First Citizens BancShares 8K Reports Fourth Quarter 2024 Earnings | FCNCO 24 Jan 25


Dollars in millions, except per share data
	Three Months Ended									Year Ended December 31,
Summary Financial Data & Key Metrics	December 31, 2024			September 30, 2024			December 31, 2023			2024			2023
Results of Operations:
Net interest income	$	1,709		$	1,796		$	1,911		$	7,143		$	6,712
Provision for credit losses	155			117			249			431			1,375
Net interest income after provision for credit losses	1,554			1,679			1,662			6,712			5,337
Noninterest income	699			650			543			2,615			12,075
Noninterest expense	1,517			1,456			1,492			5,735			5,335
Income before income taxes	736			873			713			3,592			12,077
Income tax expense	36			234			199			815			611
Net income	700			639			514			2,777			11,466
Preferred stock dividends	15			15			15			61			59
Net income available to common stockholders	$	685		$	624		$	499		$	2,716		$	11,407
Adjusted net income available to common stockholders(1)	$	628		$	660		$	678		$	2,796		$	2,548
Pre-tax, pre-provision net revenue (PPNR)(1)	$	891		$	990		$	962		$	4,023		$	13,452
Per Share Information:
Diluted earnings per common share (EPS)	$	49.21		$	43.42		$	34.33		$	189.41		$	784.51
Adjusted diluted EPS(1)	45.10			45.87			46.58			194.96			175.22
Book value per common share at period end	1,556.16			1,547.81			1,403.12
Tangible book value per common share (TBV)(1) at period end	1,512.77			1,504.75			1,357.77
Key Performance Metrics:
Return on average assets (ROA)	1.25		%	1.15		%	0.95		%	1.26		%	5.90		%
Adjusted ROA(1)	1.14			1.22			1.28			1.30			1.34
PPNR ROA(1)	1.58			1.79			1.78			1.83			6.92
Adjusted PPNR ROA(1)	1.70			1.88			2.27			1.94			2.19
Return on average common equity (ROE)	12.56			11.30			9.97			12.68			66.88
Adjusted ROE(1)	11.51			11.94			13.53			13.06			14.94
Return on average tangible common equity (ROTCE)(1)	12.92			11.63			10.32			13.07			69.50
Adjusted ROTCE(1)	11.84			12.29			14.00			13.45			15.52
Efficiency ratio	63.01			59.49			60.80			58.77			28.40
Adjusted efficiency ratio(1)	56.98			54.15			48.00			53.01			49.33
Net interest margin (NIM)(2)	3.32			3.53			3.86			3.54			3.92
NIM, excluding purchase accounting accretion (PAA)(1), (2)	3.16			3.33			3.47			3.30			3.50
Select Balance Sheet Items at Period End:
Total investment securities	$	44,090		$	38,663		$	29,999
Total loans and leases	140,221			138,695			133,302
Total operating lease equipment, net	9,323			9,186			8,746
Total deposits	155,229			151,574			145,854
Total borrowings	37,051			37,161			37,654
Loan to deposit ratio	90.33		%	91.50		%	91.39		%
Noninterest-bearing deposits to total deposits	24.89			25.99			27.29
Capital Ratios at Period End: (3)
Total risk-based capital ratio	15.04		%	15.36		%	15.75		%
Tier 1 risk-based capital ratio	13.53			13.78			13.94
Common equity Tier 1 ratio	12.99			13.24			13.36
Tier 1 leverage capital ratio	9.90			10.17			9.83
Asset Quality at Period End:
Nonaccrual loans to total loans and leases	0.84		%	0.90		%	0.73		%
Allowance for loan and lease losses (ALLL) to loans and leases	1.20			1.21			1.31
Net charge-off ratio for the period	0.46			0.42			0.53			0.39			0.47

(1) Denotes a non-GAAP measure. Refer to the non-GAAP reconciliation tables included at the end of this financial supplement for a reconciliation to the most directly comparable GAAP measure. “Adjusted” items exclude the impacts of Notable Items.
(2) Calculated net of average credit balances and deposits of factoring clients.
(3) Capital ratios as of the current quarter-end are preliminary pending completion of quarterly regulatory filings.


