Annual Income Statements for First Citizens BancShares
This table shows First Citizens BancShares' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.
Quarterly Income Statements for First Citizens BancShares
This table shows First Citizens BancShares' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.
| Metric |
|
Q4 2022 |
Q1 2023 |
Q2 2023 |
Q3 2023 |
Q4 2023 |
Q1 2024 |
Q2 2024 |
Q3 2024 |
Q4 2024 |
Q1 2025 |
Q2 2025 |
| Net Income / (Loss) Attributable to Common Shareholders |
|
243 |
9,504 |
667 |
737 |
499 |
716 |
691 |
624 |
685 |
468 |
561 |
| Consolidated Net Income / (Loss) |
|
257 |
9,518 |
682 |
752 |
514 |
731 |
707 |
639 |
700 |
483 |
575 |
| Net Income / (Loss) Continuing Operations |
|
257 |
9,518 |
682 |
752 |
514 |
731 |
707 |
639 |
700 |
483 |
575 |
| Total Pre-Tax Income |
|
392 |
9,471 |
896 |
997 |
713 |
1,004 |
979 |
873 |
736 |
651 |
758 |
| Total Revenue |
|
1,231 |
11,109 |
2,619 |
2,605 |
2,454 |
2,444 |
2,460 |
2,446 |
2,408 |
2,298 |
2,373 |
| Net Interest Income / (Expense) |
|
802 |
850 |
1,961 |
1,990 |
1,911 |
1,817 |
1,821 |
1,796 |
1,709 |
1,663 |
1,695 |
| Total Interest Income |
|
1,040 |
1,211 |
2,953 |
3,110 |
3,117 |
3,084 |
3,130 |
3,138 |
3,001 |
2,895 |
2,945 |
| Loans and Leases Interest Income |
|
892 |
1,017 |
2,353 |
2,426 |
2,391 |
2,354 |
2,422 |
2,430 |
2,322 |
2,236 |
2,270 |
| Investment Securities Interest Income |
|
92 |
107 |
120 |
180 |
241 |
282 |
330 |
358 |
377 |
414 |
419 |
| Deposits and Money Market Investments Interest Income |
|
56 |
87 |
480 |
504 |
485 |
448 |
378 |
350 |
302 |
245 |
256 |
| Total Interest Expense |
|
238 |
361 |
992 |
1,120 |
1,206 |
1,267 |
1,309 |
1,342 |
1,292 |
1,232 |
1,250 |
| Deposits Interest Expense |
|
176 |
288 |
575 |
769 |
865 |
928 |
975 |
1,004 |
957 |
893 |
894 |
| Long-Term Debt Interest Expense |
|
62 |
73 |
417 |
351 |
341 |
339 |
334 |
338 |
335 |
339 |
356 |
| Total Non-Interest Income |
|
429 |
10,259 |
658 |
615 |
543 |
627 |
639 |
650 |
699 |
635 |
678 |
| Other Service Charges |
|
226 |
221 |
36 |
358 |
698 |
368 |
378 |
370 |
404 |
365 |
396 |
| Net Realized & Unrealized Capital Gains on Investments |
|
2.00 |
9,814 |
622 |
10 |
-644 |
8.00 |
4.00 |
9.00 |
15 |
5.00 |
8.00 |
| Other Non-Interest Income |
|
201 |
224 |
- |
247 |
- |
251 |
257 |
271 |
280 |
265 |
274 |
| Provision for Credit Losses |
|
79 |
783 |
151 |
192 |
249 |
64 |
95 |
117 |
155 |
154 |
115 |
| Total Non-Interest Expense |
|
760 |
855 |
1,572 |
1,416 |
1,492 |
1,376 |
1,386 |
1,456 |
1,517 |
1,493 |
1,500 |
| Salaries and Employee Benefits |
|
354 |
420 |
775 |
727 |
714 |
744 |
745 |
788 |
801 |
818 |
810 |
| Net Occupancy & Equipment Expense |
|
150 |
164 |
253 |
233 |
238 |
221 |
244 |
249 |
251 |
252 |
247 |
| Marketing Expense |
|
21 |
15 |
41 |
22 |
24 |
14 |
18 |
20 |
24 |
32 |
32 |
| Property & Liability Insurance Claims |
|
5.00 |
18 |
22 |
36 |
82 |
41 |
33 |
31 |
33 |
38 |
38 |
| Other Operating Expenses |
|
107 |
116 |
167 |
165 |
205 |
185 |
189 |
208 |
229 |
198 |
222 |
| Depreciation Expense |
|
88 |
89 |
91 |
95 |
96 |
96 |
98 |
99 |
101 |
98 |
100 |
| Amortization Expense |
|
6.00 |
5.00 |
18 |
17 |
17 |
17 |
15 |
15 |
16 |
15 |
13 |
| Restructuring Charge |
|
29 |
28 |
205 |
121 |
116 |
58 |
44 |
46 |
62 |
42 |
38 |
| Income Tax Expense |
|
135 |
-47 |
214 |
245 |
199 |
273 |
272 |
234 |
36 |
168 |
183 |
| Preferred Stock Dividends Declared |
|
14 |
14 |
15 |
15 |
15 |
15 |
16 |
15 |
15 |
15 |
14 |
| Basic Earnings per Share |
|
$16.63 |
$654.22 |
$45.90 |
$50.71 |
$34.31 |
$49.27 |
$47.54 |
$43.42 |
$49.19 |
$34.47 |
$42.36 |
| Weighted Average Basic Shares Outstanding |
|
15.53M |
14.53M |
14.53M |
14.53M |
14.53M |
14.53M |
14.53M |
14.38M |
14.34M |
13.58M |
13.24M |
| Diluted Earnings per Share |
|
$16.59 |
$653.64 |
$45.87 |
$50.67 |
$34.33 |
$49.26 |
$47.54 |
$43.42 |
$49.19 |
$34.47 |
$42.36 |
| Weighted Average Diluted Shares Outstanding |
|
15.55M |
14.54M |
14.54M |
14.54M |
14.54M |
14.54M |
14.53M |
14.38M |
14.34M |
13.58M |
13.24M |
| Weighted Average Basic & Diluted Shares Outstanding |
|
14.51M |
14.52M |
14.52M |
14.52M |
14.52M |
14.53M |
14.47M |
13.99M |
13.58M |
13.29M |
12.92M |
Annual Cash Flow Statements for First Citizens BancShares
This table details how cash moves in and out of First Citizens BancShares' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.
| Metric |
|
2014 |
2015 |
2016 |
2017 |
2018 |
2019 |
2020 |
2021 |
2022 |
2023 |
2024 |
| Net Change in Cash & Equivalents |
|
71 |
-70 |
5.66 |
-204 |
-8.71 |
49 |
-15 |
-24 |
180 |
390 |
-94 |
| Net Cash From Operating Activities |
|
182 |
233 |
231 |
355 |
454 |
578 |
376 |
-284 |
2,791 |
2,660 |
2,988 |
| Net Cash From Continuing Operating Activities |
|
182 |
233 |
231 |
355 |
454 |
578 |
376 |
-284 |
2,791 |
2,660 |
2,988 |
| Net Income / (Loss) Continuing Operations |
|
139 |
210 |
225 |
324 |
400 |
457 |
492 |
547 |
1,098 |
11,466 |
2,777 |
| Consolidated Net Income / (Loss) |
|
139 |
210 |
225 |
324 |
400 |
457 |
492 |
547 |
1,098 |
11,466 |
2,777 |
| Provision For Loan Losses |
|
0.64 |
21 |
33 |
26 |
28 |
31 |
58 |
-37 |
645 |
1,375 |
431 |
| Depreciation Expense |
|
75 |
88 |
89 |
91 |
97 |
104 |
133 |
143 |
533 |
-57 |
130 |
| Non-Cash Adjustments to Reconcile Net Income |
|
-34 |
-47 |
-16 |
5.09 |
-66 |
39 |
885 |
914 |
270 |
-9,211 |
1,257 |
| Changes in Operating Assets and Liabilities, net |
|
43 |
24 |
-78 |
-73 |
2.98 |
-50 |
-1,192 |
-1,851 |
245 |
-913 |
-1,607 |
| Net Cash From Investing Activities |
|
-18 |
-1,248 |
-1,100 |
-669 |
101 |
-1,596 |
-9,908 |
-7,568 |
75 |
2,429 |
-10,155 |
| Net Cash From Continuing Investing Activities |
|
-18 |
-1,248 |
-1,100 |
-669 |
101 |
-1,596 |
-9,908 |
-7,568 |
75 |
2,429 |
-10,155 |
| Purchase of Property, Leasehold Improvements and Equipment |
|
-83 |
-90 |
-82 |
-85 |
-140 |
-121 |
-133 |
-107 |
-926 |
-1,428 |
-1,535 |
| Purchase of Investment Securities |
|
-3,333 |
-4,118 |
-5,302 |
-4,862 |
-1,552 |
-5,257 |
-14,643 |
-7,778 |
-2,740 |
-13,052 |
-31,245 |
| Sale of Property, Leasehold Improvements and Equipment |
|
- |
0.00 |
0.00 |
3.06 |
1.72 |
0.13 |
1.00 |
1.00 |
13 |
0.00 |
250 |
| Divestitures |
|
- |
0.00 |
- |
- |
- |
- |
- |
- |
- |
- |
0.00 |
| Sale and/or Maturity of Investments |
|
3,399 |
3,015 |
4,325 |
4,283 |
2,971 |
5,102 |
4,867 |
316 |
4,132 |
16,005 |
22,448 |
| Other Investing Activities, net |
|
0.00 |
-22 |
-20 |
-7.73 |
-1,024 |
-1,321 |
0.00 |
0.00 |
-538 |
94 |
-73 |
| Net Cash From Financing Activities |
|
-94 |
945 |
876 |
110 |
-564 |
1,067 |
9,517 |
7,828 |
-2,686 |
-4,699 |
7,073 |
| Net Cash From Continuing Financing Activities |
|
-94 |
945 |
876 |
110 |
-564 |
1,067 |
9,517 |
7,828 |
-2,686 |
-4,699 |
7,073 |
| Net Change in Deposits |
|
-2.18 |
1,017 |
782 |
0.87 |
490 |
1,439 |
8,979 |
7,976 |
-1,691 |
265 |
9,461 |
| Issuance of Debt |
|
0.00 |
350 |
150 |
175 |
125 |
200 |
746 |
0.00 |
6,959 |
10,491 |
0.00 |
| Repayment of Debt |
|
-80 |
-404 |
-42 |
-52 |
-999 |
-101 |
-87 |
-54 |
-6,454 |
-15,370 |
-450 |
| Repurchase of Common Equity |
|
- |
0.00 |
0.00 |
0.00 |
-163 |
-453 |
-334 |
0.00 |
-1,240 |
0.00 |
-1,648 |
| Payment of Dividends |
|
-12 |
-18 |
-14 |
-14 |
-17 |
-18 |
-30 |
-42 |
-83 |
-117 |
-158 |
| Other Financing Activities, Net |
|
-0.62 |
0.00 |
- |
- |
- |
- |
-97 |
-52 |
-177 |
32 |
-132 |
| Cash Interest Paid |
|
49 |
47 |
45 |
44 |
37 |
78 |
105 |
62 |
525 |
3,686 |
5,079 |
| Cash Income Taxes Paid |
|
128 |
137 |
109 |
89 |
74 |
83 |
117 |
870 |
-551 |
514 |
763 |
Quarterly Cash Flow Statements for First Citizens BancShares
This table details how cash moves in and out of First Citizens BancShares' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.
