FIRST CITIZENS(FCNCP) - 2025 Q4 - Annual Results

Financial Performance - Net income available to common stockholders for Q4 2025 was $566 million, compared to $554 million in Q3 2025 and $685 million in Q4 2024, reflecting a year-over-year decline[2] - Net income for the fourth quarter of 2025 was $648 million, an increase of 10.4% from $587 million in the previous quarter[9] - Net income (GAAP) for Q4 2025 was $580 million, a slight increase from $568 million in Q3 2025 but a decrease from $700 million in Q4 2024[18] - Adjusted net income (non-GAAP) for Q4 2025 was $648 million, compared to $587 million in Q3 2025 and $643 million in Q4 2024[18] - Annualized adjusted net income available to common stockholders for Q4 2025 was $2,515 million, an increase from $2,275 million in Q3 2025[19] Income and Expenses - Net interest income for Q4 2025 was $1,722 million, a slight decrease from $1,734 million in Q3 2025 and $1,709 million in Q4 2024[1] - Total noninterest income increased to $715 million in Q4 2025, up from $699 million in both Q3 2025 and Q4 2024[2] - Total noninterest expense rose to $1,572 million in Q4 2025, compared to $1,491 million in Q3 2025 and $1,517 million in Q4 2024[2] - The efficiency ratio for Q4 2025 was 64.53%, up from 61.27% in Q3 2025 and 63.01% in Q4 2024, indicating increased operational costs relative to income[1] - Noninterest expense (GAAP) for Q4 2025 increased to $1,572 million from $1,491 million in Q3 2025 and $1,517 million in Q4 2024[18] Loans and Deposits - The total loans and leases increased to $147,930 million at the end of Q4 2025, up from $144,758 million in Q3 2025 and $140,221 million in Q4 2024[1] - The total deposits decreased to $161,578 million in Q4 2025 from $163,190 million in Q3 2025, but increased from $155,229 million in Q4 2024[1] - Total loans and leases increased to $147,930 million as of December 31, 2025, up 2.0% from $144,758 million on September 30, 2025[9] - Total deposits as of December 31, 2025, were $161,578 million, a slight decrease from $163,190 million on September 30, 2025[3] - Total deposits at the end of December 31, 2025, were $161,578 million, a decrease of 1% from $163,190 million at September 30, 2025, and an increase of 4% from $155,229 million at December 31, 2024[14] Asset Management - Total assets as of December 31, 2025, were $229,698 million, a decrease of 1.7% from $233,488 million on September 30, 2025[3] - Total assets (GAAP) at the end of Q4 2025 were $229,698 million, down from $233,488 million at the end of Q3 2025[19] - Total assets as of December 31, 2025, were $233,432 million, an increase from $230,529 million at September 30, 2025, and $223,706 million at December 31, 2024[15] Credit Quality - Provision for credit losses decreased significantly to $54 million in Q4 2025 from $191 million in Q3 2025 and $155 million in Q4 2024[1] - The allowance for loan and lease losses decreased to $1,566 million, down from $1,652 million in the previous quarter[9] - Nonaccrual loans at period end decreased to $1,307 million, resulting in a nonaccrual loan ratio of 0.88%, down from 0.97% in the previous quarter and up from 0.84% a year ago[14] - Net charge-offs for the three months ended December 31, 2025, were $143 million, with a net charge-off ratio of 0.39%, compared to 0.65% in the previous quarter and 0.46% a year ago[14] - The provision for loan and lease losses for the three months ended December 31, 2025, was $59 million, significantly lower than $214 million in the previous quarter[14] Earnings Per Share - The diluted earnings per common share (EPS) for Q4 2025 was $45.81, compared to $43.08 in Q3 2025 and $49.21 in Q4 2024[2] - Basic earnings per common share for the fourth quarter of 2025 were $51.27, up from $44.62 in the previous quarter[9] Margins and Ratios - The return on average common equity (ROE) for Q4 2025 was 10.66%, an increase from 10.26% in Q3 2025 but a decrease from 12.56% in Q4 2024[1] - ROA for Q4 2025 was 0.99%, slightly up from 0.98% in Q3 2025 but down from 1.25% in Q4 2024[19] - Adjusted ROA (non-GAAP) for Q4 2025 was 1.10%, compared to 1.01% in Q3 2025 and 1.14% in Q4 2024[19] - The net interest margin for the twelve months ended December 31, 2025, was 3.25%, compared to 3.54% for the previous year[16] - Net interest margin (NIM) (GAAP) decreased to 3.20% from 3.26% in the prior quarter, showing a decline of 0.06 percentage points[21]