Dollars in millions, except share and per share data
	Three Months Ended						Year Ended December 31,
Income Statement (unaudited)	December 31, 2024		September 30, 2024		December 31, 2023		2024		2023
Interest income
Interest and fees on loans	$	2,322	$	2,430	$	2,391	$	9,528	$	8,187
Interest on investment securities	377		358		241		1,347		648
Interest on deposits at banks	302		350		485		1,478		1,556
Total interest income	3,001		3,138		3,117		12,353		10,391
Interest expense
Deposits	957		1,004		865		3,864		2,497
Borrowings	335		338		341		1,346		1,182
Total interest expense	1,292		1,342		1,206		5,210		3,679
Net interest income	1,709		1,796		1,911		7,143		6,712
Provision for credit losses	155		117		249		431		1,375
Net interest income after provision for credit losses	1,554		1,679		1,662		6,712		5,337
Noninterest income
Rental income on operating lease equipment	272		262		252		1,048		971
Lending-related fees	68		67		67		257		218
Deposit fees and service charges	58		57		55		230		200
Client investment fees	54		55		51		213		157
Wealth management services	54		54		48		211		188
International fees	33		29		29		119		91
Factoring commissions	20		19		22		75		82
Cardholder services, net	41		42		36		163		139
Merchant services, net	13		12		12		49		48
Insurance commissions	13		14		14		55		54
Realized gain (loss) on sale of investment securities, net	2		4		—		6		(26)
Fair value adjustment on marketable equity securities, net	10		9		9		13		(11)
Gain on sale of leasing equipment, net	11		5		2		30		20
Gain on acquisition	—		—		(83)		—		9,808
Loss on extinguishment of debt	—		—		—		(2)		—
Other noninterest income	50		21		29		148		136
Total noninterest income	699		650		543		2,615		12,075
Noninterest expense
Depreciation on operating lease equipment	101		99		96		394		371
Maintenance and other operating lease expenses	55		59		59		219		222
Personnel cost	801		788		714		3,078		2,636
Net occupancy expense	60		62		65		242		244
Equipment expense	136		128		114		504		422
Professional fees	30		42		28		121		71
Third-party processing fees	57		55		66		230		205
FDIC insurance expense	33		31		82		138		158
Marketing expense	24		20		24		76		102
Acquisition-related expenses	62		46		116		210		470
Intangible asset amortization	16		15		17		63		57
Other noninterest expense	142		111		111		460		377
Total noninterest expense	1,517		1,456		1,492		5,735		5,335
Income before income taxes	736		873		713		3,592		12,077
Income tax expense	36		234		199		815		611
Net income	$	700	$	639	$	514	$	2,777	$	11,466
Preferred stock dividends	15		15		15		61		59
Net income available to common stockholders	$	685	$	624	$	499	$	2,716	$	11,407

Basic earnings per common share	$	49.21	$	43.42	$	34.36	$	189.42	$	785.14
Diluted earnings per common share	$	49.21	$	43.42	$	34.33	$	189.41	$	784.51
Weighted average common shares outstanding (basic)	13,927,887		14,375,974		14,528,447		14,341,872		14,527,902
Weighted average common shares outstanding (diluted)	13,927,887		14,375,974		14,539,838		14,342,655		14,539,613


Dollars in millions, except share data
Balance Sheet (unaudited)	December 31, 2024		September 30, 2024		December 31, 2023
Assets
Cash and due from banks	$	814	$	862	$	908
Interest-earning deposits at banks	21,364		25,640		33,609
Securities purchased under agreements to resell	158		455		473
Investment in marketable equity securities	101		82		84
Investment securities available for sale	33,750		28,190		19,936
Investment securities held to maturity	10,239		10,391		9,979
Assets held for sale	85		68		76
Loans and leases	140,221		138,695		133,302
Allowance for loan and lease losses	(1,676)		(1,678)		(1,747)
Loans and leases, net of allowance for loan and lease losses	138,545		137,017		131,555
Operating lease equipment, net	9,323		9,186		8,746
Premises and equipment, net	2,006		1,974		1,877
Goodwill	346		346		346
Other intangible assets, net	249		265		312
Other assets	6,740		6,091		5,857
Total assets	$	223,720	$	220,567	$	213,758
Liabilities
Deposits:
Noninterest-bearing	$	38,633	$	39,396	$	39,799
Interest-bearing	116,596		112,178		106,055
Total deposits	155,229		151,574		145,854
Credit balances of factoring clients	1,016		1,250		1,089
Borrowings:


