Mission Statement, Vision, & Core Values (2024) of First Citizens BancShares, Inc. (FCNCA).

An Overview of First Citizens BancShares, Inc. (FCNCA)

General Summary of First Citizens BancShares, Inc. (FCNCA)

First Citizens BancShares, Inc. (FCNCA) is a financial institution headquartered in Raleigh, North Carolina. Established in 1898, the company has a long-standing history of providing banking services. Over the years, it has expanded its operations through strategic acquisitions, including the notable acquisition of Silicon Valley Bank in 2023, which significantly broadened its market reach and product offerings.

As of 2024, First Citizens BancShares offers a wide range of products and services, including:

• Commercial banking
• Consumer banking
• Wealth management
• Investment services
• Mortgage lending

In terms of sales, the company reported total assets of approximately $220.57 billion and total deposits of $151.57 billion as of September 30, 2024.

Company's Financial Performance in Latest Financial Reports

In the third quarter of 2024, First Citizens BancShares reported a net income of $639 million, a decrease of 10% compared to $707 million in the previous quarter. The net income available to common stockholders was $624 million, reflecting a similar decline. Earnings per diluted common share were $43.42, down from $47.54 in the linked quarter.

Key financial metrics for the nine months ended September 30, 2024 include:

• Total interest income: $9.35 billion
• Total interest expense: $3.92 billion
• Net interest income: $5.43 billion
• Provision for credit losses: $276 million
• Noninterest income: $1.92 billion
• Noninterest expense: $4.22 billion
• Income before income taxes: $2.86 billion
• Net income: $2.08 billion

The company’s total loans and leases amounted to $138.70 billion, with a significant increase of $5.39 billion from December 31, 2023. Investment securities reached $38.66 billion, marking a 29% increase from $30 billion at the end of 2023. Additionally, deposits increased by 4% from December 31, 2023, reflecting strong customer retention and acquisition efforts.

Introduction to Company as a Leader in the Industry

First Citizens BancShares, Inc. is recognized as one of the leading banking institutions in the United States, particularly noted for its robust growth trajectory and strategic expansion efforts. The acquisition of Silicon Valley Bank has positioned it as a formidable player in the commercial banking sector, enhancing its service offerings and client base across various industries, including technology and healthcare.

The company maintains a strong capital position, with a total risk-based capital ratio of 15.36% and a Tier 1 leverage ratio of 10.17% as of September 30, 2024. First Citizens BancShares continues to focus on innovation and customer service, driving its success in a competitive market environment.

Mission Statement of First Citizens BancShares, Inc. (FCNCA)

Company's Mission Statement Overview

The mission statement of First Citizens BancShares, Inc. (FCNCA) serves as a foundational guide for the company, influencing its strategic direction and operational focus. The statement emphasizes the commitment to providing exceptional financial services while fostering strong relationships with customers, employees, and communities. This mission is critical for aligning the company's goals with the expectations of its stakeholders, ultimately driving long-term success.

Core Component 1: Customer Commitment

First Citizens BancShares prioritizes customer commitment by delivering high-quality financial products and services tailored to meet diverse needs. In 2024, the bank reported total deposits of $151.57 billion, reflecting a 4% increase from $145.85 billion at the end of 2023. This growth underscores the bank's dedication to enhancing customer relationships and satisfying their financial requirements.

Moreover, First Citizens aims to maintain a strong liquidity position, with a focus on deposit retention. The percentage of noninterest-bearing deposits to total deposits was 26.0% as of September 30, 2024. This indicates a robust customer base that trusts the institution with their funds.

Core Component 2: Community Engagement

Community engagement is another vital aspect of First Citizens' mission. The bank actively participates in local initiatives, supporting economic growth and development in the areas it serves. For instance, the bank's commitment to affordable housing partnerships has led to approximately $1.03 billion in investments aimed at improving community welfare. This investment not only aids in enhancing living standards but also strengthens the bank's ties with local communities.

Additionally, First Citizens has established various financial literacy programs, contributing to the overall financial well-being of its community members. This proactive approach reflects the bank's belief in giving back and fostering a sustainable economic environment.

Core Component 3: Employee Development

First Citizens recognizes the importance of its workforce in achieving its mission. The bank invests in employee development through comprehensive training programs and career advancement opportunities. As of September 30, 2024, the bank reported a net income of $2.077 billion for the nine months ended, showcasing profitability that can be reinvested in employee initiatives.

