First Citizens BancShares, Inc. Class A ( (FCNCA) ) has released its Q4 earnings. Here is a breakdown of the information First Citizens BancShares, Inc. Class A presented to its investors.
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First Citizens BancShares, Inc., trading under the Nasdaq symbol FCNCA, is a major U.S. financial institution headquartered in Raleigh, North Carolina. The company operates in the banking sector and is known for its comprehensive banking services, including commercial and innovation banking, wealth management, and a nationwide direct bank network.
The company has reported strong financial results for the fourth quarter of 2024, highlighting a significant increase in net income from the previous quarter. The company’s loan and deposit growth across all segments has been promising, demonstrating its robust performance and resilience in the face of recent natural disasters affecting various regions.
In detail, First Citizens BancShares recorded a net income of $700 million for Q4 2024, a rise from the $639 million reported in Q3 2024. The company also noted a 4.4% annualized increase in loans and leases, totaling $140.22 billion, and a 9.6% annualized growth in deposits, reaching $155.23 billion. Despite a decrease in net interest income, the company saw an increase in noninterest income, primarily driven by favorable adjustments in marketable equity securities and gains from leasing equipment sales. Noninterest expenses rose due to acquisition-related costs and a commitment to disaster relief efforts.
Looking forward, First Citizens BancShares remains committed to maintaining a strong capital and liquidity position, with capital ratios well above regulatory requirements. The company plans to continue its share repurchase program and investment in technology, indicating a strategic focus on long-term growth and stability.