Short-term borrowings	367		391		485




Long-term borrowings	36,684		36,770		37,169
Total borrowings	37,051		37,161		37,654
Other liabilities	8,196		7,754		7,906
Total liabilities	$	201,492	$	197,739	$	192,503
Stockholders’ equity
Preferred stock	881		881		881
Common stock:
Class A - $1 par value	13		13		14
Class B - $1 par value	1		1		1
Additional paid in capital	2,417		3,389		4,108
Retained earnings	19,361		18,703		16,742
Accumulated other comprehensive loss	(445)		(159)		(491)
Total stockholders’ equity	22,228		22,828		21,255
Total liabilities and stockholders’ equity	$	223,720	$	220,567	$	213,758


Dollars in millions, except share per share data
Notable Items (1)	Three Months Ended						Year Ended December 31,
	December 31, 2024		September 30, 2024		December 31, 2023		2024		2023
Noninterest income
Rental income on operating lease equipment (2) (7)	$	(152)	$	(158)	$	(155)	$	(609)	$	(593)
Realized (gain) loss on sale of investment securities, net	(2)		(4)		—		(6)		26
Fair value adjustment on marketable equity securities, net	(10)		(9)		(9)		(13)		11
Gain on sale of leasing equipment, net	(11)		(5)		(2)		(30)		(20)
Gain on acquisition	—		—		83		—		(9,808)
Loss on extinguishment of debt	—		—		—		2		—
Other noninterest income (3)	(8)		—		(5)		(12)		3
Impact of notable items on adjusted noninterest income	$	(183)	$	(176)	$	(88)	$	(668)	$	(10,381)
Noninterest expense
Depreciation on operating lease equipment (2) (7)	(101)		(99)		(96)		(394)		(371)
Maintenance and other operating lease equipment expense (2)	(55)		(59)		(59)		(219)		(222)
Professional fees (4)	—		—		(5)		(4)		(5)
FDIC insurance special assessment	—		—		(64)		(11)		(64)
Acquisition-related expenses	(62)		(46)		(116)		(210)		(470)
Intangible asset amortization	(16)		(15)		(17)		(63)		(57)
Other noninterest expense (5)	(15)		(8)		—		(15)		—
Impact of notable items on adjusted noninterest expense	$	(249)	$	(227)	$	(357)	$	(916)	$	(1,189)

Day 2 provisions for loan and lease losses and off-balance sheet credit exposure	$	—	$	—	$	—	$	—	$	(716)

Impact of notable items on adjusted provision for credit losses	$	—	$	—	$	—	$	—	$	(716)
Impact of notable items on adjusted pre-tax income	$	66	$	51	$	269	$	248	$	(8,476)
Income tax impact (6)	123		15		90		168		383
Impact of notable items on adjusted net income	$	(57)	$	36	$	179	$	80	$	(8,859)

Impact of notable items on adjusted diluted EPS	$	(4.11)	$	2.45	$	12.25	$	5.55	$	(609.29)

(1) Notable items include income and expense for infrequent transactions and certain recurring items (typically noncash) that management believes should be excluded from adjusted measures (non-GAAP) to enhance understanding of operations and comparability to historical periods. Management utilizes both GAAP and adjusted measures (non-GAAP) to analyze BancShares’ performance. Refer to subsequent pages of this financial supplement for a reconciliation of non-GAAP measures to the most directly comparable GAAP measures.

(2) Depreciation and maintenance and other operating lease expenses are deducted from rental income on operating lease equipment to calculate adjusted rental income on operating lease equipment (non-GAAP). There is no net impact to earnings for this non-GAAP item because adjusted noninterest income and expense are reduced by the same amount. Management believes adjusted rental income on operating lease equipment (non-GAAP) is meaningful because it helps management monitor the performance and profitability of the operating leases after deducting direct expenses. Refer to subsequent pages of this financial supplement for a reconciliation of non-GAAP measures to the most directly comparable GAAP measures.

(3) Other noninterest income includes a gain on sale of portfolio residential mortgages in 4Q24 as well as a gain on litigation settlement for YTD 2024. 4Q23 includes a gain on sale of insurance accounts as well as a Silicon Valley Bridge Bank, N.A. (“SVBB”) purchase accounting adjustment related to FX translation for YTD 2023.

(4) Professional fees include expenses related to integration activities.

