First Citizens Bancshares Inc. Files 10-Q for Q1 2024

TL;DR

<b>First Citizens Bancshares Inc. filed its Q1 2024 10-Q report detailing financial performance and stock information.</b>

AI Summary

FIRST CITIZENS BANCSHARES INC /DE/ (FCNCN) filed a Quarterly Report (10-Q) with the SEC on May 9, 2024. Filed a 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of fiscal year 2024. Includes data for Common Class A and Common Class B stock. Details financial information for the period January 1, 2024, to March 31, 2024. Provides comparative data for the same period in 2023.

Why It Matters

For investors and stakeholders tracking FIRST CITIZENS BANCSHARES INC /DE/, this filing contains several important signals. Provides investors with up-to-date financial performance data for the first quarter of 2024. Allows for comparison of financial health and operational metrics against the prior year's first quarter.

Risk Assessment

Risk Level: low — FIRST CITIZENS BANCSHARES INC /DE/ shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain unusual or high-risk disclosures.

Analyst Insight

Review the detailed financial statements and segment performance within the 10-Q to assess the company's operational trends and profitability for Q1 2024.

Revenue Breakdown

Key Numbers

• 2024-03-31 — Period of Report (Quarterly filing)
• 2024-05-09 — Filed Date (Date of submission)
• 2024-01-01 — Quarter Start Date (Q1 2024)
• 2023-01-01 — Prior Year Quarter Start Date (Q1 2023)

Key Players & Entities

• FIRST CITIZENS BANCSHARES INC /DE/ (company) — Filer
• 0000798941 (company) — Central Index Key
• 2024-03-31 (date) — Period of Report
• 2024-05-09 (date) — Filed as of Date
• RALEIGH (location) — Business Address City
• NC (location) — Business Address State
• 6022 (industry) — Standard Industrial Classification

FAQ

Key Dates

• 2024-03-31: Quarter End Date — End of the reporting period for the 10-Q.
• 2024-05-09: Filing Date — Date the 10-Q was officially submitted to the SEC.

Key Financial Figures

• $1 — stered Class A Common Stock, Par Value $1 FCNCA Nasdaq Global Select Market Dep

Filing Documents

• fcnca-20240331.htm (10-Q) — 5999KB
• fcnca_exx311x1q2024ceocert.htm (EX-31.1) — 10KB
• fcnca_exx312x1q2024cfocert.htm (EX-31.2) — 10KB
• fcnca_exx321x1q2024ceocert.htm (EX-32.1) — 3KB
• fcnca_exx322x1q2024cfocert.htm (EX-32.2) — 3KB
• 0000798941-24-000031.txt (&nbsp;) — 28467KB
• fcnca-20240331.xsd (EX-101.SCH) — 111KB
• fcnca-20240331_cal.xml (EX-101.CAL) — 234KB
• fcnca-20240331_def.xml (EX-101.DEF) — 753KB
• fcnca-20240331_lab.xml (EX-101.LAB) — 1184KB
• fcnca-20240331_pre.xml (EX-101.PRE) — 1018KB
• fcnca-20240331_htm.xml (XML) — 7512KB

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements 4 Consolidated Balance Sheets (Unaudited) 4 Consolidated Statements of Income (Unaudited) 5 Consolidated Statements of Comprehensive Income (Unaudited) 6 Consolidated Statements of Changes in Stockholders' Equity (Unaudited) 7 Consolidated Statements of Cash Flows (Unaudited) 8 Notes to Unaudited Consolidated Financial Statements 10

