First Citizens Q2 EPS $47.54, adj EPS $50.87; authorizes $3.5B share repurchase

FIRST CITIZENS BANCSHARES INC /DE/

2024-Q2 EPS reported $96.80 revenue$4,904,000,000

Net income $707M ($47.54 diluted EPS), up from $682M ($45.87) YoY; adjusted diluted EPS $50.87.
Net interest income $1.82B, down 7% YoY; NIM 3.64% vs 4.11% a year ago.
Total loans $139.3B (+4.8% YoY), deposits $151.1B (+7.0% YoY); SVB segment achieved loan and deposit growth.
Credit quality: nonaccrual loans 0.82%, net charge-off ratio 0.38%; provision for credit losses $95M vs $151M YoY.
Board authorized up to $3.5B share repurchase through 2025; repurchases expected to begin Q3 2024.

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