Company: FCNCB
Filing Date: 2025-08-08
Form Type: 10-Q
Source: 0000798941-25-000040
Chunk: 85

Company: FIRST CITIZENS BANCSHARES INC /DE/
Filing Date: 2025-08-08
Form: 10-Q
Item: Item 2
Chunk 85
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GAAP)$547 $145 $302 $41 $23 $1,058 Plus: provision for credit losses59 132 78 — — 269 Plus: income tax expense (benefit)189 50 104 14 (6)351 PPNR (non-GAAP)$795 $327 $484 $55 $17 $1,678 Six Months Ended June 30, 2024General BankCommercial BankSVB CommercialRailCorporateTotal BancSharesNet income (GAAP)$453 $235 $407 $50 $293 $1,438 Plus: provision for credit losses58 59 42 — — 159 Plus: income tax expense171 86 160 19 109 545 PPNR (non-GAAP)$682 $380 $609 $69 $402 $2,142 

104

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 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)c