First Citizens BancShares(US:FCNCA)2023-01-26 14:13Financial Performance Highlights - Net interest income increased by $7 million from Q3 2022, primarily due to a higher yield on earning assets and loan growth[47] - Noninterest income increased by $2 million from Q3 2022, driven by higher rental income on operating leases, factoring commissions, service charges on deposits, and insurance commissions[47] - Adjusted efficiency ratio declined from 643% in 2021 to 564% in 2022, with a fourth-quarter ratio of 541%[12] - Adjusted pre-provision net revenue was up $557 million, a 455% increase over 2021[11] Key Strategic Objectives and Accomplishments - Achieved approximately $200 million in cost savings in 2022 and expect to recognize the remaining approximately $50 million of targeted cost savings in 2023[10] - Loans grew by $56 billion, or 85%, driven by solid performance in both the General and Commercial banks[32] - Repurchased 15 million Class A common shares for $12 billion during the third and fourth quarters[32] Balance Sheet and Capital Management - Common Equity Tier 1 (CET1) capital ratio was 1008% in Q4 2022, a decrease of 142% compared to Q4 2021[138] - Tangible book value per common share was $57189 in Q4 2022, compared to $41074 in Q4 2021[138] - The company strategically surrendered $12 billion in BOLI policies, triggering a taxable gain of $160 million and resulting in a tax expense of $55 million[67, 81]