Company: FCNCB
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0000798941-25-000010
Chunk: 24

Company: FIRST CITIZENS BANCSHARES INC /DE/
Filing Date: 2025-02-21
Form: 10-K
Item: Item 7
Chunk 24
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 PPNR increased $294 million from the Prior Year. The increases in net income and PPNR were partially due to the Timing of the SVBB Acquisition. 

The $400 million increase in NII reflected loan growth discussed below and improved yields, partially offset by higher deposit costs resulting from deposit growth and higher average deposit costs. Noninterest income increased $86 million, benefiting in areas such as higher wealth management services and cardholder services. Personnel cost and all other noninterest expense increased $62 million and $130 million in the Current Year, respectively, mainly due the Timing of the SVBB Acquisition. 

63

The $76 million increase in provision for credit losses in the Current Year was mainly due to reserve increase for loan growth and the $20 million loan loss reserve for Helene. 

The $3.94 billion increase in loans and leases compared to the Prior Year was mainly due to growth in commercial and business loans in our Branch Network. Consumer mortgage loans were up modestly as we continue to originate and sell rather than hold for investment.   

Deposits in the General Bank segment primarily include deposits from the Branch Network, as well as Wealth and Community Association Banking channels. The $4.33 billion increase in deposits compared to the Prior Year was primarily in money market deposits in the Branch Network.

Commercial Bank 

Table 15

Commercial Bank: Financial Data

dollars in millionsAs of and for the Year Ended December 31,Earnings Summary202420232022Net interest income$1,100 $1,015 $884 Rental income on operating lease equipment227 231 212 Less: depreciation on operating lease equipment185 180 169 Net rental income on operating lease equipment (1)42 51 43 All other noninterest income315 329 306 Total noninterest income (2)542 560 518 Noninterest income, net of depreciation (1)357 380 349 Total revenue1,457 1,395 1,233 Personnel cost233 194 171 All other noninterest expense493 450 405 Total noninterest expense (2)911 824 745 Noninterest expense, net of depreciation (1)726 644 576 Provision for credit losses144 517 121 Income before income taxes587 234 536 Income tax expense147 69 128 Net income$440 $165 $408 PPNR (1)$731 $751 $657