Company: FCNCB
Filing Date: 2025-05-09
Form Type: 10-Q
Source: 0000798941-25-000024
Chunk: 98

Company: FIRST CITIZENS BANCSHARES INC /DE/
Filing Date: 2025-05-09
Form: 10-Q
Item: Item 1
Chunk 98
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 lease expenses tend to be variable due to timing and the number of railcars coming on or off lease as well as asset condition.

All other noninterest income primarily reflects net gains on sale of leasing equipment, which can vary due to the type of cars sold, volume sold, and market conditions.  

Our fleet is diverse and the average re-pricing of equipment upon lease maturities was 126.0% of the average prior or expiring lease rate during the Current Quarter. Railcar utilization, including commitments to lease, was 97.0% at March 31, 2025 and 97.6% at December 31, 2024. 

73

Portfolio

Rail segment customers include all of the U.S. and Canadian Class I railroads (i.e., railroads with annual revenues of approximately $500 million and greater) and other railroads, as well as manufacturers and commodity shippers. Our total operating lease fleet at March 31, 2025 consisted of approximately 126,600 railcars and locomotives. 

The following tables reflect the proportion of railcars by type based on units and net investment, and rail operating lease equipment by obligor industry:

Table 18

Operating Lease Railcar Portfolio by Type (units and net investment)

March 31, 2025December 31, 2024Railcar TypeTotal Owned Fleet - % Total UnitsTotal Owned Fleet - % TotalNet InvestmentTotal Owned Fleet - % Total UnitsTotal Owned Fleet - % TotalNet InvestmentCovered hoppers45 %41 %45 %42 %Tank cars27 39 27 38 Mill/ coil gondolas8 6 8 6 Coal7 1 7 1 Boxcars6 5 6 6 Other7 8 7 7 Total100 %100 %100 %100 %

Table 19

Rail Operating Lease Equipment by Obligor Industry

dollars in millions March 31, 2025December 31, 2024Manufacturing$3,545 41 %$3,467 40 %Rail2,011 23 2,003 23 Wholesale1,553 18 1,505 18 Oil and gas extraction / services518 6 583 7 Energy and utilities240 3 239 3 Other 773 9 776 9 Total$8,640 100 %$8,573