First Citizens BancShares delivered a solid Q4 2024 despite a challenging rate backdrop and ongoing integration dynamics from the SVB acquisition. GAAP revenue of $3.689 billion and net income of $700 million (EPS $49.21) reflect resilient operating momentum, with adjusted EPS of $45.10 per the quarter’s non-GAAP measure, aided by higher core pre-provision net revenue (PPNR) and favorable noninterest income trends. Return on equity (adjusted) stood at 11.51% and ROA at 1.14%, with an adjusted efficiency ratio of 57%, underscoring a well-managed cost base amid continued investment in technology, risk management, and regulatory readiness. The balance sheet remained robust, with total assets of $223.72 billion and Tier 1 capital (CET1) at 12.99% (down 25 bps QoQ due to share repurchases and loss-share benefit dynamics). Notable is the SVB-related mix shift that is being managed: deposits rose 2.4% sequentially to support asset growth, while management signaled a plan to move higher-yielding SVB Commercial deposits off-balance sheet to reduce on-balance sheet funding costs. Management reiterated a disciplined capital return program, repurchasing 6.44% of Class A shares since inception under a $3.5 billion authorization, with approximately 50% of the plan executed and further buybacks anticipated in 2025. Looking forward, FCNCA provided a detailed 2025 outlook anchored to a 0-4 basis point path for Fed funds rate cuts, guiding for $6.6-$7.0 billion of net interest income (NII) for the year, a full-year adjusted non-interest income of $1.95-$2.05 billion, and adjusted non-interest expenses of $5.05-$5.20 billion. The company aims to further reduce its CET1 impact from the SVB loss-sharing arrangement toward a 10.5%-11% end-2025 range and to drive efficiency toward mid-50s in the long run, supported by ongoing technology and risk investments and a focus on core deposits and growth in General Bank and SVB Commercial as rate cuts take hold.