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第一公民銀行股份報告2024年第三季度收益
北卡羅來納州羅利- First Citizens BancShares, Inc.（「BancShares」）（納斯達克：FCNCA）報告了2024年第三季度的收益。
董事長兼首席執行官Frank b. Holding, Jr.表示：“我們取得了另一個強勁的財務業績季度，基本符合我們的預期。普通銀行和商業銀行部門的貸款增長保持彈性，而全球貨幣銀行部分的貸款在全球基金銀行的償還水平超過提取活動的情況下出現下降。我們經歷了另一個季度的存款增長，主要集中在我們的分行網絡，在全球貨幣銀行部分也有適度的存款增長。全球貨幣銀行存款特許經營權的穩定性繼續展示了我們在創新經濟中保持的競爭優勢。信用保持穩定，我們的資本和流動性狀況保持強勁。在第三季度，根據7月宣佈的回購計劃，我們回購了35萬股A類普通股，金額爲7千萬美元。
在颶風海倫和米爾頓過後，我們的思念依然與受這些毀滅性自然災害影響的東南部的同事、客戶和社區在一起。我們的同事們表現出堅韌、毅力和決心，使我們能夠迅速恢復運營，幫助我們的客戶和社區重建。我們致力於繼續支持他們前行。
財務業績亮點
下文提到的「調整後」的措施，以及除購買會計增值（「PAA」）之外的淨利息收益和淨利息收益率，均爲非根據通用會計準則計算的財務指標（請參閱位於ir.firstcitizens.com或www.sec.gov的財務補充資料，以了解每個非根據通用會計準則計算的指標與最近可比的通用會計準則計算指標的調和情況）。
2024年第三季度淨利潤(「當前季度」)爲63900萬美元，相比2024年第二季度(「連續季度」)的70700萬美元。當前季度普通股股東可獲得的淨利潤爲62400萬美元，每股稀釋普通股股東獲得43.42美元，比連續季度的69100萬美元，每股稀釋普通股股東獲得47.54美元，減少6700萬美元。
本季度調整後的淨利潤爲67500萬美元，而上一季度爲75500萬美元。普通股東可獲得的調整後淨利潤爲66000萬美元，即每股普通股稀釋後45.87美元，比上一季度的每股普通股稀釋後50.87美元減少了7900萬美元。
當前季度的業績主要受以下值得注意的項目的影響，以到達調整後可供普通股股東使用的淨利潤：
•收購相關費用爲4600萬美元，
•無形資產攤銷爲1500萬美元，
•有利的公平價值調整對可交易的股權證券 900萬美元。
•市場股票投資實現的收益爲 400萬美元，
•出租設備銷售收入500萬美元，
•其他非利息支出 800 萬美元，以及
•重要事項的稅收效應爲1500萬美元淨影響。
淨利息收益和淨利息收益率
•本季度淨利息收入總計18億美元，與上一季度相比減少了2500萬美元。與上一季度的涉及PAA的淨息收入爲1.01億美元相比，減少了3900萬美元。不包括PAA的淨利息收入爲17億美元，與上一季度的16.8億美元相比增加了1400萬美元。
•淨利息收入減少是由於利息支出增加了3300萬美元，部分抵消了利息收入增加了800萬美元。
•利息收入增加800萬美元，主要是由於投資證券和貸款利息分別增加了2800萬美元和800萬美元，部分抵消了由銀行存款利息減少2800萬美元造成的影響。
◦控制支出，同時繼續在我們認爲對長期成功至關重要的領域進行投資。平均餘額較高導致貸款利息收入增加4600萬美元，部分抵消了貸款PAA收入減少3800萬美元，從而使貸款利息收入與上季度相比增加了800萬美元。
◦控制支出，同時繼續在我們認爲對長期成功至關重要的領域進行投資。短期投資證券的持續購買增加了投資證券的平均餘額和利息收入，並減少了銀行存款的平均餘額和利息收入。
•利息支出增加3300萬美元，主要是由於存款利息支出增加2900萬美元，主要與分支機構網絡中貨幣市場存款和直銷銀行中儲蓄存款的增長有關，部分抵消了定期存款平均餘額的減少。
•淨利息收益率爲3.53%，較上一季度的3.64%有所下降。不包括PAA的淨利息收益率爲3.33%，較上一季度的3.36%有所下降。
◦控制支出，同時繼續在我們認爲對長期成功至關重要的領域進行投資。平均利息收入資產的收益率爲6.18%，比上一季度降低了8個點子，主要是由於銀行存款和貸款攤銷收益率下降，部分抵消了投資證券收益率的提高。
◦控制支出，同時繼續在我們認爲對長期成功至關重要的領域進行投資。從上一個季度開始，平均利息負債利率上升了3個點子，主要是由於貨幣市場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。儘管與上一季度相比，平均貨幣市場存款利率有所增加，但在本季度末期有所下降。
非利息收益和費用
•非利息收入總額爲65000萬美元，比上一季度增加了1100萬美元。當前季度的非利息收入包括通過出售可轉讓股權證券實現的400萬美元的收益，以及相對於上一季度的1100萬美元有利的可轉讓股權證券的公允價值調整。
•調整後的非利息收入爲47400萬美元，相比上一季度的47900萬美元，下降了500萬美元。調整後的非利息收入下降，主要是由於其他非利息收入減少了1800萬美元，主要歸因於客戶衍生品頭寸和其他不可流通投資的公允價值變動，部分抵消了手續費收入和其他服務費收入增加了400萬美元，運營租賃設備上的調整租金收入增加了300萬美元，以及各種非利息收入項目中分別增加了600萬美元。
•非利息性支出支出爲14.6億美元，較上季度的13.9億美元增加了7000萬美元。工資和福利增加了4300萬美元，主要是由於本季度額外工作日增加，員工淨增加，激勵累積和與科技項目相關的臨時勞工。專業費用增加了1800萬美元，主要與持續增強我們的大型金融機構監管合規能力有關。其餘的900萬美元增加分佈在各種非利息支出項目中。 4300萬美元，主要是由於本季度額外工作日增加，員工淨增加，激勵累積和與科技項目相關的臨時勞工。專業費用增加了1800萬美元，主要與持續增強我們的大型金融機構監管合規能力有關。其餘的900萬美元增加分佈在譜面的非利息支出項目中。
•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.