Latest news with #FirstCitizensBancShares
Yahoo
29-05-2025
- Business
- Yahoo
DA Davidson Lowers Price Target on First Citizens BancShares, Keeps Neutral Rating
On May 29, DA Davidson lowered its price target for First Citizens BancShares, Inc. (NASDAQ:FCNCA) from $2,100 to $2,050 while keeping a Neutral rating. The change is due to expected declines in net interest income (NII) and net interest margin (NIM) despite strong loan and deposit growth. A business executive confidently presenting a financial research report to a boardroom. Kevin Fitzsimmons, an analyst at DA Davidson noted that First Citizens could see more balance sheet and fee growth if capital markets activity increases. They may benefit from high interest rates due to its asset sensitivity. However, lower expected earnings per share (EPS) signal challenges. The stock has dropped 1% compared to the KRX index since the last earnings report, down 6% year-to-date, but gained 39% in 2024. DA Davidson also adjusted expectations for the bank's share buyback program, now anticipating First Citizens will reach its CET1 capital ratio target (10.5%-11%) by Q1 2026, slightly later than previously expected. The Neutral rating signals caution due to potential rate cuts and economic uncertainties, which could limit further stock growth. First Citizens BancShares, Inc. is the parent company of First-Citizens Bank & Trust, offering banking services in the U.S. and internationally. It provides individuals, businesses, and professionals with checking, savings, and loan options. The bank offers loans for construction, businesses, mortgages, and personal needs, along with wealth management services, including investment advice, trust management, and insurance. It also provides leasing and financing solutions for railcars and locomotives. Customers can access services online, via mobile apps, or at branch locations. While we acknowledge the potential of First Citizens BancShares, Inc. (NASDAQ:FCNCA) as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than FCNCA and that has 100x upside potential, check out our report about the cheapest AI stock. READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires. Disclosure: None.
Yahoo
30-04-2025
- Business
- Yahoo
First Citizens BancShares, Inc. (FCNCA): Among Large-Cap Stocks Insiders Were Buying in Q1 2025 Before Trump's Tariff Shockwave
We recently published a list of . In this article, we are going to take a look at where First Citizens BancShares, Inc. (NASDAQ:FCNCA) stands against other large-cap stocks insiders were buying in Q1 2025 before Trump's tariff shockwave. US stocks surged last week following President Trump's statement that he had 'no intention' of removing Federal Reserve Chair Jerome Powell, which helped alleviate concerns about the central bank's independence. Additionally, Trump took a more conciliatory stance on tariffs, suggesting that high import duties on China might eventually be reduced, writes Yahoo Finance. Amid tariff wars and market uncertainty, insider trading often draws attention. Insider stock purchases may signal executive confidence, while sales aren't necessarily negative—they could reflect personal or diversification choices. It's best to view insider trading in context with a company's financials and market conditions. Today, we're focusing on stocks that have seen heavy insider buying activity in the first quarter of the year. Using Insider Monkey's insider trading screener, we identified companies with market caps above $10 billion, where at least two insiders purchased shares in the past three months. From this list, we ranked the top 12 stocks with the highest value of insider purchases Our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds, focusing on insider trading and stock picks from hedge fund investor newsletters and conferences. Our quarterly newsletter's strategy selects 14 small-cap and large-cap stocks every quarter and has returned 373.4% since May 2014, beating its benchmark by 218 percentage points (). Market cap: $23.3 billion First Citizens BancShares, Inc. (NASDAQ:FCNCA), based in Raleigh, North Carolina, is the holding company for First-Citizens Bank & Trust. It offers retail and commercial banking services, wealth management, and financing solutions in the U.S. and internationally through various segments, including General Bank, Commercial Bank, and Silicon Valley Bank Commercial, available online and at branch locations. In March, two insiders, including the president and CEO, and the CFO of First Citizens BancShares, purchased approximately $856,467 worth of the company's shares at an average price of $1,521 per share. The company's CEO, Frank Holding, acquired 550 shares, accounting for $824,488 worth of the total purchases in March, and increasing his ownership to 5,018 shares. Year-to-date the stock dropped 16.14%, currently trading at $1,772.04 per share. However, over the past 12 months, First Citizens BancShares shares returned 8.08% to its investors. For