Financial Performance - Net income available to common stockholders for the year ended December 31, 2024, was $2,716 million, compared to $11,407 million in 2023, indicating a significant decline[1]. - Net income (GAAP) for Q4 2024 was $700 million, up from $639 million in Q3 2024 and $514 million in Q4 2023, representing a year-over-year increase of 36.1%[18]. - Adjusted net income (non-GAAP) for Q4 2024 was $643 million, compared to $675 million in Q3 2024 and $693 million in Q4 2023, indicating a decline of 7.2% year-over-year[18]. - Net income available to common stockholders for the year was $2,796 million, compared to $2,548 million in 2023, reflecting a growth of 9.7%[10]. Revenue and Income - Net interest income for Q4 2024 was $1,709 million, a decrease of 10.6% from $1,911 million in Q4 2023[1]. - Total noninterest income for Q4 2024 was $699 million, up 28.8% from $543 million in Q4 2023[2]. - Noninterest income for the fourth quarter of 2024 was $516 million, a 13.4% increase from $455 million in the same quarter of 2023[10]. - Net interest income for the year ended December 31, 2024, was $7,143 million, an increase of 6.4% compared to $6,712 million in 2023[10]. Asset and Liability Management - 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]. - Total loans and leases increased to $140,221 million as of December 31, 2024, compared to $133,302 million a year earlier[1]. - Total deposits reached $155,229 million as of December 31, 2024, an increase from $145,854 million in 2023[1]. - Total interest-earning assets increased to $204,779 million with a yield of 5.83%, compared to $202,199 million and a yield of 6.18% in the previous quarter[15]. 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]. - Adjusted efficiency ratio improved to 56.98% in Q4 2024 from 48.00% in Q4 2023, indicating enhanced operational efficiency[20]. - Noninterest expense (GAAP) for Q4 2024 was $1,517 million, compared to $1,456 million in Q3 2024 and $1,492 million in Q4 2023, showing a year-over-year increase of 1.7%[18]. Credit Quality - Provision for credit losses increased to $155 million in Q4 2024 from $249 million in Q4 2023, reflecting improved asset quality[1]. - The provision for credit losses for the year was $431 million, down 34.6% from $659 million in 2023[10]. - Nonaccrual loans at period end decreased to $1,184 million from $1,244 million in the previous quarter, with a ratio of nonaccrual loans to total loans at 0.84%[14]. - Net charge-offs for the quarter were $160 million, resulting in a net charge-off ratio of 0.46%, compared to 0.42% in the previous quarter[14]. Capital and Equity - The total risk-based capital ratio at period end was 15.04%, down from 15.75% a year earlier, indicating a slight decrease in capital adequacy[1]. - The total stockholders' equity decreased to $22,228 million from $22,828 million in the previous quarter, a decline of 2.6%[3]. - Stockholders' equity at the end of the period was $22,598 million, compared to $22,851 million in the previous quarter[15]. Shareholder Metrics - The diluted earnings per common share (EPS) for Q4 2024 was $49.21, compared to $34.33 in Q4 2023, reflecting a strong performance[1]. - Basic earnings per common share for the year ended December 31, 2024, was $194.97, up from $175.37 in 2023, an increase of 11.3%[10]. - Common shares outstanding decreased to 13,717,621 in Q4 2024 from 14,520,118 in Q4 2023, reflecting a reduction of 5.5%[20]. - Book value per share increased to $1,556.16 in Q4 2024 from $1,403.12 in Q4 2023, reflecting a growth of 10.9% year-over-year[20].
FIRST CITIZENS(FCNCO) - 2024 Q4 - Annual Results