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First Citizens BancShares ( (FCNCA) ) has shared an update.
First Citizens BancShares reported strong financial results for the fourth quarter of 2024, with net income rising to $700 million from the previous quarter. The company experienced growth in loans and deposits across all segments, despite challenges from recent natural disasters. The quarter also saw a repurchase of 461,583 shares of Class A common stock for $963 million. Operational results were affected by acquisition-related expenses, tax changes, and increased noninterest expenses due to integration and relief efforts. Net interest income and margin saw declines, impacted by lower average yields on loans and decreased interest income from deposits. Despite these challenges, noninterest income rose due to gains in leasing equipment sales and favorable market adjustments. The balance sheet reflected growth in loans, investment securities, and deposits, indicating a stable funding mix.
More about First Citizens BancShares
First Citizens BancShares, Inc. operates in the financial services industry, focusing on delivering a range of banking services including loans and deposits. The company is known for its commitment to stable credit, strong capital and liquidity positions, and it actively engages in community support initiatives.
YTD Price Performance: 5.42%
Average Trading Volume: 85,846
Technical Sentiment Consensus Rating: Sell
Current Market Cap: $30.62B
Find detailed analytics on FCNCA stock on TipRanks’ Stock Analysis page.
