, including estimated earnings sensitivity to changes in market interest rates, refer to the Interest Rate and Price Risk Management subsection of the Risk Management section of MD&A.

10

Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)
TABLE 5: Condensed Consolidated Average Balance Sheets and Analysis of Net Interest Income on an FTE Basis
For the three months ended March 31, 2024 March 31, 2023
Attribution of Change in
Net Interest Income (a)
($ in millions) Average Balance Interest Earned/Paid Average Yield/ Rate Average Balance Interest Earned/Paid Average Yield/ Rate Volume Yield/ Rate Total
Assets:
Interest-earning assets:
Loans and leases: (b)
Commercial and industrial loans $ 53,256 938 7.08 % $ 58,204 920 6.41 % $ (82) 100 18
Commercial mortgage loans 11,339 177 6.28 11,121 152 5.54 3 22 25
Commercial construction loans 5,732 103 7.20 5,507 88 6.50 4 11 15
Commercial leases 2,543 27 4.24 2,663 23 3.48 (1) 5 4
Total commercial loans and leases $ 72,870 1,245 6.87 $ 77,495 1,183 6.19 $ (76) 138 62
Residential mortgage loans 17,268 152 3.55 18,329 153 3.39 (9) 8 (1)
Home equity 3,933 81 8.29 4,006 64 6.47 (1) 18 17
Indirect secured consumer loans 15,172 186 4.93 16,598 162 3.95 (15) 39 24
Credit card 1,773 61 13.73 1,780 62 14.16 — (1) (1)
Solar energy installation loans 3,794 73 7.77 2,169 25 4.62 25 23 48
Other consumer loans 2,889 65 8.96 3,238 68 8.52 (7) 4 (3)
Total consumer loans $ 44,829 618 5.54 $ 46,120 534 4.69 $ (7) 91 84
Total loans and leases $ 117,699 1,863 6.36 % $ 123,615 1,717 5.63 % $ (83) 229 146
Securities:
Taxable 55,016 446 3.26 57,110 431 3.06 (16) 31 15
Exempt from income taxes (b)
1,440 11 3.27 1,404 10 3.11 — 1 1
Other short-term investments 21,194 294 5.58 5,278 60 4.65 219 15 234
Total interest-earning assets $ 195,349 2,614 5.38 % $ 187,407 2,218 4.80 % $ 120 276 396
Cash and due from banks 2,743 3,136
Other assets 17,432 16,687
Allowance for loan and lease losses (2,321) (2,146)
Total assets
$ 213,203 $ 205,084
Liabilities and Equity:
Interest-bearing liabilities:
Interest checking deposits $ 58,677 494 3.38 % $ 48,717 281 2.34 % $ 66 147 213
Savings deposits 18,107 31 0.69 23,107 34 0.59 (8) 5 (3)
Money market deposits 34,589 250 2.91 28,420 84 1.20 21 145 166
Foreign office deposits 145 1 2.43 143 1 1.91 — — —
CDs $250,000 or less 10,244 106 4.15 5,173 34 2.67 46 26 72
Total interest-bearing core deposits $ 121,762 882 2.91 $ 105,560 434 1.67 $ 125 323 448
CDs over $250,000 5,521 72 5.22 4,348 44 4.15 14 14 28
Federal funds purchased 201 3 5.41 487 5 4.55 (3) 1 (2)
Securities sold under repurchase agreements 366 2 1.82 327 1 0.73 — 1 1
FHLB advances 3,111 44 5.72 4,803 53 4.44 (22) 13 (9)
Derivative collateral and other borrowed money 57 1 7.21 245 3 5.90 (3) 1 (2)
Long-term debt 15,515 220 5.71 13,510 156 4.68 25 39 64
Total interest-bearing liabilities $ 146,533 1,224 3.36 % $ 129,280 696 2.18 % $ 136 392 528
Demand deposits 40,839 50,737
Other liabilities 7,104 7,090
Total liabilities $ 194,476 $ 187,107
Total equity $ 18,727 $ 17,977
Total liabilities and equity $ 213,203 $ 205,084
Net interest income (FTE) (c)
$ 1,390 $ 1,522 $ (16) (116) (132)
Net interest margin (FTE) (c)
2.86 % 3.29 %
Net interest rate spread (FTE) (c)
2.02 2.62
Interest-bearing liabilities to interest-earning assets 75.01 68.98
(a) Changes in interest not solely due to volume or yield/rate are allocated in proportion to the absolute dollar amount of change in volume and yield/rate.
(b) The FTE adjustments included in the above table were $6 and $5 for the three months ended March 31, 2024 and 2023, respectively.
(c) Net interest income (FTE), net interest margin (FTE) and net interest rate spread (FTE) are non-GAAP measures. For further information, refer to the Non-GAAP Financial Measures section of MD&A.
11

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

Provision for Credit Losses
The Bancorp provides, as an expense, an amount for expected credit losses within the loan and lease portfolio and the portfolio of unfunded commitments that is based on factors discussed in the Critical Accounting Policies section of the Bancorp’s Annual Report on Form 10-K for the year ended December 31, 2023. The provision is recorded to bring the ALLL and reserve for unfunded commitments to a level deemed appropriate by the Bancorp to cover losses expected in the portfolios. Actual credit losses on loans and leases are charged against the ALLL. The amount of loans and leases actually removed from the Condensed Consolidated Balance Sheets are referred to as charge-offs. Net charge-offs include current period charge-offs less recoveries on previously charged-off loans and leases.

The provision for credit losses was $94 million and $164 million for the three months ended March 31, 2024 and 2023, respectively. Provision expense for the three months ended March 31, 2024 was affected by factors which caused a slight decrease in the ACL from December 31, 2023, including improvement in the economic forecasts used to calculate the ACL and lower period-end loan and lease balances, partially offset by increases in specific reserves on individually evaluated commercial loans. Provision expense for the three months ended March 31, 2023 was driven by factors which caused an increase in the ACL from December 31, 2022, including growth in period-end loan and lease balances and increases to specific reserves on individually evaluated commercial loans.

The ALLL decreased $4 million from December 31, 2023 to $2.3 billion at March 31, 2024. At March 31, 2024, the ALLL as a percent of portfolio loans and leases increased to 1.99%, compared to 1.98% at December 31, 2023. The reserve for unfunded commitments decreased $12 million from December 31, 2023 to $154 million at March 31, 2024. The ACL as a percent of portfolio loans and leases was 2.12% at both March 31, 2024 and December 31, 2023.

Refer to the Credit Risk Management subsection of the Risk Management section of MD&A as well as Note 6 of the Notes to Condensed Consolidated Financial Statements for more information on the provision for credit losses, including an analysis of loan and lease portfolio composition, nonperforming assets, net charge-offs and other factors considered by the Bancorp in assessing the credit quality of the loan and lease portfolio and determining the level of the ACL.

Noninterest Income
Noninterest income increased $14 million for the three months ended March 31, 2024 compared to the three months ended March 31, 2023.

The following table presents the components of noninterest income:
TABLE 6: Components of Noninterest Income
For the three months ended
March 31,
($ in millions) 2024 2023 % Change
Wealth and asset management revenue $ 161 146 10
Service charges on deposits 151 137 10
Commercial banking revenue 143 161 (11)
Card and processing revenue 102 100 2
Mortgage banking net revenue 54 69 (22)
Leasing business revenue 39 57 (32)
Other noninterest income 50 22 127
Securities gains, net 10 4 150
Securities gains, net – non-qualifying hedges on mortgage servicing rights
— — NM
Total noninterest income $ 710 696 2

Wealth and asset management revenue
Wealth and asset management revenue increased $15 million for the three months ended March 31, 2024 compared to the three months ended March 31, 2023 primarily driven by increases in personal asset management revenue and broker income. The Bancorp’s trust and registered investment advisory businesses had approximately $634 billion and $542 billion in total assets under care as of March 31, 2024 and 2023, respectively, and managed $62 billion and $57 billion in assets for individuals, corporations and not-for-profit organizations as of March 31, 2024 and 2023, respectively.

Service charges on deposits
Service charges on deposits increased $14 million for the three months ended March 31, 2024 compared to the three months ended March 31, 2023 primarily due to an increase in service charges on commercial deposits. Service charges on commercial deposits were $112 million for the three months ended March 31, 2024, an increase of $12 million from the three months ended March 31, 2023 primarily due to an increase in revenue from commercial payments activities, which include traditional treasury management and embedded payments. Service charges on
12

Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)
consumer deposits were $39 million for the three months ended March 31, 2024, an increase of $2 million from the three months ended March 31, 2023.

Commercial banking revenue
Commercial banking revenue decreased $18 million for the three months ended March 31, 2024 compared to the three months ended March 31, 2023 primarily driven by decreases in revenue from commercial customer derivatives, merger and acquisition fees and loan syndication fees, partially offset by an increase in corporate bond fees.

Card and processing revenue
Card and processing revenue increased $2 million for the three months ended March 31, 2024 compared to the three months ended March 31, 2023 primarily due to increases in credit and debit card interchange and electronic funds transfer income, partially offset by increased reward costs.

Mortgage banking net revenue
Mortgage banking net revenue decreased $15 million for the three months ended March 31, 2024 compared to the three months ended March 31, 2023.

The following table presents the components of mortgage banking net revenue:
TABLE 7: Components of Mortgage Banking Net Revenue
For the three months ended
March 31,
($ in millions) 2024 2023
Origination fees and gains on loan sales $ 14 18
Net mortgage servicing revenue:
Gross mortgage servicing fees 78 83
Net valuation adjustments on MSRs and free-standing derivatives purchased to economically hedge MSRs
(38) (32)
Net mortgage servicing revenue 40 51
Total mortgage banking net revenue $ 54 69

Origination fees and gains on loan sales decreased $4 million for the three months ended March 31, 2024 compared to the three months ended March 31, 2023 primarily driven by lower volumes of residential mortgage loan originations as well as a decrease in mark-to-market gains recognized on held for investment loans measured at fair value. Residential mortgage loan originations decreased to $1.1 billion for the three months ended March 31, 2024 from $1.4 billion for the three months ended March 31, 2023 primarily due to the impact of higher market interest rates on originations.

The following table presents the components of net valuation adjustments on the MSR portfolio and the impact of the Bancorp’s non-qualifying hedging strategy:
TABLE 8: Components of Net Valuation Adjustments on MSRs
For the three months ended
March 31,
($ in millions) 2024 2023
Changes in fair value and settlement of free-standing derivatives purchased to economically hedge the MSR portfolio
$ (46) 21
Changes in fair value:
Due to changes in inputs or assumptions (a)
41 (19)
Other changes in fair value (b)
(33) (34)
Net valuation adjustments on MSRs and free-standing derivatives purchased to economically hedge MSRs
$ (38) (32)
(a) Primarily reflects changes in prepayment speed and OAS assumptions which are updated based on market interest rates.
(b) Primarily reflects changes due to realized cash flows and the passage of time.

The Bancorp recognized income of $8 million for the three months ended March 31, 2024 and losses of $53 million for the three months ended March 31, 2023 in mortgage banking net revenue for valuation adjustments on the MSR portfolio. The valuation adjustments on the MSR portfolio included an increase of $41 million and a decrease of $19 million for the three months ended March 31, 2024 and 2023, respectively, due to changes in market rates and other inputs in the valuation model, including future prepayment speeds and OAS assumptions. Mortgage rates increased slightly during the three months ended March 31, 2024, which caused a decrease in prepayment speeds. The fair value of the MSR portfolio decreased $33 million and $34 million as a result of contractual principal payments and actual prepayment activity for the three months ended March 31, 2024 and 2023, respectively.

13

Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)
Further detail on the valuation of MSRs can be found in Note 12 of the Notes to Condensed Consolidated Financial Statements. The Bancorp maintains a non-qualifying hedging strategy to manage a portion of the risk associated with changes in the valuation of the MSR portfolio. Refer to Note 13 of the Notes to Condensed Consolidated Financial Statements for more information on the free-standing derivatives used to economically hedge the MSR portfolio.

In addition to the derivative positions used to economically hedge the MSR portfolio, the Bancorp acquires various securities as a component of its non-qualifying hedging strategy. Gains and losses on these securities are recorded in securities gains, net – non-qualifying hedges on mortgage servicing rights in the Bancorp’s Condensed Consolidated Statements of Income.

The Bancorp’s total residential mortgage loans serviced as of March 31, 2024 and 2023 were $115.7 billion and $120.4 billion, respectively, with $99.6 billion and $103.4 billion, respectively, of residential mortgage loans serviced for others.

Leasing business revenue
Leasing business revenue decreased $18 million for the three months ended March 31, 2024 compared to the three months ended March 31, 2023 primarily driven by decreases in operating lease income and lease remarketing fees.

Other noninterest income
The following table presents the components of other noninterest income:
TABLE 9: Components of Other Noninterest Income
For the three months ended
March 31,
($ in millions) 2024 2023
BOLI income $ 16 15
Cardholder fees 13 14
Private equity investment income 8 8
Equity method investment income 7 4
Banking center income 6 6
Gains (losses) on sale of businesses 6 —
Consumer loan fees 5 5
Loss on swap associated with the sale of Visa, Inc. Class B Shares (17) (31)
Other, net 6 1
Total other noninterest income $ 50 22
Other noninterest income increased $28 million for the three months ended March 31, 2024 compared to the three months ended March 31, 2023 primarily due to a decrease in the loss on the swap associated with the sale of Visa, Inc. Class B Shares.

The Bancorp recognized negative valuation adjustments of $17 million related to the Visa total return swap during the three months ended March 31, 2024 compared to negative valuation adjustments of $31 million during the three months ended March 31, 2023. For additional information on the valuation of the swap associated with the sale of Visa, Inc. Class B Shares, refer to Note 21 of the Notes to Condensed Consolidated Financial Statements.

Securities gains (losses), net
Net securities gains were $10 million for the three months ended March 31, 2024 compared to $4 million for the three months ended March 31, 2023. For more information, refer to Note 4 of the Notes to Condensed Consolidated Financial Statements.

14

Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)
Noninterest Expense
Noninterest expense increased $11 million for the three months ended March 31, 2024 compared to the same period in the prior year.

The following table presents the components of noninterest expense:
TABLE 10: Components of Noninterest Expense
For the three months ended
March 31,
($ in millions) 2024 2023 % Change
Compensation and benefits $ 753 757 (1)
Technology and communications 117 118 (1)
Net occupancy expense 87 81 7
Equipment expense 37 37 —
Marketing expense 32 29 10
Leasing business expense 25 34 (26)
Card and processing expense 20 22 (9)
Other noninterest expense 271 253 7
Total noninterest expense $ 1,342 1,331 1
Efficiency ratio on an FTE basis (a)
63.9 % 60.0
(a) This is a non-GAAP measure. For further information, refer to the Non-GAAP Financial Measures section of MD&A.

Compensation and benefits expense decreased $4 million for the three months ended March 31, 2024 compared to the same period in the prior year primarily driven by decreases in performance-based compensation and severance expense. The effect of merit increases in the first quarter of 2024 on base compensation expense was largely offset by a reduction in full-time equivalent employees which totaled 18,657 at March 31, 2024 compared to 19,474 at March 31, 2023 .

Net occupancy expense increased $6 million for the three months ended March 31, 2024 compared to the same period in the prior year primarily driven by higher expenses associated with the maintenance and renovation of banking centers and expenses associated with the Bancorp’s continued expansion into Southeast markets.

Leasing business expense decreased $9 million for the three months ended March 31, 2024 compared to the same period in the prior year primarily driven by a decrease in depreciation expense associated with operating lease equipment.

The following table presents the components of other noninterest expense:
TABLE 11: Components of Other Noninterest Expense
For the three months ended
March 31,
($ in millions) 2024 2023
FDIC insurance and other taxes $ 73 40
Loan and lease 29 30
Losses and adjustments 22 22
Data processing 20 22
Dues and subscriptions 15 15
Travel 14 17
Securities recordkeeping 13 12
Postal and courier 13 11
Cash and coin processing 12 12
Intangible amortization 10 12
Professional service fees 9 12
Other, net 41 48
Total other noninterest expense $ 271 253

Other noninterest expense increased $18 million for the three months ended March 31, 2024 compared to the same period in the prior year primarily due to an increase in FDIC insurance and other taxes.

FDIC insurance and other taxes increased $33 million for the three months ended March 31, 2024 compared to the same period in the prior year primarily due to the incremental expense associated with the Bancorp’s updated estimate of its allocated share of the FDIC’s special assessment, as further discussed in the Overview section of MD&A.
15

Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)
Applicable Income Taxes
The Bancorp’s income before income taxes, applicable income tax expense and effective tax rate are as follows:
TABLE 12: Applicable Income Taxes
For the three months ended
March 31,
($ in millions) 2024 2023
Income before income taxes $ 658 718
Applicable income tax expense 138 160
Effective tax rate 21.1 % 22.3

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. The tax credits are primarily associated with the Low-Income Housing Tax Credit program established under Section 42 of the IRC, the New Markets Tax Credit program established under Section 45D of the IRC, the Rehabilitation Investment Tax Credit program established under Section 47 of the IRC and the Qualified Zone Academy Bond program established under Section 1397E of the IRC.

The effective tax rate decreased to 21.1% for the three months ended March 31, 2024 compared to 22.3% for the same period in the prior year primarily due to a decrease in state tax expense associated with the recognition of certain previously unrecognized tax benefits during the three months ended March 31, 2024 .
16

Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)
BALANCE SHEET ANALYSIS

Loans and Leases
The Bancorp classifies its commercial loans and leases based upon primary purpose and consumer loans based upon product or collateral. Table 13 summarizes end of period loans and leases, including loans and leases held for sale, and Table 14 summarizes average total loans and leases, including average loans and leases held for sale.
TABLE 13: Components of Total Loans and Leases (including loans and leases held for sale)
March 31, 2024 December 31, 2023
As of ($ in millions) Carrying Value % of Total Carrying Value % of Total
Commercial loans and leases:
Commercial and industrial loans $ 52,239 45 % $ 53,311 45 %
Commercial mortgage loans 11,346 10 11,276 10
Commercial construction loans 5,789 5 5,621 5
Commercial leases 2,574 2 2,582 2
Total commercial loans and leases $ 71,948 62 % $ 72,790 62 %
Consumer loans:
Residential mortgage loans 17,302 15 17,360 15
Home equity 3,883 3 3,916 3
Indirect secured consumer loans 15,306 13 14,965 13
Credit card 1,737 2 1,865 1
Solar energy installation loans 3,871 3 3,728 3
Other consumer loans 2,777 2 2,988 3
Total consumer loans $ 44,876 38 % $ 44,822 38 %
Total loans and leases $ 116,824 100 % $ 117,612 100 %
Total portfolio loans and leases
(excluding loans and leases held for sale)
$ 116,485 $ 117,234

Total loans and leases, including loans and leases held for sale, decreased $788 million, or 1%, from December 31, 2023 primarily driven by a decrease in commercial loans and leases.

Commercial loans and leases decreased $842 million, or 1%, from December 31, 2023 primarily due to a decrease in commercial and industrial loans, partially offset by increases in commercial construction loans and commercial mortgage loans. Commercial and industrial loans decreased $1.1 billion, or 2%, from December 31, 2023 primarily as a result of payoffs exceeding loan originations. Commercial construction loans increased $168 million, or 3%, from December 31, 2023 as draws on existing commitments and loan originations exceeded payoffs. Commercial mortgage loans increased $70 million, or 1%, from December 31, 2023 as loan originations exceeded payoffs.

Consumer loans increased $54 million from December 31, 2023 primarily due to increases in indirect secured consumer loans and solar energy installation loans, partially offset by decreases in other consumer loans and credit card. Indirect secured consumer loans increased $341 million, or 2%, from December 31, 2023 primarily driven by loan production exceeding payoffs. Solar energy installation loans increased $143 million, or 4%, from December 31, 2023 primarily driven by increased loan originations. Other consumer loans decreased $211 million, or 7%, from December 31, 2023 primarily driven by the paydowns of loans originated in connection with one third-party point-of-sale company with which the Bancorp discontinued the origination of new loans in September 2022. Credit card decreased $128 million, or 7%, from December 31, 2023 primarily due to seasonal paydowns on year-end balances.

17

Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)
TABLE 14: Components of Average Loans and Leases (including average loans and leases held for sale)
March 31, 2024 March 31, 2023
For the three months ended ($ in millions) Carrying Value % of Total Carrying Value % of Total
Commercial loans and leases:
Commercial and industrial loans $ 53,256 45 % $ 58,204 47 %
Commercial mortgage loans 11,339 10 11,121 9
Commercial construction loans 5,732 5 5,507 5
Commercial leases 2,543 2 2,663 2
Total commercial loans and leases $ 72,870 62 % $ 77,495 63 %
Consumer loans:
Residential mortgage loans 17,268 15 18,329 15
Home equity 3,933 3 4,006 3
Indirect secured consumer loans 15,172 13 16,598 13
Credit card 1,773 2 1,780 2
Solar energy installation loans 3,794 3 2,169 2
Other consumer loans 2,889 2 3,238 2
Total consumer loans $ 44,829 38 % $ 46,120 37 %
Total average loans and leases $ 117,699 100 % $ 123,615 100 %
Total average portfolio loans and leases
(excluding loans and leases held for sale)
$ 117,334 $ 122,812

Average loans and leases, including average loans and leases held for sale, decreased $5.9 billion, or 5%, for the three months ended March 31, 2024 compared to the same period in the prior year driven by decreases in average commercial loans and leases and average consumer loans.

Average commercial loans and leases decreased $4.6 billion, or 6%, for the three months ended March 31, 2024 compared to the same period in the prior year due to decreases in average commercial and industrial loans and average commercial leases, partially offset by increases in average commercial construction loans and average commercial mortgage loans. Average commercial and industrial loans decreased $4.9 billion, or 9%, for the three months ended March 31, 2024 compared to the same period in the prior year primarily as a result of a planned reduction in balances in the second half of 2023. Average commercial leases decreased $120 million, or 5%, for the three months ended March 31, 2024 compared to the same period in the prior year primarily as a result of a planned reduction in indirect non-relationship-based lease originations. Average commercial construction loans increased $225 million, or 4%, for the three months ended March 31, 2024 compared to the same period in the prior year as loan originations exceeded payoffs. Average commercial mortgage loans increased $218 million, or 2%, for the three months ended March 31, 2024 compared to the same period in the prior year as loan originations exceeded payoffs.

Average consumer loans decreased $1.3 billion, or 3%, for the three months ended March 31, 2024 compared to the same period in the prior year primarily due to decreases in average indirect secured consumer loans, average residential mortgage loans, average other consumer loans and average home equity, partially offset by an increase in average solar energy installation loans. Average indirect secured consumer loans decreased $1.4 billion, or 9%, for the three months ended March 31, 2024 compared to the same period in the prior year primarily driven by paydowns exceeding loan originations and a planned reduction in balances. Average residential mortgage loans decreased $1.1 billion, or 6%, for the three months ended March 31, 2024 compared to the same period in the prior year primarily due to lower origination volumes and a decrease in residential mortgage loans held for sale as the Bancorp sold government-guaranteed loans that were previously in forbearance programs. Average other consumer loans decreased $349 million, or 11%, for the three months ended March 31, 2024 compared to the same period in the prior year primarily driven by the paydowns of loans originated in connection with one third-party point-of-sale company with which the Bancorp discontinued the origination of new loans in September 2022. Average home equity decreased $73 million, or 2%, for the three months ended March 31, 2024 compared to the same period in the prior year as payoffs exceeded loan originations and new advances. Average solar energy installation loans increased $1.6 billion, or 75%, for the three months ended March 31, 2024 compared to the same period in the prior year primarily due to increased loan originations.

Investment Securities
The Bancorp uses investment securities as a means of managing interest rate risk, providing collateral for pledging purposes and for liquidity risk management. Total investment securities were $51.8 billion and $51.9 billion at March 31, 2024 and December 31, 2023, respectively. The taxable available-for-sale debt and other investment securities portfolio had an effective duration o f 5.8 at March 31, 2024 compared to 4.8 at December 31, 2023. The taxable held-to-maturity securities portfolio had an effective duration of 4.2 at March 31, 2024.

Debt securities are classified as available-for-sale when, in management’s judgment, they may be sold in response to, or in anticipation of, changes in market conditions. Securities that management has the intent and ability to hold to maturity are classified as held-to-maturity and
18

Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)
reported at amortized cost. Debt securities are classified as trading typically when bought and held principally for the purpose of selling them in the ne ar term. At March 31, 2024, the Bancorp’s investment securities portfolio consisted primarily of AAA-rated available-for-sale debt and other securities and held-to-maturity securities. The Bancorp held an immaterial amount of below-investment grade available-for-sale debt and other securities and held-to-maturity securities at both March 31, 2024 and December 31, 2023.

At both March 31, 2024 and December 31, 2023, the Bancorp did not recognize an allowance for credit losses for its investment securities. The Bancorp also did not recognize a provision for credit losses for investment securities during both the three months ended March 31, 2024 and 2023.

During the three months ended March 31, 2024, the Bancorp recognized $5 million of impairment losses on its available-for-sale debt and other securities, included in securities gains, net, in the Condensed Consolidated Statements of Income. These losses related to certain securities in unrealized loss positions where the Bancorp has determined that it no longer intends to hold the securities until the recovery of their amortized cost bases. The Bancorp did not recognize impairment losses on its available-for-sale debt and other securities for the three months ended March 31, 2023.

The following table summarizes the end of period components of investment securities:
TABLE 15: Components of Investment Securities

As of ($ in millions) 		March 31,
2024 		December 31,
2023
Available-for-sale debt and other securities (amortized cost basis):
U.S. Treasury and federal agencies securities $ 2,773 4,477
Obligations of states and political subdivisions securities 2 2
Mortgage-backed securities:
Agency residential mortgage-backed securities 5,630 11,564
Agency commercial mortgage-backed securities 24,445 28,945
Non-agency commercial mortgage-backed securities 4,837 4,872
Asset-backed securities and other debt securities 4,913 5,207
Other securities (a)
800 722
Total available-for-sale debt and other securities $ 43,400 55,789
Held-to-maturity securities (amortized cost basis): (b)
U.S. Treasury and federal agencies securities $ 2,321 —
Mortgage-backed securities:
Agency residential mortgage-backed securities 5,194 —
Agency commercial mortgage-backed securities 4,003 —
Asset-backed securities and other debt securities 2 2
Total held-to-maturity securities $ 11,520 2
Trading debt securities (fair value):
U.S. Treasury and federal agencies securities $ 630 647
Obligations of states and political subdivisions securities 65 39
Agency residential mortgage-backed securities 11 6
Asset-backed securities and other debt securities 445 207
Total trading debt securities $ 1,151 899
Total equity securities (fair value) $ 380 613
(a) Other securities consist of FHLB, FRB and DTCC restricted stock hold ings that are carried at cost.
(b) Includes a discount of $962 at March 31, 2024 pertaining to the unamortized portion of unrealized losses on securities.

In January 2024, the Bancorp transferred $12.6 billion (amortized cost basis) of securities from available-for-sale to held-to-maturity to reflect the Bancorp’s change in intent to hold these securities to maturity in order to reduce potential capital volatility associated with investment security market price fluctuations. The transfer included U.S. Treasury and federal agencies securities, agency residential mortgage-backed securities and agency commercial mortgage-backed securities. On the date of the transfer, pre-tax unrealized losses of $994 million were included in AOCI related to these transferred securities. The unrealized losses that existed on the date of transfer will continue to be reported as a component of AOCI and will be amortized into income over the remaining life of the securities as an adjustment to yield, offsetting the amortization of the discount resulting from the transfer recorded at fair value.

On an amortized cost basis, available-for-sale debt and other securities and held-to-maturity securities comprised 28% of total interest-earning assets at both March 31, 2024 and December 31, 2023. The estimated weighted-average life of the debt securities in the available-for-sale debt and other securities portfolio was 5.5 years and 6.2 years at March 31, 2024 and December 31, 2023, respectively. In addition, the debt securities in the available-for-sale debt and other securities portfolio had a weighted-average yield of 3.07% and 3.06% at March 31,
19

Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)
2024 and December 31, 2023, respectively. At March 31, 2024, the held-to-maturity securities portfolio had an estimated weighted-average life of 7.4 years and a weighted-average yield of 3.31% .

Information presented in Tables 16 and 17 is on a weighted-average life basis, anticipating future prepayments. Yield information is presented on an FTE basis and is computed using amortized cost balances and reflects the impact of prepayments. Maturity and yield calculations for the total available-for-sale debt and other securities portfolio exclude other securities that have no stated yield or maturity.

The fair values of investment securities are impacted by interest rates, credit spreads, market volatility and liquidity conditions. The fair value of the Bancorp’s investment securities portfolio generally decreases when interest rates increase or when credit spreads widen. Total net unrealized losses on the available-for-sale debt and other securities portfolio were $4.6 billion and $5.4 billion at March 31, 2024 and December 31, 2023, respectively.
TABLE 16: Characteristics of Available-for-Sale Debt and Other Securities
As of March 31, 2024 ($ in millions)
Amortized Cost
Fair Value 		Weighted-Average Life
(in years) 		Weighted-Average Yield
U.S. Treasury and federal agencies securities:
Average life within one year $ 400 400 0.6 5.45 %
Average life after one year through five years 2,373 2,374 1.6 5.49
Total $ 2,773 2,774 1.4 5.49 %
Obligations of states and political subdivisions securities:
Average life within one year 2 2 0.4 —
Total $ 2 2 0.4 — %
Agency residential mortgage-backed securities:
Average life within one year 3 3 0.7 4.06
Average life after one year through five years 854 787 3.4 2.85
Average life after five years through ten years 3,761 3,274 6.6 2.96
Average life after ten years 1,012 787 11.2 2.92
Total $ 5,630 4,851 6.9 2.93 %
Agency commercial mortgage-backed securities: (a)
Average life within one year 100 97 0.4 3.07
Average life after one year through five years 10,532 9,716 3.5 2.69
Average life after five years through ten years 10,132 8,546 7.5 2.65
Average life after ten years 3,681 2,924 12.0 2.65
Total $ 24,445 21,283 6.4 2.67 %
Non-agency commercial mortgage-backed securities:
Average life within one year 818 798 0.8 3.16
Average life after one year through five years 2,079 1,974 2.4 3.23
Average life after five years through ten years 1,940 1,662 7.4 2.79
Total $ 4,837 4,434 4.1 3.04 %
Asset-backed securities and other debt securities:
Average life within one year 795 776 0.6 3.51
Average life after one year through five years 3,138 2,956 3.1 3.75
Average life after five years through ten years 970 905 6.1 4.46
Average life after ten years 10 10 10.4 7.71
Total $ 4,913 4,647 3.3 3.86 %
Other securities 800 800
Total available-for-sale debt and other securities $ 43,400 38,791 5.5 3.07 %
(a) Taxable-equivalent yield adjustments included in the above table are 0.01%, 0.15% and 0.03% for securities with an average life between 5 and 10 years, average life greater than 10 years and in total, respectively.

20

Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)
TABLE 17: Characteristics of Held-to-Maturity Securities
As of March 31, 2024 ($ in millions)

Amortized Cost (b)

Fair Value 		Weighted-Average Life
(in years) 		Weighted-Average Yield
U.S. Treasury and federal agencies securities:
Average life after one year through five years $ 2,321 2,292 3.8 2.47 %
Total 2,321 2,292 3.8 2.47 %
Agency residential mortgage-backed securities:
Average life after five years through ten years 5,194 5,085 9.0 3.17
Total $ 5,194 5,085 9.0 3.17 %
Agency commercial mortgage-backed securities: (a)
Average life within one year 38 38 1.0 3.63
Average life after one year through five years 546 540 3.6 3.79
Average life after five years through ten years 2,793 2,758 7.3 3.93
Average life after ten years 626 626 11.3 4.47
Total $ 4,003 3,962 7.3 3.99 %
Asset-backed securities and other debt securities:
Average life after ten years 2 2 11.6 8.78
Total $ 2 2 11.6 8.78 %
Total held-to-maturity securities $ 11,520 11,341 7.4 3.31 %
(a) Taxable-equivalent yield adjustments included in the above table are 0.01%, 0.01%, 0.49% and 0.08% for securities with an average life between 1 and 5 years, average life between 5 and 10 years, average life greater than 10 years and in total, respectively.
(b) Includes a discount of $962 at March 31, 2024 pertaining to the unamortized portion of unrealized losses on securities.

Other Short-Term Investments
Other short-term investments have original maturities less than one year and primarily include interest-bearing balances that are funds on deposit at other depository institutions or the FRB. The Bancorp uses other short-term investments as part of its liquidity risk management tools. Other short-term investments were $22.8 billion at March 31, 2024, an increase of $758 million from December 31, 2023. This increase was primarily attributable to stable deposit levels and a decrease in end-of-period loan and lease balances during the three months ended March 31, 2024.

21

Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)
Deposits
The Bancorp’s deposit balances represent an important source of funding and revenue growth opportunity. The Bancorp continues to focus on core deposit growth in its retail and commercial franchises by improving customer satisfaction, building full relationships and offering competitive rates. Average core deposits represented 76% of average total assets for both the three months ended March 31, 2024 and 2023.

The following table presents the end of period components of deposits:
TABLE 18: Components of Deposits
March 31, 2024 December 31, 2023
As of ($ in millions) Balance % of Total Balance % of Total
Demand $ 41,849 25 % $ 43,146 26 %
Interest checking 58,809 35 57,257 34
Savings 18,229 11 18,215 11
Money market 35,025 20 34,374 20
Foreign office 129 — 162 —
Total transaction deposits $ 154,041 91 $ 153,154 91
CDs $250,000 or less 10,337 6 10,552 6
Total core deposits $ 164,378 97 $ 163,706 97
CDs over $250,000 (a)
5,209 3 5,206 3
Total deposits $ 169,587 100 % $ 168,912 100 %
(a) Includes $4.3 billion and $4.4 billion of retail brokered certificates of deposit which are fully covered by FDIC insurance as of March 31, 2024 and December 31, 2023, respectively.

Core deposits increased $672 million from December 31, 2023 primarily due to an increase in transaction deposits, partially offset by a decrease in CDs $250,000 or less. Transaction deposits increased $887 million, or 1%, from December 31, 2023 as increases in interest checking deposits and money market deposits were partially offset by a decrease in demand deposits. In response to the higher interest rate environment, deposit balances have migrated from noninterest-bearing products or lower interest-bearing products into higher interest-bearing products. Interest checking deposits increased $1.6 billion, or 3%, from December 31, 2023 primarily as a result of the aforementioned balance migration, partially offset by lower balances per customer account. Money market deposits increased $651 million, or 2%, from December 31, 2023 primarily as a result of higher balances per consumer customer account due to higher offering rates and the aforementioned balance migration. Demand deposits decreased $1.3 billion, or 3%, from December 31, 2023 primarily as a result of the aforementioned balance migration, partially offset by commercial balance growth and higher balances per consumer customer account. CDs $250,000 or less decreased $215 million, or 2%, from December 31, 2023 primarily due to maturities which outpaced new issuances given current market conditions.

The following table presents the components of average deposits for the three months ended:
TABLE 19: Components of Average Deposits
March 31, 2024 March 31, 2023
($ in millions) Balance % of Total Balance % of Total
Demand $ 40,839 24 % $ 50,737 32 %
Interest checking 58,677 35 48,717 30
Savings 18,107 11 23,107 14
Money market 34,589 21 28,420 18
Foreign office 145 — 143 —
Total transaction deposits $ 152,357 91 $ 151,124 94
CDs $250,000 or less 10,244 6 5,173 3
Total core deposits $ 162,601 97 $ 156,297 97
CDs over $250,000 (a)
5,521 3 4,348 3
Total average deposits $ 168,122 100 % $ 160,645 100 %
(a) Includes $4.7 billion and $4.1 billion of retail brokered certificates of deposit which are fully covered by FDIC insurance for the three months ended March 31, 2024 and 2023, respectively.
22

Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)
On an average basis, core deposits increased $6.3 billion, or 4%, for the three months ended March 31, 2024 compared to the same period in the prior year due to increases in average CDs $250,000 or less and average transaction deposits. In response to the higher interest rate environment, deposit balances have migrated from noninterest-bearing products or lower interest-bearing products into higher interest-bearing products. Average CDs $250,000 or less increased $5.1 billion, or 98%, for the three months ended March 31, 2024 compared to the same period in the prior year primarily due to higher offering rates. Average transaction deposits increased $1.2 billion, or 1%, for the three months ended March 31, 2024 compared to the same period in the prior year primarily driven by increases in average interest checking deposits and average money market deposits, partially offset by decreases in average demand deposits and average savings deposits. Average interest checking deposits increased $10.0 billion, or 20%, for the three months ended March 31, 2024 compared to the same period in the prior year primarily as a result of the aforementioned balance migration as well as average commercial balance growth, partially offset by lower average balances per consumer customer account. Average money market deposits increased $6.2 billion, or 22%, for the three months ended March 31, 2024 compared to the same period in the prior year primarily as a result of higher average balances per consumer customer account due to higher offering rates and the aforementioned balance migration. Average demand deposits decreased $9.9 billion, or 20%, for the three months ended March 31, 2024 compared to the same period in the prior year primarily as a result of the aforementioned balance migration and lower average balances per consumer customer account, partially offset by average commercial balance growth. Average savings deposits decreased $5.0 billion, or 22%, for the three months ended March 31, 2024 compared to the same period in the prior year primarily due to lower average balances per consumer customer account due to increased consumer spending and the impact of consumer preferences for products with higher offering rates.

Average CDs over $250,000 increased $1.2 billion, or 27%, for the three months ended March 31, 2024 compared to the same period in the prior year primarily due to an increase in retail brokered CDs issued.

Contractual maturities
The contractual maturities of CDs as of March 31, 2024 are summarized in the following table:
TABLE 20: Contractual Maturities of CDs (a)
($ in millions)
Next 12 months $ 15,328
13-24 months 161
25-36 months 39
37-48 months 7
49-60 months 8
After 60 months 3
Total CDs $ 15,546
(a) Includes CDs $250,000 or less and CDs over $250,000.

Deposit insurance
The FDIC generally provides a standard amount of insurance of $250,000 per depositor, per insured bank, for each account ownership category defined by the FDIC. Depositors may qualify for coverage of accounts over $250,000 if they have funds in different ownership categories and all FDIC requirements are met. All deposits that an account owner has in the same ownership category at the same bank are added together and insured up to the standard insurance amount. As of March 31, 2024 and December 31, 2023, approximately $99.2 billion, or 59%, and $97.6 billion, or 58%, respectively, of the Bancorp’s domestic deposits were estimated to be insured. As of March 31, 2024 and December 31, 2023, approximately $70.3 billion and $71.1 billion, respectively, of the Bancorp’s domestic deposits were estimated to be uninsured. At March 31, 2024 and December 31, 2023, approximately $3.3 billion and $3.4 billion, respectively, of the Bancorp’s time deposits were estimated to be not fully insured. The estimated uninsured portions of those time deposits were $1.9 billion at both March 31, 2024 and December 31, 2023. Where information is not readily available to determine the amount of insured deposits, the amount of uninsured deposits is estimated, consistent with the methodologies and assumptions utilized in providing information to the Bank’s regulators.

Borrowings
The Bancorp accesses a variety of short-term and long-term funding sources. Borrowings with original maturities of one year or less are classified as short-term and include federal funds purchased and other short-term borrowings. Total average borrowings as a percent of average interest-bearing liabilities we re 13% and 15% for the three months ended March 31, 2024 and 2023, respectively.

23

Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)
The following table summarizes the end of period components of borrowings:
TABLE 21: Components of Borrowings
As of ($ in millions) March 31,
2024 		December 31,
2023
Federal funds purchased $ 247 193
Other short-term borrowings 2,866 2,861
Long-term debt 15,444 16,380
Total borrowings $ 18,557 19,434

Total borr owings decreased $877 million , or 5%, fro m December 31, 2023 primarily due to a decrease in long-term debt of $936 million which was driven by the redemptions or maturities of $2.3 billion of notes, $129 million of paydowns associated with loan securitizations and $91 million of fair value adjustments associated with hedged long-term debt. These decreases were partially offset by the issuance of senior fixed-rate/floating-rate notes in January of 2024 totaling $1.0 billion. Additionally, in March of 2024 the Bancorp obtained $500 million in new FHLB advances that will mature in 2026, utilizing its existing borrowing capacity.

The following table summarizes components of average borrowings for the three months ended:
TABLE 22: Components of Average Borrowings
($ in millions) March 31,
2024 		March 31,
2023
Federal funds purchased $ 201 487
Other short-term borrowings 3,534 5,375
Long-term debt 15,515 13,510
Total average borrowings $ 19,250 19,372

Total average borrowin gs decreased $122 million, or 1%, for the three months ended March 31, 2024 compared to the same period in the prior year primarily due to decreases in average other short-term borrowings and average federal funds purchased, partially offset by an increase in average long-term debt. Average other short-term borrowings and average federal funds purchased decreased $1.8 billion and $286 million , respectively, for the three months ended March 31, 2024 compared to the same period in the prior year primarily due to increased long-term debt which reduced the need for short-term funding during the period. T he level of other short-term borrowings can fluctuate significantly from period to period depending on funding needs and the sources that are used to satisfy those needs. For further information on the components of other short-term borrowings, ref er to Note 14 of th e Notes to Condensed Consolidated Financial Statements. Average long-term debt increased $2.0 billion for the three months ended March 31, 2024 compared to the same period in the prior year primarily driven by the issuance of senior fixed-rate/floating-rate notes of $1.25 billion in July of 2023, the issuance of asset-backed securities of $1.5 billion in August of 2023 related to an automobile loan securitization and $1.5 billion in new FHLB advances obtained by the Bancorp since March 31, 2023 as well as the aforementioned issuance of senior fixed-rate/floating-rate notes in 2024 of $1.0 billion. These increases were partially offset by redemptions or maturities of $2.8 billion of notes, $325 million of paydowns associated with loan securitizations and $155 million of fair value adjustments associated with hedged long-term debt since March 31, 2023. Information on the average rates paid on borrowings is discussed in the Net Interest Income subsection of the Statements of Income Analysis section of MD&A. In addition, refer to the Liquidity Risk Management subsection of the Risk Management section of MD&A for a discussion on the role of borrowings in the Bancorp’s liquidity management.

