FIFTH THIRD BANCORP
For the period ended Dec 31, 2025. Filed Feb 24, 2026.
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FY2025 · Filed Feb 24, 2026
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Average Balance Sheets
| TABLE 6: Consolidated Average Balance Sheets and Analysis of Net Interest Income on an FTE Basis | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| For the years ended December 31 · 2025 · 2024 · 2023 | ||||||||||||||
| ($ in millions) · AverageBalance · Interest Earned/Paid · AverageYield/Rate · AverageBalance · Interest Earned/Paid · AverageYield/Rate · AverageBalance · Interest Earned/Paid · AverageYield/Rate | ||||||||||||||
| Assets: | ||||||||||||||
| Interest-earning assets: | ||||||||||||||
| Loans and leases:(a) | ||||||||||||||
| Commercial and industrial loans | $53,927 | 3,323 | 6.16% | $52,210 | 3,657 | 7.00% | $57,005 | 3,887 | 6.82% | |||||
| Commercial mortgage loans | 12,232 | 744 | 6.08 | 11,501 | 706 | 6.14 | 11,262 | 672 | 5.97 | |||||
| Commercial construction loans | 5,639 | 396 | 7.02 | 5,835 | 410 | 7.02 | 5,582 | 380 | 6.80 | |||||
| Commercial leases | 3,145 | 149 | 4.75 | 2,677 | 119 | 4.44 | 2,629 | 95 | 3.63 | |||||
| Total commercial loans and leases | $74,943 | 4,612 | 6.15% | $72,223 | 4,892 | 6.77% | $76,478 | 5,034 | 6.58% | |||||
| Residential mortgage loans | 18,194 | 727 | 4.00 | 17,537 | 645 | 3.68 | 18,002 | 621 | 3.45 | |||||
| Home equity | 4,491 | 332 | 7.40 | 4,002 | 330 | 8.25 | 3,936 | 298 | 7.58 | |||||
| Indirect secured consumer loans | 17,338 | 974 | 5.62 | 15,583 | 822 | 5.27 | 15,944 | 687 | 4.31 | |||||
| Credit card | 1,665 | 239 | 14.34 | 1,719 | 236 | 13.70 | 1,800 | 252 | 14.00 | |||||
| Solar energy installation loans | 4,333 | 368 | 8.48 | 3,960 | 318 | 8.04 | 2,958 | 180 | 6.09 | |||||
| Other consumer loans | 2,435 | 225 | 9.26 | 2,700 | 248 | 9.19 | 3,164 | 277 | 8.74 | |||||
| Total consumer loans | $48,456 | 2,865 | 5.91% | $45,501 | 2,599 | 5.71% | $45,804 | 2,315 | 5.05% | |||||
| Total loans and leases | $123,399 | 7,477 | 6.06% | $117,724 | 7,491 | 6.36% | $122,282 | 7,349 | 6.01% | |||||
| Securities: | ||||||||||||||
| Taxable | 53,613 | 1,751 | 3.27 | 55,227 | 1,803 | 3.26 | 56,066 | 1,733 | 3.09 | |||||
| Exempt from income taxes(a) | 1,361 | 43 | 3.17 | 1,392 | 46 | 3.25 | 1,461 | 47 | 3.20 | |||||
| Other short-term investments | 14,915 | 652 | 4.37 | 20,457 | 1,110 | 5.43 | 11,934 | 656 | 5.50 | |||||
| Total interest-earning assets | $193,288 | 9,923 | 5.13% | $194,800 | 10,450 | 5.36% | $191,743 | 9,785 | 5.10% | |||||
| Cash and due from banks | 2,508 | 2,677 | 2,772 | |||||||||||
| Other assets | 18,040 | 17,637 | 16,169 | |||||||||||
| Allowance for loan and lease losses | (2,353) | (2,308) | (2,258) | |||||||||||
| Total assets | $211,483 | $212,806 | $208,426 | |||||||||||
| Liabilities and Equity: | ||||||||||||||
| Interest-bearing liabilities: | ||||||||||||||
| Interest checking deposits | $57,484 | 1,514 | 2.63% | $58,757 | 1,927 | 3.28% | $52,536 | 1,555 | 2.96% | |||||
| Savings deposits | 16,663 | 78 | 0.47 | 17,594 | 119 | 0.68 | 20,872 | 147 | 0.71 | |||||
| Money market deposits | 37,406 | 900 | 2.41 | 36,165 | 1,050 | 2.90 | 30,943 | 666 | 2.15 | |||||
| CDs $250,000 or less | 10,565 | 370 | 3.50 | 10,537 | 432 | 4.10 | 8,298 | 308 | 3.71 | |||||
| Total interest-bearing core deposits | $122,118 | 2,862 | 2.34% | $123,053 | 3,528 | 2.87% | $112,649 | 2,676 | 2.38% | |||||
