- First Citizens BancShares (FCNCA, Financial) reported a net income of $483 million for Q1 2025, down from $700 million in Q4 2024.
- Net interest income decreased by $46 million to $1.66 billion, with a net interest margin of 3.26%.
- Deposits showed strong growth, increasing by 10.7% annualized to $159.33 billion.
First Citizens BancShares, Inc. (FCNCA) announced its financial results for the first quarter of 2025, reporting a net income of $483 million, a significant decline from the previous quarter’s $700 million. The drop in net income was largely attributed to a $132 million increase in income tax expenses.
Net income available to common stockholders stood at $468 million, or $34.47 per share, compared to $685 million, or $49.21 per share, in Q4 2024. Despite the decrease in net income, the bank demonstrated strong operational results in certain areas, such as deposit growth, which increased by 10.7% on an annualized basis to reach $159.33 billion.
The bank also reported a modest increase in total loans, which amounted to $141.36 billion, growing by 3.3% annualized, with notable strength in the Commercial Bank segment. Net interest income, however, decreased by $46 million from the previous quarter to total $1.66 billion, with a net interest margin compressing slightly to 3.26% from 3.32%.
Credit quality remained stable, with net charge-offs declining to 0.41% of average loans from 0.46% in the previous quarter. The bank upheld a strong capital position, reporting a total risk-based capital ratio of 15.23% and successfully completing the issuance of $1.25 billion in senior unsecured notes and subordinated notes.
CEO Frank B. Holding, Jr. acknowledged the uncertain economic environment but expressed confidence in the bank's strength and future prospects, citing robust deposit-driven funding and robust capital ratios as key elements for navigating potential uncertainties ahead.
