FCNCA · FIRST CITIZENS BANCSHARES INC /DE/

404 filings

FCNCA SEC Filings

FIRST CITIZENS BANCSHARES INC /DE/ - 404 total filings

Filing record · 2016–202610-K1110-Q328-K138

Showing 1–50 of 404 filings

FIRST CITIZENS BANCSHARES INC /DE/ 8-K Report, Rights Modification (Sep 14, 2026)

First Citizens BancShares, Inc. /DE/ (FCNCA) has filed an 8-K report detailing the creation and public offering of its new "7.500% Non-Cumulative Perpetual Preferred Stock, Series F." This new series of preferred stock, represented by depositary shares, was established through a Certificate of Designation filed on September 11, 2026. The offering, conducted under an underwriting agreement with several major financial institutions, involved the sale of 300,000 depositary shares, each representing a 1/100th ownership interest in a share of the Series F Preferred Stock. The company closed this public offering on September 14, 2026. The Series F Preferred Stock carries a fixed dividend rate of 7.500% annually for the first five years, after which it will float based on the five-year treasury rate plus a spread. Importantly, the dividends are non-cumulative, meaning any missed dividend payments are not carried forward. The Series F Preferred Stock ranks on parity with other existing preferred stock series of the company and senior to its common stock. It has no maturity date and is perpetual unless redeemed by the company, which is an option for the company on or after September 15, 2031, or under specific circumstances like a Regulatory Capital Treatment Event. Holders of this new preferred stock have limited voting rights, primarily tied to the non-payment of dividends or significant changes to the stock's terms.

Sep 14, 2026 8-K

FIRST CITIZENS BANCSHARES INC /DE/ 8-K Report, Corporate Update (Sep 8, 2026)

First Citizens BancShares (FCNCA) disclosed in this Form 8-K, filed September 8, 2026, that its banking subsidiary, First-Citizens Bank & Trust Company, completed the acquisition of 138 branches from BMO Bank N.A. The branches are located across the Midwest, Great Plains and West, and the transaction became effective September 4, 2026. Per the attached press release, the bank assumed approximately $5 billion in deposits and $650 million in loans as part of the deal. The acquisition expands First Citizens' retail and commercial footprint into states including North Dakota, South Dakota, Wyoming, Nebraska, Kansas, Missouri, Oklahoma, Idaho, western Minnesota, eastern Oregon and southern Illinois. The bank states it now has more than 600 branches and offices nationwide and more than $225 billion in total assets. The filing does not disclose purchase price, goodwill, capital impact, or expected earnings contribution, so investors should look to subsequent filings and earnings disclosures for those details. For investors, the deal is a deposit-led growth move with modest loan balances relative to the deposit base. The transaction is largely a deposit franchise acquisition, and the stated $1 million community investment is immaterial to financial results. The 8-K itself is informational and contains no new guidance or financial statements.

Sep 8, 2026 10-Q

FIRST CITIZENS BANCSHARES INC /DE/ Quarterly Report for Q2 Ended Jun 30, 2026

First Citizens BancShares, Inc. /DE/ (FCNCA) reported a solid second quarter for 2026, with net income available to common stockholders reaching $640 million, a significant 26% increase from the prior quarter, driven by improved net interest income and higher noninterest income. Total assets grew to $236.8 billion, supported by a substantial increase in deposits to $173.4 billion. The company continued its proactive debt management, prepaying $2.5 billion on the FDIC Purchase Money Note. Key operational highlights include a decrease in the allowance for loan and lease losses (ALLL) driven by model enhancements and improved credit quality, leading to a benefit for credit losses of $10 million. The company also saw strong performance in its Commercial Bank segment, which reported a 47% increase in net income quarter-over-quarter. While the Rail segment experienced a slight dip in sequential quarterly income, the overall financial health remains robust, with capital ratios comfortably exceeding regulatory requirements.

Aug 7, 2026 8-K

FIRST CITIZENS BANCSHARES INC /DE/ 8-K Report, Financial Results (Jul 23, 2026)

First Citizens BancShares (FCNCA) reported second-quarter 2026 GAAP net income of $672 million, up from $534 million in the first quarter, and GAAP diluted EPS of $55.52 versus $42.63 in the linked quarter. Adjusted EPS (non-GAAP) was $57.09 versus $44.86. Results were helped by a $74 million reserve release that drove a net credit-loss benefit of $10 million, and by a $69 million increase in noninterest income that was partly from a $27 million derivative fair value gain and a $17 million gain on sale of tax credit investments. Net interest income rose 2.2% to $1.66 billion, while net interest margin held essentially flat at 3.10% (3.01% excluding purchase accounting accretion). Management highlighted $600 million of share repurchases and a $2.5 billion prepayment of the FDIC Purchase Money Note, which has now fallen to $28.42 billion from $35.85 billion at September 30, 2025. Balance sheet growth was modest. Loans rose 1.6% to $151.0 billion, led by the Commercial Bank's Global Fund Banking and capital call lines, and deposits rose 1.5% to $173.4 billion, driven by Direct Bank and brokered deposits. Noninterest-bearing deposits fell to 24.5% of total deposits from 25.5%, and the deposit cost ticked up 3 basis points. Credit quality looks stable, with net charge-offs at 0.29% of average loans and nonaccrual loans at 0.96% of loans. The allowance covered nonaccruals only 1.0 times, down from 1.2 times a year earlier. CET1 was 10.77%, down from 10.83% in the first quarter. The pending acquisition of 138 BMO branches, which brings about $5.3 billion of deposits and $700 million of loans, is expected to close in Q3 2026. Management's 3Q26 guidance includes that deal and projects FY26 net interest income of $6.60–6.75 billion. For investors, the key question is how much of the earnings improvement is durable. Excluding the reserve release and notable items, core pre-provision earnings grew more slowly. Expense discipline and a funding mix that is shifting toward deposits are positives. Watch the timing and deposit impact of the BMO integration, the sustainability of fee income, and whether reserve releases continue to support earnings.

