Company: FCNCB
Filing Date: 2025-05-09
Form Type: 10-Q
Source: 0000798941-25-000024
Chunk: 276

Company: FIRST CITIZENS BANCSHARES INC /DE/
Filing Date: 2025-05-09
Form: 10-Q
Item: Item 8
Chunk 276
---
2024General BankCommercial BankSVB CommercialRailCorporateTotal BancSharesNet income (GAAP)$286 $88 $181 $31 $114 $700 Plus: provision for credit losses22 90 43 — — 155 Plus: income tax expense (benefit)92 22 58 9 (145)36 PPNR (non-GAAP)$400 $200 $282 $40 $(31)$891 Three Months Ended March 31, 2024General BankCommercial BankSVB CommercialRailCorporateTotal BancSharesNet income (GAAP)$201 $118 $193 $31 $188 $731 Plus: provision for credit losses21 20 23 — — 64 Plus: income tax expense79 42 75 11 66 273 PPNR (non-GAAP)$301 $180 $291 $42 $254 $1,068 

98

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, noninterest expense, and revenue 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 52

Commercial Bank Segment  

dollars in millionsThree Months EndedMarch 31, 2025December 31, 2024March 31, 2024Rental income on operating leases (GAAP)$56 $55 $57 Less: depreciation on operating lease equipmenta44 44 46 Net rental income on operating lease equipment (non-GAAP)$12 $11 $11 Total noninterest income (GAAP)b$125 $156 $140 Noninterest income, net of depreciation (non-GAAP)b-a81 112 94 Total revenue (GAAP)c418 463 440 Revenue, net of depreciation (non-GAAP)c-a374 419 394 Total noninterest expense (GAAP)d275