the fourth quarter of 2024, First Citizens BancShares, Inc. (NASDAQ:FCNCA) reported a net income of $700 million, up from $639 million in the previous quarter. Net income available to common stockholders rose to $685 million, or $49.21 per share, compared to $624 million, or $43.42 per share, in the third quarter. As of December 31, 2024, loans and leases increased to $140.22 billion, driven by growth in the General Bank, Commercial Bank, and SVB Commercial segments. In a recent development, First Citizens Bank has invested $1 million in The Neighborhood Developers through an Equity Equivalent Investment (EQ2) to support their anti-displacement efforts. The funds will be managed by Opportunity Communities (OppCo) as part of the new OppCo Housing Accelerator Fund, which provides community developers with affordable financing for affordable housing production and preservation. First Citizens BancShares is also one of the 12 high growth non-tech stocks that are profitable in 2025. Overall, FCNCA ranks 5th on our list of large-cap stocks insiders were buying in Q1 2025 before Trump's tariff shockwave. While we acknowledge the potential of FCNCA as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter time frame. There is an AI stock that went up since the beginning of 2025, while popular AI stocks lost around 25%. If you are looking for an AI stock that is more promising than FCNCA but that trades at less than 5 times its earnings, check out our report about this . READ NEXT: and . Disclosure: None. This article is originally published at . Sign in to access your portfolio
Yahoo
27-04-2025
- Business
- Yahoo
First Citizens BancShares, Inc. (FCNCA): Among Stocks with Consistent Growth to Buy Now
We recently published a list of . In this article, we are going to take a look at where First Citizens BancShares, Inc. (NASDAQ:FCNCA) stands against stocks with consistent growth to buy now. The market is clouded by friction between trading partners. But even at these uncertain times, one investment strategy remains remarkably consistent: betting on growth. Investors are consistently drawn toward companies that have demonstrated a solid long-term expansion in revenue and earnings. The mechanism behind this is simple: stocks with stable growth offer the potential for compounding returns over time in low-rate environments. Lately, however, the stocks have done more than just show potential. They are leading the market. READ ALSO: and . On April 22, 2025, the market indices surged by 2.5%, contributed by renewed confidence in the ability of high-growth equities to endure the market uncertainty. As per a report from CNBC, confidence emerged after the de-escalation of tensions in U.S. monetary policy. Recent political developments have detoured the market sentiment towards further interest rate cuts by the Federal Reserve. President Trump has backed off from his threats towards the Fed Chair Jerome Powell. However, he firmly believes that the Fed should be more aggressive in lowering interest rates. When this belief was put in words, an immediate surge was noticed in the equity index futures, suggesting the high sensitivity of the market policy cues, particularly when it comes to growth potential. Investors took the cue seriously, pricing in three interest rate cuts by the end of 2025. For growth-oriented companies, the lower borrowing costs can be favorable, specifically if they are in their early to mid-stages of expansion, since capital costs can be reduced and earnings multiples can be improved. Also, with inflationary pressures still in check and the global economic activity indicating resilience, the macroeconomic environment favors growth investing. It shows that the current climate supports equities positioned for sustained performance instead of short-term valuation plays. Not just today, but growth stocks have historically proven their worth in the market for over three decades. These stocks have surpassed their value counterparts in performance, even after considering the major downturns. During economic volatility or even political flux, investors seek clarity. And the provider of such clarity or edge is the growth equities. These companies often reinvest profits and innovate rapidly to achieve more market share. Though they may not always deliver dividends, they reward investors through capital appreciation. During the recovery phases, investors desire such appreciation, which comes in addition to the safety of the investment. As CNBC's recent coverage notes, recoveries are initiated in the form of bear market rallies, and the investors capable of identifying early movers in such cycles typically come out ahead. That said, selectivity is the key. Investors must understand that not all growth is created equal. Every rally does not signal a lasting trend. And it is here that our article gains its value. We have identified 11 stocks that have consistently delivered. It is not just the quarterly earnings or media buzz we focused on, but