Company: FCNCB
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0000798941-25-000010
Chunk: 5

Company: FIRST CITIZENS BANCSHARES INC /DE/
Filing Date: 2025-02-21
Form: 10-K
Item: Item 7
Chunk 5
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oring clients. 

(2)     Average loan balances include loans held for sale and nonaccrual loans.

(3)  Net interest margin (“NIM”), excluding purchase accounting accretion or amortization (“PAA”), is a non-GAAP financial measure. Refer to the “NII, NIM, and Interest and Fees on Loans, Excluding PAA” item in the “Non-GAAP Financial Measurements” section of this MD&A for a reconciliation from the most comparable GAAP measure to the non-GAAP measure. 

51

Financial highlights are summarized below. Further details are discussed in the “Results of Operations” section of this MD&A. 

Income Statement Highlights

•Net income for the Current Year was $2.78 billion, a decrease of $8.69 billion or 76% from $11.47 billion for the Prior Year. Net income available to common stockholders for the Current Year was $2.72 billion, a decrease of $8.69 billion from $11.41 billion for the Prior Year. Earnings per diluted common share for the Current Year was $189.41, a decrease from $784.51 for the Prior Year. The decreases were largely due to the gain on acquisition of $9.81 billion in the Prior Year, partially offset by the Timing of the SVBB Acquisition and a lower provision for credit losses. 

•The Current Year included the following select items:

◦Acquisition-related expenses of $210 million, and 

◦Additional FDIC insurance special assessment of $11 million.

•The Prior Year included the following select items:

◦Gain on acquisition of $9.81 billion for the SVBB Acquisition,

◦Day 2 Provision for Credit Losses of $716 million for the SVBB Acquisition, 

◦Acquisition-related expenses of $470 million, and

◦FDIC insurance special assessment of $64 million.

•Return on average assets for the Current Year was 1.26% compared to 5.90% for the Prior Year, which benefited from the gain on acquisition.  

•NII for the Current Year was $7.14 billion, an increase of $431 million or 6% from $6.71 billion for the Prior Year. While the increase was largely due to the Timing of the SVBB Acquisition, other contributing factors included organic loan growth