Machine learning predictions based on historical earnings data and price patterns
1-Day Prediction
+0.16%
$20.26
100% positive prob.
5-Day Prediction
+1.62%
$20.56
100% positive prob.
20-Day Prediction
+2.18%
$20.67
95% positive prob.
SEC 8-K filings with transcript text
Jul 23, 2026 · 100% conf.
1D
+0.16%
$20.26
Act: +0.01%
5D
+1.62%
$20.56
Act: +0.41%
20D
+2.18%
$20.67
2 ex_991earningsrelease-2q20.htm
Document
For Immediate ReleaseContact:Deanna HartAngela English
July 23, 2026Investor RelationsCorporate Communications
919-716-2137803-931-1854
RALEIGH, N.C. -- First Citizens BancShares, Inc. (“BancShares”) (Nasdaq: FCNCA) reported earnings for the second quarter of 2026.
Chairman and CEO Frank B. Holding, Jr. said: “Solid return metrics during the second quarter continued to support our strong capital and liquidity positions, driven by balanced loan and deposit growth, resilient credit quality, and disciplined expense management. Return metrics surpassed both our expectations and first quarter results. We returned $600 million to our stockholders through share repurchases and further optimized our balance sheet by prepaying another $2.5 billion of the Purchase Money Note.”
On October 16, 2025, First-Citizens Bank & Trust Company (“First Citizens Bank”), the wholly owned banking subsidiary of BancShares, announced that it had entered into an agreement to acquire 138 branches from BMO Bank N.A. (“BMO Bank”) 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 expects to assume approximately $5.3 billion in deposits and acquire approximately $700 million in loans. BancShares expects the transaction to be completed during the third quarter of 2026.
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 second quarter of 2026 (“current quarter”) was $672 million, compared to $534 million for the first quarter of 2026 (“linked quarter”). Net income available to common stockholders for the current quarter was $640 million, or $55.52 per common share, a $132 million increase from $508 million, or $42.63 per common share, in the linked quarter.
Adjusted net income for the current quarter was $691 million, compared to $560 million for the linked quarter. Adjusted net income available to common stockholders was $659 million, or $57.09 per common share, a $125 million increase from $534 million, or $44.86 per common share, in the linked quarter.
•Net interest income was $1.66 billion for the current quarter, an increase of $35 million from the linked quarter. Net interest income, excluding PAA, was $1.61 billion, an increase of $26 million from the linked quarter.
◦Interest income on loans increased $47 million, mainly due to a higher yield, a higher average balance, and a $7 million increase in loan PAA.
◦Interest expense on borrowings decreased $18 million, mainly due to a decline in the average balance as we repaid an additional $2.5 billion of the Purchase Money Note.
◦Interest income on investment securities increased $17 million due to a higher yield and a higher average balance.
◦Interest expense on interest-bearing deposits increased $48 million due to a higher average balance and a higher rate paid.
1
•Net interest margin (“NIM”) was 3.10% for the current quarter, an increase of 1 basis point from the linked quarter. NIM, excluding PAA, was 3.01% in both the current and linked quarters.
◦The yield on average interest-earning assets was 5.34%, an increase of 4 basis points from the linked quarter, mainly due to higher yields on and average balances of loans and investment securities.
◦The rate paid on average interest-bearing liabilities was 2.95%, an increase of 2 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 $776 million, compared to $692 million in the linked quarter, an increase of $84 million. Adjusted noninterest income was $586 million, an increase of $66 million from the linked quarter.
◦The increases in noninterest income and adjusted noninterest income were primarily due to the following:
▪Other noninterest income increased $50 million, mainly attributable to a $27 million increase in the fair value of derivatives and a $17 million gain on sale of tax credit investments.
▪Client investment fees increased $6 million due to higher volume and average balances.
▪Lending-related fees increased $4 million, largely due to line of credit fees.
▪Deposit fees and service charges increased $4 million, largely attributable to overdraft fees.
◦Additionally, the fair value adjustment on marketable equity securities increased $12 million compared to the linked quarter.
•Noninterest expense was
Apr 23, 2026
2 ex_991earningsrelease-1q20.htm
Document
For Immediate ReleaseContact:Deanna HartAngela English
April 23, 2026Investor RelationsCorporate Communications
919-716-2137803-931-1854
RALEIGH, N.C. -- First Citizens BancShares, Inc. (“BancShares”) (Nasdaq: FCNCA) reported earnings for the first quarter of 2026.
Chairman and CEO Frank B. Holding, Jr. said: “We are pleased with our first quarter results highlighted by loan and deposit growth, resilient credit quality, and return metrics exceeding our expectations. During the quarter, we returned an additional $900 million of capital to our stockholders through share repurchases, and prepaid $2.50 billion of the Purchase Money Note. Capital and liquidity positions remain strong.”
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 first quarter of 2026 (“current quarter”) was $534 million, compared to $580 million for the fourth quarter of 2025 (“linked quarter”). Net income available to common stockholders for the current quarter was $508 million, or $42.63 per common share, a $58 million decrease from $566 million, or $45.81 per common share, in the linked quarter.
Adjusted net income for the current quarter was $560 million, compared to $648 million for the linked quarter. Adjusted net income available to common stockholders was $534 million, or $44.86 per common share, a $100 million decrease from $634 million, or $51.27 per common share, in the linked quarter.
•Net interest income was $1.62 billion for the current quarter, a decrease of $101 million from the linked quarter. Net interest income, excluding PAA, was $1.58 billion, a decrease of $91 million from the linked quarter.
◦Interest income on loans decreased $84 million and, excluding loan PAA, decreased $73 million, mainly due to a decline in yield and an $11 million decrease in loan PAA, partially offset by the impact of a higher average balance.
◦Interest income on investment securities decreased $40 million due to decreases in the average balance and yield.
◦Interest income on interest-earning deposits at banks decreased $30 million due to a lower average balance and a decline in yield.
◦Interest expense on interest-bearing deposits decreased $28 million due to a lower rate paid, partially offset by the impact of a higher average balance.
◦Interest expense on borrowings decreased $25 million, mainly due to a decline in the average balance as a result of prepayments of the Purchase Money Note.
•Net interest margin (“NIM”) was 3.09% compared to 3.20% in the linked quarter, a decrease of 11 basis points. NIM, excluding PAA, was 3.01%, compared to 3.11% in the linked quarter, a decrease of 10 basis points.
◦The yield on average interest-earning assets was 5.30%, a decrease of 18 basis points from the linked quarter, mainly due to the following:
1
▪A lower loan yield resulting from lower interest rates and a decline in loan PAA, partially offset by the impact of a higher average balance.
▪A lower yield on investment securities resulting from a lower average balance and lower interest rates.
▪A lower yield on interest-earning deposits at banks resulting from a lower average balance and a decline in the federal funds rate.
◦The rate paid on average interest-bearing liabilities was 2.93%, a decrease of 10 basis points from the linked quarter, primarily due to a lower rate paid on interest-bearing deposits and a lower average balance of borrowings, partially offset by the impact of a higher average balance of interest-bearing deposits.
•Noninterest income was $692 million, compared to $715 million in the linked quarter, a decrease of $23 million. Adjusted noninterest income was $520 million, a decrease of $9 million from the linked quarter. The decreases in noninterest income and adjusted noninterest income were primarily due to a decrease in other noninterest income of $15 million as the linked quarter included a gain on tax credit investments. Increases of $7 million in deposit fees and service charges and $5 million in lending-related fees were partially offset by modest decreases spread amongst various noninterest income line items. Additionally, the fair value adjustment on marketable equity securities decreased $9 million compared to the linked quarter.
•Noninterest expense was $1.54 billion, a decrease of $36 million from the linked quarter. Adjusted noninterest expense was $1.33 billion, a decrease of $38 million. The decreases in noninterest expense and adjusted noninterest expense were primarily due to the following:
◦Marketing expense
Jan 23, 2026
2 ex_991earningsrelease-4q20.htm
Document
For Immediate ReleaseContact:Deanna HartAngela English
January 23, 2026Investor RelationsCorporate Communications
919-716-2137803-931-1854
RALEIGH, N.C. -- First Citizens BancShares, Inc. (“BancShares”) (Nasdaq: FCNCA) reported earnings for the fourth quarter of 2025.
Chairman and CEO Frank B. Holding, Jr. said: “We delivered solid return metrics in the fourth quarter while credit quality remained stable and we achieved strong loan growth, led by Global Fund Banking. We returned an additional $900 million of capital to our stockholders during the quarter through share repurchases and prepaid $2.5 billion of the Purchase Money Note. Our capital and liquidity positions remain strong. We are excited about our prospects for 2026.”
On October 16, 2025, First-Citizens Bank & Trust Company (“First Citizens Bank”), the wholly owned banking subsidiary of BancShares, announced that it had entered into an agreement to acquire 138 branches from BMO Bank N.A. (“BMO Bank”) 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 expects to assume approximately $5.7 billion in deposits and acquire approximately $1.1 billion in loans. BancShares expects the transaction to close in the second half of 2026, subject to customary closing terms and conditions and regulatory approvals.
