Company: FCNCB
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0000798941-25-000010
Chunk: 71

Company: FIRST CITIZENS BANCSHARES INC /DE/
Filing Date: 2025-02-21
Form: 10-K
Item: Item 7
Chunk 71
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 Plus: provision for credit losses11 121 — — 513 645 Plus: income tax expense (benefit)214 128 — 37 (115)264 PPNR (non-GAAP)$855 $657 $— $149 $346 $2,007 

Net Rental Income on Operating Lease Equipment for Commercial Bank and Rail Segments

Net rental income on operating lease equipment is a non-GAAP measure calculated as rental income on operating lease equipment less depreciation on operating lease equipment, as well as maintenance and other operating lease expenses, if any. Presentation of net rental income for the Commercial Bank and Rail segments also results in the noninterest income and noninterest expense subtotals being presented net of depreciation and maintenance. These measures are meaningful because they enable management to monitor the performance and profitability of operating leases after deducting direct expenses. 

The following tables reconcile the most comparable GAAP measures to the non-GAAP measures for the Commercial Bank and Rail segments.

Table 50

Commercial Bank Segment  

dollars in millionsYear Ended December 31,202420232022Rental income on operating leases (GAAP)$227 $231 $212 Less: depreciation on operating lease equipmenta185 180 169 Net rental income on operating lease equipment (non-GAAP)$42 $51 $43 Total noninterest income (GAAP)b$542 $560 $518 Noninterest income, net of depreciation (non-GAAP)b-a357 380 349 Total noninterest expense (GAAP)c911 824 745 Noninterest expense, net of depreciation (non-GAAP)c-a726 644 576 

93

Table 51

Rail Segment  

dollars in millionsYear Ended December 31,202420232022Rental income on operating leases (GAAP)$821 $740 $652 Less: depreciation on operating lease equipmenta209 191 176 Less: maintenance and other operating lease expensesb219 222 189 Net rental income on operating lease equipment (non-GAAP)$393 $327 $287 Total noninterest income (GAAP)c$836 $745 $656 Noninterest income, net of depreciation and maintenance (non-GAAP)c-a-b408 332 291 Total noninterest expense (GAAP)d503 480 427 Noninterest expense, net of depreciation and maintenance (non-GAAP)d-a-b75 67