Company: FCNCB
Filing Date: 2025-05-09
Form Type: 10-Q
Source: 0000798941-25-000024
Chunk: 136

Company: FIRST CITIZENS BANCSHARES INC /DE/
Filing Date: 2025-05-09
Form: 10-Q
Item: Item 1
Chunk 136
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 which can be more volatile when economic conditions are more dynamic.

The following table provides a reconciliation of net income, the comparable GAAP measure, to PPNR:

Table 51

PPNR

dollars in millionsThree Months Ended March 31, 2025General BankCommercial BankSVB CommercialRailCorporateTotal BancSharesNet income (GAAP)$253 $43 $166 $22 $(1)$483 Plus: provision for credit losses46 85 23 — — 154 Plus: income tax expense (benefit)88 15 57 8 — 168 PPNR (non-GAAP)$387 $143 $246 $30 $(1)$805 Three Months Ended December 31, 2024General BankCommercial BankSVB CommercialRailCorporateTotal BancSharesNet income (GAAP)$286 $88 $181 $31 $114 $700 Plus: provision for credit losses22 90 43 — — 155 Plus: income tax expense (benefit)92 22 58 9 (145)36 PPNR (non-GAAP)$400 $200 $282 $40 $(31)$891 Three Months Ended March 31, 2024General BankCommercial BankSVB CommercialRailCorporateTotal BancSharesNet income (GAAP)$201 $118 $193 $31 $188 $731 Plus: provision for credit losses21 20 23 — — 64 Plus: income tax expense79 42 75 11 66 273 PPNR (non-GAAP)$301 $180 $291 $42 $254 $1,068 

98

Net Rental Income on Operating Lease Equipment for Commercial Bank and Rail Segments

Net rental income on operating lease equipment is a non-GAAP measure calculated as rental income on operating lease equipment less depreciation on operating lease equipment, as well as maintenance and other operating lease expenses, if any. Presentation of net rental income for the Commercial Bank and Rail segments also results in the noninterest income, noninterest expense, and revenue subtotals being presented net of depreciation and maintenance. These measures are meaningful because they enable management to monitor the performance and profitability of operating leases after deducting direct expenses. 

The following tables reconcile the most comparable GAAP measures to the non-GAAP measures for the Commercial Bank and Rail segments.

Table 52

Commercial