$First Citizens BancShares (FCNCA.US)$The US company listed ...

Revenue has continued to grow over the past 5 years, with a significant 1.5x increase in 2022, mainly due to a large acquisition of assets from Silicon Valley banks. In 2022, preferred stock dividends accounted for 4.6% of net income, with a minimal impact. The return on equity in 2022 was 15.9%.

Revenue growth in the first 3 quarters of 2023 increased by 89%, and net income surged by 12 times to reach $10.9 billion, primarily due to the recognition of $9.54 billion in acquisition gains. Excluding this amount, pre-tax net income roughly doubled.

Over the past 5 years, the asset-liability ratio has increased from 90.2% to 91.2%, currently standing at 90.5%. Goodwill and other intangible assets account for 3.4% of net assets. The common stock capital has increased slightly after the acquisition.

Currently, the P/E ratio is 19.8, the TTM P/E ratio is 1.9, excluding acquisition gains, the P/E ratio is approximately 12, the P/B ratio is 1.1, dividend yield is 0.2%. Considering the potential issues with acquired assets in the future, the large confirmed gains pose long-term risks, making the current valuation temporarily unattractive.