| Metric |
|
Q4 2022 |
Q1 2023 |
Q2 2023 |
Q3 2023 |
Q4 2023 |
Q1 2024 |
Q2 2024 |
Q3 2024 |
Q4 2024 |
Q1 2025 |
Q2 2025 |
| Net Change in Cash & Equivalents |
|
37 |
1,080 |
-682 |
-125 |
117 |
-210 |
66 |
98 |
-48 |
-2.00 |
77 |
| Net Cash From Operating Activities |
|
1,054 |
-362 |
916 |
1,205 |
901 |
461 |
417 |
991 |
1,119 |
98 |
859 |
| Net Cash From Continuing Operating Activities |
|
1,054 |
-362 |
916 |
1,205 |
901 |
461 |
417 |
991 |
1,119 |
98 |
859 |
| Net Income / (Loss) Continuing Operations |
|
257 |
9,518 |
682 |
752 |
514 |
731 |
707 |
639 |
700 |
483 |
575 |
| Consolidated Net Income / (Loss) |
|
257 |
9,518 |
682 |
752 |
514 |
731 |
707 |
639 |
700 |
483 |
575 |
| Provision For Loan Losses |
|
79 |
783 |
151 |
192 |
249 |
64 |
95 |
117 |
155 |
154 |
115 |
| Depreciation Expense |
|
134 |
124 |
-34 |
-102 |
-45 |
-12 |
6.00 |
42 |
94 |
93 |
100 |
| Non-Cash Adjustments to Reconcile Net Income |
|
186 |
-9,872 |
-168 |
776 |
53 |
239 |
87 |
367 |
564 |
251 |
395 |
| Changes in Operating Assets and Liabilities, net |
|
398 |
-915 |
285 |
-413 |
130 |
-561 |
-478 |
-174 |
-394 |
-883 |
-326 |
| Net Cash From Investing Activities |
|
-730 |
2,628 |
3,913 |
-3,754 |
-358 |
-4,291 |
-1,819 |
-301 |
-3,744 |
-4,877 |
-562 |
| Net Cash From Continuing Investing Activities |
|
-730 |
2,628 |
3,913 |
-3,754 |
-358 |
-4,291 |
-1,819 |
-301 |
-3,744 |
-4,877 |
-562 |
| Purchase of Property, Leasehold Improvements and Equipment |
|
-381 |
-332 |
-382 |
-298 |
-416 |
-285 |
-338 |
-471 |
-441 |
-273 |
-341 |
| Purchase of Investment Securities |
|
-927 |
838 |
3,273 |
-6,212 |
-10,951 |
-8,692 |
-9,215 |
-2,114 |
-11,224 |
-3,554 |
-1,166 |
| Sale of Property, Leasehold Improvements and Equipment |
|
- |
33 |
43 |
102 |
-178 |
66 |
37 |
46 |
101 |
63 |
61 |
| Sale and/or Maturity of Investments |
|
730 |
611 |
1,506 |
2,508 |
11,380 |
4,557 |
7,674 |
2,163 |
8,054 |
-1,242 |
886 |
| Other Investing Activities, net |
|
-152 |
131 |
-59 |
215 |
-193 |
63 |
23 |
75 |
-234 |
129 |
-2.00 |
| Net Cash From Financing Activities |
|
-287 |
-1,186 |
-5,511 |
2,424 |
-426 |
3,620 |
1,468 |
-592 |
2,577 |
4,777 |
-220 |
| Net Cash From Continuing Financing Activities |
|
-287 |
-1,186 |
-5,511 |
2,424 |
-426 |
3,620 |
1,468 |
-592 |
2,577 |
4,777 |
-220 |
| Net Change in Deposits |
|
1,881 |
-5,446 |
1,132 |
4,894 |
-315 |
3,789 |
1,518 |
461 |
3,693 |
4,113 |
762 |
| Repayment of Debt |
|
-2,259 |
-2,771 |
-10,052 |
-2,443 |
-104 |
-31 |
-1.00 |
-316 |
-102 |
-1.00 |
-351 |
| Repurchase of Common Equity |
|
-448 |
- |
- |
- |
- |
0.00 |
- |
- |
-948 |
-618 |
-613 |
| Payment of Dividends |
|
-25 |
-26 |
-26 |
-26 |
-39 |
-39 |
-39 |
-38 |
-42 |
-42 |
-40 |
| Other Financing Activities, Net |
|
-142 |
57 |
-55 |
-1.00 |
31 |
-99 |
-10 |
1.00 |
-24 |
83 |
22 |
| Cash Interest Paid |
|
210 |
366 |
1,001 |
1,076 |
1,243 |
1,294 |
1,324 |
1,387 |
1,074 |
1,224 |
1,198 |
| Cash Income Taxes Paid |
|
-539 |
0.00 |
427 |
2.00 |
85 |
53 |
650 |
51 |
9.00 |
40 |
131 |
Annual Balance Sheets for First Citizens BancShares
This table presents First Citizens BancShares' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.
