Company: FCNCB
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0000798941-25-000010
Chunk: 29

Company: FIRST CITIZENS BANCSHARES INC /DE/
Filing Date: 2025-02-21
Form: 10-K
Item: Item 7
Chunk 29
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230 3 242 3 Other 776 9 776 10 541 7 Total$8,573 100 %$7,966 100 %$7,433 100 %

Corporate 

Table 20

Corporate: Financial Data

dollars in millions As of and for the Year Ended December 31,Earnings Summary202420232022Net interest income$975 $1,613 $312 Noninterest income60 9,814 479 Total revenue1,035 11,427 791 Personnel cost1,503 1,294 668 Acquisition-related expenses210 470 231 All other noninterest expense(976)(856)(454)Total noninterest expense737 908 445 Provision for credit losses— 716 513 Income before income taxes298 9,803 (167)Income tax expense (benefit)(25)7 (115)Net income$323 $9,796 $(52)PPNR (1)$298 $10,519 $346 Select Period End BalancesDeposits42,229 39,154 18,280 

(1)    PPNR is a non-GAAP measure. Refer to the “Non-GAAP Financial Measurements” section of this MD&A for a reconciliation from the most comparable GAAP measure to the non-GAAP measure.

Corporate net income for the Current Year decreased $9.47 billion compared to the Prior Year. PPNR decreased $10.22 billion from the Prior Year. The decreases were mainly due to the SVBB Acquisition impacts in the Prior Year, such as the gain on acquisition of $9.81 billion. 

NII decreased $638 million, mainly due to higher deposit interest expense as a result of Direct Bank deposit growth and higher rates, higher borrowing costs for the Purchase Money Note due to the Timing of the SVBB Acquisition, and a decline in loan PAA, partially offset by the increase in interest income on investment securities resulting from continued purchases and higher yields. 

67

Prior Year noninterest income included the previously discussed gain on acquisition and a loss on sales of investment securities of $26 million, while the Current Year benefited from positive fair value adjustments on marketable equity securities and gains on sales of investment securities. 

Personnel cost increased due to inclusion of the Timing of the SVBB Acquisition, along with net staff additions and higher incentive compensation