Company: FCNCB
Filing Date: 2025-08-08
Form Type: 10-Q
Source: 0000798941-25-000040
Chunk: 248

Company: FIRST CITIZENS BANCSHARES INC /DE/
Filing Date: 2025-08-08
Form: 10-Q
Item: Item 1
Chunk 248
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 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 55

Commercial Bank Segment  

dollars in millionsThree Months EndedSix Months EndedJune 30, 2025March 31, 2025June 30, 2024June 30, 2025June 30, 2024Rental income on operating leases (GAAP)$54 $56 $58 $110 $115 Less: depreciation on operating lease equipmenta44 44 48 88 94 Net rental income on operating lease equipment (non-GAAP)$10 $12 $10 $22 $21 Total noninterest income (GAAP)b$152 $125 $135 $277 $275 Noninterest income, net of depreciation (non-GAAP)b-a108 81 87 189 181 Total revenue (GAAP)c451 418 446 869 886 Revenue, net of depreciation (non-GAAP)c-a407 374 398 781 792 Total noninterest expense (GAAP)d267 275 246 542 506 Noninterest expense, net of depreciation (non-GAAP)d-a223 231 198 454 412 

Rail segment net income, rental income on operating lease equipment and net rental income on operating lease equipment are utilized to measure profitability. Net rental income on operating lease equipment is calculated as rental income on operating lease equipment reduced by depreciation, maintenance and other operating lease expenses. Due to the nature of our portfolio, which is essentially all operating lease equipment, certain financial measures commonly used by banks, such as NII, are not as meaningful for this segment. NII is not used because it includes the impact of debt costs funding our operating lease assets but excludes the associated net rental income.

Table 56

Rail Segment  

dollars in millionsThree Months EndedSix Months EndedJune 30, 2025March 31, 2025June 30, 2024June 30, 2025June 30, 2024Rental income on operating leases (GAAP)$218 $214 $201 $432 $399 Less: depreciation on