First Citizens BancShares(FCNCA) - 2024 Q4 - Annual Results

Financial Performance - Net interest income for Q4 2024 was $1,709 million, a decrease of 10.6% from $1,911 million in Q4 2023[1] - Net income available to common stockholders for the year ended December 31, 2024, was $2,716 million, compared to $11,407 million in 2023, representing a decline of 76.2%[1] - Total noninterest income for the year ended December 31, 2024, was $2,615 million, down from $12,075 million in 2023, a decrease of 78.3%[2] - Diluted earnings per common share (EPS) for Q4 2024 was $49.21, up from $34.33 in Q4 2023, an increase of 43.4%[2] - Net income (GAAP) for Q4 2024 was $700 million, an increase of 9.6% from $639 million in Q3 2024 and a 36.2% increase from $514 million in Q4 2023[20] - Adjusted net income (non-GAAP) for Q4 2024 was $643 million, down 4.7% from $675 million in Q3 2024 but up 7.2% from $693 million in Q4 2023[20] Credit Quality - Provision for credit losses increased to $155 million in Q4 2024 from $249 million in Q4 2023, reflecting a decrease of 37.8%[1] - The provision for credit losses decreased to $431 million for the year ended December 31, 2024, down from $659 million in 2023, indicating improved credit quality[11] - Nonaccrual loans to total loans and leases improved to 0.84% in Q4 2024 from 0.73% in Q4 2023, indicating better asset quality[1] - Provision for loan and lease losses for the three months ended December 31, 2024, was $158 million, compared to $123 million for the three months ended September 30, 2024, and $251 million for the three months ended December 31, 2023[15] Asset and Liability Management - Total loans and leases increased to $140,221 million in Q4 2024 from $133,302 million in Q4 2023, a growth of 5.4%[1] - The loan to deposit ratio was 90.33% in Q4 2024, slightly down from 91.39% in Q4 2023, reflecting stable funding[1] - Total deposits increased to $155,229 million as of December 31, 2024, up 6.4% from $145,854 million a year earlier[13] - Total assets increased to $223,720 million as of December 31, 2024, up from $213,758 million a year earlier, representing a growth of 4.6%[3] Efficiency and Cost Management - The efficiency ratio improved to 63.01% in Q4 2024 from 60.80% in Q4 2023, indicating better cost management[1] - The adjusted efficiency ratio (non-GAAP) improved to 56.98% in Q4 2024 from 48.00% in Q4 2023, showing enhanced operational performance[22] - The efficiency ratio (GAAP) for Q4 2024 was 63.01%, compared to 60.80% in Q4 2023, indicating a decline in operational efficiency[22] Tax Efficiency - The effective tax rate (GAAP) for Q4 2024 was 4.88%, significantly lower than 27.93% in Q4 2023, indicating a substantial reduction in tax liability[22] - The company reported an adjusted effective tax rate (non-GAAP) of 19.89% for Q4 2024, compared to 29.47% in Q4 2023, indicating improved tax efficiency[22] Stockholder Equity - The total stockholders' equity decreased slightly to $22,228 million from $22,828 million in the previous quarter, indicating a decline of 2.6%[3] - Stockholders' equity as of December 31, 2024, was $22,598 million, compared to $22,851 million as of September 30, 2024, and $20,740 million as of December 31, 2023[16] - Book value per share increased to $1,556.16 in Q4 2024 from $1,403.12 in Q4 2023, representing an increase of 10.9% year-over-year[22]