8-KEarnings & ResultsRegulation FDOther Events+1

FIRST CITIZENS BANCSHARES INC /DE/ 8-K Report, Financial Results (Jul 28, 2022)

Filed July 28, 2022For Securities:FCNCAFCNCPFCNCBFCNCOFCNCN

Summary

First Citizens BancShares, Inc. (FCNCA) filed an 8-K on July 28, 2022, to report its financial and operational highlights for the quarter ended June 30, 2022. While the filing primarily serves to attach the press release and investor presentation detailing these results, a significant announcement was made regarding a new share repurchase program. The Board of Directors authorized the repurchase of up to 1,500,000 shares of Class A common stock, commencing August 1, 2022, and extending through July 28, 2023. This initiative supersedes a previous authorization that expired in July 2020, signaling a potential return of capital to shareholders. The accompanying press release and presentation (Exhibits 99.1 and 99.2) are incorporated by reference, providing investors with the specific financial metrics and operational commentary discussed by the company. Investors should refer to these attached documents for detailed information on the company's performance during the second quarter of 2022, including earnings, revenue, and other key financial indicators. The new share repurchase program offers flexibility to management and will be executed based on market conditions and strategic capital allocation decisions.

Key Highlights

  • 1First Citizens BancShares announced its Q2 2022 financial results via press release and investor presentation, incorporated into the 8-K.
  • 2A new share repurchase program for up to 1,500,000 shares of Class A common stock was authorized.
  • 3The share repurchase program will commence on August 1, 2022, and run through July 28, 2023.
  • 4This new authorization supersedes a prior share repurchase program that expired in July 2020.
  • 5Repurchases can occur through open market or privately negotiated transactions, including Rule 10b5-1 plans.
  • 6The Board's action does not obligate the company to repurchase any specific number of shares, allowing for flexibility.
  • 7The company noted that actual repurchases will depend on various factors including market conditions, price, and alternative investment opportunities.

Frequently Asked Questions

The primary purpose of this 8-K filing is to officially announce and incorporate by reference First Citizens BancShares' financial results for the quarter ended June 30, 2022, through an attached press release and investor presentation. It also announces a new share repurchase program.

The Board of Directors authorized the repurchase of up to 1,500,000 shares of Class A common stock. The program is set to commence on August 1, 2022, and will conclude on July 28, 2023.

No, the authorization does not obligate First Citizens BancShares to repurchase any specific number of shares. Repurchases may be suspended or discontinued at any time, and the actual timing and amount will depend on management's discretion, market conditions, stock price, and other business factors.

The detailed financial results are provided in the press release (Exhibit 99.1) and the investor presentation (Exhibit 99.2) that are attached to this 8-K filing and incorporated by reference. These documents can be accessed through the SEC's EDGAR database or potentially on the company's investor relations website.