(5) Other noninterest expense primarily includes the impairment of software and related projects in 4Q24 and a technology fee in 3Q24, as well as litigation reserve releases for YTD 2024.

(6) For the periods presented, the income tax impact may include tax discrete items and changes in the estimated annualized effective tax rate. 4Q24 and YTD 2024 includes the impact of a change in our estimated state income tax rates after filing our first income tax returns that included the SVBB Acquisition.

(7) Depreciation on operating lease equipment includes impairment of $4 million in 4Q24. The $4 million impairment is a notable item and is excluded from adjusted rental income on operating lease equipment (non-GAAP).


Dollars in millions, except share and per share data
Condensed Income Statements (unaudited) - Adjusted for Notable Items (1)	Three Months Ended						Year Ended December 31,
	December 31, 2024		September 30, 2024		December 31, 2023		2024		2023
Interest income	$	3,001	$	3,138	$	3,117	$	12,353	$	10,391
Interest expense	1,292		1,342		1,206		5,210		3,679
Net interest income	1,709		1,796		1,911		7,143		6,712
Provision for credit losses	155		117		249		431		659
Net interest income after provision for credit losses	1,554		1,679		1,662		6,712		6,053
Noninterest income	516		474		455		1,947		1,694
Noninterest expense	1,268		1,229		1,135		4,819		4,146
Income before income taxes	802		924		982		3,840		3,601
Income tax expense	159		249		289		983		994
Net income	$	643	$	675	$	693	$	2,857	$	2,607
Preferred stock dividends	15		15		15		61		59
Net income available to common stockholders	$	628	$	660	$	678	$	2,796	$	2,548

Basic earnings per common share	$	45.10	$	45.87	$	46.62	$	194.97	$	175.37
Diluted earnings per common share	45.10		45.87		46.58		194.96		175.22
Weighted average common shares outstanding (basic)	13,927,887		14,375,974		14,528,447		14,341,872		14,527,902
Weighted average common shares outstanding (diluted)	13,927,887		14,375,974		14,539,838		14,342,655		14,539,613

(1) The GAAP income statements and notable items are included previously in this financial supplement. The condensed adjusted income statements above (non-GAAP) exclude the impact of notable items. Refer to the non-GAAP reconciliation tables at the end of this financial supplement for a reconciliation of non-GAAP measures to the most directly comparable GAAP measure.


Dollars in millions
Loans and Leases by Class (end of period)	December 31, 2024		September 30, 2024		December 31, 2023

Commercial
Commercial construction	$	5,109	$	4,924	$	3,918
Owner occupied commercial mortgages	16,842		16,372		15,471
Non-owner occupied commercial mortgages	16,194		16,078		14,995
Commercial and industrial	31,640		30,867		29,794
Leases	2,014		2,020		2,054
Total commercial	$	71,799	$	70,261	$	66,232

Consumer
Residential mortgage	$	23,152	$	23,237	$	22,776
Revolving mortgage	2,567		2,455		2,165
Consumer auto	1,523		1,543		1,442
Consumer other	986		1,347		1,176
Total consumer	$	28,228	$	28,582	$	27,559

SVB
Global fund banking	$	27,904	$	27,114	$	25,553
Investor dependent - early stage	997		1,128		1,403
Investor dependent - growth stage	2,196		2,434		2,897
Innovation C&I and cash flow dependent	9,097		9,176		9,658



Total SVB	$	40,194	$	39,852	$	39,511
Total loans and leases	$	140,221	$	138,695	$	133,302
Less: allowance for loan and lease losses	(1,676)		(1,678)		(1,747)
Total loans and leases, net of allowance for loan and lease losses	$	138,545	$	137,017	$	131,555



Deposits by Type (end of period)	December 31, 2024		September 30, 2024		December 31, 2023
Noninterest-bearing demand	$	38,633	$	39,396	$	39,799
Checking with interest	25,343		23,216		23,754
Money market	35,722		34,574		30,625
Savings	42,278		40,259		35,244
Time	13,253		14,129		16,432
Total deposits	$	155,229	$	151,574	$	145,854


Dollars in millions
	Three Months Ended									Year Ended December 31,
Credit Quality and Allowance for Loan and Lease Losses (ALLL)	December 31, 2024			September 30, 2024			December 31, 2023			2024			2023
Nonaccrual loans at period end	$	1,184		$	1,244		$	969
Ratio of nonaccrual loans to total loans at period end	0.84		%	0.90		%	0.73		%

