FIRST CITIZENS BANCSHARES INC /DE/
For the period ended Mar 31, 2025. Filed May 9, 2025.
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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.
Mar 31, 2025 · Filed May 9, 2025
FCNCA$2,273.74-1.3%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2024-09-30; filed 2024-11-07.
0000798941-24-000047
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-03-31; filed 2025-05-09.
0000798941-25-000024
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 426 previous paragraphs and 446 current paragraphs.
182 unchanged; 118 reworded; 143 added; 123 removed; 3 previous and 3 current paragraphs rearranged.
Tables are not compared: 53 previous and 56 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (143)
Current report
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.
Current report
Debt Issuances
Current report
On March 12, 2025, the Parent Company issued and sold $500 million aggregate principal amount of its 5.231% Fixed-to-Floating Rate Senior Notes due 2031 and $750 million aggregate principal amount of its 6.254% Fixed-to-Fixed Rate Subordinated Notes due 2040 in a public offering (the “Current Quarter Debt Issuances”).
Current report
Termination of the Shared-Loss Agreement with the FDIC
Current report
On April 7, 2025, FCB and the FDIC entered into an agreement (the “Shared-Loss Termination Agreement”) to terminate the Shared-Loss Agreement (as defined in Note 2—Business Combinations). As a result of entering into the Shared-Loss Termination Agreement, all rights and obligations of the parties under the Shared-Loss Agreement terminated as of the date of the Shared-Loss Termination Agreement, including FCB’s reporting covenants and obligations related to FDIC Loss Sharing and FCB reimbursement (each as defined in Note 2—Business Combinations). The decision to enter into the Shared-Loss Termination Agreement was motivated, in part, by FCB’s determination that the likelihood of reaching the $5 billion loss threshold during the five-year period covered by the Shared Loss Agreement was remote. Additionally, the Termination Agreement eliminated the reporting responsibilities associated with the Shared-Loss Agreement. There was no impact to our consolidated balance sheets or statements of income resulting from the Shared-Loss Termination Agreement because there was no loss indemnification asset or true-up liability associated with the Shared-Loss Agreement, primarily based on evaluation of historical loss experience and the credit quality of the Covered Assets (as defined in Note 2—Business Combinations).
Current report
The risk-based capital ratio impacts resulting from the Shared-Loss Termination Agreement are discussed in the “Capital” section of this MD&A.
Current report
During the first quarter of 2025, we repurchased 302,683 shares of our Class A common stock for approximately $613 million. Shares repurchased during the first quarter of 2025 represented 2.38% of Class A common shares and 2.21% of total Class A and Class B common shares outstanding at December 31, 2024. From inception of the SRP through March 31, 2025, we have repurchased 1,117,324 shares of our Class A common stock for approximately $2.28 billion, representing 8.26% of Class A common shares and 7.69% of total Class A and Class B common shares outstanding as of June 30, 2024. The total capacity remaining under the SRP was $1.22 billion as of March 31, 2025. Subsequent to March 31, 2025, BancShares purchased an additional 120,558 shares of Class A common stock through April 30, 2025.
Current report
Changes to the Composition of Reportable Segments
Current report
Entering 2025, the Federal Open Market Committee (“FOMC”) had reduced the benchmark federal funds rate to a range between 4.25% - 4.50% and cautioned that reductions in 2025 may be fewer than initially expected due to continued inflation pressure. As such, the FOMC maintained the range for the benchmark federal funds rate at its January and March 2025 meetings.
Current report
The Trump administration has imposed, modified and paused tariffs multiple times since the beginning of 2025. Actual and threatened changes to U.S. trade policies have resulted in some countries enacting retaliatory measures. The imposition of increased tariffs and trade restrictions has contributed to uncertainty and volatility in the global financial markets. The current tariff environment is dynamic, and we are closely monitoring both the impact and potential impact of such measures on our business, our customers and on overall economic conditions in the United States.
Current report
Income Statement Highlights
Current report
•Net Interest Income (“NII”) for the Current Quarter was $1.66 billion, a decrease of $46 million or 3% from $1.71 billion for the Linked Quarter. NIM for the Current Quarter was 3.26%, a decrease of 6 basis points (“bps”) from 3.32% for the Linked Quarter. The decreases in NII and NIM were mainly due to a decline in the yield on interest-earning assets, a mix shift from interest-earning deposits at banks to investment securities, and an increase in average interest-bearing deposits, partially offset by a decline in the cost of interest-bearing deposits and an increase in average loans.
Current report
◦PAA for the Current Quarter was $75 million, a decrease of $7 million from $82 million for the Linked Quarter. NIM, excluding PAA,(1) for the Current Quarter was 3.12%, a decrease of 4 bps from 3.16% for the Linked Quarter.
Current report
•Noninterest income for the Current Quarter was$635 million, a decrease of $64 million or 9% from$699 million for the Linked Quarter. The decrease was largely the result of a decline in other noninterest income of $36 million, mainly attributable to the negative impacts from fair value changes in customer derivative positions driven by changes in the rate environment, as well as the write-down of a held for sale asset. The remaining net decrease included a decline in the fair value adjustment on marketable equity securities of $15 million, as well as declines in gains on sales of loans, leasing equipment and marketable equity securities totaling $16 million, partially offset by an increase in wealth management services of $2 million.
Current report
•Noninterest expensefor the Current Quarter was $1.49 billion, a decrease of $24 million or 2% from $1.52 billion for the Linked Quarter. The decrease was mostly due to a decline in acquisition-related expenses of $20 million and a decline in other noninterest expense of $32 million, reflecting decreases in non-income taxes and donations to support relief efforts for recent natural disasters, partially offset by an increase in personnel cost of $17 million.
Current report
•Provision for credit losses for the Current Quarter was $154 million, a decrease of $1 million from $155 million for the Linked Quarter.
Current report
◦The provision for loan and lease losses for the Current Quarter was $148 million, a decrease of $10 million from $158 million for the Linked Quarter, mainly attributable to a decrease in net charge-offs of $16 million, partially offset by the impact of a $4 million reserve build in the Current Quarter compared to a $2 million reserve release in the Linked Quarter as discussed below in the “Balance Sheet Highlights.”
Current report
◦The provision for off-balance sheet credit exposure for the Current Quarter was $6 million, an increase of $9 million compared to a benefit of $3 million for the Linked Quarter, mostly due to an increase in off-balance sheet credit exposure and modest deterioration in the macroeconomic forecast.