| Metric |
|
2014 |
2015 |
2016 |
2017 |
2018 |
2019 |
2020 |
2021 |
2022 |
2023 |
2024 |
| Total Assets |
|
355 |
31,476 |
32,991 |
34,528 |
35,409 |
39,824 |
49,958 |
58,309 |
109,298 |
213,758 |
223,720 |
| Cash and Due from Banks |
|
- |
534 |
540 |
336 |
327 |
377 |
362 |
338 |
518 |
908 |
814 |
| Interest Bearing Deposits at Other Banks |
|
- |
- |
- |
- |
- |
- |
- |
9,115 |
5,025 |
33,609 |
21,364 |
| Trading Account Securities |
|
- |
6,862 |
7,007 |
7,180 |
6,834 |
7,173 |
9,923 |
- |
19,369 |
30,472 |
44,248 |
| Loans and Leases, Net of Allowance |
|
0.00 |
20,034 |
21,519 |
23,375 |
25,300 |
28,656 |
32,568 |
0.00 |
69,859 |
131,555 |
138,545 |
| Loans and Leases |
|
- |
20,240 |
21,738 |
23,597 |
25,523 |
28,881 |
32,792 |
- |
70,781 |
133,302 |
140,221 |
| Allowance for Loan and Lease Losses |
|
- |
206 |
219 |
222 |
224 |
225 |
224 |
- |
922 |
1,747 |
1,676 |
| Loans Held for Sale |
|
- |
60 |
74 |
51 |
46 |
68 |
125 |
- |
60 |
76 |
85 |
| Premises and Equipment, Net |
|
- |
1,136 |
1,133 |
1,138 |
1,204 |
1,244 |
1,251 |
- |
9,612 |
8,746 |
9,323 |
| Goodwill |
|
140 |
140 |
151 |
151 |
236 |
349 |
350 |
346 |
346 |
346 |
346 |
| Intangible Assets |
|
- |
91 |
78 |
73 |
72 |
68 |
51 |
19 |
140 |
312 |
249 |
| Other Assets |
|
216 |
2,616 |
2,471 |
2,128 |
1,279 |
1,765 |
5,182 |
1,855 |
4,369 |
5,857 |
6,740 |
| Total Liabilities & Shareholders' Equity |
|
-53 |
31,476 |
32,991 |
34,528 |
35,409 |
39,824 |
49,958 |
58,309 |
109,298 |
213,758 |
223,720 |
| Total Liabilities |
|
0.00 |
28,604 |
29,978 |
31,193 |
31,920 |
36,238 |
45,728 |
53,571 |
99,636 |
192,503 |
201,492 |
| Non-Interest Bearing Deposits |
|
- |
9,274 |
10,131 |
11,237 |
11,883 |
12,927 |
18,014 |
21,405 |
24,922 |
39,799 |
38,633 |
| Interest Bearing Deposits |
|
- |
17,656 |
18,031 |
18,029 |
18,790 |
21,504 |
25,418 |
30,001 |
64,486 |
106,055 |
116,596 |
| Short-Term Debt |
|
- |
595 |
603 |
694 |
558 |
443 |
730 |
589 |
2,186 |
485 |
367 |
| Long-Term Debt |
|
- |
704 |
833 |
870 |
334 |
884 |
1,160 |
1,195 |
4,459 |
37,169 |
36,684 |
| Other Long-Term Liabilities |
|
- |
374 |
381 |
363 |
355 |
480 |
407 |
381 |
3,583 |
8,995 |
9,212 |
| Total Equity & Noncontrolling Interests |
|
-53 |
2,872 |
3,012 |
3,334 |
3,489 |
3,586 |
4,229 |
4,738 |
9,662 |
21,255 |
22,228 |
| Total Preferred & Common Equity |
|
2,700 |
2,872 |
3,012 |
3,334 |
3,489 |
3,586 |
4,229 |
4,738 |
9,662 |
21,255 |
22,228 |
| Preferred Stock |
|
- |
- |
- |
- |
0.00 |
0.00 |
340 |
340 |
881 |
881 |
881 |
| Total Common Equity |
|
-53 |
2,872 |
3,012 |
3,334 |
3,489 |
3,586 |
3,889 |
4,398 |
8,781 |
20,374 |
21,347 |
| Common Stock |
|
- |
671 |
671 |
671 |
506 |
55 |
9.82 |
10 |
4,124 |
4,123 |
2,431 |
| Retained Earnings |
|
- |
2,266 |
2,477 |
2,785 |
3,219 |
3,658 |
3,867 |
4,378 |
5,392 |
16,742 |
19,361 |
| Accumulated Other Comprehensive Income / (Loss) |
|
-53 |
-64 |
-135 |
-122 |
-235 |
-127 |
12 |
10 |
-735 |
-491 |
-445 |
Quarterly Balance Sheets for First Citizens BancShares
This table presents First Citizens BancShares' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.
| Metric |
|
Q3 2022 |
Q1 2023 |
Q2 2023 |
Q3 2023 |
Q1 2024 |
Q2 2024 |
Q3 2024 |
Q1 2025 |
Q2 2025 |
| Total Assets |
|
109,310 |
214,658 |
209,502 |
213,765 |
217,836 |
219,827 |
220,567 |
228,822 |
229,653 |
| Cash and Due from Banks |
|
481 |
1,598 |
917 |
791 |
698 |
764 |
862 |
812 |
889 |
| Interest Bearing Deposits at Other Banks |
|
6,172 |
38,522 |
37,846 |
36,704 |
30,792 |
25,361 |
25,640 |
24,692 |
26,184 |
| Trading Account Securities |
|
18,841 |
19,527 |
22,469 |
27,367 |
35,438 |
38,058 |
39,118 |
44,664 |
43,646 |
| Loans and Leases, Net of Allowance |
|
68,908 |
136,683 |
131,378 |
131,529 |
133,633 |
137,641 |
137,017 |
139,678 |
139,597 |
| Loans and Leases |
|
69,790 |
138,288 |
133,015 |
133,202 |
135,370 |
139,341 |
138,695 |
141,358 |
141,269 |
| Allowance for Loan and Lease Losses |
|
882 |
1,605 |
1,637 |
1,673 |
1,737 |
1,700 |
1,678 |
1,680 |
1,672 |
| Loans Held for Sale |
|
21 |
94 |
117 |
58 |
86 |
92 |
68 |
185 |
125 |
| Premises and Equipment, Net |
|
9,394 |
10,074 |
10,313 |
10,429 |
10,717 |
8,945 |
9,186 |
9,371 |
9,466 |
| Goodwill |
|
346 |
346 |
346 |
346 |
346 |
346 |
346 |
346 |
346 |
| Intangible Assets |
|
145 |
364 |
347 |
329 |
295 |
280 |
265 |
234 |
221 |
| Other Assets |
|
5,002 |
144,133 |
5,769 |
6,212 |
5,831 |
6,402 |
6,091 |
6,796 |
7,064 |
| Total Liabilities & Shareholders' Equity |
|
109,310 |
214,658 |
209,502 |
213,765 |
217,836 |
219,827 |
220,567 |
228,822 |
229,653 |
| Total Liabilities |
|
99,477 |
195,442 |
189,731 |
193,376 |
195,988 |
197,340 |
197,739 |
206,527 |
207,357 |
| Non-Interest Bearing Deposits |
|
26,587 |
54,649 |
44,547 |
43,141 |
39,276 |
40,016 |
39,396 |
40,767 |
40,879 |
| Interest Bearing Deposits |
|
60,966 |
85,401 |
96,617 |
103,092 |
110,333 |
111,063 |
112,178 |
118,558 |
119,056 |
| Short-Term Debt |
|
3,128 |
1,009 |
454 |
453 |
395 |
386 |
391 |
450 |
471 |
| Long-Term Debt |
|
5,215 |
45,085 |
39,685 |
37,259 |
37,145 |
37,072 |
36,770 |
37,956 |
37,641 |
| Other Long-Term Liabilities |
|
3,581 |
9,298 |
8,428 |
9,431 |
8,839 |
8,803 |
9,004 |
8,796 |
9,310 |
| Total Equity & Noncontrolling Interests |
|
9,833 |
19,216 |
19,771 |
20,389 |
21,848 |
22,487 |
22,828 |
22,295 |
22,296 |
| Total Preferred & Common Equity |
|
9,833 |
19,216 |
19,771 |
20,389 |
21,848 |
22,487 |
22,828 |
22,295 |
22,296 |
| Preferred Stock |
|
881 |
881 |
881 |
881 |
- |
881 |
881 |
881 |
881 |
| Total Common Equity |
|
8,952 |
18,335 |
18,890 |
19,508 |
21,848 |
21,606 |
21,947 |
21,414 |
21,415 |
| Common Stock |
|
4,521 |
4,119 |
4,121 |
4,121 |
4,114 |
4,114 |
3,403 |
1,811 |
1,192 |
| Retained Earnings |
|
5,160 |
14,885 |
15,541 |
16,267 |
17,435 |
18,102 |
18,703 |
19,802 |
20,337 |
| Accumulated Other Comprehensive Income / (Loss) |
|
-729 |
-669 |
-772 |
-880 |
-582 |
-610 |
-159 |
-199 |
-114 |
Annual Metrics And Ratios for First Citizens BancShares
This table displays calculated financial ratios and metrics derived from First Citizens BancShares' official financial filings.
