Company: FCNCB
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0000798941-25-000010
Chunk: 70

Company: FIRST CITIZENS BANCSHARES INC /DE/
Filing Date: 2025-02-21
Form: 10-K
Item: Item 7
Chunk 70
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 to or a substitute for, GAAP measures presented in BancShares’ consolidated financial statements and other publicly filed reports. In addition, our non-GAAP measures may be different from or inconsistent with non-GAAP financial measures used by other institutions. 

Whenever we refer to a non-GAAP financial measure we will generally define and present the most directly comparable financial measure calculated and presented in accordance with GAAP, along with a reconciliation between the GAAP financial measure and the non-GAAP financial measure. We describe each of these measures below and explain why we believe the measure to be useful.

92

PPNR

PPNR is a non-GAAP measure of profit or loss calculated as net income plus the provision for credit losses and income tax expense (benefit). PPNR is a measure of segment profit or loss that is meaningful because it enables management and external users of financial statements to assess income before income taxes excluding the provision for credit losses, 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 49

PPNR

dollars in millionsYear Ended December 31, 2024General BankCommercial BankSVB CommercialRailCorporateTotal BancSharesNet income (GAAP)$1,046 $440 $857 $111 $323 $2,777 Plus: provision for credit losses153 144 134 — — 431 Plus: income tax expense (benefit)362 147 295 36 (25)815 PPNR (non-GAAP)$1,561 $731 $1,286 $147 $298 $4,023 Year Ended December 31, 2023General BankCommercial BankSVB CommercialRailCorporateTotal BancSharesNet income (GAAP)$871 $165 $544 $90 $9,796 $11,466 Plus: provision for credit losses77 517 65 — 716 1,375 Plus: income tax expense319 69 184 32 7 611 PPNR (non-GAAP)$1,267 $751 $793 $122 $10,519 $13,452 Year Ended December 31, 2022General BankCommercial BankSVB CommercialRailCorporateTotal BancSharesNet income (loss) (GAAP)$630 $408 $— $112 $(52)$1,098