Charge-offs	$	(193)		$	(177)		$	(201)		$	(657)		$	(638)
Recoveries	33			32			24			117			78
Net charge-offs	$	(160)		$	(145)		$	(177)		$	(540)		$	(560)
Net charge-off ratio	0.46		%	0.42		%	0.53		%	0.39		%	0.47		%

ALLL to loans ratio at period end	1.20		%	1.21		%	1.31		%

ALLL at beginning of period	$	1,678		$	1,700		$	1,673		$	1,747		$	922
Initial PCD ALLL	—			—			—			—			220
Day 2 provision for loan and lease losses	—			—			—			—			462
Provision for loan and lease losses	158			123			251			469			703
Net charge-offs	(160)			(145)			(177)			(540)			(560)
ALLL at end of period	$	1,676		$	1,678		$	1,747		$	1,676		$	1,747


Dollars in millions	Three Months Ended
Average Balance Sheets, Yields and Rates	December 31, 2024						September 30, 2024						December 31, 2023
	Average Balance		Income/Expense		Yield/Rate		Average Balance		Income/Expense		Yield/Rate		Average Balance		Income/Expense		Yield/Rate
Loans and leases (1)(2)	$	138,186	$	2,322	6.69	%	$	137,602	$	2,430	7.03	%	$	131,594	$	2,391	7.21	%
Investment securities	40,779		374		3.66		38,189		354		3.70		28,722		239		3.30
Securities purchased under agreements to resell	266		3		4.67		241		4		5.34		225		2		5.36
Interest-earning deposits at banks	25,548		302		4.70		26,167		350		5.33		35,712		485		5.39
Total interest-earning assets (2)	$	204,779	$	3,001	5.83	%	$	202,199	$	3,138	6.18	%	$	196,253	$	3,117	6.30	%

Operating lease equipment, net	$	9,288					$	9,028					$	8,715
Cash and due from banks	756						717						846
Allowance for loan and lease losses	(1,710)						(1,725)						(1,717)
All other noninterest-earning assets	10,593						10,247						10,515
Total assets	$	223,706					$	220,466					$	214,612
Interest-bearing deposits
Checking with interest	$	24,460	$	125	2.04	%	$	23,946	$	134	2.23	%	$	23,820	$	128	2.14	%
Money market	35,319		271		3.05		34,132		278		3.24		30,188		211		2.77
Savings	41,103		421		4.07		39,939		436		4.34		34,151		362		4.20
Time deposits	13,683		140		4.07		14,429		156		4.29		16,558		164		3.94
Total interest-bearing deposits	114,565		957		3.32		112,446		1,004		3.55		104,717		865		3.28
Borrowings:
Securities sold under customer repurchase agreements	370		1		0.57		384		—		0.55		455		1		0.44



Senior unsecured borrowings	59		1		4.44		361		2		2.59		377		3		2.46
Subordinated debt	845		6		2.75		900		8		3.34		1,038		10		3.82
Other borrowings	35,818		327		3.66		35,803		328		3.66		35,845		327		3.65
Long-term borrowings	36,722		334		3.64		37,064		338		3.64		37,260		340		3.65
Total borrowings	37,092		335		3.61		37,448		338		3.61		37,715		341		3.61
Total interest-bearing liabilities	$	151,657	$	1,292	3.39	%	$	149,894	$	1,342	3.57	%	$	142,432	$	1,206	3.37	%

Noninterest-bearing deposits	$	39,969					$	39,026					$	41,599
Credit balances of factoring clients	1,232						1,195						1,275
Other noninterest-bearing liabilities	8,250						7,500						8,566
Stockholders' equity	22,598						22,851						20,740
Total liabilities and stockholders’ equity	$	223,706					$	220,466					$	214,612

Net interest income			$	1,709					$	1,796					$	1,911
Net interest spread (2)					2.44	%					2.61	%					2.93	%
Net interest margin (2)					3.32	%					3.53	%					3.86	%

(1) Loans and leases include nonaccrual loans and loans held for sale. Interest income on loans and leases includes loan PAA income and loan fees.
(2) The balance and rate presented are calculated net of average credit balances and deposits of factoring clients.
Note: Certain items above do not precisely recalculate as presented due to rounding.


