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.