NEW YORK, May 15, 2024 /PRNewswire/ -- First Citizens Bank today announced that its Commercial Real Estate business provided $24.5 million in construction financing for 121 Commerce Center, a large new industrial property in Grapevine, Texas. The facility will cover more than 272,000 square feet and feature 36-foot ceilings, 54 truck doors and more than 350 parking spaces. The 16-acre site is strategically located near Highway 121, Interstate 635 and Dallas-Fort Worth airport. Construction has begun on the ...

NEW YORK, May 14, 2024 /PRNewswire/ -- First Citizens Bank today announced that its Energy Finance business served as sole bookrunner and co-lead arranger on financings totaling more than $150 million for two Apex Clean Energy ("Apex") battery energy storage projects in Texas. First Citizens Energy Finance leverages its deep industry knowledge and expertise to offer comprehensive financing solutions for renewable and conventional power generation. The unit manages a large, diverse portfolio that includes in ...

As a sign of stabilization in US venture capital, findings show long-term tailwinds behind climate tech SAN FRANCISCO , May 14, 2024 /PRNewswire/ -- With 88% of global carbon emissions now covered by a net-zero goal, climate tech has outperformed and investors remain committed to the sector, according to a new report from Silicon Valley Bank (SVB), a division of First Citizens Bank. While overall venture capital (VC) fundraising and deal activity in 2023 saw a 24% decline from 2021, climate tech is only 14% ...

RALEIGH, N.C., May 9, 2024 /PRNewswire/ -- First Citizens Bank today announced a $25,000 donation to support community relief efforts in areas devastated by the tornadoes that recently ripped through the Midwest. The donation will assist the Omaha Community Foundation in partnering with nonprofits to help impacted individuals, families and businesses across Nebraska with their immediate and long-term needs. First Citizens Bank associates present the company's $25,000 donation to the Omaha Community Found ...

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 March 31, 2024 or ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Commission File Number: 001-16715 First Citizens BancShares, Inc. (Exact name of Registrant as ...

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Financial Data and Key Metrics Changes - The company reported earnings per share of $52.92, adjusting for notable items, reflecting a strong performance [2] - Return on equity (ROE) and return on assets (ROA) adjusted for notable items were 15.01% and 1.46% respectively, benefiting from a 13% increase in net income driven by lower net charge-offs and higher non-interest income [6] - Net interest income declined by 5% from the previous quarter but was above expectations, primarily due to lower accretion income and higher deposit costs [6][7] Business Line Data and Key Metrics Changes - Loans grew by more than $2 billion over the last quarter, with an annualized growth rate of 6.2%, driven by strong production in industry verticals such as TMT, healthcare, and energy [8][19] - The SVB commercial segment saw growth in global fund banking, although technology and healthcare banking experienced expected declines due to paydowns outpacing new funding [9] - Deposits increased at an annualized rate of 10.4%, amounting to approximately $3.8 billion in the first quarter, attributed to strong core deposit growth [20] Market Data and Key Metrics Changes - VC fundraising hit its lowest level since 2017, continuing into the first quarter of 2023, although there remains significant dry powder available for investment [3] - The company anticipates that the venture capital environment will remain challenging, particularly in the first half of 2024, impacting SVB deposits [23] Company Strategy and Development Direction - The company is focused on stabilizing the SVB franchise, growing core deposits and loans, and strengthening its balance sheet while enhancing regulatory readiness [4][5] - There is a commitment to investing in the wealth business, which is seen as a key income driver, with a focus on aligning SVB Private and First Citizens Wealth under one leadership team [15] - The company plans to manage capital methodically, aiming to reduce the CET1 ratio to 10.5% by the end of 2025 while continuing to support organic growth and share repurchases [21][128] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the potential for IPO activity to improve, which could lead to increased venture capital investment in 2024 [120][131] - The company expects to see gradual improvement in client funds and cash burn in the second half of the year, with a focus on capturing private market fundraising [42][131] - Management remains cautious about the macroeconomic environment but is encouraged by the stabilization of the SVB franchise and the potential for growth in various banking segments [5][102] Other Important Information - The company has made significant progress in regulatory readiness and compliance, including submitting a capital plan to the Federal Reserve [13][101] - The adjusted efficiency ratio is expected to be in the low 50% range in 2024, slightly up from 49% for the full year of 2023 [46] Q&A Session Summary Question: What is the company's approach to cash levels and security purchases? - The company is currently holding a higher cash level than optimal, around 15%, and plans to normalize it to 10% to 15% over time, with expectations to deploy an additional $3 billion to $4 billion into the investment portfolio by year-end [30][31] Question: How does the company view its reserve levels in light of credit improvements? - The company feels prudently reserved, covering first quarter net charge-offs 2.8 times, and is confident in its overall reserve coverage despite some stress in specific portfolios [34][105] Question: What factors contributed to the change in net interest income guidance? - The upward revision in net interest income guidance was primarily due to the shift in rate cut expectations, moving from three cuts to a range of zero to three cuts [22][35] Question: How does the company plan to manage its capital moving forward? - The company intends to manage its capital down to a CET1 ratio of 10.5% over the next two years, with a focus on methodical share repurchases and maintaining strong capital levels [39][128] Question: What is the outlook for loan yields and their drivers? - Loan yields declined due to lower accretion income, with expectations for stability if no rate cuts occur, but potential declines if three rate cuts are implemented [75][76] Question: How does the company view the stability of the SVB brand and its future strategy? - Management believes the SVB brand has stabilized and plans to continue competing effectively while being cautious until there is more confidence in the market [82][84]

For the quarter ended March 2024, First Citizens BancShares (FCNCA) reported revenue of $2.44 billion, up 90.2% over the same period last year. EPS came in at $52.92, compared to $20.09 in the year-ago quarter.The reported revenue represents a surprise of +6.08% over the Zacks Consensus Estimate of $2.3 billion. With the consensus EPS estimate being $44.27, the EPS surprise was +19.54%.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to ...

Showing its ability to navigate challenging economic conditions and make progress in integrating its purchase of Silicon Valley Bank, Raleigh-based First Citizens BancShares posted a solid first quarter on Thursday (April 25) marked by an optimistic take on consumer spending.The company reported a substantial net income jump of $731 million for Q1, up from $514 million in Q4 2023. This growth in net income reflects a robust increase in adjusted net income as well, with figures reaching $784 million compared ...