| Metric |
|
2014 |
2015 |
2016 |
2017 |
2018 |
2019 |
2020 |
2021 |
2022 |
2023 |
2024 |
| Growth Metrics |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
| Revenue Growth |
|
4.54% |
32.15% |
-5.04% |
19.68% |
1.72% |
7.34% |
7.98% |
1.77% |
167.76% |
269.68% |
-48.06% |
| EBITDA Growth |
|
3.86% |
50.62% |
16.50% |
48.03% |
-4.14% |
17.02% |
8.45% |
12.38% |
124.53% |
534.30% |
-69.03% |
| EBIT Growth |
|
-24.16% |
63.27% |
5.61% |
54.87% |
-7.37% |
17.56% |
4.38% |
13.43% |
94.29% |
786.71% |
-70.26% |
| NOPAT Growth |
|
-16.96% |
51.84% |
7.18% |
43.58% |
23.65% |
14.25% |
7.57% |
11.18% |
100.73% |
944.26% |
-75.78% |
| Net Income Growth |
|
-16.96% |
51.84% |
7.18% |
43.58% |
23.65% |
14.25% |
7.57% |
11.18% |
100.73% |
944.26% |
-75.78% |
| EPS Growth |
|
-21.84% |
29.20% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
13.43% |
25.09% |
1,063.96% |
-75.86% |
| Operating Cash Flow Growth |
|
-44.94% |
27.88% |
-1.09% |
54.12% |
27.73% |
27.43% |
-34.98% |
-175.53% |
1,082.75% |
-4.69% |
12.33% |
| Free Cash Flow Firm Growth |
|
5,929.87% |
-225.32% |
98.55% |
-139.61% |
830.91% |
-108.13% |
-857.23% |
120.16% |
-6,136.08% |
-258.42% |
107.73% |
| Invested Capital Growth |
|
-88.51% |
1,073.78% |
6.66% |
10.10% |
-10.56% |
12.14% |
24.54% |
6.59% |
150.03% |
261.25% |
0.63% |
| Revenue Q/Q Growth |
|
10.89% |
-1.63% |
-5.18% |
8.64% |
1.23% |
1.69% |
2.98% |
-0.76% |
17.58% |
6.96% |
-0.47% |
| EBITDA Q/Q Growth |
|
26.78% |
-4.06% |
2.87% |
8.74% |
-1.43% |
-0.14% |
9.71% |
-3.72% |
21.24% |
1.20% |
4.55% |
| EBIT Q/Q Growth |
|
25.59% |
-5.81% |
4.19% |
8.38% |
-1.41% |
2.71% |
7.53% |
-3.02% |
21.28% |
2.73% |
0.64% |
| NOPAT Q/Q Growth |
|
35.76% |
-8.74% |
4.61% |
0.53% |
9.60% |
2.79% |
8.01% |
-2.73% |
13.90% |
2.29% |
7.18% |
| Net Income Q/Q Growth |
|
35.76% |
-8.74% |
4.61% |
0.53% |
9.60% |
2.79% |
8.01% |
-2.73% |
13.90% |
2.29% |
7.18% |
| EPS Q/Q Growth |
|
27.68% |
-10.84% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
7.15% |
2.31% |
8.51% |
| Operating Cash Flow Q/Q Growth |
|
34.91% |
-25.36% |
-10.92% |
14.10% |
19.03% |
10.59% |
-4.89% |
-13.03% |
49.73% |
-5.44% |
7.87% |
| Free Cash Flow Firm Q/Q Growth |
|
3,735.76% |
-340.46% |
52.81% |
-207.24% |
23.92% |
-119.39% |
30.03% |
21.37% |
19.17% |
-8.43% |
242.39% |
| Invested Capital Q/Q Growth |
|
-89.16% |
-3.62% |
-4.41% |
0.80% |
-2.30% |
8.11% |
1.64% |
0.90% |
-10.28% |
1.39% |
-1.18% |
| Profitability Metrics |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
| EBITDA Margin |
|
22.56% |
25.72% |
31.55% |
39.02% |
36.78% |
40.09% |
40.27% |
44.47% |
37.29% |
63.98% |
38.14% |
| EBIT Margin |
|
19.33% |
23.88% |
26.56% |
34.37% |
31.30% |
34.28% |
33.14% |
36.93% |
26.80% |
64.28% |
36.81% |
| Profit (Net Income) Margin |
|
13.15% |
15.11% |
17.06% |
20.47% |
24.88% |
26.48% |
26.38% |
28.82% |
21.61% |
61.03% |
28.46% |
| Tax Burden Percent |
|
68.06% |
63.29% |
64.23% |
59.55% |
79.49% |
77.25% |
79.61% |
78.03% |
80.62% |
94.94% |
77.31% |
| Interest Burden Percent |
|
100.00% |
100.00% |
100.00% |
100.00% |
100.00% |
100.00% |
100.00% |
100.00% |
100.00% |
100.00% |
100.00% |
| Effective Tax Rate |
|
31.94% |
36.71% |
35.77% |
40.45% |
20.51% |
22.75% |
20.39% |
21.97% |
19.38% |
5.06% |
22.69% |
| Return on Invested Capital (ROIC) |
|
8.03% |
9.30% |
5.23% |
6.93% |
8.63% |
9.84% |
8.92% |
8.65% |
9.62% |
30.49% |
4.70% |
| ROIC Less NNEP Spread (ROIC-NNEP) |
|
8.03% |
9.30% |
5.23% |
6.93% |
8.63% |
9.84% |
8.92% |
8.65% |
9.62% |
30.49% |
4.70% |
| Return on Net Nonoperating Assets (RNNOA) |
|
5.69% |
5.63% |
2.43% |
3.28% |
3.11% |
3.09% |
3.67% |
3.55% |
5.63% |
43.68% |
8.07% |
| Return on Equity (ROE) |
|
13.73% |
14.93% |
7.66% |
10.20% |
11.73% |
12.93% |
12.59% |
12.20% |
15.25% |
74.17% |
12.77% |
| Cash Return on Invested Capital (CROIC) |
|
166.82% |
-159.30% |
-1.22% |
-2.69% |
19.77% |
-1.60% |
-12.94% |
2.28% |
-76.11% |
-82.79% |
4.07% |
| Operating Return on Assets (OROA) |
|
1.89% |
2.09% |
1.09% |
1.61% |
1.44% |
1.57% |
1.38% |
1.30% |
1.63% |
7.48% |
1.64% |
| Return on Assets (ROA) |
|
1.29% |
1.32% |
0.70% |
0.96% |
1.14% |
1.22% |
1.10% |
1.01% |
1.31% |
7.10% |
1.27% |
| Return on Common Equity (ROCE) |
|
13.73% |
14.93% |
7.66% |
10.20% |
11.73% |
12.93% |
12.04% |
11.27% |
13.96% |
69.95% |
12.26% |
| Return on Equity Simple (ROE_SIMPLE) |
|
5.13% |
7.33% |
7.49% |
9.71% |
11.47% |
12.75% |
11.63% |
11.55% |
11.36% |
53.95% |
12.49% |
| Net Operating Profit after Tax (NOPAT) |
|
139 |
210 |
225 |
324 |
400 |
457 |
492 |
547 |
1,098 |
11,466 |
2,777 |
| NOPAT Margin |
|
13.15% |
15.11% |
17.06% |
20.47% |
24.88% |
26.48% |
26.38% |
28.82% |
21.61% |
61.03% |
28.46% |
| Net Nonoperating Expense Percent (NNEP) |
|
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
| SG&A Expenses to Revenue |
|
48.91% |
44.58% |
48.33% |
43.80% |
45.98% |
44.85% |
51.74% |
52.95% |
40.48% |
19.30% |
42.21% |
| Operating Expenses to Revenue |
|
80.61% |
74.64% |
70.95% |
64.01% |
66.93% |
63.90% |
63.75% |
65.02% |
60.51% |
28.40% |
58.77% |
| Earnings before Interest and Taxes (EBIT) |
|
204 |
332 |
351 |
544 |
504 |
592 |
618 |
701 |
1,362 |
12,077 |
3,592 |
| Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) |
|
238 |
358 |
417 |
617 |
592 |
692 |
751 |
844 |
1,895 |
12,020 |
3,722 |
| Valuation Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
| Price to Book Value (P/BV) |
|
0.00 |
1.05 |
1.38 |
1.42 |
1.25 |
1.57 |
1.43 |
1.84 |
1.24 |
1.01 |
1.38 |
| Price to Tangible Book Value (P/TBV) |
|
0.00 |
1.14 |
1.49 |
1.52 |
1.38 |
1.78 |
1.60 |
2.00 |
1.32 |
1.04 |
1.42 |
| Price to Revenue (P/Rev) |
|
2.23 |
2.16 |
3.15 |
3.00 |
2.72 |
3.26 |
2.99 |
4.26 |
2.15 |
1.09 |
3.03 |
| Price to Earnings (P/E) |
|
16.96 |
14.31 |
18.45 |
14.63 |
10.93 |
12.31 |
11.67 |
15.27 |
10.42 |
1.80 |
10.88 |
| Dividend Yield |
|
0.49% |
0.48% |
0.35% |
0.32% |
0.39% |
0.31% |
0.29% |
0.29% |
0.29% |
0.28% |
0.33% |
| Earnings Yield |
|
5.90% |
6.99% |
5.42% |
6.83% |
9.15% |
8.12% |
8.57% |
6.55% |
9.59% |
55.57% |
9.19% |
| Enterprise Value to Invested Capital (EV/IC) |
|
6.61 |
0.91 |
1.14 |
1.22 |
1.13 |
1.34 |
1.22 |
0.12 |
0.79 |
0.42 |
0.76 |
| Enterprise Value to Revenue (EV/Rev) |
|
2.23 |
2.71 |
3.83 |
3.77 |
3.07 |
3.81 |
3.99 |
0.40 |
2.54 |
1.31 |
4.64 |
| Enterprise Value to EBITDA (EV/EBITDA) |
|
9.89 |
10.55 |
12.12 |
9.66 |
8.35 |
9.51 |
9.92 |
0.89 |
6.81 |
2.04 |
12.17 |
| Enterprise Value to EBIT (EV/EBIT) |
|
11.54 |
11.36 |
14.40 |
10.97 |
9.81 |
11.12 |
12.05 |
1.07 |
9.48 |
2.03 |
12.62 |
| Enterprise Value to NOPAT (EV/NOPAT) |
|
16.96 |
17.95 |
22.42 |
18.43 |
12.34 |
14.39 |
15.14 |
1.37 |
11.75 |
2.14 |
16.32 |
| Enterprise Value to Operating Cash Flow (EV/OCF) |
|
12.90 |
16.20 |
21.93 |
16.79 |
10.88 |
11.38 |
19.80 |
0.00 |
4.62 |
9.23 |
15.17 |
| Enterprise Value to Free Cash Flow (EV/FCFF) |
|
0.82 |
0.00 |
0.00 |
0.00 |
5.38 |
0.00 |
0.00 |
5.22 |
0.00 |
0.00 |
18.83 |
| Leverage & Solvency |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
| Debt to Equity |
|
0.00 |
0.45 |
0.48 |
0.47 |
0.26 |
0.37 |
0.45 |
0.38 |
0.69 |
1.77 |
1.67 |
| Long-Term Debt to Equity |
|
0.00 |
0.25 |
0.28 |
