Investment Overview - AI investment in healthcare exceeded $18 billion in 2025, representing 46% of total healthcare investment [1][7] - Overall healthcare investment totaled $46.8 billion in 2025, marking a 12% decrease from the previous year [1][7] Sector Performance - Investments in healthtech and device sectors grew by 5.3% and 1.5% respectively, while biopharma and diagnostics/tools sectors saw declines of 19% and 33% [7] - Total venture capital deal counts in healthcare decreased by 7% in 2025, indicating a more selective funding environment [7] Fundraising Trends - Healthcare-focused venture capital firms raised $7 billion in new funds in 2025, down from a peak of $41 billion in 2021 [7] - First-time and emerging managers are experiencing longer fundraising cycles, with capital increasingly directed towards companies with clinical validation and revenue traction [2] Deal Dynamics - 2025 saw more healthcare AI deals over $300 million than in any other year, with these large deals accounting for 40% of total healthcare AI spending [7] - Deals of $300 million or more represented 29% of total healthcare AI deals in 2023 and 31% in 2024 [7]

Core Viewpoint - First Citizens BancShares, Inc. will report its financial results for the quarter ended December 31, 2025, on January 23, 2026, before U.S. financial markets open [1] Group 1: Financial Results Announcement - The financial results will be discussed in a conference call and webcast scheduled for 9 a.m. Eastern time on the same day [1] - The conference call and webcast may include forward-looking statements and other material information [1] Group 2: Pre-registration and Access Information - Investors can pre-register for the call via a recommended webcast link [2] - A confirmation email with details will be sent after registration [2] - Telephone access is available for North America and other locations with specific dialing instructions provided [2] Group 3: Company Overview - First Citizens BancShares, Inc. is a top 20 U.S. financial institution with over $200 billion in assets and is a member of the Fortune 500 [3] - The company serves as the financial holding company for First-Citizens Bank & Trust Company, headquartered in Raleigh, N.C. [3] - First Citizens offers a range of banking services, including commercial banking, innovation banking, and a nationwide direct bank [3]

Financing Agreements - Pivot Energy announced three financing agreements totaling $225 million, bringing its total financing in 2025 to $435 million [1][2] - The financing includes a $170 million upsize to an existing construction warehouse facility, a $40 million equipment facility, and a $15 million corporate financing facility [6] Strategic Partnerships - The financing is backed by Energy Capital Partners, highlighting the strength of solar developers in attracting capital despite federal policy challenges [2] - Strong partnerships with ATLAS, First Citizens, and Comerica are emphasized as crucial for Pivot's growth and ability to scale distributed generation projects [3][6] Project Development - The new financing supports a portfolio of approximately 60 community solar projects, equivalent to 225 Megawatts (MW), across multiple states including Illinois, Colorado, and California [6] - Pivot Energy aims to contribute to a reliable electricity grid, lower electricity prices, and meet growing energy demand through its community solar projects [3] Company Overview - Pivot Energy is a renewable energy provider and independent power producer focused on solar and energy storage projects, committed to accelerating the clean energy transition [4] - The company is a U.S.-based Certified B-Corporation, emphasizing its commitment to environmental stewardship and social responsibility [4]

Core Insights - Soltage has successfully closed an $80 million syndicated development revolver facility to support its growth in solar and energy storage projects across the U.S. [1][2] - This financing marks Soltage's first major pre-notice-to-proceed (pre-NTP) financing vehicle, indicating a strengthened market reputation and expanded financial capacity [2][3] Company Overview - Soltage is a leading independent power producer focused on developing, financing, and operating distributed solar and energy storage assets for various customers across the U.S. [5] - The company has developed over 125 clean energy projects, totaling more than 500 MW of distributed generation capacity [4][5] Financing Details - The new multi-year revolver will finance development-stage expenditures, including interconnection deposits and equipment procurement, allowing for efficient capital deployment across Soltage's growth pipeline [2] - First Citizens Bank and EastWest Bank are the primary financial partners in this facility, highlighting their confidence in Soltage's business model [3] Market Impact - The financing will enable Soltage to enhance its development of solar and energy storage projects in key U.S. markets, contributing to the delivery of reliable and cost-effective clean energy solutions [3]

Core Insights - Self-improvement is a priority for many Americans as 2026 approaches, with 42% planning to set New Year's resolutions and expecting to spend an average of $4,700 to achieve their goals [1][3] - Financial resolutions are a major focus, with 55% of those making resolutions committed to budgeting, saving, investing, paying off debt, or building credit [1][5] Spending Patterns - Men plan to spend more than women on resolutions, averaging $5,360 compared to $4,000, with men aged 35-54 being the highest spenders at over $6,000 [3] - The most expensive category of resolutions is personal-life resolutions, with an average budget of $3,047, including $1,251 for travel and $768 for meals and entertainment [4] Gender Differences in Financial Goals - 73% of both men and women prioritize financial goals, but men are more likely to engage in investing (55% vs. 37%), improving credit scores (49% vs. 35%), and contributing to retirement plans (39% vs. 26%) [5][6] - Women are more inclined to reduce spending (65% vs. 55%) and take on additional work (46% vs. 42%) to achieve their financial goals [7] Saving Goals - 81% of Americans are saving with specific goals in mind for 2026, with travel being the most popular goal (40%), followed by purchasing a car (25%) and buying a house (21%) [8] - CIT Bank offers tools for customers to create savings buckets for different goals, enhancing the ability to visualize and connect emotionally with saving [9]