also the years of disciplined execution and strategic expansion. So, if you are looking for clarity amid the noise, you are in the right place. We followed a few criteria when compiling our list of 11 stocks with consistent growth that investors may want to buy. Primarily, we looked into the growth of each stock for the past five years. We did not include any stock with negative growth. Additionally, we narrowed our picks by selecting only those stocks that have been consistently growing throughout the past 5 years. This ensures that all our picks have solid historical data to support capital appreciation further into the future. Finally, we ranked our picks using the stocks' average growth rate in returns in the past five years. All the data used in this article were taken from financial news, databases, and analyst reports, with all information updated as of April 23, 2025. Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter's strategy selects 14 small-cap and large-cap stocks every quarter and has returned 373.4% since May 2014, beating its benchmark by 218 percentage points (). A financial advisor and their client discussing the merits of wealth management services. A North Carolina-based company, First Citizens BancShares, Inc. (NASDAQ:FCNCA) is a regional bank holding company offering consumer and commercial banking services across the United States. Their client base includes small to mid-sized businesses, individuals, and institutional clients. The company acquired Silicon Valley Bank's assets in March 2023, after which it expanded significantly in size and scope. Though the market is highly competitive, the company distinguishes itself from regional players through conservative credit practices and a focus on long-term relationship banking. FCNCA is among the best stocks with consistent growth. With a staggering 90.76% growth rate, First Citizens BancShares, Inc. (NASDAQ:FCNCA) ensures its presence among premier bank stocks with durable earnings expansion. Their last Q4 results exceeded expectations by reaching an EPS of $49.21 and a 23% year-over-year revenue increase. The company further demonstrated confidence in its financial performance and its commitment to creating shareholder value through repurchasing additional Class A common stock. For 2025, First Citizens BancShares, Inc. (NASDAQ:FCNCA) anticipates growth in loans and deposits between $144 and $147 billion and $162 and 167 billion, respectively, resulting in a net interest income between $6.6 and $7 billion. Insider Monkey database found 45 hedge funds holding positions and confirming high institutional confidence in First Citizens BancShares, Inc. (NASDAQ:FCNCA) at the end of Q4 2024, earning its place among our list of best stocks with consistent growth for investors to buy now. Overall, FCNCA ranks 6th on our list of stocks with consistent growth to buy now. While we acknowledge the potential of FCNCA, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. There is an AI stock that went up since the beginning of 2025, while popular AI stocks lost around 25%. If you are looking for an AI stock that is more promising than FCNCA but trades at less than 5 times its earnings check out our report about this . READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires. Disclosure: None. This article is originally published at Insider Monkey. Sign in to access your portfolio
Yahoo
26-04-2025
- Business
- Yahoo
First Citizens prefers buybacks over M&A, for now
First Citizens BancShares is sticking with its share-repurchase strategy, with executives saying Thursday that buybacks are the best way to return capital to shareholders in the current environment, which has been marked by tariffs-driven market volatility and economic uncertainty. That doesn't mean mergers and acquisitions, which have been a key factor in First Citizens' recent expansion, are off the table, according to Craig Nix, First Citizens' chief financial officer. "I would not say that our appetite for M&A has changed," Nix said during the bank's first-quarter earnings call. "We're really dealing with what's in front of us right now, and that's the share repurchase plan. That's the most effectual way for us to return capital at this point in time." Still, "M&A remains an important part of our growth strategy over the long term," he said. The Raleigh, North Carolina-based parent of First Citizens Bank is two years out from buying a significant portion of Silicon Valley Bank, whose abrupt failure in mid-March 2023 destabilized the industry and forced banks of all sizes to secure their deposits and calm jittery customers. The deal nearly doubled First Citizens' total assets, and it came just over a year after the company had already doubled in size with its acquisition of CIT Group in New York City. As a result, First Citizens' capital ticked upward. Its common equity Tier 1 ratio, which compares a bank's capital against its assets, hovered at a little over 13% in 2024. In the first quarter