SAN FRANCISCO, Jan. 8, 2025 /PRNewswire/ -- Linea Energy ("Linea"), a renewables-focused developer and independent power producer that is sponsored by EnCap Investments L.P. ("EnCap"), is pleased to announce closing of project debt financing for its Pineview Solar project ("Pineview") this past December. Pineview is a 109MWdc utility-scale solar energy facility located in Wilcox County, Georgia. The Pineview debt financing comprises a construction-to-term loan, a tax equity bridge loan, and a letter of cred ...

New report finds $5.6 billion invested in biopharma AI in 2024SAN FRANCISCO, Jan. 8, 2025 /PRNewswire/ -- Venture Capital (VC) investment in healthcare grew to $23 billion in 2024, from $20 billion in 2023, as artificial intelligence (AI) clearly established product fit in the healthcare sector, according to the latest market insights report from Silicon Valley Bank (SVB), a division of First Citizens Bank. AI continues to take center stage, especially across biopharma, with 30% of healthcare investment in ...

WALTHAM, Mass., Dec. 23, 2024 (GLOBE NEWSWIRE) -- TScan Therapeutics, Inc. (NASDAQ:TCRX), a clinical-stage biotechnology company focused on the development of T cell receptor (TCR)-engineered T cell (TCR-T) therapies for the treatment of patients with cancer, today announced that it has entered into a term loan facility with Silicon Valley Bank (SVB), a division of First Citizens Bank, for up to $52.5 million. The first tranche of $32.5 million, advanced at loan closing, will be used to retire the existing ...

Financing provided by SVB's Enterprise Software Group NEW YORK, Nov. 19, 2024 /PRNewswire/ -- Silicon Valley Bank (SVB), a division of First Citizens Bank, today announced it has provided $35 million in debt financing to Squire Technologies Inc., a leading full-scale management and point of sale (POS) system that helps barbershop owners scale their businesses and increase clientele while also reducing the amount of time spent in back-office operations.Backed by new financing from SVB's Enterprise Software G ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ____________________________________________________ FORM 10-Q ____________________________________________________ ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended September 30, 2024 or ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Commission File Number: 001-16715 Indicate by check mark whether the registrant (1) has fi ...

As we enter one of the most tumultuous weeks of 2024, the familiar drumbeat of election-year predictions has reached a fever pitch.From Florida, where hurricanes have already made this a stormy year, the view of the national landscape reveals a stark contrast between perception and reality.While internet pundits promise everything from democratic salvation to impending doom, the actual economic indicators tell a more nuanced story.Here's the truth – and two stocks set to profit from it.Despite dire predicti ...

Financing provided by SVB's Enterprise Software Group SAN FRANCISCO, Oct. 31, 2024 /PRNewswire/ -- Silicon Valley Bank (SVB), a division of First Citizens Bank, today announced it has provided a $50 million growth capital facility to Bugcrowd, a leading provider of crowdsourced cybersecurity solutions. Bugcrowd brings the collective ingenuity of organizations and hackers to mitigate vulnerabilities across all applications, systems, and infrastructure.Provided by SVB's Enterprise Software Group, the new fina ...

RALEIGH, N.C., Oct. 28, 2024 /PRNewswire/ -- First Citizens Wealth, the wealth management division of First Citizens Bank, today published new results from its "Beyond Wealth" study that offer fresh insights about affluent business owners. Key findings include: A bare majority (52%) of affluent business owners say they know exactly how much their business is worth. And a large share of those (44%) aren't confident in that assessment. Less than half of affluent business owners (47%) say they have a plan for ...