Core Insights - First Citizens BancShares is expanding its presence in Boston following its acquisition of Silicon Valley Bank, joining a trend of banks entering or expanding in the area [1][8] - Boston's affluent market, characterized by strong sectors in healthcare, biomedical research, technology, and venture capital, presents significant opportunities for banks [3][4] - The competitive landscape in Boston is dominated by Bank of America, Citizens Financial Group, and Santander, which collectively hold 47% of local deposits [5][8] Bank Expansion and Mergers - KeyCorp has announced plans to expand its retail banking presence in Boston, indicating the area's high priority for regional banks [2] - Recent mergers in the local banking sector include Berkshire Hills Bancorp's merger with Brookline Bancorp and Eastern Bankshares' acquisition of HarborOne, suggesting a trend towards consolidation [6][7] - The ongoing banking upheaval is creating opportunities for community banks to compete effectively against larger institutions [7] First Citizens' Strategy - First Citizens aims to leverage technology inherited from SVB to enhance its service offerings in Boston, targeting a diverse clientele from mass market to high net worth individuals [10][11] - The bank is implementing a "retain and expand strategy," focusing on maintaining existing clients while actively seeking new ones [11] - First Citizens is also building its wealth management division in Boston, hiring 50 advisors in 2025 to strengthen its service capabilities [13] Focus on Startups and Innovation - The bank plans to capitalize on SVB's legacy in lending to venture capital and private equity firms, aiming to build long-term relationships with startups [14] - First Citizens is developing a Startup Banking team to serve early-stage companies, fostering loyalty that could lead to broader banking relationships [14][15]

Group 1 - First Citizens Bank has appointed Snow Holding as Director and Market Leader of Middle Market Banking for the Northeast, focusing on business expansion in Boston and New York [1] - Holding has a six-year tenure at First Citizens, previously serving in Deposit and Treasury Services and as Manager of Business Banking in Boston [1] - The bank's middle market banking practice has been operational in the Northeast for two years, targeting clients with revenues above $75 million [2] Group 2 - First Citizens Bank aims to enhance its Business, Commercial, and Wealth presence in the Northeast region, with plans for further market expansion [2] - The bank offers a comprehensive suite of products and services designed for middle market clients, emphasizing a high-touch client-centric banking experience [2] - First Citizens BancShares, Inc. is a top 20 U.S. financial institution with over $200 billion in assets, providing a wide range of banking services nationwide [3]

Core Insights - Peregrine Energy Solutions has secured a preferred equity commitment from Bildmore Clean Energy for a battery energy storage project currently under construction, alongside financing from a group of lenders [1][2] - The company has developed a pipeline of 15 GWh of storage across various regions, with two projects under construction in Texas [2] - Peregrine has previously announced multiple rounds of financing in 2023, indicating strong investor support [2] Company Overview - Peregrine Energy Solutions was founded in April 2022 and focuses on utility-scale energy storage [3] - The company is a partnership between Peregrine Energy Management and a global alternative investment manager with approximately $20 billion in assets [3] Financing Details - The recent financing includes a preferred equity commitment and bridge financing from First Citizens Bank and Societe Generale, highlighting the innovative capital structure supporting Peregrine's growth [1][2] - Previous financing rounds in 2025 included $53 million from Bildmore and $115 million from First Citizens Bank and Nomura Securities [6] Partner and Investor Profiles - Bildmore Clean Energy specializes in providing preferred equity commitments for utility-scale battery storage and solar projects [5] - AB CarVal, part of AllianceBernstein, has invested over $6 billion in energy transition investments since 2017 [4] - First Citizens Bank and Societe Generale are key financial partners, with First Citizens having over $200 billion in assets and Societe Generale serving clients in 62 countries [7][8]

Core Insights - First Citizens Bank's Healthcare Finance division provided $38 million in first-mortgage debt to Stockdale Capital Partners for the acquisition of Willow Oaks Corporate Center, a 401,000-square-foot medical outpatient campus in Fairfax, VA [1][2] Company Overview - Stockdale Capital Partners is a private equity real estate firm with over 30 years of experience and $2.8 billion in assets, focusing on healthcare, office, retail, and mixed-use properties in key Western U.S. markets [3] - First Citizens Bank, headquartered in Raleigh, N.C., is a top 20 U.S. financial institution with more than $200 billion in assets, offering a range of banking services including commercial banking and healthcare finance [5] Strategic Goals - Stockdale aims to leverage the tech-forward and amenity-rich environment of Willow Oaks to attract complementary healthcare providers and enhance community access to high-quality care [2] - First Citizens Bank's Healthcare Finance division provides tailored capital solutions to support healthcare owners and operators, emphasizing a client-focused and industry-centric model [4]