of this year, the CET1 ratio came in slightly lower at 12.8%, the company said in a press release Thursday. The goal is to reduce the ratio to 10.5% to 11% by the end of next year's first quarter, Nix said. During the period ending March 31, 2025, First Citizens repurchased $613 million of common shares, bringing total share repurchases since August to $2.4 billion. In total, the $228.8 billion-asset company is aiming to buy back $3.6 billion of shares through its current repurchase program. To get to the 10.5% to 11% CET1 target, the company is thinking about implementing another buyback program in the second half of this year and will share more information in July, Nix said. As of midday Thursday, the company's stock was up about 1%. Like much of the rest of the banking industry, its share price has declined this year. It's currently down about 15.4% since Jan. 1, compared with a 14.8% drop in the KBW Nasdaq Bank Index. During First Citizens' earnings call on Thursday, Keefe, Bruyette & Woods analyst Chris McGratty wanted to know if the bank currently sees an opportunity to step up the pace of buybacks in order to reach its CET1 target. Nix said the company's current stock price "is making our repurchases more effectual, and we're able to repurchase more shares than otherwise," but noted that buybacks are dictated by First Citizens' capital plan and said the company is "very hesitant to deviate from" that plan. In the first quarter, First Citizens' net income totaled $483 million, down 34% from the year-ago period in part because of a decline in net interest income. Results also included acquisition-related expenses of $42 million, plus costs related to taxes and write-downs of intangible assets. Earnings per share of $34.47 missed expectations. Analysts surveyed by S&P Capital IQ had expected the company to report $37.43 per share. On an adjusted basis, EPS for the quarter was $37.79. Meanwhile, net interest income of $1.7 billion was down 8.5% year over year, and fee income of $635 million was up 1.3%. Expenses, which totaled $1.5 billion, rose 8.5% as provisions for credit losses more than doubled to $154 million, up from $64 million in the year-ago quarter. First Citizens largely maintained its outlook for the rest of the year. It slightly reduced its net interest income expectations for 2025 to $6.55 billion-$6.95 billion, down from $6.6 billion-$7 billion it projected in January, and it increased its forecast for deposits to $163 billion-$168 billion, up from $162 billion-$167 billion. The loan growth forecast remained unchanged at $144 billion-$147 billion.
Malaysian Reserve
24-04-2025
- Business
- Malaysian Reserve
First Citizens BancShares Reports First Quarter 2025 Earnings
RALEIGH, N.C., April 24, 2025 /PRNewswire/ — First Citizens BancShares, Inc. ('BancShares') (Nasdaq: FCNCA) reported earnings for the first quarter of 2025. Chairman and CEO Frank B. Holding, Jr. said: 'Our first quarter financial results were solid, including loan growth in the Commercial Bank and SVB Commercial segments, as well as deposit growth, primarily in the Direct Bank and throughout our Branch Network. Credit remained stable with net charge-offs declining from the fourth quarter. We maintained strong capital and liquidity positions which allowed us to return an additional $613 million of capital to our stockholders through share repurchases. We also successfully completed the issuance of $500 million of senior unsecured notes and $750 million of subordinated notes. While we acknowledge uncertainty in the current environment, we enter it from a position of strength and are excited about our prospects moving forward.' FINANCIAL HIGHLIGHTS Measures referenced below 'as adjusted' or 'excluding PAA' (or purchase accounting accretion) are non-GAAP financial measures. Refer to the Financial Supplement available at or for a reconciliation of each non-GAAP measure to the most directly comparable GAAP measure. Net income for the first quarter of 2025 ('current quarter') was $483 million compared to $700 million for the fourth quarter of 2024 ('linked quarter'). Net income available to common stockholders for the current quarter was $468 million, or $34.47 per common share, compared to $685 million, or $49.21 per common share, in the linked quarter. The decrease in net income available to common stockholders of $217 million was mainly due to an increase in income tax expense of $132 million as the linked quarter included a decrease in income tax expense from the revaluation of the deferred tax liability. The tax rate applied in the linked quarter declined after we filed our first income tax returns that included the SVBB Acquisition. Pretax income for the current quarter was $651 million compared to $736 million for the linked quarter, a decrease of $85 million. Adjusted net income for the current quarter was $528 million compared to $643 million for the linked quarter. Adjusted net income available to common stockholders was $513 million, or $37.79 per common share, a $115 million decrease from $628 million, or $45.10 per common share, in the linked quarter. Current quarter results included the following select items: Acquisition-related expenses of $42 million, Intangible asset amortization of $15 million, and Net impact of $15 million for the tax effect of notable items. NET INTEREST INCOME AND MARGIN Net interest income totaled $1.66 billion for the current quarter, a decrease of $46 million from the linked quarter. Net interest income related to PAA was $75 million compared to $82 million in the linked quarter, a decrease of $7 million. Net interest income, excluding PAA, was $1.59 billion compared to $1.63 billion in the linked quarter, a decrease of $39 million, primarily due to the following: Interest income on loans decreased $86 million. Interest income on loans, excluding loan PAA, decreased $80 million as a result of a lower yield, partially offset by the impact of a higher average balance. Interest income on interest-earning deposits at banks decreased $57 million due to declines in the average balance and the federal funds rate. Interest income on investment securities increased $37 million due to a higher average balance and a higher yield. Interest expense on interest-bearing deposits decreased $64 million, mainly due to a lower rate paid, partially offset by the impact of a higher average balance. Interest expense on borrowings increased $4 million, primarily due to a higher average balance as we issued $500 million of senior unsecured notes and $750 million of subordinated notes during the current quarter. Net interest margin ('NIM') was 3.26% compared to 3.32% in 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), 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 basis point negative impact on NIM during the current quarter. NIM, excluding PAA, was 3.12% compared to 3.16% in the linked quarter. The yield on average interest-earning assets was 5.68%, a decrease of 15 basis points from the linked quarter, mainly due to declines in yields on loans and interest-earning deposits at banks, and slightly lower loan PAA, partially offset by a higher yield on investment securities. The rate paid on average interest-bearing liabilities was 3.22%, a decrease of 17 basis points from 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. Interest income on loans decreased $86 million. Interest income on loans, excluding loan PAA, decreased $80 million as a result of a lower yield, partially offset by the impact of a higher average balance. Interest income on interest-earning deposits at banks decreased $57 million due to declines in the average balance and the federal funds rate. Interest income on investment securities increased $37 million due to a higher average balance and a higher yield. Interest expense on interest-bearing deposits decreased $64 million, mainly due to a lower rate paid, partially offset by the impact of a higher average balance. Interest expense on borrowings increased $4 million, primarily due to a higher average balance as we issued $500 million of senior unsecured notes and $750 million of subordinated notes during the current quarter. The yield on average interest-earning assets was 5.68%, a decrease of 15 basis points from the linked quarter, mainly due to declines in yields on loans and interest-earning deposits at banks, and slightly lower loan PAA, partially offset by a higher yield on investment securities. The rate paid on average interest-bearing liabilities was 3.22%, a decrease of 17 basis points from 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. NONINTEREST INCOME AND EXPENSE Noninterest income was $635 million compared to $699 million in the linked quarter, a decrease of $64 million, which 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 of $8 million, leasing equipment of $6 million and marketable equity securities of $2 million. Adjusted noninterest income was $479 million compared to $516 million in the linked quarter, a decrease of $37 million, primarily the result of a decline in other noninterest income of $28 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. Additionally, decreases in adjusted rental income on operating lease equipment of $6 million and factoring commissions of $3 million were partially offset by an increase in wealth management services of $2 million. Noninterest expense was $1.49 billion compared to $1.52 billion in the linked quarter, a decrease of $24 million. Acquisition-related expenses and capitalized software impairment decreased $20 million and $10 million, respectively, compared to the linked quarter. Adjusted noninterest expense was $1.28 billion compared to $1.27 billion in the linked quarter, an increase of $9 million, primarily the result of the following: An increase in total personnel cost of $17 million, mainly attributable to merit-based compensation increases, net staff additions, and seasonal increases in employee benefits and payroll taxes, as well as