| CDs over $250,000 | 2,184 | 90 | 4.12 | 4,069 | 208 | 5.11 | 5,332 | 253 | 4.74 | |||||
| Federal funds purchased | 200 | 9 | 4.26 | 207 | 11 | 5.21 | 307 | 15 | 4.96 | |||||
| Securities sold under repurchase agreements | 345 | 5 | 1.32 | 362 | 7 | 1.86 | 348 | 4 | 1.22 | |||||
| FHLB advances | 4,299 | 196 | 4.56 | 2,602 | 145 | 5.56 | 4,596 | 235 | 5.11 | |||||
| Derivative collateral and other borrowed money | 86 | 5 | 6.27 | 60 | 5 | 8.92 | 100 | 8 | 8.24 | |||||
| Long-term debt | 14,218 | 754 | 5.31 | 15,835 | 892 | 5.63 | 14,260 | 742 | 5.20 | |||||
| Total interest-bearing liabilities | $143,450 | 3,921 | 2.73% | $146,188 | 4,796 | 3.28% | $137,592 | 3,933 | 2.86% | |||||
| Demand deposits | 40,926 | 40,314 | 46,195 | |||||||||||
| Other liabilities | 6,249 | 6,906 | 6,935 | |||||||||||
| Total liabilities | $190,625 | $193,408 | $190,722 | |||||||||||
| Total equity | 20,858 | 19,398 | 17,704 | |||||||||||
| Total liabilities and equity | $211,483 | $212,806 | $208,426 | |||||||||||
| Net interest income (FTE)(b) | $6,002 | $5,654 | $5,852 | |||||||||||
| Net interest margin (FTE)(b) | 3.11% | 2.90% | 3.05% | |||||||||||
| Net interest rate spread (FTE)(b) | 2.40 | 2.08 | 2.24 | |||||||||||
| Interest-bearing liabilities to interest-earning assets | 74.22 | 75.05 | 71.76 | |||||||||||
(a)The FTE adjustments included in the above table were $20, $24 and $25 for the years ended December 31, 2025, 2024 and 2023, respectively.
(b)This is a non-GAAP measure. For further information, refer to the Non-GAAP Financial Measures section of MD&A.
59 Fifth Third Bancorp
| TABLE 7: Changes in Net Interest Income Attributable to Volume and Yield/Rate on an FTE Basis(a) | ||||||
|---|---|---|---|---|---|---|
| For the years ended December 31 | 2025 Compared to 2024 | 2024 Compared to 2023 | ||||
| ($ in millions) | Volume | Yield/Rate | Total | Volume | Yield/Rate | Total |
| Assets: | ||||||
| Interest-earning assets: | ||||||
| Loans and leases: | ||||||
| Commercial and industrial loans | $117 | (451) | (334) | (334) | 104 | (230) |
| Commercial mortgage loans | 45 | (7) | 38 | 14 | 20 | 34 |
| Commercial construction loans | (14) | — | (14) | 18 | 12 | 30 |
| Commercial leases | 22 | 8 | 30 | 2 | 22 | 24 |
| Total commercial loans and leases | $170 | (450) | (280) | (300) | 158 | (142) |
| Residential mortgage loans | 25 | 57 | 82 | (16) | 40 | 24 |
| Home equity | 38 | (36) | 2 | 5 | 27 | 32 |
| Indirect secured consumer loans | 96 | 56 | 152 | (16) | 151 | 135 |
| Credit card | (8) | 11 | 3 | (11) | (5) | (16) |
| Solar energy installation loans | 31 | 19 | 50 | 71 | 67 | 138 |
| Other consumer loans | (25) | 2 | (23) | (42) | 13 | (29) |
| Total consumer loans | $157 | 109 | 266 | (9) | 293 | 284 |
| Total loans and leases | $327 | (341) | (14) | (309) | 451 | 142 |
| Securities: | ||||||
| Taxable | (53) | 1 | (52) | (26) | 96 | 70 |
| Exempt from income taxes | (1) | (2) | (3) | (2) | 1 | (1) |
| Other short-term investments | (266) | (192) | (458) | 462 | (8) | 454 |
| Total change in interest income | $7 | (534) | (527) | 125 | 540 | 665 |
| Liabilities: | ||||||
| Interest-bearing liabilities: | ||||||
| Interest checking deposits | $(41) | (372) | (413) | 195 | 177 | 372 |
| Savings deposits | (6) | (35) | (41) | (22) | (6) | (28) |
| Money market deposits | 35 | (185) | (150) | 125 | 259 | 384 |
| CDs $250,000 or less | 1 | (63) | (62) | 89 | 35 | 124 |
| Total interest-bearing core deposits | $(11) | (655) | (666) | 387 | 465 | 852 |
