Company: FCNCB
Filing Date: 2025-05-09
Form Type: 10-Q
Source: 0000798941-25-000024
Chunk: 341

Company: FIRST CITIZENS BANCSHARES INC /DE/
Filing Date: 2025-05-09
Form: 10-Q
Item: Item 2
Chunk 341
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Investor Dependent - Early Stage loans represented 2% of SVB loans and 1% of total loans at March 31, 2025 and December 31, 2024. These include loans to pre-revenue, development-stage companies and companies that are in the early phases of commercialization, with revenues of up to $5 million. Repayment of these loans may be dependent upon receipt by borrowers of additional equity financing from venture capital firms or other investors, or in some cases, a successful sale to a third-party or an initial public offering. 

Investor Dependent - Growth Stage loans represented 5% of SVB loans and 1% of total loans at March 31, 2025, compared to 5% and 2%, respectively, at December 31, 2024. These include loans to growth-stage enterprises. Companies with revenues between $5 million and $15 million, or pre-revenue clinical-stage biotechnology companies, are considered to be mid-stage, and companies with revenues in excess of $15 million are considered to be later-stage. 

Innovation C&I and Cash Flow Dependent loans represented 23% of SVB loans and 7% of total loans at March 31, 2025, compared to 23% and 6%, respectively, at December 31, 2024. This portfolio is comprised of two types of loans, innovation C&I and cash flow dependent. Innovation C&I includes loans in innovation sectors such as technology, life science and healthcare industries. These loans are dependent on either the borrower’s cash flows or balance sheet for repayment. Cash flow dependent loans are typically used to assist a select group of private equity sponsors with the acquisition of businesses, and repayment is generally dependent upon the cash flows of the combined entities.  

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The following table provides a summary of SVB loans by size and class. The breakout below is based on total client balances (individually or in the aggregate) as of March 31, 2025:

Table 40

SVB Loans by Size and Class

dollars in millionsLess Than $10 Million$10 to < $30 Million> $30 MillionTotal SVB LoansGlobal fund banking$2,136 $4,773 $21,663 $28,572 Investor dependent - early stage828 80 — 908 Investor dependent - growth stage1,110 647 293 2,050 Innovation C&I