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第一公民银行股份报告2024年第三季度收益
北卡罗来纳州罗利- First Citizens BancShares, Inc.（“BancShares”）（纳斯达克：FCNCA）报告了2024年第三季度的收益。
董事长兼首席执行官Frank b. Holding, Jr.表示：“我们取得了另一个强劲的财务业绩季度，基本符合我们的预期。普通银行和商业银行部门的贷款增长保持弹性，而全球货币银行部分的贷款在全球基金银行的偿还水平超过提取活动的情况下出现下降。我们经历了另一个季度的存款增长，主要集中在我们的分行网络，在全球货币银行部分也有适度的存款增长。全球货币银行存款特许经营权的稳定性继续展示了我们在创新经济中保持的竞争优势。信用保持稳定，我们的资本和流动性状况保持强劲。在第三季度，根据7月宣布的回购计划，我们回购了35万股A类普通股，金额为7千万美元。
在飓风海伦和米尔顿过后，我们的思念依然与受这些毁灭性自然灾害影响的东南部的同事、客户和社区在一起。我们的同事们表现出坚韧、毅力和决心，使我们能够迅速恢复运营，帮助我们的客户和社区重建。我们致力于继续支持他们前行。
财务业绩亮点
下文提到的“调整后”的措施，以及除购买会计增值（“PAA”）之外的净利息收益和净利息收益率，均为非根据通用会计准则计算的财务指标（请参阅位于ir.firstcitizens.com或www.sec.gov的财务补充资料，以了解每个非根据通用会计准则计算的指标与最近可比的通用会计准则计算指标的调和情况）。
2024年第三季度净利润(“当前季度”)为63900万美元，相比2024年第二季度(“连续季度”)的70700万美元。当前季度普通股股东可获得的净利润为62400万美元，每股稀释普通股股东获得43.42美元，比连续季度的69100万美元，每股稀释普通股股东获得47.54美元，减少6700万美元。
本季度调整后的净利润为67500万美元，而上一季度为75500万美元。普通股东可获得的调整后净利润为66000万美元，即每股普通股稀释后45.87美元，比上一季度的每股普通股稀释后50.87美元减少了7900万美元。
当前季度的业绩主要受以下值得注意的项目的影响，以到达调整后可供普通股股东使用的净利润：
•收购相关费用为4600万美元，
•无形资产摊销为1500万美元，
•有利的公平价值调整对可交易的股权证券 900万美元。
•市场股票投资实现的收益为 400万美元，
•出租设备销售收入500万美元，
•其他非利息支出 800 万美元，以及
•重要事项的税收效应为1500万美元净影响。
净利息收益和净利息收益率
•本季度净利息收入总计18亿美元，与上一季度相比减少了2500万美元。与上一季度的涉及PAA的净息收入为1.01亿美元相比，减少了3900万美元。不包括PAA的净利息收入为17亿美元，与上一季度的16.8亿美元相比增加了1400万美元。
•净利息收入减少是由于利息支出增加了3300万美元，部分抵消了利息收入增加了800万美元。
•利息收入增加800万美元，主要是由于投资证券和贷款利息分别增加了2800万美元和800万美元，部分抵消了由银行存款利息减少2800万美元造成的影响。
◦控制支出，同时继续在我们认为对长期成功至关重要的领域进行投资。平均余额较高导致贷款利息收入增加4600万美元，部分抵消了贷款PAA收入减少3800万美元，从而使贷款利息收入与上季度相比增加了800万美元。
◦控制支出，同时继续在我们认为对长期成功至关重要的领域进行投资。短期投资证券的持续购买增加了投资证券的平均余额和利息收入，并减少了银行存款的平均余额和利息收入。
•利息支出增加3300万美元，主要是由于存款利息支出增加2900万美元，主要与分支机构网络中货币市场存款和直销银行中储蓄存款的增长有关，部分抵消了定期存款平均余额的减少。
•净利息收益率为3.53%，较上一季度的3.64%有所下降。不包括PAA的净利息收益率为3.33%，较上一季度的3.36%有所下降。
◦控制支出，同时继续在我们认为对长期成功至关重要的领域进行投资。平均利息收入资产的收益率为6.18%，比上一季度降低了8个基点，主要是由于银行存款和贷款摊销收益率下降，部分抵消了投资证券收益率的提高。
◦控制支出，同时继续在我们认为对长期成功至关重要的领域进行投资。从上一个季度开始，平均利息负债利率上升了3个基点，主要是由于货币市场存款的平均利率提高，部分抵消了所有其他利息存款的平均利率下降。尽管与上一季度相比，平均货币市场存款利率有所增加，但在本季度末期有所下降。
非利息收益和费用
•非利息收入总额为65000万美元，比上一季度增加了1100万美元。当前季度的非利息收入包括通过出售可转让股权证券实现的400万美元的收益，以及相对于上一季度的1100万美元有利的可转让股权证券的公允价值调整。
•调整后的非利息收入为47400万美元，相比上一季度的47900万美元，下降了500万美元。调整后的非利息收入下降，主要是由于其他非利息收入减少了1800万美元，主要归因于客户衍生品头寸和其他不可流通投资的公允价值变动，部分抵消了手续费收入和其他服务费收入增加了400万美元，运营租赁设备上的调整租金收入增加了300万美元，以及各种非利息收入项目中分别增加了600万美元。
•非利息性支出支出为14.6亿美元，较上季度的13.9亿美元增加了7000万美元。工资和福利增加了4300万美元，主要是由于本季度额外工作日增加，员工净增加，激励累积和与科技项目相关的临时劳工。专业费用增加了1800万美元，主要与持续增强我们的大型金融机构监管合规能力有关。其余的900万美元增加分布在各种非利息支出项目中。 4300万美元，主要是由于本季度额外工作日增加，员工净增加，激励累积和与科技项目相关的临时劳工。专业费用增加了1800万美元，主要与持续增强我们的大型金融机构监管合规能力有关。其余的900万美元增加分布在谱面的非利息支出项目中。
•Adjusted noninterest expense was $1.23 billion compared to $1.17 billion in the linked quarter, an increase of $61 million, mostly related to the previously discussed increases in salaries and benefits and professional fees.