Current report
•Income tax expense for the Current Quarter was $168 million, an increase of $132 million from $36 million for the Linked Quarter. The Linked Quarter included a decrease in income tax expense due to a decline in the state tax rate applied. The tax rate applied in the Linked Quarter declined after we filed our first income tax returns that included the SVBB Acquisition (as defined in Note 2—Business Combinations).
Current report
(1) NIM, excluding PAA is a non-GAAP measure. Refer to the “NII, NIM, and Interest and Fees on Loans, Excluding PAA” discussion in the “Non-GAAP Financial Measurements” section of this MD&A for further discussion.
Current report
•Loans and leases at March 31, 2025 were $141.36 billion, an increase of $1.14 billion or 1% from $140.22 billion at December 31, 2024. Loan growth in the Commercial Bank segment of $733 million was mainly in our industry verticals, primarily technology media and telecommunications (“TMT”) and healthcare. Loan growth in the SVB Commercial segment of $444 million was concentrated in the global fund banking portfolio, partially offset by declines in our investor dependent portfolio. Loans in the General Bank segment slightly declined by $40 million, reflecting a decline in the Branch Network, partially offset by loan growth in Wealth.
Current report
•Allowance for loan and lease losses (“ALLL”) at March 31, 2025 was $1.68 billion, an increase of $4 million from December 31, 2024, primarily due to modest deterioration in the macroeconomic forecast, as well as increases in loan volume, partially offset by the result of a mix shift from the investor dependent portfolio to the global fund banking portfolio, which has a lower loss rate relative to our other loan portfolios, and lower specific reserves for individually evaluated loans. The reserve release in the Linked Quarter was primarily due to lower specific reserves, partially offset by increases in loan volume. The ALLL as a percentage of loans was 1.19% at March 31, 2025, a decrease of 1 bp from 1.20% at December 31, 2024.
Current report
•Borrowingsat March 31, 2025 were $38.41 billion, an increase of $1.36 billion or 4% from $37.05 billion at December 31, 2024, primarily due to the Current Quarter Debt Issuances with aggregate principal amounts totaling $1.25 billion as further discussed above in the “Recent Events” section of this MD&A.
Current report
From December 31, 2024 to March 31, 2025, deposits in Corporate and the General Bank segment increased, primarily due to deposit growth in the Direct Bank and our Branch Network, respectively. SVB Commercial segment deposits increased despite the strategic decision to move $2.4 billion in select cash sweep deposits to off-balance sheet client funds during the Current Quarter. The net increase in SVB Commercial segment deposits was mainly due to growth in savings, noninterest-bearing, and money market deposits, partially offset by declines in interest-bearing checking and time deposits. Deposits in the Commercial Bank segment decreased, mostly due to a decline in noninterest-bearing deposits. Refer to the “Interest-bearing Liabilities—Deposits” section in this MD&A for additional information on deposits.
Current report
In connection with the SVBB Acquisition, FCB issued a five-year, 3.50% fixed rate Purchase Money Note (as defined in Note 2—Business Combinations), which had a carrying value of $35.83 billion at March 31, 2025. While scheduled principal payments are not required until maturity in March 2028, FCB may voluntarily prepay principal without a premium or penalty. We will continue to monitor the interest rate environment and assess whether any voluntary prepayments are prudent considering the fixed rate of 3.50%. Potential sources that could fund voluntary prepayments or the amount due at maturity include excess liquidity (primarily comprised of interest-earning deposits at banks and proceeds from maturities and paydowns of investment securities), FHLB advances, deposit growth, and issuance of unsecured debt or other borrowings. At the time of voluntary prepayment or maturity, the interest rates for the potential interest-bearing sources of repayment could be higher than the 3.50% rate.
Current report
Average Balances, Yields and Rates, NII, and NIM (Current Quarter to Linked Quarter)
Current report
(1)Loans and leases include nonaccrual loans and loans held for sale. Interest income on loans and leases includes accretion income and loan fees.
Current report
(2)The average balances and yields for loans and leases are calculated net of average credit balances of factoring clients to appropriately reflect the interest-earning portion of factoring receivables.
Current report
The table above quantifies the increases or decreases for the Current Quarter compared to the Linked Quarter for NII and NIM, as well as average balances of interest-earning assets and interest-bearing liabilities, and the respective yields and rates paid. The main reasons for the increases and decreases are explained below.
Current report
NII and NIM
Current report
•NII for the Current Quarter was $1.66 billion, a decrease of $46 million or 3% from $1.71 billion for the Linked Quarter. NII, excluding PAA,(1) was $1.59 billion for the Current Quarter, a decrease of $39 million from $1.63 billion for the Linked Quarter. The main reasons for the decreases in NII and NII, excluding PAA,(1) are explained below.
Current report
◦Interest and fees on loans for the Current Quarter was $2.24 billion, a decrease of $86 million or 4% from $2.32 billion for the Linked Quarter. The decrease was a result of a lower yield, partially offset by the impact of a higher average balance.
Current report
•Loan PAA was $84 million for the Current Quarter, a decrease of $6 million from $90 million for the Linked Quarter.
Current report
•Interest and fees on loans, excluding loan PAA,(1) was $2.15 billion for the Current Quarter, a decrease of $80 million from $2.23 billion for the Linked Quarter.
Current report
◦Interest income on interest-earning deposits at banks for the Current Quarter was $245 million, a decrease of $57 million or 19% from $302 million for the Linked Quarter, due to declines in the average balance and the federal funds rate.
Current report
◦Interest income on investment securities and securities purchased under agreements to resell for the Current Quarter was $414 million, an increase of $37 million or 10% from $377 million for the Linked Quarter, due to a higher average balance and a higher yield.
Current report
◦Interest expense on borrowings for the Current Quarter was $339 million, an increase of $4 million or 1% from $335 million for the Linked Quarter, primarily due to a higher average balance as a result of the Current Quarter Debt Issuances discussed in the “Interest-bearing Liabilities—Borrowings” section of this MD&A. We expect interest expense on borrowings to increase next quarter as the Current Quarter Debt Issuances will be included in the average balance and rate paid for the entire quarter.
Current report
•NIM for the Current Quarter was 3.26%, a decrease of 6 bps from 3.32% for the Linked Quarter. NIM compression was mainly due to a decline in the yield on interest-earning assets (due primarily to decreases in the federal funds rate in the Linked Quarter that remained in effect for the entire Current Quarter), a mix shift from interest-earning deposits at banks to investment securities, and an increase in average interest-bearing deposits, partially offset by a decline in the cost of interest-bearing deposits and an increase in average loans. Lower PAA had a 1 bp negative impact on NIM during the Current Quarter. NIM, excluding PAA,(1) was 3.12% for the Current Quarter, a decrease of 4 bps from 3.16% for the Linked Quarter.