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 fourth quarter of 2025 (“current quarter”) was $580 million, compared to $568 million for the third quarter of 2025 (“linked quarter”). Net income available to common stockholders for the current quarter was $566 million, or $45.81 per common share, a $12 million increase from $554 million, or $43.08 per common share, in the linked quarter.
Adjusted net income for the current quarter was $648 million, compared to $587 million for the linked quarter. Adjusted net income available to common stockholders was $634 million, or $51.27 per common share, a $61 million increase from $573 million, or $44.62 per common share, in the linked quarter.
During the current quarter, the composition of the Commercial Bank segment was expanded to include SVB Commercial, which was previously a separate segment, and prior period segment financial information was recast accordingly.
•Net interest income was $1.72 billion for the current quarter, a decrease of $12 million from the linked quarter. Net interest income, excluding PAA, was $1.67 billion in both the current and linked quarters.
◦Interest income on interest-earning deposits at banks decreased $39 million due to a lower average balance and a decline in yield.
◦Interest income on loans decreased $10 million, mainly due to a decline in yield and a $12 million decrease in loan PAA, partially offset by the impact of a higher average balance. Interest income on loans, excluding loan PAA, increased $2 million.
1
◦Interest income on investment securities decreased $9 million due to decreases in the average balance and yield.
◦Interest expense on borrowings increased $4 million due to increases in the rate paid and the average balance.
◦Interest expense on interest-bearing deposits decreased $50 million due to a lower rate paid, partially offset by the impact of a higher average balance.
•Net interest margin (“NIM”) was 3.20% compared to 3.26% in the linked quarter, a decrease of 6 basis points. NIM, excluding PAA, was 3.11%, compared to 3.15% in the linked quarter, a decrease of 4 basis points.
◦The yield on average interest-earning assets was 5.48%, a decrease of 16 basis points from the linked quarter, mainly due to the following:
▪A lower loan yield resulting from lower interest rates and a decline in loan PAA, partially offset by the impact of a higher average balance.
▪A lower yield on interest-earning deposits at banks resulting from a decline in the federal funds rate, and a lower average balance.
◦The rate paid on average interest-bearing liabilities was 3.03%, a decrease of 13 basis points from the linked quarter, primarily due to a lower rate paid on interest-bearing deposits, partially offset by the impact of a higher average balance of interest-bearing deposits.
•Noninterest income was $715 million, compared to $699 million in the linked quarter, an increase of $16 million. Adjusted noninterest income was $529 million, compared to $518 million in the linked quarter, an increase of $11 mi
Oct 23, 2025
2 ex_991earningsrelease-3q20.htm
Document
For Immediate ReleaseContact:Deanna HartAngela English
October 23, 2025Investor RelationsCorporate Communications
919-716-2137803-931-1854
RALEIGH, N.C. -- First Citizens BancShares, Inc. (“BancShares”) (Nasdaq: FCNCA) reported earnings for the third quarter of 2025.
Chairman and CEO Frank B. Holding, Jr. said: “We delivered solid return metrics in the third quarter as all of our operating segments achieved loan and deposit growth, led by SVB Commercial. Capital and liquidity positions remained strong, enabling us to return an additional $900 million of capital to our stockholders during the quarter through share repurchases as we completed the 2024 plan and commenced repurchases under the 2025 plan. We are excited about our recently announced acquisition of 138 BMO Bank branches which will expand our footprint and enhance our liquidity position to support strategic initiatives.”
On October 16, 2025, First-Citizens Bank & Trust Company (“First Citizens Bank”), the wholly owned banking subsidiary of BancShares, announced that it had entered into an agreement to consummate the acquisition of 138 branches from BMO Bank N.A. (“BMO Bank”) 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 will assume approximately $5.7 billion in deposit liabilities and acquire approximately $1.1 billion in loans. BancShares expects the transaction to close in mid-2026, subject to customary closing terms and conditions and regulatory approvals.
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 2025 (“current quarter”) was $568 million, compared to $575 million for the second quarter of 2025 (“linked quarter”). Net income available to common stockholders for the current quarter was $554 million, or $43.08 per common share, a $7 million decrease from $561 million, or $42.36 per common share, in the linked quarter.
Adjusted net income for the current quarter was $587 million, compared to $607 million for the linked quarter. Consistent with the linked quarter, acquisition-related expenses were the most significant difference between reported and adjusted net income. Adjusted net income available to common stockholders was $573 million, or $44.62 per common share, a $20 million decrease from $593 million, or $44.78 per common share, in the linked quarter.
•Net interest income was $1.73 billion for the current quarter, an increase of $39 million over the linked quarter. Net interest income, excluding PAA, was $1.67 billion, compared to $1.63 billion in the linked quarter, an increase of $44 million.
◦Interest income on loans increased $30 million and, excluding loan PAA, increased $34 million, mainly due to a higher day count and a higher average balance, partially offset by a modest decline in yield. Loan PAA decreased $4 million.
◦Interest income on investment securities increased $14 million due to increases in the average balance, yield, and day count.
1
◦Interest income on interest-earning deposits at banks increased $9 million due to a higher average balance and a higher day count, partially offset by a slight decline in yield.
◦Interest expense on borrowings decreased $3 million due to a modest decline in the average balance and rate paid.
◦Interest expense on interest-bearing deposits increased $17 million as the impacts of a higher average balance and a higher day count were partially offset by a lower rate paid.
•Net interest margin (“NIM”) was 3.26% in both the current and linked quarters. NIM, excluding PAA, was 3.15%, compared to 3.14% in the linked quarter.
◦The yield on average interest-earning assets was 5.64%, a decrease of 3 basis points from the linked quarter, mainly due to a lower loan yield resulting from lower interest rates and a decline in loan PAA.
◦The rate paid on average interest-bearing liabilities was 3.16%, a decrease of 3 basis points from the linked quarter, primarily due to a lower rate paid on interest-bearing deposits, partially offset by the impact of a higher average balance of interest-bearing deposits.
•Noninterest income was $699 million, compared to $678 million in the linked quarter, an increase of $21 million. Adjusted noninterest income was $518 million, compared to $513 million in the linked quarter, an increase of $5 million.
◦The increases in noninterest income and adjusted noninterest income were largely due to an increas
Jul 25, 2025
2 ex_991earningsrelease-2q20.htm
Document
For Immediate ReleaseContact:Deanna HartAngela English
July 25, 2025Investor RelationsCorporate Communications
919-716-2137803-931-1854
FIRST CITIZENS BANCSHARES REPORTS SECOND QUARTER 2025 EARNINGS, ANNOUNCES ADDITIONAL SHARE REPURCHASE PLAN
RALEIGH, N.C. -- First Citizens BancShares, Inc. (“BancShares”) (Nasdaq: FCNCA) reported earnings for the second quarter of 2025.
Chairman and CEO Frank B. Holding, Jr. said: “Our team delivered solid financial results in the second quarter through revenue growth and positive credit performance across our diverse portfolio. Capital and liquidity positions remained strong, enabling us to return an additional $613 million of capital to our stockholders through share repurchases during the quarter. Also, we are pleased to announce that our Board of Directors approved an additional share repurchase plan for the repurchase of up to $4.0 billion of our Class A common shares which will commence upon completion of the $3.5 billion share repurchase plan announced in July 2024. This reflects our commitments to long-term value creation and delivering returns to our stockholders. Lastly, I am pleased that we have strengthened our leadership and governance with the appointment of Diane Morais to our Board of Directors.”
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 second quarter of 2025 (“current quarter”) was $575 million compared to $483 million for the first quarter of 2025 (“linked quarter”). Net income available to common stockholders for the current quarter was $561 million, or $42.36 per common share, a $93 million increase from $468 million, or $34.47 per common share, in the linked quarter.
Adjusted net income for the current quarter was $607 million compared to $528 million for the linked quarter. Consistent with the prior quarter, acquisition-related expenses were the most significant difference between reported and adjusted net income. Adjusted net income available to common stockholders was $593 million, or $44.78 per common share, an $80 million increase from $513 million, or $37.79 per common share, in the linked quarter.
•Net interest income totaled $1.70 billion for the current quarter, an increase of $32 million from the linked quarter. Net interest income related to PAA was $66 million compared to $75 million in the linked quarter, a decrease of $9 million. Net interest income, excluding PAA, was $1.63 billion compared to $1.59 billion in the linked quarter, an increase of $41 million, primarily due to the following:
◦Interest income on loans increased $34 million. Interest income on loans, excluding loan PAA, increased $43 million, mainly due to the impacts of a higher average balance and a higher day count.
◦Interest income on interest-earning deposits at banks increased $11 million, primarily due to a higher average balance and a higher day count.
1
◦Interest income on investment securities increased $5 million due to a higher average balance and a higher day count.
◦Interest expense on borrowings increased $17 million due to a higher average balance and rate paid as the issuances during the linked quarter of senior unsecured notes and subordinated notes were outstanding for the entire current quarter.
◦Interest expense on interest-bearing deposits increased $1 million as the impacts of a higher average balance and a higher day count were partially offset by a lower rate paid.
