Company: FCNCB
Filing Date: 2025-11-07
Form Type: 10-Q
Source: 0000798941-25-000050
Chunk: 256

Company: FIRST CITIZENS BANCSHARES INC /DE/
Filing Date: 2025-11-07
Form: 10-Q
Item: Item 1
Chunk 256
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Total BancSharesNet income (GAAP)$655 $359 $594 $70 $399 $2,077 Plus: provision for credit losses113 70 93 — — 276 Plus: income tax expense270 127 235 27 120 779 PPNR (non-GAAP)$1,038 $556 $922 $97 $519 $3,132 

107

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 55Commercial Bank Segment

dollars in millionsThree Months EndedNine Months EndedSeptember 30, 2025June 30, 2025September 30, 2024September 30, 2025September 30, 2024Rental income on operating leases (GAAP)$54 $54 $57 $164 $172 Less: depreciation on operating lease equipmenta43 44 47 131 141 Net rental income on operating lease equipment (non-GAAP)$11 $10 $10 $33 $31 Total noninterest income (GAAP)b$155 $152 $136 $432 $411 Noninterest income, net of depreciation (non-GAAP)b-a112 108 89 301 270 Total revenue (GAAP)c458 451 441 1,327 1,327 Revenue, net of depreciation (non-GAAP)c-a415 407 394 1,196 1,186 Total noninterest expense (GAAP)d266 267 265 808 771 Noninterest expense, net of depreciation (non-GAAP)d-a223 223 218 677 630 

Rail segment net income, rental income on operating lease equipment and net rental income on operating lease equipment are utilized to measure profitability.