First Citizens Bancshares Inc

FCNCA

Equity

ISIN US31946M1036 / Valor 930566

NASDAQ (2024-12-24)

USD 2,152.98+1.18%

First Citizens Bancshares Inc
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About company

First Citizens BancShares Inc., operating through its banking subsidiary First Citizens, is a prominent financial holding company with a rich history dating back to 1898 when it was initially established as the Bank of Smithfield in Johnston County, North Carolina. With a substantial asset base exceeding $200 billion, First Citizens has significantly expanded its footprint beyond its original location, now boasting over 550 branches across 23 states. This expansion underscores its evolution into a major player in the banking sector, offering a wide range of financial services and products designed to meet the diverse needs of its customers. The company's growth trajectory from a single office to a vast network of branches illustrates its commitment to providing accessible and reliable banking solutions across the United States.

Summarized from source with an LLMView SourceSector: Finance

Net Income

First Citizens Bancshares Inc reported net income of $639 million for the third quarter of 2024, a decrease from $707 million in the second quarter. Net income available to common stockholders was $624 million, or $43.42 per diluted share, down from $691 million, or $47.54 per diluted share, in the previous quarter. Adjusted net income was $675 million, compared to $755 million in the linked quarter.

Net Interest Income

Net interest income for First Citizens Bancshares Inc in the third quarter of 2024 was $1.80 billion, a decrease of $25 million from the previous quarter. The net interest margin was 3.53%, down from 3.64% in the second quarter. The decrease in net interest income was primarily due to a $33 million increase in interest expense.

Noninterest Income and Expense

Noninterest income for the third quarter of 2024 was $650 million, an increase of $11 million from the previous quarter. Noninterest expense rose to $1.46 billion, up by $70 million from the second quarter. The increase in expenses was mainly due to higher salaries and benefits, as well as professional fees.

Balance Sheet Summary

As of September 30, 2024, First Citizens Bancshares Inc reported loans and leases totaling $138.70 billion, a decrease of $646 million from the previous quarter. Deposits increased by $495 million to $151.57 billion. The growth in deposits was primarily driven by the General Bank and SVB Commercial segments.

Credit Quality

First Citizens Bancshares Inc recorded a provision for credit losses of $117 million for the third quarter of 2024. The company's credit quality remained stable, with strong capital and liquidity positions maintained throughout the quarter.

Summarized from source with an LLMView Source

Key figures

50.4%1Y

149%3Y

300%5Y

Performance

34.7%1Y

43.0%3Y

44.7%5Y

Volatility