Jul 23, 2026 10-Q

FIRST CITIZENS BANCSHARES INC /DE/ Quarterly Report for Q1 Ended Mar 31, 2026

First Citizens BancShares, Inc. /de/ (FCNCA) reported solid financial results for the first quarter of 2026. Net income available to common stockholders increased by 9% year-over-year to $508 million, or $42.63 per diluted share, driven by a decrease in the provision for credit losses and an increase in noninterest income. The bank's balance sheet saw significant growth, with total assets reaching $235.96 billion, up 2.8% from the prior quarter. Deposits increased by 5.7% to $170.84 billion, bolstered by growth across all segments, particularly in the Commercial Bank and Corporate segments. Borrowings decreased by 5.7% to $33.96 billion, mainly due to prepayments on the FDIC Purchase Money Note and the issuance of new senior unsecured notes. The bank maintained strong capital ratios, well exceeding regulatory requirements, indicating a robust financial position. Management remains focused on managing interest rate risk and liquidity, with significant holdings in high-quality liquid assets and available borrowing capacity, positioning the company for continued stability and growth.

May 8, 2026 8-K

FIRST CITIZENS BANCSHARES INC /DE/ 8-K Report, Shareholder Vote Results (May 7, 2026)

This 8-K filing by First Citizens BancShares, Inc. (FCNCA) details the outcomes of its 2026 Annual Stockholder's Meeting held on May 4, 2026. The key takeaway for investors is the overwhelming approval of routine corporate governance matters. All 12 director nominees were elected, and the "say-on-pay" advisory resolution to approve executive compensation passed comfortably. Furthermore, the appointment of KPMG LLP as the company's independent auditor for 2026 was ratified with strong support. Notably, a stockholder proposal requesting a report on faith-based employee resource groups was not approved by the majority of shareholders. This suggests that while the company's established governance structure and executive compensation practices have shareholder backing, there is less consensus on this specific social and governance initiative.

May 7, 2026 8-K

FIRST CITIZENS BANCSHARES INC /DE/ 8-K Report, Financial Results (Apr 23, 2026)

First Citizens BancShares (FCNCA) reported first quarter 2026 GAAP net income of $534 million, or $42.63 per common share, down from $580 million in the linked quarter. Excluding notable items, adjusted EPS was $44.86 versus $51.27 in 4Q25, a 12.5% decline. The drop was driven primarily by compression in net interest income, which fell $101 million to $1.62 billion as net interest margin declined 11 basis points to 3.09% (3.01% excluding purchase accounting accretion). Lower asset yields from falling rates, reduced loan purchase accounting accretion, and a smaller average securities balance all weighed on results, while the linked quarter also benefited from a gain on tax credit investments. Management characterized EPS, ROE, and ROA as ahead of its expectations, and noninterest expense came in below guidance. Balance sheet activity was mixed but constructive. Deposits grew $9.3 billion (5.7%) to $170.8 billion, led by the Commercial Bank segment and brokered deposits, while loans grew only $762 million (0.5%). Borrowings fell $2.05 billion, including a $2.5 billion prepayment of the FDIC Purchase Money Note, which has declined to $30.9 billion. Capital remained solid, with a CET1 ratio of 10.83% (down from 11.15%) after $900 million of share repurchases and a $400 million preferred stock issuance. Credit quality was stable: net charge-offs fell to 0.30% of average loans from 0.39%, though nonaccrual loans rose 9% to $1.43 billion (0.96% of loans), concentrated in a small number of commercial real estate loans. Looking ahead, management's guidance points to 2Q26 net interest income of $1.60 to $1.67 billion and full-year 2026 net interest income of $6.5 to $6.8 billion, with 0 to 2 rate cuts assumed. Adjusted noninterest expense is guided to $5.34 to $5.43 billion for the year, and the full-year net charge-off ratio is projected at 30 to 40 basis points. The pending acquisition of 138 branches from BMO Bank N.A. and the remaining $1.9 billion of repurchase capacity under the 2025 plan are key items to monitor.

Apr 23, 2026 8-K

FIRST CITIZENS BANCSHARES INC /DE/ 8-K Report, Corporate Update (Mar 3, 2026)

First Citizens BancShares, Inc. (FCNCA) announced the successful completion of a public offering, issuing $500 million in aggregate principal amount of 4.869% Fixed-to-Floating Rate Senior Notes due 2032. This offering was conducted under an existing registration statement and utilized a prospectus supplement dated February 25, 2026. The net proceeds from this issuance will be used for general corporate purposes, providing the company with additional capital to support its strategic initiatives and operational needs. This debt issuance represents a strategic move to strengthen the company's balance sheet and enhance its financial flexibility. The fixed-to-floating rate structure may offer advantages depending on future interest rate movements. Investors in these senior notes are essentially lending to the company, receiving a specified interest rate in return. The company's ability to raise this significant amount of capital underscores its perceived financial stability and market confidence.

Mar 3, 2026 10-K

FIRST CITIZENS BANCSHARES INC /DE/ Annual Report, Year Ended Dec 31, 2025

First Citizens BancShares, Inc. (FCNCA) reported its annual results for the fiscal year ending December 31, 2025. The company experienced a notable decrease in net income to $2.21 billion from $2.78 billion in the prior year, largely attributed to lower net interest income and increased noninterest expense, partially offset by higher noninterest income and a lower income tax provision. Total assets grew to $229.70 billion, supported by a 4% increase in total deposits to $161.58 billion, with noninterest-bearing deposits representing a healthy 25.2% of the total. The company continues to execute its share repurchase program, having repurchased $3.03 billion of its Class A common stock during 2025. Strategically, FCNCA announced an agreement to acquire 138 branches from BMO Bank N.A., expected to close in the second half of 2026, which will expand its footprint in the Midwest, Great Plains, and Western U.S. The company maintained strong capital ratios, exceeding regulatory requirements, and ended the year with a total risk-based capital ratio of 13.71%.

