SEC 8-K filings with transcript text
Oct 23, 2026
2 a3q26_erx991.htm
Document
For Immediate ReleaseContact:Deanna HartAngela English
October 23, 2026Investor RelationsCorporate Communications
919-716-2137803-931-1854
FIRST CITIZENS BANCSHARES REPORTS THIRD QUARTER 2026 EARNINGS, ANNOUNCES ADDITIONAL SHARE REPURCHASE PLAN
RALEIGH, N.C. -- First Citizens BancShares, Inc. (“BancShares”) (Nasdaq: FCNCA) reported earnings for the third quarter of 2026.
Chairman and CEO Frank B. Holding, Jr. said: “Third quarter performance exceeded our expectations, fueled by strong, high quality top-line growth, accelerated loan and deposit growth, highly resilient credit quality, and expense discipline. We returned $600 million to our stockholders through share repurchases and further optimized our balance sheet by repaying another $8.0 billion of the Purchase Money Note. Additionally, we are pleased to announce the approval by our Board of Directors of a new share repurchase plan, authorizing the repurchase of up to $1.2 billion of our Class A common shares through 2027, a testament to our dedication to long-term value creation and returning capital to our stockholders.”
On September 4, 2026, First-Citizens Bank & Trust Company (“First Citizens Bank”), the wholly owned banking subsidiary of BancShares, completed its previously announced acquisition of 138 branches from BMO Bank N.A. located throughout the Midwest, Great Plains and West regions of the U.S. (the “BMO Branch Acquisition”). In connection with the BMO Branch Acquisition, First Citizens Bank assumed approximately $4.9 billion in deposits and acquired approximately $650 million in loans.
Measures referenced below “as adjusted” or “excluding PAA” (or purchase accounting accretion) are non-GAAP financial measures. Refer to the Financial Supplement available at ir.firstcitizens.com or www.sec.gov for a reconciliation of each non-GAAP measure to the most directly comparable GAAP measure.
Net income for the third quarter of 2026 (“current quarter”) was $606 million, compared to $672 million for the second quarter of 2026 (“linked quarter”). Net income available to common stockholders for the current quarter was $577 million, or $51.23 per common share, a $63 million decrease from $640 million, or $55.52 per common share, in the linked quarter.
Adjusted net income for the current quarter was $652 million, compared to $691 million for the linked quarter. Adjusted net income available to common stockholders was $623 million, or $55.37 per common share, a $36 million decrease from $659 million, or $57.09 per common share, in the linked quarter.
•Net interest income was $1.70 billion for the current quarter, an increase of $43 million over the linked quarter. Net interest income, excluding PAA, was $1.66 billion, an increase of $47 million over the linked quarter.
◦Interest income on loans increased $88 million, mainly due to a higher average balance and a higher yield, partially offset by a $5 million decrease in loan PAA.
◦Interest income on investment securities increased $26 million due to a higher average balance and a higher yield.
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◦Interest expense on borrowings decreased $19 million, mainly due to a decline in the average balance as we repaid an additional $8.00 billion of the Purchase Money Note, partially offset by a higher average balance of and a higher rate paid on senior unsecured borrowings.
◦Interest expense on interest-bearing deposits increased $90 million due to a higher average balance and a higher rate paid, reflecting growth in the Direct Bank and brokered deposits.
•Net interest margin (“NIM”) was 3.07% for the current quarter, a modest decline of 3 basis points from the linked quarter. NIM, excluding PAA, was 2.99% in the current quarter, down 2 basis points from the linked quarter.
◦The yield on average interest-earning assets was 5.36%, an increase of 2 basis points from the linked quarter, mainly due to higher yields on and higher average balances of loans and investment securities.
◦The rate paid on average interest-bearing liabilities was 3.01%, an increase of 6 basis points from the linked quarter, primarily due to increases in the average balance of and rate paid on interest-bearing deposits, partially offset by the impact of a lower average balance of borrowings.
•Noninterest income was $734 million, compared to $776 million in the linked quarter, a decrease of $42 million. Adjusted noninterest income was $575 million, a decrease of $11 million from the linked quarter. The decreases in noninterest income and adjusted noninterest income were largely due to the following:
◦Other noninterest income decreased $42 million, mainly reflecting a $37 million sequential quarter decrease in the fair value of equity warrants as the fair value declined $6 million in the current quarter after increasing $31 million in the linked quarter. Addition
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