8-KEarnings & ResultsRegulation FDOther Events+1

FIRST CITIZENS BANCSHARES INC /DE/ 8-K Report, Financial Results (Jul 25, 2024)

Filed July 25, 2024For Securities:FCNCAFCNCPFCNCBFCNCOFCNCN

Summary

First Citizens BancShares, Inc. (FCNCA) announced its second quarter 2024 financial results on July 25, 2024, through an 8-K filing. The report highlights the company's performance for the quarter ended June 30, 2024, and includes details on operational results and financial condition. Key information, including a press release, financial supplement, and investor presentation, was made available and incorporated by reference. Investors should note that these disclosures are not deemed "filed" with the SEC and are not subject to Section 18 liability. In addition to its financial results, BancShares also announced a significant development regarding its capital allocation strategy. The Board of Directors has authorized a substantial new share repurchase program, allowing for the repurchase of up to $3.5 billion of its Class A common stock through 2025. This strategic move indicates management's confidence in the company's value and its commitment to returning capital to shareholders.

Key Highlights

  • 1Announcement of Second Quarter 2024 financial results for the period ending June 30, 2024.
  • 2Included press release (Exhibit 99.1), financial supplement (Exhibit 99.3), and investor presentation slides (Exhibit 99.2) with the 8-K filing.
  • 3Disclosures made under Item 2.02 and Item 7.01 are not considered "filed" for purposes of Section 18 of the Exchange Act.
  • 4Board of Directors authorized a new share repurchase program for Class A common stock.
  • 5The share repurchase program has an aggregate authorization of up to $3.5 billion.
  • 6Repurchases are authorized to occur through 2025 and can be executed through various methods, including open market and Rule 10b5-1 plans.
  • 7The company stated that repurchases are discretionary and may be suspended or discontinued at any time.

Frequently Asked Questions

The 8-K filing indicates that First Citizens BancShares announced its Q2 2024 financial results on July 25, 2024. The detailed results are available in the accompanying press release (Exhibit 99.1) and financial supplement (Exhibit 99.3).

The Board of Directors has authorized a significant share repurchase program of up to $3.5 billion for Class A common stock through 2025. This signals management's confidence in the company's valuation and its strategy to enhance shareholder value.

The share repurchase program is authorized to occur through 2025. However, the actual timing and amount of repurchases are at management's discretion and will depend on various factors, including market conditions, regulatory requirements, and alternative investment opportunities. Repurchases may also be suspended or discontinued at any time.

No, according to the filing, information presented under Item 2.02 and Item 7.01, including the attached exhibits, is not deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934. This means it generally does not subject the company to liability under that section.