Feb 24, 2026 8-K

FIRST CITIZENS BANCSHARES INC /DE/ 8-K Report, Rights Modification (Feb 5, 2026)

First Citizens BancShares, Inc. /DE/ (FCNCA) has filed an 8-K report detailing the establishment and successful closing of a public offering for its new 6.625% Non-Cumulative Perpetual Preferred Stock, Series E. This new series of preferred stock, represented by 16,000,000 depositary shares each representing a 1/40th interest, was issued under an underwriting agreement with several major financial institutions. The issuance aims to bolster the company's capital structure and provides investors with a fixed dividend rate for the initial five years, after which it will convert to a floating rate plus a spread. This preferred stock ranks on par with other existing preferred stock series and senior to the common stock regarding dividends and liquidation preferences.

Feb 5, 2026 8-K

FIRST CITIZENS BANCSHARES INC /DE/ 8-K Report, Financial Results (Jan 23, 2026)

First Citizens BancShares (FCNCA) reported fourth-quarter 2025 GAAP net income of $580 million ($45.81 per common share), up from $568 million in the third quarter, while adjusted net income (excluding notable items) rose to $648 million, or $51.27 per share, versus $44.62 in the linked quarter. Results were supported by a $59 million provision for loan losses that benefited from an $86 million reserve release, lower net charge-offs of 0.39% of average loans (down from 0.65%), and strong fee income. Adjusted ROE was 11.93% and adjusted ROA 1.10%. Offsetting these positives, net interest income fell $12 million to $1.72 billion and net interest margin compressed 6 basis points to 3.20% as yields on assets declined faster than funding costs, and reported noninterest expense rose 5.5% on higher personnel, technology, and marketing costs. Balance sheet activity was mixed. Loans grew 2.2% to $147.9 billion, led by Global Fund Banking within the Commercial Bank segment. Deposits declined 1.0% to $161.6 billion, driven by seasonal outflows and migration of Global Fund Banking balances into off-balance-sheet client funds, which rose $2.6 billion. Management used investment securities to repay $2.5 billion of the FDIC Purchase Money Note, reducing borrowings by $2.7 billion. Capital remained strong, with a CET1 ratio of 11.15% (preliminary), though it declined from 11.65% after $900 million of share repurchases in the quarter and a $500 million preferred stock issuance added to Tier 1 capital. The company also reaffirmed its pending acquisition of 138 branches from BMO Bank, with about $5.7 billion of deposits and $1.1 billion of loans, expected to close in the second half of 2026. For 2026, management projects net interest income of $6.5 billion to $6.9 billion, adjusted noninterest income of $2.1 billion to $2.2 billion, adjusted noninterest expense of $5.37 billion to $5.46 billion, and a net charge-off ratio of 35 to 45 basis points. Investors will likely focus on whether NIM stabilizes as rate cuts progress, the durability of credit quality following the reserve release, and how the BMO acquisition and expense growth affect returns.

Jan 23, 2026 8-K

FIRST CITIZENS BANCSHARES INC /DE/ 8-K Report, Executive Changes (Jan 14, 2026)

First Citizens BancShares, Inc. (NASDAQ: FCNCA) filed an 8-K on January 14, 2026 announcing a planned leadership transition in its risk management function. Chief Risk Officer Lorie K. Rupp, who has held the role since March 2017 and joined the bank in 2013, intends to retire effective June 1, 2026. Tom Eklund, the company's current Treasurer and a 20-year veteran of First Citizens Bank, is expected to succeed her as CRO on the same date. For investors, this is a planned, orderly succession rather than a distress signal. The filing discloses no financial results, no change in guidance, and no compensation terms for either executive. Eklund's background in capital, liquidity, and compliance risk, gained through the bank's finance department, aligns with the bank's stated priorities of maintaining a robust risk governance framework. The company's announcement emphasizes a smooth handover, with roughly four and a half months between the announcement and the effective date. The filing also includes standard forward-looking statement cautions. These reference, among other things, a pending acquisition of 138 branches from BMO Bank N.A., FDIC assessment and regulatory capital risks, and macroeconomic and interest rate uncertainty. Investors should read the leadership change in the context of these broader items, which the 8-K does not analyze in detail.

Jan 14, 2026 8-K

FIRST CITIZENS BANCSHARES INC /DE/ 8-K Report, Rights Modification (Nov 18, 2025)

First Citizens BancShares, Inc. (FCNCA) has filed an 8-K to report the establishment and successful closing of a public offering for a new series of preferred stock: the 7.000% Non-Cumulative Perpetual Preferred Stock, Series D. This new series, represented by depositary shares, establishes 500,000 depositary shares each representing a 1/100th ownership interest in a share of Series D Preferred Stock, with a liquidation preference of $100,000 per share. The issuance is structured to bolster the company's capital structure, with dividends initially set at a fixed 7.000% per annum until December 2030, after which it will reset to a floating rate based on the five-year Treasury rate plus a spread of 3.301%.

Nov 18, 2025 10-Q

FIRST CITIZENS BANCSHARES INC /DE/ Quarterly Report for Q3 Ended Sep 30, 2025

First Citizens BancShares, Inc. (FCNCA) reported solid financial results for the quarter ending September 30, 2025. Net income was $568 million, a slight decrease of 1% from the previous quarter but down 11.2% year-over-year. Despite a notable increase in the provision for credit losses, particularly due to a significant charge-off on a single client, the bank saw growth in net interest income and noninterest income. Loan growth was observed across most segments, with notable expansion in Global Fund Banking. Deposit growth was robust, particularly in noninterest-bearing deposits and within the Direct Bank and SVB Commercial segments, contributing to a strong liquidity position. The company also announced a pending acquisition of 138 branches from BMO Bank, expected to close in mid-2026. Key financial highlights include a stable Net Interest Margin (NIM) of 3.26%, growth in total assets to $233.49 billion and total deposits to $163.19 billion. The bank maintained strong capital ratios, well above regulatory requirements. While the provision for credit losses increased significantly quarter-over-quarter and year-over-year due to higher net charge-offs and economic outlook adjustments, the overall loan portfolio quality remained manageable, with a slight increase in nonaccrual loans but a stable ALLL to loans ratio.

