What caused FCNCA's earnings to miss forecasts in Q3 2024?

First Citizens BancShares (FCNCA) missed earnings forecasts in Q3 2024 due to a combination of factors:

1. **Decrease in Net Interest Income (NII)**: The company's NII totaled $1.80 billion in Q3 2024, which was a decrease from $1.85 billion in the previous quarter. This decline was primarily due to lower loan demand and higher deposit costs, which squeezed net interest margins.
2. **Higher Provision for Credit Losses**: FCNCA's provision for credit losses increased to $50 million in Q3 2024, up from $30 million in the prior quarter. This increase was driven by a deterioration in the company's loan portfolio, particularly in its consumer loan segment.
3. **Loan Portfolio Decline**: Despite strong EPS amid loan portfolio decline, the company's loan portfolio decreased to $38.1 billion from $38.6 billion in the previous quarter. This decline in loans, particularly in the commercial real estate category, contributed to the earnings shortfall.
4. **Efficiency Ratio**: The company's efficiency ratio stood at 50%, which is relatively high and indicates room for improvement in cost management. An efficiency ratio that is higher than the industry average suggests that FCNCA may be struggling to manage its operating expenses effectively.

In summary, FCNCA's Q3 2024 earnings miss was primarily due to a decrease in NII, higher provision for credit losses, loan portfolio decline and efficiency ratio. These factors combined to create a challenging financial environment for the company, resulting in earnings that fell short of market expectations.