24

Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)
BUSINESS SEGMENT REVIEW
The Bancorp reports on three business segments: Commercial Banking, Consumer and Small Business Banking and Wealth and Asset Management. Additional information on each business segment is included in Note 22 of the Notes to Condensed Consolidated Financial Statements. Results of the Bancorp’s business segments are presented based on its management structure and management accounting practices. The structure and accounting practices are specific to the Bancorp; therefore, the financial results of the Bancorp’s business segments are not necessarily comparable with similar information for other financial institutions. The Bancorp refines its methodologies from time to time as management’s accounting practices and businesses change.

During the first quarter of 2024, the Bancorp eliminated certain revenue sharing agreements between Wealth and Asset Management and Consumer and Small Business Banking. As a result, the results of operations for the Wealth and Asset Management segment for the three months ended March 31, 2023 were adjusted to reflect the impact of the elimination of these revenue sharing agreements between Wealth and Asset Management and Consumer and Small Business Banking.

The Bancorp manages interest rate risk centrally at the corporate level. By employing an FTP methodology, the business segments are insulated from most benchmark interest rate volatility, enabling them to focus on serving customers through the origination of loans and acceptance of deposits. The FTP methodology assigns charge and credit rates to classes of assets and liabilities, respectively, based on the estimated amount and timing of the cash flows for each transaction. Assigning the FTP rate based on matching the duration of cash flows allocates interest income and interest expense to each business segment so its resulting net interest income is insulated from future changes in benchmark interest rates. The Bancorp’s FTP methodology also allocates the contribution to net interest income of the asset-generating and deposit-providing businesses on a duration-adjusted basis to better attribute the driver of the performance. As the asset and liability durations are not perfectly matched, the residual impact of the FTP methodology is captured in General Corporate and Other. The charge and credit rates are determined using the FTP rate curve, which is based on an estimate of Fifth Third’s marginal borrowing cost in the wholesale funding markets. The FTP curve is constructed using the U.S. swap curve, brokered CD pricing and unsecured debt pricing.

The Bancorp adjusts the FTP charge and credit rates as dictated by changes in interest rates for various interest-earning assets and interest-bearing liabilities and by the review of behavioral assumptions, such as prepayment rates on interest-earning assets and the estimated durations for indeterminate-lived deposits. Key assumptions, including the credit rates provided for deposit accounts, are reviewed annually. Credit rates for deposit products and charge rates for loan products may be reset more frequently in response to changes in market conditions. In general, the charge rates on assets increased since December 31, 2023 as they were affected by the prevailing level of interest rates and repricing characteristics of the portfolio. The credit rates for deposit products decreased modestly since December 31, 2023 due to modified assumptions and an inverted yield curve. As a result, net interest income for each segment was negatively impacted during the three months ended March 31, 2024 as a result of these updates to FTP charge and credit rates.

The Bancorp’s methodology for allocating provision for credit losses to the business segments includes charges or benefits associated with changes in criticized commercial loan levels in addition to actual net charge-offs experienced by the loans and leases owned by each business segment. Provision for credit losses attributable to loan and lease growth and changes in ALLL factors is captured in General Corporate and Other. The financial results of the business segments include allocations for shared services and headquarters expenses. Additionally, the business segments form synergies by taking advantage of relationship depth opportunities and funding operations by accessing the capital markets as a collective unit.

The following table summarizes net income (loss) by business segment:
TABLE 23: Net Income (Loss) by Business Segment
For the three months ended
March 31,
($ in millions) 2024 2023
Commercial Banking $ 369 580
Consumer and Small Business Banking 527 659
Wealth and Asset Management 46 74
General Corporate and Other (422) (755)
Net income $ 520 558

25

Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)
Commercial Banking
Commercial Banking offers credit intermediation, cash management and financial services to large and middle-market businesses and government and professional customers. In addition to the traditional lending and depository offerings, Commercial Banking products and services include global cash management, foreign exchange and international trade finance, derivatives and capital markets services, asset-based lending, real estate finance, public finance, commercial leasing and syndicated finance.

The following table contains selected financial data for the Commercial Banking segment:
TABLE 24: Commercial Banking
For the three months ended
March 31,
($ in millions) 2024 2023
Income Statement Data
Net interest income (FTE) (a)
$ 690 980
Provision for credit losses 71 46
Noninterest income:
Commercial banking revenue 142 160
Service charges on deposits 100 87
Leasing business revenue 39 57
Other noninterest income 45 32
Noninterest expense:
Compensation and benefits 189 190
Leasing business expense 25 34
Other noninterest expense 287 327
Income before income taxes (FTE) 444 719
Applicable income tax expense (a)(b)
75 139
Net income $ 369 580
Average Balance Sheet Data
Commercial loans and leases, including held for sale $ 68,179 73,740
Demand deposits 18,978 26,930
Interest checking deposits 39,513 26,965
Savings and money market deposits 5,497 5,069
Certificates of deposit 69 44
Foreign office deposits 145 143
(a) Includes FTE adjustments of $4 and $3 for the three months ended March 31, 2024 and 2023, respectively.
(b) Applicable income tax expense for all periods includes the tax benefit from tax-exempt income, tax-advantaged investments and tax credits partially offset by the effect of certain nondeductible expenses. Refer to the Applicable Income Taxes subsection of the Statements of Income Analysis section of MD&A for additional information.

Net income was $369 million for the three months ended March 31, 2024 compared to $580 million for the same period in the prior year. The decrease was primarily driven by a decrease in net interest income on an FTE basis, an increase in provision for credit losses and a decrease in noninterest income, partially offset by a decrease in noninterest expense.

Net interest income on an FTE basis decreased $290 million for the three months ended March 31, 2024 compared to the same period in the prior year primarily driven by increases in average balances of and rates paid on interest checking deposits and savings and money market deposits as well as increases in FTP charge rates on commercial loans and leases. These negative impacts were partially offset by increases in yields on average commercial loans and leases as well as increases in FTP credits on interest checking deposits .

Provision for credit losses increased $ 25 million for the three months ended March 31, 2024 compared to the same period in the prior year primarily driven by an increase in the allocated provision for credit losses related to commercial criticized assets as well as an increase in net charge-offs on commercial and industrial loans. Annualized net charge-offs as a percent of average portfolio loans and leases increased to 18 bps for the three months ended March 31, 2024, compared to 15 bps for the same period in the prior year.

Noninterest income decreased $10 million for the three months ended March 31, 2024 compared to the same period in the prior year primarily driven by decreases in commercial banking revenue and leasing business revenue, partially offset by increases in service charges on deposits and other noninterest income. Commercial banking revenue decreased $18 million for the three months ended March 31, 2024 compared to the same period in the prior yea r primarily driven by decreases in revenue from commercial customer derivatives, merger and acquisition fees and loan syndication fees, partially offset by an increase in corporate bond fees. Leasing business revenue decreased $18 million for the three months ended March 31, 2024 compared to the same period in the prior year primarily driven by decreases in operating lease income and lease remarketing fees. Service charges on deposits increased $13 million for the three months ended March 31, 2024
26

Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)
compared to the same period in the prior yea r primarily due to an increase in revenue from commercial payments activities, which include traditional treasury management and embedded payments. Other noninterest income increased $13 million for the three months ended March 31, 2024 compared to the same period in the prior year primarily due to the recognition of net securities gains during the three months ended March 31, 2024 compared to net securities losses for the three months ended March 31, 2023 and an increase in card and processing revenue primarily driven by an increase in electronic funds transfer income.

Noninterest expense decreased $50 million for the three months ended March 31, 2024 compared to the same period in the prior year primarily driven by decreases in other noninterest expense and leasing business expense . Other noninterest expense decreased $40 million for the three months ended March 31, 2024 compared to the same period in the prior year primarily driven by decreases in allocated expenses as well as a decline in credit valuation adjustments on customer accommodation derivatives. Leasing business expense decreased $9 million for the three months ended March 31, 2024 compared to the same period in the prior year primarily driven by a decrease in depreciation expense associated with operating lease equipment.

Average commercial loans and leases decreased $5.6 billion for the three months ended March 31, 2024 compared to the same period in the prior year primarily due to decreases in average commercial and industrial loans, average commercial leases and average commercial mortgage loans, partially offset by an increase in average commercial construction loans. Average commercial and industrial loans decreased for the three months ended March 31, 2024 compared to the same period in the prior year primarily as a result of a planned reduction in balances in the second half of 2023 . Average commercial leases decreased for the three months ended March 31, 2024 compared to the same period in the prior year primarily as a result of a planned reduction in indirect non-relationship based lease originations. Average commercial mortgage loans decreased for the three months ended March 31, 2024 compared to the same period in the prior year as payoffs exceeded loan originations. Average commercial construction loans increased for the three months ended March 31, 2024 compared to the same period in the prior year as loan originations exceeded payoffs.

Average deposits increased $5.1 billion for the three months ended March 31, 2024 compared to the same period in the prior year primarily due to increases in average interest checking deposits and average savings and money market deposits, partially offset by a decrease in average demand deposits. Average interest checking deposits increased $12.5 billion for the three months ended March 31, 2024 compared to the same period in the prior year primarily as a result of balance migration from demand deposits as well as average balance growth. Average savings and money market deposits increased $428 million f or the three months ended March 31, 2024 compared to the same period in the prior year primarily as a result of higher average balances per customer account. Average demand deposits decreased $8.0 billion for the three months ended March 31, 2024 compared to the same period in the prior year primarily as a result of the aforementioned balance migration.






27

Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)
Consumer and Small Business Banking
Consumer and Small Business Banking provides a full range of deposit and loan products to individuals and small businesses through a network of full-service banking centers and relationships with indirect and correspondent loan originators in addition to providing products designed to meet the specific needs of small businesses, including cash management services. Consumer and Small Business Banking includes the Bancorp’s residential mortgage, home equity loans and lines of credit, credit cards, automobile and other indirect lending, solar energy installation and other consumer lending activities. Residential mortgage activities include the origination, retention and servicing of residential mortgage loans, sales and securitizations of those loans and all associated hedging activities. Indirect lending activities include extending loans to consumers through automobile dealers, motorcycle dealers, powersport dealers, recreational vehicle dealers and marine dealers. Solar energy installation loans and certain other consumer loans are originated through a network of contractors and installers.

The following table contains selected financial data for the Consumer and Small Business Banking segment:
TABLE 25: Consumer and Small Business Banking
For the three months ended
March 31,
($ in millions) 2024 2023
Income Statement Data
Net interest income $ 1,125 1,257
Provision for credit losses 84 51
Noninterest income:
Card and processing revenue 74 74
Wealth and asset management revenue 59 53
Mortgage banking net revenue 54 69
Service charges on deposits 51 51
Other noninterest income 28 26
Noninterest expense:
Compensation and benefits 234 224
Net occupancy and equipment expense 66 62
Card and processing expense 19 20
Other noninterest expense 320 339
Income before income taxes $ 668 834
Applicable income tax expense 141 175
Net income $ 527 659
Average Balance Sheet Data
Consumer loans, including held for sale $ 42,105 43,213
Commercial loans 3,211 2,474
Demand deposits 20,627 22,615
Interest checking deposits 11,159 13,608
Savings and money market deposits 43,756 41,618
Certificates of deposit 11,084 5,437
Net income was $527 million for the three months ended March 31, 2024 compared to $659 million for the same period in the prior year. The decrease was primarily driven by a decrease in net interest income, an increase in provision for credit losses and a decrease in noninterest income, partially offset by a decrease in noninterest expense.

Net interest income decreased $132 million for the three months ended March 31, 2024 compared to the same period in the prior year primarily due to increases in rates paid on deposits as well as increases in FTP charge rates on loans. These negative impacts were partially offset by increases in yields on loans and leases as well as increases in FTP credits on deposits.

Provision for credit losses increased $33 million for the three months ended March 31, 2024 compared to the same period in the prior year primarily due to increases in net charge-offs on consumer loans. Annualized net charge-offs as a percent of average portfolio loans and leases increased to 71 bps for the three months ended March 31, 2024 compared to 46 bps for the same period in the prior year.

Noninterest income decreased $7 million for the three months ended March 31, 2024 compared to the same period in the prior year primarily driven by a decrease in mortgage banking net revenue, partially offset by an increase in wealth and asset management revenue. Refer to the Noninterest Income subsection of the Statements of Income Analysis section of MD&A for additional information on the fluctuations in mortgage banking net revenue. Wealth and asset management revenue increased $6 million for the three months ended March 31, 2024 compared to the same period in the prior year primarily due to increases in broker income and personal asset management revenue.

28

Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)
Noninterest expense decreased $6 million for the three months ended March 31, 2024 compared to the same period in the prior year primarily driven by a decrease in other noninterest expense, partially offset by an increase in compensation and benefits expense. Other noninterest expense decreased $19 million for the three months ended March 31, 2024 compared to the same period in the prior year primarily due to decreases in allocated expenses, partially offset by an increase in marketing expense. Marketing expense increased $6 million for the three months ended March 31, 2024 compared to the same period in the prior year primarily driven by direct mail campaigns. Compensation and benefits expense increased $10 million for the three months ended March 31, 2024 compared to the same period in the prior year primarily driven by increases in base compensation and performance-based compensation.

Average consumer loans decreased $1.1 billion for the three months ended March 31, 2024 compared to the same period in the prior year primarily due to decreases in average indirect secured consumer loans, average residential mortgage loans and average other consumer loans, partially offset by an increase in average solar energy installation loans. A verage indirect secured consumer loans decreased for the three months ended March 31, 2024 compared to the same period in the prior year primarily driven by paydowns exceeding loan originations and a planned reduction in balances. Average residential mortgage loans decreased for the three months ended March 31, 2024 compared to the same period in the prior year primarily due to lower origination volumes and a decrease in residential mortgage loans held for sale as the Bancorp sold government-guaranteed loans that were previously in forbearance programs. Average other consumer loans decreased for the three months ended March 31, 2024 compared to the same period in the prior year primarily driven by the paydowns of loans originated in connection with one third-party point-of-sale company with which the Bancorp discontinued the origination of new loans in September of 2022. Average solar energy installation loans increased for the three months ended March 31, 2024 compared to the same period in the prior year primarily due to increased loan originations. Average commercial loans increased $737 million for the three months ended March 31, 2024 compared to the same period in the prior year primarily driven by increases in average commercial mortgage loans, average commercial and industrial loans and average commercial construction loans as loan originations exceeded payoffs.

Average deposits increased $3.3 billion for the three months ended March 31, 2024 compared to the same period in the prior year primarily driven by increases in average certificates of deposit and average savings and money market deposits, partially offset by decreases in average interest checking deposits and average demand deposits. A verage certificates of deposit increased $5.6 billion and average savings and money market deposits increased $2.1 billion for the three months ended March 31, 2024 compared to the same period in the prior year primarily due to higher offering rates and higher average balances per consumer customer account. A verage interest checking deposits decreased $2.4 billion and a verage demand deposits decreased $2.0 billion for the three months ended March 31, 2024 compared to the same period in the prior year primarily as a result of lower average balances per customer account as well as balance migration into certificates of deposit.
29

Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)
Wealth and Asset Management
Wealth and Asset Management provides a full range of wealth management solutions for individuals, companies and not-for-profit organizations, including wealth planning, investment management, banking, insurance, trust and estate services. These offerings include retail brokerage services for individual clients, advisory services for institutional clients including middle market businesses, non-profits, states and municipalities, and wealth management strategies and products for high net worth and ultra-high net worth clients.

The following table contains selected financial data for the Wealth and Asset Management segment:

TABLE 26: Wealth and Asset Management
For the three months ended
March 31,
($ in millions) 2024 2023
Income Statement Data
Net interest income $ 59 101
Provision for credit losses — —
Noninterest income:
Wealth and asset management revenue 101 92
Other noninterest income 1 —
Noninterest expense:
Compensation and benefits 62 61
Other noninterest expense 41 39
Income before income taxes $ 58 93
Applicable income tax expense 12 19
Net income $ 46 74
Average Balance Sheet Data
Loans and leases, including held for sale $ 4,163 4,452
Deposits 10,735 12,298

Net income was $46 million for the three months ended March 31, 2024 compared to $74 million for the same period in the prior year. The decrease was primarily driven by a decrease in net interest income and an increase in noninterest expense, partially offset by an increase in noninterest income.

Net interest income decreased $42 million for the three months ended March 31, 2024 compared to the same period in the prior year primarily driven by an increase in rates paid on average deposits, a decrease in FTP credits on deposits and an increase in FTP charge rates on loans and leases. These negative impacts were partially offset by an increase in yields on loans and leases for the three months ended March 31, 2024 compared to the same period in the prior year.

Noninterest income increased $10 million for the three months ended March 31, 2024 compared to the same period in the prior year primarily due to an increase in wealth and asset management revenue, which increased $9 million for the three months ended March 31, 2024 driven by an increase in personal asset management revenue.

Noninterest expense increased $3 million for the three months ended March 31, 2024 compared to the same period in the prior year primarily driven by an increase in other noninterest expense. Other noninterest expense increased $2 million for the three months ended March 31, 2024 primarily as the result of increases in allocated expenses .

Average loans and leases decreased $289 million for the three months ended March 31, 2024 compared to the same period in the prior year primarily driven by decreases in average residential mortgage loans, average other consumer loans and average commercial and industrial loans as payoffs exceeded loan production.

Average deposits decreased $1.6 billion for the three months ended March 31, 2024 compared to the same period in the prior year primarily driven by decreases in average interest checking deposits, average demand deposits and average savings and money market deposits as a result of lower average balances per customer account, partially offset by an increase in average certificates of deposit.

General Corporate and Other
General Corporate and Other includes the unallocated portion of the investment securities portfolio, securities gains and losses, certain non-core deposit funding, unassigned equity, unallocated provision for credit losses or a benefit from the reduction of the ACL, the payment of preferred stock dividends and certain support activities and other items not attributed to the business segments.

30

Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)
Net interest income on an FTE basis increased $332 million for the three months ended March 31, 2024 compared to the same period in the prior year primarily driven by increases in FTP charge rates on loans and leases allocated to the business segments as well as an increase in interest income on other short-term investments. These positive impacts were partially offset by increases in FTP credits on deposits allocated to the business segments as well as an increase in interest expense on long-term debt. The increases in both FTP credits and FTP charges allocated to the business segments were driven by increases in market interest rates. Under the Bancorp’s internal reporting methodology, the Bancorp insulates the business segments from interest rate risk associated with fixed-rate lending by transferring this risk to General Corporate and Other through the FTP methodology. As a result, the amount of FTP credits on deposits earned by the business segments has increased at a faster pace than the amount of allocated FTP charges on loans and leases. If market interest rates remain at current levels, the FTP charges to the business segments for loans and leases will increase over time as fixed-rate loans mature and are replaced with new originations.

The benefit from credit losses was $61 million for the three months ended March 31, 2024 compared to a provision for credit losses of $67 million for the same period in the prior year. The increase in the benefit from credit losses was primarily driven by an increase in allocations to the business segments.

Noninterest income increased $21 million for the three months ended March 31, 2024 compared to the same period in the prior year primarily driven by a decrease in the loss on the swap associated with the sale of Visa, Inc. Class B shares.

Noninterest expense increased $64 million for the three months ended March 31, 2024 compared to the same period in the prior year primarily driven by a decrease in corporate overhead allocations from General Corporate and Other to the other business segments as well as the incremental expense associated with the Bancorp’s updated estimate of its allocated share of the FDIC’s special assessment. These impacts were partially offset by a decrease in compensation and benefits primarily driven by decreases in performance-based compensation and base compensation.
31

Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)
RISK MANAGEMENT - OVERVIEW
The Risk Management Overview section included in Item 7 of the Bancorp’s Annual Report on Form 10-K describes the Bancorp’s Enterprise Risk Management Framework and Three Lines of Defense structure as well as key areas of risk, which include credit risk, liquidity risk, interest rate risk, price risk, legal and regulatory compliance risk, operational risk, reputation risk and strategic risk. Item 7 of the Bancorp’s Annual Report on Form 10-K also includes additional detailed information about the Bancorp’s processes related to operational risk management as well as legal and regulatory compliance risk management. The following information should be read in conjunction with the Bancorp’s Annual Report on Form 10-K.

CREDIT RISK MANAGEMENT
Credit risk management utilizes a framework that encompasses consistent processes for identifying, assessing, managing, monitoring and reporting credit risk. These processes are supported by a credit risk governance structure that includes Board oversight, policies, risk limits and risk committees.

The objective of the Bancorp’s credit risk management strategy is to quantify and manage credit risk on an aggregate portfolio basis, as well as to limit the risk of loss resulting from the failure of a borrower or counterparty to honor its financial or contractual obligations to the Bancorp. The Bancorp’s credit risk management strategy is based on three core principles: conservatism, diversification and monitoring. The Bancorp believes that effective credit risk management begins with conservative lending practices which are described below. These practices include the use of intentional risk-based limits for single name exposures and counterparty selection criteria designed to reduce or eliminate exposure to borrowers who have higher than average default risk and defined weaknesses in financial performance. The Bancorp carefully designs and monitors underwriting, documentation and collection standards. The Bancorp’s credit risk management strategy also emphasizes diversification on a geographic, industry, product and customer level as well as ongoing portfolio monitoring and timely management reviews of large credit exposures and credits experiencing deterioration of credit quality. Credit officers with the authority to extend credit are delegated specific authority based on risk and exposure amount, the use of which is closely monitored. Underwriting activities are centrally managed, and Credit Risk Management manages the policy and the authority delegation process directly. The Credit Risk Review function provides independent and objective assessments of the quality of underwriting and documentation, the accuracy of risk ratings and the charge-off, nonaccrual and reserve analysis process. The Bancorp’s credit review process and overall assessment of the adequacy of the ACL is based on quarterly assessments of the estimated losses expected in the loan and lease portfolio. The Bancorp uses these assessments to maintain an adequate ACL and record any necessary charge-offs. Certain loans and leases with probable or observed credit weaknesses receive enhanced monitoring and undergo a periodic review. Refer to Note 6 of the Notes to Condensed Consolidated Financial Statements for further information on the Bancorp’s credit rating categories, which are derived from standard regulatory rating definitions. In addition, stress testing is performed on various commercial and consumer portfolios utilizing various models. For certain portfolios, such as real estate and leveraged lending, stress testing is performed at the individual loan level during credit underwriting.

In addition to the individual review of larger commercial loans that exhibit probable or observed credit weaknesses, the commercial credit review process includes the use of two risk rating systems. The first of these risk rating systems is based on regulatory guidance for credit risk rating systems. These ratings are used by the Bancorp to monitor and manage its credit risk. The Bancorp also separately maintains a dual risk rating system for credit approval and pricing, portfolio monitoring and capital allocation that includes a “through-the-cycle” rating philosophy for assessing a borrower’s creditworthiness. This “through-the-cycle” ra ting philosophy uses a grading scale that assigns ratings based on average default rates through an entire business cycle for borrowers with similar financial performance. The dual risk rating system includes thirteen categories for estimating probabilities of default and an additional eleven categories for estimating losses given an event of default. The probability of default and loss given default evaluations are not separated in the regulatory risk rating system.

The Bancorp utilizes internally developed models to estimate expected credit losses for portfolio loans and leases. For loans and leases that are collectively evaluated, the Bancorp utilizes these models to forecast expected credit losses over a reasonable and supportable forecast period based on the probability of a loan or lease defaulting, the expected balance at the estimated date of default and the expected loss percentage given a default. Refer to Note 1 of the Notes to Consolidated Financial Statements included in the Bancorp’s Annual Report on Form 10-K for the year ended December 31, 2023 for additional information about the Bancorp’s processes for developing these models, for estimating credit losses for periods beyond the reasonable and supportable forecast period and for estimating credit losses for individually evaluated loans.

For the commercial portfolio segment, the estimated probabilities of default are primarily based on the probability of default ratings assigned under the dual risk rating system and historical observations of how those ratings migrate to a default over time in the context of macroeconomic conditions. For loans with available credit, the estimate of the expected balance at the time of default considers expected utilization rates, which are primarily based on macroeconomic conditions and the utilization history of similar borrowers under those economic conditions. The estimates for loss severity are primarily based on collateral type and coverage levels and the susceptibility of those characteristics to changes in macroeconomic conditions.

For collectively evaluated loans in the consumer and residential mortgage portfolio segments, the Bancorp’s expected credit loss models primarily utilize the borrower’s FICO score and delinquency history in combination with macroeconomic conditions when estimating the probability of default. The estimates for loss severity are primarily based on collateral type and coverage levels and the susceptibility of those
32

Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)
characteristics to changes in macroeconomic conditions. The expected balance at the estimated date of default is also especially impactful in the expected credit loss models for portfolio classes which generally have longer terms (such as residential mortgage loans and home equity) and portfolio classes containing a high concentration of loans with revolving privileges (such as home equity). The estimate of the expected balance at the time of default considers expected prepayment and utilization rates where applicable, which are primarily based on macroeconomic conditions and the utilization history of similar borrowers under those economic conditions. The Bancorp also utilizes various scoring systems, analytical tools and portfolio performance monitoring processes to assess the credit risk of the consumer and residential mortgage portfolios.

Overview
During the first quarter of 2024, economic growth remained resilient as strong job growth, improved capital markets activity and fiscal deficit spending supported above-trend economic growth while the downward trend in inflation reversed, driven by acceleration in inflation for services. With the FOMC less likely to cut rates in the near-term, market expectations for rate cuts this year shifted from seven in mid-January 2024 to three by the end of the first quarter of 2024. The FOMC continues to seek a soft landing for the economy while balancing the risks of cutting rates too soon and allowing price pressures to become entrenched against the risks associated with maintaining a restrictive policy for too long.

Going forward, it is unclear whether inflation can return sustainably to the FOMC’s long-run target of 2% without an extended period of tighter monetary policy leading to below-potential growth and a softer labor market. The risk remains that inflation may be more persistent than expected by the FOMC and financial markets. Geopolitical tensions remain elevated and have the potential to become very disruptive to the economic outlook if they continue to escalate. Against this backdrop, tighter liquidity in the banking sector is limiting the supply of credit in the economy. Over time, these factors may adversely impact business investment, job growth and consumer spending, potentially leading to a downturn in the economy.

Commercial Portfolio
The Bancorp’s credit risk management strategy seeks to minimize concentrations of risk through diversification. The Bancorp has commercial loan concentration limits based on industry, lines of business within the commercial segment, geography and credit product type. The risk within the commercial loan and lease portfolio is managed and monitored through an underwriting process utilizing detailed origination policies, continuous loan level reviews, monitoring of industry concentration and product type limits and continuous portfolio risk management reporting.

The Bancorp is closely monitoring various economic factors and their impacts on commercial borrowers, including, but not limited to, the level of inflation, higher-for-longer interest rates, labor and supply chain issues, volatility and changes in consumer discretionary spending patterns, including debt and default levels. The Bancorp maintains focus on disciplined client selection, adherence to underwriting policy and attention to concentrations.

The Bancorp provides loans to a variety of customers ranging from large multinational firms to middle market businesses, sole proprietors and high net worth individuals. The origination policies for commercial and industrial loans outline the risks and underwriting requirements for loans to businesses in various industries. Included in the policies are maturity and amortization terms, collateral and leverage requirements, cash flow coverage measures and hold limits. The Bancorp aligns credit and sales teams with specific industry and regional expertise to better monitor and manage different industry and geographic segments of the portfolio.
33

Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)
The following table provides detail on commercial loans and leases by industry classification (as defined by the North American Industry Classification System), by loan size and by state, illustrating the diversity and granularity of the Bancorp’s commercial loans and leases as of:
TABLE 27: Commercial Loan and Lease Portfolio (excluding loans and leases held for sale)
March 31, 2024 December 31, 2023
($ in millions) Outstanding Exposure Nonaccrual Outstanding Exposure Nonaccrual
By Industry:
Real estate $ 12,763 19,624 4 12,558 19,679 4
Financial services and insurance 9,714 20,486 — 9,998 21,022 —
Manufacturing 9,175 19,072 67 9,010 19,101 54
Healthcare 5,711 8,003 33 5,485 7,831 13
Business services 5,594 10,049 55 5,917 10,339 50
Wholesale trade 4,895 10,206 6 5,259 10,414 6
Accommodation and food 4,151 6,670 25 4,326 6,946 25
Retail trade 3,740 9,487 86 3,953 9,847 85
Communication and information 3,202 6,271 59 3,191 6,482 60
Mining 2,821 5,879 — 2,813 5,940 —
Construction 2,664 6,427 6 2,656 6,391 10
Transportation and warehousing 2,281 4,194 4 2,382 4,326 5
Utilities 1,852 3,277 — 1,850 3,493 —
Entertainment and recreation 1,685 2,808 6 1,687 2,964 8
Other services 1,214 1,719 6 1,181 1,680 6
Agribusiness 299 583 15 300 614 —
Public administration 133 201 — 151 240 —
Individuals 22 71 — 29 77 —
Total $ 71,916 135,027 372 72,746 137,386 326
By Loan Size:
Less than $1 million 5 % 5 16 4 4 19
$1 million to $5 million 7 5 7 7 6 11
$5 million to $10 million 5 4 11 5 4 5
$10 million to $25 million 13 11 25 14 11 23
$25 million to $50 million 25 23 11 24 23 —
Greater than $50 million 45 52 30 46 52 42
Total 100 % 100 100 100 100 100
By State:
California 10 % 8 16 10 8 5
Illinois 9 8 6 9 8 5
Ohio 8 11 5 8 11 6
Texas 8 8 — 9 9 1
Florida 7 7 27 7 7 35
New York 7 6 — 7 6 —
Michigan 5 5 5 5 5 3
Georgia 4 4 18 4 4 21
Indiana 3 4 1 3 3 1
Tennessee 3 3 — 3 3 1
North Carolina 3 3 1 3 3 2
South Carolina 3 2 1 2 2 1
Other 30 31 20 30 31 19
Total 100 % 100 100 100 100 100

The origination policies for commercial real estate outline the risks and underwriting requirements for owner and nonowner-occupied and construction lending. Included in the policies are maturity and amortization terms, maximum LTVs, minimum debt service coverage ratios, construction loan monitoring procedures, appraisal requirements, pre-leasing requirements (as applicable), pro forma analysis requirements and interest rate sensitivity. The Bancorp requires a valuation of real estate collateral, which may include third-party appraisals, be performed at the time of origination and renewal in accordance with regulatory requirements and on an as-needed basis when market conditions justify. The Bancorp maintains an appraisal review department to order and review third-party appraisals in accordance with regulatory requirements.
34

Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)
Nonaccrual assets with relationships exceeding $1 million are reviewed quarterly to assess the appropriateness of the value ascribed in the assessment of charge-offs and specific reserves. Additionally, collateral values are also reviewed at least annually for all criticized assets.

The Bancorp assesses all real estate and non-real estate collateral securing a loan and considers all cross-collateralized loans in the calculation of the LTV ratio. The following tables provide detail on the most recent LTV ratios for commercial mortgage loans greater than $1 million, excluding commercial mortgage loans that are individually evaluated for an ACL. The Bancorp does not typically aggregate the LTV ratios for commercial mortgage loans less than $1 million.
TABLE 28: Commercial Mortgage Loans Outstanding by LTV, Loans Greater Than $1 Million
As of March 31, 2024 ($ in millions) LTV > 100% LTV 80-100% LTV < 80%
Commercial mortgage owner-occupied loans $ 80 229 3,420
Commercial mortgage nonowner-occupied loans 15 95 5,373
Total $ 95 324 8,793
TABLE 29: Commercial Mortgage Loans Outstanding by LTV, Loans Greater Than $1 Million
As of December 31, 2023 ($ in millions) LTV > 100% LTV 80-100% LTV < 80%
Commercial mortgage owner-occupied loans $ 53 258 3,257
Commercial mortgage nonowner-occupied loans 1 29 5,121
Total $ 54 287 8,378

The Bancorp views nonowner-occupied commercial real estate as a higher credit risk product compared to some other commercial loan portfolios due to the higher volatility of the industry.

The following tables provide an analysis of nonowner-occupied commercial real estate loans by state (excluding loans held for sale):
TABLE 30: Nonowner-Occupied Commercial Real Estate (excluding loans held for sale) (a)
As of March 31, 2024 ($ in millions)
For the three months ended March 31, 2024
Outstanding Exposure 90 Days
Past Due 		Nonaccrual Net Charge-offs
By State:
Illinois $ 1,516 1,802 — 2 —
Florida 1,251 2,100 — — —
Ohio 989 1,361 — — —
South Carolina 932 1,135 — — —
California 795 1,196 — — —
Michigan 757 1,046 — 1 —
Texas 712 1,358 — — —
New York 506 538 — — —
Georgia 464 864 — — —
All other states 2,928 4,731 — — —
Total $ 10,850 16,131 — 3 —
(a) Included in commercial mortgage loans and commercial construction loans in the Loans and Leases subsection of the Balance Sheet Analysis section of MD&A.

35

Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)
TABLE 31: Nonowner-Occupied Commercial Real Estate (excluding loans held for sale) (a)
As of March 31, 2023 ($ in millions)
For the three months ended March 31, 2023
Outstanding Exposure 90 Days
Past Due 		Nonaccrual Net Charge-offs
By State:
Illinois $ 1,501 1,744 — 21 —
Florida 1,128 1,944 — — —
Ohio 1,064 1,504 — — —
South Carolina 794 1,110 — — —
California 621 1,050 — — —
Michigan 817 1,175 — 1 —
Texas 747 1,376 — — —
New York 389 556 — — —
Georgia 436 919 — — —
All other states 2,950 4,967 — 1 —
Total $ 10,447 16,345 — 23 —
(a) Included in commercial mortgage loans and commercial construction loans in the Loans and Leases subsection of the Balance Sheet Analysis section of MD&A.

Consumer Portfolio
The Bancorp’s consumer portfolio is materially comprised of six categories of loans: residential mortgage loans, home equity, indirect secured consumer loans, credit card, solar energy installation loans and other consumer loans. The Bancorp has identified certain credit characteristics within these six categories of loans which it believes represent a higher level of risk compared to the rest of the consumer loan portfolio. The Bancorp does not update LTVs for the consumer portfolio subsequent to origination except as part of the charge-off process for real estate secured loans. The Bancorp actively manages the consumer portfolio through concentration limits, which mitigate credit risk through limiting the exposure to lower FICO scores, higher LTVs, specific geographic concentration risks and additional risk elements.

The Bancorp continues to ensure that underwriting standards and guidelines adequately account for the broader economic conditions that the consumer portfolio faces in a rising-rate environment. Guidelines are designed to ensure that the various consumer products fall within the Bancorp’s risk appetite. These guidelines are monitored and adjusted as deemed appropriate in response to the prevailing economic conditions while remaining within the Bancorp’s risk tolerance limits.

The payment structures for certain variable rate products (such as residential mortgage loans, home equity and credit card) are susceptible to changes in benchmark interest rates. With increases in interest rates, minimum payments on these products also increase, raising the potential for the environment to be disruptive to some borrowers. The Bancorp actively monitors the portion of its consumer portfolio that is susceptible to increases in minimum payments and continues to assess the impact on the overall risk appetite and soundness of the portfolio.

Residential mortgage portfolio
The Bancorp manages credit risk in the residential mortgage portfolio through underwriting guidelines that limit exposure to loan characteristics determined to influence credit risk. Additionally, the portfolio is governed by concentration limits that ensure geographic, product and channel diversification. The Bancorp may also package and sell loans in the portfolio.

The Bancorp does not originate residential mortgage loans that permit customers to make payments that are less than the accruing interest. The Bancorp originates both fixed-rate and ARM loans. Within the ARM portfolio, approximately $528 million of ARM loans will have rate resets during the next twelve months. Of these resets, 95% are expected to experience an increase in rate, with an average increase of approximately 1.66%. Underlying characteristics of these borrowers are relatively strong with a weighted average origination debt-to-income ratio of 35% and weighted average origination LTV of 72%.

Certain residential mortgage products have characteristics that may increase the Bancorp’s credit loss rates in the event of a decline in housing values. These types of mortgage products offered by the Bancorp include loans with high LTVs, multiple loans secured by the same collateral that when combined result in an LTV greater than 80% and interest-only loans. The Bancorp has deemed residential mortgage loans with greater than 80% LTVs and no mortgage insurance as loans that represent a higher level of risk.

36

Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)
The following table provides an analysis of the residential mortgage portfolio loans outstanding by LTV at origination as of:

TABLE 32: Residential Mortgage Portfolio Loans by LTV at Origination
March 31, 2024 December 31, 2023
($ in millions)
Outstanding 		Weighted-
Average LTV
Outstanding 		Weighted-
Average LTV
LTV ≤ 80% $ 11,653 62.9 % $ 11,718 62.7 %
LTV > 80%, with mortgage insurance (a)
2,982 95.1 2,996 95.1
LTV > 80%, no mortgage insurance 2,360 91.1 2,312 91.1
Total $ 16,995 72.6 % $ 17,026 72.4 %
(a) Includes loans with either borrower or lender paid mortgage insurance.

The following tables provide an analysis of the residential mortgage portfolio loans outstanding by state with a greater than 80% LTV at origination and no mortgage insurance:
TABLE 33: Residential Mortgage Portfolio Loans, LTV Greater Than 80% at Origination, No Mortgage Insurance
As of March 31, 2024 ($ in millions)
For the three months ended March 31, 2024
Outstanding 90 Days Past
Due and Accruing 		Nonaccrual Net Charge-offs
By State:
Ohio $ 515 — 7 —
Illinois 466 — 5 —
Florida 419 — 1 —
North Carolina 171 — 1 —
Indiana 167 — 2 —
Michigan 163 — 1 —
Kentucky 127 — 1 —
All other states 332 — 6 —
Total $ 2,360 — 24 —

TABLE 34: Residential Mortgage Portfolio Loans, LTV Greater Than 80% at Origination, No Mortgage Insurance
As of March 31, 2023 ($ in millions)
For the three months ended
March 31, 2023
Outstanding 90 Days Past
Due and Accruing 		Nonaccrual Net Charge-offs
By State:
Ohio $ 498 — 9 —
Illinois 433 — 5 —
Florida 353 — 3 —
Michigan 159 — 2 —
Indiana 157 — 2 —
North Carolina 148 — 1 —
Kentucky 113 — 1 —
All other states 284 — 7 —
Total $ 2,145 — 30 —

Home equity portfolio
The Bancorp’s home equity portfolio is primarily comprised of home equity lines of credit. Beginning in the first quarter of 2013, the Bancorp’s newly originated home equity lines of credit have a 10-year interest-only draw period followed by a 20-year amortization period. The home equity line of credit previously offered by the Bancorp was a revolving facility with a 20-year term, minimum payments of interest-only and a balloon payment of principal at maturity. Approximately 27% of the outstanding balances of the Bancorp’s portfolio of home equity lines of credit have a balloon structure at maturity. Peak maturity years for the balloon home equity lines of credit are 2025 to 2028 and approximately 6% of the balances mature before 2025.

The ACL provides coverage for expected losses in the home equity portfolio. The allowance attributable to the portion of the home equity portfolio that is collectively evaluated is determined on a pooled basis using a probability of default, loss given default and exposure at default model framework to generate expected losses. The expected losses for the home equity portfolio are dependent upon loan
37

Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)
delinquency, FICO scores, LTV, loan age and their historical correlation with macroeconomic variables including unemployment and the home price index. The expected losses generated from models are adjusted by certain qualitative adjustment factors to reflect risks associated with current conditions and trends. The qualitative factors include adjustments for changes in policies or procedures in underwriting, monitoring or collections, economic conditions, portfolio mix, lending and risk management personnel, results of internal audit and quality control reviews, collateral values and geographic concentrations.

The home equity portfolio is managed in two primary groups: loans outstanding with a combined LTV greater than 80% and those loans with an LTV of 80% or less based upon appraisals at origination. For additional information on these loans, refer to Table 36 and Table 37. Of the total $3.9 billion of outstanding home equity loans:
• 75% reside within the Bancorp’s Midwest footprint of Ohio, Michigan, Illinois, Indiana and Kentucky as of March 31, 2024;
• 34% are in senior lien positions and 66% are in junior lien positions at March 31, 2024;
• 75% of non-delinquent borrowers made at least one payment greater than the minimum payment during the three months ended March 31, 2024; and
• The portfolio had a weighted average refreshed FICO score of 749 at March 31, 2024.

The Bancorp actively manages lines of credit and makes adjustments in lending limits when it believes it is necessary based on FICO score deterioration and property devaluation. The Bancorp does not routinely obtain appraisals on performing loans to update LTVs after origination. However, the Bancorp monitors the local housing markets by reviewing various home price indices and incorporates the impact of the changing market conditions in its ongoing credit monitoring processes. For junior lien home equity loans which become 60 days or more past due, the Bancorp tracks the performance of the senior lien loans in which the Bancorp is the servicer and utilizes consumer credit bureau attributes to monitor the status of the senior lien loans that the Bancorp does not service. If the senior lien loan is found to be 120 days or more past due, the junior lien home equity loan is placed on nonaccrual status unless both loans are well-secured and in the process of collection. Additionally, if the junior lien home equity loan becomes 120 days or more past due and the senior lien loan is also 120 days or more past due, the junior lien home equity loan is assessed for charge-off. Refer to the Analysis of Nonperforming Assets subsection of the Risk Management section of MD&A and Note 1 of the Notes to Consolidated Financial Statements included in the Bancorp’s Annual Report on Form 10-K for the year ended December 31, 2023 for more information.

