First Citizens BancShares (FCNCA) Q4 2024 earnings summary

Executive summary

• Delivered strong Q4 2024 results with adjusted EPS of $45.10, robust loan and deposit growth across all segments, and stable credit quality.

• Achieved adjusted ROE of 11.51% and ROA of 1.14%, with capital and liquidity positions remaining solid; CET1 ratio at 12.99%.

• Repurchased $963 million in Class A shares in Q4, totaling $1.8 billion since plan inception (6.44% of Class A shares); paid $1.95 per share dividend.

• Appointed Matt Snow to the Board, enhancing leadership with deep financial services experience.

• Supported communities affected by wildfires and Hurricanes Helene and Milton through donations and relief efforts.

Financial highlights

• Net income for Q4 2024 was $700 million, up from $639 million in Q3; adjusted net income was $628 million, down 4.7% sequentially.

• Adjusted EPS was $45.10, down from $45.87 in Q3; net interest income totaled $1.71 billion, down $87 million sequentially; NIM fell to 3.32%.

• Adjusted noninterest income rose $42 million sequentially, driven by strong Rail business and commercial segment fees.

• Adjusted noninterest expense increased $39 million sequentially, mainly from higher personnel and technology costs.

• Net charge-offs were $160 million (0.46% of average loans), up from $145 million (0.42%) in Q3.

Outlook and guidance

• FY25 guidance: loans expected at $144–$147 billion, deposits at $154–$157 billion, and net interest income of $6.6–$7.0 billion.

• Net charge-off ratio projected at 35–45 bps for FY25; adjusted noninterest income of $1.95–$2.05 billion and expense of $5.05–$5.20 billion.

• Adjusted efficiency ratio to remain in upper 50% range for 2025; long-term goal is mid-50s.

• Effective tax rate expected at 25.0–26.0%.

• Forward-looking statements highlight risks from economic, regulatory, and geopolitical factors, as well as ongoing industry volatility.