Q3 2024 First Citizens BancShares Inc (Delaware) Earnings Call Transcript
Key Points
- First Citizens BancShares Inc (FCNCA) reported strong financial results with adjusted earnings per share of $45.87.
- The company maintained a resilient net interest margin despite declines in accretion income.
- There was continued deposit growth, with commercial balances up modestly over the prior quarter.
- The company successfully repurchased over 350,000 shares of Class A common stock, totaling approximately $700 million.
- Capital and liquidity positions remained strong, providing a source of strength for the company.
- Loans declined during the quarter, primarily due to a reduction in the Global Fund Banking portfolio.
- Net charge-offs increased modestly, with concentrations in the general office investor-dependent and small-ticket leasing portfolios.
- Adjusted noninterest income was down modestly, driven by changes in the fair value of customer derivative positions.
- Adjusted noninterest expenses increased by approximately 5%, primarily due to higher personnel costs and professional fees.
- The company anticipates continued stress in the commercial real estate and investor-dependent portfolios, with elevated losses expected into 2025.
Financial updating our earnings call presentation, which you combined on our website. Our comments today will include forward-looking statements, which are subject to risks and uncertainties that may cause actual results to differ materially from expectations.
We assume no obligation to update such statements. These risks are outlined. On page 3 of the presentation, we will also reference non-GAAP financial measures.
Reconciliations of these measures against the most directly comparable GAAP measures can be found in Section five of the presentation. Finally for Citizens is not responsible for and does not edit nor guarantee the accuracy of the earnings transcripts provided by third parties. I will now turn it over to Frank.
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Good morning everyone, Both the deal Board Adobe awarded well-controlled scroll. I'll make some brief comments about our Q3
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