Current report
◦The yield on average interest-earning assets for the Current Quarter was 5.68%, a decrease of 15 bps from 5.83% for the Linked Quarter, mainly due to declines in yields on loans and interest-earning deposits at banks, as well as slightly lower loan PAA, partially offset by a higher yield on investment securities.
Current report
◦The rate paid on average interest-bearing liabilities for the Current Quarter was 3.22%, a decrease of 17 bps from 3.39% for the Linked Quarter, primarily due to a lower rate paid on interest-bearing deposits, partially offset by the impact of a higher average balance of interest-bearing deposits. The rate paid on borrowings for the Current Quarter was 3.62%, relatively consistent with 3.61% for the Linked Quarter.
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Removed paragraphs (123)
Previous report
The SVBB Acquisition (defined below) expanded our client base to serve private equity and venture capital clients and also complimented our existing wealth management business by adding enhanced digital capabilities. The SVBB Acquisition further diversified our loan portfolio and business mix, particularly across technology, life science and healthcare industries, and wealth clients.
Previous report
Hurricanes Helene and Milton
Previous report
On September 26, 2024, Hurricane Helene (“Helene”) made landfall in the Big Bend area of the Florida Gulf Coast as a Category 4 hurricane. Helene's most significant impacts were across the southern Appalachians, where widespread and severe flooding occurred. On October 9, 2024, Hurricane Milton made landfall in the central west coast of Florida and caused extensive damage and flooding across the Florida peninsula. The operations of our branches and offices were not significantly affected. At September 30, 2024, we estimated a $20 million loan loss reserve related to Helene, which will continue to be assessed as further information becomes available.
Previous report
Segment Updates
Previous report
Updates to Loan Classes
Previous report
We updated our loan classes during the first quarter of 2024 as further discussed in Note 1—Significant Accounting Policies and Basis of Presentation. Loan and lease and allowance for loan and lease losses (“ALLL”) disclosures for 2023 periods included in this Form 10-Q were recast to reflect the changes in loan classes.
Previous report
SVBB Acquisition
Previous report
On March 27, 2023 (the “SVBB Acquisition Date”), FCB acquired substantially all loans and certain other assets and assumed all customer deposits and certain other liabilities of Silicon Valley Bridge Bank, N.A. (“SVBB”) from the FDIC pursuant to the terms of a purchase and assumption agreement by and among FCB, the FDIC, and the FDIC, as receiver of SVBB (the “SVBB Acquisition”).
Previous report
The SVBB Acquisition is further discussed in Note 2—Business Combinations.
Previous report
During its September 2024 meeting, the FRB’s Federal Open Market Committee (“FOMC”) reduced the benchmark federal funds rate to a range between 4.75% - 5.00%. In its statement, the FOMC said it gained greater confidence that inflation is moving sustainably toward 2 percent, and therefore lowered the target range for the federal funds rate by 0.50%. The FOMC followed this with a further 0.25% reduction at its November 2024 meeting to reduce the benchmark federal funds rate to a range between 4.50% - 4.75%.
Previous report
During 2023, the FDIC finalized a notice of proposed rulemaking (“NPR”) covering an industry-wide special assessment to recover losses associated with protecting uninsured depositors following the closures of Silicon Valley Bank, Signature Bank, and First Republic Bank. We accrued a FDIC insurance special assessment charge of $64 million in 2023 that is payable in eight quarterly installments beginning in 2024. In 2024, the FDIC revised its loss estimate, indicating higher losses than originally estimated to the deposit insurance fund. As a result, we accrued an additional FDIC insurance special assessment charge of approximately $11 million in 2024. The additional FDIC insurance special assessment charge will be paid in two quarterly installments beginning in 2026. The projected number of additional quarters and the estimated rate applicable to those quarters are subject to change depending on any adjustments to estimated losses or amendments to uninsured deposits.
Previous report
Also in 2023, the federal banking agencies issued NPRs related to enhanced capital and long-term debt requirements for banking organizations with $100 billion or more in total assets. These NPRs were discussed in Item 1. Businessof our 2023 Form 10-K, in the section entitled “Regulatory Considerations.” We are in the process of evaluating the proposals and the potential impacts. If the NPRs are finalized, we expect we would need to raise additional long-term debt to satisfy the requirements.
Previous report
On June 20, 2024, the FDIC adopted a final rule to amend its Covered Insured Depository Institution rule (“CIDI Rule”). The CIDI Rule requires depository institutions insured by the FDIC with $50 billion or more in total consolidated assets to periodically submit resolution plans that will enable the FDIC as receiver to resolve the bank in the event of its insolvency under the Federal Deposit Insurance Act. As a covered insured depository institution in group A under the CIDI Rule, we will be required to, among other things, submit to the FDIC full resolution plans every three years and interim targeted information between full resolution plan submissions. In addition, the final rule introduces a new credibility standard that will be used to evaluate full resolution plan submissions, which would be subject to potential FDIC enforcement action. While the final rule became effective beginning October 1, 2024, our first submission under the new regulatory reporting requirements will not be due until 2025.
Previous report
The following tables in this MD&A include financial data for the three months ended September 30, 2024 (the “current quarter”), the three months ended June 30, 2024 (the “linked quarter”), the three months ended September 30, 2023 (the “prior year quarter”), the nine months ended September 30, 2024 (“current YTD”), and the nine months ended September 30, 2023 (“prior YTD”). The operations acquired in the SVBB Acquisition (the “acquired SVBB operations”) were included in our results of operations for the current YTD, but only from the SVBB Acquisition Date through September 30, 2023 (the “partial prior YTD”). Many year-to-date comparisons in this MD&A highlight the impact of including the acquired SVBB operations for the current YTD and the partial prior YTD.
Previous report
Third Quarter Income Statement Highlights
Previous report
◦As further discussed below, the decreases were mainly due to higher noninterest expense. Other changes in net income included lower net interest income (“NII”) and higher provision for credit losses, which were partially offset by higher noninterest income.