Nov 7, 2025 8-K

FIRST CITIZENS BANCSHARES INC /DE/ 8-K Report, Financial Results (Oct 23, 2025)

First Citizens BancShares (FCNCA) reported third-quarter 2025 results on October 23, 2025, with GAAP net income of $568 million ($43.08 per common share) versus $575 million in the prior quarter, and adjusted EPS of $44.62 versus $44.78. Core profitability was steady: net interest margin held at 3.26% and adjusted NIM excluding purchase accounting accretion rose one basis point to 3.15%. Pre-provision net revenue rose 7.9% quarter-over-quarter to $942 million, and loans and deposits each grew about 2% to 2.5%, led by the SVB Commercial segment's Global Fund Banking business. Adjusted efficiency improved to 56.78% from 57.92%. Credit quality was the main negative. Net charge-offs rose to $234 million (0.65% of average loans) from $119 million, driven largely by an $82 million charge-off on a single supply chain finance client in Commercial Services, now referred to as a Commercial Bank exposure. Nonaccrual loans climbed to 0.97% of loans, and the provision for credit losses increased to $191 million. The allowance fell to 1.14% of loans, so coverage of nonaccrual loans declined. Management guided to a 4Q25 net charge-off ratio of 35-45 bps, which implies a return toward normal levels. Capital remained strong, with a CET1 ratio of 11.65%, down from 12.12%, as the company repurchased $900 million of Class A stock (457,350 shares) and cleared the 2024 buyback plan. Management also announced the pending acquisition of 138 branches from BMO Bank, which will add about $5.7 billion of deposits and $1.1 billion of loans, with closing expected in mid-2026. Investors will likely focus on whether the credit issue is isolated, how the BMO deal affects capital and liquidity, and whether buybacks continue at the current pace.

Oct 23, 2025 8-K

FIRST CITIZENS BANCSHARES INC /DE/ 8-K Report, Regulation FD Disclosure (Oct 16, 2025)

First Citizens BancShares (FCNCA) disclosed on October 16, 2025 that its banking subsidiary, First-Citizens Bank & Trust Company, has agreed to acquire 138 branches from BMO Bank N.A. across the Midwest, Great Plains and West, located in North Dakota, South Dakota, Wyoming, Nebraska, Kansas, Missouri, Oklahoma, Idaho, plus select branches in western Minnesota, one in eastern Oregon and one in southern Illinois. As part of the deal, First Citizens Bank will assume approximately $5.7 billion in deposit liabilities and acquire approximately $1.1 billion in loans, along with roughly $1.0 billion in wealth assets under management. The transaction is expected to close in mid-2026, subject to customary conditions and regulatory approvals. For investors, the most notable economics are the funding and liquidity benefits. The deposit base carries a weighted average cost of about 1.43%, and management expects the deal to generate roughly $4.6 billion in net liquidity, which would strengthen the funding base and improve the pro-forma loan-to-deposit ratio. Management also projects an immediate EPS accretion, minimal dilution to tangible book value per share, and a CET1 impact of about 27 basis points, with the ongoing share repurchase plan not expected to be affected. The company cites a premium of roughly 5% on deposits at closing. Key risks flagged include failure to satisfy closing conditions or obtain regulatory approvals, integration difficulties, the possibility that expected cost savings are delayed or not fully realized, and standard acquisition risks such as credit quality problems in acquired loans and customer attrition. The filing is a Regulation FD and Other Events disclosure, and the exhibits are furnished rather than filed. Because the 8-K provides no purchase price beyond the deposit premium, investors should look to the company's forthcoming disclosures for more detail on valuation and the detailed financial impact.

Oct 16, 2025 8-K

FIRST CITIZENS BANCSHARES INC /DE/ 8-K Report, Corporate Update (Sep 5, 2025)

First Citizens BancShares, Inc. (FCNCA) announced on September 5, 2025, the successful issuance and sale of $600 million in aggregate principal amount of 5.600% Fixed Rate Reset Subordinated Notes due 2035. This offering was conducted under an existing shelf registration statement and utilized a prospectus supplement filed on September 4, 2025. The notes were issued pursuant to a subordinated base indenture and a third supplemental indenture, with U.S. Bank Trust Company, National Association acting as trustee. This capital raise is a significant event for FCNCA, indicating a strategic move to bolster its capital structure. The subordinated nature of the notes means they rank below other senior debt obligations in the event of liquidation, a factor investors should consider. The fixed rate reset feature implies the interest rate will be adjusted at specific intervals prior to maturity, which can impact future interest expense and profitability.

Sep 5, 2025 10-Q

FIRST CITIZENS BANCSHARES INC /DE/ Quarterly Report for Q2 Ended Jun 30, 2025

First Citizens BancShares, Inc. (FCNCA) reported solid financial performance for the quarter ended June 30, 2025, with net income available to common stockholders reaching $561 million, a 20% increase from the previous quarter. This growth was driven by a 7% increase in non-interest income and a 2% rise in net interest income, supported by higher average loan balances and improved yields on interest-earning deposits. The company's balance sheet remains robust, with total assets growing to $229.65 billion. Deposits increased by 3% to $159.94 billion, indicating continued customer confidence. Borrowings saw a modest increase, primarily due to recent debt issuances. The company maintained strong capital ratios, well exceeding regulatory requirements, with a Common Equity Tier 1 ratio of 12.12%. The provision for credit losses decreased significantly from the prior quarter, reflecting improved credit quality and a more favorable macroeconomic outlook, with the allowance for loan and lease losses standing at 1.18% of total loans. Management continues to actively manage capital, announcing a new $4.0 billion share repurchase program. The company is well-positioned financially, with a strong liquidity position and diversified funding sources. Investors should note the positive trends in profitability and capital strength, alongside the proactive capital return initiatives.

