FIRST CITIZENS BANCSHARES INC /DE/ SEC 10-Q Report

First Citizens BancShares Inc., a prominent financial institution operating predominantly in the Southeast, Mid-Atlantic, Midwest, and Western United States, has released its Form 10-Q report for the second quarter of 2025. The report provides a comprehensive overview of the company's financial performance and key business activities during the period.

Financial Highlights

For the three months ended June 30, 2025, First Citizens BancShares Inc. reported the following key financial metrics:

• Total Interest Income: $2,945 million, reflecting a decrease from $3,130 million in the same period of 2024, primarily due to lower interest and fees on loans.
• Net Interest Income: $1,695 million, down from $1,821 million in the same period of 2024, indicating a reduction in interest income relative to interest expense.
• Net Income: $575 million, compared to $707 million in the same period of 2024, highlighting a decrease in profitability.
• Net Income Available to Common Stockholders: $561 million, down from $691 million in the same period of 2024, reflecting the impact of preferred stock dividends.
• Basic Earnings Per Common Share: $42.36, compared to $47.54 in the same period of 2024, indicating a decrease in earnings per share.
• Diluted Earnings Per Common Share: $42.36, consistent with the basic earnings per share, compared to $47.54 in the same period of 2024.
• Total Noninterest Income: $678 million, up from $639 million in the same period of 2024, driven by increases in rental income on operating lease equipment and lending-related fees.
• Total Noninterest Expense: $1,500 million, up from $1,386 million in the same period of 2024, reflecting higher personnel costs and marketing expenses.
• Income Before Income Taxes: $758 million, compared to $979 million in the same period of 2024, showing a decline in pre-tax income.
• Income Tax Expense: $183 million, down from $272 million in the same period of 2024, corresponding to the decrease in pre-tax income.

Business Highlights

First Citizens BancShares Inc. also reported several key business activities and operational changes during the second quarter of 2025:

• Segment Reporting Updates: During the first quarter of 2025, the company updated its segment reporting by transferring certain components from the Silicon Valley Bank (SVB) Commercial and General Bank segments to the Commercial Bank segment. This included modifying the segment expense allocation methodology.
• Loan Class Changes: In the second quarter of 2025, the loan classes previously reported in the SVB portfolio were recast to the Commercial portfolio. This included combining investor dependent–early stage and growth stage into a single class and merging cash flow dependent and innovation C&I with the commercial and industrial loan class.
• Geographical Operations: The company operates a network of branches and offices predominantly located in the Southeast, Mid-Atlantic, Midwest, and Western United States, providing various commercial and consumer banking services.
• Business Combinations: On April 7, 2025, the company terminated the Shared-Loss Agreement with the FDIC related to the acquisition of Silicon Valley Bridge Bank, N.A., which had no impact on the consolidated balance sheets or statements of income.
• Lease Operations: The company leases equipment to commercial end-users under operating and finance lease arrangements, with a significant portion of operating lease equipment being long-lived rail equipment.
• Future Outlook: The company anticipates continued integration of the SVB acquisition and expects the changes in segment reporting and loan class adjustments to enhance operational efficiency and financial reporting clarity.

SEC Filing: FIRST CITIZENS BANCSHARES INC /DE/ [ FCNCA ] - 10-Q - Aug. 08, 2025