increases in marketing expense of $8 million mostly related to the Direct Bank, third-party processing of $6 million, and FDIC insurance expense of $5 million, partially offset by the following: A decline in other noninterest expense of $20 million, reflecting decreases in non-income taxes, donations to support relief efforts for recent natural disasters, as well as a decrease in professional fees of $5 million. An increase in total personnel cost of $17 million, mainly attributable to merit-based compensation increases, net staff additions, and seasonal increases in employee benefits and payroll taxes, as well as increases in marketing expense of $8 million mostly related to the Direct Bank, third-party processing of $6 million, and FDIC insurance expense of $5 million, partially offset by the following: A decline in other noninterest expense of $20 million, reflecting decreases in non-income taxes, donations to support relief efforts for recent natural disasters, as well as a decrease in professional fees of $5 million. A decline in other noninterest expense of $20 million, reflecting decreases in non-income taxes, donations to support relief efforts for recent natural disasters, as well as a decrease in professional fees of $5 million. BALANCE SHEET SUMMARY Loans and leases totaled $141.36 billion at March 31, 2025, an increase of $1.14 billion (3.3% annualized) compared to $140.22 billion at December 31, 2024. Loan growth was mostly attributable to the following: Commercial Bank segment growth of $733 million (7.8% annualized) was mainly related to loans in our industry verticals, primarily Tech Media and Telecom and Healthcare. SVB Commercial segment growth of $444 million (4.8% annualized) was mostly related to Global Fund Banking, partially offset by a decline in the investor dependent portfolio. General Bank segment loans declined by $40 million as loan growth in Wealth was more than offset by declines in the Branch Network. Total investment securities were $44.32 billion at March 31, 2025, an increase of $229 million since December 31, 2024. The increase was mainly attributable to purchases of approximately $1.86 billion short duration available for sale U.S. agency mortgage-backed and U.S. Treasury investment securities during the current quarter, partially offset by sales of approximately $1.20 billion of U.S. Treasury investment securities, as well as paydowns and maturities. Deposits totaled $159.33 billion at March 31, 2025, an increase of $4.10 billion since December 31, 2024 (10.7% annualized growth). Deposit growth was attributable to the following: Corporate deposits increased $2.76 billion, mostly due to growth in Direct Bank savings deposits. General Bank segment deposits increased $1.35 billion, mainly due to growth in the Branch Network and Community Association Banking. SVB Commercial segment deposits increased $496 million despite the strategic decision to move $2.4 billion in select cash sweep deposits to off-balance sheet client funds during the current quarter. Commercial Bank segment deposits decreased $508 million. Noninterest-bearing deposits represented 25.6% of total deposits as of March 31, 2025, compared to 24.9% at December 31, 2024. The cost of average total deposits was 2.32% for the current quarter, compared to 2.46% for the linked quarter. Funding mix remained stable with 80.6% of total funding composed of deposits. Commercial Bank segment growth of $733 million (7.8% annualized) was mainly related to loans in our industry verticals, primarily Tech Media and Telecom and Healthcare. SVB Commercial segment growth of $444 million (4.8% annualized) was mostly related to Global Fund Banking, partially offset by a decline in the investor dependent portfolio. General Bank segment loans declined by $40 million as loan growth in Wealth was more than offset by declines in the Branch Network. Corporate deposits increased $2.76 billion, mostly due to growth in Direct Bank savings deposits. General Bank segment deposits increased $1.35 billion, mainly due to growth in the Branch Network and Community Association Banking. SVB Commercial segment deposits increased $496 million despite the strategic decision to move $2.4 billion in select cash sweep deposits to off-balance sheet client funds during the current quarter. Commercial Bank segment deposits decreased $508 million. PROVISION FOR CREDIT LOSSES AND CREDIT QUALITY Provision for credit losses totaled $154 million for the current quarter compared to $155 million for the linked quarter. The current quarter provision for credit losses included a provision for loan and lease losses of $148 million and a provision for off-balance sheet credit exposure of $6 million. The provision for loan and lease losses for the current quarter was $148 million compared to $158 million for the linked quarter. The $10 million decrease in the provision for loan and lease losses was 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. The $9 million increase in the