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Mar 31, 2024
First Citizens Q1 2024 Earnings Report
First Citizens BancShares reported strong financial results, with solid loan and deposit growth and well-maintained credit quality.
Key Takeaways
First Citizens BancShares reported a net income of $731 million for Q1 2024, compared to $514 million for the previous quarter. The company saw solid loan and deposit growth, and credit quality remained strong. Integration efforts with SVB are accelerating the momentum of the franchise.
Net income for the first quarter of 2024 was $731 million, compared to $514 million for the fourth quarter of 2023.
Loans and leases totaled $135.37 billion, an increase of $2.07 billion since December 31, 2023.
Deposits totaled $149.61 billion, an increase of $3.76 billion since December 31, 2023.
Liquidity position remains strong as liquid assets were $59.33 billion at March 31, 2024 compared to $57.28 billion at December 31, 2023.
Forward Guidance
This communication contains forward-looking statements regarding the financial condition, results of operations, business plans, asset quality, future performance, and other strategic goals of BancShares.
Positive Outlook
- BancShares anticipates future financial results and performance.
- BancShares believes in its estimates and expects certain outcomes.
- BancShares intends to achieve its plans and projects.
- BancShares aims to maintain adequate sources of funding and liquidity.
- BancShares is focused on the impact of implementation and compliance with current or proposed laws and regulations.
Challenges Ahead
- General competitive, economic, political, geopolitical events and market conditions could adversely affect BancShares.
- Changes in competitive pressures among financial institutions and the impacts related to or resulting from recent bank failures pose risks.
- Public perceptions of our business practices, including our deposit pricing and acquisition activity, could have negative impacts.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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