The following table provides an analysis of home equity portfolio loans outstanding disaggregated based upon refreshed FICO score as of:
TABLE 35: Home Equity Portfolio Loans Outstanding by Refreshed FICO Score
March 31, 2024 December 31, 2023
($ in millions) Outstanding % of Total Outstanding % of Total
Senior Liens:
FICO ≤ 659 $ 107 3 % $ 109 2 %
FICO 660-719 177 5 187 5
FICO ≥ 720 1,019 26 1,052 27
Total senior liens $ 1,303 34 % $ 1,348 34 %
Junior Liens:
FICO ≤ 659 219 5 218 6
FICO 660-719 470 12 460 12
FICO ≥ 720 1,891 49 1,890 48
Total junior liens $ 2,580 66 % $ 2,568 66 %
Total $ 3,883 100 % $ 3,916 100 %
38

Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)
The Bancorp believes that home equity portfolio loans with a greater than 80% LTV (including senior liens, if applicable) present a higher level of risk. The following table provides an analysis of the home equity portfolio loans outstanding in a senior and junior lien position by LTV at origination as of:
TABLE 36: Home Equity Portfolio Loans Outstanding by LTV at Origination
March 31, 2024 December 31, 2023

($ in millions)
Outstanding 		Weighted-
Average LTV
Outstanding 		Weighted-
Average LTV
Senior Liens:
LTV ≤ 80% $ 1,154 50.6 % $ 1,194 50.8 %
LTV > 80% 149 89.0 154 88.9
Total senior liens
$ 1,303 55.2 % $ 1,348 55.4 %
Junior Liens:
LTV ≤ 80% 1,787 64.8 1,768 64.9
LTV > 80% 793 88.6 800 88.7
Total junior liens
$ 2,580 72.5 % $ 2,568 72.7 %
Total $ 3,883 66.7 % $ 3,916 66.7 %

The following tables provide an analysis of home equity portfolio loans outstanding by state with a LTV greater than 80% (including senior liens, if applicable) at origination:
TABLE 37: Home Equity Portfolio Loans Outstanding with an LTV Greater than 80% at Origination
As of March 31, 2024 ($ in millions)
For the three months ended
March 31, 2024
Outstanding Exposure Nonaccrual Net Charge-offs
By State:
Ohio $ 283 794 7 —
Illinois 142 344 5 —
Michigan 136 385 3 —
Indiana 97 250 2 —
Florida 88 209 2 —
Kentucky 79 207 1 —
All other states 117 301 2 —
Total $ 942 2,490 22 —

TABLE 38: Home Equity Portfolio Loans Outstanding with an LTV Greater than 80% at Origination
As of March 31, 2023 ($ in millions)
For the three months ended
March 31, 2023
Outstanding Exposure Nonaccrual Net (Recoveries) Charge-offs
By State:
Ohio $ 312 846 7 —
Illinois 157 361 3 (1)
Michigan 155 422 3 —
Indiana 97 258 2 —
Florida 80 193 2 —
Kentucky 84 218 2 —
All other states 118 295 3 —
Total $ 1,003 2,593 22 (1)

Indirect secured consumer portfolio
The indirect secured consumer portfolio is comprised of $12.2 billion of automobile loans and $3.1 billion of indirect motorcycle, powersport, recreational vehicle and marine loans as of March 31, 2024. All concentration and guideline changes are monitored monthly to ensure alignment with original credit performance and return projections.

39

Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)
The following table provides an analysis of indirect secured consumer portfolio loans outstanding disaggregated based upon FICO score at origination as of:
TABLE 39: Indirect Secured Consumer Portfolio Loans Outstanding by FICO Score at Origination
March 31, 2024 December 31, 2023
($ in millions)
Outstanding
% of Total
Outstanding
% of Total
FICO ≤ 659 $ 186 1 % $ 189 1 %
FICO 660-719 3,071 20 3,075 21
FICO ≥ 720 12,049 79 11,701 78
Total $ 15,306 100 % $ 14,965 100 %

It is a common industry practice to advance on these types of loans an amount in excess of the collateral value due to the inclusion of negative equity trade-in, maintenance/warranty products, taxes, title and other fees paid at closing. The Bancorp monitors its exposure to these higher risk loans.

The following table provides an analysis of indirect secured consumer portfolio loans outstanding by LTV at origination as of:
TABLE 40: Indirect Secured Consumer Portfolio Loans Outstanding by LTV at Origination
March 31, 2024 December 31, 2023
($ in millions) Outstanding Weighted- Average LTV Outstanding Weighted- Average LTV
LTV ≤ 100% $ 11,199 79.7 % $ 10,976 79.6 %
LTV > 100% 4,107 110.1 3,989 110.2
Total $ 15,306 87.8 % $ 14,965 87.7 %

The following table provides an analysis of the Bancorp’s indirect secured consumer portfolio loans outstanding with an LTV greater than 100% at origination:
TABLE 41: Indirect Secured Consumer Portfolio Loans Outstanding with an LTV Greater than 100% at Origination
As of ($ in millions)
Outstanding 		Nonaccrual Net Charge-offs for the
Three Months Ended
March 31, 2024 $ 4,107 16 11
March 31, 2023 4,458 15 8

Credit card portfolio
The credit card portfolio consists of predominantly prime accounts with 98% of balances existing within the Bancorp’s footprint at both March 31, 2024 and December 31, 2023. At both March 31, 2024 and December 31, 2023, 71% of the outstanding balances were originated through branch-based relationships with the remainder coming from direct mail campaigns and online acquisitions.

Given the variable nature of the credit card portfolio, interest rate increases impact this product and it is regularly monitored to ensure the portfolio remains within the Bancorp’s risk tolerance.

The following table provides an analysis of the Bancorp’s outstanding credit card portfolio disaggregated based upon FICO score at origination as of:
TABLE 42: Credit Card Portfolio Loans Outstanding by FICO Score at Origination
March 31, 2024 December 31, 2023
($ in millions) Outstanding % of Total Outstanding % of Total
FICO ≤ 659 $ 70 4 % $ 75 4 %
FICO 660-719 486 28 503 27
FICO ≥ 720 1,181 68 1,287 69
Total $ 1,737 100 % $ 1,865 100 %

Solar energy installation loans
The Bancorp originates point-of-sale solar energy installation loans through a network of approved installers. The Bancorp considers several factors when monitoring its solar energy installation loan portfolio, including concentrations by installer, concentrations by state and FICO distributions at origination. At March 31, 2024 and December 31, 2023, loans originated through the Bancorp’s three largest approved installers represented approximately 24% and 23%, respectively, of total balances outstanding in the solar energy installation loan portfolio.

40

Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)
The following tables provide an analysis of solar energy installation portfolio loans outstanding by state:

TABLE 43: Solar Energy Installation Loans Outstanding by State
As of March 31, 2024 ($ in millions)
For the three months ended
March 31, 2024
Outstanding Net Charge-offs
By State:
Florida $ 693 3
California 576 1
Texas 467 2
Arizona 337 1
Virginia 200 1
Colorado 143 —
Nevada 139 —
Oregon 121 —
New York 100 —
Connecticut 91 —
All other states 1,004 4
Total $ 3,871 12

TABLE 44: Solar Energy Installation Loans Outstanding by State
As of March 31, 2023 ($ in millions)
For the three months ended
March 31, 2023
Outstanding Net Charge-offs
By State:
Florida $ 536 1
California 325 1
Texas 323 —
Arizona 206 —
Virginia 108 —
Colorado 89 —
Nevada 69 —
Oregon 49 —
New York 55 —
Connecticut 55 —
All other states 601 1
Total $ 2,416 3

The following table provides an analysis of solar energy installation portfolio loans outstanding disaggregated based upon FICO score at origination as of:

TABLE 45: Solar Energy Installation Loans Outstanding by FICO Score at Origination
March 31, 2024 December 31, 2023
($ in millions)
Outstanding
% of Total
Outstanding
% of Total
FICO ≤ 659 $ 6 — % $ 6 — %
FICO 660-719 580 15 557 15
FICO ≥ 720 3,285 85 3,165 85
Total $ 3,871 100 % $ 3,728 100 %

Other consumer portfolio loans
Other consumer portfolio loans are comprised of secured and unsecured loans originated through the Bancorp’s branch network, point-of-sale home improvement loans originated through a network of contractors and installers, and other point-of-sale loans originated or purchased in connection with third-party companies. Loans originated in connection with one third-party point-of-sale company are impacted by certain credit loss protection coverage provided by that company. The Bancorp discontinued origination of new loans with this third-party company in September 2022.

41

Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)
The following table provides an analysis of other consumer portfolio loans outstanding by product type as of:
TABLE 46: Other Consumer Portfolio Loans Outstanding by Product Type
March 31, 2024 December 31, 2023
($ in millions) Outstanding % of Total
Outstanding
% of Total
Other secured $ 842 30 % $ 892 30 %
Point-of-sale 761 27 809 27
Third-party point-of-sale 741 27 825 28
Unsecured 433 16 462 15
Total $ 2,777 100 % $ 2,988 100 %

Analysis of Nonperforming Assets
Nonperforming assets include nonaccrual loans and leases for which ultimate collectability of the full amount of the principal and/or interest is uncertain and certain other assets, including OREO and other repossessed property. A summary of nonperforming assets is included in Table 47. For further information on the Bancorp’s policies related to accounting for delinquent and nonperforming loans and leases, refer to the Nonaccrual Loans and Leases section of Note 1 of the Notes to Consolidated Financial Statements included in the Bancorp’s Annual Report on Form 10-K for the year ended December 31, 2023.

Nonperforming assets were $748 million at March 31, 2024 compared to $689 million at December 31, 2023. At March 31, 2024, $5 million of nonaccrual loans were held for sale, compared to $1 million at December 31, 2023.

Nonperforming portfolio assets as a percent of portfolio loans and leases and OREO were 0.64% and 0.59% at March 31, 2024 and December 31, 2023, respectively. Nonaccrual loans and leases secured by real estate were 34% of nonaccrual loans and leases as of March 31, 2024 compared to 32% as of December 31, 2023.

Portfolio commercial nonaccrual loans and leases were $372 million at March 31, 2024, an increase of $46 million from December 31, 2023. Portfolio residential mortgage and consumer nonaccrual loans were $336 million at March 31, 2024, an increase of $13 million from December 31, 2023. Refer to Table 48 for a rollforward of portfolio nonaccrual loans and leases.

OREO and other repossessed property was $35 million and $39 million at March 31, 2024 and December 31, 2023, respectively. The Bancorp recognized an immaterial amount in losses on the transfer, sale or write-down of OREO properties for both the three months ended March 31, 2024 and 2023.

For the three months ended March 31, 2024 and 2023, approximately $17 million and $10 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.

42

Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)
TABLE 47: Summary of Nonperforming Assets and Delinquent Loans and Leases
As of ($ in millions) March 31,
2024 		December 31,
2023
Nonaccrual portfolio loans and leases:
Commercial and industrial loans $ 332 304
Commercial mortgage loans 39 20
Commercial construction loans 1 1
Commercial leases — 1
Residential mortgage loans 137 124
Home equity 60 57
Indirect secured consumer loans 32 36
Credit card 32 34
Solar energy installation loans 65 60
Other consumer loans 10 12
Total nonaccrual portfolio loans and leases (a)
$ 708 649
OREO and other repossessed property (c)
35 39
Total nonperforming portfolio loans and leases and OREO $ 743 688
Nonaccrual loans held for sale 5 1
Total nonperforming assets $ 748 689
Total portfolio loans and leases 90 days past due and still accruing:
Commercial and industrial loans $ 9 8
Commercial leases 2 —
Residential mortgage loans (b)
5 7
Credit card 19 21
Total portfolio loans and leases 90 days past due and still accruing $ 35 36
Nonperforming portfolio assets as a percent of portfolio loans and leases and OREO 0.64 % 0.59
Nonperforming portfolio loans and leases as a percent of portfolio loans and leases 0.61 0.55
ACL as a percent of nonperforming portfolio loans and leases 349 383
ACL as a percent of nonperforming portfolio assets 333 362
(a) Includes $20 and $19 of nonaccrual government-insured commercial loans whose repayments are insured by the SBA as of March 31, 2024 and December 31, 2023, respectively.
(b) Information for all periods presented excludes advances made pursuant to servicing agreements for GNMA mortgage pools whose repayments are insured by the FHA or guaranteed by the VA. These advances were $127 as of March 31, 2024 and $141 as of December 31, 2023. The Bancorp recognized losses of an immaterial amount for both the three months ended March 31, 2024 and 2023 due to claim denials and curtailments associated with these insured or guaranteed loans.
(c) Includes $19 and $20 of branch-related real estate no longer intended to be used for banking purposes as of March 31, 2024 and December 31, 2023, respectively.

The following tables provide a rollforward of portfolio nonaccrual loans and leases, by portfolio segment:
TABLE 48: Rollforward of Portfolio Nonaccrual Loans and Leases
For the three months ended March 31, 2024 ($ in millions)
Commercial Residential Mortgage Consumer Total
Balance, beginning of period $ 326 124 199 649
Transfers to nonaccrual status 108 20 91 219
Transfers to accrual status (1) (1) (21) (23)
Transfers to held for sale (3) — — (3)
Loan paydowns/payoffs (18) (6) (17) (41)
Transfers to OREO — (1) (4) (5)
Charge-offs (40) — (49) (89)
Draws/other extensions of credit — 1 — 1
Balance, end of period $ 372 137 199 708

43

Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)
TABLE 49: Rollforward of Portfolio Nonaccrual Loans and Leases
For the three months ended March 31, 2023 ($ in millions)
Commercial Residential Mortgage Consumer Total
Balance, beginning of period $ 263 124 128 515
Transfers to nonaccrual status 121 22 77 220
Transfers to accrual status (1) (9) (24) (34)
Loan paydowns/payoffs (22) (7) (15) (44)
Transfers to OREO — (2) (3) (5)
Charge-offs (33) — (33) (66)
Draws/other extensions of credit 6 1 — 7
Balance, end of period $ 334 129 130 593

Analysis of Net Loan Charge-offs
Net charge-offs were 38 bps and 26 bps of average portfolio loans and leases for the three months ended March 31, 2024 and 2023, respectively. Table 50 provides a summary of credit loss experience and net charge-offs as a percentage of average portfolio loans and leases outstanding by loan category.

The ratio of commercial loan and lease net charge-offs as a percent of average portfolio commercial loans and leases increased to 19 bps during the three months ended March 31, 2024, compared to 17 bps during the same period in the prior year primarily due to an increase in net charge-offs on commercial and industrial loans of $5 million for the three months ended March 31, 2024.

The ratio of consumer loan net charge-offs as a percent of average portfolio consumer loans increased to 67 bps during the three months ended March 31, 2024, compared to 42 bps during the same period in the prior year primarily due to increases in net charge-offs on indirect secured consumer loans of $10 million and solar energy installation loans of $9 million for the three months ended March 31, 2024.

44

Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)
TABLE 50: Summary of Credit Loss Experience
For the three months ended
March 31,
($ in millions) 2024 2023
Losses charged-off:
Commercial and industrial loans $ (40) (32)
Commercial mortgage loans — —
Commercial construction loans — (1)
Commercial leases — —
Residential mortgage loans — (1)
Home equity (2) (1)
Indirect secured consumer loans (35) (23)
Credit card (23) (20)
Solar energy installation loans (14) (3)
Other consumer loans (a)
(32) (29)
Total losses charged-off $ (146) (110)
Recoveries of losses previously charged-off:
Commercial and industrial loans $ 5 2
Commercial mortgage loans — —
Commercial construction loans — —
Commercial leases — —
Residential mortgage loans — 1
Home equity 2 1
Indirect secured consumer loans 11 9
Credit card 5 5
Solar energy installation loans 2 —
Other consumer loans (a)
11 14
Total recoveries of losses previously charged-off $ 36 32
Net losses charged-off:
Commercial and industrial loans $ (35) (30)
Commercial mortgage loans — —
Commercial construction loans — (1)
Commercial leases — —
Residential mortgage loans — —
Home equity — —
Indirect secured consumer loans (24) (14)
Credit card (18) (15)
Solar energy installation loans (12) (3)
Other consumer loans (21) (15)
Total net losses charged-off $ (110) (78)
Net losses charged-off as a percent of average portfolio loans and leases:
Commercial and industrial loans 0.27 % 0.21
Commercial mortgage loans — 0.01
Commercial construction loans — 0.10
Commercial leases (0.04) (0.04)
Total commercial loans and leases 0.19 % 0.17
Residential mortgage loans (0.01) —
Home equity 0.03 (0.04)
Indirect secured consumer loans 0.64 0.34
Credit card 4.19 3.43
Solar energy installation loans 1.31 0.45
Other consumer loans 2.71 2.05
Total consumer loans 0.67 % 0.42
Total net losses charged-off as a percent of average portfolio loans and leases 0.38 % 0.26
(a) For the three months ended March 31, 2024 and 2023, the Bancorp recorded $8 and $9, respectively, in both losses charged-off and recoveries of losses previously charged-off related to customer defaults on point-of-sale consumer loans for which the Bancorp obtained recoveries under third-party credit enhancements.
45

Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)
Allowance for Credit Losses
The allowance for credit losses is comprised of the ALLL and the reserve for unfunded commitments. As described in Note 1 of the Notes to Consolidated Financial Statements included in the Bancorp’s Annual Report on Form 10-K for the year ended December 31, 2023, the Bancorp maintains the ALLL to absorb the amount of credit losses that are expected to be incurred over the remaining contractual terms of the related loans and leases (as adjusted for prepayments). The Bancorp’s methodology for determining the ALLL includes an estimate of expected credit losses on a collective basis for groups of loans and leases with similar risk characteristics and specific allowances for loans and leases which are individually evaluated. For collectively evaluated loans and leases, the Bancorp uses quantitative models to forecast expected credit losses based on the probability of a loan or lease defaulting, the expected balance at the estimated date of default and the expected loss percentage given a default. The Bancorp’s expected credit loss models consider historical credit loss experience, current market and economic conditions, and forecasted changes in market and economic conditions if such forecasts are considered reasonable and supportable.

The Bancorp also considers qualitative factors in determining the ALLL. Qualitative adjustments are used to capture characteristics in the portfolio that impact expected credit losses which are not fully captured within the Bancorp’s expected credit loss models. These factors include adjustments for changes in policies or procedures in underwriting, monitoring or collections, lending and risk management personnel and results of internal audit and quality control reviews. In addition, the qualitative adjustment framework can be utilized to address specific idiosyncratic risks such as geopolitical events, natural disasters or changes in current economic conditions that are not reflected in the quantitative credit loss models, and their effects on regional borrowers and changes in product structures. Qualitative factors may also be used to address the impacts of unforeseen events on key inputs and assumptions within the Bancorp’s expected credit loss models, such as the reasonable and supportable forecast period, changes to historical loss information or changes to the reversion period or methodology.

In addition to the ALLL, the Bancorp maintains a reserve for unfunded commitments recorded in other liabilities in the Condensed Consolidated Balance Sheets. The methodology used to determine the adequacy of this reserve is similar to the Bancorp’s methodology for determining the ALLL. The provision for unfunded commitments is included in the provision for credit losses in the Condensed Consolidated Statements of Income.

For the commercial portfolio segment, the estimates for probability of default are primarily based on internal ratings assigned to each commercial borrower on a 13-point scale and historical observations of how those ratings migrate to a default over time in the context of macroeconomic conditions. For loans with available credit, the estimate of the expected balance at the time of default considers expected utilization rates, which are primarily based on macroeconomic conditions and the utilization history of similar borrowers under those economic conditions. The estimates for loss severity are primarily based on collateral type and coverage levels and the susceptibility of those characteristics to changes in macroeconomic conditions.

For collectively evaluated loans in the consumer and residential mortgage portfolio segments, the Bancorp’s expected credit loss models primarily utilize the borrower’s FICO score and delinquency history in combination with macroeconomic conditions when estimating the probability of default. The estimates for loss severity are primarily based on collateral type and coverage levels and the susceptibility of those characteristics to changes in macroeconomic conditions. The expected balance at the estimated date of default is also especially impactful in the expected credit loss models for portfolio classes which generally have longer terms (such as residential mortgage loans and home equity) and portfolio classes containing a high concentration of loans with revolving privileges (such as home equity). The estimate of the expected balance at the time of default considers expected prepayment and utilization rates where applicable, which are primarily based on macroeconomic conditions and the utilization history of similar borrowers under those economic conditions.

At both March 31, 2024 and December 31, 2023, the Bancorp used three forward-looking economic scenarios during the reasonable and supportable forecast period in its expected credit loss models to address the inherent imprecision in macroeconomic forecasting. Each of the three scenarios was developed by a third party that is subject to the Bancorp’s Third-Party Risk Management program including oversight by the Bancorp’s independent model risk management group. The scenarios included a most likely outcome (Baseline) and two less probable scenarios with one being more favorable than the Baseline and the other being less favorable. The more favorable alternative scenario (Upside) depicted a stronger near-term growth outlook while the less favorable outlook (Downside) depicted a moderate recession.

The Baseline scenario was developed such that the expectation is that the economy will perform better than the projection 50% of the time and worse than the projection 50% of the time. The Upside scenario was developed such that there is a 10% probability that the economy will perform better than the projection and a 90% probability that it will perform worse. The Downside scenario was developed such that there is a 90% probability that the economy will perform better than the projection and a 10% probability that it will perform worse.

March 31, 2024 ACL
The ACL as of March 31, 2024 was impacted by several factors when compared to December 31, 2023, including a more favorable macroeconomic forecast and lower period-end loan and lease balances, partially offset by increases to specific reserves on individually evaluated commercial loans. As of March 31, 2024, the Bancorp’s macroeconomic scenarios included estimates of the expected impacts of the changes in economic conditions caused by expected interest rate cuts and geopolitical risks. At March 31, 2024, the Bancorp assigned an 80% probability weighting to the Baseline scenario and 10% to each of the Upside and Downside scenarios.
46

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

The Baseline scenario assumed average annual real GDP growth of 2.5% for 2024 with the forecast decreasing to 1.5% in 2025 and then increasing to 1.9% in 2026. The Baseline scenario also assumed an average unemployment rate of 3.9% for 2024, increasing to an average of 4.1% in 2025 and slightly decreasing to an average of 4.0% in 2026. Lastly, the Baseline scenario assumed cuts to the target federal funds rate starting in the third quarter of 2024, with an average federal funds rate of 5.2% in 2024 that decreases to an average of 4.3% and 3.3% in 2025 and 2026, respectively. The Upside scenario assumed that, on an average annual basis, the change in real GDP is 3.3% in 2024, slightly decreasing to an average of 3.0% in 2025 and further decreasing to an average of 2.3% in 2026. The Upside scenario also assumed an average unemployment rate of 3.4%, 3.2% and 3.4% in 2024, 2025 and 2026, respectively. In the Upside scenario, the forecast for federal funds rate cuts was generally consistent with the Baseline scenario. The Downside scenario included significant worsening of economic conditions, causing the U.S. economy to fall into a recession in the second quarter of 2024. The Downside scenario assumed that average annual real GDP growth declines to (3.2%) in the second quarter of 2024, modestly recovering to an average of (0.6%) in 2025 and further recovering to an average of 2.4% in 2026. The Downside scenario assumed an average unemployment rate of 5.8% in 2024, increasing to an average of 7.5% in 2025 and decreasing to an average of 6.4% in 2026. In the Downside scenario, the forecast for the federal funds rate included fewer rate cuts than the Baseline scenario, with an average target rate of 4.7% in 2024, followed by a series of steeper rate cuts to an average of 2.1% and 1.0% in 2025 and 2026, respectively.

The Bancorp’s quantitative credit loss models are sensitive to changes in economic forecast assumptions over the reasonable and supportable forecast period. Applying a 100% probability weighting to the Downside scenario rather than using the probability-weighted three scenario approach would result in an increase in the quantitative ACL of approximately $2.1 billion. This sensitivity calculation only reflects the impact of changing the probability weighting of the scenarios in the quantitative credit loss models and excludes any additional considerations associated with the qualitative component of the ACL that might be warranted if probability weights were adjusted.

The following table provides a rollforward of the Bancorp’s ACL:
TABLE 51: Changes in Allowance for Credit Losses
For the three months ended
March 31,
($ in millions)
2024
2023
ALLL:
Balance, beginning of period $ 2,322 2,194
Losses charged-off (a)
(146) (110)
Recoveries of losses previously charged-off (a)
36 32
Provision for loan and lease losses 106 148
Impact of adoption of ASU 2022-02 — (49)
Balance, end of period $ 2,318 2,215
Reserve for unfunded commitments:
Balance, beginning of period $ 166 216
(Benefit from) provision for the reserve for unfunded commitments (12) 16
Balance, end of period $ 154 232
(a) For the three months ended March 31, 2024 and 2023, the Bancorp recorded $8 and $9, respectively, in both losses charged-off and recoveries of losses previously charged-off related to customer defaults on point-of-sale consumer loans for which the Bancorp obtained recoveries under third-party credit enhancements.












47

Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)
The following table provides an attribution of the Bancorp’s ALLL to portfolio loans and leases:
TABLE 52: Attribution of Allowance for Loan and Lease Losses to Portfolio Loans and Leases
As of ($ in millions) March 31,
2024 		December 31,
2023
Attributed ALLL:
Commercial and industrial loans $ 756 767
Commercial mortgage loans 307 284
Commercial construction loans 63 66
Commercial leases 15 13
Residential mortgage loans 140 145
Home equity 102 102
Indirect secured consumer loans 278 271
Credit card 208 227
Solar energy installation loans 309 292
Other consumer loans 140 155
Total ALLL $ 2,318 2,322
Portfolio loans and leases:
Commercial and industrial loans $ 52,209 53,270
Commercial mortgage loans 11,346 11,276
Commercial construction loans 5,789 5,621
Commercial leases 2,572 2,579
Residential mortgage loans (a)
16,995 17,026
Home equity 3,883 3,916
Indirect secured consumer loans 15,306 14,965
Credit card 1,737 1,865
Solar energy installation loans 3,871 3,728
Other consumer loans 2,777 2,988
Total portfolio loans and leases $ 116,485 117,234
Attributed ALLL as a percent of respective portfolio loans and leases:
Commercial and industrial loans 1.45 % 1.44
Commercial mortgage loans 2.71 2.52
Commercial construction loans 1.09 1.17
Commercial leases 0.58 0.50
Residential mortgage loans 0.82 0.85
Home equity 2.63 2.60
Indirect secured consumer loans 1.82 1.81
Credit card 11.97 12.17
Solar energy installation loans 7.98 7.83
Other consumer loans 5.04 5.19
Total ALLL as a percent of portfolio loans and leases 1.99 % 1.98
Total ACL as a percent of portfolio loans and leases 2.12 2.12
(a) Includes residential mortgage loans measured at fair value of $113 at March 31, 2024 and $116 at December 31, 2023.

The Bancorp’s ALLL may vary significantly from period to period based on changes in economic conditions, economic forecasts and the composition and credit quality of the Bancorp’s loan and lease portfolio. For additional information on the Bancorp’s methodology for measuring the ACL, refer to Note 1 of the Notes to Consolidated Financial Statements included in the Bancorp’s Annual Report on Form 10-K for the year ended December 31, 2023.
48

Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)
INTEREST RATE AND PRICE RISK MANAGEMENT
Interest rate risk is the risk to earnings or capital arising from movement of interest rates. This risk primarily impacts the Bancorp’s income categories through changes in interest income on earning assets and the cost of interest-bearing liabilities, and through fee items that are related to interest-sensitive activities such as mortgage origination and servicing income and through earnings credits earned on commercial deposits that offset commercial deposit fees. Price risk is the risk to earnings or capital arising from changes in the value of financial instruments and portfolios due to movements in interest rates, volatilities, foreign exchange rates, equity prices and commodity prices. Management considers interest rate risk a prominent market risk in terms of its potential impact on earnings. Interest rate risk may occur for any one or more of the following reasons:

• Assets and liabilities mature or reprice at different times;
• Short-term and long-term market interest rates change by different amounts; or
• The expected maturities of various assets or liabilities shorten or lengthen as interest rates change.

In addition to the direct impact of interest rate changes on NII and interest-sensitive fees, interest rates can impact earnings through their effect on loan and deposit demand, credit losses, mortgage origination volumes, the value of servicing rights and other sources of the Bancorp’s earnings. Changes in interest rates and other market factors can impact earnings through changes in the value of portfolios, if not appropriately hedged. Stability of the Bancorp’s net income is largely dependent upon the effective management of interest rate risk and to a lesser extent price risk.

Management continually reviews the Bancorp’s on- and off-balance sheet composition, earnings flows, and hedging strategies and models interest rate risk and price risk exposures, and possible actions to manage these risks, given numerous possible future interest rate and market factor scenarios. A series of policy limits and key risk indicators are employed to ensure that risks are managed within the Bancorp’s risk tolerance for interest rate risk and price risk.

The Commercial Banking and Wealth and Asset Management lines of business manage price risk for capital markets sales and trading activities related to their respective businesses. The Consumer and Small Business Banking line of business manages price risk for the origination and sale of conforming residential mortgage loans to government agencies and government-sponsored enterprises. The Bancorp’s Treasury department manages interest rate risk and price risk for all other activities. Independent oversight is provided by ERM, and key risk indicators and Board-approved policy limits are used to ensure risks are managed within the Bancorp’s risk tolerance.

The Bancorp’s Market Risk Management Committee, which includes senior management representatives and reports to the Corporate Credit Committee (accountable to the ERMC), provides oversight and monitors price risk for the capital markets sales and trading activities. The Bancorp’s ALCO, which includes senior management representatives and is accountable to the ERMC, provides oversight and monitors interest rate and price risks for Mortgage and Treasury activities.

Net Interest Income Sensitivity
The Bancorp employs a variety of measurement techniques to identify and manage its interest rate risk, including the use of an NII simulation model to analyze the sensitivity of NII to changes in interest rates. The model is based on contractual and estimated cash flows and repricing characteristics for all of the Bancorp’s assets, liabilities and off-balance sheet exposures and incorporates market-based assumptions regarding the effect of changing interest rates on the prepayment rates of certain assets and attrition rates of certain liabilities. The model also includes senior management’s projections of the future volume and pricing of each of the product lines offered by the Bancorp as well as other pertinent assumptions. The NII simulation model does not represent a forecast of the Bancorp’s net interest income but is a tool utilized to assess the risk of the impact of changing market interest rates across a range of market interest rate environments. As a result, actual results will differ from simulated results for multiple reasons, which may include actual balance sheet composition differences, timing, magnitude and frequency of interest rate changes, deviations from projected customer behavioral assumptions as well as from changes in market conditions and management strategies.

As of March 31, 2024, the Bancorp’s interest rate risk exposure is governed by a risk framework that utilizes the change in NII over 12-month and 24-month horizons under parallel and non-parallel ramped increases and decreases in interest rates. Policy limits are utilized for scenarios assuming a 200 bps increase and a 200 bps decrease in interest rates over 12-month and 24-month horizons. The Bancorp routinely analyzes various potential and extreme scenarios, including parallel ramps and shocks as well as steepening and other non-parallel shifts in rates, to assess where risks to net interest income persist or develop as changes in the balance sheet and market rates evolve, and employs policy limits and/or key risk indicators to monitor and manage exposures under these types of scenarios. Additionally, the Bancorp routinely evaluates its exposures to changes in the bases between interest rates.

In order to recognize the risk of noninterest-bearing demand deposit balance migration or attrition in a rising interest rate environment, the Bancorp’s NII sensitivity modeling assumes additional attrition of approximately $350 million of demand deposit balances over a period of 24 months for each 100 bps increase in short-term market interest rates. Similarly, the Bancorp’s NII sensitivity modeling incorporates approximately $350 million of incremental growth in noninterest-bearing deposit balances over 24 months for each 100 bps decrease in short-
49

Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)
term market interest rates. The incremental balance attrition and growth are modeled to flow into and out of funding products that reprice in conjunction with short-term market rate changes.

Another important deposit modeling assumption is the amount by which interest-bearing deposit rates will increase or decrease when market interest rates increase or decrease. This deposit repricing sensitivity is known as the beta, and it represents the expected amount by which the Bancorp’s interest-bearing deposit rates will change for a given change in short-term market rates. The Bancorp utilizes dynamic deposit beta models to adjust assumed repricing sensitivity depending on market rate levels. The dynamic beta models were developed utilizing the Bancorp’s performance during prior interest rate cycles. Since the beginning of the current tightening cycle, the Bancorp’s actual cumulative interest-bearing deposit beta through March 31, 2024 was slightly above 50% as repricing has been similar to what was experienced in prior interest rate cycles. Using the dynamic beta models, the Bancorp’s NII sensitivity modeling assumes weighted-average rising-rate interest-bearing deposit betas at the end of the ramped parallel scenarios of 78% for both a 100 bps and 200 bps increase in rates. In the event of rate cuts, this approach assumes a weighted-average falling-rate interest-bearing deposit beta at the end of the ramped parallel scenarios of 68% and 67% for a 100 bps and 200 bps decrease in rates, respectively. In falling rate scenarios, deposit rate floors are utilized to ensure modeled deposit rates will not become negative. NII simulation modeling assumes no lag between the timing of changes in market rates and the timing of deposit repricing despite such timing lags having occurred in prior rate cycles. In addition, modeled and forecasted deposit migration from low-beta deposit products to more rate-sensitive deposit products results in an additional beta of approximately 5% in the rising-rate scenarios, and a reduction in beta of approximately 5% in the falling-rate scenarios in the Bancorp’s baseline NII sensitivity profile. Future actual performance will be dependent on market conditions, the level of competition for deposits and the magnitude of continued interest rate increases. The Bancorp provides sensitivity analysis in Tables 54 and 55 for key assumptions related to its deposit modeling, including beta and demand deposit balance performance.

The Bancorp continually evaluates the sensitivity of its interest rate risk measures to these important deposit modeling assumptions. The Bancorp also regularly monitors the sensitivity of other important modeling assumptions, such as loan and security prepayments and early withdrawals on fixed-rate customer liabilities.

The following table shows the Bancorp’s estimated NII sensitivity profile and ALCO policy limits as of:
TABLE 53: Estimated NII Sensitivity Profile and ALCO Policy Limits
March 31, 2024 March 31, 2023
% Change in NII (FTE) ALCO
Policy Limit 		% Change in NII (FTE) ALCO
Policy Limit
Change in Interest Rates (bps) 12
Months 		13-24
Months 		12
Months 		13-24
Months 		12
Months 		13-24
Months 		12
Months 		13-24
Months
+200 Ramp over 12 months (2.76) % (4.62) (5.00) (6.00) (3.11) (5.16) (4.00) (6.00)
+100 Ramp over 12 months (1.36) (2.20) N/A N/A (1.46) (2.30) N/A
N/A
-100 Ramp over 12 months 0.23 0.11 N/A N/A 0.44 0.17 N/A N/A
-200 Ramp over 12 months 0.29 (0.35) (5.00) (6.00) 0.48 (0.56) (8.00) (12.00)

Table 53 presents the change in estimated net interest income for 12 month and 13-24 month horizons for alternative interest rate scenarios relative to the net interest income projection for a static rate scenario for those same time horizons. As previously mentioned, these numbers do not represent a forecast, but are instead risk measures that are monitored to evaluate the consolidated interest rate risk position of the Bancorp. At March 31, 2024, the Bancorp’s NII sensitivity in the rising-rate scenarios is negative in years one and two as interest expense is expected to increase more than interest income due to deposit repricing and balance migration estimates given the high interest rate environment. The Bancorp’s NII simulation projects an increase in NII in year one and a decrease in NII in year two under the parallel 200 bps ramp decrease in interest rates. The NII increase in year one is driven by deposits repricing faster than earning assets. However, in year two, some deposits have reached their floors but assets continue to reprice down generating less NII. The changes in the estimated NII sensitivity profile compared to March 31, 2023 were primarily attributable to increased core deposit balances and fixed rate long-term debt funding largely offset by higher market interest rates driving higher expected betas combined with a shift in deposit mix to higher-beta products.

Tables 54 and 55 provide the sensitivity of the Bancorp’s estimated NII profile at March 31, 2024 to changes to certain deposit balance and deposit repricing sensitivity (beta) assumptions.

50

Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)
The following table includes the Bancorp’s estimated NII sensitivity profile with an immediate $1 billion decrease and an immediate $1 billion increase in demand deposit balances as of March 31, 2024:
TABLE 54: Estimated NII Sensitivity Profile at March 31, 2024 with a $1 Billion Change in Demand Deposit Assumption
% Change in NII (FTE)
Immediate $1 Billion Balance
Decrease 		Immediate $1 Billion Balance
Increase
Change in Interest Rates (bps) 12
Months 		13-24
Months 		12
Months 		13-24
Months
+200 Ramp over 12 months (3.85) % (5.75) (1.67) (3.49)
+100 Ramp over 12 months (2.36) (3.18) (0.36) (1.22)
-100 Ramp over 12 months (0.59) (0.57) 1.04 0.78
-200 Ramp over 12 months (0.43) (0.87) 1.02 0.18
The following table includes the Bancorp’s estimated NII sensitivity profile with a 10% increase and a 10% decrease to the corresponding deposit beta assumptions as of March 31, 2024:
TABLE 55: Estimated NII Sensitivity Profile at March 31, 2024 with Deposit Beta Assumptions Changes
% Change in NII (FTE)
Betas 10% Higher (a)
Betas 10% Lower (a)
Change in Interest Rates (bps) 12
Months 		13-24
Months 		12
Months 		13-24
Months
+200 Ramp over 12 months (4.41) % (7.61) (1.11) (1.63)
+100 Ramp over 12 months (2.18) (3.68) (0.54) (0.72)
-100 Ramp over 12 months 0.94 1.37 (0.48) (1.15)
-200 Ramp over 12 months 1.70 2.12 (1.11) (2.81)
(a) Applies a +/- 10% multiple on assumed betas.

Economic Value of Equity Sensitivity
The Bancorp also uses EVE as a measurement tool to govern and manage its interest rate risk exposure. The exposure is governed by a risk framework that uses policy limits for scenarios assuming an instantaneous 200 bps increase and a 200 bps decrease in interest rates. The Bancorp routinely analyzes exposures to other interest rate scenarios and employs policy limits and/or key risk indicators to monitor and manage exposures. Whereas the NII sensitivity analysis highlights the impact on forecasted NII on an FTE basis (non-GAAP) over one- and two-year time horizons, EVE is a point-in-time analysis of the economic sensitivity of current balance sheet and off-balance sheet positions that incorporates all cash flows over their estimated remaining lives. The EVE of the balance sheet is defined as the discounted present value of all asset and net derivative cash flows less the discounted value of all liability cash flows. Due to this longer horizon, the sensitivity of EVE to changes in the level of interest rates is a measure of longer-term interest rate risk. EVE values only the current balance sheet and does not incorporate any assumptions related to continued production or renewal activities used in the NII sensitivity analysis. As with the NII simulation model, assumptions about the timing and variability of existing balance sheet cash flows are critical in the EVE analysis. Particularly important are assumptions driving loan and security prepayments and the expected balance attrition and pricing of indeterminate-lived deposits.

The following table shows the Bancorp’s estimated EVE sensitivity profile as of:
TABLE 56: Estimated EVE Sensitivity Profile
March 31, 2024 March 31, 2023
Change in Interest Rates (bps) % Change in EVE ALCO
Policy Limit 		% Change in EVE ALCO
Policy Limit
+200 Shock (4.37) % (12.00) (5.08) (12.00)
+100 Shock (1.80) N/A (2.11) N/A
-100 Shock 0.94 N/A 1.02 N/A
-200 Shock 0.14 (12.00) (0.84) (12.00)

The EVE sensitivity is negative in a +200 bps rising-rate scenario and positive in a -200 bps falling-rate scenario at March 31, 2024. The changes in the estimated EVE sensitivity profile from March 31, 2023 were primarily related to higher modeled dynamic betas in both rising and falling rate scenarios, which was largely offset by the shortening of the investment portfolio duration and the reduction of received fixed-rate swaps.

51

Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)
While an instantaneous shift in spot interest rates is used in this analysis to provide an estimate of exposure, the Bancorp believes that a gradual shift in interest rates would have a more modest impact. Since EVE measures the discounted present value of cash flows over the estimated lives of instruments, the change in EVE does not directly correlate to the degree that earnings would be impacted over a shorter time horizon (e.g., the current fiscal year). Further, EVE does not account for factors such as future balance sheet growth, changes in product mix, changes in yield curve relationships and changing product spreads that could mitigate or exacerbate the impact of changes in interest rates. The NII simulations and EVE analyses do not necessarily include certain actions that management may undertake to manage risk in response to actual changes in interest rates.

The Bancorp regularly evaluates its exposures to a static balance sheet forecast, basis risks relative to the Prime Rate and various SOFR terms, yield curve twist risks and embedded options risks. In addition, the impacts on NII on an FTE basis and EVE of extreme changes in interest rates are modeled, wherein the Bancorp employs the use of yield curve shocks and environment-specific scenarios.

Use of Derivatives to Manage Interest Rate Risk
An integral component of the Bancorp’s interest rate risk management strategy is its use of derivative instruments to minimize significant fluctuations in earnings caused by changes in market interest rates. Examples of derivative instruments that the Bancorp may use as part of its interest rate risk management strategy include interest rate swaps, interest rate floors, interest rate caps, forward contracts, forward starting interest rate swaps, options, swaptions and TBA securities.

Tables 57 and 58 show all swap and floor positions that are utilized for purposes of managing the Bancorp’s exposures to the variability of interest rates. These positions are used to convert the contractual interest rate index of agreed-upon amounts of assets and liabilities (i.e., notional amounts) to another interest rate index, to hedge the exposure to changes in fair value of a recognized asset attributable to changes in the benchmark interest rate or to hedge forecasted transactions for the variability in cash flows attributable to the contractually specified interest rate. The volume, maturity and mix of portfolio swaps change frequently as the Bancorp adjusts its broader interest rate risk management objectives and the balance sheet positions to be hedged. For further information, refer to Note 13 of the Notes to Condensed Consolidated Financial Statements.

The following tables present additional information about the interest rate swaps and floors used in Fifth Third’s asset and liability management activities:
TABLE 57: Summary of Qualifying Hedging Instruments
Weighted-Average
As of March 31, 2024 ($ in millions) Notional
Amount 		Fair
Value 		Remaining
Term (years) 		Fixed Rate
Index
Interest rate swaps related to C&I loans – cash flow – receive-fixed $ 8,000 (2) 4.2 3.02 % SOFR
Interest rate swaps related to C&I loans – cash flow – receive-fixed – forward starting (a)
6,000 2 7.6 3.11 SOFR
Interest rate swaps related to commercial mortgage and commercial construction loans – cash flow – receive-fixed – forward starting (a)
4,000 1 7.8 3.50 SOFR
Interest rate swaps related to long-term debt – fair value – receive-fixed 5,955 (35) 4.6 5.18 SOFR
Total interest rate swaps $ 23,955 (34)

Interest rate floors related to C&I loans – cash flow – receive-fixed 		$ 3,000 — 0.7 2.25 SOFR
(a) Forward starting swaps will become effective on various dates between June 2024 and February 2025.

TABLE 58: Summary of Qualifying Hedging Instruments
Weighted-Average
As of December 31, 2023 ($ in millions) Notional Amount Fair Value Remaining Term (years) Fixed Rate
Index
Interest rate swaps related to C&I loans – cash flow – receive-fixed $ 8,000 (9) 4.4 3.02 % SOFR
Interest rate swaps related to C&I loans – cash flow – receive-fixed – forward starting (a)
6,000 5 7.8 3.11 SOFR
Interest rate swaps related to commercial mortgage and commercial construction loans – cash flow – receive-fixed – forward starting (a)
4,000 — 8.1 3.50 SOFR
Interest rate swaps related to long-term debt – fair value – receive-fixed 5,955 (32) 4.9 5.18 SOFR
Total interest rate swaps $ 23,955 (36)
Interest rate floors related to C&I loans – cash flow – receive-fixed $ 3,000 1 1.0 2.25 SOFR
(a) Forward starting swaps will become effective on various dates between June 2024 and February 2025.