BALANCE SHEET SUMMARY
•Loans and leases totaled $138.70 billion at September 30, 2024, a decrease of $646 million (0.5% linked quarter decline) compared to $139.34 billion at June 30, 2024 as the decrease in the SVB Commercial segment was partially offset by loan growth in the General Bank and Commercial Bank segments.
◦The decrease in the SVB Commercial segment of $2.12 billion (5.0% linked quarter decline) was primarily due to declines in Global Fund Banking as repayment levels outpaced draw activity on new lines of credit.
◦Loan growth in the General Bank segment of $897 million (1.4% linked quarter growth) was primarily related to commercial and business loans in the Branch Network.
◦Loan growth of $573 million (1.8% linked quarter growth) in the Commercial Bank segment was primarily due to growth in the Tech Media and Telecom and Healthcare verticals.
•Total investment securities were $38.66 billion at September 30, 2024, an increase of $997 million since June 30, 2024. The increase was mainly attributable to purchases of approximately $2.58 billion short duration U.S. Treasury and U.S. agency mortgage-backed investment securities available for sale during the current quarter, partially offset by paydowns and maturities.
•Deposits totaled $151.57 billion at September 30, 2024, an increase of $495 million since June 30, 2024 (0.3% linked quarter growth). The increase was mostly due to growth in the General Bank and SVB Commercial segments, which was partially offset by declines in the Commercial Bank segment and the Direct Bank.
◦Deposit growth in the General Bank segment of $690 million was primarily due to money market deposits in the Branch Network.
◦Deposit growth in the SVB Commercial segment of $54 million was primarily due to an increase in money market deposits, partially offset by declines in noninterest-bearing and interest-bearing checking.
◦Deposits in the Commercial Bank segment decreased by $204 million as declines in noninterest-bearing and interest-bearing checking were partially offset by growth in money market deposits.
◦Corporate deposits, which includes the Direct Bank, declined by $49 million, mostly due to a decline in time deposits, partially offset by growth in savings deposits.
•Noninterest-bearing deposits represented 26.0% of total deposits as of September 30, 2024, compared to 26.5% at June 30, 2024. The cost of average total deposits was 2.64% for the current quarter, compared to 2.61% for the linked quarter. While the cost of average total deposits increased 3 basis points from the linked quarter, the pace slowed relative to the 8 basis point increase in the linked quarter compared to the first quarter of 2024.