Aug 8, 2025 8-K

FIRST CITIZENS BANCSHARES INC /DE/ 8-K Report, Financial Results (Jul 25, 2025)

First Citizens BancShares (FCNCA) reported second-quarter 2025 GAAP net income of $575 million, or $42.36 per common share, up from $483 million in the first quarter. Excluding notable items, adjusted EPS was $44.78, versus $37.79 in the linked quarter. Results were supported by higher noninterest income, lower credit costs, and stable margins, though net interest income rose only modestly and loans were essentially flat quarter over quarter. Compared with the year-ago quarter, however, reported net income fell 18.6% and net interest income declined 6.9%, as purchase accounting accretion shrank and interest income on overnight investments dropped. Credit quality improved in the quarter. Net charge-offs were $119 million, or 0.33% of average loans, down from 0.41% in the first quarter, and the provision for credit losses fell to $115 million from $154 million. Nonaccrual loans rose to $1.32 billion (0.93% of loans), driven mainly by one individually evaluated credit in the SVB Commercial segment, so investors should watch that line. Capital remained strong, with a CET1 ratio of 12.12% (preliminary), though it declined from 12.81% as the company repurchased $613 million of stock during the quarter. On capital return, the board authorized a new $4.0 billion share repurchase program running through 2026. It will begin only after the current $3.5 billion program announced in July 2024 is completed, and $611 million of capacity remained under that program at quarter-end. The authorization is discretionary, can be suspended at any time, and is not obligated to any minimum repurchase amount. Management's full-year 2025 guidance projects net interest income of $6.68 billion to $6.88 billion and adjusted noninterest expense of $5.10 billion to $5.20 billion.

Jul 25, 2025 8-K

FIRST CITIZENS BANCSHARES INC /DE/ 8-K Report, Executive Changes (Jun 26, 2025)

First Citizens BancShares, Inc. (Nasdaq: FCNCA) filed a Form 8-K on June 26, 2025 to disclose the appointment of Diane ("Di") Morais to its Board of Directors, effective July 1, 2025. The Board appointed her on June 24, 2025, and she will serve until the 2026 Annual Meeting of Stockholders. She will sit on the Risk Committee and Technology Committee of the Board, and the Board has determined she is independent under Nasdaq listing standards. The filing contains no financial results, guidance, or material transactions, so it is a governance update with limited direct financial impact. Morais brings more than 30 years of financial services experience, most recently as President of Consumer and Commercial Banking at Ally Bank from 2017 until her retirement in 2024. At Ally she oversaw deposits, online brokerage and advisory, mortgage, point-of-sale lending, credit card, and corporate-finance businesses, as well as customer care and the Community Reinvestment Act program. Earlier roles include 12 years at Bank of America and nine years in Citibank's credit card division. Chairman and CEO Frank B. Holding, Jr. described her as a results-oriented, customer-centric executive whose background complements the Board. For investors, the appointment strengthens board expertise in consumer banking, digital channels, risk, and technology, areas that are relevant to a bank of this size with more than $200 billion in assets. The disclosure is routine in nature and does not indicate any change in strategy, capital position, or operating outlook. Her compensation will be prorated and consistent with other non-employee directors, as described in the March 18, 2025 proxy statement.

Jun 26, 2025 10-Q

FIRST CITIZENS BANCSHARES INC /DE/ Quarterly Report for Q1 Ended Mar 31, 2025

First Citizens BancShares, Inc. (FCNCA) reported a net income of $483 million for the first quarter of 2025, a decrease from the $700 million recorded in the preceding quarter. This decline was primarily attributed to a significant increase in income tax expense, which rose to $168 million from $36 million in the linked quarter. Despite the dip in profitability, the bank demonstrated growth in its balance sheet. Total assets grew to $228.8 billion from $223.7 billion at the end of 2024, driven by an increase in total deposits to $159.3 billion from $155.2 billion. Loan and lease balances also saw a modest increase to $141.4 billion from $140.2 billion. The bank maintained strong capital ratios, with total risk-based capital at 15.23%, well above regulatory requirements. Management highlighted a strategic shift in segment reporting and the termination of a shared-loss agreement with the FDIC, which will not materially impact current financial statements. The company also continued its share repurchase program, buying back approximately $613 million of Class A common stock in the quarter.

May 9, 2025 8-K

FIRST CITIZENS BANCSHARES INC /DE/ 8-K Report, Shareholder Vote Results (May 5, 2025)

FIRST CITIZENS BANCSHARES INC /DE/ (FCNCA) has filed an 8-K report detailing the outcomes of its 2025 Annual Stockholder's Meeting held on April 29, 2025. The key takeaway for investors is the overwhelming approval of all proposals presented, indicating strong shareholder confidence in the company's board of directors, executive compensation practices, and auditor. Specifically, all 11 director nominees were elected, the advisory "say-on-pay" resolution passed, and the appointment of KPMG LLP as independent public accountants for 2025 was ratified. This consistent support across critical governance areas suggests a stable and well-aligned shareholder base. The results demonstrate a robust endorsement of the current management and governance structure. The high "For" votes on director elections and executive compensation, alongside the near-unanimous ratification of the auditor, should provide a sense of reassurance to current and potential investors regarding the company's operational and financial oversight. The filing also includes the standard cover page interactive data file as an exhibit.