•Net interest margin (“NIM”) was 3.26% in both the current and linked quarters as the favorable impact of a lower rate paid on interest-bearing deposits was offset by the unfavorable impacts of a higher average balance of interest-bearing deposits and borrowings, a higher rate paid on borrowings, and lower PAA. NIM, excluding PAA, was 3.14% compared to 3.12% in the linked quarter.
◦The yield on average interest-earning assets was 5.67%, a decrease of 1 basis point from the linked quarter, mainly due to lower loan PAA.
◦The rate paid on average interest-bearing liabilities was 3.19%, a decrease of 3 basis points from the linked quarter, primarily due to a lower rate paid on interest-bearing deposits, partially offset by the impacts of a higher average balance of interest-bearing deposits, and a higher average balance and rate paid on borrowings.
•Noninterest income was $678 million compared to $635 million in the linked quarter, an increase of $43 million. Adjusted noninterest income was $513 million compared to $479 million in the linked quarter, an increase of $34 million. The increases in noninterest income and adjusted noninterest income
Apr 24, 2025
2 ex_991earningsrelease-1q20.htm
Document
For Immediate ReleaseContact:Deanna HartAngela English
April 24, 2025Investor RelationsCorporate Communications
919-716-2137803-931-1854
RALEIGH, N.C. -- First Citizens BancShares, Inc. (“BancShares”) (Nasdaq: FCNCA) reported earnings for the first quarter of 2025.
Chairman and CEO Frank B. Holding, Jr. said: “Our first quarter financial results were solid, including loan growth in the Commercial Bank and SVB Commercial segments, as well as deposit growth, primarily in the Direct Bank and throughout our Branch Network. Credit remained stable with net charge-offs declining from the fourth quarter. We maintained strong capital and liquidity positions which allowed us to return an additional $613 million of capital to our stockholders through share repurchases. We also successfully completed the issuance of $500 million of senior unsecured notes and $750 million of subordinated notes. While we acknowledge uncertainty in the current environment, we enter it from a position of strength and are excited about our prospects moving forward.”
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 first quarter of 2025 (“current quarter”) was $483 million compared to $700 million for the fourth quarter of 2024 (“linked quarter”). Net income available to common stockholders for the current quarter was $468 million, or $34.47 per common share, compared to $685 million, or $49.21 per common share, in the linked quarter. The decrease in net income available to common stockholders of $217 million was mainly due to an increase in income tax expense of $132 million as the linked quarter included a decrease in income tax expense from the revaluation of the deferred tax liability. The tax rate applied in the linked quarter declined after we filed our first income tax returns that included the SVBB Acquisition. Pretax income for the current quarter was $651 million compared to $736 million for the linked quarter, a decrease of $85 million.
Adjusted net income for the current quarter was $528 million compared to $643 million for the linked quarter. Adjusted net income available to common stockholders was $513 million, or $37.79 per common share, a $115 million decrease from $628 million, or $45.10 per common share, in the linked quarter.
Current quarter results included the following select items:
•Acquisition-related expenses of $42 million,
•Intangible asset amortization of $15 million, and
•Net impact of $15 million for the tax effect of notable items.
1
•Net interest income totaled $1.66 billion for the current quarter, a decrease of $46 million from the linked quarter. Net interest income related to PAA was $75 million compared to $82 million in the linked quarter, a decrease of $7 million. Net interest income, excluding PAA, was $1.59 billion compared to $1.63 billion in the linked quarter, a decrease of $39 million, primarily due to the following:
◦Interest income on loans decreased $86 million. Interest income on loans, excluding loan PAA, decreased $80 million as a result of a lower yield, partially offset by the impact of a higher average balance.
◦Interest income on interest-earning deposits at banks decreased $57 million due to declines in the average balance and the federal funds rate.
◦Interest income on investment securities increased $37 million due to a higher average balance and a higher yield.
◦Interest expense on interest-bearing deposits decreased $64 million, mainly due to a lower rate paid, partially offset by the impact of a higher average balance.
◦Interest expense on borrowings increased $4 million, primarily due to a higher average balance as we issued $500 million of senior unsecured notes and $750 million of subordinated notes during the current quarter.
•Net interest margin (“NIM”) was 3.26% compared to 3.32% in the linked quarter. NIM compression was mainly due to a decline in the yield on interest-earning assets (due primarily to decreases in the federal funds rate in the linked quarter), a mix shift from interest-earning deposits at banks to investment securities, and an increase in average interest-bearing deposits, partially offset by a decline in the cost of interest-bearing deposits and an increase in average loans. Lower PAA had a 1 basis point negative impact on NIM during the current quarter. NIM, excluding PAA, was 3.12% compared to 3.16% in the linked quarter.
◦The yield on average interest-earning assets was 5.68%, a decrease of 15 basis points from the linked quarter, mainly due to declines in yields on loans and inte
Jan 24, 2025
2 ex_991earningsrelease-4q20.htm
Document
For Immediate ReleaseContact:Deanna HartAngela English
January 24, 2025Investor RelationsCorporate Communications
919-716-2137803-931-1854
RALEIGH, N.C. -- First Citizens BancShares, Inc. (“BancShares”) (Nasdaq: FCNCA) reported earnings for the fourth quarter of 2024.
Chairman and CEO Frank B. Holding, Jr. said: “We delivered another quarter of strong financial results and experienced loan and deposit growth across all of our segments. Credit remained stable and our solid capital and liquidity positions allowed us to repurchase 461,583 shares of our Class A common stock for $963 million during the fourth quarter.
“In the wake of the recent wildfires and Hurricanes Helene and Milton, our thoughts continue to be with our associates, clients and communities across the West Coast and Southeast affected by these devastating natural disasters. We are committed to continuing our support for the mobilization of resources to impacted areas and the longer-term revitalization efforts.”
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 fourth quarter of 2024 (“current quarter”) was $700 million compared to $639 million for the third quarter of 2024 (“linked quarter”). Net income available to common stockholders for the current quarter was $685 million, or $49.21 per diluted common share, a $61 million increase from $624 million, or $43.42 per diluted common share, in the linked quarter.
Adjusted net income for the current quarter was $643 million compared to $675 million for the linked quarter. Adjusted net income available to common stockholders was $628 million, or $45.10 per diluted common share, a $32 million decrease from $660 million, or $45.87 per diluted common share, in the linked quarter.
Current quarter results were primarily impacted by the following notable items to arrive at adjusted net income available to common stockholders:
•Acquisition-related expenses of $62 million,
•Intangible asset amortization of $16 million,
•Favorable fair value adjustment on marketable equity securities of $10 million,
•Realized gain on sales of marketable equity securities of $2 million,
•Gain on sale of leasing equipment of $11 million,
•Depreciation on impaired operating lease equipment of $4 million,
•Other noninterest expense of $15 million, primarily due to impairment of software and related projects, and
1
•Net impact of $123 million to income tax expense, mainly related to a change in our estimated state tax rates, as well as the tax effect of notable items.
•Net interest income totaled $1.71 billion for the current quarter, a decrease of $87 million from the linked quarter. Net interest income related to PAA was $82 million compared to $101 million in the linked quarter, a decrease of $19 million. Net interest income, excluding PAA, was $1.63 billion compared to $1.70 billion in the linked quarter, a decrease of $68 million, primarily due to the following:
◦Interest income on loans decreased $108 million. Interest income on loans, excluding loan PAA, decreased $91 million, resulting from lower average yields, partially offset by the impact of higher average balances.
◦Interest income on interest-earning deposits at banks decreased $48 million, mainly due to declines in the federal-funds rate and, to a lesser extent, a decrease in the average balance.
◦Interest income on investment securities increased $19 million, mostly due to higher average balances resulting from continued purchases of short duration investment securities, partially offset by lower average yields.
◦Interest expense on interest-bearing deposits decreased $47 million, mainly due to lower average rates, partially offset by the impacts of higher average balances.
◦The remaining $5 million net decrease related to declines in interest expense on borrowings and other PAA.
•Net interest margin was 3.32% compared to 3.53% in the linked quarter. Net interest margin, excluding PAA, was 3.16% compared to 3.33% in the linked quarter.
◦The yield on average interest-earning assets was 5.83%, a decrease of 35 basis points from the linked quarter, mainly due to declines in yields on loans and interest-earning deposits at banks, as well as a decrease in loan PAA.
◦The rate paid on average interest-bearing liabilities was 3.39%, a decrease of 18 basis points from the linked quarter, primarily due to lower average rates paid on interest-bearing deposits, partially offset by the impact of higher average interest-bearing deposit balances.
•Noninterest inc
Oct 24, 2024
2 ex_991earningsrelease-3q20.htm
Document
For Immediate ReleaseContact:Deanna HartAngela English
October 24, 2024Investor RelationsCorporate Communications
919-716-2137803-931-1854
RALEIGH, N.C. -- First Citizens BancShares, Inc. (“BancShares”) (Nasdaq: FCNCA) reported earnings for the third quarter of 2024.
