Summary
First Citizens BancShares, Inc. /de/ (FCNCA) reported a solid quarter with a net income of $707 million for the three months ended June 30, 2024, a slight decrease from the previous quarter but still demonstrating robust profitability. Total assets grew to $219.83 billion, supported by a significant increase in total deposits to $151.08 billion. The company's loan portfolio also expanded to $139.34 billion, with growth across all business segments, particularly in commercial and business loans, TMT, and healthcare sectors, as well as global fund banking. Key financial highlights include a net interest income of $1.82 billion, with a net interest margin of 3.64%. Despite a higher provision for credit losses compared to the linked quarter, driven by a lower benefit for off-balance sheet credit exposure, the company maintained a strong capital position with a Common Equity Tier 1 ratio of 13.33%. The announcement of a new $3.5 billion share repurchase program underscores management's confidence in the company's financial health and commitment to shareholder value.
Financial Highlights
36 data points| Revenue | $2.46B |
| Net Income | $707.00M |
| EPS (Basic) | $47.54 |
| EPS (Diluted) | $47.54 |
| Shares Outstanding (Basic) | 14.53M |
| Shares Outstanding (Diluted) | 14.53M |
Key Highlights
- 1Net income available to common stockholders was $691 million, or $47.54 per diluted share.
- 2Total assets reached $219.83 billion, up from $213.76 billion at the end of the prior year.
- 3Total deposits increased to $151.08 billion, indicating strong customer confidence and funding stability.
- 4Loans and leases grew to $139.34 billion, showing continued expansion in lending activities across key segments.
- 5Net interest margin stood at 3.64%, reflecting a stable net interest income of $1.82 billion.
- 6The company maintained strong capital adequacy ratios, with Common Equity Tier 1 at 13.33%.
- 7A new $3.5 billion share repurchase program was authorized, signaling a commitment to returning capital to shareholders.