provision for off-balance sheet credit exposure was mostly due to an increase in off-balance sheet credit exposure and modest deterioration in the macroeconomic forecast. Net charge-offs were $144 million for the current quarter, representing 0.41% of average loans, compared to $160 million, or 0.46% of average loans, for the linked quarter. The $16 million decrease was primarily related to lower net charge-offs in the equipment finance portfolio. Nonaccrual loans were $1.21 billion, or 0.85% of loans, at March 31, 2025, compared to $1.18 billion, or 0.84% of loans, at December 31, 2024. The allowance for loan and lease losses totaled $1.68 billion, an increase of $4 million from the linked quarter, 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 of $2 million in the linked quarter was primarily due to lower specific reserves, partially offset by increases in loan volume. The allowance for loan and lease losses as a percentage of loans was 1.19% at March 31, 2025 compared to 1.20% at December 31, 2024. The provision for loan and lease losses for the current quarter was $148 million compared to $158 million for the linked quarter. The $10 million decrease in the provision for loan and lease losses was 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. The $9 million increase in the provision for off-balance sheet credit exposure was mostly due to an increase in off-balance sheet credit exposure and modest deterioration in the macroeconomic forecast. CAPITAL AND LIQUIDITY Capital ratios are well above regulatory requirements. The estimated total risk-based capital, Tier 1 risk-based capital, Common equity Tier 1 risk-based capital, and Tier 1 leverage ratios were 15.23%, 13.35%, 12.81%, and 9.75%, respectively, at March 31, 2025. During the current quarter, we repurchased 302,683 shares of our Class A common stock for $613 million and paid a dividend of $1.95 per share on our Class A and Class B common stock. Shares repurchased during the current quarter 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 Share Repurchase Program ('SRP') through March 31, 2025, we have repurchased 1,117,324 shares of our Class A common stock for $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. Liquidity position remains strong as liquid assets were $62.79 billion at March 31, 2025, compared to $59.34 billion at December 31, 2024. EARNINGS CALL/ WEBCAST DETAILS BancShares will host a conference call to discuss the company's financial results on Thursday, April 24, 2025, at 9 a.m. Eastern time. The call may be accessed via webcast on the company's website at or through the dial-in details below: North America: 1-833-470-1428All other locations: 1-929-526-1599Access code: 627829 Our earnings release, investor presentation, and financial supplement are available at In addition, these materials will be furnished to the Securities and Exchange Commission (the 'SEC') on a Form 8-K and will be available on the SEC website at After the event, a replay of the call will be available via webcast at ABOUT FIRST CITIZENS BANCSHARES First Citizens BancShares, Inc. (Nasdaq: FCNCA), a top 20 U.S. financial institution with more than $200 billion in assets and a member of the Fortune 500TM, is the financial holding company for First-Citizens Bank & Trust Company ('First Citizens Bank'). Headquartered in Raleigh, N.C., First Citizens Bank has built a unique legacy of strength, stability and long-term thinking that has spanned generations. First Citizens offers an array of general banking services including a network of branches and offices nationwide; commercial banking expertise delivering best-in-class lending, leasing and other financial services coast to coast; innovation banking serving businesses at every stage; personalized service and resources to help grow and manage wealth; and a nationwide direct bank. Discover more at FORWARD-LOOKING STATEMENTS This communication contains 'forward-looking statements' within the meaning of the Private Securities Litigation Reform Act of 1995 regarding the financial condition, results of operations, business plans, asset quality, future performance, and other strategic goals of BancShares. Words such as 'anticipates,' 'believes,' 'estimates,' 'expects,' 'predicts,' 'forecasts,' 'intends,' 'plans,' 'projects,' 'targets,' 'designed,' 'could,' 'may,' 'should,' 'will,' 'potential,' 'continue,' 'aims' or other similar words and expressions are intended to identify these forward-looking statements. These forward-looking statements are based on BancShares' current expectations and assumptions regarding BancShares' business, the economy, and other future conditions. Because forward-looking statements relate to future results and occurrences, they are subject to inherent risks, uncertainties, changes in circumstances and other factors that are difficult to predict. Many possible events or factors could affect BancShares' future financial results and performance and could cause actual results, performance or achievements