•Funding mix remained stable with 80.3% of the total funding composed of deposits.
PROVISION FOR CREDIT LOSSES AND CREDIT QUALITY
•Provision for credit losses totaled $117 million for the current quarter compared to $95 million for the linked quarter, an increase of $22 million. The current quarter provision for credit losses included a loan and lease loss provision of $123 million, partially offset by a benefit for off-balance sheet credit exposure of $6 million.
◦The provision for loan and lease losses of $123 million increased $28 million compared to the linked quarter, mainly attributable to an increase in net charge-offs of $13 million, changes in the macroeconomic forecast, higher specific reserves, and an estimate of $20 million related to Hurricane Helene.
•Net charge-offs totaled $145 million for the current quarter, representing 0.42% of average loans, compared to $132 million, or 0.38% of average loans, for the linked quarter. The $13 million increase in net charge-offs was mainly related to the Real Estate Finance and Equipment Finance portfolios in the Commercial Bank segment.
•Nonaccrual loans were $1.24 billion, or 0.90% of loans, at September 30, 2024, compared to $1.14 billion, or 0.82% of loans, at June 30, 2024. The increase in nonaccrual loans was concentrated in the SVB Commercial segment.
•The allowance for loan and lease losses totaled $1.68 billion, or 1.21% of loans, at September 30, 2024, down from 1.22% at June 30, 2024. The net decline in the allowance ratio reflected a reserve release of $22 million for the current quarter, compared to a $37 million reserve release in the linked quarter. The $22 million reserve release in the current quarter was primarily due to changes in credit quality and lower loan balances, partially offset by changes in the macroeconomic forecast, higher specific reserves, and the estimate related to Hurricane Helene.
CAPITAL AND LIQUIDITY
•Capital ratios are well above regulatory requirements. The estimated total risk-based capital, Tier 1 risk-based capital, Common equity Tier 1 risk-based capital, and Tier 1 leverage ratios were 15.36%, 13.78%, 13.24%, and 10.20%, respectively, at September 30, 2024.
•During the current quarter, we repurchased 353,058 of our Class A common shares for $700 million and paid a dividend of $1.64 per share on our Class A and Class B common stock. Shares repurchased during the current quarter represented 2.61% of Class A common shares and 2.43% of total Class A and Class B common shares outstanding at June 30, 2024.
•Liquidity position remains strong as liquid assets were $58.36 billion at September 30, 2024, compared to $56.91 billion at June 30, 2024.
EARNINGS CALL/ WEBCAST DETAILS
BancShares will host a conference call to discuss the company's financial results on Thursday, October 24, 2024, at 9 a.m. Eastern time.
The call may be accessed via webcast on the company’s website at ir.firstcitizens.com or through the dial-in details below:
North America: 1-833-470-1428
All other locations: 1-929-526-1599
Access code: 970671
Our earnings release, investor presentation, and financial supplement are available at ir.firstcitizens.com. In addition, these materials will be furnished to the Securities and Exchange Commission (the “SEC”) on a Form 8-K and will be available on the SEC website at www.sec.gov. After the event, a replay of the call will be available via webcast at ir.firstcitizens.com.
ABOUT FIRST CITIZENS BANCSHARES
First Citizens BancShares, Inc. (Nasdaq: FCNCA), a top 20 U.S. financial institution with more than $200 billion in assets and a member of the Fortune 500TM, is the financial holding company for First-Citizens Bank & Trust Company ("First Citizens Bank"). Headquartered in Raleigh, N.C., First Citizens Bank has built a unique legacy of strength, stability and long-term thinking that has spanned generations. First Citizens offers an array of general banking services including a network of more than 500 branches and offices in 30 states; commercial banking expertise delivering best-in-class lending, leasing and other financial services coast to coast; innovation banking serving businesses at every stage; personalized service and resources to help grow and manage wealth; and a nationwide direct bank. Discover more at firstcitizens.com.
FORWARD-LOOKING STATEMENTS
This communication contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 regarding the financial condition, results of operations, business plans, asset quality, future performance, and other strategic goals of BancShares. Words such as “anticipates,” “believes,” “estimates,” “expects,” “predicts,” “forecasts,” “intends,” “plans,” “projects,” “targets,” “designed,” “could,” “may,” “should,” “will,” “potential,” “continue,” “aims” or other similar words and expressions are intended to identify these forward-looking statements. These forward-looking statements are based on BancShares’ current expectations and assumptions regarding BancShares’ business, the economy, and other future conditions.
