01—Abstract
Summary
Summary of the 10-Q filed August 8, 2024. Cited figures are marked; the original filing is the authoritative source.
First Citizens BancShares, Inc. /de/ (FCNCA) reported a solid quarter with a net income of $707 milliona 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 billionb, 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 billionc share repurchase program underscores management's confidence in the company's financial health and commitment to shareholder value.
02—Key points
Key Highlights
- Net income available to common stockholders was $691 million, or $47.54 per diluted share.
- Total assets reached $219.83 billion, up from $213.76 billion at the end of the prior year.
- Total deposits increased to $151.08 billion, indicating strong customer confidence and funding stability.
- Loans and leases grew to $139.34 billion, showing continued expansion in lending activities across key segments.
- Net interest margin stood at 3.64%, reflecting a stable net interest income of $1.82 billion.
- The company maintained strong capital adequacy ratios, with Common Equity Tier 1 at 13.33%.
- A new $3.5 billion share repurchase program was authorized, signaling a commitment to returning capital to shareholders.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-QQ2 FY2024filed August 8, 2024Financial Statements
Q2 FY2024 against Q2 FY2023
| Line item | Q2 FY2024Q2 FY2023 | Change |
|---|---|---|
| Revenue | $2.46B— | — |
| Net Income | $707.00M$682.00M | +3.7% |
| EPS (Basic) | $47.54$45.90 | +3.6% |
| EPS (Diluted) | $47.54$45.87 | +3.6% |
| Shares Outstanding (Basic) | 14.53M14.53M | 0.0% |
| Shares Outstanding (Diluted) | 14.53M14.54M | 0.0% |
05—Questions
Frequently Asked Questions
What was the company's net income for the quarter?
First Citizens BancShares, Inc. reported a net income of $707 million for the three months ended June 30, 2024.
How did total deposits change compared to the previous year-end?
Total deposits increased from $145.85 billion at December 31, 2023, to $151.08 billion at June 30, 2024.
What is the company's capital position like?
The company maintained a strong capital position, with a Common Equity Tier 1 ratio of 13.33% as of June 30, 2024, which is well above regulatory requirements.
What is the outlook for loan growth?
The loan portfolio grew to $139.34 billion, and management indicated continued loan growth across key business segments, particularly in commercial and business loans, TMT, and healthcare.
Has the company announced any capital return initiatives?
Yes, the company announced a new $3.5 billion share repurchase program, signaling confidence in its financial strength and a commitment to shareholder value.
06—Continue