First Citizens BancShares, Inc. (NASDAQ:FCNCA) Q3 2024 Earnings Call Transcript October 24, 2024 9:00 AM ET

Company Participants

Deanna Hart - Head of Investor Relations
Frank Holding - Chairman and CEO
Craig Nix - Chief Financial Officer
Tom Eklund - Treasurer
Marc Cadieux - President of Silicon Valley Bank, a division of First Citizens Bank

Conference Call Participants

Chris McGratty - KBW
David Long - Raymond James
Ryan Nash - Goldman Sachs
Christopher Marinac - Janney Montgomery Scott

Operator

Ladies and gentlemen, thank you for standing by. And welcome to the First Citizens Bancshares’ Third Quarter 2024 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speakers’ 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, Head of Investor Relations. You may begin.

Deanna Hart

Thank you and good morning. Welcome to First Citizens' third 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 third 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 of the presentation.

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. I'll make some brief comments about our third quarter results, and then I'll turn it over, Craig, to review our results in more detail before we take your questions. Starting on page 6 of our investor presentation, we delivered another quarter of strong financial results with adjusted earnings per share of $45.87. Our net interest margin was resilient despite declines in accretion income, and we remain encouraged by the stability of deposit base. We saw continued deposit growth in the General Bank and SVB Commercial balances were up modestly over the prior quarter.