0.26 |
0.10 |
0.25 |
0.27 |
0.25 |
0.46 |
1.75 |
1.65 |
| Financial Leverage |
|
0.71 |
0.61 |
0.46 |
0.47 |
0.36 |
0.31 |
0.41 |
0.41 |
0.59 |
1.43 |
1.72 |
| Leverage Ratio |
|
10.68 |
11.29 |
10.96 |
10.64 |
10.25 |
10.63 |
11.49 |
12.07 |
11.64 |
10.45 |
10.06 |
| Compound Leverage Factor |
|
10.68 |
11.29 |
10.96 |
10.64 |
10.25 |
10.63 |
11.49 |
12.07 |
11.64 |
10.45 |
10.06 |
| Debt to Total Capital |
|
0.00% |
31.14% |
32.29% |
31.93% |
20.36% |
27.01% |
30.88% |
27.35% |
40.75% |
63.92% |
62.50% |
| Short-Term Debt to Total Capital |
|
0.00% |
14.26% |
13.57% |
14.16% |
12.73% |
9.02% |
11.93% |
9.03% |
13.41% |
0.82% |
0.62% |
| Long-Term Debt to Total Capital |
|
0.00% |
16.88% |
18.72% |
17.77% |
7.63% |
17.99% |
18.95% |
18.32% |
27.34% |
63.10% |
61.88% |
| Preferred Equity to Total Capital |
|
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
5.56% |
5.21% |
5.40% |
1.50% |
1.49% |
| Noncontrolling Interests to Total Capital |
|
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
| Common Equity to Total Capital |
|
100.00% |
68.86% |
67.71% |
68.07% |
79.64% |
72.99% |
63.56% |
67.43% |
53.85% |
34.59% |
36.01% |
| Debt to EBITDA |
|
0.00 |
3.63 |
3.44 |
2.53 |
1.51 |
1.92 |
2.52 |
2.11 |
3.51 |
3.13 |
9.95 |
| Net Debt to EBITDA |
|
0.00 |
2.14 |
2.15 |
1.99 |
0.95 |
1.37 |
2.03 |
-9.09 |
0.58 |
0.26 |
4.00 |
| Long-Term Debt to EBITDA |
|
0.00 |
1.97 |
2.00 |
1.41 |
0.56 |
1.28 |
1.54 |
1.42 |
2.35 |
3.09 |
9.86 |
| Debt to NOPAT |
|
0.00 |
6.17 |
6.37 |
4.83 |
2.23 |
2.90 |
3.84 |
3.26 |
6.05 |
3.28 |
13.34 |
| Net Debt to NOPAT |
|
0.00 |
3.64 |
3.98 |
3.79 |
1.41 |
2.08 |
3.10 |
-14.02 |
1.00 |
0.27 |
5.36 |
| Long-Term Debt to NOPAT |
|
0.00 |
3.35 |
3.69 |
2.69 |
0.84 |
1.93 |
2.36 |
2.18 |
4.06 |
3.24 |
13.21 |
| Noncontrolling Interest Sharing Ratio |
|
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
4.35% |
7.58% |
8.48% |
5.70% |
4.05% |
| Liquidity Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
| Cash Flow Metrics |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
| Free Cash Flow to Firm (FCFF) |
|
2,877 |
-3,605 |
-52 |
-126 |
917 |
-75 |
-714 |
144 |
-8,687 |
-31,136 |
2,407 |
| Operating Cash Flow to CapEx |
|
220.34% |
259.72% |
281.65% |
434.64% |
327.10% |
478.11% |
284.85% |
-267.92% |
305.70% |
186.27% |
232.53% |
| Free Cash Flow to Firm to Interest Expense |
|
57.14 |
-81.38 |
-1.22 |
-2.87 |
24.89 |
-0.81 |
-7.44 |
2.36 |
-18.60 |
-8.46 |
0.46 |
| Operating Cash Flow to Interest Expense |
|
3.62 |
5.26 |
5.35 |
8.11 |
12.31 |
6.24 |
3.92 |
-4.66 |
5.98 |
0.72 |
0.57 |
| Operating Cash Flow Less CapEx to Interest Expense |
|
1.98 |
3.24 |
3.45 |
6.25 |
8.55 |
4.94 |
2.54 |
-6.39 |
4.02 |
0.33 |
0.33 |
| Efficiency Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
| Asset Turnover |
|
0.10 |
0.09 |
0.04 |
0.05 |
0.05 |
0.05 |
0.04 |
0.04 |
0.06 |
0.12 |
0.04 |
| Fixed Asset Turnover |
|
0.00 |
0.00 |
1.17 |
1.39 |
1.37 |
1.41 |
1.49 |
0.00 |
0.00 |
2.05 |
1.08 |
| Capital & Investment Metrics |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
| Invested Capital |
|
355 |
4,171 |
4,449 |
4,898 |
4,381 |
4,913 |
6,119 |
6,522 |
16,307 |
58,909 |
59,279 |
| Invested Capital Turnover |
|
0.61 |
0.62 |
0.31 |
0.34 |
0.35 |
0.37 |
0.34 |
0.30 |
0.45 |
0.50 |
0.17 |
| Increase / (Decrease) in Invested Capital |
|
-2,738 |
3,816 |
278 |
449 |
-517 |
532 |
1,206 |
403 |
9,785 |
42,602 |
370 |
| Enterprise Value (EV) |
|
2,350 |
3,776 |
5,056 |
5,966 |
4,939 |
6,583 |
7,446 |
751 |
12,906 |
24,546 |
45,314 |
| Market Capitalization |
|
2,350 |
3,012 |
4,159 |
4,738 |
4,374 |
5,632 |
5,579 |
8,080 |
10,923 |
20,528 |
29,560 |
| Book Value per Share |
|
($5.51) |
$239.14 |
$250.82 |
$277.60 |
$295.41 |
$333.97 |
$396.21 |
$448.03 |
$605.43 |
$1,403.16 |
$1,525.93 |
| Tangible Book Value per Share |
|
($20.04) |
$219.92 |
$231.78 |
$258.97 |
$269.28 |
$295.08 |
$355.35 |
$410.84 |
$571.92 |
$1,357.84 |
$1,483.40 |
| Total Capital |
|
-53 |
4,171 |
4,449 |
4,898 |
4,381 |
4,913 |
6,119 |
6,522 |
16,307 |
58,909 |
59,279 |
| Total Debt |
|
0.00 |
1,299 |
1,436 |
1,564 |
892 |
1,327 |
1,890 |
1,784 |
6,645 |
37,654 |
37,051 |
| Total Long-Term Debt |
|
0.00 |
704 |
833 |
870 |
334 |
884 |
1,160 |
1,195 |
4,459 |
37,169 |
36,684 |
| Net Debt |
|
0.00 |
765 |
897 |
1,228 |
565 |
950 |
1,528 |
-7,669 |
1,102 |
3,137 |
14,873 |
| Capital Expenditures (CapEx) |
|
83 |
90 |
82 |
82 |
139 |
121 |
132 |
106 |
913 |
1,428 |
1,285 |
| Net Nonoperating Expense (NNE) |
|
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
| Net Nonoperating Obligations (NNO) |
|
408 |
1,299 |
1,436 |
1,564 |
892 |
1,327 |
1,890 |
1,784 |
6,645 |
37,654 |
37,051 |
| Total Depreciation and Amortization (D&A) |
|
34 |
26 |
66 |
74 |
88 |
100 |
133 |
143 |
533 |
-57 |
130 |
| Earnings Adjustments |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
| Adjusted Basic Earnings per Share |
|
$13.56 |
$17.52 |
$18.77 |
$26.96 |
$33.53 |
$41.05 |
$47.50 |
$53.88 |
$67.47 |
$785.14 |
$189.42 |
| Adjusted Weighted Average Basic Shares Outstanding |
|
10.22M |
12.01M |
12.01M |
12.01M |
11.94M |
11.14M |
10.06M |
9.82M |
15.53M |
14.53M |
14.34M |
| Adjusted Diluted Earnings per Share |
|
$0.00 |
$0.00 |
$0.00 |
$26.96 |
$0.00 |
$41.05 |
$0.00 |
$0.00 |
$67.40 |
$784.51 |
$189.41 |
| Adjusted Weighted Average Diluted Shares Outstanding |
|
12.01M |
12.01M |
12.01M |
12.01M |
11.53M |
10.51M |
9.82M |
15.98M |
15.55M |
14.54M |
14.34M |
| Adjusted Basic & Diluted Earnings per Share |
|
$0.00 |
$0.00 |
$0.00 |
$26.96 |
$0.00 |
$41.05 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
| Adjusted Weighted Average Basic & Diluted Shares Outstanding |
|
12.01M |
12.01M |
12.01M |
12.01M |
11.53M |
10.51M |
9.82M |
15.98M |
14.51M |
14.52M |
13.58M |
| Normalized Net Operating Profit after Tax (NOPAT) |
|
147 |
219 |
229 |
329 |
405 |
471 |
506 |
570 |
1,284 |
11,912 |
2,939 |
| Normalized NOPAT Margin |
|
14.00% |
15.76% |
17.32% |
20.81% |
25.20% |
27.25% |
27.11% |
30.01% |
25.27% |
63.41% |
30.12% |
| Pre Tax Income Margin |
|
19.33% |
23.88% |
26.56% |
34.37% |
31.30% |
34.28% |
33.14% |
36.93% |
26.80% |
64.28% |
36.81% |
| Debt Service Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
| EBIT to Interest Expense |
|
4.04 |
7.50 |
8.15 |
12.41 |
13.66 |
6.39 |
6.44 |
11.49 |
2.92 |
3.28 |
0.69 |
| NOPAT to Interest Expense |
|
2.75 |
4.75 |
5.23 |
7.39 |
10.86 |
4.94 |
5.13 |
8.97 |
2.35 |
3.12 |
0.53 |
| EBIT Less CapEx to Interest Expense |
|
2.40 |
5.48 |
6.25 |
10.55 |
9.90 |
5.09 |
5.06 |
9.75 |
0.96 |
2.89 |
0.44 |
| NOPAT Less CapEx to Interest Expense |
|
1.11 |
2.72 |
3.33 |
5.53 |
7.10 |
3.63 |
3.75 |
7.23 |
0.40 |
2.73 |
0.29 |
| Payout Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
| Dividend Payout Ratio |
|
8.33% |
8.56% |
6.39% |
4.45% |
4.19% |
3.97% |
6.10% |
7.68% |
7.56% |
1.02% |
5.69% |
| Augmented Payout Ratio |
|
8.33% |
8.56% |
6.39% |
4.45% |
44.93% |
103.04% |
73.98% |
7.68% |
120.49% |
1.02% |
65.03% |
Quarterly Metrics And Ratios for First Citizens BancShares
This table displays calculated financial ratios and metrics derived from First Citizens BancShares' official financial filings.