| CDs over $250,000 | (83) | (35) | (118) | (63) | 18 | (45) |
| Federal funds purchased | — | (2) | (2) | (5) | 1 | (4) |
| Securities sold under repurchase agreements | — | (2) | (2) | — | 3 | 3 |
| FHLB advances | 81 | (30) | 51 | (109) | 19 | (90) |
| Derivative collateral and other borrowed money | 2 | (2) | — | (4) | 1 | (3) |
| Long-term debt | (88) | (50) | (138) | 86 | 64 | 150 |
| Total change in interest expense | $(99) | (776) | (875) | 292 | 571 | 863 |
| Total change in net interest income | $106 | 242 | 348 | (167) | (31) | (198) |
(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.
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 MD&A.
The provision for credit losses was $662 million for the year ended December 31, 2025 compared to $530 million in the prior year. Provision expense for the year ended December 31, 2025 increased primarily driven by the fraud-related impairment of an asset-backed finance commercial loan which included a charge-off of $178 million and a specific allowance of $20 million, as well as increases in specific reserves on individually evaluated commercial loans and higher period-end loan and lease balances. The increase in provision expense for the year ended December 31, 2025 was partially offset by factors that reduced the ACL from December 31, 2024, including the impacts of changes in both the mix and credit quality of the consumer loan portfolio and improvements in probability of default ratings on collectively-evaluated commercial loans.
The ALLL decreased $99 million from December 31, 2024 to $2.3 billion at December 31, 2025. At December 31, 2025, the ALLL as a percent of portfolio loans and leases decreased to 1.84%, compared to 1.96% at December 31, 2024. The reserve for unfunded commitments increased $23 million from December 31, 2024 to $157 million at December 31, 2025. At December 31, 2025, the ACL as a percent of portfolio loans and leases decreased to 1.96%, compared to 2.08% at December 31, 2024.
60 Fifth Third Bancorp
Refer to the Credit Risk Management subsection of the Risk Management section of MD&A as well as Note 6 of the Notes to 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 $186 million for the year ended December 31, 2025 compared to the year ended December 31, 2024. The following table presents the components of noninterest income:
| TABLE 8: Components of Noninterest Income | |||
|---|---|---|---|
| For the years ended December 31 ($ in millions) | 2025 | 2024 | 2023 |
| Wealth and asset management revenue | $704 | 647 | 581 |
| Commercial payments revenue | 630 | 608 | 564 |
| Consumer banking revenue | 571 | 555 | 546 |
| Capital markets fees | 415 | 424 | 422 |
| Commercial banking revenue | 349 | 377 | 409 |
| Mortgage banking net revenue | 227 | 211 | 250 |
| Other noninterest income | 126 | 12 | 91 |
| Securities gains, net | 13 | 15 | 18 |
| Total noninterest income | $3,035 | 2,849 | 2,881 |
Wealth and asset management revenue increased $57 million for the year ended December 31, 2025 compared to the year ended December 31, 2024 primarily driven by increases in personal asset management revenue and brokerage income. The Bancorp’s trust and registered investment advisory businesses had approximately $690 billion and $634 billion in total assets under care as of December 31, 2025 and 2024, respectively, and managed $80 billion and $69 billion in assets for individuals, corporations and not-for-profit organizations as of December 31, 2025 and 2024, respectively.
Commercial payments revenue increased $22 million for the year ended December 31, 2025 compared to the year ended December 31, 2024 primarily driven by an increase in treasury management fees due to higher average revenue per existing customer, which included the benefit of cross sales to existing customers, and new client acquisition.
Consumer banking revenue increased $16 million for the year ended December 31, 2025 compared to the year ended December 31, 2024 primarily driven by an increase in deposit fees due to increased overdraft occurrences.
Capital markets fees decreased $9 million for the year ended December 31, 2025 compared to the year ended December 31, 2024 primarily driven by decreases in institutional brokerage revenue and corporate bond fees.
Commercial banking revenue decreased $28 million for the year ended December 31, 2025 compared to the year ended December 31, 2024 primarily driven by decreases in operating lease income, business lending fees and lease remarketing fees.
Mortgage banking net revenue increased $16 million for the year ended December 31, 2025 compared to the year ended December 31, 2024.
The following table presents the components of mortgage banking net revenue:
| TABLE 9: Components of Mortgage Banking Net Revenue | |||
|---|---|---|---|
| For the years ended December 31 ($ in millions) | 2025 | 2024 | 2023 |
| Origination fees and gains on loan sales | $78 | 67 | 79 |
| Net mortgage servicing revenue: | |||
| Gross mortgage servicing fees | 292 | 309 | 319 |
| Net valuation adjustments on MSRs and free-standing derivatives purchased to economically hedge MSRs | (143) | (165) | (148) |
| Net mortgage servicing revenue | 149 | 144 | 171 |
| Total mortgage banking net revenue | $227 | 211 | 250 |
Origination fees and gains on loan sales increased $11 million for the year ended December 31, 2025 compared to the year ended December 31, 2024 primarily driven by higher volumes of saleable rate lock mortgage loan originations. Residential mortgage loan originations increased to $7.5 billion for the year ended December 31, 2025 from $6.5 billion for the year ended December 31, 2024 primarily due to lower mortgage interest rates, which also drove an increase in correspondent channel volume, and an increase in the average loan size originated.
61 Fifth Third Bancorp
The following table presents the components of net valuation adjustments on the MSR portfolio and the impact of the Bancorp’s hedging strategy:
| TABLE 10: Components of Net Valuation Adjustments on MSRs | |||
|---|---|---|---|
| For the years ended December 31 ($ in millions) | 2025 | 2024 | 2023 |
| Changes in fair value and settlement of free-standing derivatives purchased to economically hedge the MSR portfolio | $26 | (88) | (43) |
| Changes in fair value: | |||
| Due to changes in inputs or assumptions(a) | (12) | 74 | 43 |
| Other changes in fair value(b) | (157) | (151) | (148) |
| Net valuation adjustments on MSRs and free-standing derivatives purchased to economically hedge MSRs | $(143) | (165) | (148) |
(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.
Further detail on the valuation of MSRs can be found in Note 13 of the Notes to 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 14 of the Notes to 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. Net gains and losses on these securities were immaterial during the years ended December 31, 2025, 2024 and 2023.
The Bancorp’s total residential mortgage loans serviced at December 31, 2025 and 2024 were $104.8 billion and $110.9 billion, respectively, with $87.8 billion and $94.2 billion, respectively, of residential mortgage loans serviced for others.
Other noninterest income increased $114 million for the year ended December 31, 2025 compared to the year ended December 31, 2024 primarily due to a decrease in the loss on the swap associated with the sale of Visa, Inc. Class B Shares, an increase in equity method investment income and litigation settlements. Refer to Note 28 of the Notes to Consolidated Financial Statements for additional information on the valuation of the swap associated with the sale of Visa, Inc. Class B Shares and Note 26 for more information on other noninterest income.
Net securities gains were $13 million for the year ended December 31, 2025 compared to $15 million for the year ended December 31, 2024. For more information, refer to Note 4 of the Notes to Consolidated Financial Statements.
