Company: FCNCB
Filing Date: 2025-03-18
Form Type: DEF 14A
Source: 0001193125-25-056659
Chunk: 6

Company: FIRST CITIZENS BANCSHARES INC /DE/
Filing Date: 2025-03-18
Form: DEF 14A
Chunk 6
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 groups of directors. |

| (2) | CNG refers to our Compensation, Nominations and Governance Committee. |

Nominee Profile

| Nominee Ages |     | Board Refreshment |     | Nominee Independence |

| 4 |     | 2025 Annual Proxy Statement |

Proxy Summary 2024 Business Highlights Financial Performance– For the year ended December 31, 2024, net income was $2.78 billion, a decrease of $8.69 billion from $11.47 billion for the prior year. Net income per diluted common share for the current year was $189.41, a decrease of $595.10 from $784.51 for the prior year. Our return on average assets was 1.26% during 2024 compared to 5.90% during 2023. Our return on average common equity was 12.68% and 66.88% for 2024 and 2023, respectively. The declines from the prior year were mostly driven by the SVB Acquisition gain of $9.81 billion that positively impacted noninterest income in 2023. Our 2024 results were positively impacted from the SVB Acquisition which included a full year of SVB related operations. Net Interest Income Expansion– Net interest income totaled $7.14 billion, an increase of $431 million or 6% from 2023. The change from the prior year was due primarily to higher interest income on loans and investment securities, partially offset by higher deposit interest expense and lower loan accretion income. Net Interest Margin Remained Resilient– Net interest margin was 3.54%, a decrease of 38 basis points compared to the prior year. The decline from the prior year was driven primarily by higher interest-bearing liabilities, a higher rate paid on interest-bearing deposits, and lower loan accretion income. These declines were partially offset by higher average balances and yields on loans and investment securities. Solid Noninterest Income– Noninterest income for the year was $2.62 billion, a decrease of $9.46 billion from the prior year driven primarily by the SVB Acquisition gain of $9.81 billion that positively impacted 2023. Outside of this change, noninterest income improved over the prior year driven by the full year impact of SVB related operations, as well as solid performance across many of our fee income producing business lines. Loan Growth– Total loans and leases at December 31, 2024, were $140.22 billion,