Chairman and CEO Frank B. Holding, Jr. said: “We posted another quarter of strong financial results, largely in line with our expectations. Loan growth remained resilient in both the General Bank and Commercial Bank segments, while loans in the SVB Commercial segment declined as Global Fund Banking repayment levels outpaced draw activity. We experienced another quarter of deposit growth, mostly concentrated in our Branch Network, with modest deposit growth in SVB Commercial. The stability of the SVB deposit franchise continues to demonstrate the competitive advantage we maintain in the innovation economy. Credit remained stable and our capital and liquidity positions remained strong. During the third quarter, we repurchased more than 350,000 shares of our Class A common shares for $700 million under the repurchase plan announced in July.
“In the wake of Hurricanes Helene and Milton, our thoughts continue to be with our associates, clients and communities across the Southeast affected by these devastating natural disasters. Our associates responded to these events with resilience, perseverance and determination, allowing us to quickly reopen operations to help our clients and communities in their rebuilding efforts. We are committed to continuing this support moving forward.”
Measures referenced “as adjusted” below, as well as net interest income and net interest margin, excluding purchase accounting accretion (“PAA”), 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 2024 (“current quarter”) was $639 million compared to $707 million for the second quarter of 2024 (“linked quarter”). Net income available to common stockholders for the current quarter was $624 million, or $43.42 per diluted common share, a $67 million decrease from $691 million, or $47.54 per diluted common share, in the linked quarter.
Adjusted net income for the current quarter was $675 million compared to $755 million for the linked quarter. Adjusted net income available to common stockholders was $660 million, or $45.87 per diluted common share, a $79 million decrease from $739 million, or $50.87 per diluted common share, in the linked quarter.
Current quarter results were primarily impacted by the following notable items to arrive at adjusted net income available to common stockholders:
•Acquisition-related expenses of $46 million,
•Intangible asset amortization of $15 million,
•Favorable fair value adjustment on marketable equity securities of $9 million,
•Realized gain on sales of marketable equity securities of $4 million,
•Gain on sale of leasing equipment of $5 million,
•Other noninterest expense of $8 million, and
•Net impact of $15 million for the tax effect of notable items.
•Net interest income totaled $1.80 billion for the current quarter, a decrease of $25 million from the linked quarter. Net interest income related to PAA was $101 million compared to $140 million in the linked quarter, a decrease of $39 million. Net interest income, excluding PAA, was $1.70 billion compared to $1.68 billion in the linked quarter, an increase of $14 million.
•The decrease in net interest income was due to a $33 million increase in interest expense, partially offset by an $8 million increase in interest income.
•The increase of $8 million in interest income was due to increases in interest on investment securities and loans of $28 million and $8 million, respectively, which were partially offset by a $28 million decrease in interest on interest-earning deposits at banks.
◦Higher average balances led to a $46 million increase in loan interest income, which was partially offset by a $38 million decrease in loan PAA income, resulting in an $8 million increase in loan interest income compared to the linked quarter.
◦Continued purchases of short duration investment securities increased the average balance and interest income for investment securities and decreased the average balance and interest income for interest-earning deposits at banks.
•The $33 million increase in interest expense was mostly due to a $29 million increase in interest expense on deposits, primarily related to growth in money market deposits in the Branch Network and savings deposits in the Direct Bank, partially offset by a decrease in the average balance of time deposits.
•Net interest margin was 3.53% compared t
Jul 25, 2024
2 ex_991earningsrelease-2q20.htm
Document
For Immediate ReleaseContact:Deanna HartAngela English
July 25, 2024Investor RelationsCorporate Communications
919-716-2137803-931-1854
FIRST CITIZENS BANCSHARES REPORTS SECOND QUARTER 2024 EARNINGS, ANNOUNCES SHARE REPURCHASE PLAN
RALEIGH, N.C. -- First Citizens BancShares, Inc. (“BancShares”) (Nasdaq: FCNCA) reported earnings for the second quarter of 2024 and announced a share repurchase plan.
Chairman and CEO Frank B. Holding, Jr. said: “We are pleased with our second quarter financial results, which reflected broad-based loan and deposit growth, strong profitability metrics and continued stabilization of credit. These results reflected the solid performance from all of our business segments and we were encouraged by the continued progress in our SVB Commercial segment, which achieved both loan and deposit growth. In addition, we are pleased to announce that our Board of Directors approved a share repurchase plan for the repurchase of up to $3.5 billion of our Class A common shares, with repurchases expected to begin during the third quarter of 2024.”
Measures referenced as adjusted below and net interest margin, excluding 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 second quarter of 2024 (“current quarter”) was $707 million compared to $731 million for the first quarter of 2024 (“linked quarter”). Net income available to common stockholders for the current quarter was $691 million, or $47.54 per diluted common share, a $25 million decrease from $716 million, or $49.26 per diluted common share, in the linked quarter.
Adjusted net income for the current quarter was $755 million compared to $784 million for the linked quarter. Adjusted net income available to common stockholders was $739 million, or $50.87 per diluted common share, a $30 million decrease from $769 million, or $52.92 per diluted common share, in the linked quarter.
Current quarter results were primarily impacted by the following notable items to arrive at adjusted net income available to common stockholders:
•Acquisition-related expenses of $44 million,
•Intangible asset amortization of $15 million,
•Gain on sale of leasing equipment of $4 million,
•Unfavorable fair value adjustment on marketable equity securities of $2 million, and
•Net impact of $10 million for the tax effect of notable items.
•Net interest income totaled $1.82 billion for the current quarter, an increase of $4 million over the linked quarter. The increase was due to a $46 million increase in interest income, partially offset by a $42 million increase in interest expense.
•The increase in interest income was due to increases in interest on loans and investment securities of $68 million and $48 million, respectively, which were partially offset by a $70 million decrease in interest on interest-earning deposits at banks.
◦Loan growth and a higher yield led to an $86 million increase in loan interest income, which was partially offset by an $18 million decrease in loan accretion income, primarily related to the acquisition of Silicon Valley Bridge Bank, N.A. (the “SVBB Acquisition”).
◦Continued purchases of short duration investment securities increased the average balance and interest income for investment securities and decreased the average balance and interest income for interest-earning deposits at banks.
•Growth in interest-bearing deposits in the General Bank and SVB Commercial segments and a higher average rate paid led to a $47 million increase in interest expense on deposits, partially offset by a $5 million decrease in borrowing costs.
•Net interest margin was 3.64% compared to 3.67% in the linked quarter. Net interest margin, excluding purchase accounting accretion, was 3.36% compared to 3.35% in the linked quarter.
◦The yield on average interest-earning assets was 6.26%, an increase of 3 basis points from the linked quarter, primarily due to higher average balances and yields on investment securities and loans, partially offset by lower average balances of interest-earning deposits at banks and lower loan accretion.
◦The rate paid on average interest-bearing liabilities increased 5 basis points from the linked quarter, primarily due to higher average balances and rates paid for interest-bearing deposits. While the rate paid on average interest-bearing deposits increased 9 basis points from the linked quarter, the pace slowed relative to the linked quarter when the rate paid increased 17 basis points from the fourth quarter of 2023.
•Noninterest income totaled $639 million, an increase of $12 million compared to the linked quarter. Client investment fees increased by $4
Apr 25, 2024
2 ex_991earningsrelease-1q20.htm
Document
For Immediate ReleaseContact:Deanna HartBarbara Thompson
April 25, 2024Investor RelationsCorporate Communications
919-716-2137919-716-2716
RALEIGH, N.C. -- First Citizens BancShares, Inc. (“BancShares”) (Nasdaq: FCNCA) reported earnings for the first quarter of 2024.
Chairman and CEO Frank B. Holding, Jr. said: “We are pleased with our first quarter performance where we delivered strong financial results. We posted solid loan and deposit growth and credit quality held up well. Our capital and liquidity levels increased, positioning our balance sheet well for further growth. It’s been over one year since SVB became part of First Citizens, and we continue to successfully execute on our integration efforts, which are accelerating the momentum of our franchise. We believe we are well-positioned to continue delivering strong financial results while executing on our strategic plan.”
Measures referenced as adjusted below 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 first quarter of 2024 (“current quarter”) was $731 million compared to $514 million for the fourth quarter of 2023 (“linked quarter”). Net income available to common stockholders for the current quarter was $716 million, or $49.26 per diluted common share, a $217 million increase from $499 million, or $34.33 per diluted common share, in the linked quarter.
Adjusted net income for the current quarter was $784 million compared to $693 million for the linked quarter. Adjusted net income available to common stockholders was $769 million, or $52.92 per diluted common share, a $91 million increase from $678 million, or $46.58 per diluted common share, in the linked quarter.
Current quarter results were primarily impacted by the following notable items to arrive at adjusted net income available to common stockholders:
•Acquisition-related expenses of $58 million,
•Intangible asset amortization of $17 million,
•FDIC insurance special assessment of $9 million, and
•Unfavorable fair value adjustment on marketable equity securities of $4 million.
