First Citizens BancShares, Inc. (FCNCA) Bundle
A Brief History of First Citizens BancShares, Inc. (FCNCA)
Company Overview
First Citizens BancShares, Inc. is a bank holding company headquartered in Raleigh, North Carolina. As of December 31, 2023, the company reported:
- Total assets: $223.5 billion
- Total deposits: $178.3 billion
- Market capitalization: $9.4 billion
- Number of branches: 1,137
- Presence in 19 states
Financial Performance
| Financial Metric | 2023 Value |
|---|---|
| Net Income | $1.42 billion |
| Return on Equity | 14.2% |
| Net Interest Income | $5.78 billion |
| Loan Portfolio | $134.6 billion |
Strategic Acquisitions
In February 2022, First Citizens completed a significant acquisition of Silicon Valley Bank for $16.15 billion, expanding its commercial banking capabilities.
Stock Performance
As of January 2024, FCNCA stock price: $1,243.87 per share
Regulatory Capital
| Capital Ratio | Percentage |
|---|---|
| Common Equity Tier 1 Capital Ratio | 12.4% |
| Total Capital Ratio | 15.6% |
A Who Owns First Citizens BancShares, Inc. (FCNCA)
Major Shareholders
| Shareholder | Ownership Percentage | Shares Held |
|---|---|---|
| Frank B. Holding Jr. | 15.2% | 2,350,000 shares |
| The Vanguard Group, Inc. | 8.7% | 1,345,678 shares |
| BlackRock Inc. | 7.3% | 1,129,456 shares |
| State Street Corporation | 5.6% | 867,234 shares |
Institutional Ownership
As of Q4 2023, 84.5% of First Citizens BancShares shares are owned by institutional investors.
Top Institutional Investors
- First Citizens Bank (internal ownership)
- Dimensional Fund Advisors LP
- Wellington Management Company LLP
- Goldman Sachs Group Inc.
Insider Ownership
Insider ownership stands at 16.3% of total shares, with key executives and board members holding significant stakes.
Public Float
The public float represents approximately 68.2% of total outstanding shares, with 15,456,789 shares available for public trading.
First Citizens BancShares, Inc. (FCNCA) Mission Statement
Corporate Mission Overview
First Citizens BancShares, Inc. maintains a strategic mission focused on providing comprehensive financial services with a commitment to customer success and community development.
Key Mission Components
- Deliver exceptional banking solutions to individual and commercial customers
- Maintain strong regional market presence across multiple states
- Provide personalized financial guidance and support
Financial Performance Metrics
| Metric | 2023 Value |
|---|---|
| Total Assets | $89.4 billion |
| Total Deposits | $74.2 billion |
| Net Income | $1.3 billion |
| Market Capitalization | $12.6 billion |
Operational Footprint
Geographic Coverage: Operations across 19 states with approximately 600 banking locations
Strategic Focus Areas
- Commercial banking services
- Retail banking solutions
- Wealth management
- Digital banking innovation
Customer Segments
| Segment | Percentage of Customer Base |
|---|---|
| Individual Consumers | 65% |
| Small Businesses | 22% |
| Corporate Clients | 13% |
How First Citizens BancShares, Inc. (FCNCA) Works
Company Overview
First Citizens BancShares, Inc. is a bank holding company headquartered in Raleigh, North Carolina. As of Q4 2023, the company reported:
| Financial Metric | Value |
|---|---|
| Total Assets | $239.3 billion |
| Total Deposits | $206.1 billion |
| Total Loans | $176.4 billion |
| Market Capitalization | $14.2 billion |
Business Segments
First Citizens operates through several key business segments:
- Commercial Banking
- Retail Banking
- Wealth Management
- Mortgage Banking
Geographic Presence
The bank operates in 19 states across the United States, with:
| Metric | Number |
|---|---|
| Total Branches | 567 |
| ATM Network | 1,122 |
Financial Performance
Key financial performance indicators for 2023:
| Performance Metric | Amount |
|---|---|
| Net Interest Income | $4.1 billion |
| Non-Interest Income | $702 million |
| Net Income | $1.2 billion |
| Return on Equity | 13.4% |
Corporate Structure
First Citizens BancShares, Inc. is structured as a bank holding company with:
- Wholly-owned subsidiary: First-Citizens Bank & Trust Company
- Publicly traded on NASDAQ under ticker FCNCA
- Classified as a large regional bank
Technology and Digital Services
Digital banking capabilities include:
- Online banking platform
- Mobile banking application
- Digital payment services
- Mobile check deposit
How First Citizens BancShares, Inc. (FCNCA) Makes Money
Net Interest Income
As of Q4 2023, First Citizens generated $1.2 billion in net interest income. The company's net interest margin was 3.74% for the full year 2023.
| Revenue Source | Amount (2023) |
|---|---|
| Net Interest Income | $1.2 billion |
| Net Interest Margin | 3.74% |
Non-Interest Income
The bank generated $316 million in non-interest income during 2023, which includes:
- Service charges on deposit accounts
- Investment banking fees
- Wealth management services
- Mortgage banking revenue
Commercial and Retail Banking
Total loans as of December 31, 2023, were $110.3 billion. Loan categories include:
| Loan Category | Total Balance |
|---|---|
| Commercial Real Estate | $39.2 billion |
| Commercial and Industrial | $35.6 billion |
| Consumer Loans | $22.5 billion |
Fee-Based Services
First Citizens generates significant revenue from fee-based services, with total non-interest income reaching $316 million in 2023.
- Wealth management fees: $87 million
- Investment banking services: $62 million
- Treasury management fees: $45 million
Financial Performance
For the fiscal year 2023, First Citizens reported:
| Financial Metric | Amount |
|---|---|
| Total Revenue | $4.1 billion |
| Net Income | $1.2 billion |
| Return on Equity | 15.2% |
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