Company: FCNCB
Filing Date: 2025-05-09
Form Type: 10-Q
Source: 0000798941-25-000024
Chunk: 215

Company: FIRST CITIZENS BANCSHARES INC /DE/
Filing Date: 2025-05-09
Form: 10-Q
Item: Item 8
Chunk 215
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 income available to common stockholders for the Current Quarter was $468 million, a decrease of $217 million or 32% from $685 million for the Linked Quarter. Earnings per basic and diluted common share for the Current Quarter was $34.47, a decrease from $49.21 for the Linked Quarter. The decrease in net income available to common stockholders was largely due to an increase in income tax expense of $132 million as further described below.

•Select items in the Current Quarter and Linked Quarter included acquisition-related expenses of $42 million and $62 million, respectively.

•Net Interest Income (“NII”) for the Current Quarter was $1.66 billion, a decrease of $46 million or 3% from $1.71 billion for the Linked Quarter. NIM for the Current Quarter was 3.26%, a decrease of 6 basis points (“bps”) from 3.32% for the Linked Quarter. The decreases in NII and NIM were mainly due to a decline in the yield on interest-earning assets, a mix shift from interest-earning deposits at banks to investment securities, and an increase in average interest-bearing deposits, partially offset by a decline in the cost of interest-bearing deposits and an increase in average loans. 

◦PAA for the Current Quarter was $75 million, a decrease of $7 million from $82 million for the Linked Quarter. NIM, excluding PAA,(1) for the Current Quarter was 3.12%, a decrease of 4 bps from 3.16% for the Linked Quarter. 

•Noninterest income for the Current Quarter was $635 million, a decrease of $64 million or 9% from $699 million for the Linked Quarter. The decrease was largely the result of a decline in other noninterest income of $36 million, 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 remaining net decrease included a decline in the fair value adjustment on marketable equity securities of $15 million, as well as declines in gains on sales of loans, leasing equipment and marketable equity securities totaling $16 million, partially offset by an increase in wealth management services of $2 million.  

•Noninterest expense for the Current Quarter was $1.49 billion, a decrease of $24 million or 2% from