Because forward-looking statements relate to future results and occurrences, they are subject to inherent risks, uncertainties, changes in circumstances and other factors that are difficult to predict. Many possible events or factors could affect BancShares’ future financial results and performance and could cause actual results, performance or achievements of BancShares to differ materially from any anticipated results expressed or implied by such forward-looking statements. Such risks and uncertainties include, among others, general competitive, economic, political (including the upcoming U.S. election), geopolitical events (including conflicts in Ukraine and the Middle East) and market conditions, including changes in competitive pressures among financial institutions and the impacts related to or resulting from recent bank failures, the risks and impacts of future bank failures and other volatility in the banking industry, public perceptions of our business practices, including our deposit pricing and acquisition activity, the financial success or changing conditions or strategies of BancShares’ vendors or customers, including changes in demand for deposits, loans and other financial services, fluctuations in interest rates, changes in the quality or composition of BancShares’ loan or investment portfolio, actions of government regulators, including the recent interest rate cut and any changes by the Board of Governors of the Federal Reserve Board (the “Federal Reserve”), changes to estimates of future costs and benefits of actions taken by BancShares, BancShares’ ability to maintain adequate sources of funding and liquidity, the potential impact of decisions by the Federal Reserve on BancShares’ capital plans, adverse developments with respect to U.S. or global economic conditions, including significant turbulence in the capital or financial markets, the impact of any sustained or elevated inflationary environment, the impact of any cyberattack, information or security breach, the impact of implementation and compliance with current or proposed laws, regulations and regulatory interpretations, including potential increased regulatory requirements, limitations, and costs, such as FDIC special assessments, increases to FDIC deposit insurance premiums and the proposed interagency rule on regulatory capital, along with the risk that such laws, regulations and regulatory interpretations may change, the availability of capital and personnel, and the risks associated with BancShares’ previous acquisition transactions, including the acquisition of certain assets and liabilities of Silicon Valley Bridge Bank, N.A. and the previously completed transaction with CIT Group Inc., or any future transactions.
BancShares’ share repurchase program allows BancShares to repurchase shares of its Class A common stock through 2025. BancShares is not obligated under the share repurchase program to repurchase any minimum or particular number of shares, and repurchases may be suspended or discontinued at any time (subject to the terms of any Rule 10b5-1 plan in effect) without prior notice. The authorization to repurchase Class A common stock will be utilized at management’s discretion. The actual timing and amount of Class A common stock that may be repurchased will depend on a number of factors, including the terms of any Rule 10b5-1 plan then in effect, price, general business and market conditions, regulatory requirements, and alternative investment opportunities or capital needs.
Except to the extent required by applicable laws or regulations, BancShares disclaims any obligation to update forward-looking statements or to publicly announce the results of any revisions to any of the forward-looking statements included herein to reflect future events or developments. Additional factors which could affect the forward-looking statements can be found in BancShares’ Annual Report on Form 10-K for the fiscal year ended December 31, 2023 and its other filings with the SEC.
NON-GAAP MEASURES
Certain measures in this release, including those referenced as “adjusted,” as well as net interest income and net interest margin, excluding PAA, are “non-GAAP,” meaning they are numerical measures of BancShares’ financial performance, financial position or cash flows that are not presented in accordance with generally accepted accounting principles in the U.S. (“GAAP”) because they exclude or include amounts or are adjusted in some way so as to be different than the most direct comparable measures calculated and presented in accordance with GAAP in BancShares’ statements of income, balance sheets or statements of cash flows and also are not codified in U.S. banking regulations currently applicable to BancShares. BancShares management believes that non-GAAP financial measures, when reviewed in conjunction with GAAP financial information, can provide transparency about or an alternative means of assessing its operating results, financial position or cash flows to its investors, analysts and management. These non-GAAP measures should be considered in addition to, and not superior to or a substitute for, GAAP measures. Each non-GAAP measure is reconciled to the most comparable GAAP measure in the non-GAAP reconciliation. This information can be found in the Financial Supplement located in the Quarterly Results section of our website at https://ir.firstcitizens.com/financial-information/quarterly-results/default.aspx.