Financial Performance - Net income for the three months ended September 30, 2025, was $568 million, a decrease of 11.1% compared to $639 million for the same period in 2024[15]. - Total revenue for the three months ended September 30, 2025, was $2,433 million, a slight decrease from $2,446 million in the same period of 2024, representing a decline of about 0.5%[200]. - Net income for the nine months ended September 30, 2025, was $1,626 million, a decrease from $2,077 million in the same period of 2024, representing a decline of approximately 21.7%[22]. - Basic earnings per common share for the nine months ended September 30, 2025, was $119.70, down from $140.27 in 2024, representing a decline of 14.6%[174]. - The company reported total noninterest expense of $1,491 million for the three months ended September 30, 2025, compared to $1,456 million for the same period in 2024, reflecting an increase of about 2.4%[200]. Income and Expenses - Total interest income decreased to $2,998 million for Q3 2025, down 4.5% from $3,138 million in Q3 2024[15]. - Noninterest income increased to $699 million for Q3 2025, up 7.5% from $650 million in Q3 2024[15]. - Net interest income after provision for credit losses was $1,543 million for Q3 2025, down 8.1% from $1,679 million in Q3 2024[15]. - Total noninterest income for the nine months ended September 30, 2025, was $2,012 million, up from $1,916 million in the same period of 2024, indicating an increase of approximately 5%[201]. - The company’s income before income taxes for the three months ended September 30, 2025, was $751 million, down from $873 million in the same period of 2024, representing a decrease of approximately 13.9%[200]. Assets and Liabilities - Total assets increased to $233,488 million as of September 30, 2025, up from $223,720 million at December 31, 2024, representing a growth of 7.9%[13]. - Total liabilities increased to $211,502 million as of September 30, 2025, up from $201,492 million at December 31, 2024, reflecting a growth of 5.5%[13]. - The company’s total stockholders' equity at September 30, 2025, was $21,986 million, a decrease from $22,828 million at September 30, 2024[20]. - Total deposits grew to $163,190 million as of September 30, 2025, an increase of 5.8% from $155,229 million at December 31, 2024[13]. Credit Losses and Provisions - Provision for credit losses rose to $191 million in Q3 2025, compared to $117 million in Q3 2024, indicating a 63.2% increase[15]. - The provision for credit losses increased to $460 million for the nine months ended September 30, 2025, compared to $276 million in 2024, indicating a rise of 66.5%[22]. - The provision for loan and lease losses for the three months ended September 30, 2025, was $214 million, an increase of 74% compared to $123 million for the same period in 2024[102]. Investment Securities - As of September 30, 2025, total investment securities amounted to $43.911 billion, with an amortized cost of $45.316 billion, reflecting gross unrealized losses of $1.783 billion[41]. - The total investment securities available for sale amounted to $34,963 million as of September 30, 2025, with $13,781 million in U.S. Treasury securities[141]. - The total net unrealized losses on investment securities available for sale as of September 30, 2025, were $541 million, compared to $843 million at December 31, 2024[49]. Loans and Leases - Total loans and leases increased to $144.758 billion as of September 30, 2025, compared to $140.221 billion at December 31, 2024, reflecting a growth of approximately 3.6%[55]. - The total commercial loans increased to $116.428 billion as of September 30, 2025, from $111.993 billion at December 31, 2024, marking a growth of approximately 4.1%[55]. - Nonaccrual loans totaled $1,406 million as of September 30, 2025, compared to $1,184 million at December 31, 2024[61]. - The total for global fund banking loans was $31,615 million, with a pass classification of $29,516 million[70]. Shareholder Actions - Cash dividends declared for common shares were $5.85 per share for the nine months ended September 30, 2025, compared to $4.92 per share in 2024, reflecting an increase of 18.9%[22]. - The company repurchased 1,098,992 shares of Class A common stock for $2,148 million during the nine months ended September 30, 2025[22]. - As of September 30, 2025, the total common stock outstanding decreased to 11,613,444 shares from 12,070,794 shares as of June 30, 2025, reflecting a repurchase of 457,350 shares[168]. Tax and Regulatory - The global effective income tax rate for the three months ended September 30, 2025, was 24.4%, a decrease from 26.8% in 2024, primarily due to increased tax credits and reduced state and local tax rates[175]. - The effective tax rate may vary from the forecasted rate due to changes in factors such as the mix of domestic and international earnings and adjustments to valuation allowances[176]. Risk Management - BancShares is exposed to litigation risk from legal actions arising from normal business activities, with damages claimed in various amounts[211]. - The company is also exposed to litigation risk related to prior business activities of banks from which assets were acquired and liabilities assumed[211].