Previous report
•NII for the current quarter was $1.80 billion, a decrease of $25 million compared to the linked quarter as the $33 million increase in interest expense was partially offset by an $8 million increase in interest income. The $33 million increase in interest expense was mostly related to growth in the average balance of interest-bearing deposits. The $8 million increase in interest income was mainly due to the higher average loan balance, partially offset by lower loan accretion income. NII excluding PAA for the current quarter was $1.70 billion, an increase from $1.68 billion for the linked quarter. Refer to the “NIM, Excluding PAA” item in the “Non-GAAP Financial Measures” section of this MD&A for a reconciliation from the most comparable GAAP measure to the non-GAAP measure.
Previous report
•NIM for the current quarter was 3.53%, a decrease of 11 basis points (“bps”) from 3.64% for the linked quarter, primarily related to lower PAA and the items discussed above for NII. NIM, excluding PAA, was 3.33% compared to 3.36% in the linked quarter. Refer to the “NIM, Excluding PAA” item in the “Non-GAAP Financial Measures” section of this MD&A for a reconciliation from the most comparable GAAP measure to the non-GAAP measure.
Previous report
•Provision for credit losses was $117 million in the current quarter compared to $95 million in the linked quarter. The increase of $22 million was the result of a $28 million increase in the provision for loan and lease losses, partially offset by a $6 million increase in the benefit for off-balance sheet credit exposure. The higher provision for loan and lease losses is mainly attributable to an estimate of $20 million related to Helene, as well as increases in net charge-offs and specific reserves, partially offset by changes in credit quality and lower loan balances.
Previous report
•Noninterest income for the current quarter was $650 million, an increase of $11 million or 2% from $639 million for the linked quarter. The increase in noninterest income included an $11 million improvement from the linked quarter for fair value adjustments on marketable equity securities, a $4 million increase in fees income and other service charges, mainly due to higher capital market fees, and a realized $4 million gain on sale of marketable equity securities. The remaining change included an $18 million decline in other noninterest income, mainly attributable to fair value changes in customer derivative positions and other nonmarketable investments, and an increase of $10 million spread among the remaining noninterest income items.
Previous report
•Noninterest expensefor the current quarter was $1.46 billion, an increase of $70 million or 5% from $1.39 billion for the linked quarter, primarily attributable to increases of$43 million insalaries and benefits and$18 million inprofessional fees. The remaining increases were spread among various noninterest expense line items.
Previous report
Year-to-Date Income Statement Highlights
Previous report
•Net income for the current YTD was $2.08 billion, a decrease of $8.88 billion or 81% from $10.95 billion for the prior YTD. Net income available to common stockholders for the current YTD was $2.03 billion, a decrease of $8.88 billion from $10.91 billion for the prior YTD. Earnings per diluted common share for the current YTD was $140.26, a decrease from $750.19 for the prior YTD.
Previous report
◦The decreases were mostly related to the SVBB Acquisition. Noninterest income was lower for the current YTD as the prior YTD included the$9.89 billion gain on acquisition. This was partially offset by a lower provision for credit losses for the current YTD as the prior YTD included theprovision for non-purchased credit deteriorated (“Non-PCD”) loans and leases and the unfunded commitments acquired in the SVBB Acquisition (collectively, the “Day 2 Provision for Credit Losses”).
Previous report
◦As further discussed below, other changes in net income included higher NII, which was partially offset by higher noninterest expenses. Additionally, the acquired SVBB operations were reflected in earnings for the current YTD and the partial prior YTD.
Previous report
•The current YTD included the following select items:
Previous report
◦Acquisition-related expenses of $148 million, and
Previous report
◦Additional FDIC insurance special assessment of $11 million.
Previous report
•The prior YTD included the following select items:
Previous report
◦Gain on acquisition of$9.89 billion for the SVBB Acquisition,
Previous report
◦Day 2 Provision for Credit Losses of $716 million for the SVBB Acquisition,
Previous report
◦Loss of$12 million, primarily on the sale of municipal bonds acquired in the SVBB Acquisition, and
Previous report
◦Acquisition-related expenses of$354 million.
Previous report
•Return on average assets for the current YTD was 1.27% compared to 7.81% for the prior YTD.
Previous report
•NII for the current YTD was $5.43 billion, an increase of $633 million or 13% from $4.80 billion for the prior YTD. The increase was primarily due to the acquired SVBB operations being included for the current YTD and the partial prior YTD. Additionally, interest income increased in the current YTD due to higher interest income on loans and investment securities, which was partially offset by higher interest expense on interest-bearing deposits and borrowings and lower loan accretion income.
Previous report
•Provision for credit losses for the current YTD was $276 million, a decrease of $850 million from $1.13 billion for the prior YTD. The decrease was primarily related to the Day 2 Provision for Credit Losses of $716 million in the prior YTD and changes in the macroeconomic forecast, partially offset by the estimated loan loss provision related to Helene.
Previous report
•Noninterest income for the current YTD was $1.92 billion, a decrease of $9.62 billion from $11.53 billion for the prior YTD. The decrease was mostly due to the gain on acquisition of $9.89 billion in the prior YTD, partially offset by increases in various components of noninterest income, mostly because the acquired SVBB operations were reflected in earnings for the current YTD and the partial prior YTD.
Previous report
•Noninterest expensefor the current YTD was $4.22 billion, an increase of $375 million or 10% from $3.84 billion. The increase was mostly due to the acquired SVBB operations being included for the current YTD and the partial prior YTD, including higher salaries and benefits, partially offset by lower acquisition-related expenses.
Previous report
•Loans and leases at September 30, 2024 were $138.70 billion, an increase of $5.39 billion or 4% from $133.30 billion at December 31, 2023 and a decrease of $646 million or 1% from $139.34 billion at June 30, 2024. Compared to December 31, 2023, there was loan growth in each of our business segments. Loan growth in the General Bank segment was primarily related to business and commercial loans in our Branch Network. Loan growth in the Commercial Bank segment was mainly due to the technology media and telecommunications (“TMT”) and the Healthcare industry verticals. Loan growth in the SVB Commercial segment was concentrated in global fund banking loans.
Previous report
◦Compared to June 30, 2024, the decrease in the SVB Commercial segment of $2.12 billion was primarily due to declines in global fund banking as repayment levels outpaced draw activity on new lines of credit. The decline in the SVB Commercial segment loans was partially offset by loan growth in the General Bank and Commercial Bank segment loan portfolios discussed above.
