Financial Performance - Net interest income after provision for credit losses for the three months ended September 30, 2024, was $1,679 million, compared to $1,798 million for the same period in 2023, a decrease of 6.6%[14] - Net income for the three months ended September 30, 2024, was $639 million, down from $752 million in 2023, a decline of 15.0%[14] - Net income for the nine months ended September 30, 2024, was $2,077 million, a decrease from $10,952 million in the same period of 2023[23] - Total comprehensive income for the three months ended September 30, 2024, was $1,090 million, compared to $644 million in 2023, an increase of 69.5%[16] - Earnings per common share for the nine months ended September 30, 2024, was $140.27, compared to $750.79 in the same period of 2023, reflecting a significant decrease[14] Assets and Liabilities - Total assets increased to $220,567 million as of September 30, 2024, up from $213,758 million at December 31, 2023, representing a growth of 3.8%[12] - Total liabilities increased to $197,739 million as of September 30, 2024, from $192,503 million at December 31, 2023, an increase of 2.9%[12] - The allowance for loan and lease losses decreased to $1,678 million as of September 30, 2024, from $1,747 million at December 31, 2023, a reduction of 4.0%[12] - The balance of retained earnings as of September 30, 2024, was $18,703 million, compared to $16,267 million as of September 30, 2023, reflecting an increase of 15%[20] Deposits - Total deposits rose to $151,574 million as of September 30, 2024, compared to $145,854 million at December 31, 2023, marking an increase of 3.7%[12] - Total time deposits amounted to $14,129 million as of September 30, 2024, with $13,400 million maturing in 2025[173] Credit Losses and Provisions - The company reported a provision for credit losses of $276 million for the nine months ended September 30, 2024, down from $1,126 million in the same period of 2023[23] - The total provision for credit losses for the nine months ended September 30, 2024, was $311 million, compared to $914 million for the same period in 2023, indicating a significant reduction in credit loss provisions[146] Loan Performance - As of September 30, 2024, BancShares' total loans and leases amounted to $138.7 billion, an increase from $133.3 billion as of December 31, 2023, representing a growth of approximately 4.5%[93] - Total loans and leases as of September 30, 2024, amounted to $736 million, an increase from $640 million at the end of September 30, 2023, representing a growth of approximately 15%[135] - The total commercial loans past due (30-59 days) as of September 30, 2024, were $2 million, while total consumer loans past due were $1 million, indicating a stable performance in loan repayments[135] Investment Securities - The fair value of investment securities available for sale increased from $19,936 million as of December 31, 2023, to $28,190 million as of September 30, 2024, reflecting a growth of 41.1%[188] - The total investment securities held to maturity as of September 30, 2024, amounted to $9.168 billion, with a gross unrealized loss of $1.260 billion[79] Acquisitions - FCB acquired assets with a total fair value of approximately $107.54 billion from Silicon Valley Bridge Bank, including $68.47 billion in loans and $35.31 billion in cash and interest-earning deposits[52] - The total purchase price consideration for the acquisition was $36.308 billion, which includes a Purchase Money Note of $35.808 billion and a Value Appreciation Instrument of $500 million[58] Modifications and Charge-offs - The total commercial loan modifications for borrowers experiencing financial difficulties amounted to $164 million, representing 0.23% of total commercial loans[124] - The total commercial charge-offs for the nine months ended September 30, 2024, were $287 million, a decrease from $207 million in the same period of 2023, indicating a reduction of 30.7%[118][121] Derivatives and Hedging - Derivatives designated as hedging instruments had a notional amount of $3,584 million as of September 30, 2024, with no asset fair value reported[179] - The fair value of derivative liabilities was $507 million as of September 30, 2024, down from $636 million as of December 31, 2023, a decline of 20.2%[188] Other Financial Metrics - Cash dividends declared for common shares were $4.92 per share, with total dividends paid amounting to $116 million[23] - The company reported a net loss of $2 million on extinguishment of debt for the nine months ended September 30, 2024[174]
FIRST CITIZENS(FCNCO) - 2024 Q3 - Quarterly Report