Company: FCNCB
Filing Date: 2025-05-09
Form Type: 10-Q
Source: 0000798941-25-000024
Chunk: 90

Company: FIRST CITIZENS BANCSHARES INC /DE/
Filing Date: 2025-05-09
Form: 10-Q
Item: Item 1
Chunk 90
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 Quarter was $635 million, a decrease of $64 million or 9% from $699 million for the Linked Quarter, mainly due to the following:

•The decrease in other noninterest income of $36 million was mainly attributable to the negative impacts from fair value changes in customer derivative positions driven by changes in the rate environment, as well as the write-down of a held for sale asset.

•The decrease in the fair value adjustment on marketable equity securities of $15 million reflects lower market prices of the underlying securities.

•The decrease in the gain on sale of leasing equipment of $6 million was mostly due to lower volumes of rail equipment sales. 

•The decrease in factoring commissions of $3 million was primarily due to a decline in factoring volume.

•The decrease in rental income on operating lease equipment of $2 million was mainly the result of the Linked Quarter including charges that are assessed annually, which were partially offset by strong repricing of renewed equipment during the Current Quarter. Refer to the Rail segment discussion in the “Results by Segment” section of this MD&A for further details. 

67

Noninterest Expense

Noninterest expense includes the following primary expense categories, with the balance in other noninterest expense. 

Table 11

Noninterest Expense

dollars in millionsThree Months EndedIncrease (Decrease) from Linked QuarterMarch 31, 2025December 31, 2024March 31, 2024Depreciation on operating lease equipment$98 $101 $96 $(3)(3)%Maintenance and other operating lease expenses58 55 45 3 5 Personnel cost818 801 744 17 2 Net occupancy expense58 60 62 (2)(4)Equipment expense136 136 114 — — Professional fees25 30 25 (5)(16)Third-party processing fees63 57 60 6 10 FDIC insurance expense38 33 41 5 18 Marketing expense32 24 14 8 31 Acquisition-related expenses42 62 58 (20)(33)Intangible asset amortization15 16 17 (1)(2)Other noninterest expense110 142 100 (32)(22)Total noninterest expense$1,493 $1,517 $1,376 $(24)(2)

The above table includes the amounts for the components of noninterest expense for the Current Quarter, Linked Quarter,