First Citizens BancShares Reports Second Quarter 2024 Earnings, Announces Share Repurchase Plan

About this update from First Citizens Bancshares, Inc.

[{"type":"text","content":"RALEIGH, N.C., July 25, 2024 /PRNewswire/ -- First Citizens BancShares, Inc. (\"BancShares\") (Nasdaq: FCNCA) reported earnings for the second quarter of 2024 and announced a share repurchase plan.\n\n \n \n \n \n \n \n\n \nChairman and CEO Frank B. Holding, Jr. said: \"We are pleased with our second quarter financial results, which reflected broad-based loan and deposit growth, strong profitability metrics and continued stabilization of credit. These results reflected the solid performance from all of our business segments and we were encouraged by the continued progress in our SVB Commercial segment, which achieved both loan and deposit growth. In addition, we are pleased to announce that our Board of Directors approved a share repurchase plan for the repurchase of up to $3.5 billion of our Class A common shares, with repurchases expected to begin during the third quarter of 2024.\" \nFINANCIAL HIGHLIGHTS \nMeasures referenced as adjusted below and net interest margin, excluding purchase accounting accretion, 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 second quarter of 2024 (\"current quarter\") was $707 million compared to $731 million for the first quarter of 2024 (\"linked quarter\"). Net income available to common stockholders for the current quarter was $691 million, or $47.54 per diluted common share, a $25 million decrease from $716 million, or $49.26 per diluted common share, in the linked quarter.\nAdjusted net income for the current quarter was $755 million compared to $784 million for the linked quarter. Adjusted net income available to common stockholders was $739 million, or $50.87 per diluted common share, a $30 million decrease from $769 million, or $52.92 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 $44 million,Intangible asset amortization of $15 million,Gain on sale of leasing equipment of $4 million,Unfavorable fair value adjustment on marketable equity securities of $2 million, andNet impact of $10 million for the tax effect of notable items.NE...

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