Financial Data and Key Metrics - Adjusted earnings per share for Q3 2024 were $45 87, reflecting strong financial performance [3] - Net interest margin (NIM) was 3 53%, with ex-accretion NIM at 3 33% [7] - ROE and ROA adjusted for notable items were 11 94% and 1 22% respectively [7] - Net charge-off ratio increased slightly to 42 basis points, primarily concentrated in the general office and investor-dependent portfolios [11] - CET1 capital ratio decreased by 9 basis points to 13 24% [15] Business Line Performance - Loans declined by $646 million sequentially, driven by a $2 1 billion reduction in SVB Commercial loans, partially offset by growth in General and Commercial Bank segments [13] - SVB Commercial deposits grew modestly by $54 million, demonstrating stability in the innovation economy [14] - General Bank deposits grew by 0 3% or $495 million, driven by branch network growth [14] - Rail segment profitability remained strong, with increased railcar additions and solid re-pricing trends [8] Market Performance - SVB Commercial loan pipeline remained strong at approximately $8 billion, despite a decline in period-end balances [13] - General Bank and Commercial Bank segments saw mid and upper single-digit annualized percentage growth in loans, respectively [4] - Direct bank deposits decreased by $165 million as the company allowed expiring time deposits to run off [14] Strategic Direction and Industry Competition - The company continues to focus on risk management and regulatory readiness, with significant investments in risk organization and technology capabilities [9] - SVB's competitive advantage in the innovation economy is maintained through unique products, an adaptive approach, and deep institutional knowledge [14] - The company expects to manage CET1 capital ratio towards the 10 5% to 11% range by the end of 2025, supported by share repurchases [15] Management Commentary on Operating Environment and Outlook - Management anticipates flat to low single-digit annualized percentage loan growth in Q4 2024, driven by General Bank and SVB Commercial segments [16] - Deposit growth is expected to be in the low to mid-single digits for the full year, with potential for a modest decline in Q4 due to SVB Commercial cash burn [17] - Net interest income is expected to decline in Q4, with full-year guidance revised to $7 1 billion to $7 2 billion, reflecting the impact of rate cuts [19] - Credit losses are expected to remain elevated in the near term, particularly in the general office and investor-dependent portfolios [21] Other Key Information - The company repurchased 3 61% of Class A common shares and 3 36% of total common shares outstanding, totaling $969 4 million [6] - Adjusted noninterest income is expected to be in the range of $1 89 billion to $1 91 billion for the full year, driven by rail segment performance and wealth management income [22] - Adjusted noninterest expense is expected to remain flat in Q4, with full-year guidance of $4 76 billion to $4 79 billion [23] Q&A Session Summary Question: SVB Loan and Deposit Growth Outlook - Management expects loan and deposit growth at SVB to recover as market conditions improve, with lower rates potentially acting as a catalyst [25][26] - Average loan balances at SVB were higher in Q3, indicating positive trends despite period-end declines [26] Question: Net Interest Income and Accretion - Accretion income is expected to decline further, with Q4 accretion projected at $90 million, down from $101 million in Q3 [28] - Net interest income and NIM are expected to bottom in the second half of 2025, depending on the timing and magnitude of rate cuts [42] Question: SVB Client Acquisition and Deposit Trends - SVB continues to add new clients and sees returning clients, despite headwinds in the target markets [32] - Deposit growth at SVB was flat in Q3 due to muted venture investment activity and cash burn, but the company remains well-positioned for future growth [39][47] Question: Share Repurchase and Capital Management - The company plans to utilize the full $3 5 billion share repurchase authorization and may consider additional repurchases in 2025, depending on balance sheet growth and earnings [34][50] Question: Asset Sensitivity and Liquidity - The company has taken steps to manage asset sensitivity, including moderating actions to mitigate sensitivity and setting aside liquidity for debt repayment [43] - Excess liquidity of $7 billion to $10 billion could be redeployed in the future, depending on deposit mix and regulatory developments [51]

For the quarter ended September 2024, First Citizens BancShares (FCNCA) reported revenue of $2.45 billion, down 6.1% over the same period last year. EPS came in at $45.87, compared to $55.92 in the year-ago quarter.The reported revenue represents a surprise of +3.79% over the Zacks Consensus Estimate of $2.36 billion. With the consensus EPS estimate being $47.94, the EPS surprise was -4.32%.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectati ...