FIRST CITIZENS BANCSHARES INC /DE/

Listed Company

FCNCNCIK 0000798941NasdaqLarge AcceleratedState Commercial BanksDelawareFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$2.21B

Total Assets

$229.70B

Equity

$22.24B

Shares Out

—

Op. Cash Flow

$2.92B

Business

FIRST CITIZENS BANCSHARES INC /DE/ operates as a bank holding company providing a broad range of financial services to individuals, businesses and institutional clients. It offers deposit products, consumer and commercial loans, mortgage banking, wealth management, brokerage and investment advisory services, factoring, leasing, and equipment financing, as well as underwriting and private placement services through broker‑dealer subsidiaries. Reportable business segments include General Bank, Commercial Bank, SVB Commercial, Rail and Corporate, each focused on distinct client types and product sets. BancShares distributes services through an extensive domestic branch network and a nationwide digital banking platform, alongside specialized subsidiaries and advisory channels.

Summary from filing dated 2025-02-21

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Loans and leases	9,096	9,528	8,187	2,953	1,295
Investment securities	1,690	1,347	648	354	145
Deposits at banks	992	1,478	1,556	106	11
Total interest income	11,778	12,353	10,391	3,413	1,451
Deposits	3,559	3,864	2,497	335	33
Borrowings	1,405	1,346	1,182	132	28
Total interest expense	4,964	5,210	3,679	467	—
Net interest income	6,814	7,143	6,712	2,946	1,390
Provision for credit losses	514	431	1,375	645	−37
Net interest income after provision for credit losses	6,300	6,712	5,337	2,301	1,427
Rental income on operating lease equipment	1,096	1,048	971	864	0
Realized gain (loss) on sale of investment securities, net	3	6	−26	0	—
Fair value adjustment on marketable equity securities, net	22	13	−11	−3	34
Gain on sale of leasing equipment, net	30	30	20	15	0
Gain on acquisition	0	0	9,808	431	0
Loss on extinguishment of debt	−9	−2	0	7	0
Other noninterest income	160	148	136	139	36
Total noninterest income	2,727	2,615	12,075	2,136	508
Depreciation on operating lease equipment	398	394	371	345	0
Maintenance and other operating lease expenses	244	219	222	189	0
Personnel cost	3,294	3,078	2,636	1,408	759
Net occupancy expense	238	242	244	191	117
Equipment expense	555	504	422	216	119
Professional fees	115	121	71	45	20
Third-party processing fees	268	230	205	103	60
FDIC insurance expense	141	138	158	31	14
Marketing expense	142	76	102	53	10
Acquisition-related expenses	141	210	470	231	29
Intangible asset amortization	54	63	57	23	12
Other noninterest expense	466	460	377	240	94
Total noninterest expense	6,056	5,735	5,335	3,075	1,234
Income before income taxes	2,971	3,592	12,077	1,362	701
Income tax expense	765	815	611	264	154
Net income	2,206	2,777	11,466	1,098	547
Preferred stock dividends	57	61	59	50	18
Net income available to common stockholders, basic	2,149	2,716	11,407	1,048	529
Net income available to common shareholders, diluted	2,149	2,716	11,407	1,048	529
Basic (in dollars per share)	165.24	189.42	785.14	67.47	53.88
Diluted (in dollars per share)	165.24	189.41	784.51	67.4	53.88
Basic (in shares)	13	14	15	16	10
Diluted (in shares)	13	14	15	16	10

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and due from banks	801	814	908	518	338
Interest-earning deposits at banks	19,801	21,364	33,609	5,025	9,115
Securities purchased under agreements to resell	232	158	473	0	—
Investment in marketable equity securities (cost of $83 at December 31, 2025 and $79 at December 31, 2024)	127	101	84	95	98
Investment securities available for sale (cost of $31,952 at December 31, 2025 and $34,512 at December 31, 2024)	31,790	33,750	19,936	8,995	9,203
Investment securities held to maturity (fair value of $8,491 at December 31, 2025 and $8,702 at December 31, 2024)	9,647	10,239	9,979	10,279	3,809
Assets held for sale	804	85	—	—	—
Loans and leases	147,930	140,221	133,302	70,781	32,372
Allowance for loan and lease losses	−1,566	−1,676	−1,747	−922	−178
Loans and leases, net of allowance for loan and lease losses	146,364	138,545	131,555	69,859	32,194
Operating lease equipment, net	9,621	9,323	8,746	8,156	0
Premises and equipment, net	2,447	2,006	1,877	—	—
Goodwill	346	346	346	346	346
Other intangible assets, net	195	249	312	140	19
Other assets	7,523	6,740	5,857	4,369	1,855
Total assets	229,698	223,720	213,758	109,298	58,309
Noninterest-bearing	40,653	38,633	39,799	24,922	21,405
Interest-bearing	120,925	116,596	106,055	64,486	30,001
Total deposits	161,578	155,229	145,854	89,408	51,406
Credit balances of factoring clients	1,148	1,016	1,089	995	0
Short-term borrowings	224	367	485	2,186	589
Long-term borrowings	35,784	36,684	37,169	4,459	1,195
Total borrowings	36,008	37,051	37,654	6,645	1,784
Other liabilities	8,726	8,196	7,906	2,588	381
Total liabilities	207,460	201,492	192,503	99,636	53,571
Preferred stock - $0.01 par value (20,000,000 shares authorized at December 31, 2025 and December 31, 2024)	1,375	881	881	881	340
Additional paid in capital	0	2,417	4,108	4,109	0
Retained earnings	20,768	19,361	16,742	5,392	4,378
Accumulated other comprehensive income (loss)	83	−445	−491	−735	10
Total stockholders equity	22,238	22,228	21,255	9,662	4,738
Total liabilities and stockholders equity	229,698	223,720	213,758	109,298	58,309