Dollars in millions	Twelve Months Ended
Average Balance Sheets, Yields and Rates	December 31, 2024						December 31, 2023
	Average Balance		Income/Expense		Yield/Rate			Average Balance		Income/Expense		Yield/Rate
Loans and leases (1)(2)	$	136,026	$	9,528	7.00	%		$	117,708	$	8,187	6.95	%
Investment securities	37,029		1,334		3.60			23,112		640		2.77
Securities purchased under agreements to resell	247		13		5.18			161		8		5.20
Interest-earning deposits at banks	28,276		1,478		5.23			29,790		1,556		5.22
Total interest-earning assets (2)	$	201,578	$	12,353	6.12	%		$	170,771	$	10,391	6.08	%

Operating lease equipment, net	$	9,003						$	8,495
Cash and due from banks	753							879
Allowance for loan and lease losses	(1,748)							(1,495)
All other noninterest-earning assets	10,214							15,631
Total assets	$	219,800						$	194,281
Interest-bearing deposits
Checking with interest	$	24,199	$	526	2.17	%		$	22,296	$	402	1.80	%
Money market	33,107		1,031		3.11			27,583		618		2.24
Savings	38,997		1,663		4.26			26,104		963		3.69
Time deposits	15,202		644		4.23			14,947		514		3.44
Total interest-bearing deposits	111,505		3,864		3.47			90,930		2,497		2.75
Borrowings:
Securities sold under customer repurchase agreements	392		2		0.51			455		2		0.35
Short-term FHLB borrowings	—		—		—			108		5		4.79
Short-term borrowings	392		2		0.51			563		7		1.20
Federal Home Loan Bank borrowings	—		—		—			2,307		120		5.22
Senior unsecured borrowings	292		8		2.63			608		14		2.21
Subordinated debt	889		29		3.18			1,043		39		3.65
Other borrowings	35,826		1,307		3.65			27,322		1,002		3.67
Long-term borrowings	37,007		1,344		3.63			31,280		1,175		3.75
Total borrowings	37,399		1,346		3.60			31,843		1,182		3.71
Total interest-bearing liabilities	$	148,904	$	5,210	3.50	%		$	122,773	$	3,679	3.00	%

Noninterest-bearing deposits	$	39,499						$	39,660
Credit balances of factoring clients	1,192							1,166
Other noninterest-bearing liabilities	7,908							12,745
Stockholders' equity	22,297							17,937
Total liabilities and stockholders’ equity	$	219,800						$	194,281

Net interest income			$	7,143						$	6,712
Net interest spread (2)					2.62	%						3.08	%
Net interest margin (2)					3.54	%						3.92	%

(1) Loans and leases include nonaccrual loans and loans held for sale. Interest income on loans and leases includes loan PAA income and loan fees.
(2) The balance and rate presented are calculated net of average credit balances and deposits of factoring clients.
Note: Certain items above do not precisely recalculate as presented due to rounding.


Dollars in millions, except share and per share data
		Three Months Ended						Year Ended December 31,
Non-GAAP Reconciliations		December 31, 2024		September 30, 2024		December 31, 2023		2024		2023
Net income and EPS
Net income (GAAP)	a	$	700	$	639	$	514	$	2,777	$	11,466
Preferred stock dividends		15		15		15		61		59
Net income available to common stockholders (GAAP)	b	$	685	$	624	$	499	$	2,716	$	11,407
Total notable items, after income tax	c	(57)		36		179		80		(8,859)
Adjusted net income (non-GAAP)	d = (a+c)	643		675		693		2,857		2,607
Adjusted net income available to common stockholders (non-GAAP)	e = (b+c)	$	628	$	660	$	678	$	2,796	$	2,548
Weighted average common shares outstanding
Basic	f	13,927,887		14,375,974		14,528,447		14,341,872		14,527,902
Diluted	g	13,927,887		14,375,974		14,539,838		14,342,655		14,539,613
EPS (GAAP)
Basic	b/f	$	49.21	$	43.42	$	34.36	$	189.42	$	785.14
Diluted	b/g	49.21		43.42		34.33		189.41		784.51
Adjusted EPS (non-GAAP)
Basic	e/f	$	45.10	$	45.87	$	46.62	$	194.97	$	175.37
Diluted	e/g	45.10		45.87		46.58		194.96		175.22

