Company: FCNCB
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0000798941-25-000010
Chunk: 19

Company: FIRST CITIZENS BANCSHARES INC /DE/
Filing Date: 2025-02-21
Form: 10-K
Item: Item 7
Chunk 19
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 investment fees213 157 — Wealth management services211 188 142 International fees119 91 8 Factoring commissions75 82 104 Cardholder services, net163 139 102 Merchant services, net49 48 35 Insurance commissions55 54 47 Realized gain (loss) on sale of investment securities, net6 (26)— Fair value adjustment on marketable equity securities, net13 (11)(3)Gain on sale of leasing equipment, net30 20 15 Gain on acquisition— 9,808 431 (Loss) gain on extinguishment of debt(2)— 7 Other noninterest income  148 136 139 Total other noninterest income1,567 11,104 1,272 Total noninterest income$2,615 $12,075 $2,136 

Rental Income on Operating Lease Equipment

Rental income on operating lease equipment was $1.05 billion for the Current Year, an increase of $77 million or 8% from $971 million for the Prior Year. The Current Year benefited from growth in rail operating lease equipment, as well as strong re-pricing and utilization rates in the rail portfolio. Rental income is generated primarily in the Rail segment and, to a lesser extent, in the Commercial Bank segment. Revenue is generally dictated by the size of the portfolio, utilization of the railcars, re-pricing of equipment renewed upon lease maturities, and pricing on new leases. Re-pricing refers to the rental rate in the renewed equipment contract compared to the prior contract. Refer to the Rail segment discussion in the “Results by Segment” section of this MD&A for further details. 

Total Other Noninterest Income

Total other noninterest income for the Current Year was $1.57 billion, a decrease of $9.54 billion from $11.10 billion for the Prior Year. The decrease was mostly due to the gain on acquisition of $9.81 billion in the Prior Year, offset by the items discussed below.

•Client investment fees increased $56 million, mainly due to the Timing of the SVBB Acquisition, as well as growth in off-balance sheet client fund balances and expanded transaction-based services.   

•Lending-related fees increased $39 million, mostly due to the Timing of the SVBB Acquisition, but also reflecting organic loan growth as discussed in the Loans