First Citizens (FCNCA) Q1 Earnings: How Key Metrics Compare to Wall Street Estimates

For the quarter ended March 2024, First Citizens BancShares (FCNCA) reported revenue of $2.44 billion, up 90.2% over the same period last year. EPS came in at $52.92, compared to $20.09 in the year-ago quarter.

The reported revenue represents a surprise of +6.08% over the Zacks Consensus Estimate of $2.3 billion. With the consensus EPS estimate being $44.27, the EPS surprise was +19.54%.

While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.

Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.

Here is how First Citizens performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

• Efficiency Ratio: 56.3% compared to the 52.4% average estimate based on five analysts.

• Net Interest Margin: 3.7% versus 3.7% estimated by five analysts on average.

• Average Balance - Total interest-earning assets: $198.59 billion versus $197.46 billion estimated by four analysts on average.

• Net charge-off ratio: 0.3% versus 0.5% estimated by four analysts on average.

• Total non-accrual loans: $1.07 billion compared to the $992.21 million average estimate based on three analysts.

• Total Non Interest Income: $627 million versus the five-analyst average estimate of $520.93 million.

• Net Interest Income: $1.82 billion versus $1.81 billion estimated by five analysts on average.

• Rental income on operating lease equipment: $255 million versus $136.62 million estimated by four analysts on average.

• Service charges on deposit accounts: $44 million compared to the $43.78 million average estimate based on four analysts.

• Factoring commissions: $17 million compared to the $22.11 million average estimate based on four analysts.

• Merchant services, net: $12 million versus the four-analyst average estimate of $12.03 million.

• Cardholder services, net: $40 million versus $36.50 million estimated by four analysts on average.

View all Key Company Metrics for First Citizens here>>>

Shares of First Citizens have returned +1.4% over the past month versus the Zacks S&P 500 composite's -3% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.

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