Company: FCNCB
Filing Date: 2025-11-07
Form Type: 10-Q
Source: 0000798941-25-000050
Chunk: 42

Company: FIRST CITIZENS BANCSHARES INC /DE/
Filing Date: 2025-11-07
Form: 10-Q
Item: Item 2
Chunk 42
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13 million increase in all other noninterest expense was primarily due to the previously mentioned vendor dispute.

•Depreciation on operating lease equipment increased $13 million, reflective of growth in operating lease equipment, and maintenance and other operating lease expenses increased $16 million.

•The $47 million increase in rental income on operating lease equipment reflected higher rental income on portfolio growth and strong repricing.

•The $8 million decrease in income tax expense reflected the decrease in income before income taxes.

Railcar Portfolio

Our fleet is diverse and the average re-pricing of equipment upon lease maturities was 118% of the average prior or expiring lease rate during the current quarter. Railcar utilization, including commitments to lease, was 96.8% at September 30, 2025, compared to 97.6% at December 31, 2024. 

Rail segment customers include all of the U.S. and Canadian Class I railroads (i.e., railroads with annual revenues of approximately $500 million and greater) and other railroads, as well as manufacturers and commodity shippers. Our total operating lease fleet at September 30, 2025 consisted of approximately 127,600 railcars and locomotives. 

The following tables reflect the proportion of railcars by type based on units and net investment, and rail operating lease equipment by obligor industry:

Table 19Operating Lease Railcar Portfolio by Type (units and net investment)

September 30, 2025June 30, 2025December 31, 2024Railcar TypeTotal Owned Fleet - % Total UnitsTotal Owned Fleet - % TotalNet InvestmentTotal Owned Fleet - % Total UnitsTotal Owned Fleet - % TotalNet InvestmentTotal Owned Fleet - % Total UnitsTotal Owned Fleet - % TotalNet InvestmentCovered hoppers45 %41 %45 %41 %45 %42 %Tank cars27 39 28 39 27 38 Mill/ coil gondolas8 6 8 6 8 6 Coal7 1 7 1 7 1 Boxcars5 5 6 5 6 6 Other8 8 6 8 7 7 Total100 %100 %100 %100 %100 %100 %

Table 20Rail Operating Lease Equipment by Obligor Industry

dollars in millions September 30, 2025June 30, 2025December