First Citizens BancShares, Inc. (NASDAQ:FCNCA) Q2 2023 Earnings Call Transcript

Brody Preston: Got it. Okay. And I just had 2 last ones. The previous guide on the — when I kind of moved — when I kind of took what your EPS guide was last quarter and then backed out the moving parts. You kind of indicated that you expected a [650-ish] core provision for the year. Is that still a good level to be thinking about for core provision, excluding the day 2 CECL.

Craig Nix: Did you say 650?

Brody Preston: Yes. That’s what I kind of backed into.

Craig Nix: I think it’s about [400] for the year.

Brody Preston: For the year. Okay. Cool. And then the last 1 was, Craig, you guys — it’s such a small portion of the loan portfolio now, that Class B office that you inherited from CIT. I think the $1.1 billion is what’s for the commercial bank. And so it’s less than 1% of loans. We saw another large bank in Capital One, just kind of move on from their Class B and C office portfolio and put it in held for sale. It took a big charge off on it this quarter. Is there any thought around doing something similar and just saying like it’s a credit overhang, and we don’t really want to deal with it. We’ve got plenty of capital, plenty of reserves. Let’s just move on from it.

Craig Nix: Yes. We don’t have any plan to do that.

Operator: This is all the questions we have today. I’d like to turn the call back to your host, Deanna Hart for any in closing remarks.

Deanna Hart: Thank you, everyone, for joining us today on our quarterly earnings call. We appreciate your ongoing interest in our company. And if you have further questions or need additional information, please feel free to reach out to the Investor Relations team. We hope you have a great day.

Operator: Thank you, everyone, for joining today’s call. You may now disconnect your lines, and have a lovely day.