Company: FCNCB
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0000798941-25-000010
Chunk: 193

Company: FIRST CITIZENS BANCSHARES INC /DE/
Filing Date: 2025-02-21
Form: 10-K
Item: Item 8
Chunk 193
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 accounting for new leases and for existing leases modified on or after the standard’s effective date.The table that follows presents lease income related to BancShares’ operating and finance leases:Lease Incomedollars in millionsYear Ended December 31,202420232022Lease income – operating leases$966 $895 $796 Variable lease income – operating leases (1)82 76 68 Rental income on operating leases1,048 971 864 Interest income – sales type and direct financing leases175 171 169 Variable lease income included in other noninterest income (2)61 59 51 Interest income – leveraged leases4 12 20 Total lease income$1,288 $1,213 $1,104 (1)     Primarily includes per diem railcar operating lease rental income earned on a time or mileage usage basis. (2) Includes revenue related to insurance coverage on leased equipment and leased equipment property tax reimbursements due from customers. The following tables present lease payments due on non-cancellable operating leases and lease receivables due on finance leases at December 31, 2024. Excluded from these tables are variable lease payments, including rentals calculated based on asset usage levels, rentals from future renewal and re-leasing activity, and expected sales proceeds from remarketing equipment at lease expiration, all of which are components of lease profitability.Maturity Analysis of Operating Lease Paymentsdollars in millions2025$864 2026713 2027543 2028361 2029216 Thereafter348 Total$3,045 Maturity Analysis of Lease Receivable Payments - Sales Type and Direct Financing Leases dollars in millions2025$741 2026541 2027360 2028205 202994 Thereafter48 Total undiscounted lease receivables$1,989 Difference between undiscounted cash flows and discounted cash flows225 Lease receivables, at present value$1,764 

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 NOTE 7 — PREMISES AND EQUIPMENT

Major classifications of premises and equipment at December 31, 2024 and 2023 are summarized as follows:dollars in millionsUseful Life (years)December 31, 2024December 31, 2023Landindefinite$407 $403 Premises and leasehold improvements3 - 301,598 1,609 Furniture, equipment and software2 -