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Reworded paragraphs (118)
Previous wording
This MD&A is expected to provide our investors with a view of our financial condition and results of operations from our management’s perspective. This MD&A should be read in conjunction with the unaudited consolidated financial statements and related notes presented within this Quarterly Report on Form 10-Q (this “Form 10-Q”), along with our consolidated financial statements and related MD&A of financial condition and results of operations included in our Annual Report on Form 10-K for the year ended December 31, 2023 (“2023 Form 10-K”). Throughout this MD&A, references to a specific “Note” refer to Notes to the Unaudited Consolidated Financial Statements.
Current wording
This MD&A is expected to provide our investors with a view of our financial condition and results of operations from our management’s perspective. This MD&A should be read in conjunction with the unaudited consolidated financial statements and related notes presented within this Quarterly Report on Form 10-Q (this “Form 10-Q”), along with our consolidated financial statements and related MD&A of financial condition and results of operations included in our Annual Report on Form 10-K for the year ended December 31, 2024 (the “2024 Form 10-K”). Throughout this MD&A, references to a specific “Note” refer to Notes to the Unaudited Consolidated Financial Statements in Item 1. Financial Statements.
Previous wording
The Parent Company is a bank holding company (“BHC”) and financial holding company. The Parent Company is regulated by the Board of Governors of the Federal Reserve System (“FRB”) under the U.S. Bank Holding Company Act of 1956, as amended. The Parent Company is also registered under the BHC laws of North Carolina and is subject to supervision, regulation and examination by the North Carolina Commissioner of Banks (the “NCCOB”). BancShares conducts its banking operations through its wholly owned subsidiary, FCB, a state-chartered bank organized under the laws of the state of North Carolina. FCB is regulated by the NCCOB. In addition, FCB, as an insured depository institution, is supervised by the Federal Deposit Insurance Corporation (the “FDIC”).
Current wording
The Parent Company is a bank holding company (“BHC”) and financial holding company. The Parent Company is regulated by the Board of Governors of the Federal Reserve System (“Federal Reserve”) under the U.S. Bank Holding Company Act of 1956, as amended. The Parent Company is also registered under the BHC laws of North Carolina and is subject to supervision, regulation and examination by the North Carolina Office of the Commissioner of Banks (the “NCCOB”). BancShares conducts its banking operations through its wholly owned subsidiary, FCB, a state-chartered bank organized under the laws of the state of North Carolina. FCB is regulated by the NCCOB. In addition, FCB, as an insured depository institution, is supervised by the Federal Deposit Insurance Corporation (the “FDIC”).
Previous wording
Refer to Note 20—Business Segment Information for further information regarding the products and services we provide.
Current wording
Refer to Note 17—Segment Information for further information regarding the products and services we provide.
Previous wording
On July 25, 2024, BancShares announced that its Board of Directors (the “Board”) authorized a share repurchase program, which allows BancShares to repurchase shares of its Class A common stock in an aggregate amount up to $3.5 billion through 2025. During the third quarter of 2024, we repurchased approximately $700 million of our Class A common stock. Refer to Part II, Item 2. Unregistered Sales of Equity Securities and Use of Proceeds for additional information regarding repurchase activity during the current quarter and through October 31, 2024.
Current wording
On July 25, 2024, BancShares announced that the Board of Directors (the “Board”) authorized a share repurchase plan (the “SRP”), which allows BancShares to repurchase shares of its Class A common stock in an aggregate amount up to $3.50 billion through 2025.
Previous wording
We made changes to our segment reporting during the first quarter of 2024 as further discussed in Note 1—Significant Accounting Policies and Basis of Presentation. Segment disclosures for 2023 periods included in this Form 10-Q were recast to reflect the segment reporting changes. BancShares’ segments include General Bank, Commercial Bank, SVB Commercial, and Rail. All other financial information not allocated to the segments is included in the “Corporate” section of the segment disclosures. Refer to Note 20—Business Segment Information for the segment descriptions and the section entitled “Results by Business Segment” in this MD&A.
Current wording
We updated our segment reporting during the first quarter of 2025 as further discussed in Note 1—Significant Accounting Policies and Basis of Presentation. We transferred certain components from the SVB Commercial and General Bank segments to the Commercial Bank segment and modified our segment expense allocation methodology. Segment disclosures for 2024 periods included in this Form 10-Q were recast to reflect the segment reporting updates. Refer to Note 17—Segment Information for descriptions of segment products and services and “Results by Segment” in this MD&A.
Previous wording
In accordance with Item 303(c) of Regulation S-K, we focus on changes compared to the linked quarter and year-to-date periods for the narrative discussion and analysis of our results of operations as we believe this provides investors and other users of our data with the most relevant information.
Current wording
The following tables in this MD&A include financial data for the three months ended March 31, 2025 (the “Current Quarter”), December 31, 2024 (the “Linked Quarter”) and March 31, 2024 (the “Prior Year Quarter”). In accordance with Item 303(c) of Regulation S-K, we focus on changes compared to the Linked Quarter for the narrative discussion and analysis of our results of operations as we believe this provides investors and other users of our data with the most relevant information.
Previous wording
We primarily focus the discussion of our financial position by comparing balances as of September 30, 2024 to December 31, 2023, but the tables also provide the linked quarter balances.
Current wording
We focus the discussion of our financial position by comparing balances as of March 31, 2025 to December 31, 2024.
Previous wording
(3)Net interest margin (“NIM”), excluding purchase accounting accretion or amortization (“PAA”), is a non-GAAP financial measure. Refer to the “NIM, Excluding PAA” item in the“Non-GAAP Financial Measures” section of this MD&A for a reconciliation from the most comparable GAAP measure to the non-GAAP measure.
Current wording
(2)Net interest margin (“NIM”), excluding purchase accounting accretion or amortization (“PAA”), is a non-GAAP financial measure. Refer to the “NII, NIM, and Interest and Fees on Loans, Excluding PAA” discussion in the “Non-GAAP Financial Measurements” section of this MD&A for a reconciliation from the most comparable GAAP measure to the non-GAAP measure.
Previous wording
(2)Average loan balances include loans held for sale and nonaccrual loans.
Current wording
(3)Average loan balances include loans held for sale and nonaccrual loans.
Previous wording
Financial highlights are summarized below. Further details are discussed in the “Results of Operations” section of this MD&A.
Current wording
Financial highlights are summarized below. Further details are discussed in the “Results of Operations” and “Balance Sheet Analysis” sections of this MD&A.
