First Citizens BancShares (FCNCA) reported solid QQ1 2024 earnings driven by a resilient balance sheet, strong efficiency metrics, and meaningful loan growth post-SVB integration. Net income rose 13% QoQ to support adjusted ROE of ~15.0% and ROA of ~1.46% on a quarterly basis, aided by lower net charge-offs and higher noninterest income, even as net interest income declined modestly amid a higher deposit cost environment and reduced accretion. The SVB integration remains a core driver of earnings power, with the bank highlighting its ability to monetize the “post-merger potential” through stronger liquidity, core deposit growth, and a robust wealth platform. Management reiterated a cautious but constructive outlook for 2024, with capital flexibility to support organic growth and potential share repurchases later in the year, subject to regulator feedback. The combination of above-peer NIM in a 3.6–3.7% range, meaningful loan growth (annualized ~6.2%), and a strong liquidity position underpins FCNCA’s ability to navigate a challenging macro environment, driven by ongoing demand in the General Bank and SVB Commercial segments, while the Private Market/innovation economy remains a drag on some pockets of the portfolio. The key questions for investors center on the pace of rate cuts, the evolution of venture funding and IPO activity, and the plan to unwind excess capital toward the targeted CET1 level by 2025 while maintaining growth optionality.