May 5, 2025 8-K

FIRST CITIZENS BANCSHARES INC /DE/ 8-K Report, Financial Results (Apr 24, 2025)

First Citizens BancShares (FCNCA) reported first quarter 2025 GAAP net income of $483 million, or $34.47 per common share, down from $700 million ($49.21 per share) in the fourth quarter of 2024. The decline was driven largely by a $132 million swing in income tax expense, since the linked quarter benefited from a deferred tax liability revaluation. Pretax income fell $85 million to $651 million. On an adjusted basis (excluding notable items), EPS was $37.79 versus $45.10 in the prior quarter, and adjusted ROTCE was 9.91%. Core earnings pressure came from net interest margin compression to 3.26% (3.12% excluding purchase accounting accretion), with net interest income down $46 million to $1.66 billion as asset yields fell faster than deposit costs. Balance sheet and credit trends were mixed but broadly stable. Loans grew 0.8% quarter over quarter to $141.4 billion, led by the Commercial Bank and SVB Commercial segments. Deposits rose 2.6% to $159.3 billion, mainly from the Direct Bank, though the company moved $2.4 billion of cash sweep deposits off balance sheet. Net charge-offs fell to 0.41% of average loans from 0.46%, while nonaccrual loans edged up to 0.85% of loans. The adjusted CET1 ratio was 12.19%, and the company repurchased $613 million of stock during the quarter, leaving $1.22 billion of capacity under its $3.5 billion program. Management guided to 2025 net interest income of $6.55 to $6.95 billion, adjusted noninterest expense of $5.05 to $5.20 billion, and a net charge-off ratio of 35 to 45 basis points. Investors will likely focus on whether margin compression stabilizes as rate cuts flow through, the durability of deposit growth, and the pace of buybacks relative to capital generation. The filing notes the company terminated its FDIC Shared-Loss Agreement in April 2025 and that S&P revised its outlook to stable from negative.

Apr 24, 2025 8-K

FIRST CITIZENS BANCSHARES INC /DE/ 8-K Report, Agreement Terminated (Apr 7, 2025)

First Citizens BancShares, Inc. (FCNCA) has entered into an agreement with the FDIC to terminate its commercial shared-loss agreement related to the Silicon Valley Bridge Bank (SVBB) acquisition. This agreement, which initially covered an estimated $60 billion in loans, had provisions for the FDIC to reimburse FCB for losses up to $5 billion and share in losses above that threshold, while FCB would share in recoveries. The early termination means all rights and obligations under this agreement have ceased, with no outstanding payments due from either party as of the termination date. This decision was driven by FCB's assessment that the likelihood of reaching the $5 billion loss threshold was remote, and it will also eliminate associated reporting burdens.

Apr 7, 2025 8-K

FIRST CITIZENS BANCSHARES INC /DE/ 8-K Report, Corporate Update (Mar 12, 2025)

First Citizens BancShares, Inc. (FCNCA) announced the successful completion of a public offering, raising a total of $1.25 billion through the issuance of new debt securities. Specifically, the company issued $500 million in 5.231% Fixed-to-Floating Rate Senior Notes due 2031 and $750 million in 6.254% Fixed-to-Fixed Rate Subordinated Notes due 2040. This capital raise was executed under a previously filed registration statement and utilized a prospectus supplement dated March 6, 2025.

Mar 12, 2025 10-K

FIRST CITIZENS BANCSHARES INC /DE/ Annual Report, Year Ended Dec 31, 2024

First Citizens BancShares, Inc. (FCNCA) reported solid performance in its 2024 Annual Report, demonstrating resilience amidst a dynamic financial landscape. The company's net income available to common stockholders stood at $2.72 billion, a notable decrease from the prior year, primarily due to a significant gain on acquisition recorded in 2023. However, the core business showed strength with a 6% increase in Net Interest Income (NII) to $7.14 billion, driven by loan growth and higher asset yields, partially offset by increased deposit costs. The balance sheet expanded, with total assets reaching $223.72 billion, supported by a 6% growth in total deposits to $155.23 billion. The company maintained strong capital ratios, significantly exceeding regulatory requirements, including a Common Equity Tier 1 ratio of 12.99%. The loan portfolio grew by 5% to $140.22 billion, with growth across all segments, particularly in commercial and business loans, as well as the global fund banking portfolio. The company actively managed its investment securities portfolio, increasing holdings by 47% to $44.09 billion, primarily in short-duration U.S. agency mortgage-backed and U.S. Treasury securities. Furthermore, BancShares continued its commitment to shareholder returns by repurchasing approximately $1.66 billion of its Class A common stock under its share repurchase program during 2024.

Feb 21, 2025 8-K

FIRST CITIZENS BANCSHARES INC /DE/ 8-K Report, Financial Results (Jan 24, 2025)

First Citizens BancShares (FCNCA) reported fourth-quarter 2024 GAAP net income of $700 million, or $49.21 per diluted share, up from $639 million ($43.42 per share) in the third quarter. Excluding notable items, adjusted EPS was $45.10, down from $45.87 in the linked quarter, as net interest income fell $87 million to $1.71 billion and net interest margin compressed to 3.32% from 3.53%. The GAAP increase was driven mainly by a $198 million drop in income tax expense, which reflected a change in estimated state tax rates after the company filed its first returns including the SVB acquisition, rather than by stronger core operations. Adjusted noninterest income rose 9% to $516 million, and adjusted noninterest expense increased 3% to $1.27 billion. Balance sheet growth was broad-based. Loans rose 1.1% sequentially to $140.2 billion and deposits grew 2.4% to $155.2 billion, which exceeded management's guidance. Credit quality was stable overall, though net charge-offs rose to 0.46% of average loans from 0.42%, mainly from the SVB Commercial investor-dependent portfolio. Nonaccrual loans declined to $1.18 billion (0.84% of loans). Capital remained strong, with a CET1 ratio of 12.99% and a Tier 1 leverage ratio of 9.90%. The company repurchased $963 million of Class A stock during the quarter, and the program is about 51% complete against a $3.5 billion authorization. Management guided to 2025 net interest income of $6.6 to $7.0 billion, loan growth to $144 to $147 billion, and net charge-offs of 35 to 45 basis points. Investors will likely focus on whether margin pressure from Fed rate cuts stabilizes, whether the deposit beta assumptions hold, and whether the buyback pace continues at the 4Q24 rate.