Previous wording
•Net income for the current quarter was $639 million, a decrease of $68 million or 10% from $707 million for the linked quarter. Net income available to common stockholders for the current quarter was $624 million, a decrease of $67 million or 10% from $691 million for the linked quarter. Earnings per diluted common share for the current quarter was $43.42, a decrease from $47.54 for the linked quarter.
Current wording
•Net income for the Current Quarter was$483 million, a decrease of $217 million or 31% from$700 million for the Linked Quarter. Net income available to common stockholders for the Current Quarter was $468 million, a decrease of $217 million or 32% from $685 million for the Linked Quarter. Earnings per basic and diluted common share for the Current Quarter was $34.47, a decrease from $49.21 for the Linked Quarter. The decrease in net income available to common stockholders was largely due to an increase in income tax expense of $132 million as further described below.
Previous wording
•Select items in the current quarter and linked quarter included acquisition-related expenses of$46 million and $44 million, respectively.
Current wording
•Select items in the Current Quarter and Linked Quarter included acquisition-related expenses of $42 million and $62 million, respectively.
Previous wording
•Return on average assets for the current quarter was 1.15% compared to 1.30% for the linked quarter.
Current wording
•Return on average assets for the Current Quarter was 0.87%, a decrease of 38 bps from 1.25% for the Linked Quarter, mainly attributable to higher income tax expense.
Previous wording
•Investment securities at September 30, 2024 were $38.66 billion, an increase of $8.66 billion or 29% from $30.00 billion at December 31, 2023 and an increase of $997 million or 3% from $37.67 billion at June 30, 2024. Compared to December 31, 2023 and June 30, 2024, the increases were primarily due to purchases of short-duration U.S. agency mortgage-backed and U.S. Treasury investment securities.
Current wording
•Investment securities at March 31, 2025 were $44.32 billion, an increase of $229 million or 1% from $44.09 billion at December 31, 2024, primarily due to purchases of short-duration available for sale U.S. agency mortgage-backed and U.S. Treasury investment securities, partially offset by paydowns, maturities, and sales.
Previous wording
•Depositsat September 30, 2024 were $151.57 billion, an increase of $5.72 billion or 4% from $145.85 billion at December 31, 2023 and an increase of $495 million or 0.3% from $151.08 billion at June 30, 2024. The increase from December 31, 2023 reflected deposit growth in our Branch Network in the General Bank segment, the Direct Bank in Corporate, and in the SVB Commercial segment. The increase from June 30, 2024 reflected deposit growth in our Branch Network and SVB Commercial segment, partially offset by declines in the Commercial Bank segment and Direct Bank.
Current wording
•Depositsat March 31, 2025 were $159.33 billion, an increase of $4.10 billion or 3% from $155.23 billion at December 31, 2024, mainly attributable to deposit growth of $3.1 billion in the Direct Bank in Corporate, $1.4 billion in our Branch Network in the General Bank segment, and $496 million in the SVB Commercial segment, partially offset by a decline of $508 million in the Commercial Bank segment. The remaining decrease in deposits was attributable to declines in other deposits in Corporate and the Rail segment.
Previous wording
•At September 30, 2024, BancShares remained well capitalized with a total risk-based capital ratio of 15.36%, a Tier 1 risk-based capital ratio of 13.78%, a common equity Tier 1 ratio of 13.24% and a Tier 1 leverage ratio of 10.17%.
Current wording
•At March 31, 2025, BancShares remained well capitalized with a total risk-based capital ratio of 15.23%, a Tier 1 risk-based capital ratio of 13.35%, a common equity Tier 1 (“CET1”) ratio of 12.81% and a Tier 1 leverage ratio of 9.75%.
Previous wording
We fund our business primarily through deposits. Deposits represented approximately 80% of total funding at September 30, 2024. The following table summarizes the composition, average size and uninsured percentages of our deposits:
Current wording
We fund our business primarily through deposits. Deposits represented approximately 81% of total funding at March 31, 2025. The following table summarizes the composition, average size and uninsured percentages of our deposits:
Previous wording
The General Bank segment includes deposits from our Branch Network, which deploys a relationship-based approach to deposit gathering. The Commercial Bank segment includes deposits of commercial customers, and the SVB Commercial segment includes deposits related to its commercial customer base. Deposits in Corporate mainly included $39.50 billion in our Direct Bank, with the remaining primarily comprised of brokered deposits.
Current wording
The General Bank segment mainly includes deposits in our Branch Network, which deploys a relationship-based approach to deposit gathering. The Commercial Bank segment includes deposits of commercial customers, and the SVB Commercial segment includes deposits related to its commercial customer base. Deposits in Corporate mainly included $44.17 billion in our Direct Bank, with the balance including brokered and other deposits.
Previous wording
As displayed in the table above, the average size of deposits varies across our business segments. The uninsured percentage is the percentage of uninsured deposits to total deposits at period end for the respective segments and Corporate. At September 30, 2024, total uninsured deposits were approximately $58.59 billion or 39% of total deposits. Uninsured deposits were $54.15 billion or 37% of total deposits at December 31, 2023.
Current wording
As displayed in the table above, the average size of deposits varies across our business segments. The uninsured percentage is the percentage of uninsured deposits to total deposits at period end for the respective segments and Corporate. Total uninsured deposits were approximately $58.06 billion or 36% of total deposits at March 31, 2025 and $59.51 billion or 38% at December 31, 2024.
Previous wording
We strive to maintain a strong liquidity position, and our risk appetite for liquidity is low. At September 30, 2024, we had $58.36 billion in high-quality liquid assets consisting of $24.71 billion in cash and interest-earning deposits at banks (primarily held at the FRB) and $33.65 billion in high-quality liquid securities (“HQLS”). Additionally, we have unused borrowing capacity with the Federal Home Loan Bank (“FHLB”) and FRB of $15.80 billion and $5.62 billion, respectively.
Current wording
We strive to maintain a strong liquidity position and our risk appetite for liquidity is low. At March 31, 2025, we had $62.79 billion in high-quality liquid assets consisting of $23.77 billion in cash and interest-earning deposits at banks (primarily held at the Federal Reserve Bank (“FRB”)) and $39.02 billion in high-quality liquid securities (“HQLS”). HQLS is mainly composed of U.S. agency mortgage-backed and U.S. Treasury investment securities. Additionally, we have unused borrowing capacity with the Federal Home Loan Bank (“FHLB”) and FRB of $16.54 billion and $5.61 billion, respectively.