| Metric |
|
Q4 2022 |
Q1 2023 |
Q2 2023 |
Q3 2023 |
Q4 2023 |
Q1 2024 |
Q2 2024 |
Q3 2024 |
Q4 2024 |
Q1 2025 |
Q2 2025 |
| Growth Metrics |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
| Revenue Growth |
|
161.36% |
641.09% |
133.01% |
112.13% |
99.35% |
-78.00% |
-6.07% |
-6.10% |
-1.87% |
-5.97% |
-3.54% |
| EBITDA Growth |
|
171.13% |
2,730.38% |
77.37% |
64.52% |
27.00% |
-89.66% |
14.27% |
2.23% |
24.25% |
-25.00% |
-12.89% |
| EBIT Growth |
|
156.21% |
4,109.33% |
165.88% |
144.36% |
81.89% |
-89.40% |
9.26% |
-12.44% |
3.23% |
-35.16% |
-22.57% |
| NOPAT Growth |
|
108.94% |
3,412.18% |
167.45% |
138.73% |
100.00% |
-92.32% |
3.67% |
-15.03% |
36.19% |
-33.93% |
-18.67% |
| Net Income Growth |
|
108.94% |
3,412.18% |
167.45% |
138.73% |
100.00% |
-92.32% |
3.67% |
-15.03% |
36.19% |
-33.93% |
-18.67% |
| EPS Growth |
|
37.22% |
3,814.01% |
208.68% |
163.22% |
106.93% |
-92.46% |
3.64% |
-14.31% |
43.29% |
-30.02% |
-10.90% |
| Operating Cash Flow Growth |
|
729.92% |
-162.74% |
40.06% |
138.14% |
-14.52% |
227.35% |
-54.48% |
-17.76% |
24.20% |
-78.74% |
106.00% |
| Free Cash Flow Firm Growth |
|
-3,301.86% |
-469.81% |
-422.06% |
-243.72% |
-341.73% |
115.87% |
101.52% |
96.81% |
100.78% |
-112.48% |
-83.33% |
| Invested Capital Growth |
|
150.03% |
371.14% |
296.73% |
219.66% |
261.25% |
-9.07% |
0.06% |
3.25% |
0.63% |
2.21% |
0.77% |
| Revenue Q/Q Growth |
|
0.24% |
802.44% |
-76.42% |
-0.53% |
-5.80% |
-0.41% |
0.65% |
-0.57% |
-1.55% |
-4.57% |
3.26% |
| EBITDA Q/Q Growth |
|
-3.31% |
1,724.14% |
-91.02% |
3.83% |
-25.36% |
48.50% |
-0.71% |
-7.11% |
-9.29% |
-10.36% |
15.32% |
| EBIT Q/Q Growth |
|
-3.92% |
2,316.07% |
-90.54% |
11.27% |
-28.49% |
40.81% |
-2.49% |
-10.83% |
-15.69% |
-11.55% |
16.44% |
| NOPAT Q/Q Growth |
|
-18.41% |
3,603.50% |
-92.83% |
10.26% |
-31.65% |
42.22% |
-3.28% |
-9.62% |
9.55% |
-31.00% |
19.05% |
| Net Income Q/Q Growth |
|
-18.41% |
3,603.50% |
-92.83% |
10.26% |
-31.65% |
42.22% |
-3.28% |
-9.62% |
9.55% |
-31.00% |
19.05% |
| EPS Q/Q Growth |
|
-13.82% |
3,839.96% |
-92.98% |
10.46% |
-32.25% |
43.49% |
-3.49% |
-8.67% |
13.29% |
-29.92% |
22.89% |
| Operating Cash Flow Q/Q Growth |
|
108.30% |
-134.35% |
353.04% |
31.55% |
-25.23% |
-48.83% |
-9.54% |
137.65% |
12.92% |
-91.24% |
776.53% |
| Free Cash Flow Firm Q/Q Growth |
|
16.40% |
-340.07% |
-5.24% |
11.23% |
-7.44% |
115.81% |
-89.90% |
-285.86% |
126.42% |
-351.52% |
113.49% |
| Invested Capital Q/Q Growth |
|
-10.28% |
300.50% |
-8.27% |
-3.02% |
1.39% |
0.81% |
0.94% |
0.07% |
-1.18% |
2.40% |
-0.48% |
| Profitability Metrics |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
| EBITDA Margin |
|
42.73% |
86.37% |
32.91% |
34.36% |
27.22% |
40.59% |
40.04% |
37.41% |
34.47% |
32.38% |
36.16% |
| EBIT Margin |
|
31.84% |
85.26% |
34.21% |
38.27% |
29.05% |
41.08% |
39.80% |
35.69% |
30.56% |
28.33% |
31.94% |
| Profit (Net Income) Margin |
|
20.88% |
85.68% |
26.04% |
28.87% |
20.95% |
29.91% |
28.74% |
26.12% |
29.07% |
21.02% |
24.23% |
| Tax Burden Percent |
|
65.56% |
100.50% |
76.12% |
75.43% |
72.09% |
72.81% |
72.22% |
73.20% |
95.11% |
74.19% |
75.86% |
| Interest Burden Percent |
|
100.00% |
100.00% |
100.00% |
100.00% |
100.00% |
100.00% |
100.00% |
100.00% |
100.00% |
100.00% |
100.00% |
| Effective Tax Rate |
|
34.44% |
-0.50% |
23.88% |
24.57% |
27.91% |
27.19% |
27.78% |
26.80% |
4.89% |
25.81% |
24.14% |
| Return on Invested Capital (ROIC) |
|
9.30% |
31.80% |
11.24% |
13.29% |
10.46% |
4.86% |
4.78% |
4.34% |
4.80% |
3.36% |
3.84% |
| ROIC Less NNEP Spread (ROIC-NNEP) |
|
9.30% |
31.80% |
11.24% |
13.29% |
10.46% |
4.86% |
4.78% |
4.34% |
4.80% |
3.36% |
3.84% |
| Return on Net Nonoperating Assets (RNNOA) |
|
5.44% |
52.72% |
16.48% |
20.26% |
14.99% |
9.89% |
8.77% |
7.52% |
8.25% |
5.79% |
6.47% |
| Return on Equity (ROE) |
|
14.74% |
84.52% |
27.72% |
33.55% |
25.46% |
14.75% |
13.55% |
11.85% |
13.05% |
9.15% |
10.31% |
| Cash Return on Invested Capital (CROIC) |
|
-76.11% |
-103.83% |
-90.75% |
-75.29% |
-82.79% |
13.79% |
4.45% |
1.19% |
4.07% |
2.03% |
3.21% |
| Operating Return on Assets (OROA) |
|
1.93% |
7.75% |
3.49% |
4.16% |
3.38% |
1.92% |
1.85% |
1.61% |
1.36% |
1.22% |
1.35% |
| Return on Assets (ROA) |
|
1.27% |
7.79% |
2.66% |
3.14% |
2.44% |
1.40% |
1.33% |
1.18% |
1.30% |
0.90% |
1.03% |
| Return on Common Equity (ROCE) |
|
13.49% |
79.52% |
26.11% |
31.60% |
24.00% |
14.43% |
12.99% |
11.37% |
12.52% |
8.97% |
9.90% |
| Return on Equity Simple (ROE_SIMPLE) |
|
0.00% |
53.84% |
54.48% |
54.98% |
0.00% |
12.26% |
12.02% |
11.35% |
0.00% |
11.34% |
10.75% |
| Net Operating Profit after Tax (NOPAT) |
|
257 |
9,518 |
682 |
752 |
514 |
731 |
707 |
639 |
700 |
483 |
575 |
| NOPAT Margin |
|
20.88% |
85.68% |
26.04% |
28.87% |
20.95% |
29.91% |
28.74% |
26.12% |
29.07% |
21.02% |
24.23% |
| Net Nonoperating Expense Percent (NNEP) |
|
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
| SG&A Expenses to Revenue |
|
42.65% |
5.39% |
40.82% |
37.70% |
39.77% |
40.06% |
40.94% |
43.21% |
44.68% |
47.95% |
45.89% |
| Operating Expenses to Revenue |
|
61.74% |
7.70% |
60.02% |
54.36% |
60.80% |
56.30% |
56.34% |
59.53% |
63.00% |
64.97% |
63.21% |
| Earnings before Interest and Taxes (EBIT) |
|
392 |
9,471 |
896 |
997 |
713 |
1,004 |
979 |
873 |
736 |
651 |
758 |
| Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) |
|
526 |
9,595 |
862 |
895 |
668 |
992 |
985 |
915 |
830 |
744 |
858 |
| Valuation Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
| Price to Book Value (P/BV) |
|
1.24 |
0.77 |
0.98 |
1.02 |
1.01 |
1.09 |
1.13 |
1.21 |
1.38 |
1.18 |
1.21 |
| Price to Tangible Book Value (P/TBV) |
|
1.32 |
0.80 |
1.02 |
1.06 |
1.04 |
1.12 |
1.17 |
1.25 |
1.42 |
1.21 |
1.25 |
| Price to Revenue (P/Rev) |
|
2.15 |
0.96 |
1.15 |
1.14 |
1.09 |
2.34 |
2.46 |
2.72 |
3.03 |
2.62 |
2.73 |
| Price to Earnings (P/E) |
|
10.42 |
1.37 |
1.73 |
1.79 |
1.80 |
9.06 |
9.26 |
10.53 |
10.88 |
10.20 |
11.12 |
| Dividend Yield |
|
0.29% |
0.25% |
0.21% |
0.22% |
0.28% |
0.29% |
0.34% |
0.36% |
0.33% |
0.39% |
0.38% |
| Earnings Yield |
|
9.59% |
73.18% |
57.72% |
55.87% |
55.57% |
11.04% |
10.80% |
9.50% |
