Financial Performance - Net interest income for Q1 2025 was $1,663 million, a decrease of 9% from $1,817 million in Q1 2024[1] - Net income available to common stockholders decreased to $468 million in Q1 2025, down 35% from $716 million in Q1 2024[2] - Diluted earnings per common share (EPS) for Q1 2025 was $34.47, a decline of 30% compared to $49.26 in Q1 2024[2] - Adjusted net income for Q1 2025 was $528 million, down from $643 million in Q4 2024, representing a decrease of 17.9%[10] - Net income (GAAP) for Q1 2025 was $483 million, down from $700 million in Q4 2024 and $731 million in Q1 2024[14] - Adjusted net income (non-GAAP) for Q1 2025 was $528 million, compared to $643 million in Q4 2024 and $784 million in Q1 2024[14] Credit Losses and Provisions - Provision for credit losses increased to $154 million in Q1 2025 from $64 million in Q1 2024, reflecting a significant rise in credit loss expectations[1] - The provision for credit losses increased to $154 million in Q1 2025, compared to $155 million in Q4 2024, indicating a slight decrease of 0.6%[10] - The total allowance for loan and lease losses (ALLL) at the end of Q1 2025 was $1.680 billion, slightly up from $1.676 billion at the end of Q4 2024[11] Deposits and Loans - Total deposits increased to $159,325 million in Q1 2025, up from $149,609 million in Q1 2024, indicating strong customer retention[3] - Total loans and leases rose to $141,358 million in Q1 2025, compared to $135,370 million in Q1 2024, showing growth in lending activities[3] - Total loans and leases increased to $141.358 billion as of March 31, 2025, up from $140.221 billion at the end of Q4 2024, a growth of 0.8%[11] - Total deposits reached $159.325 billion as of March 31, 2025, an increase from $155.229 billion at the end of Q4 2024, representing a growth of 2.7%[11] Operational Efficiency - The efficiency ratio for Q1 2025 was 64.97%, an increase from 56.30% in Q1 2024, indicating higher operational costs relative to income[1] - Adjusted efficiency ratio improved to 59.62% from 50.29% year-over-year, indicating better operational efficiency[18] Asset and Capital Position - The total risk-based capital ratio improved slightly to 15.23% in Q1 2025 from 15.04% in Q4 2024, indicating a stronger capital position[3] - Total assets increased to $225,449 million in Q1 2025 from $223,706 million in Q4 2024 and $216,081 million in Q1 2024[12] Interest Income and Margins - Net interest income after provision for credit losses was $1.509 billion for Q1 2025, compared to $1.554 billion in Q4 2024, a decrease of 2.9%[10] - Net interest income decreased to $1,663 million from $1,817 million year-over-year, a decline of 8.5%[18] - Total interest-earning assets amounted to $206,028 million in Q1 2025, with a yield of 5.68%, down from 5.83% in Q4 2024[12] - NIM (GAAP) decreased to 3.26% from 3.67% year-over-year, showing a decline in net interest margin[18] Tax and Income Expenses - Effective tax rate (GAAP) increased to 25.82% from 27.20% year-over-year, reflecting changes in tax obligations[18] - Adjusted effective tax rate (non-GAAP) was 25.71%, compared to 27.18% year-over-year, indicating a slight improvement[18] - Income tax expense increased significantly to $168 million from $36 million year-over-year, highlighting a notable change in tax liabilities[18] Shareholder Metrics - Common shares outstanding at period end decreased to 13,414,938 from 14,529,735 year-over-year[18] - Book value per share increased to $1,596.30 from $1,443.03 year-over-year, reflecting a growth of 10.6%[18]
FIRST CITIZENS(FCNCO) - 2025 Q1 - Quarterly Results