Get the scoop on First Citizens BancShares net worth in 2024 with Ando Money. Learn about its market cap and how it stacks up against other major banks.
Quick Facts
| FACT | DETAIL |
|---|---|
| Name | First Citizens BancShares |
| Full Name | First Citizens BancShares, Inc. |
| Traded as | NASDAQ: FCNCA |
| ISIN | US31946M1036 |
| Founded | 1898 |
| Founders | A. J. Fletcher |
| Country/Territory | United States |
| Headquarters | Raleigh, North Carolina, USA |
| Chief Executive Officer | Frank B. Holding, Jr. |
| Number of Employees | 6,500 |
| Market Cap | $20.47 billion |
| Total Assets | $214 billion |
| Total Equity | $21.848 billion |
| Revenue | $15 billion |
| Net Income | $731 million |
What is the Net Worth/Market Cap Of First Citizens BancShares in 2024?
First Citizens BancShares boasts a market capitalization of $20.47 billion in 2024. This places it among the notable players in the top American banks list.
To put this into perspective, Fifth Third Bank has a market cap of $23.49 billion, M&T Bank stands at $22.75 billion, and Citizens Financial Group at $15.45 billion.
Despite the stiff competition, First Citizens BancShares market cap underscores its solid market position.
First Citizens BancShares Financial Performance Overview
The bank maintains a strong financial position, indicative of its economic value.
The return on average assets (ROA) for Q1 2024 is 1.36%, reflecting effective asset utilization.
The return on average common equity (ROE) stands at 13.97%, showcasing substantial profitability from shareholders’ equity. This financial health is vital in the banking sector, ensuring stability and growth.
Analyzing Total Assets
With total assets of $214 billion, First Citizens BancShares demonstrates significant financial leverage.
The asset base comprises a diverse portfolio, including $135 billion in loans and leases. Investment securities total $35 billion, showing a balanced approach between lending and investments.
This substantial asset growth is a testament to effective asset management strategies.
Breakdown of Equity and Shareholder Value
The shareholder equity of First Citizens BancShares is robust, with a total equity value of $21.848 billion.
This equity composition underscores the banks financial stability and its capacity to sustain growth.
Shareholders benefit from a steady dividend policy and returns, reflecting the companys commitment to delivering value.
Income Streams and Revenue Generation
First Citizens BancShares’ income streams are diverse. The net interest income for Q1 2024 is $1.817 billion, driven by interest on loans and securities.
Noninterest income, including fees from wealth management services and rental income from operating lease equipment, totals $627 million.
These varied income sources enhance the bank’s revenue stability and growth prospects.
Expense Management and Cost Efficiency
Efficient cost management is pivotal for the banks.
The noninterest expense in Q1 2024 is $1.376 billion, encompassing salaries, benefits, and operational costs.
The bank’s efficiency ratio stands at 56.30%, indicating effective expense management relative to income. Strategic cost control measures bolster overall financial health.
Loan Portfolio and Credit Quality
The bank maintains a diversified loan portfolio.
The total loans and leases amount to $135 billion, with significant allocations to commercial and residential mortgages.
The credit quality is carefully managed, with a net charge-off ratio of 0.31% and a provision for credit losses at $64 million.
This vigilant approach ensures minimal credit risk and sustained loan performance.
Role of Deposits and Borrowings
Deposits form a cornerstone of financial stability, with total deposits reaching $149 billion.
This includes a mix of demand, savings, and time deposits, highlighting customer trust.
Borrowing strategies, including $37 billion in total borrowings, enhance liquidity and financial flexibility.
These elements are crucial for maintaining operational resilience and supporting growth initiatives.
Future Outlook and Financial Projections
Looking ahead, First Citizens BancShares aims for continued growth.
Strategic initiatives focus on expanding market share, enhancing service offerings, and leveraging technological advancements.
Analyst projections and market expectations are positive, anticipating steady revenue and profit growth, cementing the bank’s status as a leading financial institution.
FAQs about First Citizens BancShares
What is First Citizens BancShares?
First Citizens BancShares, Inc. is a financial holding company based in Raleigh, North Carolina.
It operates First Citizens Bank, offering various banking services across 500+ branches in 23 states and through a nationwide direct bank.
What services does First Citizens Bank offer?
First Citizens Bank provides personal banking, business banking, commercial banking, and wealth management services. These include savings accounts, loans, credit cards, and financial advisory services.
How has First Citizens BancShares performed financially?
In 2020, First Citizens net interest income rose to $1.39 billion, driven by organic loan growth and SBA-PPP loans. The company demonstrated financial stability despite the pandemic.
What recent acquisitions has First Citizens BancShares made?
In 2023, the bank acquired Silicon Valley Bridge Bank, N.A., including $110 billion in assets and $56 billion in deposits, enhancing its digital and wealth management capabilities.
How does First Citizens support its investors?
The bank supports investors through regular financial updates, SEC filings, and detailed reports. It offers investor email alerts and maintains an informative investor relations website.
What are the key components of First Citizens growth strategy?
The growth strategy includes organic growth and strategic acquisitions, such as the purchase of Silicon Valley Bridge Bank. The company also invests in technological innovation and customer-centric solutions.
How does First Citizens ensure regulatory compliance?
The bank adheres to regulatory standards and provides comprehensive disclosures, including quarterly results and SEC filings, reflecting its commitment to compliance.
What digital banking services are available from First Citizens Bank?
First Citizens Bank offers online account access, mobile check deposit, online bill pay, and digital wallet options, continuously improving its digital infrastructure for secure and convenient banking.
What is the historical significance of First Citizens BancShares?
Founded in 1898, First Citizens BancShares has grown to a top 20 U.S. financial institution with over $200 billion in assets, emphasizing long-term growth and customer service.
How does First Citizens support community development?
The bank engages in community development through financial education, small business support, and philanthropic activities, fostering economic development in its service areas.
Conclusion
First Citizens BancShares’ net worth in 2024 reveals its robust financial health. Stay informed with the latest financial analysis at AndoMoney.com.