Previous wording
In connection with the SVBB Acquisition, FCB and the FDIC, as lender and as collateral agent, entered into the Advance Facility Agreement, dated as of March 27, 2023, and effective as of November 20, 2023 (the “Advance Facility Agreement”), providing total advances available through March 27, 2025 of up to $70 billion, subject to limits subsequently described in this MD&A as referenced below. The immediate available capacity of the Advance Facility Agreement was $8.13 billion at September 30, 2024. Refer to the “Liquidity Risk” section of this MD&A for further discussion.
Current wording
In connection with the SVBB Acquisition, FCB and the FDIC, as lender and as collateral agent, entered into the Advance Facility Agreement (as defined and described in Note 2—Business Combinations). The draw period under the Advance Facility Agreement ended March 27, 2025, as of which date, FCB had no outstanding amounts under the facility. We are actively working to increase our borrowing capacity under agreements with the FRB through expansion of the eligible loan population to targeted loans historically not pledged to the FRB. Refer to the “Liquidity Risk” section of this MD&A for further discussion.
Previous wording
At September 30, 2024, our investment securities portfolio primarily consisted of debt securities available for sale and held to maturity as summarized below. The duration of our investment securities was approximately 2.8 years at September 30, 2024. The investment securities available for sale portfolio had an average duration of 2.2 years and the held to maturity portfolio had an average duration of 4.5 years. Refer to the “Interest-earning Assets—Investment securities” section of this MD&A and Note 3—Investment Securities for further information.
Current wording
At March 31, 2025, our investment securities portfolio primarily consisted of debt securities available for sale and held to maturity as summarized below. We manage debt security market risk by monitoring the average duration of our investment securities portfolio. The duration of our investment securities was approximately 2.7 years at March 31, 2025. The investment securities available for sale portfolio had an average duration of 2.3 years and the held to maturity portfolio had an average duration of 4.3 years. Refer to the “Interest-earning Assets—Investment Securities” section of this MD&A and Note 3—Investment Securities for further information.
Previous wording
All regulatory capital ratios for BancShares and FCB significantly exceed the prompt corrective action well capitalized thresholds and Basel III requirements as further discussed in the “Capital” section of this MD&A.
Current wording
At March 31, 2025, all regulatory capital ratios for BancShares and FCB significantly exceeded the Prompt Corrective Action (“PCA”) well capitalized thresholds and Basel III requirements as further discussed in the “Capital” section of this MD&A.
Previous wording
NII is affected by changes in interest rates and changes in the amount and composition of interest-earning assets and interest-bearing liabilities. Interest income and expense and the respective yields and rates includes amortization of premiums, accretion of discounts, and impacts from hedging activities.
Current wording
NII is affected by changes in interest rates and changes in the amount and composition of interest-earning assets and interest-bearing liabilities. Interest income and expense and the respective yields and rates include amortization of premiums, accretion of discounts, and impacts from hedging activities.
Previous wording
The following tables present the average balances, yields on interest-earning assets, rates on interest-bearing liabilities, and changes in NII due to changes in volume and yields or rates. Changes in NII due to changes in (i) volume (average balances of interest-earning assets and interest-bearing liabilities) and (ii) yields or rates are based on the following:
Current wording
The following tables present the average balances of interest-earning assets and interest-bearing liabilities with the associated yields and rates, interest income and expense, and changes therein due to changes in volume and yields or rates. Changes in interest income and expense due to changes in (i) volume (average balances of interest-earning assets and interest-bearing liabilities) and (ii) yields or rates are based on the following:
Previous wording
NII and NIM - Current quarter compared to linked quarter
Current wording
NII, NIM, and Average Balances (Current Quarter Compared to Linked Quarter)
Previous wording
◦Interest income on interest-earning deposits at banks for the current quarter was $350 million, a decrease of $28 million or 7% from $378 million for the linked quarter. The decrease was mostly due to a lower average balance of interest-earning deposits at banks resulting from the purchases of investment securities described above.
Current wording
◦Interest expense on interest-bearing deposits for the Current Quarter was $893 million, a decrease of $64 million or 7% from $957 million for the Linked Quarter, due to a lower rate paid, partially offset by the impact of a higher average balance.
Previous wording
•NIM for the current YTD was 3.62%, a decrease of 33 bps from 3.95% for the prior YTD. The decrease in NIM from higher average balances of interest-bearing deposits and the Purchase Money Note, higher rates paid on deposits, and lower PAA income were partially offset by the NIM impact of higher average balances and yields on loans and investment securities. NIM, excluding PAA, was 3.35% for the current YTD compared to 3.50% for the prior YTD. Refer to the “NIM, Excluding PAA” item in the “Non-GAAP Financial Measures” section of this MD&A for a reconciliation from the most comparable GAAP measure to the non-GAAP measure.
Current wording
Average Balances of Interest-earning Assets and Interest-bearing Liabilities
Previous wording
The ALLL and net charge-offs are further discussed in the “Risk Management—Credit Risk—Allowance for Loan and Lease Losses” and “—Credit Metrics” in this MD&A and in Note 5—Allowance for Loan and Lease Losses.
Current wording
The ALLL and net charge-offs are further discussed in the “Risk Management—Credit Risk—Allowance for Loan and Lease Losses” and “—Credit Metrics” sections of this MD&A and in Note 5—Allowance for Loan and Lease Losses.
Previous wording
Noninterest income is an essential part of our total revenue. The primary sources of noninterest income consist of rental income on operating lease equipment, fee income and other service charges, client investment fees, wealth management services, international fees, service charges generated from deposit accounts, factoring commissions, cardholder and merchant services, and insurance commissions.
Current wording
The primary sources of noninterest income consist of rental income on operating lease equipment, lending-related fees, deposit fees and service charges, client investment fees, wealth management services, international fees, factoring commissions, cardholder and merchant services, and insurance commissions.
Previous wording
Maintenance and Other Operating Lease Expenses
Current wording
•The increase in maintenance and other operating lease expenses of $3 million is discussed in the Rail segment in the section entitled “Results by Segment” of this MD&A.
Previous wording
Salaries and benefits primarily includes severance and retention costs for employees associated with business combinations. These amounts are recognized over the requisite service period, if any.
Current wording
Acquisition-related personnel cost primarily includes severance and retention costs for employees associated with business combinations. These amounts are recognized over the requisite service period, if any.
Previous wording
Professional fees mainly include consulting, legal and accounting costs associated with business combinations and the related integration, optimization, and business process reengineering. These amounts are expensed as incurred.