Noninterest income and expense
Noninterest income (GAAP)	h	$	699	$	650	$	543	$	2,615	$	12,075
Impact of notable items, before income tax		(183)		(176)		(88)		(668)		(10,381)
Adjusted noninterest income (non-GAAP)	i	$	516	$	474	$	455	$	1,947	$	1,694

Noninterest expense (GAAP)	j	$	1,517	$	1,456	$	1,492	$	5,735	$	5,335
Impact of notable items, before income tax		(249)		(227)		(357)		(916)		(1,189)
Adjusted noninterest expense (non-GAAP)	k	$	1,268	$	1,229	$	1,135	$	4,819	$	4,146

Provision for credit losses
Provision for credit losses (GAAP)		$	155	$	117	$	249	$	431	$	1,375
Less: day 2 provision for loan and lease losses and off-balance sheet exposure		—		—		—		—		716
Less: provision (benefit) for credit losses on investment securities available for sale		—		—		—		—		—
Adjusted provision for credit losses (non-GAAP)		$	155	$	117	$	249	$	431	$	659

PPNR
Net income (GAAP)	a	$	700	$	639	$	514	$	2,777	$	11,466
Plus:
Provision for credit losses		155		117		249		431		1,375
Income tax expense		36		234		199		815		611
PPNR (non-GAAP)	l	$	891	$	990	$	962	$	4,023	$	13,452
Impact of notable items (1)		66		51		269		248		(9,192)
Adjusted PPNR (non-GAAP)	m	$	957	$	1,041	$	1,231	$	4,271	$	4,260

(1) Excludes the notable items for the provision for credit losses and income taxes as these items are excluded from PPNR as presented in the table above.
Note: Certain items above do not precisely recalculate as presented due to rounding.


Dollars in millions
		Three Months Ended									Year Ended December 31,
Non-GAAP Reconciliations (continued)		December 31, 2024			September 30, 2024			December 31, 2023			2024			2023
ROA
Net income (GAAP)	a	$	700		$	639		$	514		$	2,777		$	11,466
Annualized net income	n = a annualized	2,786			2,544			2,041			2,777			11,466
Adjusted net income (non-GAAP)	d	643			675			693			2,857			2,607
Annualized adjusted net income	p = d annualized	2,558			2,684			2,748			2,857			2,607
Average assets	o	223,706			220,466			214,612			219,800			194,281
ROA	n/o	1.25		%	1.15		%	0.95		%	1.26		%	5.90		%
Adjusted ROA (non-GAAP)	p/o	1.14			1.22			1.28			1.30			1.34

PPNR ROA
PPNR (non-GAAP)	l	$	891		$	990		$	962		$	4,023		$	13,452
Annualized PPNR	q = l annualized	3,545			3,942			3,818			4,023			13,452
Adjusted PPNR (non-GAAP)	m	957			1,041			1,231			4,271			4,260
Annualized adjusted PPNR	r = m annualized	3,809			4,141			4,882			4,271			4,260
PPNR ROA (non-GAAP)	q/o	1.58		%	1.79		%	1.78		%	1.83		%	6.92		%
Adjusted PPNR ROA (non-GAAP)	r/o	1.70			1.88			2.27			1.94			2.19

ROE and ROTCE
Annualized net income available to common stockholders	s = b annualized	$	2,727		$	2,483		$	1,980		$	2,716		$	11,407
Annualized adjusted net income available to common stockholders	t = e annualized	$	2,499		$	2,623		$	2,687		$	2,796		$	2,548

Average stockholders' equity (GAAP)		$	22,598		$	22,851		$	20,740		$	22,297		$	17,937
Less: average preferred stock		881			881			881			881			881
Average common stockholders' equity	u	$	21,717		$	21,970		$	19,859		$	21,416		$	17,056
Less: average goodwill		346			346			346			346			346
Less: average other intangible assets		259			275			322			283			298
Average tangible common equity (non-GAAP)	v	$	21,112		$	21,349		$	19,191		$	20,787		$	16,412
ROE	s/u	12.56		%	11.30		%	9.97		%	12.68		%	66.88		%
Adjusted ROE (non-GAAP)	t/u	11.51			11.94			13.53			13.06			14.94
ROTCE (non-GAAP)	s/v	12.92			11.63			10.32			13.07			69.50
Adjusted ROTCE (non-GAAP)	t/v	11.84			12.29			14.00			13.45			15.52

