Company: FCNCB
Filing Date: 2025-05-09
Form Type: 10-Q
Source: 0000798941-25-000024
Chunk: 315

Company: FIRST CITIZENS BANCSHARES INC /DE/
Filing Date: 2025-05-09
Form: 10-Q
Item: Item 2
Chunk 315
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 income on operating lease equipment56 55 57 Less: depreciation on operating lease equipment44 44 46 Net rental income on operating lease equipment (1)12 11 11 All other noninterest income69 101 83 Total noninterest income (2)125 156 140 Noninterest income, net of depreciation (1)81 112 94 Total revenue418 463 440 Revenue, net of depreciation (1)374 419 394 Noninterest ExpensePersonnel cost725974All other noninterest expense159 160 140 Total noninterest expense (2)275 263 260 Noninterest expense, net of depreciation (1)231219214Provision for credit losses85 90 20 Income before income taxes58 110 160 Income tax expense15 22 42 Net income$43 $88 $118 PPNR (1)143 200 180 Select Period End BalancesLoans and leases$38,631 $37,898 $36,251 Operating lease equipment, net731 750 763 Deposits2,994 3,502 3,400 

(1)    Net rental income on operating lease equipment, noninterest income, net of depreciation, revenue, net of depreciation, noninterest expense, net of depreciation, and PPNR are non-GAAP measures. Refer to the “Non-GAAP Financial Measurements” section of this MD&A for a reconciliation from the most comparable GAAP measure to the non-GAAP measure. 

(2) Total noninterest income and total noninterest expense include depreciation on operating lease equipment. 

Commercial Bank segment net income for the Current Quarter decreased $45 million compared to the Linked Quarter. PPNR decreased $57 million from the Linked Quarter. The decreases were mostly due to lower noninterest income, in addition to lower NII and higher personnel costs, as described below. 

Segment NII decreased $14 million compared to the Linked Quarter, primarily due to lower loan yields due to a full quarter impact of federal funds rate decreases in the 2024 fourth quarter, which offset loan growth and lower funding costs. 

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.  

The $32 million decrease in all other noninterest income was mostly due to unfavorable fair