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 and Partnership - Silicon Valley Bank (SVB) provided $35 million in debt financing to Squire Technologies Inc, a leading management and point of sale (POS) system for barbershops [1] - The financing aims to help Squire drive innovation, expand its platform, streamline operational efficiency, and grow revenue for barber businesses [2] - SVB expanded its initial credit facility to support Squire's growth and scaling efforts [4] Squire Technologies Overview - Squire Technologies was founded in 2015 by Songe LaRon and Dave Salvant [3] - The company provides a comprehensive business management platform for barbershops, including CRM, appointment management, analytics, and POS systems [3] - Squire's platform helps barber businesses attract and retain customers, manage operations, increase revenue, and handle appointments and services in one place [3] - Squire is trusted by barbers in over 3,000 shops and processes over $1 billion in payments across more than a thousand cities globally [6] Industry Impact - Squire's platform is tailored to the specific needs of barbershops, enabling business owners to effectively manage clientele, payment operations, and overall business success [4] - The company supports shop owners in bridging the gap between their personal craft and business goals through tools like streamlined booking, real-time earning dashboards, and customer relationship building [6] Silicon Valley Bank Background - SVB, a division of First Citizens Bank, specializes in providing commercial banking to innovative companies in technology, life science, healthcare, private equity, and venture capital industries [5] - SVB operates in innovation centers across the United States, leveraging deep sector expertise and connections to serve its clients [5] - SVB's parent company, First Citizens BancShares, Inc, is a top 20 U S financial institution with over $200 billion in assets [5]

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 ...

First Citizens BancShares (FCNCA) came out with quarterly earnings of $45.87 per share, missing the Zacks Consensus Estimate of $47.94 per share. This compares to earnings of $55.92 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -4.32%. A quarter ago, it was expected that this bank would post earnings of $44.91 per share when it actually produced earnings of $50.87, delivering a surprise of 13.27%.Over the last four quarters, ...