Noninterest Expense
Noninterest expense increased $111 million for the year ended December 31, 2025 compared to the year ended December 31, 2024. The following table presents the components of noninterest expense:
| TABLE 11: Components of Noninterest Expense | |||
|---|---|---|---|
| For the years ended December 31 ($ in millions) | 2025 | 2024 | 2023 |
| Compensation and benefits | $2,815 | 2,763 | 2,694 |
| Technology and communications | 516 | 474 | 464 |
| Net occupancy expense | 349 | 339 | 331 |
| Equipment expense | 169 | 153 | 148 |
| Loan and lease expense | 146 | 132 | 133 |
| Marketing expense | 142 | 115 | 126 |
| Card and processing expense | 92 | 84 | 84 |
| Other noninterest expense | 915 | 973 | 1,225 |
| Total noninterest expense | $5,144 | 5,033 | 5,205 |
| Efficiency ratio on an FTE basis(a) | 56.9% | 59.2 | 59.6 |
(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 increased $52 million for the year ended December 31, 2025 compared to the year ended December 31, 2024 primarily driven by increases in base compensation and performance-based compensation. Full-time equivalent employees totaled 18,676 at December 31, 2025 compared to 18,616 at December 31, 2024.
Technology and communications expense increased $42 million for the year ended December 31, 2025 compared to the year ended December 31, 2024 primarily driven by increased investments in strategic initiatives and technology modernization.
Marketing expense increased $27 million for the year ended December 31, 2025 compared to the year ended December 31, 2024 primarily due to increased spend on customer acquisition activities.
62 Fifth Third Bancorp
The following table presents the components of other noninterest expense:
| TABLE 12: Components of Other Noninterest Expense | |||
|---|---|---|---|
| For the years ended December 31 ($ in millions) | 2025 | 2024 | 2023 |
| FDIC insurance and other taxes | $114 | 181 | 385 |
| Data processing | 82 | 81 | 87 |
| Leasing business expense | 73 | 92 | 121 |
| Losses and adjustments | 68 | 86 | 91 |
| Dues and subscriptions | 66 | 61 | 61 |
| Travel | 63 | 60 | 56 |
| Donations | 63 | 28 | 30 |
| Securities recordkeeping | 57 | 55 | 50 |
| Professional service fees | 53 | 49 | 53 |
| Postal and courier | 49 | 48 | 46 |
| Other, net | 227 | 232 | 245 |
| Total other noninterest expense | $915 | 973 | 1,225 |
Other noninterest expense decreased $58 million for the year ended December 31, 2025 compared to the year ended December 31, 2024 primarily due to decreases in FDIC insurance and other taxes, leasing business expense and losses and adjustments partially offset by an increase in donations.
FDIC insurance and other taxes decreased $67 million for the year ended December 31, 2025 compared to the year ended December 31, 2024 primarily due to the impact of the Bancorp’s updated estimate of its allocated share of the FDIC’s special assessment. Leasing business expense decreased $19 million for the year ended December 31, 2025 compared to the year ended December 31, 2024 primarily driven by a decrease in depreciation expense associated with operating lease equipment. Losses and adjustments decreased $18 million for the year ended December 31, 2025 compared to the year ended December 31, 2024 primarily due to elevated expense levels in the prior year related to remediation items.
Donations increased $35 million for the year ended December 31, 2025 compared to the year ended December 31, 2024 primarily due to a $50 million contribution to the Fifth Third Foundation in 2025 compared to a $15 million contribution in 2024.
Applicable Income Taxes
The Bancorp’s income before income taxes, applicable income tax expense and effective tax rate are as follows:
| TABLE 13: Applicable Income Taxes | |||
|---|---|---|---|
| For the years ended December 31 ($ in millions) | 2025 | 2024 | 2023 |
| Income before income taxes | $3,211 | 2,916 | 2,988 |
| Applicable income tax expense | 689 | 602 | 639 |
| Effective tax rate | 21.4% | 20.6 | 21.4 |
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 Research Credit program established under Section 41 of the IRC.
The effective tax rates for the years ended December 31, 2025 and 2024 were primarily impacted by tax credits and other tax benefits from CDC investments, which were partially offset by proportional amortization related to qualifying investments. The effective tax rates for the years ended December 31, 2025 and 2024 were also impacted by state tax expense and tax benefits from tax exempt income. For additional information on income taxes, refer to Note 21 of the Notes to Consolidated Financial Statements.
63 Fifth Third Bancorp
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.