Press release
First Citizens BancShares Reports First Quarter 2024 Earnings
RALEIGH, N.C., April 25, 2024 /PRNewswire/ -- First Citizens BancShares, Inc. ("BancShares") (Nasdaq: FCNCA) reported earnings for the first quarter of 2024.
About this update from First Citizens Bancshares, Inc.
[{"type":"text","content":"RALEIGH, N.C., April 25, 2024 /PRNewswire/ -- First Citizens BancShares, Inc. (\"BancShares\") (Nasdaq: FCNCA) reported earnings for the first quarter of 2024.\n\n \n \n \n \n \n \n\n \nChairman and CEO Frank B. Holding, Jr. said: \"We are pleased with our first quarter performance where we delivered strong financial results. We posted solid loan and deposit growth and credit quality held up well. Our capital and liquidity levels increased, positioning our balance sheet well for further growth. It's been over one year since SVB became part of First Citizens, and we continue to successfully execute on our integration efforts, which are accelerating the momentum of our franchise. We believe we are well-positioned to continue delivering strong financial results while executing on our strategic plan.\"\nFINANCIAL HIGHLIGHTS \nMeasures referenced as adjusted below are non-GAAP financial measures (refer to the Financial Supplement available at ir.firstcitizens.com or www.sec.gov for a reconciliation of each non-GAAP measure to the most directly comparable GAAP measure).\nNet income for the first quarter of 2024 (\"current quarter\") was $731 million compared to $514 million for the fourth quarter of 2023 (\"linked quarter\"). Net income available to common stockholders for the current quarter was $716 million, or $49.26 per diluted common share, a $217 million increase from $499 million, or $34.33 per diluted common share, in the linked quarter.\nAdjusted net income for the current quarter was $784 million compared to $693 million for the linked quarter. Adjusted net income available to common stockholders was $769 million, or $52.92 per diluted common share, a $91 million increase from $678 million, or $46.58 per diluted common share, in the linked quarter.\nCurrent quarter results were primarily impacted by the following notable items to arrive at adjusted net income available to common stockholders:\nAcquisition-related expenses of $58 million, Intangible asset amortization of $17 million, FDIC insurance special assessment of $9 million, and Unfavorable fair value adjustment on marketable equity securities of $4 million.SEGMENT REPORTING INTEGRATION\nAt December 31, 2023, BancShares reported its financial results in General Bank, Commercial Bank, Silicon Valley Bank (\"SVB\"), and Rail segments. All other financial information was ...