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Provision for credit losses	514	431	1,375	645	−37
Deferred tax (benefit) expense	−111	6	−165	206	−8
Depreciation, amortization, and accretion, net	405	130	−57	533	143
Stock based compensation expense	0	0	5	19	0
(Gain) loss on sale of loans, net	−21	−7	2	−22	−33
Gain on sale of operating lease equipment, net	−30	−30	−20	−15	0
Gain on other real estate owned, net	−2	−7	−4	−14	−1
Origination of loans held for sale	−1,401	−1,078	−740	−499	−1,123
Proceeds from sale of loans held for sale	1,553	1,289	693	562	1,036
Impairment of premises and equipment and other assets	6	22	70	0	0
Net change in other assets	−282	−495	206	484	−733
Net change in other liabilities	170	−34	−379	260	5
Other operating activities	−68	1	−21	−36	−13
Net cash provided by operating activities	2,923	2,988	2,660	2,791	−284
Net decrease in interest-earning deposits at banks	1,563	12,245	5,416	6,965	−4,767
Purchases of marketable equity securities	−5	−6	0	0	−2
Proceeds from sales of investments in marketable equity securities	1	15	0	0	30
Purchases of investment securities available for sale	−13,969	−22,490	−12,839	−1,985	−6,375
Proceeds from maturities of investment securities available for sale	12,989	7,445	2,084	1,237	2,455
Proceeds from sales of investment securities available for sale	3,817	1,493	495	2	1,367
Purchases of investment securities held to maturity	−389	−792	−213	−755	−1,401
Proceeds from maturities of investment securities held to maturity	1,010	562	545	835	809
Net (increase) decrease in securities purchased under agreements to resell	−74	315	−473	0	—
Net (increase) decrease in loans	−9,111	−7,484	6,057	−5,344	423
Proceeds from sales of loans	399	354	317	245	0
Net decrease (increase) in credit balances of factoring clients	212	−73	94	−538	0
Purchases of operating lease equipment	−852	−1,106	−1,023	−771	0
Proceeds from sales of operating lease equipment	285	250	243	95	0
Purchases of premises and equipment	−710	−429	−405	−155	−107
Proceeds from sales of other real estate owned	29	19	19	48	41
Cash acquired, net of cash paid as consideration for acquisition	0	0	810	134	0
Proceeds from surrender of bank-owned life insurance policies	0	0	1,094	157	0
Other investing activities	−806	−473	208	−108	−42
Net cash (used in) provided by investing activities	−5,611	−10,155	2,429	75	−7,568
Net (decrease) increase in time deposits	−2,015	−3,169	5,634	568	−406
Net increase (decrease) in demand and other interest-bearing deposits	8,539	12,630	−5,369	−2,259	8,382
Net (decrease) increase in securities sold under agreements to repurchase	−143	−118	39	−153	−52
Repayment of short-term borrowings	0	0	−2,250	−1,355	0
Proceeds from issuance of short-term borrowings	0	0	500	3,105	0
Repayment of long-term borrowings	−2,850	−450	−13,120	−5,099	−54
Net proceeds from issuance of long-term borrowings	1,838	0	9,991	3,854	0
Net proceeds from issuance of preferred stock	494	0	0	0	0
Repurchase of Class A common stock	−3,027	−1,648	0	−1,240	0
Cash dividends paid	−161	−158	−117	−83	−42
Other financing activities	0	−14	−7	−24	0
Net cash provided by (used in) financing activities	2,675	7,073	−4,699	−2,686	7,828
Change in cash and due from banks	−13	−94	390	180	−24
Interest	4,810	5,079	3,686	525	62
Income taxes	315	763	514	−551	870
Transfers of loans to other real estate	86	0	0	14	14
Net settlement with FDIC for Purchase Money Note	0	80	0	0	—
Transfer of assets from held for investment to held for sale	1,296	606	336	188	88
Transfer of assets from held for sale to held for investment	31	0	0	21	4
Commitments extended during the period on affordable housing investment credits	648	710	224	110	15
Purchase Money Note as consideration for SVBB Acquisition	0	0	35,808	0	0

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