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    First Citizens BancShares Inc (Delaware) (FCNCA)

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    Business Description

    First Citizens BancShares, Inc. (FCNCA) is a financial holding company headquartered in Raleigh, North Carolina. It operates through its banking subsidiary, First-Citizens Bank & Trust Company, providing a wide range of financial services across the United States. The company offers consumer and commercial banking services, wealth management, digital banking, and specialized financial services, catering to both individual and business clients .

    1. General Banking - Offers consumer and business banking products and services through branches and digital channels, including deposit products, loans, cash management, and wealth management .
    2. Commercial Banking - Provides lending, leasing, capital markets, and asset management services to small and middle-market companies across various industries .
    3. SVB Commercial - Serves commercial clients and investors in the innovation ecosystem, focusing on technology, life sciences, and healthcare companies, as well as private equity and venture capital firms .
    4. Rail - Provides leasing and financing solutions for railcars and locomotives, generating revenue primarily from rental income .
    5. Corporate - Includes financial activities not allocated to other segments, such as interest income on investment securities and acquisition-related expenses .

    Key Metrics

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    Executive Team

    NamePositionStart DateShort Bio
    Frank B. Holding, Jr.Chairman and Chief Executive Officer1983Frank B. Holding, Jr. has been with FCNCA since 1983. He became President in 1994, CEO in 2008, and Chairman in 2009. He has over 39 years of experience with the company .
    Hope H. BryantVice Chairwoman1986Hope H. Bryant has been with FCB since 1986 and Vice Chairwoman since January 2011. She was previously Executive Vice President from 2002 to 2011 .
    Peter M. BristowPresidentNovember 2014Peter M. Bristow has been President of FCNCA since November 2014. He has over 31 years of experience in the banking industry .
    Craig L. NixChief Financial OfficerNovember 2014Craig L. Nix has been CFO of FCNCA since November 2014. He was previously CFO of First Citizens Bancorporation, Inc. from 2001 to 2014 .
    Gregory L. SmithChief Information & Operations OfficerJanuary 9, 2024Gregory L. Smith was appointed as Chief Information & Operations Officer effective January 9, 2024. He previously worked at TD Bank Financial Group .
    Lorie K. RuppChief Risk OfficerMarch 2017Lorie K. Rupp has been Chief Risk Officer since March 2017. She was previously Chief Accounting Officer from 2013 to 2017 .
    Jeffery L. WardChief Strategy OfficerOctober 2014Jeffery L. Ward has been Chief Strategy Officer since October 2014. He has been with FCB since 1992 .
    Andrew GiangraveChief Credit Officer – Commercial BankApril 2022Andrew Giangrave has been Chief Credit Officer – Commercial Bank since April 2022. He joined FCNCA in January 2022 .
    Randolph R. MartinChief Credit Officer – General BankJune 2022Randolph R. Martin has been Chief Credit Officer – General Bank since June 2022. He has been with FCB since 2016 .
    West LudwigExecutive Vice President, Chief Human Resources Officer2018West Ludwig has been EVP and Chief Human Resources Officer since 2018. He was previously with MZ, Inc. and Fidelity Investments .
    Matthew G. T. MartinChief Counsel and Corporate SecretaryJune 2021Matthew G. T. Martin has been Chief Counsel and Corporate Secretary since June 2021. He was previously the U.S. Attorney for the Middle District of North Carolina .
    Matt SnowDirector, Member of the Audit Committee and Trust CommitteeJanuary 2, 2025Matt Snow will join the Board of Directors effective January 2, 2025. He is a partner at Forvis Mazars, LLP and has served as Chairman of its Governing Board since June 2022 .

    Questions to Ask Management

    1. Given the continued stress and anticipated elevated losses in your general office commercial real estate portfolio into 2024 and 2025, what specific strategies are you implementing to mitigate these risks, and how confident are you in your reserve levels to absorb potential future losses?

    2. Your net interest margin has faced headwinds due to asset sensitivity in the current rate environment, and you expect further pressure with anticipated Fed rate cuts. What measures are you taking to manage this asset sensitivity, and how will these actions impact your net interest income and overall profitability moving forward?

    3. Despite efforts to attract new clients and bring back former ones, SVB Commercial deposits were relatively flat in the third quarter, and venture investment activity remains muted. What are the principal challenges inhibiting deposit growth in this segment, and how do you plan to accelerate growth amidst a competitive landscape and subdued investment environment?

    4. Noninterest expenses have increased due to investments in risk and technology capabilities and strategic hires, impacting your efficiency ratio. How do you plan to balance necessary investments with cost management to meet your efficiency targets, and what are your expectations for expense growth in 2025?

    5. You have repurchased approximately 28% of your Board-approved $3.5 billion share repurchase authorization. Given the regulatory requirements as you approach Category 3 status and the need to maintain strong capital ratios, how do you justify this capital allocation strategy, and what implications might it have on your capital position amid potential economic or regulatory challenges?