9.19% |
9.80% |
8.99% |
| Enterprise Value to Invested Capital (EV/IC) |
|
0.79 |
0.32 |
0.35 |
0.36 |
0.42 |
0.50 |
0.61 |
0.64 |
0.76 |
0.64 |
0.63 |
| Enterprise Value to Revenue (EV/Rev) |
|
2.54 |
1.42 |
1.29 |
1.20 |
1.31 |
2.94 |
3.68 |
3.89 |
4.64 |
4.05 |
3.98 |
| Enterprise Value to EBITDA (EV/EBITDA) |
|
6.81 |
1.88 |
1.81 |
1.77 |
2.04 |
8.71 |
10.36 |
10.72 |
12.17 |
11.21 |
11.33 |
| Enterprise Value to EBIT (EV/EBIT) |
|
9.48 |
1.97 |
1.86 |
1.79 |
2.03 |
8.25 |
9.93 |
10.70 |
12.62 |
12.03 |
12.56 |
| Enterprise Value to NOPAT (EV/NOPAT) |
|
11.75 |
2.02 |
1.93 |
1.88 |
2.14 |
11.11 |
13.56 |
14.73 |
16.32 |
15.40 |
15.82 |
| Enterprise Value to Operating Cash Flow (EV/OCF) |
|
4.62 |
11.29 |
9.85 |
7.49 |
9.23 |
8.55 |
12.29 |
13.78 |
15.17 |
14.84 |
12.36 |
| Enterprise Value to Free Cash Flow (EV/FCFF) |
|
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
3.46 |
13.74 |
54.30 |
18.83 |
32.04 |
19.61 |
| Leverage & Solvency |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
| Debt to Equity |
|
0.69 |
2.40 |
2.03 |
1.85 |
1.77 |
1.72 |
1.67 |
1.63 |
1.67 |
1.72 |
1.71 |
| Long-Term Debt to Equity |
|
0.46 |
2.35 |
2.01 |
1.83 |
1.75 |
1.70 |
1.65 |
1.61 |
1.65 |
1.70 |
1.69 |
| Financial Leverage |
|
0.59 |
1.66 |
1.47 |
1.52 |
1.43 |
2.04 |
1.84 |
1.73 |
1.72 |
1.72 |
1.69 |
| Leverage Ratio |
|
11.64 |
10.85 |
10.43 |
10.69 |
10.45 |
10.53 |
10.16 |
10.05 |
10.06 |
10.12 |
10.04 |
| Compound Leverage Factor |
|
11.64 |
10.85 |
10.43 |
10.69 |
10.45 |
10.53 |
10.16 |
10.05 |
10.06 |
10.12 |
10.04 |
| Debt to Total Capital |
|
40.75% |
70.58% |
67.00% |
64.91% |
63.92% |
63.21% |
62.49% |
61.95% |
62.50% |
63.27% |
63.09% |
| Short-Term Debt to Total Capital |
|
13.41% |
1.54% |
0.76% |
0.78% |
0.82% |
0.67% |
0.64% |
0.65% |
0.62% |
0.74% |
0.78% |
| Long-Term Debt to Total Capital |
|
27.34% |
69.03% |
66.24% |
64.13% |
63.10% |
62.55% |
61.84% |
61.29% |
61.88% |
62.53% |
62.31% |
| Preferred Equity to Total Capital |
|
5.40% |
1.35% |
1.47% |
1.52% |
1.50% |
0.00% |
1.47% |
1.47% |
1.49% |
1.45% |
1.46% |
| Noncontrolling Interests to Total Capital |
|
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
| Common Equity to Total Capital |
|
53.85% |
28.07% |
31.53% |
33.58% |
34.59% |
36.79% |
36.04% |
36.59% |
36.01% |
35.28% |
35.45% |
| Debt to EBITDA |
|
3.51 |
4.13 |
3.48 |
3.17 |
3.13 |
10.99 |
10.58 |
10.44 |
9.95 |
11.06 |
11.39 |
| Net Debt to EBITDA |
|
0.58 |
0.54 |
0.12 |
0.02 |
0.26 |
1.77 |
3.20 |
2.99 |
4.00 |
3.71 |
3.30 |
| Long-Term Debt to EBITDA |
|
2.35 |
4.04 |
3.44 |
3.14 |
3.09 |
10.87 |
10.47 |
10.33 |
9.86 |
10.93 |
11.25 |
| Debt to NOPAT |
|
6.05 |
4.46 |
3.73 |
3.36 |
3.28 |
14.01 |
13.85 |
14.34 |
13.34 |
15.19 |
15.90 |
| Net Debt to NOPAT |
|
1.00 |
0.58 |
0.13 |
0.02 |
0.27 |
2.26 |
4.19 |
4.11 |
5.36 |
5.10 |
4.61 |
| Long-Term Debt to NOPAT |
|
4.06 |
4.36 |
3.68 |
3.32 |
3.24 |
13.87 |
13.71 |
14.19 |
13.21 |
15.01 |
15.70 |
| Noncontrolling Interest Sharing Ratio |
|
8.48% |
5.92% |
5.79% |
5.83% |
5.70% |
2.15% |
4.17% |
4.08% |
4.05% |
2.00% |
3.93% |
| Liquidity Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
| Cash Flow Metrics |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
| Free Cash Flow to Firm (FCFF) |
|
-9,528 |
-41,930 |
-44,127 |
-39,173 |
-42,088 |
6,653 |
672 |
-1,249 |
330 |
-830 |
112 |
| Operating Cash Flow to CapEx |
|
276.64% |
-121.07% |
270.21% |
614.80% |
151.68% |
210.50% |
138.54% |
233.18% |
329.12% |
46.67% |
306.79% |
| Free Cash Flow to Firm to Interest Expense |
|
-40.03 |
-116.15 |
-44.48 |
-34.98 |
-34.90 |
5.25 |
0.51 |
-0.93 |
0.26 |
-0.67 |
0.09 |
| Operating Cash Flow to Interest Expense |
|
4.43 |
-1.00 |
0.92 |
1.08 |
0.75 |
0.36 |
0.32 |
0.74 |
0.87 |
0.08 |
0.69 |
| Operating Cash Flow Less CapEx to Interest Expense |
|
2.83 |
-1.83 |
0.58 |
0.90 |
0.25 |
0.19 |
0.09 |
0.42 |
0.60 |
-0.09 |
0.46 |
| Efficiency Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
| Asset Turnover |
|
0.06 |
0.09 |
0.10 |
0.11 |
0.12 |
0.05 |
0.05 |
0.05 |
0.04 |
0.04 |
0.04 |
| Fixed Asset Turnover |
|
0.00 |
1.51 |
1.64 |
1.77 |
2.05 |
0.97 |
1.03 |
1.00 |
1.08 |
0.96 |
1.03 |
| Capital & Investment Metrics |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
| Invested Capital |
|
16,307 |
65,310 |
59,910 |
58,101 |
58,909 |
59,388 |
59,945 |
59,989 |
59,279 |
60,701 |
60,408 |
| Invested Capital Turnover |
|
0.45 |
0.37 |
0.43 |
0.46 |
0.50 |
0.16 |
0.17 |
0.17 |
0.17 |
0.16 |
0.16 |
| Increase / (Decrease) in Invested Capital |
|
9,785 |
51,448 |
44,809 |
39,925 |
42,602 |
-5,922 |
35 |
1,888 |
370 |
1,313 |
463 |
| Enterprise Value (EV) |
|
12,906 |
20,913 |
20,824 |
21,058 |
24,546 |
29,768 |
36,676 |
38,171 |
45,314 |
38,957 |
37,919 |
| Market Capitalization |
|
10,923 |
14,058 |
18,567 |
19,960 |
20,528 |
23,718 |
24,462 |
26,631 |
29,560 |
25,174 |
25,999 |
| Book Value per Share |
|
$605.43 |
$1,263.79 |
$1,300.96 |
$1,343.52 |
$1,403.16 |
$1,503.31 |
$1,487.02 |
$1,517.15 |
$1,525.93 |
$1,577.20 |
$1,611.50 |
| Tangible Book Value per Share |
|
$571.92 |
$1,214.85 |
$1,253.24 |
$1,297.04 |
$1,357.84 |
$1,459.20 |
$1,443.94 |
$1,474.91 |
$1,483.40 |
$1,534.48 |
$1,568.83 |
| Total Capital |
|
16,307 |
65,310 |
59,910 |
58,101 |
58,909 |
59,388 |
59,945 |
59,989 |
59,279 |
60,701 |
60,408 |
| Total Debt |
|
6,645 |
46,094 |
40,139 |
37,712 |
37,654 |
37,540 |
37,458 |
37,161 |
37,051 |
38,406 |
38,112 |
| Total Long-Term Debt |
|
4,459 |
45,085 |
39,685 |
37,259 |
37,169 |
37,145 |
37,072 |
36,770 |
36,684 |
37,956 |
37,641 |
| Net Debt |
|
1,102 |
5,974 |
1,376 |
217 |
3,137 |
6,050 |
11,333 |
10,659 |
14,873 |
12,902 |
11,039 |
| Capital Expenditures (CapEx) |
|
381 |
299 |
339 |
196 |
594 |
219 |
301 |
425 |
340 |
210 |
280 |
| Net Nonoperating Expense (NNE) |
|
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
| Net Nonoperating Obligations (NNO) |
|
6,645 |
46,094 |
40,139 |
37,712 |
37,654 |
37,540 |
37,458 |
37,161 |
37,051 |
38,406 |
38,112 |
| Total Depreciation and Amortization (D&A) |
|
134 |
124 |
-34 |
-102 |
-45 |
-12 |
6.00 |
42 |
94 |
93 |
100 |
| Earnings Adjustments |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