At December 31, 2023, BancShares reported its financial results in General Bank, Commercial Bank, Silicon Valley Bank (“SVB”), and Rail segments. All other financial information was included in the “Corporate” section of the segment results.
BancShares made the following changes to its segment reporting during the current quarter to better align components of the SVB segment and the Direct Bank with the segment reporting structure:
•the private banking and wealth management components of the SVB segment were integrated into the General Bank segment which already included other wealth management activities;
•the SVB segment was renamed SVB Commercial as its customers now primarily include commercial clients in key innovation markets, as well as private equity and venture capital clients; and
•the Direct Bank (a nationwide digital banking platform that delivers deposit products to consumers) previously included in the General Bank segment is now reflected in Corporate which already included wholesale funding and brokered deposits.
Segment results for prior periods discussed in this release were recast to reflect the segment reporting changes.
•Net interest income totaled $1.82 billion compared to $1.91 billion in the linked quarter. The $94 million decrease in net interest income was due to a $61 million increase in interest expense and a $33 million decrease in interest income.
•Interest income was $3.08 billion compared to $3.12 billion in the linked quarter. The $33 million decrease in interest income was due to a $37 million decrease in interest on loans and a $37 million decrease in interest on interest-earning deposits at banks, partially offset by a $41 million increase in interest on investment securities. The decrease in interest on loans was primarily due to a $35 million decrease in loan accretion, primarily related to the acquisition of Silicon Valley Bridge Bank, N.A. (the “SVBB Acquisition”). Continued purchases of short duration investment securities led to a higher average balance and increased interest income on investment securities and a lower average balance and a decrease in interest income on interest-earning deposits at banks.
•Interest expense was $1.27 billion compared to $1.21 billion in the linked quarter. The $61 million increase was due to a $63 million increase in interest expense on deposits, primarily from growth in the Direct Bank and a higher rate paid, partially offset by a $2 million decrease in borrowing costs from a slightly lower average balance.
•Net interest margin
Jan 26, 2024
2 ex_991earningsrelease-4q20.htm
Document
For Immediate ReleaseContact:Deanna HartBarbara Thompson
January 26, 2024Investor RelationsCorporate Communications
919-716-2137919-716-2716
RALEIGH, N.C. -- First Citizens BancShares, Inc. (“BancShares”) (Nasdaq: FCNCA) reported earnings for the fourth quarter ended December 31, 2023.
Chairman and CEO Frank B. Holding, Jr. said: “Our fourth quarter financial results remained solid as we completed what was a truly exceptional year. While celebrating our bank’s 125th anniversary, we completed our integration with CIT and finished strong with the stabilization of SVB, all while our teams continued to support our clients. We now look forward to 2024, remaining focused on prudent risk management, growing our core lines of business, and maintaining solid capital and liquidity positions. We continue to be well-positioned to deliver strong financial results and long-term tangible book value growth for our stockholders.”
Measures referenced as adjusted below 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 three months ended December 31, 2023 was $514 million compared to $752 million for the three months ended September 30, 2023. Net income available to common stockholders for the three months ended December 31, 2023 was $499 million, or $34.33 per diluted common share, a $238 million decrease from $737 million, or $50.67 per diluted common share, in the third quarter of 2023.
For the fourth quarter, adjusted net income available to common stockholders was $678 million, or $46.58 per diluted common share, a $135 million decrease from $813 million, or $55.92 per diluted common share, in the third quarter of 2023.
Fourth quarter 2023 results were impacted by the following notable items to arrive at adjusted net income available to common stockholders:
•Acquisition-related expenses of $116 million,
•Decrease in the preliminary gain on acquisition of $83 million,
•FDIC insurance special assessment of $64 million,
•Intangible asset amortization of $17 million,
•Fair value adjustment on marketable equity securities of $9 million.
Financial highlights comparing significant components of net income and adjusted net income from the fourth quarter of 2023 to the third quarter of 2023 are summarized below:
•Net interest income totaled $1.91 billion compared to $1.99 billion in the third quarter. The $79 million decrease in net interest income was due to a $86 million increase in interest expense, partially offset by a $7 million increase in interest income.
•Interest income was $3.12 billion compared to $3.11 billion in the third quarter. The $7 million increase in interest income was due to an increase of $61 million in interest on investment securities from a higher average balance and increased yield, partially offset by a $35 million decrease in interest on loans and a $19 million decrease in interest on interest-earning deposits at banks. The decline in interest on loans was due to a $77 million decrease in loan accretion, primarily related to the acquisition of Silicon Valley Bridge Bank, N.A. (the “Acquisition”), partially offset by a $42 million increase in interest income on loans due to a higher yield. The $19 million decline in interest income on interest-earning deposits at banks was due to a lower average balance resulting from purchases of short duration investment securities.
•Interest expense was $1.21 billion compared to $1.12 billion in the third quarter. The $86 million increase in interest expense was due to a $96 million increase in interest expense on deposits, primarily from growth in the Direct Bank and a higher rate paid, partially offset by a $10 million decrease in borrowing costs from a lower rate paid and a lower average balance.
•Net interest margin was 3.86%, a decrease of 21 basis points compared to the third quarter. The yield on interest-earning assets was 6.30%, a decrease of 7 basis points from the third quarter. The decrease in yield on interest-earning assets was primarily due to a decrease of 9 basis points in the yield on loans, including a decrease of 16 basis points from lower loan accretion, which was partially offset by higher yields on loans. The rate on interest-bearing liabilities increased 17 basis points, primarily due to higher rates paid and average balances for interest-bearing deposits.
•Noninterest income totaled $543 million, a decrease of $72 million compared to the third quarter. The decrease was mainly due to a fourth quarter reduction of $83 million in the gain on acquisition as we further refined income tax estimates related to the Acquisition. This decrease was partially offset by the $12 million realized loss in th
Oct 26, 2023
fcnca-20231026
0000798941falseFirst Citizens BancShares Inc /DE/00007989412023-10-262023-10-260000798941us-gaap:CommonClassAMember2023-10-262023-10-260000798941us-gaap:SeriesAPreferredStockMember2023-10-262023-10-260000798941us-gaap:SeriesCPreferredStockMember2023-10-262023-10-26
Washington, D.C. 20549
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October 26, 2023
First Citizens BancShares, Inc.
(Exact name of registrant as specified in its charter)
Delaware001-1671556-1528994
(State or other jurisdiction
of incorporation) (Commission File Number)(IRS Employer Identification No.)
4300 Six Forks RoadRaleighNorth Carolina27609
(Address of principal executive offices)(Zip Code)
Registrant’s telephone number, including area code: (919) 716-7000
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities Registered Pursuant to Section 12(b) of the Securities Exchange Act of 1934:
Title of each classTrading SymbolName of each exchange on which registered
Class A Common Stock, Par Value $1FCNCANasdaq Global Select Market
Depositary Shares, Each Representing a 1/40th Interest in a Share of 5.375% Non-Cumulative Perpetual Preferred Stock, Series AFCNCPNasdaq Global Select Market
5.625% Non-Cumulative Perpetual Preferred Stock, Series C FCNCONasdaq Global Select Market
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02. Results of Operations and Financial Condition.
On October 26, 2023, First Citizens BancShares, Inc. (“BancShares”) announced its results of operations for the quarter ended September 30, 2023. A copy of BancShares’ press release containing this information is attached as Exhibit 99.1 to this Current Report on Form 8-K (this “Report”) and is incorporated herein by reference. The press release is available on BancShares’ Internet site at http://www.ir.firstcitizens.com.
Item 7.01. Regulation FD Disclosure.
As previously announced, BancShares will host a conference call at 9a.m. Eastern time on Thursday, October 26, 2023, to discuss its financial results for the quarter ended September 30, 2023. The slides that will be made available in connection with the presentation are attached as Exhibit 99.2 hereto and incorporated herein by reference.
In accordance with General Instruction B.2 of Form 8-K, the information presented herein pursuant to Item 2.02, “Results of Operations and Financial Condition” and Item 7.01, “Regulation FD Disclosure,” including Exhibits 99.1 and 99.2, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), nor shall the information be deemed incorporated by reference in any filing under the Exchange Act or the Securities Act of 1933, as amended, except as expressly set forth by specific reference in such filing.
Item 9.01. Financial Statements and Exhibits
(d) Exhibits. The following exhibits accompany this Report.
Exhibit No.Description
99.1 Press Release dated October 26, 2023
99.2 Investor Presentation dated October 26, 2023
104Cover Page Interactive Data File (embedded within the Inline XBRL document)
Disclosures About Forward-Looking Statements
This Report contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 regarding the financial condition, results of operations, business plans, asset quality, future performance, and other strategic goals of BancShares. Words such as “anticipates,” “believes,” “estimates,” “expects,” “predicts,” “forecasts,” “intends,” “plans,” “projects,” “targets,” “designed,” “could,” “may,” “should,” “will,” “potential,” “continue”, “aims” or other similar words
Aug 3, 2023
fcnca-20230803
0000798941falseFirst Citizens BancShares Inc /DE/00007989412023-08-032023-08-030000798941us-gaap:CommonClassAMember2023-08-032023-08-030000798941us-gaap:SeriesAPreferredStockMember2023-08-032023-08-030000798941us-gaap:SeriesCPreferredStockMember2023-08-032023-08-03
Washington, D.C. 20549
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 3, 2023
First Citizens BancShares, Inc.