Jan 24, 2025 8-K

FIRST CITIZENS BANCSHARES INC /DE/ 8-K Report, Executive Changes (Dec 16, 2024)

First Citizens BancShares (FCNCA) filed an 8-K on December 16, 2024 reporting the appointment of Matt Snow to its Board of Directors, effective January 2, 2025. Snow, a partner and current Chairman of the Governing Board of Forvis Mazars, LLP (a top 10 U.S. accounting firm), was appointed by the Board on December 11, 2024. He will join the Audit Committee of the Board and the Trust Committee of First-Citizens Bank & Trust Company, and the company states he will be independent under Nasdaq listing requirements upon appointment. The filing is a governance event rather than a financial one; it contains no earnings, capital, or guidance information. The item of greatest investor interest is the disclosed relationship with Forvis Mazars. Since 2023, Forvis Mazars has provided professional services to BancShares or its subsidiaries, with aggregate fees of approximately $0.6 million. The company states Forvis Mazars will not provide services to BancShares while Snow serves as a director and holds his Forvis Mazars positions. Snow is expected to retire from Forvis Mazars and its related board roles in May 2025, which would limit the duration of any potential conflict. Compensation for Snow's board service will be prorated and consistent with other non-associate directors. From an investor standpoint, the appointment adds an experienced audit and accounting professional to the Board and its Audit Committee, which may strengthen financial oversight. The disclosed auditor-related fee relationship and the company's stated safeguards are the key points to monitor, along with Snow's May 2025 retirement from Forvis Mazars. The Item 7.01 press release is furnished rather than filed and is not subject to Section 18 liability.

Dec 16, 2024 10-Q

FIRST CITIZENS BANCSHARES INC /DE/ Quarterly Report for Q3 Ended Sep 30, 2024

First Citizens BancShares, Inc. /DE/ (FCNCA) reported a solid financial performance for the nine months ended September 30, 2024, with net income available to common stockholders reaching $2.03 billion. While net income significantly decreased compared to the same period in the prior year ($10.91 billion), this was largely attributed to a substantial gain on acquisition in the prior year related to the SVBB acquisition. The bank demonstrated loan growth across its segments, with total loans and leases reaching $138.70 billion, up 4% year-to-date. Deposits also grew to $151.57 billion, up 4% year-to-date, indicating continued customer confidence. The bank maintained strong capital ratios, well exceeding regulatory requirements, and a healthy liquidity position with $58.36 billion in high-quality liquid assets. However, the bank experienced an increase in noninterest expense in the current quarter and year-to-date, driven by higher salaries, benefits, and professional fees, partly due to investments in technology and regulatory compliance. Net interest income saw a slight decrease quarter-over-quarter but an increase year-over-date, with a slight compression in net interest margin compared to the prior year, influenced by higher deposit costs and lower purchase accounting accretion. The allowance for loan and lease losses remained robust, though the provision for credit losses saw an increase in the current quarter, partly due to an estimated reserve for Hurricane Helene. Investors should monitor the impact of ongoing investments in technology and compliance on future expenses, as well as the evolving interest rate environment on net interest margin.

Nov 7, 2024 8-K

FIRST CITIZENS BANCSHARES INC /DE/ 8-K Report, Financial Results (Oct 24, 2024)

First Citizens BancShares (FCNCA) reported third-quarter 2024 net income of $639 million, or $43.42 per diluted common share, down from $707 million ($47.54) in the second quarter. Excluding notable items, adjusted diluted EPS was $45.87, versus $50.87 in the linked quarter and $55.92 a year earlier. The decline was driven mainly by lower net interest income, which fell $25 million sequentially to $1.80 billion as purchase accounting accretion dropped $39 million, and by higher adjusted noninterest expense of $1.23 billion, up $61 million on salaries, benefits and regulatory-compliance professional fees. Net interest margin compressed to 3.53% from 3.64%, and to 3.33% excluding accretion from 3.36%. Credit quality softened modestly. Net charge-offs rose to 0.42% of average loans from 0.38%, and nonaccrual loans climbed to 0.90% of loans from 0.82%, concentrated in the SVB Commercial segment. The provision for credit losses increased to $117 million, including a $20 million estimate tied to Hurricane Helene. Loans declined 0.5% sequentially to $138.7 billion, reflecting paydowns in Global Fund Banking, while deposits rose 0.3% to $151.6 billion. Capital remained strong, with a CET1 ratio of 13.24% (preliminary), and the company repurchased about 353,000 Class A shares for $700 million in the quarter under a $3.5 billion plan announced in July. For investors, the key takeaways are margin pressure as purchase accounting accretion rolls off, rising expense growth tied to regulatory readiness for large financial institution requirements, and slightly weaker asset quality in SVB Commercial. Management guided 2024 net interest income to $7.08–$7.18 billion and adjusted noninterest expense to $4.76–$4.79 billion, and expects zero to three 25 basis point rate cuts in Q4 2024.

Oct 24, 2024 8-K

FIRST CITIZENS BANCSHARES INC /DE/ 8-K Report, Corporate Update (Aug 14, 2024)

First Citizens BancShares (FCNCA) filed this 8-K on August 14, 2024 to retrospectively recast segment information in its 2023 Form 10-K. The filing does not report new financial results, change any 2023 reported totals, or update events after the original 10-K was filed on February 23, 2024. Its purpose is to conform the Business, MD&A, and Financial Statements sections (via Exhibit 99.1) to segment changes made effective January 1, 2024 and already reflected in the Q1 and Q2 2024 10-Qs. The segment changes are three: the private banking and wealth management components of the Silicon Valley Banking segment moved into General Bank; the SVB segment was renamed SVB Commercial; and the Direct Bank, a nationwide digital deposit platform, moved from General Bank to Corporate. For investors, the practical effect is that General Bank's reported deposits, loans, and profitability look different in the recast, and Corporate now carries the high-cost Direct Bank funding alongside borrowings and brokered deposits. Investors comparing segment trends across 2023 and 2024 should use the recast figures to avoid apples-to-oranges comparisons. The filing also reports consolidated 2023 context that remains unchanged: total assets of $213.76 billion, net income of $11.47 billion (inflated by a $9.81 billion after-tax gain on the SVBB acquisition), net interest margin of 3.92%, and total deposits of $145.85 billion, of which about 37% were uninsured. The segment recast is a presentation update, not a change in the company's overall financial position.