52

Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)
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 hedge market risks assumed in interest rate derivative contracts with commercial customers. Generally, these contracts have similar terms in order to protect the Bancorp from market volatility. Credit risk arises from the possible inability of the counterparties to meet the terms of their contracts, which the Bancorp minimizes through collateral arrangements, approvals, limits and monitoring procedures. The Bancorp has risk limits and internal controls in place to help ensure excessive risk is not being taken in providing this service to customers. These controls include an independent determination of interest rate volatility and potential future exposure on these contracts and counterparty credit approvals performed by independent risk management. For further information, including the notional amount and fair values of these derivatives, refer to Note 13 of the Notes to Condensed Consolidated Financial Statements.

Residential Mortgage Servicing Rights and Price Risk
The fair value of the residential MSR portfolio was $1.8 billion and $1.7 billion at March 31, 2024 and December 31, 2023, respectively. The value of servicing rights can fluctuate sharply depending on changes in interest rates and other factors. Generally, as interest rates decline and loans are prepaid to take advantage of refinancing, the total value of existing servicing rights declines because no further servicing fees are collected on repaid loans. For further information on the significant drivers and components of the valuation adjustments on MSRs, refer to the Noninterest Income subsection of the Statements of Income Analysis section of MD&A. The Bancorp maintains a non-qualifying hedging strategy relative to its mortgage banking activity in order to manage a portion of the risk associated with changes in the value of its MSR portfolio as a result of changing interest rates. The Bancorp may adjust its hedging strategy to reflect its assessment of the composition of its MSR portfolio, the cost of hedging and the anticipated effectiveness of the hedges given the economic environment. Refer to Note 12 of the Notes to Condensed Consolidated Financial Statements for more information on servicing rights and the instruments used to hedge price risk on MSRs.

Foreign Currency Risk
The Bancorp may enter into foreign exchange derivative contracts to economically hedge certain foreign denominated loans. The derivatives are classified as free-standing instruments with the revaluation gain or loss being recorded in other noninterest income in the Condensed Consolidated Statements of Income. The balance of the Bancorp’s foreign denominated loans at March 31, 2024 and December 31, 2023 was $923 million and $1.0 billion, respectively. The Bancorp also enters into foreign exchange contracts for the benefit of commercial customers to hedge their exposure to foreign currency fluctuations. Similar to the hedging of price risk from interest rate derivative contracts entered into with commercial customers, the Bancorp also enters into foreign exchange contracts with major financial institutions to economically hedge a substantial portion of the exposure from client driven foreign exchange activity. The Bancorp has risk limits and internal controls in place to help ensure excessive risk is not being taken in providing this service to customers. These controls include an independent determination of currency volatility and potential future exposure on these contracts, counterparty credit approvals and country limits performed by independent risk management.

Commodity Risk
The Bancorp also enters into commodity contracts for the benefit of commercial customers to hedge their exposure to commodity price fluctuations. Similar to the hedging of foreign exchange and price risk from interest rate derivative contracts, the Bancorp also enters into commodity contracts with major financial institutions to economically hedge a substantial portion of the exposure from client driven commodity activity. The Bancorp may also offset this risk with exchange-traded commodity contracts. The Bancorp has risk limits and internal controls in place to help ensure excessive risk is not taken in providing this service to customers. These controls include an independent determination of commodity volatility and potential future exposure on these contracts and counterparty credit approvals performed by independent risk management.
53

Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)
LIQUIDITY RISK MANAGEMENT
The goal of liquidity management is to provide adequate funds to meet changes in loan and lease demand, unexpected levels of deposit withdrawals and other contractual obligations. Mitigating liquidity risk is accomplished by maintaining liquid assets in the form of cash and investment securities, maintaining sufficient unused borrowing capacity in the debt markets and delivering consistent growth in core deposits. A summary of certain obligations and commitments to make future payments under contracts is included in Note 16 of the Notes to Condensed Consolidated Financial Statements.

The Bancorp’s Treasury department manages funding and liquidity based on point-in-time metrics as well as forward-looking projections, which incorporate different sources and uses of funds under base and stress scenarios. Liquidity risk is monitored and managed by the Treasury department with independent oversight provided by ERM, and a series of Policy Limits and Key Risk Indicators are established to ensure risks are managed within the Bancorp’s risk tolerance. The Bancorp maintains a contingency funding plan that provides for liquidity stress testing, which assesses the liquidity needs under varying market conditions, time horizons, asset growth rates and other events. The contingency plan provides for ongoing monitoring of unused borrowing capacity and available sources of contingent liquidity to prepare for unexpected liquidity needs and to cover unanticipated events that could affect liquidity. The contingency plan also outlines the Bancorp’s response to various levels of liquidity stress and actions that should be taken during various scenarios.

Liquidity risk is monitored and managed for both Fifth Third Bancorp and its subsidiaries. The Bancorp (parent company) receives substantially all of its liquidity from dividends from its subsidiaries, primarily Fifth Third Bank, National Association. Subsidiary dividends are supplemented with term debt to enable the Bancorp to maintain sufficient liquidity to meet its cash obligations, including debt service and scheduled maturities, common and preferred dividends, unfunded commitments to subsidiaries and other planned capital actions in the form of share repurchases. Liquidity resources are more limited at the Bancorp, making its liquidity position more susceptible to market disruptions. Bancorp liquidity is assessed using a cash coverage horizon, ensuring the entity maintains sufficient liquidity to withstand a period of sustained market disruption while meeting its anticipated obligations over an extended stressed horizon.

The Bancorp’s ALCO, which includes senior management representatives and is accountable to the ERMC, monitors and manages liquidity and funding risk within Board-approved policy limits. In addition to the risk management activities of ALCO, the Bancorp has a liquidity risk management function as part of ERM that provides independent oversight of liquidity risk management.

Sources of Funds
The Bancorp’s primary sources of funds include revenue from noninterest income as well as cash flows from loan and lease repayments, payments from securities related to sales and maturities, the sale or securitization of loans and leases and funds generated by core deposits, in addition to the use of public and private debt offerings.

Of the $50.3 billion o f securities in the Bancorp’s available-for-sale debt and other securities and held-to-maturity securities portfolios at March 31, 2024, $5.5 billion in principal and interest is expected to be received in the next 12 months and an additional $8.4 billion is expected to be received in the next 13 to 24 months. For further information on the Bancorp’s securities portfolio, refer to the Investment Securities subsection of the Balance Sheet Analysis section of MD&A.

Asset-driven liquidity is provided by the Bancorp’s ability to pledge, sell or securitize loans and leases. In order to reduce the exposure to interest rate fluctuations and to manage liquidity, the Bancorp has developed securitization and sale procedures for several types of interest-sensitive assets. A majority of the long-term, fixed-rate single-family residential mortgage loans underwritten according to FHLMC or FNMA guidelines are sold for cash upon origination. Additional assets such as certain other residential mortgage loans, certain commercial loans and leases, home equity loans, automobile loans, solar energy installation loans and other consumer loans are also capable of being securitized or sold. For the three months ended March 31, 2024 and 2023, the Bancorp sold or securitized loans and leases totaling $858 million and $1.3 billion, respectively. For further information, refer to Note 12 of the Notes to Condensed Consolidated Financial Statements.

Core deposits have historically provided the Bancorp with a sizeable source of relatively stable and low-cost funds. The Bancorp’s average core deposits and average shareholders’ equity funded 85% of its average total assets for both the three months ended March 31, 2024 and 2023 . In addition to core deposit funding, the Bancorp also accesses a variety of other short-term and long-term funding sources, which include the use of the FHLB system. Management does not rely on any one source of liquidity and manages availability in response to changing balance sheet needs.

In June of 2023, the Board of Directors authorized $10.0 billion of debt or other securities for issuance, of which $7.75 billion of debt or other securities were available for issuance as of March 31, 2024. The Bancorp is authorized to file any necessary registration statements with the SEC to permit ready access to the public securities markets; however, access to these markets may depend on market conditions. The Bancorp issued and sold fixed-rate/floating-rate senior notes of $1.0 billion in January of 2024 as further discussed in Note 15 of the Notes to Condensed Consolidated Financial Statements.

54

Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)
As of March 31, 2024, the Bank’s global bank note program had a borrowing capacit y of $25.0 billion , of which $20.9 billion was available for issuance. Additionally, at March 31, 2024, the Bank had approximately $65.3 billion of borrowing capacity available through secured borrowing sources, including the FRB and the FHLB.

Current Liquidity Position
The Bancorp maintains a strong liquidity profile driven by strong core deposit funding and over $100 billion in current available liquidity. Refer to the Deposits subsection of the Balance Sheet Analysis section of MD&A for more information regarding the Bancorp’s deposit portfolio characteristics. The Bancorp is managing liquidity prudently in the current environment and maintains a liquidity profile focused on core deposit and stable long-term funding sources, while supplementing with a variety of secured and unsecured wholesale funding sources across the maturity spectrum, which allows for the effective management of concentration and rollover risk. The Bancorp’s investment portfolio remains highly concentrated in liquid and readily marketable instruments and is a significant source of secured borrowing capacity. As part of its liquidity management activities, the Bancorp maintains collateral at its secured funding providers to ensure immediate availability of funding. Additionally, the Bancorp executes periodic test trades to assess the operational processes associated with its secured funding sources.

As of March 31, 2024, the Bancorp (parent company) had sufficient liquidity to meet contractual obligations and all preferred and common dividends without accessing the capital markets or receiving upstream dividends from the Bank subsidiary f or 37 months.

Credit Ratings
The cost and availability of financing to the Bancorp and Bank are impacted by its credit ratings. A downgrade to the Bancorp’s or Bank’s credit ratings could affect its ability to access the credit markets and increase its borrowing costs, thereby adversely impacting the Bancorp’s or Bank’s financial condition and liquidity. Key factors in maintaining high credit ratings include a stable and diverse earnings stream, strong credit quality, strong capital ratios and diverse funding sources, in addition to disciplined liquidity monitoring procedures.

The Bancorp’s and Bank’s credit ratings are summarized in Table 59. The ratings reflect the ratings agency’s view on the Bancorp’s and Bank’s capacity to meet financial commitments.*

* As an investor, you should be aware that a security rating is not a recommendation to buy, sell or hold securities, that it may be subject to revision or withdrawal at any time by the assigning rating organization and that each rating should be evaluated independently of any other rating. Additional information on the credit rating ranking within the overall classification system is located on the website of each credit rating agency.
TABLE 59: Agency Ratings
As of May 7, 2024 Moody’s Standard and Poor’s Fitch DBRS Morningstar
Fifth Third Bancorp:
Short-term borrowings No rating A-2 F1 R-1L
Senior debt Baa1 BBB+ A- A
Subordinated debt Baa1 BBB BBB+ AL
Fifth Third Bank, National Association:
Short-term borrowings P-2 A-2 F1 R-1M
Short-term deposit P-1 No rating F1 No rating
Long-term deposit A1 No rating A AH
Senior debt A3 A- A- AH
Subordinated debt A3 BBB+ BBB+ A
Rating Agency Outlook for Fifth Third Bancorp and Fifth Third Bank, National Association Negative Stable Stable Stable



55

Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)
CAPITAL MANAGEMENT
Management regularly reviews the Bancorp’s capital levels to help ensure it is appropriately positioned under various operating environments. The Bancorp has established a Capital Committee which is responsible for making capital plan recommendations to management. These recommendations are reviewed by the ERMC and the annual capital plan is approved by the Board of Directors. The Capital Committee is responsible for execution and oversight of the capital actions of the capital plan.

Regulatory Capital Ratios
The Basel III Final Rule sets minimum regulatory capital ratios as well as defines the measure of “well-capitalized” for insured depository institutions.
TABLE 60: Prescribed Capital Ratios
Minimum Well-Capitalized
CET1 capital:
Fifth Third Bancorp 4.50 % N/A
Fifth Third Bank, National Association
4.50 6.50
Tier 1 risk-based capital:
Fifth Third Bancorp 6.00 6.00
Fifth Third Bank, National Association
6.00 8.00
Total risk-based capital:
Fifth Third Bancorp 8.00 10.00
Fifth Third Bank, National Association
8.00 10.00
Leverage:
Fifth Third Bancorp 4.00 N/A
Fifth Third Bank, National Association
4.00 5.00

The Bancorp is subject to the stress capital buffer requirement and must maintain capital ratios above its buffered minimum (regulatory minimum plus stress capital buffer) in order to avoid certain limitations on capital distributions and discretionary bonuses to executive officers. The FRB uses the supervisory stress test to determine the Bancorp’s stress capital buffer, subject to a floor of 2.5%. The Bancorp’s stress capital buffer requirement has been 2.5% since the introduction of this framework and was most recently affirmed as part of Fifth Third’s 2023 Capital Plan submission with an effective date of October 1, 2023. The Bancorp’s capital ratios have exceeded the stress capital buffer requirement for all periods presented.

The Bancorp adopted ASU 2016-13 on January 1, 2020 and elected the five-year transition phase-in option for the impact of CECL on regulatory capital with its regulatory filings as of March 31, 2020. The Bancorp’s modified CECL transition amount began phasing out on January 1, 2022, and will be fully phased-out by January 1, 2025. The impact of the modified CECL transition amount on the Bancorp’s regulatory capital at March 31, 2024 was an increase in capital of approximatel y $124 million. On a fully phased-in basis, the Bancorp’s CET1 capital ratio would be reduced by 7 bps a s of March 31, 2024.

On July 27, 2023, the U.S. banking agencies released a notice of proposed rulemaking to revise the Basel III Capital Rules, which would modify its existing risk-based capital framework for large banks and introduce a new framework that implements international capital standards. The proposed rulemaking would increase capital requirements applicable to banking organizations with total assets of $100 billion or more, including Fifth Third, and would align the calculation of regulatory capital and the calculation of risk-weighted assets across large banking organizations. As proposed, the rules would be effective for the Bancorp on July 1, 2025 and phased in over a three-year transition period. The Bancorp is in the process of evaluating this proposed rulemaking and assessing its potential impact.

On August 29, 2023, the U.S. banking agencies issued a notice of proposed rulemaking to require that certain banking organizations with $100 billion or more in consolidated assets, including Fifth Third, comply with certain long-term debt requirements at the holding company and insured depository institution levels. These proposed requirements are intended to absorb losses and recapitalize the insured depository institution in the event of the failure of a banking organization. As proposed, the rules would be phased in over a three-year period after their effective date. The Bancorp is in the process of evaluating this proposed rulemaking and assessing its potential impact, which is dependent on the finalization of the aforementioned proposed capital rule.

56

Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)
The following table summarizes the Bancorp’s capital ratios as of:
TABLE 61: Capital Ratios
($ in millions)
March 31,
2024 		December 31,
2023
Quarterly average total Bancorp shareholders’ equity as a percent of average assets 8.78 % 8.04
Tangible equity as a percent of tangible assets (a)(b)
8.75 8.65
Tangible common equity as a percent of tangible assets (a)(b)
7.77 7.67
Regulatory capital: (c)
CET1 capital $ 16,931 16,800
Tier 1 capital 19,047 18,916
Total regulatory capital 22,335 22,400
Risk-weighted assets
161,769 163,223
Regulatory capital ratios: (c)
CET1 capital 10.47 % 10.29
Tier 1 risk-based capital 11.77 11.59
Total risk-based capital 13.81 13.72
Leverage 8.94 8.73
(a) These are non-GAAP measures. For further information, refer to the Non-GAAP Financial Measures section of MD&A.
(b) Excludes AOCI.
(c) Regulatory capital ratios as of both March 31, 2024 and December 31, 2023 are calculated pursuant to the five-year transition provision option to phase in the effects of CECL on regulatory capital.

Capital Planning
In 2011, the FRB adopted the capital plan rule, which requires BHCs with consolidated assets of $50 billion or more to submit annual capital plans to the FRB for review. Under the rule, these capital plans must include detailed descriptions of the following: the BHC’s internal processes for assessing capital adequacy; the policies governing capital actions such as common stock issuances, dividends and share repurchases; and all planned capital actions over a nine-quarter planning horizon. Furthermore, each BHC must report to the FRB the results of stress tests conducted by the BHC under a number of scenarios that assess the sources and uses of capital under baseline and stressed economic conditions.

Under the Enhanced Prudential Standards tailoring rules, the Bancorp is subject to Category IV standards, under which the Bancorp is no longer required to file semi-annual, company-run stress tests with the FRB and publicly disclose the results. However, the Bancorp is required to develop and maintain a capital plan approved by the Board of Directors on an annual basis. As an institution subject to Category IV standards, the Bancorp is subject to the FRB’s supervisory stress tests every two years, the Board capital plan rule and certain FR Y-14 reporting requirements. The supervisory stress tests are forward-looking quantitative evaluations of the impact of stressful economic and financial market conditions on the Bancorp’s capital. The Bancorp became subject to Category IV standards on December 31, 2019, and the requirements outlined above apply to the stress test cycle that started on January 1, 2020. The Bancorp was subject to the 2024 supervisory stress test conducted by the FRB and submitted the Board-approved capital plan and information contained in Schedule C - Regulatory Capital Instruments as required by the April 5, 2024 deadline.

The Bancorp maintains a comprehensive process for managing capital that considers the current and forward-looking macroeconomic and regulatory environments and makes capital distributions that are consistent with the requirements in the FRB’s capital plan rule, inclusive of the Bancorp’s stress capital buffer requirement.

Dividend Policy and Stock Repurchase Program
The Bancorp’s common stock dividend policy and stock repurchase program reflect its earnings outlook, desired payout ratios, the need to maintain adequate capital levels, the ability of its subsidiaries to pay dividends and the need to comply with safe and sound banking practices as well as meet regulatory requirements and expectations. The Bancorp declared dividends per common share of $0.35 and $0.33 for the three months ended March 31, 2024 and 2023, respectively.

57

Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)
The following table summarizes the monthly share repurchase activity for the three months ended March 31, 2024:
TABLE 62: Share Repurchases

Period
Total Number
of Shares Purchased (a)
Average Price
Paid per Share 		Total Number of Shares
Purchased as a Part of
Publicly Announced
Plans or Programs
Maximum Number of
Shares that May Yet Be
Purchased under the
Plans or Programs (b)
January 1 - January 31, 2024 46,045 $ 34.99 — 32,115,811
February 1 - February 29, 2024 1,147,154 33.84 — 32,115,811
March 1 - March 31, 2024 101,677 35.81 — 32,115,811
Total 1,294,876 $ 34.04 — 32,115,811
(a)    Shares repurchased during the periods presented were in connection with various employee compensation plans. These purchases do not count against the maximum number of shares that may yet be purchased under the Board of Directors ’ authorization.
(b)    On June 18, 2019, the Bancorp announced that its Board of Directors had authorized management to purchase 100 million shares of the Bancorp ’ s common stock through the open market or in any private party transactions. This authorization did not include specific targets or an expiration date.
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Quantitative and Qualitative Disclosures about Market Risk (Item 3)
Information presented in the Interest Rate and Price Risk Management subsection of the Risk Management section of Management’s Discussion and Analysis of Financial Condition and Results of Operations is incorporated herein by reference. This information contains certain statements that the Bancorp believes are forward-looking statements. Refer to page 1 for cautionary information regarding forward-looking statements.

Controls and Procedures (Item 4)
The Bancorp conducted an evaluation, under the supervision and with the participation of the Bancorp’s management, including the Bancorp’s Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of the Bancorp’s disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934). Based on the foregoing, as of the end of the period covered by this report, the Bancorp’s Chief Executive Officer and Chief Financial Officer concluded that the Bancorp’s disclosure controls and procedures were effective, in all material respects, to ensure that information required to be disclosed in the reports the Bancorp files and submits under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported as and when required and information is accumulated and communicated to the Bancorp’s management, including its Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.

The Bancorp’s management also conducted an evaluation of internal control over financial reporting to determine whether any changes occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Bancorp’s internal control over financial reporting. In the first quarter of 2024, the Bancorp implemented a new general ledger accounting system. The new general ledger accounting system was implemented in order to standardize processes, improve efficiency and enhance management reporting and analysis, and was subject to thorough testing and review both before and after final implementation. This implementation has not materially affected, and the Bancorp does not expect it to materially affect, its internal control over financial reporting.
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Fifth Third Bancorp and Subsidiaries
Condensed Consolidated Financial Statements and Notes (Item 1)
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)
As of
March 31, December 31,
($ in millions, except share data) 2024 2023
Assets
Cash and due from banks $ 2,796 3,142
Other short-term investments (a)
22,840 22,082
Available-for-sale debt and other securities (b)
38,791 50,419
Held-to-maturity securities (c)
11,520 2
Trading debt securities 1,151 899
Equity securities 380 613
Loans and leases held for sale (d)
339 378
Portfolio loans and leases (a)(e)
116,485 117,234
Allowance for loan and lease losses (a)
( 2,318 ) ( 2,322 )
Portfolio loans and leases, net 114,167 114,912
Bank premises and equipment (f)
2,376 2,349
Operating lease equipment 427 459
Goodwill 4,918 4,919
Intangible assets 115 125
Servicing rights 1,756 1,737
Other assets (a)
12,930 12,538
Total Assets $ 214,506 214,574
Liabilities
Deposits:
Noninterest-bearing deposits $ 41,849 43,146
Interest-bearing deposits 127,738 125,766
Total deposits 169,587 168,912
Federal funds purchased 247 193
Other short-term borrowings 2,866 2,861
Accrued taxes, interest and expenses 1,965 2,195
Other liabilities (a)
5,379 4,861
Long-term debt (a)
15,444 16,380
Total Liabilities $ 195,488 195,402
Equity
Common stock (g)
$ 2,051 2,051
Preferred stock (h)
2,116 2,116
Capital surplus 3,742 3,757
Retained earnings 23,224 22,997
Accumulated other comprehensive loss ( 4,888 ) ( 4,487 )
Treasury stock (g )
( 7,227 ) ( 7,262 )
Total Equity $ 19,018 19,172
Total Liabilities and Equity $ 214,506 214,574
(a) Includes $ 48 and $ 55 of other short-term investments, $ 1,420 and $ 1,573 of portfolio loans and leases, $( 26 ) and $( 28 ) of ALLL, $ 29 and $ 10 of other assets, $ 25 and $ 14 of other liabilities and $ 1,274 and $ 1,409 of long-term debt from consolidated VIEs that are included in their respective captions above at March 31, 2024 and December 31, 2023, respectively. For further information, refer to Note 11.
(b) Amortized cost of $ 43,400 and $ 55,789 at March 31, 2024 and December 31, 2023, respectively.
(c) Fair value of $ 11,341 and $ 2 at March 31, 2024 and December 31, 2023, respectively.
(d) Includes $ 307 and $ 334 of residential mortgage loans held for sale measured at fair value at March 31, 2024 and December 31, 2023, respectively.
(e) Includes $ 113 and $ 116 of residential mortgage loans measured at fair value at March 31, 2024 and December 31, 2023, respectively.
(f) Includes $ 16 and $ 19 of bank premises and equipment held for sale at March 31, 2024 and December 31, 2023, respectively.
(g) Common shares: Stated value $ 2.22 per share; authorized 2,000,000,000 ; outstanding at March 31, 2024 – 683,812,363 (excludes 240,080,218 treasury shares), December 31, 2023 – 681,124,810 (excludes 242,767,771 treasury shares).
(h) 500,000 shares of no par value preferred stock were authorized at both March 31, 2024 and December 31, 2023. There were 422,000 unissued shares of undesignated no par value preferred stock at both March 31, 2024 and December 31, 2023. Each issued share of no par value preferred stock has a liquidation preference of $ 25,000 . 500,000 shares of no par value Class B preferred stock were authorized at both March 31, 2024 and December 31, 2023. There were 300,000 unissued shares of undesignated no par value Class B preferred stock at both March 31, 2024 and December 31, 2023. Each issued share of no par value Class B preferred stock has a liquidation preference of $ 1,000 .

Refer to the Notes to Condensed Consolidated Financial Statements.
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Fifth Third Bancorp and Subsidiaries
Condensed Consolidated Financial Statements and Notes (continued)
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (unaudited)
For the three months ended
March 31,
($ in millions, except share data) 2024 2023
Interest Income
Interest and fees on loans and leases $ 1,859 1,714
Interest on securities 455 439
Interest on other short-term investments 294 60
Total interest income 2,608 2,213
Interest Expense
Interest on deposits 954 478
Interest on federal funds purchased 3 5
Interest on other short-term borrowings 47 57
Interest on long-term debt 220 156
Total interest expense 1,224 696
Net Interest Income 1,384 1,517
Provision for credit losses 94 164
Net Interest Income After Provision for Credit Losses 1,290 1,353
Noninterest Income
Wealth and asset management revenue 161 146
Service charges on deposits 151 137
Commercial banking revenue 143 161
Card and processing revenue 102 100
Mortgage banking net revenue 54 69
Leasing business revenue 39 57
Other noninterest income 50 22
Securities gains, net 10 4
Securities gains, net – non-qualifying hedges on mortgage servicing rights
— —
Total noninterest income 710 696
Noninterest Expense
Compensation and benefits 753 757
Technology and communications 117 118
Net occupancy expense 87 81
Equipment expense 37 37
Marketing expense 32 29
Leasing business expense 25 34
Card and processing expense 20 22
Other noninterest expense 271 253
Total noninterest expense 1,342 1,331
Income Before Income Taxes 658 718
Applicable income tax expense 138 160
Net Income 520 558
Dividends on preferred stock 40 23
Net Income Available to Common Shareholders $ 480 535
Earnings per share - basic $ 0.70 0.78
Earnings per share - diluted $ 0.70 0.78
Average common shares outstanding - basic 685,749,673 684,017,462
Average common shares outstanding - diluted 690,633,531 689,566,425

Refer to the Notes to Condensed Consolidated Financial Statements.
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Fifth Third Bancorp and Subsidiaries
Condensed Consolidated Financial Statements and Notes (continued)
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited)
For the three months ended
March 31,
($ in millions) 2024 2023
Net Income $ 520 558
Other Comprehensive (Loss) Income, Net of Tax:
Net unrealized losses on available-for-sale debt securities:
Unrealized holding (losses) gains arising during period ( 182 ) 600
Unrealized losses on available-for-sale debt securities transferred to held-to-maturity securities 785 —
Reclassification adjustment for net losses included in net income 3 —
Net unrealized losses on available-for-sale debt securities transferred to held-to-maturity securities:
Unrealized losses on available-for-sale debt securities transferred to held-to-maturity securities ( 785 ) —
Amortization of unrealized losses on available-for-sale debt securities transferred to held-to-maturity securities 25 —
Net unrealized losses on cash flow hedge derivatives:
Unrealized holding (losses) gains arising during period ( 316 ) 215
Reclassification adjustment for net losses included in net income 69 50
Other comprehensive (loss) income, net of tax ( 401 ) 865
Comprehensive Income $ 119 1,423

Refer to the Notes to Condensed Consolidated Financial Statements.
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Fifth Third Bancorp and Subsidiaries
Condensed Consolidated Financial Statements and Notes (continued)
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (unaudited)
($ in millions, except per share data) Common
Stock 		Preferred
Stock 		Capital
Surplus 		Retained
Earnings 		Accumulated
Other
Comprehensive
Loss 		Treasury
Stock 		Total
Equity
Balance at December 31, 2022 $ 2,051 2,116 3,684 21,689 ( 5,110 ) ( 7,103 ) 17,327
Impact of cumulative effect of change in accounting principle 37 37
Balance at January 1, 2023 $ 2,051 2,116 3,684 21,726 ( 5,110 ) ( 7,103 ) 17,364
Net income 558 558
Other comprehensive income, net of tax 865 865
Cash dividends declared:
Common stock ($ 0.33 per share)
( 229 ) ( 229 )
Preferred stock:
Series I ($ 414.06 per share)
( 7 ) ( 7 )
Series J ($ 492.75 per share)
( 6 ) ( 6 )
Series K ($ 309.38 per share)
( 3 ) ( 3 )
Series L ($ 281.25 per share)
( 4 ) ( 4 )
Class B, Series A ($ 15.00 per share)
( 3 ) ( 3 )
Shares acquired for treasury ( 201 ) ( 201 )
Impact of stock transactions under stock compensation plans, net ( 2 ) 32 30
Balance at March 31, 2023 $ 2,051 2,116 3,682 22,032 ( 4,245 ) ( 7,272 ) 18,364

Balance at December 31, 2023 $ 2,051 2,116 3,757 22,997 ( 4,487 ) ( 7,262 ) 19,172
Impact of cumulative effect of change in accounting principle (a)
( 10 ) ( 10 )
Balance at January 1, 2024 $ 2,051 2,116 3,757 22,987 ( 4,487 ) ( 7,262 ) 19,162
Net income 520 520
Other comprehensive loss, net of tax ( 401 ) ( 401 )
Cash dividends declared:
Common stock ($ 0.35 per share)
( 243 ) ( 243 )
Preferred stock:
Series H ($ 545.09 per share)
( 13 ) ( 13 )
Series I ($ 587.86 per share)
( 10 ) ( 10 )
Series J ($ 551.01 per share)
( 7 ) ( 7 )
Series K ($ 309.38 per share)
( 3 ) ( 3 )
Series L ($ 281.25 per share)
( 4 ) ( 4 )
Class B, Series A ($ 15.00 per share)
( 3 ) ( 3 )
Impact of stock transactions under stock compensation plans, net ( 15 ) 35 20
Balance at March 31, 2024 $ 2,051 2,116 3,742 23,224 ( 4,888 ) ( 7,227 ) 19,018
(a) Related to the adoption of ASU 2023-02 as of January 1, 2024. Refer to Note 3 for additional information.

Refer to the Notes to Condensed Consolidated Financial Statements.




















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Fifth Third Bancorp and Subsidiaries
Condensed Consolidated Financial Statements and Notes (continued)
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)
For the three months ended March 31,
($ in millions) 2024 2023
Operating Activities
Net income $ 520 558
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses 94 164
Depreciation, amortization and accretion 128 117
Stock-based compensation expense 64 76
Benefit from deferred income taxes ( 35 ) ( 42 )
Securities gains, net ( 12 ) ( 5 )
MSR fair value adjustment ( 8 ) 53
Net gains on sales of loans and fair value adjustments on loans held for sale ( 3 ) ( 18 )
Net gains on disposition and impairment of bank premises and equipment and operating lease equipment — ( 1 )
Proceeds from sales of loans held for sale 742 1,335
Loans originated or purchased for sale, net of repayments ( 714 ) ( 1,071 )
Dividends representing return on equity method investments 9 16
Net change in:
Equity and trading debt securities ( 14 ) ( 133 )
Other assets ( 265 ) 514
Accrued taxes, interest and expenses and other liabilities ( 120 ) ( 242 )
Net Cash Provided by Operating Activities 386 1,321
Investing Activities
Proceeds from sales:
AFS securities and other investments 64 2,054
Loans and leases 121 —
Bank premises and equipment 15 3
Proceeds from repayments / maturities of AFS and HTM securities and other investments 1,238 608
Purchases:
AFS securities, equity method investments and other investments ( 1,398 ) ( 2,045 )
Bank premises and equipment ( 65 ) ( 113 )
MSRs — ( 16 )
Proceeds from settlement of BOLI 11 8
Proceeds from sales and dividends representing return of equity method investments 2 14
Net cash received for divestitures 6 —
Net change in:
Other short-term investments ( 758 ) ( 1,443 )
Portfolio loans and leases 526 ( 1,452 )
Operating lease equipment 9 19
Net Cash Used in Investing Activities ( 229 ) ( 2,363 )
Financing Activities
Net change in deposits 675 ( 715 )
Net change in other short-term borrowings and federal funds purchased 56 2,523
Dividends paid on common and preferred stock ( 287 ) ( 294 )
Proceeds from long-term debt issuances/advances 1,495 6
Repayment of long-term debt ( 2,400 ) ( 917 )
Repurchases of treasury stock and related forward contract — ( 200 )
Other ( 42 ) ( 47 )
Net Cash (Used in) Provided by Financing Activities ( 503 ) 356
Decrease in Cash and Due from Banks ( 346 ) ( 686 )
Cash and Due from Banks at Beginning of Period 3,142 3,466
Cash and Due from Banks at End of Period $ 2,796 2,780
Refer to the Notes to Condensed Consolidated Financial Statements. Note 2 contains cash payments related to interest and income taxes in addition to non-cash investing and financing activities.
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Fifth Third Bancorp and Subsidiaries
Notes to Condensed Consolidated Financial Statements (unaudited)

1. Basis of Presentation
The Condensed Consolidated Financial Statements include the accounts of the Bancorp and its majority-owned subsidiaries and VIEs in which the Bancorp has been determined to be the primary beneficiary. Other entities, including certain joint ventures in which the Bancorp has the ability to exercise significant influence over operating and financial policies of the investee, but upon which the Bancorp does not possess control, are accounted for by the equity method and not consolidated. The investments in those entities in which the Bancorp does not have the ability to exercise significant influence are generally carried at fair value unless the investment does not have a readily determinable fair value. The Bancorp accounts for equity investments without a readily determinable fair value using the measurement alternative to fair value, representing the cost of the investment minus any impairment recorded and plus or minus changes resulting from observable price changes in orderly transactions for an identical or a similar investment of the same issuer. Intercompany transactions and balances among consolidated entities have been eliminated.

In the opinion of management, the unaudited Condensed Consolidated Financial Statements include all adjustments, which consist of normal recurring accruals, necessary to present fairly the results for the periods presented. In accordance with U.S. GAAP and the rules and regulations of the SEC for interim financial information, these statements do not include certain information and footnote disclosures required for complete annual financial statements and it is suggested that these Condensed Consolidated Financial Statements be read in conjunction with the Bancorp’s Annual Report on Form 10-K. The results of operations, comprehensive income, cash flows and changes in equity for the three months ended March 31, 2024 and 2023 are not necessarily indicative of the results to be expected for the full year. Financial information as of December 31, 2023 has been derived from the Bancorp’s Annual Report on Form 10-K.

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.

2. Supplemental Cash Flow Information
Cash payments related to interest and income taxes in addition to non-cash investing and financing activities are presented in the following table for the three months ended March 31:
($ in millions) 2024 2023
Cash Payments:
Interest $ 1,294 682
Income taxes 10 21
Transfers:
Portfolio loans and leases to loans and leases held for sale $ 110 3
Loans and leases held for sale to portfolio loans and leases 1 4
Portfolio loans and leases to OREO 1 3
Bank premises and equipment to OREO 4 8
Available-for-sale debt securities to held-to-maturity securities (a)
11,593 —
Supplemental Disclosures:
Net additions to lease liabilities under operating leases
$ 13 1
Net additions to lease liabilities under finance leases
46 —
(a) Represents the fair value of the securities on the date of transfer. Refer to Note 4 for additional information.

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Fifth Third Bancorp and Subsidiaries
Notes to Condensed Consolidated Financial Statements (unaudited)
3. Accounting and Reporting Developments

Standards Adopted in 2024
The Bancorp adopted the following new accounting standards during the three months ended March 31, 2024:

ASU 2022-03 – Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions
In June 2022, the FASB issued ASU 2022-03, which clarifies the guidance in ASC 820 on the fair value measurement of an equity security that is subject to contractual sale restrictions, stating that such restrictions are not considered part of the unit of account of the security and therefore are not considered in measuring fair value. The amended guidance also requires disclosure of the fair value of equity securities subject to contractual sale restrictions and certain additional information about those restrictions. The Bancorp adopted the amended guidance on January 1, 2024 on a prospective basis. The adoption did not have a material impact on the Bancorp’s Condensed Consolidated Financial Statements.

ASU 2023-02 – Investments - Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method
In March 2023, the FASB issued ASU 2023-02, which expands the permitted usage of the proportional amortization method to include additional tax credit investment programs beyond qualifying LIHTC structures if certain conditions are met. The amended guidance permits entities to make elections to apply the proportional amortization method on a program-by-program basis for qualifying programs and also makes certain amendments to measurement and disclosure guidance. The amended disclosure guidance applies to all investments within programs where the proportional amortization method has been elected, including investments within those programs which do not meet the criteria to permit application of the proportional amortization method. The Bancorp adopted the amended guidance on January 1, 2024 on a modified retrospective basis, except for certain provisions which the Bancorp adopted on a prospective basis, as permitted. Upon adoption, the Bancorp recorded a cumulative-effect adjustment to decrease retained earnings by $ 10 million, net of tax.

ASU 2023-07 – Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures
In November 2023, the FASB issued ASU 2023-07, which amends the disclosure requirements for reportable segments. The amendments include new requirements to disclose certain significant segment expenses and other items, the title and position of the chief operating decision maker and information about how the reported measures of segment profit or loss are used in assessing segment performance. The amendments also make certain annual disclosure requirements applicable to interim periods and permit the reporting of multiple measures of segment profit or loss if appropriate. The amended guidance is effective for the Bancorp for the year ending December 31, 2024 and subsequent interim reporting periods beginning in 2025, with early adoption permitted. Upon adoption, the amendments will be applied retrospectively to all prior periods presented. Consistent with this implementation guidance, the Bancorp will provide the amended disclosures within its Annual Report on Form 10-K for the year ended December 31, 2024.

Significant Accounting Standard Issued but Not Yet Adopted
The following significant accounting standard was issued but not yet adopted by the Bancorp as of March 31, 2024:

ASU 2023-09 – Income Taxes (Topic 740): Improvements to Income Tax Disclosures
In December 2023, the FASB issued ASU 2023-09, which amends the disclosure requirements for income taxes. The amendments primarily include new requirements to disclose additional information as part of the reconciliation of the effective tax rate to statutory tax rates, provide the amount of income taxes paid, net of refunds received, and income tax expense disaggregated between federal, state and foreign jurisdictions and provide income before income taxes disaggregated between domestic and foreign jurisdictions. The amendments also discontinue certain other disclosure requirements. The amended guidance is effective for the Bancorp on January 1, 2025, with early adoption permitted, and is to be applied prospectively, with retrospective application permitted. The Bancorp is in the process of evaluating the impact of the amended guidance on its Condensed Consolidated Financial Statements.
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Fifth Third Bancorp and Subsidiaries
Notes to Condensed Consolidated Financial Statements (unaudited)
4. Investment Securities
The following tables provide the amortized cost, unrealized gains and losses and fair value for the major categories of the available-for-sale debt and other securities and held-to-maturity securities portfolios as of:
March 31, 2024 ($ in millions) Amortized
Cost 		Unrealized
Gains 		Unrealized
Losses 		Fair
Value
Available-for-sale debt and other securities:
U.S. Treasury and federal agencies securities $ 2,773 1 — 2,774
Obligations of states and political subdivisions securities 2 — — 2
Mortgage-backed securities:
Agency residential mortgage-backed securities 5,630 — ( 779 ) 4,851
Agency commercial mortgage-backed securities 24,445 1 ( 3,163 ) 21,283
Non-agency commercial mortgage-backed securities 4,837 — ( 403 ) 4,434
Asset-backed securities and other debt securities 4,913 3 ( 269 ) 4,647
Other securities (a)
800 — — 800
Total available-for-sale debt and other securities $ 43,400 5 ( 4,614 ) 38,791
Held-to-maturity securities: (b)
U.S. Treasury and federal agencies securities $ 2,321 — ( 29 ) 2,292
Mortgage-backed securities:
Agency residential mortgage-backed securities 5,194 — ( 109 ) 5,085
Agency commercial mortgage-backed securities 4,003 4 ( 45 ) 3,962
Asset-backed securities and other debt securities 2 — — 2
Total held-to-maturity securities $ 11,520 4 ( 183 ) 11,341
(a) Other securities consist of FHLB, FRB and DTCC restricted stock holdi ngs of $ 301 , $ 496 and $ 3 , respectively, at March 31, 2024, that are carried at cost.
(b) The amortized cost basis of held-to-maturity securities includes a discount of $ 962 at March 31, 2024 pertaining to the unamortized portion of unrealized losses on securities.

December 31, 2023 ($ in millions) Amortized
Cost 		Unrealized
Gains 		Unrealized
Losses 		Fair
Value
Available-for-sale debt and other securities:
U.S. Treasury and federal agencies securities $ 4,477 1 ( 142 ) 4,336
Obligations of states and political subdivisions securities 2 — — 2
Mortgage-backed securities:
Agency residential mortgage-backed securities 11,564 — ( 1,282 ) 10,282
Agency commercial mortgage-backed securities 28,945 5 ( 3,230 ) 25,720
Non-agency commercial mortgage-backed securities 4,872 — ( 427 ) 4,445
Asset-backed securities and other debt securities 5,207 3 ( 298 ) 4,912
Other securities (a)
722 — — 722
Total available-for-sale debt and other securities $ 55,789 9 ( 5,379 ) 50,419
Held-to-maturity securities:
Asset-backed securities and other debt securities $ 2 — — 2
Total held-to-maturity securities $ 2 — — 2
(a) Other securities consist of FHLB, FRB and DTCC restricted stock holdings of $ 224 , $ 496 and $ 2 , respectively, at December 31, 2023, that are carried at cost.

The following table provides the fair value of trading debt securities and equity securities as of:

($ in millions) 		March 31,
2024 		December 31,
2023
Trading debt securities $ 1,151 899
Equity securities 380 613

The amounts reported in the preceding tables exclude accrued interest receivable on investment securities of $ 162 million and $ 146 million at March 31, 2024 and December 31, 2023, respectively, which is presented as a component of other assets in the Condensed Consolidated Balance Sheets.

In January 2024, the Bancorp transferred $ 12.6 billion (amortized cost basis) of securities from available-for-sale to held-to-maturity to reflect the Bancorp’s change in intent to hold these securities to maturity in order to reduce potential capital volatility associated with investment security market price fluctuations. AOCI included pretax unrealized losses of $ 994 million on these securities at the date of transfer. The unrealized losses that existed on the date of transfer will continue to be reported as a component of AOCI and will be amortized
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Fifth Third Bancorp and Subsidiaries
Notes to Condensed Consolidated Financial Statements (unaudited)
into income over the remaining life of the securities as an adjustment to yield, offsetting the amortization of the discount resulting from the transfer recorded at fair value. The amortized cost basis of held-to-maturity securities included a discount of $ 962 million at March 31, 2024 pertaining to the unamortized portion of unrealized losses on securities, which are offset in AOCI.