(Exact name of registrant as specified in its charter)
Delaware001-1671556-1528994
(State or other jurisdiction
of incorporation) (Commission File Number)(IRS Employer Identification No.)
4300 Six Forks RoadRaleighNorth Carolina27609
(Address of principal executive offices)(Zip Code)
Registrant’s telephone number, including area code: (919) 716-7000
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities Registered Pursuant to Section 12(b) of the Securities Exchange Act of 1934:
Title of each classTrading SymbolName of each exchange on which registered
Class A Common Stock, Par Value $1FCNCANasdaq Global Select Market
Depositary Shares, Each Representing a 1/40th Interest in a Share of 5.375% Non-Cumulative Perpetual Preferred Stock, Series AFCNCPNasdaq Global Select Market
5.625% Non-Cumulative Perpetual Preferred Stock, Series C FCNCONasdaq Global Select Market
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02. Results of Operations and Financial Condition.
On August 3, 2023, First Citizens BancShares, Inc. (“BancShares”) announced its results of operations for the quarter ended June 30, 2023. A copy of BancShares’ press release containing this information is attached as Exhibit 99.1 to this Current Report on Form 8-K (this “Report”) and is incorporated herein by reference. The press release is available on BancShares’ Internet site at http://www.ir.firstcitizens.com.
Item 7.01. Regulation FD Disclosure.
As previously announced, BancShares will host a conference call at 9a.m. Eastern time on Thursday, August 3, 2023, to discuss its financial results for the quarter ended June 30, 2023. The slides that will be made available in connection with the presentation are attached as Exhibit 99.2 hereto and incorporated herein by reference.
In accordance with General Instruction B.2 of Form 8-K, the information presented herein pursuant to Item 2.02, “Results of Operations and Financial Condition” and Item 7.01, “Regulation FD Disclosure,” including Exhibits 99.1 and 99.2, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), nor shall the information be deemed incorporated by reference in any filing under the Exchange Act or the Securities Act of 1933, as amended, except as expressly set forth by specific reference in such filing.
Item 9.01. Financial Statements and Exhibits
(d) Exhibits. The following exhibits accompany this Report.
Exhibit No.Description
99.1 Press Release dated August 3, 2023
99.2 Investor Presentation dated August 3, 2023
104Cover Page Interactive Data File (embedded within the Inline XBRL document)
Disclosures About Forward-Looking Statements
This Report contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 regarding the financial condition, results of operations, business plans, asset quality, future performance, and other strategic goals of BancShares. Words such as “anticipates,” “believes,” “estimates,” “expects,” “predicts,” “forecasts,” “intends,” “plans,” “projects,” “targets,” “designed,” “could,” “may,” “should,” “will,” “potential,” “continue”, “aims” or other similar words and expressions are
May 10, 2023
fcnca-20230510
0000798941falseFirst Citizens BancShares Inc /DE/00007989412023-05-102023-05-100000798941us-gaap:CommonClassAMember2023-05-102023-05-100000798941us-gaap:SeriesAPreferredStockMember2023-05-102023-05-100000798941us-gaap:SeriesCPreferredStockMember2023-05-102023-05-10
Washington, D.C. 20549
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 10, 2023
First Citizens BancShares, Inc.
(Exact name of registrant as specified in its charter)
Delaware001-1671556-1528994
(State or other jurisdiction
of incorporation) (Commission File Number)(IRS Employer Identification No.)
4300 Six Forks RoadRaleighNorth Carolina27609
(Address of principal executive offices)(Zip Code)
Registrant’s telephone number, including area code: (919) 716-7000
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities Registered Pursuant to Section 12(b) of the Securities Exchange Act of 1934:
Title of each classTrading SymbolName of each exchange on which registered
Class A Common Stock, Par Value $1FCNCANasdaq Global Select Market
Depositary Shares, Each Representing a 1/40th Interest in a Share of 5.375% Non-Cumulative Perpetual Preferred Stock, Series AFCNCPNasdaq Global Select Market
5.625% Non-Cumulative Perpetual Preferred Stock, Series C FCNCONasdaq Global Select Market
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02. Results of Operations and Financial Condition.
On May 10, 2023, First Citizens BancShares, Inc. (“BancShares”) announced its results of operations for the quarter ended March 31, 2023. A copy of BancShares’ press release containing this information is attached as Exhibit 99.1 to this Current Report on Form 8-K (this “Report”) and is incorporated herein by reference. The press release is available on BancShares’ Internet site at http://www.firstcitizens.com.
Item 7.01. Regulation FD Disclosure.
As previously announced, BancShares will host a conference call at 9a.m. Eastern time on Wednesday, May 10, 2023, to discuss its financial results for the quarter ended March 31, 2023. The slides that will be made available in connection with the presentation are attached as Exhibit 99.2 hereto and incorporated herein by reference.
In accordance with General Instruction B.2 of Form 8-K, the information presented herein pursuant to Item 2.02, “Results of Operations and Financial Condition” and Item 7.01, “Regulation FD Disclosure,” including Exhibits 99.1 and 99.2, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), nor shall the information be deemed incorporated by reference in any filing under the Exchange Act or the Securities Act of 1933, as amended, except as expressly set forth by specific reference in such filing.
Item 9.01. Financial Statements and Exhibits
(d) Exhibits. The following exhibits accompany this Report.
Exhibit No.Description
99.1 Press Release dated May 10, 2023
99.2 Investor Presentation dated May 10, 2023
104Cover Page Interactive Data File (embedded within the Inline XBRL document)
Disclosures About Forward-Looking Statements
This Report contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 regarding the financial condition, results of operations, business plans, asset quality, future performance, and other strategic goals of BancShares. Words such as “anticipates,” “believes,” “estimates,” “expects,” “predicts,” “forecasts,” “intends,” “plans,” “projects,” “targets,” “designed,” “could,” “may,” “should,” “will,” “potential,” “continue”, “aims” or other similar words and expressions are intended
Jan 26, 2023
fcnca-20230124
0000798941falseFirst Citizens BancShares Inc /DE/12/3100007989412023-01-242023-01-240000798941us-gaap:CommonClassAMember2023-01-242023-01-240000798941us-gaap:SeriesAPreferredStockMember2023-01-242023-01-240000798941us-gaap:SeriesCPreferredStockMember2023-01-242023-01-24
Washington, D.C. 20549
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): January 24, 2023
First Citizens BancShares, Inc.
(Exact name of registrant as specified in its charter)
Delaware001-1671556-1528994
(State or other jurisdiction
of incorporation) (Commission File Number)(IRS Employer Identification No.)
4300 Six Forks RoadRaleighNorth Carolina27609
(Address of principal executive offices)(Zip Code)
Registrant’s telephone number, including area code: (919) 716-7000
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities Registered Pursuant to Section 12(b) of the Securities Exchange Act of 1934:
Title of each classTrading SymbolName of each exchange on which registered
Class A Common Stock, Par Value $1FCNCANasdaq Global Select Market
Depositary Shares, Each Representing a 1/40th Interest in a Share of 5.375% Non-Cumulative Perpetual Preferred Stock, Series AFCNCPNasdaq Global Select Market
5.625% Non-Cumulative Perpetual Preferred Stock, Series C FCNCONasdaq Global Select Market
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02. Results of Operations and Financial Condition.
On January 26, 2023, First Citizens BancShares, Inc. (“BancShares”) announced its results of operations for the quarter ended December 31, 2022. A copy of BancShares’ press release containing this information is attached as Exhibit 99.1 to this Current Report on Form 8-K (this “Report”) and is incorporated herein by reference. The press release is available on BancShares’ Internet site at http://www.firstcitizens.com.
Item 5.03. Amendments to Articles of Incorporation or Bylaws, Change in Fiscal Year.
On January 24, 2023, in connection with the new Securities and Exchange Commission rules regarding universal proxy cards and a periodic review of the bylaws of BancShares, the Board of Directors of BancShares (the “Board”) adopted and approved amended and restated bylaws (the “Amended and Restated Bylaws”), which became effective the same day. Among other things, the Amended and Restated Bylaws:
•enhance the procedural mechanics and disclosure requirements in connection with shareholder nominations of directors and business proposals made in connection with annual meetings of shareholders by, among other things:
◦requiring a shareholder delivering a nomination notice to comply with Rule 14a-19 under the Securities Exchange Act of 1934, as amended; and
◦providing that, unless otherwise required by law, if a shareholder provides notice under Rule 14a-19 and subsequently fails to comply with the requirements of Rule 14a-19 or fails to provide reasonable evidence sufficient to satisfy BancShares that the requirements of Rule 14a-19 have been met, then BancShares shall disregard any proxies or votes solicited for any nominee proposed by such shareholder.
•clarify that meetings of shareholders and meetings of the Board may be held by means of remote communication in addition to, or instead of, a physical meeting.