The bank's employee engagement strategies include competitive compensation packages and a focus on diversity and inclusion, which are essential for fostering a motivated workforce. In 2024, the bank also initiated a share repurchase program, purchasing 353,058 shares of Class A common stock, indicating a commitment to enhancing shareholder value, which is often linked to employee performance.

Vision Statement of First Citizens BancShares, Inc. (FCNCA)

Vision Statement Overview

The vision statement of First Citizens BancShares, Inc. (FCNCA) as of 2024 emphasizes a commitment to becoming a leading financial institution that prioritizes customer relationships and innovative solutions. The aim is to drive profitability while maintaining a strong ethical foundation.

Customer-Centric Focus

First Citizens BancShares aims to enhance customer experiences and foster long-term relationships. This is reflected in their significant increase in total deposits, which reached $151.57 billion by September 30, 2024, up from $145.85 billion at the end of 2023, indicating a 4% growth.

Innovative Solutions

Innovation is a core component of FCNCA's vision. The bank is committed to developing new financial products and services that meet the evolving needs of their customers. As of September 30, 2024, net interest income was reported at $5.43 billion, highlighting the effectiveness of their innovative strategies.

Ethical Foundation

First Citizens BancShares maintains a strong ethical foundation, which is crucial in their vision statement. The bank’s commitment to ethical practices is demonstrated through their community involvement and adherence to regulatory standards. In 2024, the bank accrued an additional $11 million for FDIC insurance assessments, reflecting their dedication to maintaining financial stability and protecting customers.

Financial Performance Indicators

Commitment to Community

FCNCA's vision includes a strong commitment to community engagement. They actively participate in initiatives that support local economies and sustainable practices. The bank’s community reinvestment efforts are underscored by their significant financing commitments, totaling $34.46 billion as of September 30, 2024.

Sustainability and Growth

As part of its vision, First Citizens BancShares is focused on sustainable growth through strategic acquisitions and operational efficiencies. The bank's total assets as of September 30, 2024, stood at $220.57 billion, a notable increase from the previous year.

Conclusion of Vision Statement Elements

First Citizens BancShares, Inc.'s vision statement for 2024 encapsulates a commitment to customer focus, innovation, ethical practices, community engagement, and sustainable growth, all supported by strong financial performance metrics.

Core Values of First Citizens BancShares, Inc. (FCNCA)

Core Value: Customer Commitment

First Citizens BancShares, Inc. (FCNCA) places a strong emphasis on customer commitment as a core value. This commitment is reflected in their personalized service and proactive client engagement strategies.

In 2024, FCNCA launched the "Client First Initiative," which aims to enhance customer experience through tailored financial solutions and dedicated support teams. This initiative has resulted in a 15% increase in customer satisfaction ratings, as measured by the annual customer feedback survey.

Core Value: Integrity

Integrity is a fundamental value at FCNCA, guiding their business practices and decision-making processes. The company maintains a strong code of ethics that emphasizes transparency and accountability.

In 2024, FCNCA implemented a comprehensive training program on ethical standards for all employees, resulting in a 25% reduction in compliance-related incidents compared to the previous year. This initiative reinforces their commitment to operating with integrity in all business dealings.

Core Value: Innovation

Innovation is a key driver of growth for FCNCA, enabling them to adapt to changing market conditions and customer needs. The company invests significantly in technology and digital solutions.

In 2024, FCNCA increased its technology budget by 20%, focusing on enhancing mobile banking capabilities and introducing AI-driven financial advisory services. These innovations have led to a 30% increase in digital engagement among customers.

Core Value: Community Engagement

Community engagement is central to FCNCA’s mission, reflecting their dedication to social responsibility and local development.

In 2024, FCNCA allocated $5 million towards community development projects, including affordable housing initiatives and local educational programs. This investment has positively impacted over 10,000 individuals in the communities they serve.

Core Value: Excellence

FCNCA strives for excellence in every aspect of its operations, from customer service to financial performance.

In 2024, the company achieved a return on equity (ROE) of 12%, a notable increase from 10% in 2023, reflecting their commitment to operational excellence and effective resource management.

Updated on 16 Nov 2024

Resources:

1. First Citizens BancShares, Inc. (FCNCA) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of First Citizens BancShares, Inc. (FCNCA)' financial performance, including balance sheets, income statements, and cash flow statements.
2. SEC Filings – View First Citizens BancShares, Inc. (FCNCA)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.