The Bancorp uses investment securities as a means of managing interest rate risk, providing collateral for pledging purposes and for liquidity risk management. As part of managing interest rate risk, the Bancorp acquires securities as a component of its MSR non-qualifying hedging strategy, with net gains or losses recorded in securities gains, net – non-qualifying hedges on mortgage servicing rights in the Condensed Consolidated Statements of Income.

The following table presents the components of net securities gains and losses recognized in the Condensed Consolidated Statements of Income, including those recognized related to the Bancorp’s non-qualifying hedging strategy for MSRs:
For the three months ended March 31,
($ in millions) 2024 2023
Available-for-sale debt and other securities:
Realized gains $ 2 29
Realized losses — ( 29 )
Impairment losses ( 5 ) —
Net losses on available-for-sale debt and other securities $ ( 3 ) —
Equity securities:
Net realized gains — —
Net unrealized gains 13 4
Net equity securities gains $ 13 4
Total gains recognized in income from available-for-sale debt and other securities, trading debt securities and equity securities (a)
$ 10 4
(a) Excludes $ 2 and $ 1 of net securities gains for the three months ended March 31, 2024 and 2023, respectively, related to securities held by FTS to facilitate the timely execution of customer transactions. These gains are included in commercial banking revenue and wealth and asset management revenue in the Condensed Consolidated Statements of Income.

The Bancorp recognized impairment losses on available-for-sale debt and other securities of $ 5 million during the three months ended March 31, 2024. These losses were included in securities gains, net, in the Condensed Consolidated Statements of Income. These losses related to certain securities in unrealized loss positions where the Bancorp had determined that it no longer intended to hold the securities until the recovery of their amortized cost bases. The Bancorp did not recognize impairment losses on its available-for-sale debt and other securities for the three months ended March 31, 2023.

At both March 31, 2024 and December 31, 2023, the Bancorp did not recognize an allowance for credit losses for its investment securities. The Bancorp also did not recognize a provision for credit losses for investment securities during both the three months ended March 31, 2024 and 2023.

At March 31, 2024 and December 31, 2023, investment securities with a fair value of $ 31.9 billion a nd $ 25.2 billion, respectively, were pledged to secure borrowing capacity, public deposits, trust funds, derivative contracts and for other purposes as required or permitted by law.

The expected maturity distribution of the Bancorp’s mortgage-backed securities and the contractual maturity distribution of the remainder of the Bancorp’s available-for-sale debt and other securities and held-to-maturity securities as of March 31, 2024 are shown in the following table:
($ in millions) Available-for-Sale Debt and Other Held-to-Maturity
Amortized Cost Fair Value Amortized Cost Fair Value
Debt securities: (a)
Due in 1 year or less $ 1,323 1,301 38 38
Due after 1 year through 5 years 16,987 15,961 2,644 2,612
Due after 5 years through 10 years 15,990 13,635 8,210 8,063
Due after 10 years 8,300 7,094 628 628
Other securities 800 800 — —
Total $ 43,400 38,791 11,520 11,341
(a) Actual maturities may differ from contractual maturities when a right to call or prepay obligations exists with or without call or prepayment penalties.

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Fifth Third Bancorp and Subsidiaries
Notes to Condensed Consolidated Financial Statements (unaudited)
The following table provides the fair value and gross unrealized losses on available-for-sale debt and other securities in an unrealized loss position, aggregated by investment category and length of time the individual securities have been in a continuous unrealized loss position as of:
Less than 12 months 12 months or more Total
($ in millions) Fair Value Unrealized
Losses 		Fair Value Unrealized
Losses 		Fair Value Unrealized
Losses
March 31, 2024
U.S. Treasury and federal agencies securities $ 479 — — — 479 —
Agency residential mortgage-backed securities 70 ( 3 ) 4,780 ( 776 ) 4,850 ( 779 )
Agency commercial mortgage-backed securities 3,796 ( 468 ) 17,382 ( 2,695 ) 21,178 ( 3,163 )
Non-agency commercial mortgage-backed securities 35 — 4,398 ( 403 ) 4,433 ( 403 )
Asset-backed securities and other debt securities 213 ( 15 ) 3,996 ( 254 ) 4,209 ( 269 )
Total $ 4,593 ( 486 ) 30,556 ( 4,128 ) 35,149 ( 4,614 )
December 31, 2023
U.S. Treasury and federal agencies securities $ 1,989 ( 3 ) 2,157 ( 139 ) 4,146 ( 142 )
Agency residential mortgage-backed securities 81 ( 2 ) 10,200 ( 1,280 ) 10,281 ( 1,282 )
Agency commercial mortgage-backed securities 5,439 ( 556 ) 19,957 ( 2,674 ) 25,396 ( 3,230 )
Non-agency commercial mortgage-backed securities 141 ( 2 ) 4,284 ( 425 ) 4,425 ( 427 )
Asset-backed securities and other debt securities 340 ( 17 ) 4,184 ( 281 ) 4,524 ( 298 )
Total $ 7,990 ( 580 ) 40,782 ( 4,799 ) 48,772 ( 5,379 )

At March 31, 2024 and December 31, 2023, $ 36 million and $ 45 million, respectively, of unrealized losses in the available-for-sale debt and other securities portfolio were related to non-rated securities.

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Fifth Third Bancorp and Subsidiaries
Notes to Condensed Consolidated Financial Statements (unaudited)
5. Loans and Leases
The Bancorp diversifies its loan and lease portfolio by offering a variety of loan and lease products with various payment terms and rate structures. The Bancorp’s commercial loan and lease portfolio consists of lending to various industry types. Management periodically reviews the performance of its loan and lease products to evaluate whether they are performing within acceptable interest rate and credit risk levels and changes are made to underwriting policies and procedures as needed. The Bancorp maintains an allowance to absorb loan and lease losses that are expected to be incurred over the remaining contractual terms of the related loans and leases. For further information on credit quality and the ALLL, refer to Note 6.

The following table provides a summary of commercial loans and leases classified by primary purpose and consumer loans classified based upon product or collateral as of:

($ in millions) 		March 31,
2024 		December 31,
2023
Loans and leases held for sale:
Commercial and industrial loans $ 30 41
Commercial leases 2 3
Residential mortgage loans 307 334
Total loans and leases held for sale $ 339 378
Portfolio loans and leases:
Commercial and industrial loans $ 52,209 53,270
Commercial mortgage loans 11,346 11,276
Commercial construction loans 5,789 5,621
Commercial leases 2,572 2,579
Total commercial loans and leases $ 71,916 72,746
Residential mortgage loans $ 16,995 17,026
Home equity 3,883 3,916
Indirect secured consumer loans 15,306 14,965
Credit card 1,737 1,865
Solar energy installation loans 3,871 3,728
Other consumer loans 2,777 2,988
Total consumer loans $ 44,569 44,488
Total portfolio loans and leases $ 116,485 117,234

Portfolio loans and leases are recorded net of unearned income, which totaled $ 275 million and $ 272 million as of March 31, 2024 and December 31, 2023, respectively. The amortized cost basis of loans and leases excludes accrued interest receivable of $ 595 million and $ 593 million at March 31, 2024 and December 31, 2023, respectively, which is presented as a component of other assets in the Condensed Consolidated Balance Sheets. Additionally, portfolio loans and leases are recorded net of unamortized premiums and discounts, deferred direct loan origination fees and costs and valuation adjustments associated with loans measured at fair value. These items totaled a net discount of $ 375 million as of March 31, 2024 and $ 395 million as of December 31, 2023, of which $ 875 million and $ 865 million of net discount was related to solar energy installation loans, respectively.

The Bancorp’s FHLB and FRB borrowings are primarily secured by loans. The Bancorp had loans of $ 14.4 billion and $ 14.5 billion as of March 31, 2024 and December 31, 2023, respectively, pledged to the FHLB, and loans of $ 49.3 billion at both March 31, 2024 and December 31, 2023 pledged to the FRB.

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Fifth Third Bancorp and Subsidiaries
Notes to Condensed Consolidated Financial Statements (unaudited)
The following table presents a summary of the total loans and leases owned by the Bancorp as of:
Carrying Value
90 Days Past Due and Still Accruing (a)

($ in millions) 		March 31,
2024 		December 31,
2023 		March 31,
2024 		December 31,
2023
Commercial and industrial loans $ 52,239 53,311 9 8
Commercial mortgage loans 11,346 11,276 — —
Commercial construction loans 5,789 5,621 — —
Commercial leases 2,574 2,582 2 —
Residential mortgage loans 17,302 17,360 5 7
Home equity 3,883 3,916 — —
Indirect secured consumer loans 15,306 14,965 — —
Credit card 1,737 1,865 19 21
Solar energy installation loans 3,871 3,728 — —
Other consumer loans 2,777 2,988 — —
Total loans and leases $ 116,824 117,612 35 36
Less: Loans and leases held for sale 339 378
Total portfolio loans and leases $ 116,485 117,234
(a) Excludes government guaranteed residential mortgage loans.

The following table presents a summary of net charge-offs:
For the three months ended
March 31,
($ in millions) 2024 2023
Commercial and industrial loans $ 35 30
Commercial construction loans — 1
Indirect secured consumer loans 24 14
Credit card 18 15
Solar energy installation loans 12 3
Other consumer loans 21 15
Total net charge-offs $ 110 78

The following table presents the components of the net investment in portfolio leases as of:
($ in millions) (a)
March 31,
2024 		December 31,
2023
Net investment in direct financing leases:
Lease payment receivable (present value) $ 552 556
Unguaranteed residual assets (present value) 109 105
Net investment in sales-type leases:
Lease payment receivable (present value) 1,584 1,585
Unguaranteed residual assets (present value) 83 84
(a) Excludes $ 244 and $ 249 of leveraged leases at March 31, 2024 and December 31, 2023, respectively.

Interest income recognized in the Condensed Consolidated Statements of Income for the three months ended March 31, 2024 and 2023 was $ 9 million and $ 6 million, respectively, for direct financing leases and $ 18 million and $ 15 million, respectively, for sales-type leases.
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Fifth Third Bancorp and Subsidiaries
Notes to Condensed Consolidated Financial Statements (unaudited)
The following table presents undiscounted cash flows for both direct financing and sales-type leases for the remainder of 2024 through 2029 and thereafter as well as a reconciliation of the undiscounted cash flows to the total lease receivables as follows:
As of March 31, 2024 ($ in millions) Direct Financing
Leases 		Sales-Type Leases
Remainder of 2024 $ 131 364
2025 158 487
2026 126 322
2027 90 245
2028 44 172
2029 23 67
Thereafter 34 65
Total undiscounted cash flows $ 606 1,722
Less: Difference between undiscounted cash flows and discounted cash flows 54 138
Present value of lease payments (recognized as lease receivables) $ 552 1,584

The lease residual value represents the present value of the estimated fair value of the leased equipment at the end of the lease. The Bancorp performs quarterly reviews of residual values associated with its leasing portfolio considering factors such as the subject equipment, structure of the transaction, industry, prior experience with the lessee and other factors that impact the residual value to assess for impairment. The Bancorp maintained an allowance of $ 15 million and $ 13 million at March 31, 2024 and December 31, 2023, respectively, to cover the losses that are expected to be incurred over the remaining contractual terms of the related leases, including the potential losses related to the lease residual value. Refer to Note 6 for additional information on credit quality and the ALLL.

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Fifth Third Bancorp and Subsidiaries
Notes to Condensed Consolidated Financial Statements (unaudited)
6. Credit Quality and the Allowance for Loan and Lease Losses
The Bancorp disaggregates ALLL balances and transactions in the ALLL by portfolio segment. Credit quality related disclosures for loans and leases are further disaggregated by class.

Allowance for Loan and Lease Losses
The following tables summarize transactions in the ALLL by portfolio segment:
For the three months ended March 31, 2024 ($ in millions)
Commercial 		Residential
Mortgage
Consumer
Total
Balance, beginning of period $ 1,130 145 1,047 2,322
Losses charged off (a)
( 40 ) — ( 106 ) ( 146 )
Recoveries of losses previously charged off (a)
5 — 31 36
Provision for (benefit from) loan and lease losses 46 ( 5 ) 65 106
Balance, end of period $ 1,141 140 1,037 2,318
(a) The Bancorp recorded $ 8 in both losses charged-off and recoveries of losses previously charged-off related to customer defaults on point-of-sale consumer loans for which the Bancorp obtained recoveries under third-party credit enhancements.

For the three months ended March 31, 2023 ($ in millions)

Commercial
Residential
Mortgage

Consumer

Total
Balance, beginning of period $ 1,127 245 822 2,194
Impact of adoption of ASU 2022-02 4 ( 36 ) ( 17 ) ( 49 )
Losses charged off (a)
( 33 ) ( 1 ) ( 76 ) ( 110 )
Recoveries of losses previously charged off (a)
2 1 29 32
Provision for (benefit from) loan and lease losses 43 ( 24 ) 129 148
Balance, end of period $ 1,143 185 887 2,215
(a) The Bancorp recorded $ 9 in both losses charged-off and recoveries of losses previously charged-off related to customer defaults on point-of-sale consumer loans for which the Bancorp obtained recoveries under third-party credit enhancements.

The following tables provide a summary of the ALLL and related loans and leases classified by portfolio segment:
As of March 31, 2024 ($ in millions)
Commercial 		Residential
Mortgage
Consumer
Total
ALLL: (a)
Individually evaluated $ 117 — 7 124
Collectively evaluated 1,024 140 1,030 2,194
Total ALLL $ 1,141 140 1,037 2,318
Portfolio loans and leases: (b)
Individually evaluated $ 322 132 73 527
Collectively evaluated 71,594 16,750 27,501 115,845
Total portfolio loans and leases $ 71,916 16,882 27,574 116,372
(a) Includes $ 2 related to commercial leveraged leases at March 31, 2024.
(b) Excludes $ 113 of residential mortgage loans measured at fair value and includes $ 244 of commercial leveraged leases, net of unearned income, at March 31, 2024.

As of December 31, 2023 ($ in millions)

Commercial
Residential
Mortgage

Consumer

Total
ALLL: (a)
Individually evaluated $ 90 — 6 96
Collectively evaluated 1,040 145 1,041 2,226
Total ALLL $ 1,130 145 1,047 2,322
Portfolio loans and leases: (b)
Individually evaluated $ 281 126 69 476
Collectively evaluated 72,465 16,784 27,393 116,642
Total portfolio loans and leases $ 72,746 16,910 27,462 117,118
(a) Includes $ 2 related to commercial leveraged leases at December 31, 2023.
(b) Excludes $ 116 of residential mortgage loans measured at fair value and includes $ 249 of commercial leveraged leases, net of unearned income, at December 31, 2023.

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Fifth Third Bancorp and Subsidiaries
Notes to Condensed Consolidated Financial Statements (unaudited)
CREDIT RISK PROFILE
Commercial Portfolio Segment
For purposes of monitoring the credit quality and risk characteristics of its commercial portfolio segment, the Bancorp disaggregates the segment into the following classes: commercial and industrial, commercial mortgage owner-occupied, commercial mortgage nonowner-occupied, commercial construction and commercial leases.

To facilitate the monitoring of credit quality within the commercial portfolio segment, the Bancorp utilizes the following categories of credit ratings: pass, special mention, substandard, doubtful and loss. The five categories, which are derived from standard regulatory rating definitions, are assigned upon initial approval of credit to borrowers and updated periodically thereafter.

Pass ratings, which are assigned to those borrowers that do not have identified potential or well-defined weaknesses and for which there is a high likelihood of orderly repayment, are updated at least annually based on the size and credit characteristics of the borrower. All other categories are updated on a quarterly basis during the month preceding the end of the calendar quarter.

The Bancorp assigns a special mention rating to loans and leases that have potential weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may, at some future date, result in the deterioration of the repayment prospects for the loan or lease or the Bancorp’s credit position.

The Bancorp assigns a substandard rating to loans and leases that are inadequately protected by the current sound worth and paying capacity of the borrower or of the collateral pledged. Substandard loans and leases have well-defined weaknesses or weaknesses that could jeopardize the orderly repayment of the debt. Loans and leases with this rating also are characterized by the distinct possibility that the Bancorp will sustain some loss if the deficiencies noted are not addressed and corrected.

The Bancorp assigns a doubtful rating to loans and leases that have all the attributes of a substandard rating with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions and values, highly questionable and improbable. The possibility of loss is extremely high, but because of certain important and reasonable specific pending factors that may work to the advantage of and strengthen the credit quality of the loan or lease, its classification as an estimated loss is deferred until its more exact status may be determined. Pending factors may include a proposed merger or acquisition, liquidation proceeding, capital injection, perfecting liens on additional collateral or refinancing plans.

Loans and leases classified as loss are considered uncollectible and are charged off in the period in which they are determined to be uncollectible. Because loans and leases in this category are fully charged off, they are not included in the following tables.

For loans and leases that are collectively evaluated for an ACL, the Bancorp utilizes models to forecast expected credit losses over a reasonable and supportable forecast period based on the probability of a loan or lease defaulting, the expected balance at the estimated date of default and the expected loss percentage given a default. For the commercial portfolio segment, the estimates for probability of default are primarily based on internal ratings assigned to each commercial borrower on a 13-point scale and historical observations of how those ratings migrate to a default over time in the context of macroeconomic conditions. For loans with available credit, the estimate of the expected balance at the time of default considers expected utilization rates, which are primarily based on macroeconomic conditions and the utilization history of similar borrowers under those economic conditions. The estimates for loss severity are primarily based on collateral type and coverage levels and the susceptibility of those characteristics to changes in macroeconomic conditions. For more information about the Bancorp’s processes for developing these models, estimating credit losses for periods beyond the reasonable and supportable forecast period and for estimating credit losses for individually evaluated loans, refer to Note 1 of the Notes to Consolidated Financial Statements included in the Bancorp’s Annual Report on Form 10-K for the year ended December 31, 2023.

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Fifth Third Bancorp and Subsidiaries
Notes to Condensed Consolidated Financial Statements (unaudited)
The following tables present the amortized cost basis of the Bancorp’s commercial portfolio segment, by class and vintage, disaggregated by credit risk rating:
As of March 31, 2024 ($ in millions) Term Loans and Leases by Origination Year Revolving Loans
2024 2023 2022 2021 2020 Prior Total
Commercial and industrial loans:
Pass $ 750 1,910 2,999 1,660 526 554 39,802 48,201
Special mention 1 72 75 43 19 87 1,451 1,748
Substandard 13 49 131 59 31 99 1,816 2,198
Doubtful — — — — — — 62 62
Total commercial and industrial loans $ 764 2,031 3,205 1,762 576 740 43,131 52,209
Commercial mortgage owner-occupied loans:

Pass $ 179 897 983 653 367 432 1,456 4,967
Special mention 28 44 17 22 1 18 25 155
Substandard 17 16 24 25 9 46 98 235
Doubtful — — — — — — — —
Total commercial mortgage owner-occupied loans $ 224 957 1,024 700 377 496 1,579 5,357
Commercial mortgage nonowner-occupied loans:

Pass $ 190 867 741 240 316 508 2,683 5,545
Special mention 15 3 193 — 4 1 39 255
Substandard 9 74 1 — — 2 103 189
Doubtful — — — — — — — —
Total commercial mortgage nonowner-occupied loans $ 214 944 935 240 320 511 2,825 5,989
Commercial construction loans:

Pass $ — 77 87 49 41 76 4,811 5,141
Special mention — 1 — — — — 428 429
Substandard — 57 — — — — 162 219
Doubtful — — — — — — — —
Total commercial construction loans $ — 135 87 49 41 76 5,401 5,789
Commercial leases:

Pass $ 453 407 368 427 181 636 — 2,472
Special mention — — — 8 3 20 — 31
Substandard — 19 13 1 5 31 — 69
Doubtful — — — — — — — —
Total commercial leases $ 453 426 381 436 189 687 — 2,572
Total commercial loans and leases:
Pass $ 1,572 4,158 5,178 3,029 1,431 2,206 48,752 66,326
Special mention 44 120 285 73 27 126 1,943 2,618
Substandard 39 215 169 85 45 178 2,179 2,910
Doubtful — — — — — — 62 62
Total commercial loans and leases $ 1,655 4,493 5,632 3,187 1,503 2,510 52,936 71,916

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Fifth Third Bancorp and Subsidiaries
Notes to Condensed Consolidated Financial Statements (unaudited)
As of December 31, 2023 ($ in millions) Term Loans and Leases by Origination Year Revolving Loans
2023 2022 2021 2020 2019 Prior Total
Commercial and industrial loans:
Pass $ 2,124 3,434 1,814 580 263 321 40,889 49,425
Special mention 16 100 60 33 6 105 1,756 2,076
Substandard 105 103 28 18 39 73 1,397 1,763
Doubtful — — — — — — 6 6
Total commercial and industrial loans $ 2,245 3,637 1,902 631 308 499 44,048 53,270
Commercial mortgage owner-occupied loans:
Pass $ 870 1,078 746 408 219 260 1,279 4,860
Special mention 30 23 18 — 6 — 20 97
Substandard 31 22 11 10 45 10 114 243
Doubtful — — — — — — — —
Total commercial mortgage owner-occupied loans $ 931 1,123 775 418 270 270 1,413 5,200
Commercial mortgage nonowner-occupied loans:
Pass $ 886 825 261 348 293 243 2,724 5,580
Special mention 111 166 — 2 — 2 81 362
Substandard 81 1 8 — — 2 42 134
Doubtful — — — — — — — —
Total commercial mortgage nonowner-occupied loans $ 1,078 992 269 350 293 247 2,847 6,076
Commercial construction loans:
Pass $ 171 36 45 41 70 6 4,818 5,187
Special mention — — — — — — 199 199
Substandard 61 — 33 — — — 141 235
Doubtful — — — — — — — —
Total commercial construction loans $ 232 36 78 41 70 6 5,158 5,621
Commercial leases:
Pass $ 598 386 462 202 145 664 — 2,457
Special mention 1 9 12 3 8 14 — 47
Substandard 20 14 1 5 5 30 — 75
Doubtful — — — — — — — —
Total commercial leases $ 619 409 475 210 158 708 — 2,579
Total commercial loans and leases:
Pass $ 4,649 5,759 3,328 1,579 990 1,494 49,710 67,509
Special mention 158 298 90 38 20 121 2,056 2,781
Substandard 298 140 81 33 89 115 1,694 2,450
Doubtful — — — — — — 6 6
Total commercial loans and leases $ 5,105 6,197 3,499 1,650 1,099 1,730 53,466 72,746

The following tables summarize the Bancorp’s gross charge-offs within the commercial portfolio segment, by class and vintage:
For the three months ended March 31, 2024
($ in millions)
Term Loans and Leases by Origination Year Revolving Loans
2024 2023 2022 2021 2020 Prior Total
Commercial loans and leases:
Commercial and industrial loans $ — 1 2 — — — 37 40
Commercial construction loans — — — — — — — —
Total commercial loans and leases $ — 1 2 — — — 37 40
For the three months ended March 31, 2023
($ in millions)
Term Loans and Leases by Origination Year Revolving Loans
2023 2022 2021 2020 2019 Prior Total
Commercial loans and leases:
Commercial and industrial loans $ — 1 11 — — — 20 32
Commercial construction loans — — — — — — 1 1
Total commercial loans and leases $ — 1 11 — — — 21 33
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Fifth Third Bancorp and Subsidiaries
Notes to Condensed Consolidated Financial Statements (unaudited)

Age Analysis of Past Due Commercial Loans and Leases
The following tables summarize the Bancorp’s amortized cost basis in portfolio commercial loans and leases, by age and class:
Current
Loans and
Leases (a)
Past Due Total Loans
and Leases 		90 Days Past
Due and Still
Accruing
As of March 31, 2024 ($ in millions)
30-89
Days (a)
90 Days
or More (a)
Total
Past Due
Commercial loans and leases:
Commercial and industrial loans $ 52,009 76 124 200 52,209 9
Commercial mortgage owner-occupied loans 5,335 20 2 22 5,357 —
Commercial mortgage nonowner-occupied loans 5,985 4 — 4 5,989 —
Commercial construction loans 5,768 21 — 21 5,789 —
Commercial leases 2,548 22 2 24 2,572 2
Total portfolio commercial loans and leases $ 71,645 143 128 271 71,916 11
(a) Includes accrual and nonaccrual loans and leases.

Current
Loans and
Leases (a)
Past Due Total Loans
and Leases 		90 Days Past
Due and Still
Accruing
As of December 31, 2023 ($ in millions)
30-89
Days (a)
90 Days
or More (a)
Total
Past Due
Commercial loans and leases:
Commercial and industrial loans $ 53,107 61 102 163 53,270 8
Commercial mortgage owner-occupied loans 5,196 1 3 4 5,200 —
Commercial mortgage nonowner-occupied loans 6,061 14 1 15 6,076 —
Commercial construction loans 5,621 — — — 5,621 —
Commercial leases 2,562 17 — 17 2,579 —
Total portfolio commercial loans and leases $ 72,547 93 106 199 72,746 8
(a) Includes accrual and nonaccrual loans and leases.

Residential Mortgage and Consumer Portfolio Segments
For purposes of monitoring the credit quality and risk characteristics of its consumer portfolio segment, the Bancorp disaggregates the segment into the following classes: home equity, indirect secured consumer loans, credit card, s olar energy installation loans and other consumer loans. The Bancorp’s residential mortgage portfolio segment is also a separate class.

The Bancorp considers repayment performance as the best indicator of credit quality for residential mortgage and consumer loans, which includes both the delinquency status and performing versus nonperforming status of the loans. The delinquency status of all residential mortgage and consumer loans and the performing versus nonperforming status are presented in the following tables.

For collectively evaluated loans in the consumer and residential mortgage portfolio segments, the Bancorp’s expected credit loss models primarily utilize the borrower’s FICO score and delinquency history in combination with macroeconomic conditions when estimating the probability of default. The estimates for loss severity are primarily based on collateral type and coverage levels and the susceptibility of those characteristics to changes in macroeconomic conditions. The expected balance at the estimated date of default is also especially impactful in the expected credit loss models for portfolio classes which generally have longer terms (such as residential mortgage loans and home equity) and portfolio classes containing a high concentration of loans with revolving privileges (such as home equity). The estimate of the expected balance at the time of default considers expected prepayment and utilization rates where applicable, which are primarily based on macroeconomic conditions and the utilization history of similar borrowers under those economic conditions. Refer to Note 1 of the Notes to Consolidated Financial Statements included in the Bancorp’s Annual Report on Form 10-K for the year ended December 31, 2023 for additional information about the Bancorp’s process for developing these models and its process for estimating credit losses for periods beyond the reasonable and supportable forecast period.

The following tables present the amortized cost basis of the Bancorp’s residential mortgage and consumer portfolio segments, by class and vintage, disaggregated by both age and performing versus nonperforming status:
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Notes to Condensed Consolidated Financial Statements (unaudited)
As of March 31, 2024 ($ in millions) Term Loans by Origination Year Revolving Loans Revolving Loans Converted to Term Loans
2024 2023 2022 2021 2020 Prior Total
Residential mortgage loans:
Performing:
Current (a)
$ 285 1,013 3,104 4,905 2,652 4,760 — — 16,719
30-89 days past due — 1 4 6 1 11 — — 23
90 days or more past due — — 1 1 — 3 — — 5
Nonperforming — — 7 8 8 112 — — 135
Total residential mortgage loans (b)
$ 285 1,014 3,116 4,920 2,661 4,886 — — 16,882
Home equity:

Performing:

Current $ 23 80 40 2 5 99 3,498 51 3,798
30-89 days past due — — — — — 2 23 — 25
90 days or more past due — — — — — — — — —
Nonperforming — — — — — 7 52 1 60
Total home equity $ 23 80 40 2 5 108 3,573 52 3,883
Indirect secured consumer loans:

Performing:









Current $ 1,895 3,737 4,000 3,509 1,308 699 — — 15,148
30-89 days past due 2 23 40 32 14 15 — — 126
90 days or more past due — — — — — — — — —
Nonperforming — 4 11 8 4 5 — — 32
Total indirect secured consumer loans $ 1,897 3,764 4,051 3,549 1,326 719 — — 15,306
Credit card:

Performing:
Current $ — — — — — — 1,667 — 1,667
30-89 days past due — — — — — — 19 — 19
90 days or more past due — — — — — — 19 — 19
Nonperforming — — — — — — 32 — 32
Total credit card $ — — — — — — 1,737 — 1,737
Solar energy installation loans:

Performing:
Current $ 251 2,336 1,166 2 — 37 — — 3,792
30-89 days past due — 9 5 — — — — — 14
90 days or more past due — — — — — — — — —
Nonperforming — 34 30 — — 1 — — 65
Total solar energy installation loans $ 251 2,379 1,201 2 — 38 — — 3,871
Other consumer loans:

Performing:

Current $ 64 483 651 298 224 203 774 45 2,742
30-89 days past due — 4 10 4 2 3 1 1 25
90 days or more past due — — — — — — — — —
Nonperforming — 2 5 1 — 1 — 1 10
Total other consumer loans $ 64 489 666 303 226 207 775 47 2,777
Total residential mortgage and consumer loans:
Performing:
Current $ 2,518 7,649 8,961 8,716 4,189 5,798 5,939 96 43,866
30-89 days past due 2 37 59 42 17 31 43 1 232
90 days or more past due — — 1 1 — 3 19 — 24
Nonperforming — 40 53 17 12 126 84 2 334
Total residential mortgage and consumer loans (b)
$ 2,520 7,726 9,074 8,776 4,218 5,958 6,085 99 44,456
(a) Information includes advances made pursuant to servicing agreements for GNMA mortgage pools whose repayments are insured by the FHA or guaranteed by the VA. As of March 31, 2024, $ 69 of these loans were 30-89 days past due and $ 127 were 90 days or more past due. The Bancorp recognized an immaterial amount of losses during the three months ended March 31, 2024 due to claim denials and curtailments associated with these insured or guaranteed loans.
(b) Excludes $ 113 of residential mortgage loans measured at fair value at March 31, 2024, including $ 1 of 30-89 days past due loans and $ 2 of nonperforming loans.

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Notes to Condensed Consolidated Financial Statements (unaudited)
As of December 31, 2023 ($ in millions) Term Loans by Origination Year Revolving Loans Revolving Loans Converted to Term Loans
2023 2022 2021 2020 2019 Prior Total
Residential mortgage loans:
Performing:
Current (a)
$ 995 3,139 5,001 2,703 943 3,971 — — 16,752
30-89 days past due — 3 6 5 1 14 — — 29
90 days or more past due — 1 1 1 1 3 — — 7
Nonperforming — 6 6 5 4 101 — — 122
Total residential mortgage loans (b)
$ 995 3,149 5,014 2,714 949 4,089 — — 16,910
Home equity:
Performing:
Current $ 84 41 2 6 11 92 3,549 46 3,831
30-89 days past due — — — — — 2 25 1 28
90 days or more past due — — — — — — — — —
Nonperforming — — — — — 6 50 1 57
Total home equity $ 84 41 2 6 11 100 3,624 48 3,916
Indirect secured consumer loans:
Performing:
Current $ 4,126 4,333 3,925 1,527 597 271 — — 14,779
30-89 days past due 22 49 40 19 12 8 — — 150
90 days or more past due — — — — — — — — —
Nonperforming 4 11 9 6 3 3 — — 36
Total indirect secured consumer loans $ 4,152 4,393 3,974 1,552 612 282 — — 14,965
Credit card:
Performing:
Current $ — — — — — — 1,789 — 1,789
30-89 days past due — — — — — — 21 — 21
90 days or more past due — — — — — — 21 — 21
Nonperforming — — — — — — 34 — 34
Total credit card $ — — — — — — 1,865 — 1,865
Solar energy installation loans:

Performing:
Current $ 2,415 1,192 2 — — 41 — — 3,650
30-89 days past due 12 6 — — — — — — 18
90 days or more past due — — — — — — — — —
Nonperforming 29 30 — — — 1 — — 60
Total solar energy installation loans $ 2,456 1,228 2 — — 42 — — 3,728
Other consumer loans:
Performing:
Current $ 511 703 328 246 101 154 859 41 2,943
30-89 days past due 5 15 4 2 2 2 2 1 33
90 days or more past due — — — — — — — — —
Nonperforming 2 6 1 1 1 — — 1 12
Total other consumer loans $ 518 724 333 249 104 156 861 43 2,988
Total residential mortgage and consumer loans:
Performing:
Current $ 8,131 9,408 9,258 4,482 1,652 4,529 6,197 87 43,744
30-89 days past due 39 73 50 26 15 26 48 2 279
90 days or more past due — 1 1 1 1 3 21 — 28
Nonperforming 35 53 16 12 8 111 84 2 321
Total residential mortgage and consumer loans (b)
$ 8,205 9,535 9,325 4,521 1,676 4,669 6,350 91 44,372
(a) Information includes advances made pursuant to servicing agreements for GNMA mortgage pools whose repayments are insured by the FHA or guaranteed by the VA. As of December 31, 2023, $ 79 of these loans were 30-89 days past due and $ 141 were 90 days or more past due. The Bancorp recognized an immaterial amount of losses during the three months ended March 31, 2023, due to claim denials and curtailments associated with these insured or guaranteed loans.
(b) Excludes $ 116 of residential mortgage loans measured at fair value at December 31, 2023, including $ 1 of 30-89 days past due loans and $ 2 of nonperforming loans.
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Notes to Condensed Consolidated Financial Statements (unaudited)

The following tables summarize the Bancorp’s gross charge-offs within the residential mortgage and consumer portfolio segments, by class and vintage:
For the three months ended March 31, 2024
($ in millions)
Term Loans by Origination Year Revolving Loans Revolving Loans Converted to Term Loans
2024 2023 2022 2021 2020 Prior Total
Residential mortgage loans $ — — — — — — — — —
Consumer loans:
Home equity — — — — — — 2 — 2
Indirect secured consumer loans — 8 13 7 3 4 — — 35
Credit card — — — — — — 23 — 23
Solar energy installation loans — 8 6 — — — — — 14
Other consumer loans — 4 11 3 2 3 8 1 32
Total residential mortgage and consumer loans $ — 20 30 10 5 7 33 1 106
For the three months ended March 31, 2023
($ in millions)
Term Loans by Origination Year Revolving Loans Revolving Loans Converted to Term Loans
2023 2022 2021 2020 2019 Prior Total
Residential mortgage loans $ — — — — — 1 — — 1
Consumer loans:
Home equity — — — — — — 1 — 1
Indirect secured consumer loans — 8 6 4 3 2 — — 23
Credit card — — — — — 20 — — 20
Solar energy installation loans — 2 1 — — — — — 3
Other consumer loans — 8 4 3 2 3 8 1 29
Total residential mortgage and consumer loans $ — 18 11 7 5 26 9 1 77

Collateral-Dependent Loans and Leases
The Bancorp considers a loan or lease to be collateral-dependent when the borrower is experiencing financial difficulty and repayment is expected to be provided substantially through the operation or sale of the collateral. When a loan or lease is collateral-dependent, its fair value is generally based on the fair value less cost to sell of the underlying collateral.

The following table presents the amortized cost basis of the Bancorp’s collateral-dependent loans and leases, by portfolio class, as of:
($ in millions) March 31,
2024 		December 31,
2023
Commercial loans and leases:
Commercial and industrial loans $ 292 268
Commercial mortgage owner-occupied loans 27 8
Commercial mortgage nonowner-occupied loans 2 2
Commercial construction loans 1 1
Total commercial loans and leases $ 322 279
Residential mortgage loans 132 126
Consumer loans:
Home equity 55 54
Indirect secured consumer loans 18 15
Total consumer loans $ 73 69
Total portfolio loans and leases $ 527 474

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Notes to Condensed Consolidated Financial Statements (unaudited)
Nonperforming Assets
Nonperforming assets include nonaccrual loans and leases for which ultimate collectability of the full amount of the principal and/or interest is uncertain and certain other assets, including OREO and other repossessed property.

The following table presents the amortized cost basis of the Bancorp’s nonaccrual loans and leases, by class, and OREO and other repossessed property as of:
March 31, 2024 December 31, 2023
($ in millions) With an ALLL No Related
ALLL 		Total With an ALLL No Related
ALLL 		Total
Commercial loans and leases:
Commercial and industrial loans $ 283 49 332 273 31 304
Commercial mortgage owner-occupied loans 12 24 36 11 6 17
Commercial mortgage nonowner-occupied loans 1 2 3 — 3 3
Commercial construction loans — 1 1 — 1 1
Commercial leases — — — — 1 1
Total nonaccrual portfolio commercial loans and leases $ 296 76 372 284 42 326
Residential mortgage loans 37 100 137 26 98 124
Consumer loans:
Home equity 22 38 60 21 36 57
Indirect secured consumer loans 27 5 32 32 4 36
Credit card 32 — 32 34 — 34
Solar energy installation loans 65 — 65 60 — 60
Other consumer loans 10 — 10 12 — 12
Total nonaccrual portfolio consumer loans $ 156 43 199 159 40 199
Total nonaccrual portfolio loans and leases (a)(b)
$ 489 219 708 469 180 649
OREO and other repossessed property — 35 35 — 39 39
Total nonperforming portfolio assets (a)(b)
$ 489 254 743 469 219 688
(a) Excludes $ 5 and $ 1 of nonaccrual loans held for sale as of March 31, 2024 and December 31, 2023, respectively.
(b) Includes $ 20 and $ 19 of nonaccrual government-insured commercial loans whose repayments are insured by the SBA as of March 31, 2024 and December 31, 2023, respectively.

The Bancorp recognized an immaterial amount of interest income on nonaccrual loans and leases for both the three months ended March 31, 2024 and 2023.

The Bancorp’s amortized cost basis of consumer mortgage loans secured by residential real estate properties for which formal foreclosure proceedings are in process according to local requirements of the applicable jurisdiction was $ 108 million and $ 107 million as of March 31, 2024 and December 31, 2023, respectively.

Modifications to Borrowers Experiencing Financial Difficulty
In the course of servicing its loans, the Bancorp works with borrowers who are experiencing financial difficulty to identify solutions that are mutually beneficial to both parties with the objective of mitigating the risk of losses on the loan. These efforts often result in modifications to the payment terms of the loan. The types of modifications offered to borrowers vary by type of loan and may include term extensions, interest rate reductions, payment delays (other than those that are insignificant) or combinations thereof. The Bancorp typically does not provide principal forgiveness except in circumstances where the loan has already been fully or partially charged off.

The Bancorp applies its expected credit loss models consistently to both modified and non-modified loans when estimating the ALLL. For loans which are modified for borrowers experiencing financial difficulty, there is generally not a significant change to the ALLL upon modification because the Bancorp’s ALLL estimation methodologies already consider those borrowers’ financial difficulties and the resulting effects of potential modifications when estimating expected credit losses.

Portfolio loans with an amortized cost basis of $ 207 million and $ 202 million as of March 31, 2024 and 2023, respectively, were modified during the three months ended March 31, 2024 and 2023, respectively, for borrowers experiencing financial difficulty, as further discussed in the following sections. These modifications for the three months ended March 31, 2024 and 2023 represented 0.18 % and 0.16 %, respectively, of total portfolio loans and leases as of March 31, 2024 and 2023, respectively. These amounts excluded $ 8 million and $ 13 million for the three months ended March 31, 2024 and 2023, respectively, of consumer and residential mortgage loans which have been granted a concession under provisions of the Federal Bankruptcy Act and are monitored separately from loans modified under the Bancorp’s loan modification programs. As of March 31, 2024 and December 31, 2023, the Bancorp had commitments of $ 107 million and $ 130 million,
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Notes to Condensed Consolidated Financial Statements (unaudited)
respectively, to lend additional funds to borrowers experiencing financial difficulty whose terms have been modified during the twelve months ended March 31, 2024 and December 31, 2023, respectively.

Commercial portfolio segment
Commercial loan modifications are individually negotiated and may vary depending on the borrower’s financial situation, but the Bancorp most commonly utilizes term extensions for periods of 3 to 12 months. In less common situations and when specifically warranted by the borrower’s situation, the Bancorp may also consider offering commercial borrowers interest rate reductions or payment delays, which may be combined with a term extension.

The following tables present the amortized cost basis as of March 31, 2024 and 2023, respectively, of the Bancorp’s commercial portfolio loans that were modified for borrowers experiencing financial difficulty, by portfolio class and type of modification:
For the three months ended March 31, 2024 ($ in millions)
Term Extension Payment Delay Other Total % of Total Class
Commercial and industrial loans $ 99 53 1 153 0.29 %
Commercial mortgage owner-occupied loans 12 — — 12 0.22
Commercial mortgage nonowner-occupied loans 5 — — 5 0.08
Commercial construction loans — — — — —
Total commercial portfolio loans $ 116 53 1 170 0.24 %

For the three months ended March 31, 2023 ($ in millions) Term Extension Payment Delay Other Total % of Total Class
Commercial and industrial loans $ 105 — 1 106 0.18 %
Commercial mortgage owner-occupied loans 1 — — 1 0.02
Commercial mortgage nonowner-occupied loans 22 — 3 25 0.43
Commercial construction loans 31 — — 31 0.56
Total commercial portfolio loans $ 159 — 4 163 0.21 %

Residential mortgage portfolio segment
The Bancorp has established residential mortgage loan modification programs which define the type of modifications available as well as the eligibility criteria for borrowers. The designs of the Bancorp’s modification programs for residential mortgage loans are similar to those utilized by the various GSEs. The most common modification program utilized for residential mortgage loans is a term extension for up to 480 months from the modification date, combined with a change in interest rate to a fixed rate (which may be an increase or decrease from the rate in the original loan). As part of these modifications, the Bancorp may capitalize delinquent amounts due at the time of the modification into the principal balance of the loan when determining its modified payment structure. For loans where the modification results in a new monthly payment amount, borrowers may be required to complete a trial period of three to four months before the loan is permanently modified. The Bancorp also offers payment delay modifications to qualified borrowers which allow either the delay of repayment for delinquent amounts due until maturity or capitalization of delinquent amounts due into the principal balance of the loan. The number of monthly payments delayed varies by borrower but is most commonly within a range of 6 to 12 months.

The following tables present the amortized cost basis as of March 31, 2024 and 2023, respectively, of the Bancorp’s residential mortgage portfolio loans that were modified for borrowers experiencing financial difficulty, by type of modification:
For the three months ended March 31, 2024 ($ in millions) Total % of Total Class
Payment delay $ 2 0.01 %
Term extension and payment delay 22 0.13
Term extension, interest rate reduction and payment delay 2 0.01
Total residential mortgage portfolio loans $ 26 0.15 %

For the three months ended March 31, 2023 ($ in millions) Total % of Total Class
Payment delay $ 8 0.05 %
Term extension and payment delay 14 0.08
Term extension, interest rate reduction and payment delay 2 0.01
Total residential mortgage portfolio loans $ 24 0.14 %

The Bancorp had $ 1 million and $ 18 million of in-process modifications to residential mortgage loans outstanding as of March 31, 2024 and 2023, respectively, which are excluded from the completed modification activity in the tables above. These in-process modifications will be
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Fifth Third Bancorp and Subsidiaries
Notes to Condensed Consolidated Financial Statements (unaudited)
reported as completed modifications once the borrower satisfies the applicable contingencies in the modification agreement and the loan is contractually modified to make the modified terms permanent.

