Company: FCNCB
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0000798941-25-000010
Chunk: 20

Company: FIRST CITIZENS BANCSHARES INC /DE/
Filing Date: 2025-02-21
Form: 10-K
Item: Item 7
Chunk 20
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 section later in this MD&A. Additionally, capital market fees increased $17 million, due to higher syndication volume in the Current Year.

•Deposit fees and service charges increased $30 million, primarily due to the Timing of the SVBB Acquisition, but also impacted by deposit growth in the Branch Network and Direct Bank.

•International fees increased $28 million, mainly due to the Timing of the SVBB Acquisition, but also reflecting higher commissions we earned on customer foreign currency transactions.

•Cardholder services, net increased $24 million due to the Timing of the SVBB Acquisition and higher transaction volumes in the Current Year.

•The $24 million increase in fair value adjustment on marketable equity securities reflects higher market prices of the underlying securities.

60

•Wealth management services increased $23 million due to higher assets under management. 

•Factoring commissions decreased $7 million, mainly due to lower factoring volume and surcharges.

•Realized gain on sales of investment securities improved $32 million compared to the Prior Year. We sold investment securities and realized a $6 million gain in the Current Year, whereas the Prior Year included a net loss of $26 million associated with the sale of a single corporate bond of a distressed financial institution and our strategic decision to sell the municipal bonds acquired in the SVBB Acquisition.

•Other noninterest income increased $12 million, primarily related to higher gains on loan sales.

Noninterest Expense

Noninterest expense includes depreciation on operating lease equipment, maintenance and other operating lease expenses, and operating expenses. 

Table 11

Noninterest Expense

dollars in millionsYear Ended December 31,202420232022Depreciation on operating lease equipment$394 $371 $345 Maintenance and other operating lease expenses219 222 189 Operating expenses:Personnel cost3,078 2,636 1,408 Net occupancy expense242 244 191 Equipment expense504 422 216 Professional fees121 71 45 Third-party processing fees230 205 103 FDIC insurance expense138 158 31 Marketing expense76 102 53 Acquisition-related expenses210 470 231 Intangible asset amortization63 57 23 Other noninterest expense460 377 240 Total operating expenses5,122 4,742 2,541 Total noninterest expense$5,735 $5,335 $3,075 

Depreciation on Operating Lease Equipment

Depreciation expense on