Reported Q: Q3 2024 Rev YoY: +2.2% EPS YoY: -14.4% Move: +1.73%
First Citizens BancShares
FCNCB
$1 770.08 1.73%
Exchange OTC Sector Financial Services Industry Banks Regional
Q3 2024
Published: Nov 7, 2024

Company Status Snapshot

Fast view of the latest quarter outcome for FCNCB

Reported

Report Date

Nov 7, 2024

Quarter Q3 2024

Revenue

3.78B

YoY: +2.2%

EPS

43.41

YoY: -14.4%

Market Move

+1.73%

Previous quarter: Q2 2024

Follow this company to get upcoming quarter alerts automatically.

Earnings Highlights

  • Revenue of $3.78B up 2.2% year-over-year
  • EPS of $43.41 decreased by 14.4% from previous year
  • Gross margin of 61.4%
  • Net income of 639.00M
  • "During the third quarter, we repurchased over 350,000 shares of Class A common stock for a total price of approximately $700 million." - Frank Holding
FCNCB
Company FCNCB

Executive Summary

First Citizens BancShares reported a solid Q3 2024 despite ongoing rate headwinds and the ongoing integration of the SVB acquisition. Headline net interest income (NII) was down modestly from Q2 as lower accretion income and higher deposit costs offset higher loan, ex-accretion, and investment income. The headline net interest margin (NIM) was 3.53%, with ex-accretion NIM at 3.33%, placing the company among leading peers on core margin metrics. Deposits grew 0.3% sequentially, driven by branch-network expansion, and the SVB Commercial franchise showed resilience with deposits up modestly and a strong pipeline in Global Fund Banking (GFB). Loans declined 0.5% sequentially, largely due to paydowns in SVB Commercial and lower draws in GFB, though average loan balances rose versus Q2 as core banking segments posted growth. Management signaled confidence in capital strength and buyback strategy, repurchasing approximately 28% of the board-approved $3.5 billion program through October 22, 2024, and reiterated a commitment to achieving CET1 x-loss of 10.5–11% by end-2025 through ongoing buybacks and capital management. The outlook entails modest Q4 loan growth (flat to low single digits) and a full-year NII of $7.1–$7.2 billion, with accretion expected to fall by over $200 million for the year. Given an asset-sensitive balance sheet, the company emphasizes flexibility to navigate multiple rate environments and maintain tangible book value growth over time.

Key Performance Indicators

Revenue
Increasing
3.78B
QoQ: 2.05% | YoY: 2.16%
Gross Profit
Decreasing
2.32B
61.43% margin
QoQ: 0.91% | YoY: -2.76%
Operating Income
Decreasing
873.00M
QoQ: -10.83% | YoY: -12.44%
Net Income
Decreasing
639.00M
QoQ: -9.62% | YoY: -15.03%
EPS
Decreasing
43.41
QoQ: -8.69% | YoY: -14.43%

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