Current wording
Acquisition-related professional fees mainly include consulting, legal and accounting costs associated with business combinations and the related integration, optimization, and business process reengineering, including enhancements to technology. These amounts are expensed as incurred.
Previous wording
We made changes to our segment reporting during the first quarter of 2024 as further discussed in Note 1—Significant Accounting Policies and Basis of Presentation. Segment disclosures for 2023 periods included in this Form 10-Q were recast to reflect the segment reporting changes.
Current wording
We made changes to the composition of our reportable segments during the first quarter of 2025 as further discussed in Note 1—Significant Accounting Policies and Basis of Presentation and briefly summarized in the “Recent Events” section earlier in this MD&A. Segment disclosures for 2024 periods included in this Form 10-Q were recast to reflect the changes.
Previous wording
BancShares’ segments include General Bank, Commercial Bank, SVB Commercial, and Rail. All other financial information not allocated to the segments is included in the “Corporate” section of the segment disclosures. Refer to Note 20—Business Segment Information for descriptions of segment products and services.
Current wording
BancShares’ segments include the General Bank, the Commercial Bank, SVB Commercial, and Rail. All other financial information not included in the segments is reported in the Corporate section of the segment disclosures. Certain noninterest expenses are directly incurred by a segment, while others are not. Noninterest expenses not directly incurred by a segment are included in Corporate unless allocated to a segment (“Allocated Expenses”). Under our segment expense allocation methodology, Allocated Expenses increase noninterest expense of the applicable segment(s), with an offsetting decrease to Corporate noninterest expense. “All other noninterest expense” in the segment reporting tables below are presented net of Allocated Expenses, resulting in a reduction to expense (or “Contra Expense”) for Corporate. Refer to Note 17—Segment Information for descriptions of segment products and services.
Previous wording
The $897 million increase in loans and leases compared to the linked quarter was mainly due to growth in commercial and business loans in our Branch Network. Consumer mortgage loans were up modestly as we continue to originate and sell rather than hold for investment.
Current wording
The $40 million decrease in loans and leases compared to December 31, 2024 was mainly due to lower mortgage loans and lower commercial and business loans in our Branch Network, which offset modest growth in Wealth.
Previous wording
Deposits in the General Bank segment primarily include deposits from the Branch Network, as well as Wealth and Community Association Banking channels. The $690 million increase in deposits compared to the linked quarter was primarily in money market deposits in the Branch Network.
Current wording
Deposits in the General Bank segment primarily include deposits from the Branch Network, as well as Wealth and Community Association Banking (“CAB”) channels. The $1.35 billion increase in deposits compared to December 31, 2024 was primarily in money market deposits in the Branch Network, along with higher CAB deposits, partially offset by lower time deposits.
Previous wording
Depreciation expense on operating lease equipment is primarily related to rail equipment and small and large ticket equipment we own and lease to others. The increases in depreciation expense for the current quarter and current YTD compared to the linked quarter and prior YTD are primarily due to the higher operating lease equipment balance. Operating lease activity is in the Rail and Commercial Bank segments. The useful life of rail equipment is generally longer in duration, 40-50 years, whereas small and large ticket equipment is generally 3-10 years. Refer to the Rail segment discussion in the section entitled “Results by Business Segment” of this MD&A for further details.
Current wording
Net rental income on operating lease equipment increased $1 million from the Linked Quarter. Rental income and depreciation expense on operating lease equipment is related to small and large ticket equipment we own and lease to others.
Previous wording
The $573 million increase in loans and leases compared to the linked quarter reflects loan growth in a number of industry verticals, primarily TMT and Healthcare.
Current wording
The $733 million increase in loans and leases compared to December 31, 2024 reflects loan growth in a number of industry verticals, primarily TMT and healthcare, along with lower prepayments.
Previous wording
Rail segment net income, rental income on operating leases and adjusted rental income on operating lease equipment are utilized to measure the profitability of our Rail segment. Adjusted rental income on operating lease equipment is calculated as rental income on operating lease equipment reduced by depreciation, maintenance and other operating lease expenses. Railcar depreciation is recognized on a straight-line basis over the estimated useful life of the asset. Maintenance and other operating lease expenses relate to equipment ownership and leasing costs associated with the portfolio and tend to be variable due to timing and number of railcars coming on or off lease and the asset condition. Due to the nature of our portfolio, which is essentially all operating lease equipment, certain financial measures commonly used by banks, such as NII, are not as meaningful for this segment. NII is not used because it includes the impact of debt costs funding our operating lease assets but excludes the associated net rental income.
Current wording
Rail segment net income, rental income on operating leases and net rental income on operating lease equipment are utilized to measure profitability. Net rental income on operating lease equipment is calculated as rental income on operating lease equipment reduced by depreciation, maintenance and other operating lease expenses. Due to the nature of our portfolio, which is essentially all operating lease equipment, certain financial measures commonly used by banks, such as NII, are not as meaningful for this segment. NII is not used because it includes the impact of debt costs funding our operating lease assets but excludes the associated net rental income.
Showing the first 40 of 118 pairs. Open the source sections for the rest.
Rearranged current paragraphs (3)
Current report — wording carried from elsewhere
Refer to Part II, Item 2. Unregistered Sales of Equity Securities and Use of Proceeds for additional information regarding monthly repurchase activity during the first quarter of 2025.
Current report — wording carried from elsewhere
Deposit accounts with balances in excess of $50 million totaled approximately $7.16 billion as of March 31, 2025, compared to approximately $8.01 billion as of December 31, 2024.
Current report — wording carried from elsewhere
Refer to Note 2—Business Combinations for further discussion.
Rearranged previous paragraphs (3)
Previous report — wording carried elsewhere
Under the authorized share repurchase program, shares of BancShares’ Class A common stock may be purchased from time to time on the open market or in privately negotiated transactions, including through a Rule 10b5-1 plan, but the Board’s action does not obligate BancShares to repurchase any minimum or particular number of shares, and repurchases may be suspended or discontinued at any time (subject to the terms of any Rule 10b5-1 plan in effect) without prior notice.
Previous report — wording carried elsewhere
Rental Income on Operating Lease Equipment
Previous report — wording carried elsewhere
The reserve for off-balance sheet credit exposure was $281 million at September 30, 2024, a decrease of $35 million compared to $316 million at December 31, 2023. The decrease from December 31, 2023 primarily reflects declines in the volumes of SVB Commercial segment unfunded commitments. Refer to Note 21—Commitments and Contingencies for information relating to off-balance sheet commitments.