First Citizens BancShares, Inc. (NASDAQ:FCNCA) Q2 2024 Results Conference Call July 25, 2024 9:00 AM ET

Company Participants

Deanna Hart - SVP, IR
Frank Holding - CEO
Craig Nix - CFO
Tom Eklund - Treasurer

Conference Call Participants

Steven Alexopoulos - JP Morgan
Christopher Marinac - Janney Montgomery Scott
Casey Haire - Jefferies

Operator

Ladies and gentlemen, thank you for standing by and welcome to the First Citizens Bancshares Second 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' second 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 second quarter business and financial updates, referencing our earnings call presentation, which you can find on our website. Our comments 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, and welcome to our earnings call. Starting on page six, and this is the second quarter snapshot slide. We delivered another quarter of solid financial results, including peer-leading return on assets, net interest margin, adjusted efficiency ratio, loan growth, CET 1 ratio and loan portfolio yield. Our board has approved a share repurchase plan allowing us to repurchase shares in an aggregate amount up to $3.5 billion. And Craig will speak to those details later. And I'd like to point out that we were recently included in the Fortune 500 list for the first time.

Continuing on to Page 7, I'll take a look at well, I'll take a moment to focus on our business segment performance as well as their outlooks moving forward. Starting with the General Bank, we saw positive loan trends as growth remain particularly resilient in business and commercial loans within our branch network. We also experienced strong growth in our SBA, SVB private and wealth channels.