NYCB CEO predicts a 'clear path to profitability' after disclosing first-quarter loss [Yahoo! Finance]
First Citizens BancShares, Inc. - Class A (FCNCA)
US:NASDAQ Investor Relations:
firstcitizens.com/about/who-we-are/annual-report
Company Research
Source: Yahoo! Finance
The net loss was due in part to an increase in provisions set aside for future losses. They increased to $315 million, compared with $170 million in the same year-ago period. It also reported $81 million in net charge-offs, the bulk of which came from its commercial real estate loan book. NYCB is a big lender to office buildings and rent-regulated apartment complexes, especially in New York City. Its stock has fallen more than 70% since the beginning of 2024, but it was up more than 15% in premarket trading Wednesday as new CEO Joseph Otting pledged that NYCB would achieve "significantly higher profitability and higher capital levels" by 2026. "While this year will be a transitional year for the Company, we have a clear path to profitability over the following two years," he said in a release. Otting, the former acting Comptroller of the Currency, leads a new team put in place this spring following a $1 billion infusion from a group that includes former Treasury Secretary S
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FCNCA
News
- Why banks and insurers should still top your investing list [Yahoo! Finance Canada]Yahoo! Finance Canada
- FDIC's Gruenberg rebuffs bipartisan calls for his resignation as new banking rules loom [Yahoo! Finance Canada]Yahoo! Finance Canada
- FDIC's Gruenberg rebuffs bipartisan calls for his resignation as new banking rules loom [Yahoo! Finance]Yahoo! Finance
- Why banks and insurers should still top your investing list [Financial Post (Toronto, Ontario, Canada)]Financial Post
- Social media spurred the last banking crisis. Can it prevent the next one? [Yahoo! Finance]Yahoo! Finance
FCNCA
Earnings
- 4/25/24 - Beat
FCNCA
Sec Filings
- 5/10/24 - Form 4
- 5/9/24 - Form 10-Q
- 5/7/24 - Form 4
- FCNCA's page on the SEC website