Company: FCNCB
Filing Date: 2025-11-07
Form Type: 10-Q
Source: 0000798941-25-000050
Chunk: 257

Company: FIRST CITIZENS BANCSHARES INC /DE/
Filing Date: 2025-11-07
Form: 10-Q
Item: Item 1
Chunk 257
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 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 56 52 165 152 Less: maintenance and other operating lease expensesb67 55 59 180 164 Net rental income on operating lease equipment (non-GAAP)$97 $107 $94 $306 $288 Total noninterest income (GAAP)c$221 $221 $207 $658 $612 Noninterest income, net of depreciation and maintenance (non-GAAP)c-a-b99 110 96 313 296 Total revenue (GAAP)d166 168 159 498 476 Revenue, net of depreciation and maintenance (non-GAAP)d-a-b44 57 48 153 160 Total noninterest expense (GAAP)e144 143 131 421 379 Noninterest expense, net of depreciation and maintenance (non-GAAP)e-a-b22 32 20 76 63 

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NII, NIM, and Interest and Fees on Loans, Excluding PAA

NII and NIM, excluding PAA, and interest and fees on loans, excluding loan PAA are meaningful metrics as they allow management to analyze NII, NIM and loan interest income trends more directly related to the rates of the underlying interest-earning assets and interest-bearing liabilities. Loan PAA is primarily related to the loan discount in the SVBB Acquisition. Other PAA is primarily related to the discount on the Purchase Money Note and the premium on deposits assumed in the merger with CIT Group Inc.

The following table reconciles NII to NII, excluding PAA, NIM to NIM, excluding PAA, and interest and