Consumer portfolio segment
The Bancorp’s modification programs for consumer loans vary based on type of loan. The most common modification program for home equity is a term extension for up to 360 months combined with a delay in repayment of delinquent amounts due until maturity, which may also be combined with an interest rate reduction. Modification programs for credit card typically involve an interest rate reduction and an increase to the minimum monthly payment in order to repay a larger portion of outstanding balances. Modifications for indirect secured consumer loans, solar energy installation loans and other consumer loans are less commonly utilized as part of the Bancorp’s loss mitigation activities and programs vary by specific product type.

The following tables present the amortized cost basis as of March 31, 2024 and 2023, respectively, of the Bancorp’s consumer portfolio loans that were modified for borrowers experiencing financial difficulty, by portfolio class and type of modification:
For the three months ended March 31, 2024 ($ in millions)
Interest Rate Reduction Payment Delay Term Extension and Payment Delay Term Extension, Interest Rate Reduction and Payment Delay Total % of Total Class
Home equity $ 1 — — 2 3 0.08 %
Credit card 7 — — — 7 0.40
Other consumer loans — 1 — — 1 0.04
Total consumer portfolio loans $ 8 1 — 2 11 0.04 %

For the three months ended March 31, 2023 ($ in millions) Interest Rate Reduction Payment Delay Term Extension and Payment Delay Term Extension, Interest Rate Reduction and Payment Delay Total % of Total Class
Home equity $ — — 1 3 4 0.10 %
Credit card 10 — — — 10 0.57
Other consumer loans — 1 — — 1 0.02
Total consumer portfolio loans $ 10 1 1 3 15 0.05 %

Financial effects of loan modifications
The following tables present the financial effects of the Bancorp’s significant types of portfolio loan modifications to borrowers experiencing financial difficulty, by portfolio class:
For the three months ended
March 31,
Financial Effects 2024 2023
Commercial loans:
Commercial and industrial loans Weighted-average length of term extensions 5 months 5 months
Approximate amount of payment delays as a percentage of the related loan balances 26 % N/A
Commercial mortgage owner-
occupied loans
Weighted-average length of term extensions 3 months 4 months
Commercial mortgage nonowner-
occupied loans
Weighted-average length of term extensions 6 months 8 months
Commercial construction loans Weighted-average length of term extensions N/A 12 months
Residential mortgage loans Weighted-average length of term extensions 10.9 years 10.9 years
Approximate amount of payment delays as a percentage of the related loan balances 12 % 16 %
Consumer loans:
Home equity Weighted-average length of term extensions 27.1 years 24.8 years
Weighted-average interest rate reduction
From 9.1 % to 7.3 %
From 8.0 % to 6.5 %
Approximate amount of payment delays as a percentage of the related loan balances 4 % 6 %
Credit card Weighted-average interest rate reduction
From 24.1 % to 4.2 %
From 23.2 % to 3.9 %
Other consumer loans Approximate amount of payment delays as a percentage of the related loan balances 12 % 6 %

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Notes to Condensed Consolidated Financial Statements (unaudited)
Credit quality of modified loans
The Bancorp closely monitors the performance of loans that are modified for borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts.

The following table presents the amortized cost basis as of March 31, 2024 for the Bancorp’s portfolio loans that were modified during the twelve months then ended for borrowers experiencing financial difficulty, by age and portfolio class:
($ in millions)
Past Due
Current 30-89 Days 90 Days or More Total
Commercial loans:
Commercial and industrial loans $ 207 11 56 274
Commercial mortgage owner-occupied loans 21 16 — 37
Commercial mortgage nonowner-occupied loans 50 3 — 53
Commercial construction loans 74 — — 74
Residential mortgage loans 82 12 16 110
Consumer loans:
Home equity 13 1 1 15
Credit card (a)
17 4 3 24
Solar energy installation loans 1 — — 1
Other consumer loans 4 — — 4
Total portfolio loans $ 469 47 76 592
(a) Credit card loans continue to be reported as delinquent after modification as they are not returned to current status until the borrower demonstrates a willingness and ability to repay the loan according to its modified terms.

The following table presents the amortized cost basis as of March 31, 2023 for the Bancorp’s portfolio loans that were modified since January 1, 2023 to borrowers experiencing financial difficulty, by age and portfolio class:

($ in millions) Past Due
Current 30-89 Days 90 Days or More Total
Commercial loans:
Commercial and industrial loans $ 106 — — 106
Commercial mortgage owner-occupied loans 1 — — 1
Commercial mortgage nonowner-occupied loans 25 — — 25
Commercial construction loans 31 — — 31
Residential mortgage loans 23 1 — 24
Consumer loans:
Home equity 4 — — 4
Credit card (a)
6 3 1 10
Solar energy installation loans — — — —
Other consumer loans 1 — — 1
Total portfolio loans $ 197 4 1 202
(a) Credit card loans continue to be reported as delinquent after modification as they are not returned to current status until the borrower demonstrates a willingness and ability to repay the loan according to its modified terms.
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Notes to Condensed Consolidated Financial Statements (unaudited)
The Bancorp considers modifications to borrowers experiencing financial difficulty that subsequently become 90 days or more past due under the modified terms as subsequently defaulted. The following table presents the amortized cost basis of the modifications for borrowers experiencing financial difficulty that subsequently defaulted during the three months ended March 31, 2024 and were within twelve months of the modification date:
($ in millions) Term Extension Interest Rate Reduction Payment Delay Term Extension and Payment Delay Term Extension and Interest Rate Reduction Total
Commercial loans:
Commercial and industrial loans $ 8 — — — 1 9
Residential mortgage loans — — 1 8 — 9
Consumer loans:
Home equity — — — 1 — 1
Credit card — 4 — — — 4
Total portfolio loans $ 8 4 1 9 1 23

There were no modifications to borrowers experiencing financial difficulty completed between January 1, 2023 and March 31, 2023 that had become 90 days or more past due under the modified terms during the three months ended March 31, 2023.
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Notes to Condensed Consolidated Financial Statements (unaudited)
7. Bank Premises and Equipment
The following table provides a summary of bank premises and equipment as of:
($ in millions) March 31,
2024 		December 31,
2023
Equipment $ 2,641 2,578
Buildings (a)
1,743 1,742
Leasehold improvements 692 685
Land and improvements (a)
621 618
Construction in progress (a)
148 180
Bank premises and equipment held for sale:
Land and improvements 12 15
Buildings 4 4
Accumulated depreciation and amortization ( 3,485 ) ( 3,473 )
Total bank premises and equipment $ 2,376 2,349
(a) Buildings, land and improvements and construction in progress included $ 9 associated with parcels of undeveloped land intended for future branch expansion at both March 31, 2024 and December 31, 2023.

The Bancorp monitors changing customer preferences associated with the channels it uses for banking transactions to evaluate the efficiency, competitiveness and quality of the customer service experience in its consumer distribution network. As part of this ongoing assessment, the Bancorp may determine that it is no longer fully committed to maintaining full-service banking centers at certain locations. Similarly, the Bancorp may also determine that it is no longer fully committed to building banking centers on certain parcels of land which had previously been held for future branch expansion. The Bancorp closed a total of 20 banking centers throughout its footprint during the three months ended March 31, 2024.

The Bancorp performs assessments of the recoverability of long-lived assets when events or changes in circumstances indicate that their carrying values may not be recoverable. Impairment losses associated with such assessments and lower of cost or market adjustments were immaterial and $ 1 million for the three months ended March 31, 2024 and 2023, respectively. The recognized impairment losses were recorded in other noninterest income in the Condensed Consolidated Statements of Income.

8. Operating Lease Equipment
Operating lease equipment was $ 427 million and $ 459 million at March 31, 2024 and December 31, 2023, respectively, net of accumulated depreciation of $ 361 million and $ 355 million at March 31, 2024 and December 31, 2023, respectively. The Bancorp recorded lease income of $ 28 million and $ 37 million relating to lease payments for operating leases in leasing business revenue in the Condensed Consolidated Statements of Income during the three months ended March 31, 2024 and 2023, respectively. Depreciation expense related to operating lease equipment was $ 23 million and $ 31 million for the three months ended March 31, 2024 and 2023, respectively. The Bancorp received payments of $ 27 million and $ 41 million related to operating leases during the three months ended March 31, 2024 and 2023, respectively.

The Bancorp performs assessments of the recoverability of long-lived assets when events or changes in circumstances indicate that their carrying values may not be recoverable. As a result of these recoverability assessments, the Bancorp recognized an immaterial amount of impairment losses during the three months ended March 31, 2024 and did not recognize any impairment losses during the three months ended March 31, 2023 associated with operating lease assets. The recognized impairment losses were recorded in leasing business revenue in the Condensed Consolidated Statements of Income.

The following table presents future lease payments receivable from operating leases for the remainder of 2024 through 2029 and thereafter:
As of March 31, 2024 ($ in millions) Undiscounted
Cash Flows
Remainder of 2024 $ 76
2025 78
2026 51
2027 26
2028 11
2029 6
Thereafter 9
Total operating lease payments $ 257

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Notes to Condensed Consolidated Financial Statements (unaudited)
9. Lease Obligations – Lessee
The Bancorp leases certain banking centers, ATM sites, land for owned buildings and equipment. The Bancorp’s lease agreements typically do not contain any residual value guarantees or any material restrictive covenants.

The following table provides a summary of lease assets and lease liabilities as of:
($ in millions) Condensed Consolidated Balance Sheets Caption March 31,
2024 		December 31,
2023
Assets
Operating lease right-of-use assets Other assets $ 510 511
Finance lease right-of-use assets Bank premises and equipment 164 126
Total right-of-use assets (a)
$ 674 637
Liabilities
Operating lease liabilities Accrued taxes, interest and expenses $ 596 601
Finance lease liabilities Long-term debt 176 134
Total lease liabilities $ 772 735
(a)    Operating and finance lease right-of-use assets are recorded net of accumulated amortization of $ 304 and $ 48 , respectively, as of March 31, 2024, and $ 292 and $ 77 , respectively, as of December 31, 2023.

The following table presents the components of lease costs:
($ in millions) Condensed Consolidated Statements of Income Caption For the three months ended
March 31,
2024 2023
Lease costs:
Amortization of ROU assets Net occupancy and equipment expense $ 5 5
Interest on lease liabilities Interest on long-term debt 1 1
Total finance lease costs $ 6 6
Operating lease cost Net occupancy expense $ 22 22
Short-term lease cost Net occupancy expense — 1
Variable lease cost Net occupancy expense 8 7
Sublease income Net occupancy expense ( 1 ) ( 1 )
Total operating lease costs $ 29 29
Total lease costs $ 35 35

The Bancorp performs impairment assessments for ROU assets when events or changes in circumstances indicate that their carrying values may not be recoverable. In addition to the lease costs disclosed in the table above, the Bancorp recognized an immaterial amount and $ 1 million of impairment losses and termination charges for the ROU assets related to certain operating leases during the three months ended March 31, 2024 and 2023, respectively. The recognized losses were recorded in net occupancy expense in the Condensed Consolidated Statements of Income.

The following table presents undiscounted cash flows for both operating leases and finance leases for the remainder of 2024 through 2029 and thereafter as well as a reconciliation of the undiscounted cash flows to the total lease liabilities:
As of March 31, 2024 ($ in millions) Operating
Leases 		Finance
Leases
Total
Remainder of 2024 $ 70 18 88
2025 88 23 111
2026 79 22 101
2027 71 21 92
2028 63 21 84
2029 54 11 65
Thereafter 326 105 431
Total undiscounted cash flows $ 751 221 972
Less: Difference between undiscounted cash flows and discounted cash flows 155 45 200
Present value of lease liabilities $ 596 176 772

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Fifth Third Bancorp and Subsidiaries
Notes to Condensed Consolidated Financial Statements (unaudited)
The following table presents the weighted-average remaining lease term and weighted-average discount rate as of:
March 31,
2024 		December 31,
2023
Weighted-average remaining lease term (years):
Operating leases 11.06 11.07
Finance leases 12.84 15.21
Weighted-average discount rate:
Operating leases 3.80 % 3.72
Finance leases 3.82 3.02

The following table presents information related to lease transactions for the three months ended March 31:
($ in millions) 2024 2023
Cash paid for amounts included in the measurement of lease liabilities: (a)
Operating cash flows from operating leases $ 23 23
Operating cash flows from finance leases 1 1
Financing cash flows from finance leases 5 4
Gains on sale-leaseback transactions — 1
(a)    The cash flows related to short-term and variable lease payments are not included in the amounts presented as they were not included in the measurement of lease liabilities.

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Fifth Third Bancorp and Subsidiaries
Notes to Condensed Consolidated Financial Statements (unaudited)
10. Intangible Assets
Intangible assets consist of core deposit intangibles, developed technology, customer relationships and other intangible assets which include trade names, backlog, operating leases and non-compete agreements. Intangible assets are amortized on either a straight-line or an accelerated basis over their estimated useful lives and, based on the type of intangible asset, the amortization expense may be recorded in either leasing business revenue or other noninterest expense in the Condensed Consolidated Statements of Income.

The details of the Bancorp’s intangible assets are shown in the following table:

($ in millions)
Gross Carrying
Amount
Accumulated
Amortization
Net Carrying
Amount
As of March 31, 2024
Core deposit intangibles
$ 209 ( 189 ) 20
Developed technology 106 ( 37 ) 69
Customer relationships
30 ( 11 ) 19
Other
16 ( 9 ) 7
Total intangible assets
$ 361 ( 246 ) 115
As of December 31, 2023

Core deposit intangibles
$ 209 ( 184 ) 25
Developed technology 106 ( 33 ) 73
Customer relationships
30 ( 10 ) 20
Other
16 ( 9 ) 7
Total intangible assets
$ 361 ( 236 ) 125

As of March 31, 2024, all of the Bancorp’s intangible assets were being amortized. Amortization expense recognized on intangible assets was $ 10 million and $ 12 million for the three months ended March 31, 2024 and 2023, respectively. The Bancorp’s projections of amortization expense shown in the following table are based on existing asset balances as of March 31, 2024. Future amortization expense may vary from these projections.

Estimated amortization expense for the remainder of 2024 through 2028 is as follows:
($ in millions) Total
Remainder of 2024 $ 25
2025 28
2026 22
2027 14
2028 9

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Fifth Third Bancorp and Subsidiaries
Notes to Condensed Consolidated Financial Statements (unaudited)
11. Variable Interest Entities
The Bancorp, in the normal course of business, engages in a variety of activities that involve VIEs, which are legal entities that lack sufficient equity at risk to finance their activities without additional subordinated financial support or the equity investors of the entities as a group lack any of the characteristics of a controlling interest. The Bancorp evaluates its interest in certain entities to determine if these entities meet the definition of a VIE and whether the Bancorp is the primary beneficiary and should consolidate the entity based on the variable interests it held both at inception and when there is a change in circumstances that requires a reconsideration. If the Bancorp is determined to be the primary beneficiary of a VIE, it must account for the VIE as a consolidated subsidiary. If the Bancorp is determined not to be the primary beneficiary of a VIE but holds a variable interest in the entity, such variable interests are accounted for under the equity method of accounting or other accounting standards as appropriate.

Consolidated VIEs
The Bancorp has consolidated VIEs related to automobile loan securitizations and a solar loan securitization where it has determined that it is the primary beneficiary. The following table provides a summary of assets and liabilities carried on the Condensed Consolidated Balance Sheets for the consolidated VIEs as of:
($ in millions) March 31,
2024 		December 31,
2023
Assets:
Other short-term investments $ 48 55
Indirect secured consumer loans 1,383 1,535
Solar energy installation loans 37 38
ALLL ( 26 ) ( 28 )
Other assets 29 10
Total assets $ 1,471 1,610
Liabilities:
Other liabilities $ 25 14
Long-term debt 1,274 1,409
Total liabilities $ 1,299 1,423

In a securitization transaction that occurred in August of 2023, the Bancorp transferred $ 1.74 billion in aggregate automobile loans to a bankruptcy remote trust which was deemed to be a VIE. This trust then issued approximately $ 1.58 billion of asset-backed notes, of which approximately $ 79 million were retained by the Bancorp. Additionally, as a result of a previous business acquisition, the Bancorp acquired interests in a completed securitization transaction in which solar energy installation loans were transferred to a bankruptcy remote trust which was deemed to be a VIE.

In each of these securitization transactions, the primary purposes of the VIEs were to issue asset-backed securities with varying levels of credit subordination and payment priority, as well as residual interests, and to provide access to liquidity for originated loans. The Bancorp retained residual interests in the VIEs and, therefore, has an obligation to absorb losses and a right to receive benefits from the VIEs that could potentially be significant to the VIEs. In addition, the Bancorp retained servicing rights for the underlying loans and, therefore, holds the power to direct the activities of the VIEs that most significantly impact the economic performance of the VIEs. As a result, the Bancorp concluded that it is the primary beneficiary of the VIEs and has consolidated these VIEs. The assets of the VIEs are restricted to the settlement of the asset-backed securities and other obligations of the VIEs. The third-party holders of the asset-backed notes do not have recourse to the general assets of the Bancorp.

The economic performance of the VIEs is most significantly impacted by the performance of the underlying loans. The principal risks to which the VIEs are exposed include credit risk and prepayment risk. The credit and prepayment risks are managed through credit enhancements in the form of reserve accounts, over-collateralization, excess interest on the loans and the subordination of certain classes of asset-backed securities to other classes.

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Fifth Third Bancorp and Subsidiaries
Notes to Condensed Consolidated Financial Statements (unaudited)
Non-consolidated VIEs
The following tables provide a summary of assets and liabilities carried on the Condensed Consolidated Balance Sheets related to non-consolidated VIEs for which the Bancorp holds an interest, but is not the primary beneficiary of the VIE, as well as the Bancorp’s maximum exposure to losses associated with its interests in the entities as of:
March 31, 2024 ($ in millions) Total
Assets 		Total
Liabilities 		Maximum
Exposure
CDC investments $ 1,999 665 2,042
Private equity investments 240 — 406
Loans provided to VIEs 4,286 — 6,550
Lease pool entities 40 — 40
Solar loan securitizations 9 — 9

December 31, 2023 ($ in millions) Total
Assets 		Total
Liabilities 		Maximum
Exposure
CDC investments $ 2,007 690 2,054
Private equity investments 230 — 400
Loans provided to VIEs 4,274 — 6,395
Lease pool entities 42 — 42
Solar loan securitizations 9 — 9

CDC investments
CDC invests in projects to create affordable housing and revitalize business and residential areas. CDC generally co-invests with other unrelated companies and/or individuals and typically makes investments in a separate legal entity that owns the property under development. The entities are usually formed as limited partnerships and LLCs and CDC typically invests as a limited partner/investor member in the form of equity contributions. The economic performance of the VIEs is driven by the performance of their underlying investment projects as well as the VIEs’ ability to operate in compliance with the rules and regulations necessary for the qualification of tax credits generated by equity investments. The Bancorp has determined that it is not the primary beneficiary of these VIEs because it lacks the power to direct the activities that most significantly impact the economic performance of the underlying project or the VIEs’ ability to operate in compliance with the rules and regulations necessary for the qualification of tax credits generated by equity investments. This power is held by the managing members who exercise full and exclusive control of the operations of the VIEs. For information regarding the Bancorp’s accounting for these investments, refer to Note 1 of the Notes to Consolidated Financial Statements included in the Bancorp’s Annual Report on Form 10-K for the year ended December 31, 2023.

The Bancorp’s funding requirements are limited to its invested capital and any additional unfunded commitments for future equity contributions. The Bancorp’s maximum exposure to loss as a result of its involvement with the VIEs is limited to the carrying amounts of the investments, including the unfunded commitments. The carrying amounts of these investments, which are included in other assets in the Condensed Consolidated Balance Sheets, and the liabilities related to the unfunded commitments, which are included in other liabilities in the Condensed Consolidated Balance Sheets, are included in the previous tables for all periods presented. Certain CDC investments include undrawn liquidity and lending commitments which are included in the maximum exposure amount but not included in the Condensed Consolidated Balance Sheets as these commitments are contingent on future events. The Bancorp has no other liquidity arrangements or obligations to purchase assets of the VIEs that would expose the Bancorp to a loss. In certain arrangements, the general partner/managing member of the VIE has guaranteed a level of projected tax credits to be received by the limited partners/investor members, thereby minimizing a portion of the Bancorp’s risk.

The Bancorp utilizes the proportional amortization method to account for its qualifying investments in projects that are related to certain income tax credit programs. Effective with the adoption of ASU 2023-02 on January 1, 2024, these tax credit programs include the LIHTC program established under Section 42 of the IRC, the New Markets Tax Credit program established under Section 45D of the IRC and the Rehabilitation Investment Tax Credit program established under Section 47 of the IRC. Prior to the adoption of ASU 2023-02 on January 1, 2024, the Bancorp utilized the proportional amortization method for its LIHTC investments but other tax credit program investments were accounted for under the equity method.

At March 31, 2024 and December 31, 2023, the Bancorp’s CDC investments included $ 1.8 billion and $ 1.6 billion, respectively, of investments in tax credit programs for which the Bancorp had elected to apply the proportional amortization method. The unfunded commitments related to these investments were $ 665 million and $ 684 million at March 31, 2024 and December 31, 2023, respectively. The unfunded commitments as of March 31, 2024 are expected to be funded from 2024 to 2040 .

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Fifth Third Bancorp and Subsidiaries
Notes to Condensed Consolidated Financial Statements (unaudited)
The following table summarizes the impacts to the Condensed Consolidated Statements of Income related to these investments:
Condensed Consolidated
Statements of Income Caption (a)
For the three months ended March 31,
($ in millions) 2024 2023
Proportional amortization Applicable income tax expense $ 47 43
Tax credits and other benefits (b)
Applicable income tax expense ( 58 ) ( 51 )
Changes in carrying amounts of equity method investments (c)
Other noninterest expense 2 —
(a) The Bancorp did not recognize impairment losses resulting from the forfeiture or ineligibility of tax credits or other circumstances during both the three months ended March 31, 2024 and 2023.
(b) The related cash flows are classified as operating activities in the Condensed Consolidated Statements of Cash Flows primarily in net change in other assets.
(c) These amounts pertain to tax credit program investments which were accounted for under the equity method as they did not meet the qualification criteria for the proportional amortization method.

Private equity investments
The Bancorp invests as a limited partner in private equity investment funds which provide the Bancorp an opportunity to obtain higher rates of return on invested capital, while also providing strategic opportunities in certain cases. Each of the limited partnerships has an unrelated third-party general partner responsible for appointing the fund manager. The Bancorp has not been appointed fund manager for any of these private equity investments. The funds finance primarily all of their activities from the partners’ capital contributions and investment returns. The Bancorp has determined that it is not the primary beneficiary of the funds because it does not have the obligation to absorb the funds’ expected losses or the right to receive the funds’ expected residual returns that could potentially be significant to the funds and lacks the power to direct the activities that most significantly impact the economic performance of the funds. The Bancorp, as a limited partner, does not have substantive participating or substantive kick-out rights over the general partner. Therefore, the Bancorp accounts for its investments in these limited partnerships under the equity method of accounting.

The Bancorp is exposed to losses arising from the negative performance of the underlying investments in the private equity investment funds. As a limited partner, the Bancorp’s maximum exposure to loss is limited to the carrying amounts of the investments plus unfunded commitments. The carrying amounts of these investments, which are included in other assets in the Condensed Consolidated Balance Sheets, are presented in previous tables. Also, at March 31, 2024 and December 31, 2023, the Bancorp’s unfunded commitment amounts to the private equity funds were $ 166 million and $ 170 million, respectively. As part of previous commitments, the Bancorp made capital contributions to private equity investments of $ 14 million and $ 12 million during the three months ended March 31, 2024 and 2023, respectively.

Loans provided to VIEs
The Bancorp has provided funding to certain unconsolidated VIEs sponsored by third parties. These VIEs are generally established to finance certain consumer and small business loans originated by third parties. The entities are primarily funded through the issuance of a loan from the Bancorp or a syndication through which the Bancorp is involved. The sponsor/administrator of the entities is responsible for servicing the underlying assets in the VIEs. Because the sponsor/administrator, not the Bancorp, holds the servicing responsibilities, which include the establishment and employment of default mitigation policies and procedures, the Bancorp does not hold the power to direct the activities that most significantly impact the economic performance of the entity and, therefore, is not the primary beneficiary.

The principal risk to which these entities are exposed is credit risk related to the underlying assets. The Bancorp’s maximum exposure to loss is equal to the carrying amounts of the loans and unfunded commitments to the VIEs. The Bancorp’s outstanding loans to these VIEs are included in commercial loans in Note 5. As of March 31, 2024 and December 31, 2023, the Bancorp’s unfunded commitments to these entities were $ 2.3 billion and $ 2.1 billion, respectively. The loans and unfunded commitments to these VIEs are included in the Bancorp’s overall analysis of the ALLL and reserve for unfunded commitments, respectively. The Bancorp does not provide any implicit or explicit liquidity guarantees or principal value guarantees to these VIEs.

Lease pool entities
The Bancorp is a co-investor with other unrelated leasing companies in three LLCs designed for the purpose of purchasing pools of residual interests in leases which have been originated or purchased by the other investing member. For each LLC, the leasing company is the managing member and has full authority over the day-to-day operations of the entity. While the Bancorp holds more than 50 % of the equity interests in each LLC, the operating agreements require both members to consent to significant corporate actions, such as liquidating the entity or removing the manager. In addition, the Bancorp has a preference with regards to distributions such that all of the Bancorp’s equity contribution for each pool must be distributed, plus a pre-defined rate of return, before the other member may receive distributions. The leasing company is also entitled to the return of its investment plus a pre-defined rate of return before any residual profits are distributed to the members.

The lease pool entities are primarily subject to risk of losses on the lease residuals purchased. The Bancorp’s maximum exposure to loss is equal to the carrying amount of the investments. The Bancorp has determined that it is not the primary beneficiary of these VIEs because it
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Fifth Third Bancorp and Subsidiaries
Notes to Condensed Consolidated Financial Statements (unaudited)
does not have the power to direct the activities that most significantly impact the economic performance of the entities. This power is held by the leasing company, who as managing member controls the servicing of the leases and collection of the proceeds on the residual interests.

Solar loan securitizations
As a result of a previous business acquisition, the Bancorp acquired interests in completed securitization transactions in which solar energy installation loans were transferred to bankruptcy remote trusts which were deemed to be VIEs. In each of these securitization transactions, the primary purposes of the VIEs were to issue asset-backed securities with varying levels of credit subordination and payment priority, as well as residual interests, and to provide access to liquidity for originated loans. The Bancorp retained certain risk retention interests in the classes of securities issued by the VIEs and retained servicing rights for the underlying loans. The Bancorp’s maximum exposure to loss is equal to the carrying amount of the investments. The Bancorp has determined that it is not the primary beneficiary of the VIEs because it does not have the obligation to absorb the VIEs expected losses or the right to receive the VIEs expected residual returns that could potentially be significant to the VIEs. The risk retention interests held by the Bancorp were included in available-for-sale debt and other securities in the Condensed Consolidated Balance Sheets.
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Fifth Third Bancorp and Subsidiaries
Notes to Condensed Consolidated Financial Statements (unaudited)
12. Sales of Receivables and Servicing Rights

Residential Mortgage Loan Sales
The Bancorp sold fixed and adjustable-rate residential mortgage loans during the three months ended March 31, 2024 and 2023. In those sales, the Bancorp obtained servicing responsibilities and provided certain standard representations and warranties; however, the investors have no recourse to the Bancorp’s other assets for failure of debtors to pay when due. The Bancorp receives servicing fees based on a percentage of the outstanding balance. The Bancorp identifies classes of servicing assets based on financial asset type and interest rates.

Information related to residential mortgage loan sales and the Bancorp’s mortgage banking activity, which is included in mortgage banking net revenue in the Condensed Consolidated Statements of Income, is as follows:
For the three months ended
March 31,
($ in millions) 2024 2023
Residential mortgage loan sales (a)
$ 714 1,275
Origination fees and gains on loan sales 14 18
Gross mortgage servicing fees 78 83
(a) Represents the unpaid principal balance at the time of the sale.

Servicing Rights
The Bancorp measures all of its mortgage servicing rights at fair value with changes in fair value reported in mortgage banking net revenue in the Condensed Consolidated Statements of Income.

The following table presents changes in the servicing rights related to residential mortgage loans for the three months ended March 31:
($ in millions) 2024 2023
Balance, beginning of period $ 1,737 1,746
Servicing rights originated 11 16
Servicing rights purchased — 16
Changes in fair value:
Due to changes in inputs or assumptions (a)
41 ( 19 )
Other changes in fair value (b)
( 33 ) ( 34 )
Balance, end of period $ 1,756 1,725
(a) Primarily reflects changes in prepayment speed and OAS assumptions which are updated based on market interest rates.
(b) Primarily reflects changes due to realized cash flows and the passage of time.

The Bancorp maintains a non-qualifying hedging strategy to manage a portion of the risk associated with changes in the value of the MSR portfolio. This strategy may include the purchase of free-standing derivatives and various available-for-sale debt and trading debt securities. The interest income, mark-to-market adjustments and gain or loss from sale activities associated with these portfolios are expected to economically hedge a portion of the change in value of the MSR portfolio caused by fluctuating OAS, earnings rates and prepayment speeds. The fair value of the servicing asset is based on the present value of expected future cash flows.

The following table presents activity related to valuations of the MSR portfolio and the impact of the non-qualifying hedging strategy:
For the three months ended
March 31,
($ in millions) 2024 2023
Securities gains, net – non-qualifying hedges on mortgage servicing rights $ — —
Changes in fair value and settlement of free-standing derivatives purchased to economically hedge the MSR portfolio (a)
( 46 ) 21
MSR fair value adjustment due to changes in inputs or assumptions (a)
41 ( 19 )
(a) Included in mortgage banking net revenue in the Condensed Consolidated Statements of Income.

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Fifth Third Bancorp and Subsidiaries
Notes to Condensed Consolidated Financial Statements (unaudited)
The key economic assumptions used in measuring the servicing rights related to residential mortgage loans that continued to be held by the Bancorp at the date of sale, securitization or purchase resulting from transactions completed during the three months ended March 31, 2024 and 2023 were as follows:
March 31, 2024 March 31, 2023
Weighted-
Average Life
(in years) 		Prepayment
Speed
(annual) 		OAS
(bps) 		Weighted-
Average Life
(in years) 		Prepayment
Speed
(annual) 		OAS
(bps)
Fixed-rate 5.9 14.3 % 503 6.7 12.4 % 621
Adjustable-rate — — — 3.0 27.9 774

At March 31, 2024 and December 31, 2023, the Bancorp serviced $ 99.6 billion and $ 100.8 billion, respectively, of residential mortgage loans for other investors. The value of MSRs that continue to be held by the Bancorp is subject to credit, prepayment and interest rate risks on the sold financial assets. The weighted-average coupon of the MSR portfolio was 3.74 % and 3.72 % at March 31, 2024 and December 31, 2023, respectively.

At March 31, 2024, the sensitivity of the current fair value of residual cash flows to immediate 10%, 20% and 50% adverse changes in prepayment speed assumptions and immediate 10% and 20% adverse changes in OAS for servicing rights related to residential mortgage loans are as follows:
($ in millions) (a)
Prepayment
Speed Assumption 		OAS
Assumption
Fair Value Weighted-
Average Life
(in years) 		Impact of Adverse Change
on Fair Value 		OAS
(bps) 		Impact of Adverse Change on Fair Value
Rate 10% 20% 50% 10% 20%
Fixed-rate $ 1,753 8.7 5.8 % $ ( 40 ) ( 77 ) ( 178 ) 460 $ ( 33 ) ( 65 )
Adjustable-rate 3 3.4 22.9 — — ( 1 ) 702 — —
(a) The impact of the weighted-average default rate on the current fair value of residual cash flows for all scenarios is immaterial.

These sensitivities are hypothetical and should be used with caution. As the figures indicate, changes in fair value based on these variations in the assumptions typically cannot be extrapolated because the relationship of the change in assumption to the change in fair value may not be linear. The Bancorp believes that variations of these levels are reasonably possible; however, there is the potential that adverse changes in key assumptions could be even greater. Also, in the previous table, the effect of a variation in a particular assumption on the fair value of the interests that continue to be held by the Bancorp is calculated without changing any other assumption; in reality, changes in one factor may result in changes in another (for example, increases in market interest rates may result in lower prepayments), which might magnify or counteract these sensitivities.
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Fifth Third Bancorp and Subsidiaries
Notes to Condensed Consolidated Financial Statements (unaudited)
13. Derivative Financial Instruments
The Bancorp maintains an overall risk management strategy that incorporates the use of derivative instruments to reduce certain risks related to interest rate, prepayment and foreign currency volatility. Additionally, the Bancorp holds derivative instruments for the benefit of its commercial customers and for other business purposes. The Bancorp does not enter into unhedged speculative derivative positions.

The Bancorp’s interest rate risk management strategy involves modifying the repricing characteristics of certain financial instruments so that changes in interest rates do not adversely affect the Bancorp’s net interest margin and cash flows. Derivative instruments that the Bancorp may use as part of its interest rate risk management strategy include interest rate swaps, interest rate floors, interest rate caps, forward contracts, forward starting interest rate swaps, options, swaptions and TBA securities. Interest rate swap contracts are exchanges of interest payments, such as fixed-rate payments for floating-rate payments, based on a stated notional amount and maturity date. Interest rate floors protect against declining rates, while interest rate caps protect against rising interest rates. Forward contracts are contracts in which the buyer agrees to purchase, and the seller agrees to make delivery of, a specific financial instrument at a predetermined price or yield. Options provide the purchaser with the right, but not the obligation, to purchase or sell a contracted item during a specified period at an agreed upon price. Swaptions are financial instruments granting the owner the right, but not the obligation, to enter into or cancel a swap.

Prepayment volatility arises mostly from changes in fair value of the largely fixed-rate MSR portfolio, mortgage loans and mortgage-backed securities. The Bancorp may enter into various free-standing derivatives (principal-only swaps, interest rate swaptions, interest rate floors, mortgage options, TBA securities and interest rate swaps) to economically hedge prepayment volatility. Principal-only swaps are total return swaps based on changes in the value of the underlying mortgage principal-only trust. TBA securities are a forward purchase agreement for a mortgage-backed securities trade whereby the terms of the security are undefined at the time the trade is made.

Foreign currency volatility occurs as the Bancorp enters into certain loans denominated in foreign currencies. Derivative instruments that the Bancorp may use to economically hedge these foreign denominated loans include foreign exchange swaps and forward contracts.

The Bancorp also enters into derivative contracts (including foreign exchange contracts, commodity contracts and interest rate contracts) for the benefit of commercial customers and other business purposes. The Bancorp economically hedges significant exposures related to these free-standing derivatives by entering into offsetting third-party contracts with approved, reputable and independent counterparties with substantially matching terms and currencies. Credit risk arises from the possible inability of counterparties to meet the terms of their contracts. The Bancorp’s exposure is limited to the replacement value of the contracts rather than the notional, principal or contract amounts. Credit risk is minimized through credit approvals, limits, counterparty collateral and monitoring procedures.

The fair value of derivative instruments is presented on a gross basis, even when the derivative instruments are subject to master netting arrangements. Derivative instruments with a positive fair value are reported in other assets in the Condensed Consolidated Balance Sheets while derivative instruments with a negative fair value are reported in other liabilities in the Condensed Consolidated Balance Sheets. Cash collateral payables and receivables associated with the derivative instruments are not added to or netted against the fair value amounts with the exception of certain variation margin payments that are considered legal settlements of the derivative contracts. For derivative contracts cleared through certain central clearing parties who have modified their rules to treat variation margin payments as settlements, the variation margin payments are applied to net the fair value of the respective derivative contracts.

The Bancorp’s derivative contracts include certain contractual features in which either the Bancorp or the counterparties may be required to provide collateral, typically in the form of cash or securities, as initial margin and to offset changes in the fair value of the derivatives, including changes in the fair value due to credit risk, either of the Bancorp or the counterparty. In measuring the fair value of its derivative contracts, the Bancorp considers its own credit risk, taking into consideration collateral maintenance requirements of certain derivative counterparties and the duration of instruments with counterparties that do not require collateral maintenance.

As of March 31, 2024 and December 31, 2023, the balance of collateral held by the Bancorp for derivative assets was $ 1.6 billion and $ 1.3 billion, respectively. For derivative contracts cleared through certain central clearing parties whose rules treat variation margin payments as settlements of the derivative contract, the payments for variation margin of $ 576 million and $ 587 million as of March 31, 2024 and December 31, 2023, respectively, were applied to reduce the respective derivative contracts and were also not included in the total amount of collateral held. As of March 31, 2024 and December 31, 2023, the credit component negatively impacting the fair value of derivative assets associated with customer accommodation contracts was $ 3 million and $ 7 million, respectively.

As of March 31, 2024 and December 31, 2023, the balance of collateral posted by the Bancorp, as either initial margin or due to changes in fair value of the related derivative contracts was $ 1.2 billion and $ 1.1 billion, respectively. Additionally, as of March 31, 2024 and December 31, 2023, $ 1.1 billion and $ 721 million, respectively, of variation margin payments were applied to the respective derivative contracts to reduce the Bancorp’s derivative liabilities and were also not included in the total amount of collateral posted. Certain of the Bancorp’s derivative liabilities contain credit risk-related contingent features that could result in the requirement to post additional collateral upon the occurrence of specified events. As of both March 31, 2024 and December 31, 2023, the fair value of the additional collateral that could be required to be posted as a result of the credit risk-related contingent features being triggered was immaterial to the Bancorp’s Condensed Consolidated Financial Statements. The posting of collateral has been determined to remove the need for further consideration of
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Fifth Third Bancorp and Subsidiaries
Notes to Condensed Consolidated Financial Statements (unaudited)
credit risk. As a result, the Bancorp determined that the impact of the Bancorp’s credit risk to the valuation of its derivative liabilities was immaterial to the Bancorp’s Condensed Consolidated Financial Statements.

The Bancorp holds certain derivative instruments that qualify for hedge accounting treatment and are designated as either fair value hedges or cash flow hedges. Derivative instruments that do not qualify for hedge accounting treatment, or for which hedge accounting is not established, are held as free-standing derivatives. All customer accommodation derivatives are held as free-standing derivatives.

The following tables reflect the notional amounts and fair values for all derivative instruments included in the Condensed Consolidated Balance Sheets as of:
Fair Value
March 31, 2024 ($ in millions) Notional
Amount 		Derivative
Assets 		Derivative
Liabilities
Derivatives Designated as Qualifying Hedging Instruments:
Fair value hedges:
Interest rate swaps related to long-term debt $ 5,955 — 35
Total fair value hedges — 35
Cash flow hedges:
Interest rate floors related to C&I loans 3,000 — —
Interest rate swaps related to C&I loans 8,000 2 4
Interest rate swaps related to C&I loans - forward starting (a)
6,000 2 —
Interest rate swaps related to commercial mortgage and commercial construction loans -
forward starting (a)
4,000 1 —
Total cash flow hedges 5 4
Total derivatives designated as qualifying hedging instruments 5 39
Derivatives Not Designated as Qualifying Hedging Instruments:
Free-standing derivatives – risk management and other business purposes:
Interest rate contracts related to MSR portfolio 3,005 13 1
Forward contracts related to residential mortgage loans measured at fair value (b)
1,310 2 3
Swap associated with the sale of Visa, Inc. Class B Shares 4,478 — 162
Foreign exchange contracts 200 — —
Interest-only strips 37 1 —
Interest rate contracts for collateral management 5,000 1 1
Interest rate contracts for LIBOR transition 597 — —
Other 32 — —
Total free-standing derivatives – risk management and other business purposes
17 167
Free-standing derivatives – customer accommodation:
Interest rate contracts (c)(d)
95,913 967 1,268
Interest rate lock commitments 259 5 —
Commodity contracts 17,725 999 999
TBA securities 30 — —
Foreign exchange contracts 36,615 784 750
Total free-standing derivatives – customer accommodation
2,755 3,017
Total derivatives not designated as qualifying hedging instruments 2,772 3,184
Total $ 2,777 3,223
(a) Forward starting swaps will become effective on various dates between June 2024 and February 2025.
(b) Includes forward sale and forward purchase contracts which are utilized to manage market risk on residential mortgage loans held for sale and the related interest rate lock commitments in addition to certain portfolio residential mortgage loans measured at fair value.
(c) Derivative assets and liabilities are presented net of variation margin of $ 371 and $ 67 , respectively.
(d) Includes replacement contracts with a notional amount of approximately $ 675 million which were the result of certain central clearing parties replacing existing LIBOR-based contracts with multiple separate contracts as part of the LIBOR transition.




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Notes to Condensed Consolidated Financial Statements (unaudited)
Fair Value
December 31, 2023 ($ in millions) Notional
Amount 		Derivative
Assets 		Derivative
Liabilities
Derivatives Designated as Qualifying Hedging Instruments:
Fair value hedges:
Interest rate swaps related to long-term debt $ 5,955 — 32
Total fair value hedges — 32
Cash flow hedges:
Interest rate floors related to C&I loans 3,000 1 —
Interest rate swaps related to C&I loans 8,000 2 11
Interest rate swaps related to C&I loans - forward starting (a)
6,000 6 1
Interest rate swaps related to commercial mortgage and commercial construction loans - forward starting (a)
4,000 1 1
Total cash flow hedges 10 13
Total derivatives designated as qualifying hedging instruments 10 45
Derivatives Not Designated as Qualifying Hedging Instruments:
Free-standing derivatives – risk management and other business purposes:
Interest rate contracts related to MSR portfolio 3,205 81 —
Forward contracts related to residential mortgage loans measured at fair value (b)
650 — 5
Swap associated with the sale of Visa, Inc. Class B Shares 4,178 — 168
Foreign exchange contracts 190 — 4
Interest-only strips 39 1 —
Interest rate contracts for collateral management 5,000 1 1
Interest rate contracts for LIBOR transition 597 — —
Other 30 — —
Total free-standing derivatives – risk management and other business purposes
83 178
Free-standing derivatives – customer accommodation:
Interest rate contracts (c)(d)
95,079 885 1,162
Interest rate lock commitments 252 5 —
Commodity contracts 17,621 1,051 1,018
TBA securities 27 — —
Foreign exchange contracts 37,734 643 596
Total free-standing derivatives – customer accommodation
2,584 2,776
Total derivatives not designated as qualifying hedging instruments 2,667 2,954
Total $ 2,677 2,999
(a) Forward starting swaps will become effective on various dates between June 2024 and February 2025.
(b) Includes forward sale and forward purchase contracts which are utilized to manage market risk on residential mortgage loans held for sale and the related interest rate lock commitments in addition to certain portfolio residential mortgage loans measured at fair value.
(c) Derivative assets and liabilities are presented net of variation margin of $ 335 and $ 58 , respectively.
(d) Includes replacement contracts with a notional amount of approximately $ 675 million which were the result of certain central clearing parties replacing existing LIBOR-based contracts with multiple separate contracts as part of the LIBOR transition.

