Company: FCNCB
Filing Date: 2025-11-07
Form Type: 10-Q
Source: 0000798941-25-000050
Chunk: 426

Company: FIRST CITIZENS BANCSHARES INC /DE/
Filing Date: 2025-11-07
Form: 10-Q
Item: Item 8
Chunk 426
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 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 55Commercial Bank Segment

dollars in millionsThree Months EndedNine Months EndedSeptember 30, 2025June 30, 2025September 30, 2024September 30, 2025September 30, 2024Rental income on operating leases (GAAP)$54 $54 $57 $164 $172 Less: depreciation on operating lease equipmenta43 44 47 131 141 Net rental income on operating lease equipment (non-GAAP)$11 $10 $10 $33 $31 Total noninterest income (GAAP)b$155 $152 $136 $432 $411 Noninterest income, net of depreciation (non-GAAP)b-a112 108 89 301 270 Total revenue (GAAP)c458 451 441 1,327 1,327 Revenue, net of depreciation (non-GAAP)c-a415 407 394 1,196 1,186 Total noninterest expense (GAAP)d266 267 265 808 771 Noninterest expense, net of depreciation (non-GAAP)d-a223 223 218 677 630 

Rail segment net income, rental income on operating lease equipment and net rental income on operating lease equipment are utilized to measure profitability. Net rental income on operating lease equipment is calculated as rental income on operating lease equipment reduced by depreciation, maintenance and other operating lease expenses. Due to the nature of our portfolio, which is essentially all operating lease equipment, certain financial measures commonly used by banks, such as NII, are not as meaningful for this segment. NII is not used because it includes the impact of debt costs funding our operating lease assets but excludes the associated net rental income.

Table 56Rail Segment

dollars in millionsThree Months EndedNine Months EndedSeptember 30, 2025June 30, 2025September 30, 2024September 30, 2025September 30, 2024Rental income on operating leases (GAAP)$219 $218 $205 $651 $604 Less: depreciation on operating lease equipmenta55