•eliminate the requirement that directors own at least 100 shares of BancShares’ Class A common stock.
•make various other updates, including technical, ministerial and conforming changes related to recent amendments to the Delaware General Corporation Law.
The foregoing description of the Amended and Restated Bylaws does not purport to be complete and is subject to and qualified in its entir
Oct 27, 2022
fcnca-20221027
0000798941falseFirst Citizens BancShares Inc /DE/00007989412022-10-272022-10-270000798941us-gaap:CommonClassAMember2022-10-272022-10-270000798941us-gaap:SeriesAPreferredStockMember2022-10-272022-10-270000798941us-gaap:SeriesCPreferredStockMember2022-10-272022-10-27
Washington, D.C. 20549
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October 27, 2022
First Citizens BancShares, Inc.
(Exact name of registrant as specified in its charter)
Delaware001-1671556-1528994
(State or other jurisdiction
of incorporation) (Commission File Number)(IRS Employer Identification No.)
4300 Six Forks RoadRaleighNorth Carolina27609
(Address of principal executive offices)(Zip Code)
Registrant’s telephone number, including area code: (919) 716-7000
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities Registered Pursuant to Section 12(b) of the Securities Exchange Act of 1934:
Title of each classTrading SymbolName of each exchange on which registered
Class A Common Stock, Par Value $1FCNCANasdaq Global Select Market
Depositary Shares, Each Representing a 1/40th Interest in a Share of 5.375% Non-Cumulative Perpetual Preferred Stock, Series AFCNCPNasdaq Global Select Market
5.625% Non-Cumulative Perpetual Preferred Stock, Series C FCNCONasdaq Global Select Market
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02. Results of Operations and Financial Condition.
On October 27, 2022, First Citizens BancShares, Inc. (“BancShares”) announced its results of operations for the quarter ended September 30, 2022. A copy of BancShares’ press release containing this information is attached as Exhibit 99.1 to this Current Report on Form 8-K (this “Report”) and is incorporated herein by reference. The press release is available on BancShares’ Internet site at http://www.firstcitizens.com.
Item 7.01. Regulation FD Disclosure.
As previously announced, BancShares will host a conference call at 8:30a.m. Eastern time on Thursday, October 27, 2022, to discuss its financial results for the quarter ended September 30, 2022. The slides that will be made available in connection with the presentation are attached as Exhibit 99.2 hereto and incorporated herein by reference.
In accordance with General Instruction B.2 of Form 8-K, the information presented herein pursuant to Item 2.02, “Results of Operations and Financial Condition” and Item 7.01, “Regulation FD Disclosure,” including Exhibits 99.1 and 99.2, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), nor shall the information be deemed incorporated by reference in any filing under the Exchange Act or the Securities Act of 1933, as amended, except as expressly set forth by specific reference in such filing.
Item 9.01. Financial Statements and Exhibits
(d) Exhibits. The following exhibits accompany this Report.
Exhibit No.Description
99.1 Press Release dated October 27, 2022
99.2 Investor Presentation dated October 27, 2022
104Cover Page Interactive Data File (embedded within the Inline XBRL document)
Disclosures About Forward-Looking Statements
This Report may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 regarding the financial condition, results of operations, business plans and future performance of BancShares. Words such as “anticipates,” “believes,” “estimates,” “expects,” “predicts,” “forecasts,” “intends,” “plans,” “projects,” “targets,” “designed,” “could,” “may,” “should,” “will,” “potential,” “continue,” “aims” or other similar words and expressions are intended to ide
Jul 28, 2022
fcnca-20220728
0000798941falseFirst Citizens BancShares Inc /DE/00007989412022-07-282022-07-280000798941us-gaap:CommonClassAMember2022-07-282022-07-280000798941us-gaap:SeriesAPreferredStockMember2022-07-282022-07-280000798941us-gaap:SeriesCPreferredStockMember2022-07-282022-07-28
Washington, D.C. 20549
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): July 28, 2022
First Citizens BancShares, Inc.
(Exact name of registrant as specified in its charter)
Delaware001-1671556-1528994
(State or other jurisdiction
of incorporation) (Commission File Number)(IRS Employer Identification No.)
4300 Six Forks RoadRaleighNorth Carolina27609
(Address of principal executive offices)(Zip Code)
Registrant’s telephone number, including area code: (919) 716-7000
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities Registered Pursuant to Section 12(b) of the Securities Exchange Act of 1934:
Title of each classTrading SymbolName of each exchange on which registered
Class A Common Stock, Par Value $1FCNCANasdaq Global Select Market
Depositary Shares, Each Representing a 1/40th Interest in a Share of 5.375% Non-Cumulative Perpetual Preferred Stock, Series AFCNCPNasdaq Global Select Market
5.625% Non-Cumulative Perpetual Preferred Stock, Series C FCNCONasdaq Global Select Market
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02. Results of Operations and Financial Condition.
On July 28, 2022, First Citizens BancShares, Inc. (“BancShares”) announced its results of operations for the quarter ended June 30, 2022. A copy of BancShares’ press release containing this information is attached as Exhibit 99.1 to this Current Report on Form 8-K (this “Report”) and is incorporated herein by reference. The press release is available on BancShares’ Internet site at http://www.firstcitizens.com.
Item 7.01. Regulation FD Disclosure.
As previously announced, BancShares will host a conference call at 9:00a.m. Eastern time on Thursday, July 28, 2022, to discuss its financial results for the quarter ended June 30, 2022. The slides that will be made available in connection with the presentation are attached as Exhibit 99.2 hereto and incorporated herein by reference.
In accordance with General Instruction B.2 of Form 8-K, the information presented herein pursuant to Item 2.02, “Results of Operations and Financial Condition” and Item 7.01, “Regulation FD Disclosure,” including Exhibits 99.1 and 99.2, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), nor shall the information be deemed incorporated by reference in any filing under the Exchange Act or the Securities Act of 1933, as amended, except as expressly set forth by specific reference in such filing.
Item 8.01. Other Events.
On July 26, 2022, the Board of Directors (the “Board”) of BancShares authorized a share repurchase program for up to 1,500,000 shares of BancShares’ Class A common stock for the period commencing August 1, 2022 through July 28, 2023. This authority supersedes the authority to repurchase shares approved by the Board in April 2020, which expired on July 31, 2020.
Under the newly authorized share repurchase program, shares of BancShares’ Class A common stock may be repurchased from time to time on the open market or in privately negotiated transactions, including through a Rule 10b5-1 plan, but the Board's action does not obligate BancShares to repurchase any particular number of shares, and repurchases may be suspended or discontinued at any time (subject to the terms of any Rule 10b5-1 plan in effect).
The authorization to repurchase Class A
Apr 28, 2022
fcnca-20220428
0000798941falseFirst Citizens BancShares Inc /DE/00007989412022-04-282022-04-280000798941us-gaap:CommonClassAMember2022-04-282022-04-280000798941us-gaap:SeriesAPreferredStockMember2022-04-282022-04-280000798941us-gaap:SeriesCPreferredStockMember2022-04-282022-04-28
Washington, D.C. 20549
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 28, 2022
First Citizens BancShares, Inc.
(Exact name of registrant as specified in its charter)
Delaware001-1671556-1528994
(State or other jurisdiction
of incorporation) (Commission File Number)(IRS Employer Identification No.)
4300 Six Forks RoadRaleighNorth Carolina27609
(Address of principal executive offices)(Zip Code)
Registrant’s telephone number, including area code: (919) 716-7000
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities Registered Pursuant to Section 12(b) of the Securities Exchange Act of 1934:
Title of each classTrading SymbolName of each exchange on which registered
Class A Common Stock, Par Value $1FCNCANasdaq Global Select Market
Depositary Shares, Each Representing a 1/40th Interest in a Share of 5.375% Non-Cumulative Perpetual Preferred Stock, Series AFCNCPNasdaq Global Select Market
5.625% Non-Cumulative Perpetual Preferred Stock, Series C FCNCONasdaq Global Select Market
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02. Results of Operations and Financial Condition.
On April 28, 2022, First Citizens BancShares, Inc. (“BancShares”) announced its results of operations for the quarter ended March 31, 2022. A copy of BancShares’ press release containing this information is attached as Exhibit 99.1 to this Current Report on Form 8-K (this “Report”) and is incorporated herein by reference. The press release is available on BancShares’ Internet site at http://www.firstcitizens.com.
Item 7.01. Regulation FD Disclosure.
As previously announced, BancShares will host a conference call at 9:00a.m. Eastern time on Thursday, April 28, 2022, to discuss its financial results for the quarter ended March 31, 2022. The slides that will be made available in connection with the presentation are attached as Exhibit 99.2 hereto and incorporated herein by reference.
In accordance with General Instruction B.2 of Form 8-K, the information presented herein pursuant to Item 2.02, “Results of Operations and Financial Condition” and Item 7.01, “Regulation FD Disclosure,” including Exhibits 99.1 and 99.2, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), nor shall the information be deemed incorporated by reference in any filing under the Exchange Act or the Securities Act of 1933, as amended, except as expressly set forth by specific reference in such filing.
