First Citizens Bancshares Inc

Latest Results (29.08.2026):

First Citizens BancShares, Inc. reported results for the second quarter of 2026: net income of $672 million ($640 million available to common stockholders, $55.52 per common share) and adjusted net income of $691 million ($659 million available to common, $57.09 per common share). Performance was driven by loan and deposit growth, resilient credit metrics, disciplined expense management, and capital actions including $600 million of share repurchases and a $2.5 billion prepayment of the Purchase Money Note.

Earnings

Q2 2026 net income was $672M (up from $534M in Q1 2026); net income available to common was $640M, $55.52/share. Adjusted net income was $691M (adjusted to common $659M, $57.09/share).

Net interest income & margin

Net interest income was $1.66B (up $35M QoQ). NIM was 3.10% (+1 bp QoQ); NIM excluding purchase accounting accretion (PAA) was 3.01% (unchanged QoQ). Loan interest income rose $47M; interest expense on borrowings fell $18M following the $2.5B prepayment.

Noninterest income and expense

Noninterest income increased to $776M (+$84M QoQ), helped by a $27M rise in derivative fair value and a $17M gain on sale of tax credit investments. Noninterest expense was $1.55B (+$15M QoQ); adjusted noninterest expense $1.35B (+$16M), with higher marketing and tech/processing costs partially offset by lower incentive compensation.

Balance sheet & funding

Loans and leases totaled $151.03B (+$2.34B QoQ). Deposits were $173.43B (+$2.59B QoQ), with deposits representing 84.3% of funding (up from 83.4%). Borrowings declined to $32.19B following a $2.5B Purchase Money Note prepayment; Purchase Money Note balance fell to $28.42B at quarter-end. Interest-earning deposits at banks were $21.13B.

Credit quality

Benefit for credit losses was $10M (vs. $72M provision in Q1). Provision for loan and lease losses was $34M (vs. $103M prior quarter), driven by a $74M reserve release and improved credit metrics. Net charge-offs were $108M (0.29% of average loans). Allowance for loan and lease losses was $1.48B (0.98% of loans).

Capital, liquidity & shareholder returns

Capital ratios remained above regulatory minima: total risk-based 13.37%, Tier 1 11.73%, CET1 10.77%, Tier 1 leverage 9.22%. Liquid assets were $59.14B. The company repurchased $600M of stock in Q2 (298,907 shares) and paid a $2.10/share dividend; $1.31B capacity remained under the 2025 repurchase plan.

BMO branch acquisition & outlook

First Citizens expects to complete acquisition of 138 BMO branches in Q3 2026, assuming roughly $5.3B of deposits and $700M of loans. Management highlighted continued focus on balanced growth, capital optimization, and investments in digital infrastructure.