Summary
First Citizens BancShares, Inc. (FCNCA) reported solid performance in its 2024 Annual Report, demonstrating resilience amidst a dynamic financial landscape. The company's net income available to common stockholders stood at $2.72 billion, a notable decrease from the prior year, primarily due to a significant gain on acquisition recorded in 2023. However, the core business showed strength with a 6% increase in Net Interest Income (NII) to $7.14 billion, driven by loan growth and higher asset yields, partially offset by increased deposit costs. The balance sheet expanded, with total assets reaching $223.72 billion, supported by a 6% growth in total deposits to $155.23 billion. The company maintained strong capital ratios, significantly exceeding regulatory requirements, including a Common Equity Tier 1 ratio of 12.99%. The loan portfolio grew by 5% to $140.22 billion, with growth across all segments, particularly in commercial and business loans, as well as the global fund banking portfolio. The company actively managed its investment securities portfolio, increasing holdings by 47% to $44.09 billion, primarily in short-duration U.S. agency mortgage-backed and U.S. Treasury securities. Furthermore, BancShares continued its commitment to shareholder returns by repurchasing approximately $1.66 billion of its Class A common stock under its share repurchase program during 2024.
Financial Highlights
37 data points| Revenue | $9.76B |
| Net Income | $2.78B |
| EPS (Basic) | $189.42 |
| EPS (Diluted) | $189.41 |
| Shares Outstanding (Basic) | 14.34M |
| Shares Outstanding (Diluted) | 14.34M |
Key Highlights
- 1Net income available to common stockholders was $2.72 billion, a decrease from the prior year largely due to a significant 2023 acquisition gain, but core operations showed underlying strength.
- 2Net Interest Income (NII) grew 6% to $7.14 billion, driven by loan growth and higher asset yields, despite increased deposit costs.
- 3Total assets grew to $223.72 billion, with deposits increasing 6% to $155.23 billion, indicating robust funding.
- 4Capital ratios remain strong, with Common Equity Tier 1 at 12.99%, significantly exceeding regulatory requirements.
- 5The loan portfolio expanded 5% to $140.22 billion, reflecting growth across all segments, especially in commercial and global fund banking.
- 6Investment securities increased by 47% to $44.09 billion, focusing on short-duration, high-quality assets.
- 7The company repurchased $1.66 billion of Class A common stock in 2024 under its $3.50 billion repurchase program, signaling confidence and returning capital to shareholders.