Company: FCNCB
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0000798941-25-000010
Chunk: 26

Company: FIRST CITIZENS BANCSHARES INC /DE/
Filing Date: 2025-02-21
Form: 10-K
Item: Item 7
Chunk 26
---
 65 Income before income taxes1,152 728 Income tax expense295 184 Net income$857 $544 PPNR (1)$1,286 $793 Select Period End BalancesLoans and leases$40,194 $39,511 Deposits36,637 34,730 

(1)    PPNR is a non-GAAP measure. 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.

SVB Commercial segment net income for the Current Year increased $313 million compared to the Prior Year. PPNR increased $493 million from the Prior Year. The increases in net income and PPNR were mainly due to the Timing of the SVBB Acquisition.   

NII increased $627 million due to higher interest income on loans due to growth and higher yields, partially offset by higher interest expense on deposits due to higher rates and balances, along with a shift to interest-bearing deposits from noninterest-bearing deposits. 

The provision for credit losses increased $69 million, which included higher specific reserves in the investor dependent portfolios.

The increase of $683 million in loans was attributed to the global fund banking portfolio, partially offset by declines in investor dependent loans as payments exceeded new originations. 

Deposits increased $1.91 billion from the Prior Year, mainly due to growth in money market deposits and interest-bearing checking, partially offset by declines in noninterest-bearing deposits. 

65

Rail 

Table 17

Rail: Financial Data

dollars in millionsAs of and for the Year Ended December 31,Earnings Summary202420232022Net interest expense$(186)$(143)$(80)Rental income on operating lease equipment821 740 652 Less: depreciation on operating lease equipment209 191 176 Less: maintenance and other operating lease expenses219 222 189 Net rental income on operating lease equipment (1)393 327 287 All other noninterest income15 5 4 Total noninterest income (2)836 745 656 Noninterest income, net of depreciation and maintenance (1)408 332 291 Total revenue222 189 211 Personnel cost25 22 20 All other noninterest expense50 45 42 Total noninterest expense (2)503 480 427 Noninterest expense, net of depreciation and maintenance (1)75