Reported Q: Q2 2024 Rev YoY: +6.0% EPS YoY: +3.6% Move: -0.30%
First Citizens BancShares
FCNCA
$2 154.50 -0.30%
Exchange NASDAQ Sector Financial Services Industry Banks Regional
Q2 2024
Published: Aug 8, 2024

Company Status Snapshot

Fast view of the latest quarter outcome for FCNCA

Reported

Report Date

Aug 8, 2024

Quarter Q2 2024

Revenue

3.71B

YoY: +6.0%

EPS

47.54

YoY: +3.6%

Market Move

-0.30%

Previous quarter: Q1 2024

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Earnings Highlights

  • Revenue of $3.71B up 6% year-over-year
  • EPS of $47.54 increased by 3.6% from previous year
  • Gross margin of 62.1%
  • Net income of 707.00M
  • "This plan puts us on that path [to CET-1 10.5% by end-2025], and we anticipate the plan will be executed over the next four to five quarters. We will update our capital plan in the first half of next year." - Craig Nix
FCNCA
Company FCNCA

Executive Summary

First Citizens BancShares delivered a solid Q2 2024 performance, underscored by resilient profitability, robust loan growth, and a strong capital position following the SVB acquisition. Net income of $707 million and EPS of $47.54 supported a return on equity of 14.05% and a ROA of 1.39%, with revenue of $3.707 billion and a gross margin of approximately 62.1%. The quarter benefited from attractive loan origination across General Bank, Commercial Bank and SVB Commercial segments, alongside continued core deposit growth and strategic cost control. Management signaled a disciplined capital plan, including a $3.5 billion share repurchase program designed to reduce the CET-1 ratio toward a 10.5% target by end-2025, while maintaining capacity for growth and regulatory readiness.

Management also highlighted ongoing SVB integration benefits, including deposit growth and scale efficiencies, the direct bank platform for core deposits, and additional hedging to manage asset sensitivity in a potentially lower-rate environment. As the macro backdrop evolves, FCNCA projects mid-to-high single-digit loan growth in 3Q24 and reiterates full-year NII guidance in the $7.2-$7.3 billion range, with NIM dynamics expected to be influenced by rate cuts, deposit costs, and accretion from the loan portfolio. While near-term lending momentum remains solid, the firm remains vigilant on CRE stress and venture-related exposure, emphasizing prudent credit risk management and reserve adequacy.

Key Performance Indicators

Revenue
Increasing
3.71B
QoQ: 0.11% | YoY: 6.01%
Gross Profit
Decreasing
2.30B
62.13% margin
QoQ: -2.91% | YoY: -2.17%
Operating Income
Increasing
979.00M
QoQ: -2.49% | YoY: 9.26%
Net Income
Increasing
707.00M
QoQ: -3.28% | YoY: 3.67%
EPS
Increasing
47.54
QoQ: -3.51% | YoY: 3.55%

Revenue Trend

Margin Analysis

Historical Earnings Comparison

PeriodRevenue ($M)EPS ($)YoY GrowthReport
Q1 2025 3,530.00 34.47 -4.7% View
Q4 2024 3,689.00 49.21 +0.4% View
Q3 2024 3,783.00 43.41 +2.2% View
Q2 2024 3,707.00 47.54 +6.0% View
Q1 2024 3,703.00 49.26 +129.7% View