earnings
confidence high
sentiment negative
materiality 0.78
First Citizens Q3 net income $639M ($43.42 EPS), down 15% YoY; NIM 3.53%, credit weakens
FIRST CITIZENS BANCSHARES INC /DE/
2024-Q3 EPS reported
$140.26
revenue$7,350,000,000
- Net income available to common $624M; diluted EPS $43.42, down from $50.67 YoY. Adjusted EPS $45.87.
- Net interest income $1,796M (-9.7% YoY); net interest margin 3.53% vs 4.07% on rate and mix pressure.
- Total loans $138.7B (+4.1% YoY) but SVB Commercial fund banking loans fell to $27.1B.
- Nonaccrual loans ratio 0.90% (vs 0.68% YoY); net charge-offs $145M (0.42% annualized).
- Repurchased ~350,000 shares for $700M in Q3 under July 2024 buyback plan.