FHLB advances

[Table of Contents](#iafeb83384c73449bb49e90c3c5b8201e_7)  


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| Fifth Third Bancorp and SubsidiariesNotes to Condensed Consolidated Financial Statements (unaudited) |

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.  
The following table provides a summary of offsetting derivative financial instruments:

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|  | Gross AmountRecognized in theCondensed ConsolidatedBalance Sheets(a) | Gross Amounts Not Offset in theCondensed Consolidated Balance Sheets |  |
|  | Derivatives | Collateral(b) | Net Amount |
| As of June 30, 2022 |  |  |  |  |
| Derivative assets | $ | 4,123  |  | (1,587) |  | (475) |  | 2,061  |  |
| Derivative liabilities | 4,378  |  | (1,587) |  | (1,195) |  | 1,596  |  |
| As of December 31, 2021 |  |  |  |  |
| Derivative assets | $ | 2,896  |  | (837) |  | (548) |  | 1,511  |  |
| Derivative liabilities | 2,013  |  | (837) |  | (712) |  | 464  |  |

(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.  
15. Other Short-Term BorrowingsBorrowings 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:

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| ($ in millions) | June 30,2022 | December 31,2021 |
| FHLB advances | $ | 6,250  |  | —  |  |
| Securities sold under repurchase agreements | 449  |  | 544  |  |
| Derivative collateral  | 358  |  | 436  |  |
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| Total other short-term borrowings | $ | 7,057  |  | 980  |  |

  
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 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 June 30, 2022 and December 31, 2021, all securities sold under repurchase agreements were secured by agency residential mortgage-backed securities and the repurchase agreements had an overnight remaining contractual maturity.  
16. Long-Term DebtOn April 25, 2022, the Bancorp issued and sold $1 billion of fixed-rate/floating-rate senior notes. $400 million of the notes will bear interest at a rate of 4.055% per annum to, but excluding, April 25, 2027, followed by an interest rate of compounded SOFR plus 1.355% until maturity on April 25, 2028. The remaining $600 million of the notes will bear interest at a rate of 4.337% per annum to, but excluding, April 25, 2032, followed by an interest rate of compounded SOFR plus 1.660% until maturity on April 25, 2033. The Bancorp entered into interest rate swaps designated as fair value hedges to convert the fixed-rate periods of the notes to floating rates of one-month LIBOR plus 1.239% and one-month LIBOR plus 1.543% for the notes due April 25, 2028 and the notes due April 25, 2033, respectively. Each tranche of notes is redeemable in whole at par plus accrued and unpaid interest one year prior to its maturity date, or may be wholly or partially redeemed 30 days or 90 days prior to maturity for the 2028 notes and the 2033 notes, respectively. For further information on a subsequent event related to long-term debt, refer to Note 24.105
