Company: FCNCB
Filing Date: 2025-05-09
Form Type: 10-Q
Source: 0000798941-25-000024
Chunk: 99

Company: FIRST CITIZENS BANCSHARES INC /DE/
Filing Date: 2025-05-09
Form: 10-Q
Item: Item 1
Chunk 99
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 100 %

Corporate 

Table 20

Corporate: Financial Data

dollars in millions Three Months EndedEarnings SummaryMarch 31, 2025December 31, 2024March 31, 2024Net interest income$141 $131 $353 Total noninterest income(2)17 6 Total revenue139 148 359 Personnel cost410 436 336 Acquisition-related expenses42 62 58 All other noninterest expense(312)(319)(289)Total noninterest expense140 179 105 Provision for credit losses— — — (Loss) income before income taxes(1)(31)254 Income tax (benefit) expense— (145)66 Net (loss) income$(1)$114 $188 PPNR (1)(1)(31)254 Select Period End BalancesInvestment securities$44,319 $44,090 $35,044 Deposits44,990 42,229 41,408 

(1)    PPNR is a non-GAAP measure. Refer to the “Non-GAAP Financial Measurements” section of this MD&A for a reconciliation from the most comparable GAAP measure to the non-GAAP measure.

Corporate net income decreased $115 million and PPNR increased $30 million compared to the Linked Quarter. The decrease in net income was mainly due to the change in our estimated state tax rates that benefited the Linked Quarter as further discussed in the “Income Taxes” section of this MD&A. The higher PPNR mostly reflected lower noninterest expenses. 

74

NII increased $10 million, reflecting lower deposit interest expense as a result of lower rates on Direct Bank deposits and an increase in interest income on investment securities resulting from continued purchases and higher yields, partially offset by lower interest income on interest-earning deposits at banks, a decline in loan PAA, and higher borrowing costs due to the Current Quarter Debt Issuances. 

Noninterest income decreased $19 million mostly due to lower fair value adjustments on marketable equity securities. 

Personnel cost decreased $26 million and acquisition-related expenses decreased $20 million from the Linked Quarter. Both are further discussed in the “Noninterest Expense” section of this MD&A. All other noninterest expense is presented net of Allocated Expenses, resulting in a Contra Expense for Corporate as further discussed above and in Note 17—Segment Information.