First Citizens BancShares Reports Fourth Quarter 2024 Earnings

Core Insights - First Citizens BancShares, Inc. reported strong financial results for Q4 2024, with net income of $700 million, up from$639 million in Q3 2024, and net income available to common stockholders increased to $685 million from$624 million [3][4] Financial Highlights - Adjusted net income for Q4 2024 was $643 million, a decrease from$675 million in the linked quarter, with adjusted net income available to common stockholders at $628 million, down from$660 million [4] - Net interest income totaled $1.71 billion, a decrease of$87 million from the linked quarter, with net interest margin at 3.32%, down from 3.53% [6][10] - Noninterest income increased to $699 million, up by$49 million compared to the linked quarter, with adjusted noninterest income at $516 million, an increase of$42 million [10] Balance Sheet Summary - Loans and leases reached $140.22 billion, an increase of$1.53 billion (4.4% annualized) from $138.70 billion [9] - Total investment securities rose to$44.09 billion, an increase of $5.43 billion since September 30, 2024 [12] - Deposits totaled$155.23 billion, an increase of $3.66 billion (9.6$155 million, up from $117 million in the linked quarter, with net charge-offs totaling$160 million, representing 0.46% of average loans [11][13] - Nonaccrual loans decreased to $1.18 billion (0.84$1.24 billion (0.90% of loans) [13] Capital and Liquidity - Capital ratios were well above regulatory requirements, with total risk-based capital at 15.04% and Tier 1 risk-based capital at 13.53% [18] - The company repurchased 461,583 shares of Class A common stock for $963 million during the quarter, with a total of 814,641 shares repurchased for$1.66 billion since the inception of the Share Repurchase Program [18]