Q2 2024 First Citizens BancShares Inc (Delaware) Earnings Call Transcript
Key Points
- First Citizens BancShares Inc (FCNCA) delivered solid financial results with peer-leading return on assets, net interest margin, and loan growth.
- The Board approved a share repurchase plan of up to $3.5 billion, indicating strong capital management.
- The company experienced strong growth in business and commercial loans within its branch network.
- Deposit growth in the branch network exceeded expectations during the first half of the year.
- The commercial bank segment delivered strong loan growth, particularly in specialized industry verticals like project financing for energy and data centers.
- Reductions in interest rates are expected to cause margin compression.
- CRE volume remains challenged due to a higher for longer interest rate environment, with muted deal volume expected in the second half of the year.
- Portfolio stress is expected to remain above historic levels in equipment finance.
- Net interest income increased only slightly, with interest expense on deposits rising at a faster pace than interest income.
- Credit continues to stabilize, but net charge-offs were $130 million, and non-performing loans remained relatively stable.
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This is a holding announcement for the First Citizens Bank Quarter 2024 Earnings Conference Call will begin in approximately two minutes time. Thank you for your patience. No, why no, a Thanks. Ladies and gentlemen, thank you for standing by, and welcome to the First Citizens Bancshares Second Quarter 2024 earnings conference call. At this time, all participants are in a listen-only mode and an option to ask a question during this session need to press star followed by one on your telephone keypad. If you require operator assistance during the program, please please press star followed by zero. As a reminder, today's conference is being recorded.
I would now like to introduce the host this conference call, Mr. Shah, Head of Investor Relations.
You may quarter earned our Chief Financial Officer, Craig Nick. They will provide second quarter business and financial update referencing our earnings
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