Fair Value Hedges
The Bancorp may enter into interest rate swaps to convert its fixed-rate funding to floating-rate or to hedge the exposure to changes in fair value of a recognized asset attributable to changes in the benchmark interest rate. Decisions to enter into these interest rate swaps are made primarily through consideration of the asset/liability mix of the Bancorp, the desired asset/liability sensitivity and interest rate levels. As of March 31, 2024, certain interest rate swaps met the criteria required to qualify for the shortcut method of accounting that permits the assumption of perfect offset. For all designated fair value hedges of interest rate risk as of March 31, 2024 that were not accounted for under the shortcut method of accounting, the Bancorp performed an assessment of hedge effectiveness using regression analysis with changes in the fair value of the derivative instrument and changes in the fair value of the hedged asset or liability attributable to the hedged risk recorded in the same income statement line in current period net income.

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Notes to Condensed Consolidated Financial Statements (unaudited)
The following table reflects the changes in fair value of interest rate contracts, designated as fair value hedges and the changes in fair value of the related hedged items attributable to the risk being hedged, as well as the line items in the Condensed Consolidated Statements of Income in which the corresponding gains or losses are recorded:
Condensed Consolidated
Statements of
Income Caption 		For the three months ended
March 31,
($ in millions) 2024 2023
Long-term debt:
Change in fair value of interest rate swaps hedging long-term debt Interest on long-term debt $ ( 91 ) 92
Change in fair value of hedged long-term debt attributable to the risk being hedged Interest on long-term debt 91 ( 89 )

The following amounts were recorded in the Condensed Consolidated Balance Sheets related to cumulative basis adjustments for fair value hedges as of:
($ in millions) Condensed Consolidated
Balance Sheets Caption 		March 31,
2024 		December 31,
2023
Long-term debt:
Carrying amount of the hedged items Long-term debt $ 5,808 5,899
Cumulative amount of fair value hedging adjustments included in the carrying amount of the hedged items Long-term debt ( 129 ) ( 38 )
Available-for-sale debt and other securities:
Cumulative amount of fair value hedging adjustments remaining for hedged items for which hedge accounting has been discontinued Available-for-sale debt and other securities ( 11 ) ( 11 )

Cash Flow Hedges
The Bancorp may enter into interest rate swaps to convert floating-rate assets and liabilities to fixed rates or to hedge certain forecasted transactions for the variability in cash flows attributable to the contractually specified interest rate. The assets or liabilities may be grouped in circumstances where they share the same risk exposure that the Bancorp desires to hedge. The Bancorp may also enter into interest rate caps and floors to limit cash flow variability of floating-rate assets and liabilities. As of March 31, 2024, all hedges designated as cash flow hedges were assessed for effectiveness using regression analysis. The entire change in the fair value of the interest rate swap included in the assessment of hedge effectiveness is recorded in AOCI and reclassified from AOCI to current period earnings when the hedged item affects earnings. As of March 31, 2024, the maximum length of time over which the Bancorp is hedging its exposure to the variability in future cash flows is 94 months.

Reclassified gains and losses on interest rate contracts related to commercial loans are recorded within interest income in the Condensed Consolidated Statements of Income. As of March 31, 2024 and December 31, 2023, respectively, $ 619 million and $ 372 million of net deferred losses, net of tax, on cash flow hedges were recorded in AOCI in the Condensed Consolidated Balance Sheets. As of March 31, 2024, $ 291 million in net unrealized losses, net of tax, recorded in AOCI are expected to be reclassified into earnings during the next 12 months. This amount could differ from amounts actually recognized due to changes in interest rates, hedge de-designations or the addition of other hedges subsequent to March 31, 2024.

During both the three months ended March 31, 2024 and 2023, there were no gains or losses reclassified from AOCI into earnings associated with the discontinuance of cash flow hedges because it was probable that the original forecasted transaction would no longer occur by the end of the originally specified time period or within the additional period of time as defined by U.S. GAAP.

The following table presents the pre-tax net (losses) gains recorded in the Condensed Consolidated Statements of Income and in the Condensed Consolidated Statements of Comprehensive Income relating to derivative instruments designated as cash flow hedges:
For the three months ended
March 31,
($ in millions) 2024 2023
Amount of pre-tax net (losses) gains recognized in OCI $ ( 413 ) 278
Amount of pre-tax net losses reclassified from OCI into net income ( 89 ) ( 65 )

Free-Standing Derivative Instruments – Risk Management and Other Business Purposes
As part of its overall risk management strategy relative to its mortgage banking activity, the Bancorp may enter into various free-standing derivatives (principal-only swaps, interest rate swaptions, interest rate floors, mortgage options, TBA securities and interest rate swaps) to economically hedge changes in fair value of its largely fixed-rate MSR portfolio. Principal-only swaps hedge the spread between mortgage rates and benchmark rates because these swaps appreciate in value as a result of tightening spreads. Principal-only swaps also provide prepayment protection by increasing in value when prepayment speeds increase, as opposed to MSRs that lose value in a faster prepayment
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Notes to Condensed Consolidated Financial Statements (unaudited)
environment. Receive-fixed/pay-floating interest rate swaps and swaptions increase in value when interest rates do not increase as quickly as expected.

The Bancorp enters into forward contracts and mortgage options to economically hedge the change in fair value of certain residential mortgage loans held for sale, and certain residential mortgage portfolio loans measured at fair value, due to changes in interest rates. These contracts generally settle within one year or less. IRLCs issued on residential mortgage loan commitments that will be held for sale are also considered free-standing derivative instruments and the interest rate exposure on these commitments is economically hedged primarily with forward contracts. Revaluation gains and losses from free-standing derivatives related to mortgage banking activity are recorded as a component of mortgage banking net revenue in the Condensed Consolidated Statements of Income.

In conjunction with the sale of Visa, Inc. Class B Shares in 2009, the Bancorp entered into a total return swap in which the Bancorp will make or receive payments based on subsequent changes in the conversion rate of the Class B Shares into Class A Shares. This total return swap is accounted for as a free-standing derivative. Refer to Note 21 for more information about significant inputs and assumptions used in the valuation of this instrument.

The Bancorp entered into certain interest rate swap contracts for the purpose of managing its collateral positions across two central clearing parties. These interest rate swaps were perfectly offsetting positions that allowed the Bancorp to lower the cash posted as required initial margin at the clearing parties, which reduced its credit exposure to the clearing parties. Given that all relevant terms for these interest rate swaps are offsetting, these trades create no additional market risk for the Bancorp.

As part of the LIBOR to SOFR transition, the Bancorp received certain interest rate swap contracts from the two central clearing parties that have moved from an Effective Federal Funds Rate discounting curve to a SOFR discounting curve. The purpose of these interest rate swaps was to neutralize the impact on collateral requirements due to the change in discounting curves implemented by the central clearing parties.

The net (losses) gains recorded in the Condensed Consolidated Statements of Income relating to free-standing derivative instruments used for risk management and other business purposes are summarized in the following table:
Condensed Consolidated
Statements of
Income Caption 		For the three months ended
March 31,
($ in millions) 2024 2023
Interest rate contracts:
Interest rate contracts related to MSR portfolio Mortgage banking net revenue $ ( 46 ) 21
Forward contracts related to residential mortgage loans measured at fair value Mortgage banking net revenue 5 ( 9 )
Foreign exchange contracts:
Foreign exchange contracts for risk management purposes Other noninterest income 5 —
Equity contracts:
Swap associated with sale of Visa, Inc. Class B Shares Other noninterest income ( 17 ) ( 31 )

Free-Standing Derivative Instruments – Customer Accommodation
The majority of the free-standing derivative instruments the Bancorp enters into are for the benefit of its commercial customers. These derivative contracts are not designated against specific assets or liabilities on the Condensed Consolidated Balance Sheets or to forecasted transactions and, therefore, do not qualify for hedge accounting. These instruments include foreign exchange derivative contracts entered into for the benefit of commercial customers involved in international trade to hedge their exposure to foreign currency fluctuations, commodity contracts to hedge such items as natural gas and various other derivative contracts. The Bancorp may economically hedge significant exposures related to these derivative contracts entered into for the benefit of customers by entering into offsetting contracts with approved, reputable, independent counterparties with substantially matching terms. The Bancorp hedges its interest rate exposure on commercial customer transactions by executing offsetting swap agreements with primary dealers. Revaluation gains and losses on interest rate, foreign exchange, commodity and other commercial customer derivative contracts are recorded as a component of commercial banking revenue or other noninterest income in the Condensed Consolidated Statements of Income.

The Bancorp enters into risk participation agreements, under which the Bancorp assumes credit exposure relating to certain underlying interest rate derivative contracts. The Bancorp typically only enters into these risk participation agreements in instances in which the Bancorp has participated in the loan that the underlying interest rate derivative contract was designed to hedge. The Bancorp will make payments under these agreements if a customer defaults on its obligation to perform under the terms of the underlying interest rate derivative contract. The total notional amount of the risk participation agreements was $ 3.5 billion and $ 3.6 billion at March 31, 2024 and December 31, 2023, respectively, and the fair value was a liability of $ 6 million at both March 31, 2024 and December 31, 2023, which is included in other liabilities in the Condensed Consolidated Balance Sheets. As of March 31, 2024, the risk participation agreements had a weighted-average remaining life of 2.6 years.

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Notes to Condensed Consolidated Financial Statements (unaudited)
The Bancorp’s maximum exposure in the risk participation agreements is contingent on the fair value of the underlying interest rate derivative contracts in an asset position at the time of default. The Bancorp monitors the credit risk associated with the underlying customers in the risk participation agreements through the same risk grading system currently utilized for establishing loss reserves in its loan and lease portfolio.

Risk ratings of the notional amount of risk participation agreements under this risk rating system are summarized in the following table as of:
($ in millions) March 31,
2024 		December 31,
2023
Pass $ 3,162 3,168
Special mention 206 323
Substandard 115 72
Total $ 3,483 3,563

The net gains (losses) recorded in the Condensed Consolidated Statements of Income relating to free-standing derivative instruments used for customer accommodation are summarized in the following table:
Condensed Consolidated
Statements of Income Caption 		For the three months ended
March 31,
($ in millions) 2024 2023
Interest rate contracts:
Interest rate contracts for customers (contract revenue)
Commercial banking revenue $ 5 10
Interest rate contracts for customers (credit portion of fair value adjustment)
Other noninterest expense 3 ( 3 )
Interest rate lock commitments Mortgage banking net revenue 9 13
Commodity contracts:
Commodity contracts for customers (contract revenue)
Commercial banking revenue 4 10
Commodity contracts for customers (credit portion of fair value adjustment)
Other noninterest expense 1 ( 1 )
Foreign exchange contracts:
Foreign exchange contracts for customers (contract revenue)
Commercial banking revenue 17 19
Foreign exchange contracts for customers (contract revenue)
Other noninterest income 4 ( 3 )
Foreign exchange contracts for customers (credit portion of fair value adjustment)
Other noninterest expense — 1

Offsetting Derivative Financial Instruments
The Bancorp’s derivative transactions are generally governed by ISDA Master Agreements and similar arrangements, which include provisions governing the setoff of assets and liabilities between the parties. When the Bancorp has more than one outstanding derivative transaction with a single counterparty, the setoff provisions contained within these agreements generally allow the non-defaulting party the right to reduce its liability to the defaulting party by amounts eligible for setoff, including the collateral received as well as eligible offsetting transactions with that counterparty, irrespective of the currency, place of payment or booking office. The Bancorp’s policy is to present its derivative assets and derivative liabilities on the Condensed Consolidated Balance Sheets on a gross basis, even when provisions allowing for setoff are in place. However, for derivative contracts cleared through certain central clearing parties who have modified their rules to treat variation margin payments as settlements, the fair value of the respective derivative contracts is reported net of the variation margin payments.

Collateral amounts included in the tables below consist primarily of cash and highly rated government-backed securities and do not include variation margin payments for derivative contracts with legal rights of setoff for both periods shown.

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Notes to Condensed Consolidated Financial Statements (unaudited)
The following table provides a summary of offsetting derivative financial instruments:
Gross Amount
Recognized in the
Condensed Consolidated
Balance Sheets (a)
Gross Amounts Not Offset in the
Condensed Consolidated Balance Sheets
Derivatives
Collateral (b)
Net Amount
As of March 31, 2024
Derivative assets $ 2,772 ( 1,146 ) ( 987 ) 639
Derivative liabilities 3,223 ( 1,146 ) ( 177 ) 1,900
As of December 31, 2023
Derivative assets $ 2,672 ( 1,031 ) ( 877 ) 764
Derivative liabilities 2,999 ( 1,031 ) ( 159 ) 1,809
(a) Amount does not include IRLCs because these instruments are not subject to master netting or similar arrangements.
(b) Amount of collateral received as an offset to asset positions or pledged as an offset to liability positions. Collateral values in excess of related derivative amounts recognized in the Condensed Consolidated Balance Sheets were excluded from this table.

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Notes to Condensed Consolidated Financial Statements (unaudited)
14. Other Short-Term Borrowings
Borrowings with original maturities of one year or less are classified as short-term. The following table presents a summary of the Bancorp’s other short-term borrowings as of:
($ in millions) March 31,
2024 		December 31,
2023
FHLB advances $ 2,500 2,500
Securities sold under repurchase agreements 336 330
Derivative collateral — 3
Other borrowed money 30 28
Total other short-term borrowings $ 2,866 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 Condensed 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 March 31, 2024 and December 31, 2023, all securities sold under repurchase agreements were secured by agency mortgage-backed securities and the repurchase agreements had an overnight remaining contractual maturity.

The Bancorp’s other borrowed money at March 31, 2024 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.

15. Long-Term Debt
On January 29, 2024, the Bancorp issued and sold $ 1.0 billion of fixed-rate/floating-rate senior notes which will mature on January 29, 2032 . The senior notes will bear interest at a rate of 5.631 % per annum to, but excluding, January 29, 2031. From, and including January 29, 2031 until, but excluding January 29, 2032, the senior notes will bear interest at a rate of compounded SOFR plus 1.840 %. The senior notes are redeemable in whole one year prior to their maturity date, or in whole or in part beginning 60 days prior to maturity, at par plus accrued and unpaid interest. Additionally, the senior notes are redeemable at the Bancorp’s option, in whole or in part, beginning 180 days after the issue date and prior to January 29, 2031, at the greater of: (a) the aggregate principal amount of the senior notes being redeemed, plus accrued and unpaid interest, or (b) the present value of the remaining scheduled payments of principal and interest.









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Notes to Condensed Consolidated Financial Statements (unaudited)
16. Commitments, Contingent Liabilities and Guarantees
The Bancorp, in the normal course of business, enters into financial instruments and various agreements to meet the financing needs of its customers. The Bancorp also enters into certain transactions and agreements to manage its interest rate and prepayment risks, provide funding, equipment and locations for its operations and invest in its communities. These instruments and agreements involve, to varying degrees, elements of credit risk, counterparty risk and market risk in excess of the amounts recognized in the Condensed Consolidated Balance Sheets. The creditworthiness of counterparties for all instruments and agreements is evaluated on a case-by-case basis in accordance with the Bancorp’s credit policies. The Bancorp’s significant commitments, contingent liabilities and guarantees in excess of the amounts recognized in the Condensed Consolidated Balance Sheets are discussed in the following sections.

Commitments
The Bancorp has certain commitments to make future payments under contracts. The following table reflects a summary of significant commitments as of:
($ in millions) March 31,
2024 		December 31,
2023
Commitments to extend credit $ 80,465 81,570
Letters of credit 2,017 2,095
Forward contracts related to residential mortgage loans measured at fair value 1,310 650
Capital commitments for private equity investments 166 170
Capital expenditures 64 95
Purchase obligations 58 69

Commitments to extend credit
Commitments to extend credit are agreements to lend, typically having fixed expiration dates or other termination clauses that may require payment of a fee. Since many of the commitments to extend credit may expire without being drawn upon, the total commitment amounts do not necessarily represent future cash flow requirements. The Bancorp is exposed to credit risk in the event of nonperformance by the counterparty for the amount of the contract. Fixed-rate commitments are also subject to market risk resulting from fluctuations in interest rates and the Bancorp’s exposure is limited to the replacement value of those commitments. As of March 31, 2024 and December 31, 2023, the Bancorp had a reserve for unfunded commitments, including letters of credit, totaling $ 154 million and $ 166 million, respectively, included in other liabilities in the Condensed Consolidated Balance Sheets. The Bancorp monitors the credit risk associated with commitments to extend credit using the same standard regulatory risk rating systems utilized for its loan and lease portfolio.

Risk ratings of outstanding commitments to extend credit under this risk rating system are summarized in the following table as of:
($ in millions) March 31,
2024 		December 31,
2023
Pass $ 78,541 79,593
Special mention 1,075 1,301
Substandard 846 676
Doubtful 3 —
Total commitments to extend credit $ 80,465 81,570

Letters of credit
Standby and commercial letters of credit are conditional commitments issued to guarantee the performance of a customer to a third party and expire as summarized in the following table as of March 31, 2024:
($ in millions)
Less than 1 year (a)
$ 1,003
1 - 5 years (a)
1,010
Over 5 years 4
Total letters of credit $ 2,017
(a) Includes $ 7 and $ 3 issued on behalf of commercial customers to facilitate trade payments in U.S. dollars and foreign currencies which expire in less than 1 year and between 1 - 5 years, respectively.

Standby letters of credit accounted for approximately 99 % of total letters of credit at both March 31, 2024 and December 31, 2023 and are considered guarantees in accordance with U.S. GAAP. Approximately 72 % of the total standby letters of credit were collateralized as of both March 31, 2024 and December 31, 2023. In the event of nonperformance by the customers, the Bancorp has rights to the underlying collateral, which can include commercial real estate, physical plant and property, inventory, receivables, cash and marketable securities. The reserve related to these standby letters of credit, which was included in the total reserve for unfunded commitments, was $ 20 million at both
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Notes to Condensed Consolidated Financial Statements (unaudited)
March 31, 2024 and December 31, 2023. The Bancorp monitors the credit risk associated with letters of credit using the same standard regulatory risk rating systems utilized for its loan and lease portfolio.

Risk ratings of outstanding letters of credit under this risk rating system are summarized in the following table as of:
($ in millions) March 31,
2024 		December 31,
2023
Pass $ 1,805 1,902
Special mention 79 81
Substandard 131 112
Doubtful 2 —
Total letters of credit $ 2,017 2,095

At March 31, 2024 and December 31, 2023, the Bancorp had outstanding letters of credit that were supporting certain securities issued as VRDNs. The Bancorp facilitates financing for its commercial customers, which consist of companies and municipalities, by marketing the VRDNs to investors. The VRDNs pay interest to holders at a rate of interest that fluctuates based upon market demand. The VRDNs generally have long-term maturity dates, but can be tendered by the holder for purchase at par value upon proper advance notice. When the VRDNs are tendered, a remarketing agent generally finds another investor to purchase the VRDNs to keep the securities outstanding in the market. At both March 31, 2024 and December 31, 2023, total VRDNs, of which FTS was the remarketing agent for all, were $ 400 million. As remarketing agent, FTS is responsible for actively remarketing VRDNs to other investors when they have been tendered. If another investor is not identified, FTS may choose to purchase the VRDNs into inventory at its discretion while it continues to remarket them. If FTS purchases the VRDNs into inventory, it can subsequently tender back the VRDNs to the issuer’s trustee with proper advance notice. The Bancorp issued letters of credit, as a credit enhancement, to $ 82 million and $ 83 million of the VRDNs remarketed by FTS at March 31, 2024 and December 31, 2023, respectively. These letters of credit are included in the total letters of credit balance provided in the previous tables. The Bancorp held an immaterial amount and $ 6 million of these VRDNs in its portfolio and classified them as trading debt securities at March 31, 2024 and December 31, 2023, respectively.

Forward contracts related to residential mortgage loans measured at fair value
The Bancorp enters into forward contracts and mortgage options to economically hedge the change in fair value of certain residential mortgage loans held for sale, and certain residential mortgage portfolio loans measured at fair value, due to changes in interest rates. The outstanding notional amounts of these forward contracts are included in the summary of significant commitments table for all periods presented.

Other commitments
The Bancorp has entered into a limited number of agreements for work related to banking center construction and to purchase goods or services.

Contingent Liabilities
Legal claims
There are legal claims pending against the Bancorp and its subsidiaries that have arisen in the normal course of business. Refer to Note 17 for additional information regarding these proceedings.

Guarantees
The Bancorp has performance obligations upon the occurrence of certain events under financial guarantees provided in certain contractual arrangements as discussed in the following sections.

Residential mortgage loans sold with representation and warranty provisions
Conforming residential mortgage loans sold to unrelated third parties are generally sold with representation and warranty provisions. A contractual liability arises only in the event of a breach of these representations and warranties and, in general, only when a loss results from the breach. The Bancorp may be required to repurchase any previously sold loan, or indemnify or make whole the investor or insurer for which the representation or warranty of the Bancorp proves to be inaccurate, incomplete or misleading. For more information on how the Bancorp establishes the residential mortgage repurchase reserve, refer to Note 1 of the Notes to Consolidated Financial Statements included in the Bancorp’s Annual Report on Form 10-K for the year ended December 31, 2023.

At both March 31, 2024 and December 31, 2023, the Bancorp maintained reserves related to loans sold with representation and warranty provisions totaling $ 7 million included in other liabilities in the Condensed Consolidated Balance Sheets.

The Bancorp uses the best information available when estimating its mortgage representation and warranty reserve; however, the estimation process is inherently uncertain and imprecise and, accordingly, losses in excess of the amounts reserved as of March 31, 2024 are reasonably possible. The Bancorp currently estimates that it is reasonably possible that it could incur losses related to mortgage representation and
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Notes to Condensed Consolidated Financial Statements (unaudited)
warranty provisions in an amount up to approximately $ 8 million in excess of amounts reserved. This estimate was derived by modifying the key assumptions to reflect management’s judgment regarding reasonably possible adverse changes to those assumptions. The actual repurchase losses could vary significantly from the recorded mortgage representation and warranty reserve or this estimate of reasonably possible losses, depending on the outcome of various factors, including those previously discussed.

During both the three months ended March 31, 2024 and 2023, the Bancorp paid an immaterial amount in the form of make-whole payments and repurchased $ 11 million and $ 18 million, respectively, in outstanding principal of loans to satisfy investor demands. Total repurchase demand requests during the three months ended March 31, 2024 and 2023 were $ 16 million and $ 36 million, respectively. Total outstanding repurchase demand inventory was $ 5 million and $ 8 million at March 31, 2024 and December 31, 2023, respectively.

Margin accounts
FTS, an indirect wholly-owned subsidiary of the Bancorp, guarantees the collection of all margin account balances held by its brokerage clearing agent for the benefit of its customers. FTS is responsible for payment to its brokerage clearing agent for any loss, liability, damage, cost or expense incurred as a result of customers failing to comply with margin or margin maintenance calls on all margin accounts. The margin account balances held by the brokerage clearing agent were $ 6 million at both March 31, 2024 and December 31, 2023. In the event of customer default, FTS has rights to the underlying collateral provided. Given the existence of the underlying collateral provided and negligible historical credit losses, the Bancorp does not maintain a loss reserve related to the margin accounts.

Long-term borrowing obligations
The Bancorp had certain fully and unconditionally guaranteed long-term borrowing obligations issued by wholly-owned issuing trust entities of $ 62 million at both March 31, 2024 and December 31, 2023.

Visa litigation
The Bancorp, as a member bank of Visa prior to Visa’s reorganization and IPO (the “IPO”) of its Class A common shares (the “Class A Shares”) in 2008, had certain indemnification obligations pursuant to Visa’s certificate of incorporation and bylaws and in accordance with its membership agreements. In accordance with Visa’s bylaws prior to the IPO, the Bancorp could have been required to indemnify Visa for the Bancorp’s proportional share of losses based on the pre-IPO membership interests. As part of its reorganization and IPO, the Bancorp’s indemnification obligation was modified to include only certain known or anticipated litigation (the “Covered Litigation”) as of the date of the restructuring. This modification triggered a requirement for the Bancorp to recognize a liability equal to the fair value of the indemnification liability.

In conjunction with the IPO, the Bancorp received 10.1 million of Visa’s Class B common shares (the “Class B Shares”) based on the Bancorp’s membership percentage in Visa prior to the IPO. The Class B Shares were not transferable (other than to another member bank) until the later of the third anniversary of the IPO closing or the date on which the Covered Litigation has been resolved; therefore, the Bancorp’s Class B Shares were classified in other assets and accounted for at their carryover basis of $ 0 . Visa deposited $ 3 billion of the proceeds from the IPO into a litigation escrow account, established for the purpose of funding judgments in, or settlements of, the Covered Litigation. Since then, when Visa’s litigation committee determined that the escrow account was insufficient, Visa issued additional Class A Shares and deposited the proceeds from the sale of the Class A Shares into the litigation escrow account. When Visa funded the litigation escrow account, the Class B Shares were subjected to dilution through an adjustment in the conversion rate of Class B Shares into Class A Shares. On January 23, 2024, Visa announced shareholder approval of changes to its articles of incorporation that would release certain transfer restrictions on portions of Class B Shares. The program will allow holders of Class B Shares to liquidate some of their shares subject to assurances that other Visa stockholders will retain existing protection from exposure to the Covered Litigation.

In 2009, the Bancorp completed the sale of Visa, Inc. Class B Shares and entered into a total return swap in which the Bancorp will make or receive payments based on subsequent changes in the conversion rate of the Class B Shares into Class A Shares. The swap terminates on the later of the third anniversary of Visa’s IPO or the date on which the Covered Litigation is settled. Refer to Note 21 for additional information on the valuation of the swap. The counterparty to the swap as a result of its ownership of the Class B Shares will be impacted by dilutive adjustments to the conversion rate of the Class B Shares into Class A Shares caused by any Covered Litigation losses in excess of the litigation escrow account. If actual judgments in, or settlements of, the Covered Litigation significantly exceed current expectations, then additional funding by Visa of the litigation escrow account and the resulting dilution of the Class B Shares could result in a scenario where the Bancorp’s ultimate exposure associated with the Covered Litigation (the “Visa Litigation Exposure”) exceeds the value of the Class B Shares owned by the swap counterparty (the “Class B Value”). In the event the Bancorp concludes that it is probable that the Visa Litigation Exposure exceeds the Class B Value, the Bancorp would record a litigation reserve liability and a corresponding amount of other noninterest expense for the amount of the excess. Any such litigation reserve liability would be separate and distinct from the fair value derivative liability associated with the total return swap.

As of the date of the Bancorp’s sale of the Visa Class B Shares and through March 31, 2024, the Bancorp has concluded that it is not probable that the Visa Litigation Exposure will exceed the Class B value. Based on this determination, upon the sale of Class B Shares, the Bancorp reversed its net Visa litigation reserve liability and recognized a free-standing derivative liability associated with the total return swap. The
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fair value of the swap liability was $ 162 million at March 31, 2024 and $ 168 million at December 31, 2023. Refer to Note 13 and Note 21 for further information.

After the Bancorp’s sale of the Class B Shares, Visa has funded additional amounts into the litigation escrow account which have resulted in further dilutive adjustments to the conversion of Class B Shares into Class A Shares, and along with other terms of the total return swap, required the Bancorp to make cash payments in varying amounts to the swap counterparty as follows:

Period ($ in millions) Visa
Funding Amount 		Bancorp Cash
Payment Amount
Q2 2010 $ 500 20
Q4 2010 800 35
Q2 2011 400 19
Q1 2012 1,565 75
Q3 2012 150 6
Q3 2014 450 18
Q2 2018 600 26
Q3 2019 300 12
Q4 2021 250 11
Q2 2022 600 25
Q4 2022 350 15
Q2 2023 500 21
Q3 2023 150 6
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17. Legal and Regulatory Proceedings

Litigation
Visa/MasterCard Merchant Interchange Litigation
In April 2006, the Bancorp was added as a defendant in a consolidated antitrust class action lawsuit originally filed against Visa®, MasterCard® and several other major financial institutions in the United States District Court for the Eastern District of New York (In re: Payment Card Interchange Fee and Merchant Discount Antitrust Litigation, Case No. 5-MD-1720). The plaintiffs, merchants operating commercial businesses throughout the U.S. and trade associations, claimed that the interchange fees charged by card-issuing banks were unreasonable and sought injunctive relief and unspecified damages. In addition to being a named defendant, the Bancorp is currently also subject to a possible indemnification obligation of Visa as discussed in Note 16 and has also entered into judgment and loss sharing agreements with Visa, MasterCard and certain other named defendants. In October 2012, the parties to the litigation entered into a settlement agreement that was initially approved by the trial court but reversed by the U.S. Second Circuit Court of Appeals and remanded to the district court for further proceedings. More than 500 of the merchants who requested exclusion from the class filed separate federal lawsuits against Visa, MasterCard and certain other defendants alleging similar antitrust violations. These individual federal lawsuits were transferred to the United States District Court for the Eastern District of New York. While the Bancorp is only named as a defendant in one of the individual federal lawsuits, it may have obligations pursuant to indemnification arrangements and/or the judgment or loss sharing agreements noted above. On September 17, 2018, the defendants in the consolidated class action signed a second settlement agreement (the “Amended Settlement Agreement”) resolving the claims seeking monetary damages by the proposed plaintiffs’ class (the “Plaintiff Damages Class”) and superseding the original settlement agreement entered into in October 2012. The Amended Settlement Agreement included, among other terms, a release from participating class members for liability for claims that accrue no later than five years after the Amended Settlement Agreement becomes final. The Amended Settlement Agreement provided for a total payment by all defendants of approximately $ 6.24 billion, composed of approximately $ 5.34 billion held in escrow plus an additional $ 900 million in new funds. Pursuant to the terms of the Settlement Agreement, $ 700 million of the additional $ 900 million has been returned to the defendants due to the level of opt-outs from the class. The Bancorp’s allocated share of the settlement is within existing reserves, including funds maintained in escrow. On December 13, 2019, the Court entered an order granting final approval for the settlement, and on March 15, 2023, the Second Circuit affirmed that order. The settlement does not resolve the claims of the separate proposed plaintiffs’ class seeking injunctive relief or the claims of merchants who have opted out of the proposed class settlement and are pursuing, or may in the future decide to pursue, private lawsuits. On September 27, 2021, the Court entered an order certifying a class of merchants pursuing claims for injunctive relief. On March 26, 2024, Plaintiffs filed a motion seeking preliminary approval of a settlement that would resolve class claims for injunctive relief. The ultimate outcome in this matter, including the timing of resolution, remains uncertain. Refer to Note 16 for further information.

Klopfenstein v. Fifth Third Bank
On August 3, 2012, William Klopfenstein and Adam McKinney filed a lawsuit against Fifth Third Bank in the United States District Court for the Northern District of Ohio (Klopfenstein et al. v. Fifth Third Bank), alleging that the 120 % APR that Fifth Third disclosed on its Early Access program was misleading. Early Access is a deposit-advance program offered to eligible customers with checking accounts. The plaintiffs sought to represent a nationwide class of customers who used the Early Access program and repaid their cash advances within 30 days. On October 31, 2012, the case was transferred to the United States District Court for the Southern District of Ohio. In 2013, four similar putative class action lawsuits were filed against Fifth Third Bank in federal courts throughout the country (Lori and Danielle Laskaris v. Fifth Third Bank, Janet Fyock v. Fifth Third Bank, Jesse McQuillen v. Fifth Third Bank, and Brian Harrison v. Fifth Third Bank). Those four lawsuits were transferred to the Southern District of Ohio and consolidated with the original lawsuit as In re: Fifth Third Early Access Cash Advance Litigation (Case No. 1:12-CV-851). On behalf of a putative class, the plaintiffs sought unspecified monetary and statutory damages, injunctive relief, punitive damages, attorneys’ fees, and pre- and post-judgment interest. On March 30, 2015, the court dismissed all claims alleged in the consolidated lawsuit except a claim under the TILA. On May 28, 2019, the Sixth Circuit Court of Appeals reversed the dismissal of plaintiffs’ breach of contract claim and remanded for further proceedings. The plaintiffs’ claimed damages for the alleged breach of contract claim exceed $ 440 million, plus prejudgment interest. On March 26, 2021, the trial court granted plaintiffs’ motion for class certification. On March 29, 2023, the trial court issued an order granting summary judgement on plaintiffs’ TILA claim, with statutory damages capped at $ 2 million plus costs and attorney fees. Plaintiffs’ claim for breach of contract proceeded to trial beginning on April 17, 2023. On April 27, 2023, the jury returned a verdict in favor of the Bank, finding a breach of contract, but that the voluntary payment doctrine is a complete defense to the breach of contract claim. Both parties have filed post-trial motions related to the jury verdict, which are currently pending before the trial court.

Bureau of Consumer Financial Protection v. Fifth Third Bank, National Association
On March 9, 2020, the CFPB filed a lawsuit against Fifth Third in the United States District Court for the Northern District of Illinois entitled CFPB v. Fifth Third Bank, National Association, Case No. 1:20-CV-1683, alleging violations of the Consumer Financial Protection Act, TILA, and Truth in Savings Act related to Fifth Third’s alleged opening of unspecified numbers of allegedly unauthorized credit card, savings, checking, online banking and early access accounts from 2010 through 2016. The CFPB seeks unspecified amounts of civil monetary penalties as well as unspecified customer remediation. On February 12, 2021, the court granted Fifth Third’s motion to transfer venue to the United States District Court for the Southern District of Ohio. On September 26, 2023, the trial court entered an order on Fifth Third’s motion to dismiss, holding certain constitutional questions in abeyance pending determination by the United States Supreme Court,
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and granting Fifth Third’s motion to the extent it argued that the CFPB could not pursue Consumer Protection Act violations occurring prior to July 21, 2011. The court denied Fifth Third’s motion as to all other issues, and the case is currently in discovery. No trial date has been set.

Howards v. Fifth Third Bank
On March 8, 2018, Plaintiff Troy Howards filed a putative class action against Fifth Third Bank in the United States District Court for the Central District of California (Case No. 1:18-CV-869, S.D. OH 2018), alleging that Fifth Third improperly charged certain fees related to insufficient funds, customer overdrafts, and out-of-network ATM use. Venue was subsequently transferred to the United States District Court for the Southern District of Ohio. Plaintiff filed claims for breach of contract, breach of the implied covenant of good faith and fair dealing, for violation of the California Unfair Competition Law (Ca. Bus. & Prof. Code sec. 17200, et seq.), and the California Consumer Legal Remedies Act (Cal. Civ. Code sec. 1750 et seq.). Plaintiff seeks to represent putative nationwide classes and California classes of consumers allegedly charged improper repeated insufficient funds fees, improper overdraft fees, and fees for out-of-network ATM use from the beginning of the applicable statute of limitations to present. Plaintiff seeks damages of restitution and disgorgement in the amount of the allegedly unlawfully charged fees, damages proved at trial together with interest as allowed by applicable law. Fifth Third filed a motion to dismiss all claims. On February 6, 2023, the trial court issued an order dismissing the Plaintiff’s breach of contract claim with respect to out-of-network ATM fees and dismissing the two claims for violations of California consumer protection statutes. The Court denied Fifth Third’s motion to dismiss as it relates to the claims for breach of contract and breach of the implied covenant of good faith and fair dealing for certain customer overdrafts and insufficient funds fees. The case is in discovery, and no trial date has been set.

Other litigation
The Bancorp and its subsidiaries are not parties to any other material litigation at this time. However, there are other litigation matters that arise in the normal course of business, which include, or may include, claims related to product features, pricing and other lending practices. While it is impossible to ascertain the ultimate resolution or range of financial liability with respect to these contingent matters, management believes that the resulting liability, if any, from these other actions would not have a material effect upon the Bancorp’s consolidated financial position, results of operations or cash flows. However, it is possible that the ultimate resolution of a matter, if unfavorable, may be material to the Bancorp’s consolidated financial position, results of operations or cash flows.

Record-Keeping Investigations
The Commodity Futures Trading Commission is conducting an investigation into the Bancorp’s registered swap dealer concerning compliance with certain record-keeping requirements for business-related electronic communications.

Governmental Investigations and Proceedings
The Bancorp and/or its affiliates are or may become involved in information-gathering requests, reviews, investigations and proceedings (both formal and informal) by various governmental regulatory agencies and law enforcement authorities, including but not limited to the FRB, OCC, CFPB, SEC, FINRA, U.S. Department of Justice, etc., as well as state and other governmental authorities and self-regulatory bodies regarding their respective businesses. For example, Fifth Third Bank, National Association is currently cooperating with investigations related to several civil investigative demands by a number of state attorneys general regarding the residential solar installation industry and lending practices of credit providers to this market, which includes Dividend Solar Finance, LLC, which the Bank acquired in May 2022. Among these are investigations related to multiple lenders by a coalition of 17 state attorneys general relating to the Chapter 7 bankruptcy filing of one such installer, Power Home Solar, LLC, dba Pink Energy. Dividend Solar Finance, LLC financed installations of Power Home Solar, LLC customers in 11 of the 17 states represented by the coalition. Additional matters will likely arise from time to time. Any of these matters may result in material adverse consequences or reputational harm to the Bancorp, its affiliates and/or their respective directors, officers and other personnel, including adverse judgments, findings, settlements, fines, penalties, orders, injunctions or other actions, amendments and/or restatements of the Bancorp’s SEC filings and/or financial statements, as applicable, and/or determinations of material weaknesses in our disclosure controls and procedures. Investigations by regulatory authorities may from time to time result in civil or criminal referrals to law enforcement. Additionally, in some cases, regulatory authorities may take supervisory actions that are considered to be confidential supervisory information which may not be publicly disclosed.

Reasonably Possible Losses in Excess of Accruals
The Bancorp and its subsidiaries are parties to numerous claims and lawsuits as well as threatened or potential actions or claims concerning matters arising from the conduct of its business activities. The outcome of claims or litigation and the timing of ultimate resolution are inherently difficult to predict. The following factors, among others, contribute to this lack of predictability: claims often include significant legal uncertainties, damages alleged by plaintiffs are often unspecified or overstated, discovery may not have started or may not be complete and material facts may be disputed or unsubstantiated. As a result of these factors, the Bancorp is not always able to provide an estimate of the range of reasonably possible outcomes for each claim. An accrual for a potential litigation loss is established when information related to the loss contingency indicates both that a loss is probable and that the amount of loss can be reasonably estimated. Any such accrual is adjusted from time to time thereafter as appropriate to reflect changes in circumstances. The Bancorp also determines, when possible (due to the uncertainties described above), estimates of reasonably possible losses or ranges of reasonably possible losses, in excess of amounts accrued. Under U.S. GAAP, an event is “reasonably possible” if “the chance of the future event or events occurring is more than remote but less than likely” and an event is “remote” if “the chance of the future event or events occurring is slight.” Thus, references to the upper end of the range of reasonably possible loss for cases in which the Bancorp is able to estimate a range of reasonably possible loss mean the upper
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end of the range of loss for cases for which the Bancorp believes the risk of loss is more than slight. For matters where the Bancorp is able to estimate such possible losses or ranges of possible losses, the Bancorp currently estimates that it is reasonably possible that it could incur losses related to legal and regulatory proceedings in an aggregate amount up to approximately $ 102 million in excess of amounts accrued, with it also being reasonably possible that no losses will be incurred in these matters. The estimates included in this amount are based on the Bancorp’s analysis of currently available information, and as new information is obtained the Bancorp may change its estimates.

For these matters and others where an unfavorable outcome is reasonably possible but not probable, there may be a range of possible losses in excess of the established accrual that cannot be estimated. Based on information currently available, advice of counsel, available insurance coverage and established accruals, the Bancorp believes that the eventual outcome of the actions against the Bancorp and/or its subsidiaries, including the matters described above, will not, individually or in the aggregate, have a material adverse effect on the Bancorp’s consolidated financial position. However, in the event of unexpected future developments, it is possible that the ultimate resolution of those matters, if unfavorable, may be material to the Bancorp’s results of operations for any particular period, depending, in part, upon the size of the loss or liability imposed and the operating results for the applicable period.

18. Income Taxes
The applicable income tax expense was $ 138 million and $ 160 million for the three months ended March 31, 2024 and 2023, respectively. The effective tax rates for the three months ended March 31, 2024 and 2023 were 21.1 % and 22.3 %, respectively.