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 61

Quantitative and Qualitative Disclosure about Market Risk

Item 3. Quantitative and Qualitative Disclosure about Market Risk 103

Controls and Procedures

Item 4. Controls and Procedures 103

—OTHER INFORMATION

PART II—OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 104

Risk Factors

Item 1A. Risk Factors 104

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 104

Other Information

Item 5. Other Information 104

Exhibit s

Item 6. Exhibit s 104

Signatures

Signatures 105 2 GLOSSARY OF ABBREVIATIONS AND ACRONYMS The following is a list of select abbreviations and acronyms used throughout this document. You may find it helpful to refer back to this table. Acronym Definition Acronym Definition ALLL Allowance for Loan and Lease Losses ISDA International Swaps and Derivatives Association AOCI Accumulated Other Comprehensive Income LGD Loss Given Default ASC Accounting Standards Codification LOCOM Lower of the Cost or Market Value ASU Accounting Standards Update MD&A Management's Discussion and Analysis BHC Bank Holding Company MSRs Mortgage Servicing Rights BOLI Bank Owned Life Insurance NII Net Interest Income bps Basis point(s); 1 bp = 0.01% NII Sensitivity Net Interest Income Sensitivity C&I Commercial and Industrial NIM Net Interest Margin CRA Community Reinvestment Act of 1977 NPR Notice of Proposed Rulemaking CRE Commercial Real Estate OREO Other Real Estate Owned DPA Deferred Purchase Agreement PAM Proportional Amortization Method DTAs Deferred Tax Assets PCD Purchased Credit Deteriorated ETR Effective Tax Rate PD Probability of Obligor Default EVE Sensitivity Economic Value of Equity Sensitivity ROU Right of Use FASB Financial Accounting Standards Board SBA Small Business Administration FCB First-Citizens Bank & Trust Company SEC Securities and Exchange Commission FDIC Federal Deposit Insurance Corporation SOFR Secured Overnight Financing Rate FHLB Federal Home Loan Bank SVB Silicon Valley Bank FOMC Federal Open Market Committee SVBB Silicon Valley Bridge Bank, N.A. FRB Board of Governors of the Federal Reserve System or Federal Reserve Bank UPB Unpaid Principal Balance GAAP United States Generally Accepted Accounting Principles VIE Variable Interest Entity HQLS High Quality Liquid Securities 3

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements. First Citizens BancShares, Inc. and Subsidiaries Consolidated Balance Sheets (Unaudited) dollars in millions, except share data March 31, 2024 December 31, 2023 Assets Cash and due from banks $ 698 $ 908 Interest-earning deposits at banks 30,792 33,609 Securities purchased under agreements to resell 394 473 Investment in marketable equity securities (cost of $ 75 at March 31, 2024 and December 31, 2023) 79 84 Investment securities available for sale (cost of $ 25,791 at March 31, 2024 and $ 20,688 at December 31, 2023), net of allowance for credit losses 24,915 19,936 Investment securities held to maturity (fair value of $ 8,479 at March 31, 2024 and $ 8,503 at December 31, 2023) 10,050 9,979 Assets held for sale 86 76 Loans and leases 135,370 133,302 Allowance for loan and lease losses ( 1,737 ) ( 1,747 ) Loans and leases, net of allowance for loan and lease losses 133,633 131,555 Operating lease equipment, net 8,811 8,746 Premises and equipment, net 1,906 1,877 Goodwill 346 346 Other intangible assets, net 295 312 Other assets 5,831 5,857 Total assets $ 217,836 $ 213,758 Liabilities Deposits: Noninterest-bearing $ 39,276 $ 39,799 Interest-bearing 110,333 106,055 Total deposits 149,609 145,854 Credit balances of factoring clients 1,152 1,089 Borrowings: Short-term borrowings 395 485 Long-term borrowings 37,145 37,169 Total borrowings 37,540 37,654 Other liabilities 7,687 7,906 Total liabilities 195,988 192,503 Stockholders' equity Preferred stock - $ 0.01 par value ( 20,000,000 shares authorized at March 31, 2024 and December 31, 2023) 881 881 Common stock: Class A - $ 1 par value ( 32,000,000 shares authorized at March 31, 2024 and December 31, 2023; 13,524,550 and 13,514,933 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively) 14 14 Class B - $ 1 par value ( 2,000,000 shares authorized; 1,005,185 shares issued and outstanding at March 31, 2024 and December

Financial Statements

Financial Statements In certain instances, amounts reported in the 2023 consolidated financial statements have been reclassified to conform to the current financial statement presentation. Such reclassifications had no effect on previously reported stockholders' equity or net income. Reportable Segments At December 31, 2023, BancShares reported its financial results in the General Bank, Commercial Bank, Silicon Valley Bank ("SVB"), and Rail segments. All other financial information was included in the "Corporate" section of the segment disclosures. We made the following changes to our segment reporting during the first quarter of 2024: the private banking and wealth management components of the SVB segment were integrated into the General Bank segment which already included other wealth management activities; the SVB segment was renamed SVB Commercial as its customers primarily include commercial clients in key innovation markets, as well as private equity and venture capital clients; and the Direct Bank (a nationwide digital banking platform that delivers deposit products to consumers) previously allocated to the General Bank segment was transitioned to Corporate which already included borrowings and brokered deposits. Segment disclosures for 2023 periods included in this Form 10-Q were recast to reflect the segment reporting changes summarized above. Refer to Note 20—Business Segment Information for additional information. Loan Classes At December 31, 2023, our disclosures for loans and leases and the allowance for loan and lease losses ("ALLL") were aggregated into Commercial, Consumer, and SVB portfolios, each of which consisted of several loan classes. The SVB portfolio consisted of the following loan classes: global fund banking, investor dependent - early stage, investor dependent - growth stage, innovation Commercial and Industrial ("innovation C&I") and cash flow dependent, private bank, commercial real estate ("CRE"), and "other." For furth

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