| Adjusted Basic Earnings per Share |
|
$16.63 |
$654.22 |
$45.90 |
$50.71 |
$34.31 |
$49.27 |
$47.54 |
$43.42 |
$49.19 |
$34.47 |
$42.36 |
| Adjusted Weighted Average Basic Shares Outstanding |
|
15.53M |
14.53M |
14.53M |
14.53M |
14.53M |
14.53M |
14.53M |
14.38M |
14.34M |
13.58M |
13.24M |
| Adjusted Diluted Earnings per Share |
|
$16.59 |
$653.64 |
$45.87 |
$50.67 |
$34.33 |
$49.26 |
$47.54 |
$43.42 |
$49.19 |
$34.47 |
$42.36 |
| Adjusted Weighted Average Diluted Shares Outstanding |
|
15.55M |
14.54M |
14.54M |
14.54M |
14.54M |
14.54M |
14.53M |
14.38M |
14.34M |
13.58M |
13.24M |
| Adjusted Basic & Diluted Earnings per Share |
|
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
| Adjusted Weighted Average Basic & Diluted Shares Outstanding |
|
14.51M |
14.52M |
14.52M |
14.52M |
14.52M |
14.53M |
14.47M |
13.99M |
13.58M |
13.29M |
12.92M |
| Normalized Net Operating Profit after Tax (NOPAT) |
|
276 |
6,649 |
838 |
843 |
598 |
773 |
739 |
673 |
759 |
514 |
604 |
| Normalized NOPAT Margin |
|
22.42% |
59.86% |
32.00% |
32.37% |
24.35% |
31.64% |
30.03% |
27.50% |
31.52% |
22.37% |
25.45% |
| Pre Tax Income Margin |
|
31.84% |
85.26% |
34.21% |
38.27% |
29.05% |
41.08% |
39.80% |
35.69% |
30.56% |
28.33% |
31.94% |
| Debt Service Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
| EBIT to Interest Expense |
|
1.65 |
26.24 |
0.90 |
0.89 |
0.59 |
0.79 |
0.75 |
0.65 |
0.57 |
0.53 |
0.61 |
| NOPAT to Interest Expense |
|
1.08 |
26.37 |
0.69 |
0.67 |
0.43 |
0.58 |
0.54 |
0.48 |
0.54 |
0.39 |
0.46 |
| EBIT Less CapEx to Interest Expense |
|
0.05 |
25.41 |
0.56 |
0.72 |
0.10 |
0.62 |
0.52 |
0.33 |
0.31 |
0.36 |
0.38 |
| NOPAT Less CapEx to Interest Expense |
|
-0.52 |
25.54 |
0.35 |
0.50 |
-0.07 |
0.40 |
0.31 |
0.16 |
0.28 |
0.22 |
0.24 |
| Payout Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
| Dividend Payout Ratio |
|
7.56% |
0.92% |
0.90% |
0.92% |
1.02% |
4.85% |
5.29% |
5.98% |
5.69% |
6.37% |
6.76% |
| Augmented Payout Ratio |
|
120.49% |
0.92% |
0.90% |
4.92% |
1.02% |
4.85% |
5.29% |
33.00% |
65.03% |
95.97% |
126.87% |
Key Financial Trends
First Citizens BancShares (NASDAQ:FCNCO) has demonstrated solid financial performance over the past four years, with steady growth in net income, revenue, and balance sheet strength, despite some fluctuations in expenses and investment activities.
Positive Trends:
- Net income has shown consistent growth from $257 million in Q4 2022 to $575 million in Q2 2025, indicating improving profitability.
- Total revenue increased steadily, reaching $2.37 billion in Q2 2025 from $1.23 billion in Q4 2022, driven by higher net interest income and non-interest income.
- Net interest income remains strong, increasing from $802 million in Q4 2022 to $1.70 billion in Q4 2024 before stabilizing around $1.70 billion in 2025, showing effective core lending and deposit activities.
- Loans and leases assets grew from approximately $133 billion in Q2 2023 to $141 billion in Q2 2025, indicating expansion in the bank's lending portfolio.
- Deposits increased significantly, with interest-bearing deposits rising from around $96.6 billion in Q2 2024 to $119 billion by Q2 2025, supporting asset growth and liquidity.
- Maintained a strong capital base with common equity rising slightly to $21.4 billion by Q2 2025, supporting balance sheet stability.
- Provision for loan losses normalized relative to loan growth, standing at $115 million in Q2 2025, reflecting credit quality management.
- Consistent payment and slight increases in dividends to shareholders, reflecting steady cash flow and commitment to shareholder returns.
- Repurchase of common equity signals confidence by management in the company’s valuation and future prospects, with $613 million repurchased in Q2 2025.
- Operating cash flow is robust, with net cash from continuing operating activities reaching $859 million in Q2 2025, supporting ongoing business operations.
Neutral Observations:
- Non-interest income shows variability but overall steady contribution to total revenue (~$630-$700 million quarterly), providing revenue diversification.
- Depreciation and amortization expenses remained stable near $100 million quarterly, indicating consistent investment in equipment and intangible assets.
- Long-term debt has remained relatively constant in the range of $37 billion to $39.5 billion over recent quarters, reflecting stable financing structure.
- Allowance for loan and lease losses remains near $1.6-$1.7 billion, appropriate given the size of the loan portfolio.
- Cash and equivalents fluctuated but generally maintain a healthy level around $800 million to $900 million, supporting liquidity needs.
Negative Factors / Risks:
- Interest expense on deposits and long-term debt increased from $238 million in Q4 2022 to around $1.25 billion in 2025, compressing net interest margins.
- Provision for credit losses spiked to $249 million in Q4 2023 but has since moderated; elevated provisions may impact earnings in downturns.
- Investing activities show significant cash outflow related to purchases of investment securities, for example, over $1.1 billion in Q2 2025, which may affect liquidity.
- Cash interest paid significantly increased, reaching nearly $1.2 billion in Q2 2025, possibly reducing free cash flow.
- Restructuring charges have been non-trivial, e.g., $116 million in Q4 2023 and $38 million in Q2 2025, representing management costs or operational adjustments.
Summary: First Citizens BancShares has shown strong revenue and income growth, supported by an expanding loan and deposit base and solid operating cash flow. The company manages credit risk prudently, with provisions trending moderately relative to loan growth. However, rising interest expenses and significant investing cash outflows warrant monitoring as they impact margins and liquidity. The ongoing repurchase of shares and steady dividends demonstrate management’s confidence and commitment to shareholders. Overall, the financials depict a growing and well-capitalized banking franchise with a stable operating profile.
10/25/25 05:28 PM ETAI Generated. May Contain Errors.