Company: FCNCB
Filing Date: 2025-08-08
Form Type: 10-Q
Source: 0000798941-25-000040
Chunk: 30

Company: FIRST CITIZENS BANCSHARES INC /DE/
Filing Date: 2025-08-08
Form: 10-Q
Item: Item 2
Chunk 30
---
million resulting from a vendor dispute and an increase in litigation reserves. 

•The increase in professional fees of $5 million was mostly related to higher consulting costs.

•The decrease in personnel cost of $8 million was mainly due to seasonal increases in the Linked Quarter associated with employee benefits and payroll taxes, partially offset by the impact of annual merit increases being included for the entire Current Quarter.

•The decrease in equipment expense of $5 million was mainly due to lower software-related costs, mostly related to accelerated depreciation in the Linked Quarter.

•The decrease in acquisition-related expenses of $4 million is summarized in the table below.

Noninterest expense for the Current YTD was $2.99 billion, an increase of $231 million or 8% from $2.76 billion for the Prior YTD as further discussed below:

•The increase in personnel cost of $139 million was mainly due to annual merit increases and promotions, as well as net staff additions.

•The increase in marketing expense of $32 million was primarily due to marketing for Direct Bank deposits.

•The increase in other noninterest expense of $32 million was due to increases in various noninterest expense line items, as well as the other noninterest expense accruals discussed above.

•The increase in equipment expense of $27 million was mostly due to higher software-related costs, including accelerated depreciation.

•The increase in depreciation on operating lease equipment of $4 million and the increase of $8 million in maintenance and other operating lease expenses are discussed in the “Results by Segment” section of this MD&A. 

•The decrease in acquisition-related expenses of $22 million is summarized in Table 13  below. 

72

Table 13

Acquisition-related Expenses

dollars in millionsThree Months EndedSix Months EndedJune 30, 2025March 31, 2025June 30, 2024June 30, 2025June 30, 2024Personnel cost$15 $15 $12 $30 $41 Professional fees20 26 23 46 49 Other acquisition-related expense3 1 9 4 12 Total acquisition-related expense$38 $42 $44 $80 $102 

Acquisition-related personnel cost primarily includes severance and retention costs for employees associated with business combinations. These amounts are recognized over the requisite service period, if any.

Acquisition-related professional fees mainly include consulting, legal and accounting costs associated