Item 9.01. Financial Statements and Exhibits
(d) Exhibits. The following exhibits accompany this Report.
Exhibit No.Description
99.1 Press Release dated April 28, 2022
99.2 Investor Presentation dated April 28, 2022
104Cover Page Interactive Data File (embedded within the Inline XBRL document)
Disclosures About Forward-Looking Statements
This Report may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 regarding the financial condition, results of operations, business plans and future performance of BancShares. Words such as “anticipates,” “believes,” “estimates,” “expects,” “forecasts,” “intends,” “plans,” “projects,” “targets,” “designed,” “could,” “may,” “should,” “will” or other similar words and expressions are intended to identify these forward-looking statements. These forward-looking s
Jan 26, 2022
5 brhc10033093_ex99-1.htm
Exhibit 99.1
For Immediate Release
Contact:
Barbara Thompson
Deanna Hart
January 26, 2022
Corporate Communications
Investor Relations
919-716-2716
919-716-2137
FIRST CITIZENS BANCSHARES REPORTS EARNINGS FOR FOURTH QUARTER AND FULL YEAR 2021
RALEIGH, N.C. -- First Citizens BancShares, Inc. (“BancShares”) (Nasdaq: FCNCA) reported earnings for the fourth quarter and year ended December 31, 2021. Key results are presented below:
Net income (in millions)
Net income per share
Net interest margin
Return on average assets
Return on average equity
$123.3
$138.1
$12.09
$13.59
2.58%
3.02%
0.84%
1.11%
10.96%
14.02%
2021
2020
2021
2020
2021
2020
2021
2020
2021
2020
Net income (in millions)
Net income per share
Net interest margin
Return on average assets
Return on average equity
$547.5
$491.7
$53.88
$47.50
2.66%
3.17%
1.00%
1.07%
12.84%
12.96%
Net income
Net income was $123.3 million for the fourth quarter of 2021, a decrease of $14.8 million or 10.7%, compared to the same quarter in 2020. Net income per common share was $12.09 for the fourth quarter of 2021, compared to $13.59 per share for the same quarter in 2020.
Return on
average assets
and equity
Return on average assets for the fourth quarter of 2021 was 0.84%, down from 1.11% for the comparable quarter in 2020. Return on average equity for the fourth quarter of 2021 was 10.96%, down from 14.02% for the comparable quarter in 2020.
Net interest
income and
net interest
margin
Net interest income was $357.4 million for the fourth quarter of 2021, a decrease of $1.3 million or 0.4%, compared to the same quarter in 2020 but was up $10.5 million or 3.0% compared to the third quarter of 2021. The taxable-equivalent net interest margin (“NIM”) was 2.58% for the fourth quarter of 2021, down 44 basis points from 3.02% for the comparable quarter in 2020 and down 3 basis points from 2.61% in the third quarter of 2021.
Provision for
credit losses
The provision for credit losses was a net benefit of $5.1 million during the fourth quarter of 2021, compared to a $5.4 million expense during the same quarter in 2020. The allowance for credit losses (“ACL”) was $178.5 million at December 31, 2021, compared to $224.3 million at December 31, 2020, representing 0.55% and 0.68% of loans, respectively.
Operating
performance
Noninterest income was $114.3 million for the fourth quarter of 2021, a decrease of $12.5 million or 9.9%, compared to the same quarter in 2020. Noninterest expense was $323.2 million for the fourth quarter of 2021, an increase of $17.8 million or 5.8%, compared to the same quarter in 2020.
Loans and
credit quality
Total loans were $32.4 billion, a decrease of $420.5 million or 1.3%, since December 31, 2020. Excluding loans originated under the Small Business Administration Paycheck Protection Program (“SBA-PPP”), total loans increased $1.5 billion, or by 4.9%, since December 31, 2020. Total loans decreased $144.7 million, or by 1.8% on an annualized basis, compared to September 30, 2021. Excluding SBA-PPP loans, total loans increased $448.4 million, or by 5.7% annualized in the fourth quarter of 2021. The net charge-off ratio was -0.01% for the fourth quarter of 2021 compared to 0.06% for the same quarter in 2020.
Deposits
Total deposits grew to $51.4 billion, an increase of $8.0 billion or 18.4%, since December 31, 2020, driven by organic growth. Deposits increased $1.3 billion, or by 10.6% on an annualized basis, compared to September 30, 2021.
Capital
BancShares remained well-capitalized with a total risk-based capital ratio of 14.35%, a Tier 1 risk-based capital ratio of 12.47%, a Common Equity Tier 1 ratio of 11.50% and a Tier 1 leverage ratio of 7.59%.
On January 3, 2022, BancShares completed its previously announced merger with CIT Group, Inc. (“CIT”) creating a top 20 U.S. financial institution (based on assets) and the largest family-controlled bank in the nation.
“The close of the First Citizens and CIT merger marked a transformational milestone in our company’s history and the true start of our integration efforts,” said Frank B. Holding Jr., First Citizens chairman and chief executive officer. “We’re officially one stronger and better team, with complementary strengths positioned to give our customers greater access to a broader range of products and services. We’re creating a bank with more ways to fulfill our Forever First promise to customers and prospects — one that helps more people and supports our communities across the nation.”
CIT, CIT Bank and OneWest Bank are currently operating as divisions of First Citizens Bank, and these customers are able to continue to bank as they normally do. For now, these customers are being serv
Oct 27, 2021
fcnca-20211027
October 27, 20210000798941falseFirst Citizens BancShares Inc /DE/00007989412021-10-272021-10-270000798941us-gaap:CommonClassAMember2021-10-272021-10-270000798941us-gaap:SeriesAPreferredStockMember2021-10-272021-10-27
Washington, D.C. 20549
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October 27, 2021
First Citizens BancShares, Inc.
(Exact name of registrant as specified in its charter)
Delaware001-1671556-1528994
(State or other jurisdiction
of incorporation) (Commission File Number)(IRS Employer Identification No.)
4300 Six Forks RoadRaleighNorth Carolina27609
(Address of principal executive offices)(Zip Code)
Registrant’s telephone number, including area code: (919) 716-7000
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities Registered Pursuant to Section 12(b) of the Securities Exchange Act of 1934:
Title of each classTrading SymbolName of each exchange on which registered
Class A Common Stock, Par Value $1FCNCANasdaq Global Select Market
Depositary Shares, Each Representing a 1/40th Interest in a Share of 5.375% Non-Cumulative Perpetual Preferred Stock, Series AFCNCPNasdaq Global Select Market
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02. Results of Operations and Financial Condition.
On October 27, 2021, Registrant announced its results of operations for the quarter ended September 30, 2021. A copy of Registrant’s press release containing this information is attached as Exhibit 99.1 to this Report and is incorporated herein by reference. The press release is available on the Registrant’s Internet site at http://www.firstcitizens.com.
Item 7.01. Regulation FD Disclosure.
On October 27, 2021 at 9:00 am Eastern Time, the Registrant intends to hold a conference call to discuss the Registrant’s financial results for the quarter ended September 30, 2021, including the press release. Additional investor presentation materials related to such call are furnished hereto as Exhibit 99.2 and are, along with the press release and financial statements, incorporated herein by reference.
In accordance with the General Instruction B.2 of Form 8-K, the information presented herein pursuant to Item 2.02, “Results of Operations,” and Item 7.01, “Regulation FD,” including Exhibit 99.1 and 99.2, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall the information be deemed incorporated by reference in any filing under the Exchange Act or the Securities Act of 1933, as amended, except as expressly set forth by specific reference in such filing.
Item 9.01. Financial Statements and Exhibits
(d) Exhibits. The following exhibits accompany this Report.
Exhibit No.Description
99.1 Press Release dated October 27, 2021
99.2 Investor Presentation dated October 27, 2021
104Cover Page Interactive Data File (embedded within the Inline XBRL document)
Disclosures About Forward-Looking Statements
This Current Report on Form 8-K (this “Report”) contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 regarding the financial condition, results of operations, business plans and future performance of First Citizens BancShares, Inc. (“BancShares”). Words such as “anticipates,” “believes,” “estimates,” “expects,” “predicts,” “forecasts,” “intends,” “plans,” “projects,” “targets,” “designed,” “could,” “may,” “should,” “will,” “potential,” “continue” or other similar words and expressions are intended to identify these forward-looking statements. These forward-looking statements are based on BancShares’ current expectations and assumptions r
This page provides First Citizens BancShares Inc. (FCNCP) earnings call transcripts from SEC 8-K filings along with AI-powered predictions for post-earnings price movements. Our machine learning models analyze historical earnings data, pre-earnings price patterns, volume changes, and volatility to predict 1-day, 5-day, and 20-day returns after each earnings release.
Earnings transcripts are sourced directly from SEC EDGAR filings. Predictions are generated using gradient boosting models trained on FCNCP's historical earnings reactions. All predicted returns are shown as percentages, and predicted prices are calculated from the closing price at the time of prediction. Past performance does not guarantee future results.