of BancShares to differ materially from any anticipated results expressed or implied by such forward-looking statements. Such risks and uncertainties include, among others, general competitive, economic (including the imposition of tariffs on trading partners), political (including the makeup of the U.S. Congress and Trump administration), geopolitical events (including conflicts in Ukraine and the Middle East), natural disasters and market conditions, including changes in competitive pressures among financial institutions and the impacts related to or resulting from previous bank failures, the risks and impacts of future bank failures and other volatility in the banking industry, public perceptions of our business practices, including our deposit pricing and acquisition activity, the financial success or changing conditions or strategies of BancShares' vendors or customers, including changes in demand for deposits, loans and other financial services, fluctuations in interest rates, changes in the quality or composition of BancShares' loan or investment portfolio, actions of government regulators, including interest rate decisions by the Board of Governors of the Federal Reserve Board (the 'Federal Reserve'), changes to estimates of future costs and benefits of actions taken by BancShares, BancShares' ability to maintain adequate sources of funding and liquidity, the potential impact of decisions by the Federal Reserve on BancShares' capital plans, adverse developments with respect to U.S. or global economic conditions, including significant turbulence in the capital or financial markets, the impact of any sustained or elevated inflationary environment, the impact of any cyberattack, information or security breach, the impact of implementation and compliance with current or proposed laws, regulations and regulatory interpretations, including potential increased regulatory requirements, limitations, and costs, such as FDIC special assessments, increases to FDIC deposit insurance premiums and the proposed interagency rule on regulatory capital, along with the risk that such laws, regulations and regulatory interpretations may change, the availability of capital and personnel, and the risks associated with BancShares' previous acquisition transactions, including the acquisition of certain assets and liabilities of Silicon Valley Bridge Bank, N.A. (the 'SVBB Acquisition') and the previously completed merger with CIT Group Inc., or any future transactions. BancShares' SRP allows BancShares to repurchase shares of its Class A common stock through 2025. BancShares is not obligated under the SRP 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. The authorization to repurchase Class A common stock will be utilized at management's discretion. The actual timing and amount of Class A common stock that may be repurchased will depend on a number of factors, including the terms of any Rule 10b5-1 plan then in effect, price, general business and market conditions, regulatory requirements, and alternative investment opportunities or capital needs. Except to the extent required by applicable laws or regulations, BancShares disclaims any obligation to update forward-looking statements or to publicly announce the results of any revisions to any of the forward-looking statements included herein to reflect future events or developments. Additional factors which could affect the forward-looking statements can be found in BancShares' Annual Report on Form 10-K for the fiscal year ended December 31, 2024 and its other filings with the SEC. NON-GAAP MEASURES Certain measures in this release, including those referenced as 'adjusted' or 'excluding PAA,' are 'non-GAAP,' meaning they are numerical measures of BancShares' financial performance, financial position or cash flows that are not presented in accordance with generally accepted accounting principles in the U.S. ('GAAP') because they exclude or include amounts or are adjusted in some way so as to be different than the most direct comparable measures calculated and presented in accordance with GAAP in BancShares' statements of income, balance sheets or statements of cash flows and also are not codified in U.S. banking regulations currently applicable to BancShares. BancShares management believes that non-GAAP financial measures, when reviewed in conjunction with GAAP financial information, can provide transparency about or an alternative means of assessing its operating results, financial position or cash flows to its investors, analysts and management. These non-GAAP measures should be considered in addition to, and not superior to or a substitute for, GAAP measures. Each non-GAAP measure is reconciled to the most comparable GAAP measure in the non-GAAP reconciliation. This information can be found in the Financial Supplement located in the Quarterly Results section of our website at Contact: Deanna Hart Angela English Investor Relations Corporate Communications 919-716-2137 803-931-1854
