FCNCP - First Citizens BancShares Inc. (FCNCA) Q1 2024 Earnings Call Transcript

2024-04-25 15:28:09 ET

First Citizens BancShares, Inc. (FCNCA)

Q1 2024 Earnings Conference Call

April 25, 2024, 09:00 AM ET

Company Participants

Deanna Hart - SVP, IR

Frank Holding - CEO

Craig Nix - CFO

Elliot Howard - Director-Financial Strategy

Tom Eklund - Treasurer

Conference Call Participants

Chris McGratty - KBW

Brian Foran - Autonomous

Steven Alexopoulos - JP Morgan

Stephen Scouten - Piper Sandler

Christopher Marinac - Janney Montgomery Scott

Zach Westerlind - UBS

Presentation

Operator

Ladies and gentlemen, thank you for standing by and welcome to the First Citizens Bancshares First Quarter 2024 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question-and-answer section. [Operator Instructions]. As a reminder, today's conference is being recorded.

I would now like to introduce the host of this conference call, Ms. Deanna Hart, Senior Vice President of Investor Relations. You may begin.

Deanna Hart

Good morning. Welcome to First Citizens' First Quarter Earnings Call. Joining me on the call today are Chairman and Chief Executive Officer, Frank Holding, and Chief Financial Officer, Craig Nix. They will provide first quarter business and financial updates, referencing our earnings call presentation, which you can find 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.

We will also reference non-GAAP financial measures. Reconciliations of these measures against the most directly comparable GAAP measures can be found in section 5 of the presentation. Finally, First Citizens is not responsible for and does not edit nor guarantee the accuracy of earnings transcripts provided by third parties.

I'll now turn it over to Frank.

Frank Holding

Thank you, Deanna. Good morning, everyone. Let's start on Page 6. Over the last 12 months, we've successfully focused on our SVB integration efforts, regulatory readiness, strategic priorities, and financial performance. During the first quarter, we delivered earnings per share of $52.92, adjusting for notable items on Page 51.

Return metrics were strong, reflecting a peer-leading net interest margin, an adjusted efficiency ratio of 50%, and lower net charge-offs. These results exceeded our expectations, with earnings increasing approximately 14% over the sequential quarter. We're pleased that all our segments, including SVB commercial, grew loans during the quarter, and our liquidity and capital positions strengthened due to core deposits and earnings growth....

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