Cash and due from banks (USD, millions)

Interest-earning deposits at banks (USD, millions)

Securities purchased under agreements to resell (USD, millions)

Investment in marketable equity securities (USD, millions)

Investment securities available for sale, net of allowance for credit losses (USD, millions)

Investment securities held to maturity (USD, millions)

Assets held for sale (USD, millions)

Loans and leases (USD, millions)

Allowance for loan and lease losses (USD, millions)

Loans and leases, net of allowance for loan and lease losses (USD, millions)

Operating lease equipment, net (USD, millions)

Premises and equipment, net (USD, millions)

Goodwill (USD, millions)

Other intangible assets, net (USD, millions)

Other assets (USD, millions)

Total assets (USD, millions)

Noninterest-bearing deposits (USD, millions)

Interest-bearing deposits (USD, millions)

Total deposits (USD, millions)

Credit balances of factoring clients (USD, millions)

Short-term borrowings (USD, millions)

Total borrowings (USD, millions)

Other liabilities (USD, millions)

Total liabilities (USD, millions)

Preferred stock (USD, millions)

Class A Common stock (USD, millions)

Class B Common stock (USD, millions)

Additional paid in capital (USD, millions)

Retained earnings (USD, millions)

Accumulated other comprehensive loss (USD, millions)

Total stockholders’ equity (USD, millions)

Total liabilities and stockholders’ equity (USD, millions)

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9541d4264715fc0c02b50f8c3910187aec8a1bab689b1f253d81e64228f7287c

The dramatic rise in **Basic EPS in FY 2023** is attributed to several key factors. First, there was a substantial **increase in net income**, which rose from **$1,048 million** in FY 2022 to **$11,407 million** in FY 2023, directly boosting the EPS.  **[0000798941-24-000010_ex_993financialsupplement-.htm:8]**  Additionally, significant improvements in both **noninterest income** (from **$2,136 million** to **$12,075 million**) and **interest income** (from **$3,413 million** to **$10,391 million**) contributed notably to the earnings boost.  **[0000798941-24-000018_fcnca-20231231.htm:91]**  Finally, the **weighted average common shares outstanding** decreased from **15,531,924** to **14,527,902**, amplifying the EPS effect due to a smaller denominator.  **[0000798941-24-000010_ex_993financialsupplement-.htm:8]** 

What factors contributed to the dramatic rise in Basic EPS in FY 2023?

The lower EPS in Q4 2023 was primarily driven by **notable after-tax items of $179 million** that offset gains in net income, despite a higher net income of **$499 million** during the quarter. Additionally, strategic initiatives such as the integration with CIT and the stabilization of SVB played a role in the overall financial performance, influencing the earnings outcome for the period.  **[0000798941-24-000010_ex_993financialsupplement-.htm:8]** **[0000798941-24-000010_ex_991earningsrelease-4q20.htm:0]** **[FCNCA_3370975_2]** 

Why was EPS so low in Q4 2023?

The substantial increase in net income in FY 2023 was primarily driven by a **one-time acquisition gain of $9,808 million** associated with the Silicon Valley Bridge Bank purchase, which significantly boosted earnings. This gain was complemented by substantial rises in **Net Interest Income** (from **$2,946 million** in FY 2022 to **$6,712 million** in FY 2023) and **Noninterest Income** (from **$2,136 million** to **$12,075 million**), despite being partially offset by higher expenses and increased credit loss provisions.  **[0000798941-24-000010_ex_993financialsupplement-.htm:8]** **[0000798941-24-000010_ex_993financialsupplement-.htm:1]** **[0000798941-24-000018_fcnca-20231231.htm:252]** **[0000798941-24-000010_ex_993financialsupplement-.htm:0]** 

What drove the substantial increase in net income in FY 2023?

The gain on acquisition turned negative in Q4 2023 primarily due to **refinements in income tax estimates** related to the acquisition of **Silicon Valley Bridge Bank (SVBB)**.  **[0000798941-24-000010_ex_991earningsrelease-4q20.htm:1]** **[0000798941-24-000010_ex_991earningsrelease-4q20.htm:2]** 

Why did the gain on acquisition turn negative in Q4 2023?

The jump in **provision for credit losses** in **Q4 2023** was driven by several factors. First, there was a **net reserve build** where the provision increased by **$39 million** due to specific reserves on individually evaluated loans. Second, the **benefit for off-balance sheet credit exposure** declined by **$15 million** due to a higher decline in unfunded commitments from the prior quarter. Finally, there was **mild credit quality deterioration** in the commercial portfolios, which further contributed to the higher provision.  **[0000798941-24-000010_ex_991earningsrelease-4q20.htm:4]** 

What caused the jump in provision for credit losses in Q4 2023?

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5b68bb2dcc79262b98030dd7c72ff43f1280a5ee573aa9c97900321f54b5946c

8bde1516186e09a5d4c528f4e5102f506c255a5730b5a9ba60d590fb363e94bb

Adjustments for Non-Cash Items (USD, millions)

Stock-Based Compensation (USD, millions)

Changes in Working Capital (USD, millions)

Capital Expenditures (CapEx) (USD, millions)

Proceeds from / Repayments of Debt (USD, millions)

Share Repurchases (USD, millions)

Dividend Payments (USD, millions)

Net Change in Cash (USD, millions)

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General Bank Segment

Net Interest Income

Noninterest Income

Total Revenue

Commercial Bank Segment

SVB Commercial Segment

Rail Segment

Corporate Segment

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FIRST CITIZENS BANCSHARES INC /DE/ (FCNCA)

Financials