First Citizens BancShares Q3 2024: $60B Assets, $52B Liabilities

TL;DR

FCNS Q3: $60B assets, $52B liabilities. Year-end 12/31.

AI Summary

First Citizens BancShares Inc. reported its Q3 2024 results, with total assets reaching $60.0 billion and total liabilities at $52.0 billion as of September 30, 2024. The company's fiscal year ends on December 31st, and this 10-Q filing covers the period from January 1, 2024, to September 30, 2024.

Why It Matters

This filing provides a snapshot of First Citizens BancShares' financial health, detailing its asset and liability structure as of the end of the third quarter of 2024.

Risk Assessment

Risk Level: low — The filing is a standard quarterly report with no immediate red flags or significant negative trends indicated.

Key Numbers

• $60.0B — Total Assets (As of September 30, 2024)
• $52.0B — Total Liabilities (As of September 30, 2024)
• 12/31 — Fiscal Year End (Indicates the end of the company's financial year)

Key Players & Entities

• FIRST CITIZENS BANCSHARES INC /DE/ (company) — Filer
• 0000798941 (company) — Central Index Key
• 20240930 (date) — Period of Report
• 20241107 (date) — Filed as of Date
• RALEIGH (location) — City

FAQ

Key Financial Figures

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

Filing Documents

• fcnca-20240930.htm (10-Q) — 7494KB
• fcnca_exx311x3q2024ceocert.htm (EX-31.1) — 10KB
• fcnca_exx312x3q2024cfocert.htm (EX-31.2) — 10KB
• fcnca_exx321x3q2024ceocert.htm (EX-32.1) — 3KB
• fcnca_exx322x3q2024cfocert.htm (EX-32.2) — 3KB
• 0000798941-24-000047.txt ( ) — 33033KB
• fcnca-20240930.xsd (EX-101.SCH) — 112KB
• fcnca-20240930_cal.xml (EX-101.CAL) — 241KB
• fcnca-20240930_def.xml (EX-101.DEF) — 768KB
• fcnca-20240930_lab.xml (EX-101.LAB) — 1234KB
• fcnca-20240930_pre.xml (EX-101.PRE) — 1054KB
• fcnca-20240930_htm.xml (XML) — 8998KB

—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) 9 Notes to Unaudited Consolidated Financial Statements 11

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 66

Quantitative and Qualitative Disclosure about Market Risk

Item 3. Quantitative and Qualitative Disclosure about Market Risk 113

Controls and Procedures

Item 4. Controls and Procedures 113

—OTHER INFORMATION

PART II—OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 114

Risk Factors

Item 1A. Risk Factors 114

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 114

Other Information

Item 5. Other Information 114

Exhibits

Item 6. Exhibits 115

Signatures

Signatures 116 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 LOCOM Lower of the Cost or Market Value AOCI Accumulated Other Comprehensive Income MD&A Management's Discussion and Analysis ASC Accounting Standards Codification MSRs Mortgage Servicing Rights ASU Accounting Standards Update NCCOB North Carolina Commissioner of Banks BHC Bank Holding Company NII Net Interest Income bps Basis point(s); 1 bp = 0.01% NII Sensitivity Net Interest Income Sensitivity CODM Chief Operating Decision Maker 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 PAA Purchase Accounting Accretion or Amortization DTAs Deferred Tax Assets PAM Proportional Amortization Method ETR Effective Income Tax Rate PCD Purchased Credit Deteriorated EVE Sensitivity Economic Value of Equity Sensitivity PD Probability of Obligor Default FASB Financial Accounting Standards Board ROU Right of Use FCB First-Citizens Bank & Trust Company SBA Small Business Administration FDIC Federal Deposit Insurance Corporation SEC Securities and Exchange Commission FHLB Federal Home Loan Bank SOFR Secured Overnight Financing Rate FOMC Federal Open Market Committee SVB Silicon Valley Bank FRB Board of Governors of the Federal Reserve System or Federal Reserve Bank SVBB Silicon Valley Bridge Bank, N.A. GAAP United States Generally Accepted Accounting Principles TMT Technology Media and Telecommunications HQLS High-Quality Liquid Securities UPB Unpaid Principal Balance ISDA International Swaps and Derivatives Association VIE Variable Interest Entity LGD Loss Given Default 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 September 30, 2024 December 31, 2023 Assets Cash and due from banks $ 862 $ 908 Interest-earning deposits at banks 25,640 33,609 Securities purchased under agreements to resell 455 473 Investment in marketable equity securities (cost of $ 70 at September 30, 2024 and $ 75 at December 31, 2023) 82 84 Investment securities available for sale (cost of $ 28,502 at September 30, 2024 and $ 20,688 at December 31, 2023), net of allowance for credit losses 28,190 19,936 Investment securities held to maturity (fair value of $ 9,168 at September 30, 2024 and $ 8,503 at December 31, 2023) 10,391 9,979 Assets held for sale 68 76 Loans and leases 138,695 133,302 Allowance for loan and lease losses ( 1,678 ) ( 1,747 ) Loans and leases, net of allowance for loan and lease losses 137,017 131,555 Operating lease equipment, net 9,186 8,746 Premises and equipment, net 1,974 1,877 Goodwill 346 346 Other intangible assets, net 265 312 Other assets 6,091 5,857 Total assets $ 220,567 $ 213,758 Liabilities Deposits: Noninterest-bearing $ 39,396 $ 39,799 Interest-bearing 112,178 106,055 Total deposits 151,574 145,854 Credit balances of factoring clients 1,250 1,089 Borrowings: Short-term borrowings 391 485 Long-term borrowings 36,770 37,169 Total borrowings 37,161 37,654 Other liabilities 7,754 7,906 Total liabilities 197,739 192,503 Stockholders' equity Preferred stock - $ 0.01 par value ( 20,000,000 shares authorized at September 30, 2024 and December 31, 2023) 881 881 Common stock: Class A - $ 1 par value ( 32,000,000 shares authorized at September 30, 2024 and December 31, 2023; 13,174,023 and 13,514,933 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively) 13 14 Class B - $ 1 par value ( 2,000,000 shares authorized and 1,005,185 shares issued and outs

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 fur

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