Tangible common equity to tangible assets at period end
Stockholders' equity (GAAP)	w	$	22,228		$	22,828		$	21,255
Less: preferred stock		881			881			881
Common equity	x	$	21,347		$	21,947		$	20,374
Less: goodwill		346			346			346
Less: other intangible assets		249			265			312
Tangible common equity (non-GAAP)	y	$	20,752		$	21,336		$	19,716
Total assets (GAAP)	z	223,720			220,567			213,758
Tangible assets (non-GAAP)	aa	223,125			219,956			213,100
Total equity to total assets (GAAP)	w/z	9.94		%	10.35		%	9.94		%
Tangible common equity to tangible assets (non-GAAP)	y/aa	9.30			9.70			9.25


Note: Certain items above do not precisely recalculate as presented due to rounding.


Dollars in millions, except share and per share data
		Three Months Ended									Year Ended December 31,
Non-GAAP Reconciliations (continued)		December 31, 2024			September 30, 2024			December 31, 2023			2024			2023
Book value and tangible book value per common share at period end
Common shares outstanding at period end	bb	13,717,621			14,179,208			14,520,118
Book value per share	x/bb	$	1,556.16		$	1,547.81		$	1,403.12
Tangible book value per common share (non-GAAP)	y/bb	1,512.77			1,504.75			1,357.77

Efficiency ratio
Net interest income	cc	$	1,709		$	1,796		$	1,911		$	7,143		$	6,712
Efficiency ratio (GAAP)	j / (h + cc)	63.01		%	59.49		%	60.80		%	58.77		%	28.40		%
Adjusted efficiency ratio (non-GAAP)	k / (i + cc)	56.98			54.15			48.00			53.01		%	49.33		%

Rental income on operating lease equipment
Rental income on operating lease equipment (GAAP)		$	272		$	262		$	252		$	1,048		$	971
Less: depreciation on operating lease equipment		101			99			96			394			371
Less: maintenance and other operating lease expenses		55			59			59			219			222
Plus: Depreciation on impaired operating lease equipment		4			—			—			4			—
Adjusted rental income on operating lease equipment (non-GAAP)		$	120		$	104		$	97		$	439		$	378

Net interest income & Net interest margin
Net interest income (GAAP)	cc	$	1,709		$	1,796		$	1,911		$	7,143		$	6,712
Loan PAA	dd	90			107			198			505			733
Other PAA	ee	(8)			(6)			(4)			(24)			7
PAA	ff = (dd + ee)	$	82		$	101		$	194		$	481		$	740
Net interest income, excluding PAA (non-GAAP)	gg = (cc - ff)	$	1,627		$	1,695		$	1,717		$	6,662		$	5,972

Annualized net interest income	hh = cc annualized	$	6,798		$	7,147		$	7,584		$	7,143		$	6,712
Annualized net interest income, excluding PAA	ii = gg annualized	6,472			6,746			6,813			6,662			5,972
Average interest-earning assets	jj	204,779			202,199			196,253			201,578			170,771

NIM (GAAP)	hh/jj	3.32		%	3.53		%	3.86		%	3.54		%	3.92		%
NIM, excluding PAA (non-GAAP)	ii/jj	3.16			3.33			3.47			3.30			3.50

Interest income on loans (GAAP)		$	2,322		$	2,430		$	2,391		$	9,528		$	8,187
Less: loan PAA	dd	90			107			198			505			733
Interest income on loans, excluding loan PAA (non-GAAP)		$	2,232		$	2,323		$	2,193		$	9,023		$	7,454

Income tax expense
Income tax expense		$	36		$	234		$	199		$	815		$	611
Impact of notable items (1)		123			15			90			168			383
Adjusted income tax expense (non-GAAP)		$	159		$	249		$	289		$	983		$	994

Effective tax rate
Effective tax rate (GAAP)		4.88		%	26.76		%	27.93		%	22.67		%	5.06		%
Impact of notable items (1)		15.01		%	0.17		%	1.54		%	2.93		%	22.54		%
Adjusted effective tax rate (non-GAAP)		19.89		%	26.93		%	29.47		%	25.60		%	27.60		%

(1) 4Q24 and YTD 2024 includes the impact of a change in our estimated state income tax rates after filing our first income tax returns that included the SVBB Acquisition.
Note: Certain items above do not precisely recalculate as presented due to rounding.

First Citizens BancShares (FCNCO) 8-KFirst Citizens Bancshares Reports Fourth Quarter 2024 Earnings