Financial Performance - Net interest income for Q2 2025 was $1,695 million, a decrease of 6.9% from $1,821 million in Q2 2024[1] - Net income available to common stockholders for Q2 2025 was $561 million, down 18.9% from $691 million in Q2 2024[2] - Diluted earnings per common share (EPS) for Q2 2025 was $42.36, a decrease of 11% compared to $47.54 in Q2 2024[2] - Net income for the second quarter of 2025 was $607 million, up from $528 million in the previous quarter but down from $755 million in the same quarter last year, indicating a year-over-year decline of 19.6%[8] - Basic earnings per common share for the second quarter of 2025 were $44.78, compared to $37.79 in the previous quarter and $50.87 in the same quarter last year, representing a year-over-year decline of 12.3%[8] - Net income (GAAP) for the three months ended June 30, 2025, was $575 million, an increase from $483 million in the same period last year, representing a 19.1% year-over-year growth[15] - Adjusted net income (non-GAAP) for the six months ended June 30, 2025, was $1,135 million, compared to $1,539 million for the same period in 2024, reflecting a decrease of 26.2%[15] Income and Expenses - Total noninterest income rose to $678 million in Q2 2025, compared to $639 million in Q2 2024, marking an increase of 6.1%[2] - Noninterest income for the second quarter of 2025 was $513 million, an increase from $479 million in the previous quarter and the same as in the same quarter last year[8] - Noninterest income (GAAP) for the three months ended June 30, 2025, was $678 million, up from $635 million in the previous quarter, indicating a 6.8% increase[15] - Adjusted noninterest income (non-GAAP) for the six months ended June 30, 2025, was $992 million, compared to $957 million for the same period in 2024, showing a growth of 3.7%[15] - Income tax expense for the three months ended June 30, 2025, was $183 million, up from $168 million year-over-year, an increase of 8.9%[18] - Adjusted income tax expense (non-GAAP) rose to $207 million from $183 million year-over-year, reflecting a growth of 13.1%[18] Asset Quality and Credit Losses - Provision for credit losses increased to $115 million in Q2 2025 from $95 million in Q2 2024, reflecting a rise of 21.1%[1] - The provision for loan and lease losses was $111 million, down from $148 million in the previous quarter, indicating a decrease of 25%[12] - Nonaccrual loans to total loans and leases increased to 0.93% in Q2 2025 from 0.82% in Q2 2024, indicating a decline in asset quality[1] - Nonaccrual loans increased to $1,319 million, up from $1,206 million in the previous quarter, representing a rise of 9.4%[12] - The ratio of nonaccrual loans to total loans at period end was 0.93%, compared to 0.85% in the previous quarter[12] - Net charge-offs for the quarter were $119 million, a decrease from $144 million in the previous quarter, reflecting a reduction of 17.4%[12] Deposits and Loans - Total deposits reached $159,935 million in Q2 2025, up from $151,079 million in Q2 2024, representing a growth of 5.9%[1] - Total loans and leases amounted to $141,269 million as of June 30, 2025, slightly down from $141,358 million in March 2025 but up from $139,341 million in June 2024, reflecting a year-over-year increase of 1.3%[9] - Total deposits reached $159,935 million, a slight increase from $159,325 million in March 2025 and a significant increase from $151,079 million in June 2024, marking a year-over-year growth of 5.9%[9] Capital and Efficiency - The efficiency ratio improved to 63.22% in Q2 2025 from 64.97% in Q1 2025, indicating better cost management[1] - The total risk-based capital ratio was 14.25% at the end of Q2 2025, down from 15.45% in Q2 2024[1] - Total stockholders' equity remained stable at $22,296 million as of June 30, 2025, compared to $22,295 million in March 2025 and $22,487 million in June 2024[3] - Stockholders' equity increased to $22,488 million, up from $22,457 million in the previous quarter, reflecting a growth of 0.14%[13] - Total equity to total assets (GAAP) ratio for the three months ended June 30, 2025, was 9.71%, slightly down from 9.74% in the previous quarter, suggesting a stable capital structure[17] Interest and Yield - The net interest margin remained stable at 3.26% for the quarter, unchanged from the previous quarter[13] - Average loans and leases for the six months ended June 30, 2025, were $140,099 million, with a yield of 6.48%, down from 7.15% in the same period last year[14] - Total interest-earning assets for the six months ended June 30, 2025, were $207,108 million, with a yield of 5.67%, compared to 6.25% in the same period last year[14] - Annualized net interest income for the six months ended June 30, 2025, was $6,800 million, compared to $7,322 million for the same period last year, a decrease of 7.1%[18] - Interest income on loans (GAAP) was $2,270 million, compared to $2,422 million for the same period last year, a decrease of 6.3%[18]
FIRST CITIZENS(FCNCO) - 2025 Q2 - Quarterly Results