While it is reasonably possible that the amount of the unrecognized tax benefits with respect to certain of the Bancorp’s uncertain tax positions could increase or decrease during the next twelve months, the Bancorp believes it is unlikely that its unrecognized tax benefits will change by a material amount during the next twelve months.
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19. Accumulated Other Comprehensive Income
The tables below present the activity of the components of OCI and AOCI for the three months ended:

Total OCI Total AOCI
March 31, 2024 ($ in millions) Pre-tax
Activity 		Tax
Effect 		Net
Activity 		Beginning
Balance 		Net
Activity 		Ending
Balance
Unrealized holding losses on available-for-sale debt securities arising during period $ ( 236 ) 54 ( 182 )
Unrealized losses on available-for-sale debt securities transferred to held-to-maturity securities 994 ( 209 ) 785
Reclassification adjustment for net losses on available-for-sale debt securities included in net income 3 — 3
Net unrealized losses on available-for-sale debt securities 761 ( 155 ) 606 ( 4,094 ) 606 ( 3,488 )
Unrealized losses on available-for-sale debt securities transferred to held-to-maturity securities ( 994 ) 209 ( 785 )
Amortization of unrealized losses on available-for-sale debt securities transferred to held-to-maturity securities included in net income 32 ( 7 ) 25
Net unrealized losses on available-for-sale debt securities transferred to held-to-maturity securities ( 962 ) 202 ( 760 ) — ( 760 ) ( 760 )
Unrealized holding losses on cash flow hedge derivatives arising during period ( 413 ) 97 ( 316 )
Reclassification adjustment for net losses on cash flow hedge derivatives included in net income 89 ( 20 ) 69
Net unrealized losses on cash flow hedge derivatives ( 324 ) 77 ( 247 ) ( 372 ) ( 247 ) ( 619 )
Reclassification of amounts to net periodic benefit costs — — —
Defined benefit pension plans, net — — — ( 17 ) — ( 17 )
Other — — — ( 4 ) — ( 4 )
Total $ ( 525 ) 124 ( 401 ) ( 4,487 ) ( 401 ) ( 4,888 )

Total OCI Total AOCI
March 31, 2023 ($ in millions) Pre-tax
Activity 		Tax
Effect 		Net
Activity 		Beginning
Balance 		Net
Activity 		Ending
Balance
Unrealized holding gains on available-for-sale debt securities arising during period $ 788 ( 188 ) 600
Reclassification adjustment for net gains on available-for-sale debt securities included in net income — — —
Net unrealized losses on available-for-sale debt securities 788 ( 188 ) 600 ( 4,589 ) 600 ( 3,989 )
Unrealized holding gains on cash flow hedge derivatives arising during period 278 ( 63 ) 215
Reclassification adjustment for net losses on cash flow hedge derivatives included in net income 65 ( 15 ) 50
Net unrealized losses on cash flow hedge derivatives 343 ( 78 ) 265 ( 498 ) 265 ( 233 )
Reclassification of amounts to net periodic benefit costs — — —
Defined benefit pension plans, net — — — ( 19 ) — ( 19 )
Other — — — ( 4 ) — ( 4 )
Total $ 1,131 ( 266 ) 865 ( 5,110 ) 865 ( 4,245 )

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The table below presents reclassifications out of AOCI:
Condensed Consolidated Statements of Income Caption For the three months ended
March 31,
($ in millions) 2024 2023
Net unrealized losses on available-for-sale debt securities: (a)
Net losses included in net income Securities gains, net $ ( 3 ) —
Income before income taxes ( 3 ) —
Applicable income tax expense — —
Net income ( 3 ) —
Net unrealized losses on available-for-sale debt securities transferred to held-to-maturity securities: (a)
Net losses included in net income Interest on securities ( 32 ) —
Income before income taxes ( 32 ) —
Applicable income tax expense 7 —
Net income ( 25 ) —
Net unrealized losses on cash flow hedge derivatives: (a)
Interest rate contracts related to C&I, commercial mortgage and commercial construction loans Interest and fees on loans and leases ( 89 ) ( 65 )
Income before income taxes ( 89 ) ( 65 )
Applicable income tax expense 20 15
Net income ( 69 ) ( 50 )
Total reclassifications for the period Net income $ ( 97 ) ( 50 )
(a) Amounts in parentheses indicate reductions to net income.

20. Earnings Per Share
The following table provides the calculation of earnings per share and the reconciliation of earnings per share and earnings per diluted share:
For the three months ended
March 31,
($ in millions, except per share data) 2024 2023
Net income available to common shareholders $ 480 535
Average common shares outstanding - basic 686 684
Effect of dilutive stock-based awards 5 6
Average common shares outstanding - diluted $ 691 690
Earnings per share - basic $ 0.70 0.78
Earnings per share - diluted 0.70 0.78
Anti-dilutive stock-based awards excluded from diluted shares 3 4


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21. Fair Value Measurements
The Bancorp measures certain financial assets and liabilities at fair value in accordance with U.S. GAAP, which defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP also establishes a fair value hierarchy, which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the instrument’s fair value measurement. For more information regarding the fair value hierarchy, refer to Note 1 of the Notes to Consolidated Financial Statements included in the Bancorp’s Annual Report on Form 10-K for the year ended December 31, 2023.

Assets and Liabilities Measured at Fair Value on a Recurring Basis
The following tables summarize assets and liabilities measured at fair value on a recurring basis as of:
Fair Value Measurements Using
March 31, 2024 ($ in millions) Level 1 Level 2 Level 3 Total Fair Value
Assets:
Available-for-sale debt and other securities:
U.S. Treasury and federal agencies securities $ 2,774 — — 2,774
Obligations of states and political subdivisions securities — 2 — 2
Mortgage-backed securities:
Agency residential mortgage-backed securities — 4,851 — 4,851
Agency commercial mortgage-backed securities — 21,283 — 21,283
Non-agency commercial mortgage-backed securities — 4,434 — 4,434
Asset-backed securities and other debt securities — 4,647 — 4,647
Available-for-sale debt and other securities (a)
2,774 35,217 — 37,991
Trading debt securities:
U.S. Treasury and federal agencies securities 608 22 — 630
Obligations of states and political subdivisions securities — 65 — 65
Agency residential mortgage-backed securities — 11 — 11
Asset-backed securities and other debt securities — 445 — 445
Trading debt securities 608 543 — 1,151
Equity securities 348 32 — 380
Residential mortgage loans held for sale — 307 — 307
Residential mortgage loans (b)
— — 113 113
Servicing rights — — 1,756 1,756
Derivative assets:
Interest rate contracts 1 987 6 994
Foreign exchange contracts — 784 — 784
Commodity contracts 127 872 — 999
Derivative assets (c)
128 2,643 6 2,777
Total assets $ 3,858 38,742 1,875 44,475
Liabilities:
Derivative liabilities:
Interest rate contracts $ — 1,306 6 1,312
Foreign exchange contracts — 750 — 750
Equity contracts — — 162 162
Commodity contracts 88 911 — 999
Derivative liabilities (d)
88 2,967 168 3,223
Short positions:
U.S. Treasury and federal agencies securities 133 — — 133
Asset-backed securities and other debt securities — 107 — 107
Short positions (d)
133 107 — 240
Total liabilities $ 221 3,074 168 3,463
(a) Excludes FHLB, FRB and DTCC restricted stock holdings totaling $ 301 , $ 496 and $ 3 , respectively, at March 31, 2024.
(b) Includes residential mortgage loans originated as held for sale and subsequently transferred to held for investment.
(c) Included in other assets in the Condensed Consolidated Balance Sheets.
(d) Included in other liabilities in the Condensed Consolidated Balance Sheets.
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Fair Value Measurements Using
December 31, 2023 ($ in millions) Level 1 Level 2 Level 3 Total Fair Value
Assets:
Available-for-sale debt and other securities:
U.S. Treasury and federal agencies securities $ 4,336 — — 4,336
Obligations of states and political subdivisions securities — 2 — 2
Mortgage-backed securities:
Agency residential mortgage-backed securities — 10,282 — 10,282
Agency commercial mortgage-backed securities — 25,720 — 25,720
Non-agency commercial mortgage-backed securities — 4,445 — 4,445
Asset-backed securities and other debt securities — 4,912 — 4,912
Available-for-sale debt and other securities (a)
4,336 45,361 — 49,697
Trading debt securities:
U.S. Treasury and federal agencies securities 640 7 — 647
Obligations of states and political subdivisions securities — 39 — 39
Agency residential mortgage-backed securities — 6 — 6
Asset-backed securities and other debt securities — 207 — 207
Trading debt securities 640 259 — 899
Equity securities 600 13 — 613
Residential mortgage loans held for sale — 334 — 334
Residential mortgage loans (b)
— — 116 116
Servicing rights — — 1,737 1,737
Derivative assets:
Interest rate contracts — 977 6 983
Foreign exchange contracts — 643 — 643
Commodity contracts 205 846 — 1,051
Derivative assets (c)
205 2,466 6 2,677
Total assets $ 5,781 48,433 1,859 56,073
Liabilities:
Derivative liabilities:
Interest rate contracts $ 5 1,202 6 1,213
Foreign exchange contracts — 600 — 600
Equity contracts — — 168 168
Commodity contracts 28 990 — 1,018
Derivative liabilities (d)
33 2,792 174 2,999
Short positions:
U.S. Treasury and federal agencies securities 31 — — 31
Asset-backed securities and other debt securities — 76 — 76
Short positions (d)
31 76 — 107
Total liabilities $ 64 2,868 174 3,106
(a) Excludes FHLB, FRB and DTCC restricted stock holdings totaling $ 224 , $ 496 and $ 2 , respectively, at December 31, 2023.
(b) Includes residential mortgage loans originated as held for sale and subsequently transferred to held for investment.
(c) Included in other assets in the Condensed Consolidated Balance Sheets.
(d) Included in other liabilities in the Condensed Consolidated Balance Sheets.

The following is a description of the valuation methodologies used for significant instruments measured at fair value, as well as the general classification of such instruments pursuant to the valuation hierarchy.

Available-for-sale debt and other securities, trading debt securities and equity securities
Where quoted prices are available in an active market, securities are classified within Level 1 of the valuation hierarchy. Level 1 securities include U.S. Treasury securities and equity securities. If quoted market prices are not available, then fair values are estimated using pricing models which primarily utilize quoted prices of securities with similar characteristics. Level 2 securities may include federal agencies securities, obligations of states and political subdivisions securities, agency residential mortgage-backed securities, agency and non-agency commercial mortgage-backed securities, asset-backed securities and other debt securities and equity securities. These securities are generally valued using a market approach based on observable prices of securities with similar characteristics.

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Residential mortgage loans held for sale
For residential mortgage loans held for sale for which the fair value election has been made, fair value is estimated based upon mortgage-backed securities prices and spreads to those prices or, for certain ARM loans, DCF models that may incorporate the anticipated portfolio composition, credit spreads of asset-backed securities with similar collateral and market conditions. The anticipated portfolio composition includes the effect of interest rate spreads and discount rates due to loan characteristics such as the state in which the loan was originated, the loan amount and the ARM margin. Residential mortgage loans held for sale that are valued based on mortgage-backed securities prices are classified within Level 2 of the valuation hierarchy as the valuation is based on external pricing for similar instruments. ARM loans classified as held for sale are also classified within Level 2 of the valuation hierarchy due to the use of observable inputs in the DCF model. These observable inputs include interest rate spreads from agency mortgage-backed securities market rates and observable discount rates.

Residential mortgage loans
For residential mortgage loans for which the fair value election has been made, and that are reclassified from held for sale to held for investment, the fair value estimation is based on mortgage-backed securities prices, interest rate risk and an internally developed credit component. Therefore, these loans are transferred from Level 2 to Level 3 of the valuation hierarchy. An adverse change in the loss rate or severity assumption would result in a decrease in fair value of the related loans.

Servicing rights
MSRs do not trade in an active, open market with readily observable prices. While sales of MSRs do occur, the precise terms and conditions typically are not readily available. Accordingly, the Bancorp estimates the fair value of MSRs using internal OAS models with certain unobservable inputs, primarily prepayment speed assumptions, OAS and weighted-average lives, resulting in a classification within Level 3 of the valuation hierarchy. Refer to Note 12 for further information on the assumptions used in the valuation of the Bancorp’s MSRs.

Derivatives
Exchange-traded derivatives valued using quoted prices and certain over-the-counter derivatives valued using active bids are classified within Level 1 of the valuation hierarchy. Most of the Bancorp’s derivative contracts are valued using DCF or other models that incorporate current market interest rates, credit spreads assigned to the derivative counterparties and other market parameters and, therefore, are classified within Level 2 of the valuation hierarchy. Such derivatives include basic and structured interest rate, foreign exchange and commodity swaps and options. Derivatives that are valued based upon models with significant unobservable market parameters are classified within Level 3 of the valuation hierarchy. At March 31, 2024 and December 31, 2023, derivatives classified as Level 3, which are valued using models containing unobservable inputs, consisted primarily of a total return swap associated with the Bancorp’s sale of Visa, Inc. Class B Shares as well as IRLCs, which utilize internally generated loan closing rate assumptions as a significant unobservable input in the valuation process.

Under the terms of the total return swap, the Bancorp will make or receive payments based on subsequent changes in the conversion rate of the Visa, Inc. Class B Shares into Class A Shares. Additionally, the Bancorp will make a quarterly payment based on Visa’s stock price and the conversion rate of the Visa, Inc. Class B Shares into Class A Shares until the date on which the Covered Litigation is settled. The fair value of the total return swap was calculated using a DCF model based on unobservable inputs consisting of management’s estimate of the probability of certain litigation scenarios, the timing of the resolution of the Covered Litigation and Visa litigation loss estimates in excess, or shortfall, of the Bancorp’s proportional share of escrow funds.

An increase in the loss estimate or a delay in the resolution of the Covered Litigation would result in an increase in the fair value of the derivative liability; conversely, a decrease in the loss estimate or an acceleration of the resolution of the Covered Litigation would result in a decrease in the fair value of the derivative liability. Refer to Note 16 for additional information on the Covered Litigation.

The net asset fair value of the Bancorp’s IRLCs at March 31, 2024 was $ 5 million. Immediate decreases in current interest rates of 25 bps and 50 bps would result in increases in the fair value of the IRLCs of approximately $ 1 million and $ 3 million, respectively. Immediate increases in current interest rates of 25 bps and 50 bps would result in decreases in the fair value of the IRLCs of approximately $ 2 million and $ 4 million, respectively. An immediate 10% or 20% change in loan closing rates, either adverse or favorable, would not have a material impact on the fair value of IRLCs as of March 31, 2024. These sensitivities are hypothetical and should be used with caution, as changes in fair value based on a variation in assumptions typically cannot be extrapolated because the relationship of the change in assumptions to the change in fair value may not be linear.

Short positions
Where quoted prices are available in an active market, short positions are classified within Level 1 of the valuation hierarchy. Level 1 securities include U.S. Treasury securities. If quoted market prices are not available, then fair values are estimated using pricing models which primarily utilize quoted prices of securities with similar characteristics and therefore are classified within Level 2 of the valuation hierarchy. Level 2 securities include asset-backed and other debt securities.

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Fifth Third Bancorp and Subsidiaries
Notes to Condensed Consolidated Financial Statements (unaudited)
The following tables are a reconciliation of assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3):
Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
For the three months ended March 31, 2024 ($ in millions)
Residential
Mortgage
Loans 		Servicing
Rights
Interest Rate
Derivatives,
Net (a)
Equity
Derivatives 		Total
Fair Value
Balance, beginning of period $ 116 1,737 — ( 168 ) 1,685
Total (losses) gains (realized/unrealized): (b)
Included in earnings ( 2 ) 8 9 ( 17 ) ( 2 )
Purchases/originations — 11 — — 11
Settlements ( 3 ) — ( 9 ) 23 11
Transfers into Level 3 (c)
2 — — — 2
Balance, end of period $ 113 1,756 — ( 162 ) 1,707
The amount of total gains (losses) for the period included in earnings attributable to the change in unrealized gains or losses relating to instruments still held at March 31, 2024
$ ( 2 ) 25 5 ( 17 ) 11
(a) Net interest rate derivatives include $ 6 for both derivative assets and liabilities as of March 31, 2024.
(b) There were no unrealized gains or losses for the period included in other comprehensive income for instruments still held at March 31, 2024.
(c) Includes certain residential mortgage loans originated as held for sale that were transferred to held for investment.

Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
For the three months ended March 31, 2023 ($ in millions)
Residential
Mortgage
Loans 		Servicing
Rights
Interest Rate
Derivatives,
Net (a)
Equity
Derivatives 		Total
Fair Value
Balance, beginning of period $ 123 1,746 ( 1 ) ( 195 ) 1,673
Total (losses) gains (realized/unrealized): (b)
Included in earnings 3 ( 53 ) 14 ( 31 ) ( 67 )
Purchases/originations — 32 ( 2 ) — 30
Settlements ( 2 ) — ( 8 ) 34 24
Transfers into Level 3 (c)
4 — — — 4
Balance, end of period $ 128 1,725 3 ( 192 ) 1,664
The amount of total (losses) gains for the period included in earnings attributable to the change in unrealized gains or losses relating to instruments still held at March 31, 2023
$ 3 ( 35 ) 7 ( 31 ) ( 56 )
(a) Net interest rate derivatives include derivative assets and liabilities of $ 11 and $ 8 , respectively, as of March 31, 2023.
(b) There were no unrealized gains or losses for the period included in other comprehensive income for instruments still held at March 31, 2023.
(c) Includes certain residential mortgage loans originated as held for sale that were transferred to held for investment.

The total losses and gains included in earnings for assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) were recorded in the Condensed Consolidated Statements of Income as follows:
For the three months ended
March 31,
($ in millions) 2024 2023
Mortgage banking net revenue $ 14 ( 37 )
Commercial banking revenue 1 1
Other noninterest income ( 17 ) ( 31 )
Total losses $ ( 2 ) ( 67 )

The total gains and losses included in earnings attributable to changes in unrealized gains and losses related to Level 3 assets and liabilities still held at March 31, 2024 and 2023 were recorded in the Condensed Consolidated Statements of Income as follows:
For the three months ended
March 31,
($ in millions) 2024 2023
Mortgage banking net revenue $ 27 ( 26 )
Commercial banking revenue 1 1
Other noninterest income ( 17 ) ( 31 )
Total gains (losses) $ 11 ( 56 )
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Fifth Third Bancorp and Subsidiaries
Notes to Condensed Consolidated Financial Statements (unaudited)
The following tables present information as of March 31, 2024 and 2023 about significant unobservable inputs related to the Bancorp’s material categories of Level 3 financial assets and liabilities measured at fair value on a recurring basis:
As of March 31, 2024 ($ in millions)
Financial Instrument Fair Value Valuation
Technique 		Significant
Unobservable Inputs 		Range of Inputs
Weighted-Average
Residential mortgage loans $ 113 Loss rate model Interest rate risk factor ( 25.2 ) - 3.7 % ( 13.4 ) %
(a)
Credit risk factor — - 0.6 % 0.1 %
(a)
Servicing rights 1,756 DCF Prepayment speed — - 100.0 %
(Fixed)
5.8 %
(b)
(Adjustable)
22.9 %
(b)
OAS (bps) 448 - 1,833
(Fixed)
460
(b)
(Adjustable)
702
(b)
IRLCs, net 5 DCF Loan closing rates 20.0 - 96.0 % 79.4 %
(c)
Swap associated with the sale of Visa, Inc. Class B Shares ( 162 ) DCF Timing of the resolution
of the Covered Litigation 		Q2 2026 - Q1 2028 Q4 2026
(d)
(a) Unobservable inputs were weighted by the relative carrying value of the instruments.
(b) Unobservable inputs were weighted by the relative unpaid principal balance of the instruments.
(c) Unobservable inputs were weighted by the relative notional amount of the instruments.
(d) Unobservable inputs were weighted by the probability of the final funding date of the instruments.

As of March 31, 2023 ($ in millions)
Financial Instrument Fair Value Valuation
Technique 		Significant
Unobservable Inputs 		Range of Inputs Weighted-Average
Residential mortgage loans $ 128 Loss rate model Interest rate risk factor ( 22.2 ) - 5.7 % ( 10.3 ) %
(a)
Credit risk factor — - 23.2 % 0.5 %
(a)
Servicing rights 1,725 DCF Prepayment speed — - 100.0 % (Fixed) 5.6 %
(b)
(Adjustable) 20.3 %
(b)
OAS (bps) 477 - 1,447 (Fixed) 629
(b)
(Adjustable) 1,204
(b)
IRLCs, net 7 DCF Loan closing rates 22.3 - 97.5 % 82.5 %
(c)
Swap associated with the sale of Visa, Inc. Class B Shares
( 192 ) DCF Timing of the resolution
of the Covered Litigation 		Q1 2024 - Q1 2027 Q2 2025
(d)
(a) Unobservable inputs were weighted by the relative carrying value of the instruments.
(b) Unobservable inputs were weighted by the relative unpaid principal balance of the instruments.
(c) Unobservable inputs were weighted by the relative notional amount of the instruments.
(d) Unobservable inputs were weighted by the probability of the final funding date of the instruments.

Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis
Certain assets and liabilities are measured at fair value on a nonrecurring basis. These assets and liabilities are not measured at fair value on an ongoing basis; however, they are subject to fair value adjustments in certain circumstances, such as when there is evidence of impairment.

The following tables provide the fair value hierarchy and carrying amount of all assets that were held as of March 31, 2024 and 2023, and for which a nonrecurring fair value adjustment was recorded during the three months ended March 31, 2024 and 2023, and the related gains and losses from fair value adjustments on assets sold during the period as well as assets still held as of the end of the period.

Fair Value Measurements Using Total (Losses) Gains
As of March 31, 2024 ($ in millions) Level 1 Level 2 Level 3 Total
For the three months ended March 31, 2024
Commercial loans held for sale $ — — 25 25 —
Commercial loans and leases — — 130 130 ( 60 )
Consumer and residential mortgage loans — — 197 197 ( 3 )
OREO — — 1 1 —
Bank premises and equipment — — 1 1 —
Private equity investments — — — — 9
Total $ — — 354 354 ( 54 )

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Fifth Third Bancorp and Subsidiaries
Notes to Condensed Consolidated Financial Statements (unaudited)
Fair Value Measurements Using Total Losses
As of March 31, 2023 ($ in millions) Level 1 Level 2 Level 3 Total
For the three months ended
March 31, 2023
Commercial loans held for sale $ — — 21 21 —
Commercial loans and leases — — 160 160 ( 76 )
Consumer and residential mortgage loans — — 138 138 ( 2 )
OREO — — 2 2 —
Bank premises and equipment — — 5 5 ( 1 )
Private equity investments — — 2 2 ( 1 )
Total $ — — 328 328 ( 80 )

The following tables present information as of March 31, 2024 and 2023 about significant unobservable inputs related to the Bancorp’s material categories of Level 3 financial assets and liabilities measured on a nonrecurring basis:

As of March 31, 2024 ($ in millions)
Financial Instrument Fair Value Valuation Technique Significant Unobservable Inputs Ranges of
Inputs 		Weighted-Average
Commercial loans held for sale $ 25 Comparable company analysis Market comparable transactions NM NM
Commercial loans and leases 130 Appraised value Collateral value NM NM
Consumer and residential mortgage loans 197 Appraised value Collateral value NM NM
OREO 1 Appraised value Appraised value NM NM
Bank premises and equipment 1 Appraised value Appraised value NM NM
Private equity investments — Comparable company analysis Market comparable transactions NM NM

As of March 31, 2023 ($ in millions)
Financial Instrument Fair Value Valuation Technique Significant Unobservable Inputs Ranges of
Inputs 		Weighted-Average
Commercial loans held for sale $ 21 Comparable company analysis Market comparable transactions NM NM
Commercial loans and leases 160 Appraised value Collateral value NM NM
Consumer and residential mortgage loans 138 Appraised value Collateral value NM NM
OREO 2 Appraised value Appraised value NM NM
Bank premises and equipment 5 Appraised value Appraised value NM NM
Private equity investments 2 Comparable company analysis Market comparable transactions NM NM
Commercial loans held for sale
The Bancorp estimated the fair value of certain commercial loans held for sale during the three months ended March 31, 2024 and 2023 . These valuations were based on appraisals of the underlying collateral or by applying unobservable inputs such as an estimated market discount to the unpaid principal balance of the loans or the appraised values of the assets (Level 3 of the valuation hierarchy).
Portfolio loans and leases
During the three months ended March 31, 2024 and 2023, the Bancorp recorded nonrecurring adjustments to certain collateral-dependent portfolio loans and leases. When a loan is collateral-dependent, the fair value of the loan is generally based on the fair value less cost to sell of the underlying collateral supporting the loan and therefore these loans were classified within Level 3 of the valuation hierarchy. In cases where the amortized cost basis of the loan or lease exceeds the estimated net realizable value of the collateral, then an ALLL is recognized, or a charge-off once the remaining amount is considered uncollectible.

OREO
During the three months ended March 31, 2024 and 2023, the Bancorp recorded an immaterial amount of nonrecurring adjustments to certain commercial and residential real estate properties and branch-related real estate no longer intended to be used for banking purposes classified as OREO and measured at the lower of carrying amount or fair value. These nonrecurring losses were primarily due to declines in real estate values of the properties recorded in OREO. The fair value amounts are generally based on appraisals of the property values, resulting in a classification within Level 3 of the valuation hierarchy. In cases where the carrying amount exceeds the fair value, less costs to sell, an impairment loss is recognized. The previous tables reflect the fair value measurements of the properties before deducting the estimated costs to sell.

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Fifth Third Bancorp and Subsidiaries
Notes to Condensed Consolidated Financial Statements (unaudited)
Bank premises and equipment
The Bancorp performs assessments of the recoverability of long-lived assets when events or changes in circumstances indicate that their carrying values may not be recoverable. These properties were written down to their lower of cost or market values. At least annually thereafter, the Bancorp will review these properties for market fluctuations. The fair value amounts were generally based on appraisals of the property values, resulting in a classification within Level 3 of the valuation hierarchy. For further information on bank premises and equipment, refer to Note 7.

Private equity investments
The Bancorp accounts for its private equity investments using the measurement alternative to fair value, except for those accounted for under the equity method of accounting. Under the measurement alternative, the Bancorp carries each investment at its cost basis minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for identical or similar investments of the same issuer. The Bancorp recognized gains of $ 9 million during the three months ended March 31, 2024 and did not recognize gains during the three months ended March 31, 2023, resulting from observable price changes. The carrying value of the Bancorp’s private equity investments still held as of March 31, 2024 includes a cumulative $ 18 million of positive adjustments as a result of observable price changes since January 1, 2018. Because these adjustments are based on observable transactions in inactive markets, they are classified in Level 2 of the fair value hierarchy.

For private equity investments which are accounted for using the measurement alternative to fair value, the Bancorp qualitatively evaluates each investment quarterly to determine if impairment may exist. If necessary, the Bancorp then measures impairment by estimating the value of its investment and comparing that to the investment’s carrying value, whether or not the Bancorp considers the impairment to be temporary. These valuations are typically developed using a DCF method, but other methods may be used if more appropriate for the circumstances. These valuations are based on unobservable inputs and therefore are classified in Level 3 of the fair value hierarchy. The Bancorp did not recognize impairment charges during the three months ended March 31, 2024 and recognized $ 1 million of impairment charges during the three months ended March 31, 2023 . The carrying value of the Bancorp’s private equity investments still held as of March 31, 2024 includes a cumulative $ 15 million of impairment charges recognized since adoption of the measurement alternative to fair value on January 1, 2018.

Fair Value Option
The Bancorp elected to measure certain residential mortgage loans held for sale under the fair value option as allowed under U.S. GAAP. Electing to measure residential mortgage loans held for sale at fair value reduces certain timing differences and better matches changes in the value of these assets with changes in the value of derivatives used as economic hedges for these assets. Management’s intent to sell residential mortgage loans classified as held for sale may change over time due to such factors as changes in the overall liquidity in markets or changes in characteristics specific to certain loans held for sale. Consequently, these loans may be reclassified to loans held for investment and maintained in the Bancorp’s loan portfolio. In such cases, the loans will continue to be measured at fair value.

Fair value changes recognized in earnings for residential mortgage loans held at March 31, 2024 and 2023 for which the fair value option was elected, as well as the changes in fair value of the underlying IRLCs, included losses of $ 11 million and $ 8 million, respectively. These losses are reported in mortgage banking net revenue in the Condensed Consolidated Statements of Income.

Valuation adjustments related to instrument-specific credit risk for residential mortgage loans measured at fair value negatively impacted the fair value of those loans by an immaterial amount at both March 31, 2024 and December 31, 2023. Interest on loans measured at fair value is accrued as it is earned using the effective interest method and is reported as interest income in the Condensed Consolidated Statements of Income.

The following table summarizes the difference between the fair value and the unpaid principal balance for residential mortgage loans measured at fair value as of:
March 31, 2024 ($ in millions)
Aggregate
Fair Value
Aggregate Unpaid
Principal Balance

Difference
Residential mortgage loans measured at fair value $ 420 431 ( 11 )
Past due loans of 30-89 days 1 1 —
Nonaccrual loans 2 2 —
December 31, 2023

Residential mortgage loans measured at fair value
$ 450 456 ( 6 )
Past due loans of 30-89 days 1 1 —
Nonaccrual loans
2 2 —

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Fifth Third Bancorp and Subsidiaries
Notes to Condensed Consolidated Financial Statements (unaudited)
Fair Value of Certain Financial Instruments
The following tables summarize the carrying amounts and estimated fair values for certain financial instruments, excluding financial instruments measured at fair value on a recurring basis:
Net Carrying
Amount 		Fair Value Measurements Using Total
Fair Value
As of March 31, 2024 ($ in millions) Level 1 Level 2 Level 3
Financial assets:
Cash and due from banks $ 2,796 2,796 — — 2,796
Other short-term investments 22,840 22,840 — — 22,840
Other securities 800 — 800 — 800
Held-to-maturity securities 11,520 2,292 9,047 2 11,341
Loans and leases held for sale 32 — — 32 32
Portfolio loans and leases:
Commercial loans and leases 70,775 — — 70,952 70,952
Consumer and residential mortgage loans 43,279 — — 40,037 40,037
Total portfolio loans and leases, net $ 114,054 — — 110,989 110,989
Financial liabilities:
Deposits $ 169,587 — 169,529 — 169,529
Federal funds purchased 247 247 — — 247
Other short-term borrowings 2,866 — 2,871 — 2,871
Long-term debt 15,573 13,077 2,439 — 15,516
Net Carrying
Amount 		Fair Value Measurements Using Total
Fair Value
As of December 31, 2023 ($ in millions) Level 1 Level 2 Level 3
Financial assets:
Cash and due from banks $ 3,142 3,142 — — 3,142
Other short-term investments 22,082 22,082 — — 22,082
Other securities 722 — 722 — 722
Held-to-maturity securities 2 — — 2 2
Loans and leases held for sale 44 — — 44 44
Portfolio loans and leases:
Commercial loans and leases 71,616 — — 71,766 71,766
Consumer and residential mortgage loans 43,180 — — 41,410 41,410
Total portfolio loans and leases, net $ 114,796 — — 113,176 113,176
Financial liabilities:
Deposits $ 168,912 — 168,873 — 168,873
Federal funds purchased 193 193 — — 193
Other short-term borrowings 2,861 — 2,872 — 2,872
Long-term debt 16,418 14,481 1,903 — 16,384
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Fifth Third Bancorp and Subsidiaries
Notes to Condensed Consolidated Financial Statements (unaudited)
22. Business Segments
The Bancorp reports on three business segments: Commercial Banking, Consumer and Small Business Banking and Wealth and Asset Management. Results of the Bancorp’s business segments are presented based on its management structure and management accounting practices. The structure and accounting practices are specific to the Bancorp; therefore, the financial results of the Bancorp’s business segments are not necessarily comparable with similar information for other financial institutions. The Bancorp refines its methodologies from time to time as management’s accounting practices and businesses change.

During the first quarter of 2024, the Bancorp eliminated certain revenue sharing agreements between Wealth and Asset Management and Consumer and Small Business Banking. As a result, the results of operations for the Wealth and Asset Management segment for the three months ended March 31, 2023 were adjusted to reflect the impact of the elimination of these revenue sharing agreements between Wealth and Asset Management and Consumer and Small Business Banking. The impact of the elimination of these revenue sharing agreements for the years ended December 31, 2023, 2022 and 2021 resulted in a decrease in wealth and asset management revenue and an offsetting decrease in other noninterest expense within the Wealth and Asset Management segment of $ 186 million, $ 177 million and $ 180 million, respectively.

The Bancorp manages interest rate risk centrally at the corporate level. By employing an FTP methodology, the business segments are insulated from most benchmark interest rate volatility, enabling them to focus on serving customers through the origination of loans and acceptance of deposits. The FTP methodology assigns charge and credit rates to classes of assets and liabilities, respectively, based on the estimated amount and timing of the cash flows for each transaction. Assigning the FTP rate based on matching the duration of cash flows allocates interest income and interest expense to each business segment so its resulting net interest income is insulated from future changes in benchmark interest rates. The Bancorp’s FTP methodology also allocates the contribution to net interest income of the asset-generating and deposit-providing businesses on a duration-adjusted basis to better attribute the driver of the performance. As the asset and liability durations are not perfectly matched, the residual impact of the FTP methodology is captured in General Corporate and Other. The charge and credit rates are determined using the FTP rate curve, which is based on an estimate of Fifth Third’s marginal borrowing cost in the wholesale funding markets. The FTP curve is constructed using the U.S. swap curve, brokered CD pricing and unsecured debt pricing.

The Bancorp adjusts the FTP charge and credit rates as dictated by changes in interest rates for various interest-earning assets and interest-bearing liabilities and by the review of behavioral assumptions, such as prepayment rates on interest-earning assets and the estimated durations for indeterminate-lived deposits. Key assumptions, including the credit rates provided for deposit accounts, are reviewed annually. Credit rates for deposit products and charge rates for loan products may be reset more frequently in response to changes in market conditions.

The Bancorp’s methodology for allocating provision for credit losses to the business segments includes charges or benefits associated with changes in criticized commercial loan levels in addition to actual net charge-offs experienced by the loans and leases owned by each business segment. Provision for credit losses attributable to loan and lease growth and changes in ALLL factors is captured in General Corporate and Other. The financial results of the business segments include allocations for shared services and headquarters expenses. Additionally, the business segments form synergies by taking advantage of relationship depth opportunities and funding operations by accessing the capital markets as a collective unit.

The following is a description of each of the Bancorp’s business segments and the products and services they provide to their respective client bases.

Commercial Banking offers credit intermediation, cash management and financial services to large and middle-market businesses and government and professional customers. In addition to the traditional lending and depository offerings, Commercial Banking products and services include global cash management, foreign exchange and international trade finance, derivatives and capital markets services, asset-based lending, real estate finance, public finance, commercial leasing and syndicated finance.

Consumer and Small Business Banking provides a full range of deposit and loan products to individuals and small businesses through a network of full-service banking centers and relationships with indirect and correspondent loan originators in addition to providing products designed to meet the specific needs of small businesses, including cash management services. Consumer and Small Business Banking includes the Bancorp’s residential mortgage, home equity loans and lines of credit, credit cards, automobile and other indirect lending, solar energy installation and other consumer lending activities. Residential mortgage activities include the origination, retention and servicing of residential mortgage loans, sales and securitizations of those loans and all associated hedging activities. Indirect lending activities include extending loans to consumers through automobile dealers, motorcycle dealers, powersport dealers, recreational vehicle dealers and marine dealers. Solar energy installation loans and certain other consumer loans are originated through a network of contractors and installers.

Wealth and Asset Management provides a full range of wealth management solutions for individuals, companies and not-for-profit organizations, including wealth planning, investment management, banking, insurance, trust and estate services. These offerings include retail brokerage services for individual clients, advisory services for institutional clients including middle market businesses, non-profits, states and municipalities, and wealth management strategies and products for high net worth and ultra-high net worth clients.

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Fifth Third Bancorp and Subsidiaries
Notes to Condensed Consolidated Financial Statements (unaudited)
The following tables present the results of operations and assets by business segment for the three months ended:
March 31, 2024 ($ in millions) Commercial
Banking 		Consumer
and Small Business
Banking 		Wealth
and Asset
Management 		General
Corporate
and Other 		Total
Net interest income $ 686 1,125 59 ( 486 ) 1,384
Provision for (benefit from) credit losses 71 84 — ( 61 ) 94
Net interest income after provision for (benefit from) credit losses
$ 615 1,041 59 ( 425 )

1,290
Noninterest income:

Wealth and asset management revenue $ 1 59 101 — 161
Service charges on deposits 100 51 — — 151
Commercial banking revenue 142 1 — — 143
Card and processing revenue 25 74 1 2 102
Mortgage banking net revenue — 54 — — 54
Leasing business revenue 39 — — — 39
Other noninterest income 18 27 — 5 50
Securities gains, net 1 — — 9 10
Securities gains, net – non-qualifying hedges on MSRs
— — — — —
Total noninterest income $ 326 266 102 16

710
Noninterest expense:

Compensation and benefits $ 189 234 62 268 753
Technology and communications 4 7 — 106 117
Net occupancy expense 10 53 3 21 87
Equipment expense 7 13 — 17 37
Marketing expense 1 22 — 9 32
Leasing business expense 25 — — — 25
Card and processing expense 2 19 — ( 1 ) 20
Other noninterest expense 263 291 38 ( 321 ) 271
Total noninterest expense $ 501 639 103 99

1,342
Income (loss) before income taxes $ 440 668 58 ( 508 ) 658
Applicable income tax expense (benefit) 71 141 12 ( 86 ) 138
Net income (loss) $ 369 527 46 ( 422 )

520
Total goodwill $ 2,324 2,369 225 — 4,918
Total assets $ 77,401 89,219 11,360 36,526
(a)
214,506
(a) Includes bank premises and equipment o f $ 16 classified as held for sale. For more information, refer to Note 7.




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Fifth Third Bancorp and Subsidiaries
Notes to Condensed Consolidated Financial Statements (unaudited)
March 31, 2023 ($ in millions) Commercial
Banking 		Consumer
and Small Business
Banking 		Wealth
and Asset
Management 		General
Corporate
and Other 		Total
Net interest income $ 977 1,257 101 ( 818 ) 1,517
Provision for credit losses 46 51 — 67 164
Net interest income after provision for credit losses $ 931 1,206 101 ( 885 )

1,353
Noninterest income:

Wealth and asset management revenue $ 1 53 92 — 146
Service charges on deposits 87 51 — ( 1 ) 137
Commercial banking revenue 160 1 — — 161
Card and processing revenue 22 74 1 3 100
Mortgage banking net revenue — 69 — — 69
Leasing business revenue 57 — — — 57
Other noninterest income (a)
16 25 ( 1 ) ( 18 ) 22
Securities gains (losses), net ( 7 ) — — 11 4
Securities losses, net – non-qualifying hedges on MSRs
— — — — —
Total noninterest income $ 336 273 92 ( 5 )

696
Noninterest expense:

Compensation and benefits $ 190 224 61 282 757
Technology and communications 2 7 — 109 118
Net occupancy expense (c)
11 51 3 16 81
Equipment expense 7 11 — 19 37
Marketing expense — 17 — 12 29
Leasing business expense 34 — — — 34
Card and processing expense 3 20 — ( 1 ) 22
Other noninterest expense 304 315 36 ( 402 ) 253
Total noninterest expense $ 551 645 100 35

1,331
Income (loss) before income taxes $ 716 834 93 ( 925 ) 718
Applicable income tax expense (benefit) 136 175 19 ( 170 ) 160
Net income (loss) $ 580 659 74 ( 755 )

558
Total goodwill $ 2,324 2,365 226 — 4,915
Total assets $ 83,545 85,296 11,707 28,109
(b)
208,657
(a) Includes impairment charges of $ 1 for bank premises and equipment recorded in Consumer and Small Business Banking and an immaterial amount recorded in General Corporate and Other. For more information, refer to Note 7 and Note 21.
(b) Includes bank premises and equipment of $ 22 classified as held for sale. For more information, refer to Note 7.
(c) Includes impairment losses and termination charges of $ 1 for ROU assets related to certain operating leases. For more information, refer to Note 9.





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PART II. OTHER INFORMATION

Legal Proceedings (Item 1)
Refer to Note 17 of the Notes to Condensed Consolidated Financial Statements in Part I, Item 1 for information regarding legal proceedings.

Risk Factors (Item 1A)
There have been no material changes made during the first quarter of 2024 to any of the risk factors as previously disclosed in the Bancorp’s Annual Report on Form 10-K for the year ended December 31, 2023.

Unregistered Sales of Equity Securities, Use of Proceeds and Issuer Purchases of Equity Securities (Item 2)
Refer to the “Capital Management” section within Management’s Discussion and Analysis in Part I, Item 2 for information regarding purchases and sales of equity securities by the Bancorp during the first quarter of 2024.

Defaults Upon Senior Securities (Item 3)
None.

Mine Safety Disclosures (Item 4)
Not applicable.

Other Information (Item 5)
None.
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Exhibits (Item 6)
3.1
3.2
4.1
4.2
10.1
10.2
31(i)
31(ii)
32(i)
32(ii)
101.INS Inline XBRL Instance Document.
101.SCH Inline XBRL Taxonomy Extension Schema.
101.CAL Inline XBRL Taxonomy Extension Calculation Linkbase.
101.LAB Inline XBRL Taxonomy Extension Label Linkbase.
101.PRE Inline XBRL Taxonomy Extension Presentation Linkbase.
101.DEF Inline XBRL Taxonomy Definition Linkbase.
104 Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).
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Signature

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Fifth Third Bancorp
Registrant

Date: May 7, 2024
/s/ Bryan D. Preston
Bryan D. Preston
Executive Vice President and
Chief Financial Officer
(Duly Authorized Officer & Principal Financial Officer)
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TABLE OF CONTENTS
Part I. Financial InformationprintPart II. Other Informationprint

Exhibits

3.1 Amended Articles of Incorporation of Fifth Third Bancorp. Incorporated by reference to Exhibit 3.1 of the Registrants Quarterly Report on Form 10-Q filed on May 7, 2021. 3.2 Code ofRegulations of Fifth Third Bancorp, as Amended as ofDecember12, 2023. Incorporated by reference to Exhibit 3.2 of the RegistrantsCurrentReport on Form8-Kfiled onDecember18, 2023. 4.1 Sixteenth Supplemental Indenture dated as of January 29, 2024 between Fifth Third Bancorp and Wilmington Trust Company, as Trustee, to the Indenture for Senior Debt Securities dated as of April 30, 2008 between Fifth Third Bancorp and the Trustee, as amended by Article 4 of the Twelfth Supplemental Indenture dated April 25, 2022 between Fifth Third Bancorp and the Trustee. Incorporated by reference to Exhibit 4.1 of the Registrants Current Report on Form 8-K filed on January 29, 2024. 4.2 Form of5.631% Fixed Rate/Floating Rate Senior Notes due 2032.Incorporated by reference to Exhibit 4.2 of the Registrants Current Report on Form 8-K filed on January29, 2024. 10.1 Form of 2024 Restricted Stock Unit Retention Agreement. Incorporated by reference to Exhibit 10.76 of the Registrants Annual Report on Form 10-K filed on February 27, 2024. 10.2 Form of 2024 Restricted Stock Unit Retention Agreement subject to additional covenant. Incorporated by reference to Exhibit 10.77 of the Registrants Annual Report on Form 10-K filed on February 27, 2024. 31(i) Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 by Chief Executive Officer. 31(ii) Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 by Chief Financial Officer. 32(i) Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 by Chief Executive Officer. 32(ii) Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 by Chief Financial Officer.