FIRST CITIZENS BANCSHARES INC DE

For the period ended Jun 30, 2024. Filed Aug 8, 2024.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Jun 30, 2024 · Filed Aug 8, 2024

FCNCA$2,311.52+0.9%Stored close · as of Nov 10, 2026

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Contents

Consolidated Statements of Income (Unaudited)

	Three Months Ended June 30,		Six Months Ended June 30,
dollars in millions, except share and per share data	2024	2023	2024	2023
Interest income
Interest and fees on loans	$2,422	$2,353	$4,776	$3,370
Interest on investment securities	330	120	612	227
Interest on deposits at banks	378	480	826	567
Total interest income	3,130	2,953	6,214	4,164
Interest expense
Deposits	975	575	1,903	863
Borrowings	334	417	673	490
Total interest expense	1,309	992	2,576	1,353
Net interest income	1,821	1,961	3,638	2,811
Provision for credit losses	95	151	159	934
Net interest income after provision for credit losses	1,726	1,810	3,479	1,877
Noninterest income
Rental income on operating lease equipment	259	238	514	471
Fee income and other service charges	77	70	152	117
Client investment fees	54	52	104	54
Wealth management services	52	51	103	91
International fees	30	29	58	33
Service charges on deposit accounts	44	44	88	68
Factoring commissions	19	20	36	39
Cardholder services, net	40	41	80	62
Merchant services, net	12	14	24	24
Insurance commissions	13	14	28	27
Realized loss on sale of investment securities available for sale, net	—	—	—	(14)
Fair value adjustment on marketable equity securities, net	(2)	(10)	(6)	(19)
Gain on sale of leasing equipment, net	4	4	14	8
Gain on acquisition	—	55	—	9,879
Loss on extinguishment of debt	—	—	(2)	—
Other noninterest income	37	36	73	77
Total noninterest income	639	658	1,266	10,917
Noninterest expense
Depreciation on operating lease equipment	98	91	194	180
Maintenance and other operating lease expenses	60	56	105	112
Salaries and benefits	745	775	1,489	1,195
Net occupancy expense	58	64	120	114
Equipment expense	126	133	240	191
Professional fees	24	20	49	31
Third-party processing fees	58	55	118	85
FDIC insurance expense	33	22	74	40
Marketing expense	18	41	32	56
Acquisition-related expenses	44	205	102	233
Intangible asset amortization	15	18	32	23
Other noninterest expense	107	92	207	167
Total noninterest expense	1,386	1,572	2,762	2,427
Income before income taxes	979	896	1,983	10,367
Income tax expense	272	214	545	167
Net income	$707	$682	$1,438	$10,200
Preferred stock dividends	16	15	31	29
Net income available to common stockholders	$691	$667	$1,407	$10,171
Earnings per common share
Basic	$47.54	$45.90	$96.81	$700.10
Diluted	$47.54	$45.87	$96.80	$699.53
Weighted average common shares outstanding
Basic	14,534,499	14,528,134	14,533,900	14,527,417
Diluted	14,534,499	14,537,938	14,535,472	14,539,176

ContentsView on SEC.gov

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