Aug 14, 2024 10-Q

FIRST CITIZENS BANCSHARES INC /DE/ Quarterly Report for Q2 Ended Jun 30, 2024

First Citizens BancShares, Inc. /de/ (FCNCA) reported a solid quarter with a net income of $707 million for the three months ended June 30, 2024, a slight decrease from the previous quarter but still demonstrating robust profitability. Total assets grew to $219.83 billion, supported by a significant increase in total deposits to $151.08 billion. The company's loan portfolio also expanded to $139.34 billion, with growth across all business segments, particularly in commercial and business loans, TMT, and healthcare sectors, as well as global fund banking. Key financial highlights include a net interest income of $1.82 billion, with a net interest margin of 3.64%. Despite a higher provision for credit losses compared to the linked quarter, driven by a lower benefit for off-balance sheet credit exposure, the company maintained a strong capital position with a Common Equity Tier 1 ratio of 13.33%. The announcement of a new $3.5 billion share repurchase program underscores management's confidence in the company's financial health and commitment to shareholder value.

Aug 8, 2024 8-K

FIRST CITIZENS BANCSHARES INC /DE/ 8-K Report, Financial Results (Jul 25, 2024)

First Citizens BancShares (FCNCA) reported second-quarter 2024 results on July 25, 2024, with GAAP net income of $707 million ($47.54 per diluted share) versus $731 million in the prior quarter, and adjusted net income of $755 million ($50.87 per diluted share), excluding notable items such as $44 million of acquisition-related expenses. Net interest income was essentially flat at $1.82 billion, and net interest margin edged down to 3.64% from 3.67%, though margin excluding purchase accounting accretion held steady at 3.36%. Loans grew 2.9% quarter over quarter to $139.3 billion, led by the SVB Commercial segment's global fund banking portfolio, while deposits rose 4.0% annualized to $151.1 billion. Credit showed mixed signals: net charge-offs rose to 0.38% of average loans from 0.31%, nonaccrual loans climbed to 0.82% of loans, and the allowance fell to 1.22% of loans, producing a $37 million reserve release. The most consequential announcement for shareholders is a board-authorized share repurchase program of up to $3.5 billion of Class A common stock through 2025, with repurchases expected to begin in the third quarter of 2024. The program carries no obligation to buy any minimum amount and may be suspended at any time, and execution will depend on factors including price, market conditions, regulatory requirements, and alternative capital uses. Capital ratios remain strong, with a CET1 ratio of 13.33% and a Tier 1 leverage ratio of 10.29%, and the company declared a $1.64 per share dividend. For investors, the quarter reflects solid core profitability and stabilizing credit, but earnings were slightly lower sequentially and headline margin pressure from deposit costs persists. Management's outlook projects FY24 net interest income of $7.2 to $7.3 billion and adjusted noninterest expense of $4.65 to $4.70 billion, while many slides in the supporting presentation were marked as draft, so the reliability of some figures should be weighed accordingly.

Jul 25, 2024 10-Q

FIRST CITIZENS BANCSHARES INC /DE/ Quarterly Report for Q1 Ended Mar 31, 2024

First Citizens BancShares, Inc. (FCNCA) reported a strong first quarter of 2024, with net income available to common stockholders reaching $716 million, or $49.26 per diluted share. This represents a significant increase from the previous quarter, driven by a substantial decrease in the provision for credit losses and lower noninterest expenses, partially offset by a decline in net interest income. The company's balance sheet showed continued growth, with total loans and leases increasing by 2% to $135.37 billion and total deposits rising by 3% to $149.61 billion. Investment securities also saw a notable increase of 17% to $35.04 billion. Capital ratios remained robust, well exceeding regulatory requirements, indicating a strong financial position. The company's liquidity position was solid, with ample cash and high-quality liquid securities. While the company experienced a slight decrease in net interest margin, this was attributed to a higher cost of deposits and a decline in loan discount accretion. The provision for credit losses saw a significant reduction, reflecting improved macroeconomic forecasts and lower net charge-offs. Management continues to focus on managing interest rate risk and maintaining a strong capital and liquidity position amidst a dynamic economic environment.

May 9, 2024 8-K

FIRST CITIZENS BANCSHARES INC /DE/ 8-K Report, Shareholder Vote Results (May 6, 2024)

This 8-K filing from First Citizens BancShares, Inc. reports on the outcomes of its 2024 Annual Stockholder's Meeting held on May 1, 2024. The primary purpose of the filing is to provide definitive voting results on several key proposals. Investors will note that all incumbent directors were re-elected, the company's executive compensation practices received advisory approval (the "say-on-pay" resolution), and the appointment of KPMG LLP as the independent public accountants for 2024 was ratified. However, a significant outcome was the rejection of a stockholder proposal that requested a report on the risks associated with politicized de-banking. This proposal received a low number of "for" votes compared to the overwhelming "against" votes, indicating that the majority of voting shareholders did not support its adoption. The filing provides detailed vote counts for each proposal, offering transparency into shareholder sentiment on these matters.

May 6, 2024 8-K

FIRST CITIZENS BANCSHARES INC /DE/ 8-K Report, Financial Results (Apr 25, 2024)

First Citizens BancShares (FCNCA) reported first-quarter 2024 GAAP net income of $731 million, or $49.26 per diluted share, and net income available to common stockholders of $716 million. Excluding notable items, adjusted diluted EPS was $52.92, up from $46.58 in the linked quarter. The GAAP improvement was driven largely by an $83 million reduction in the prior-quarter gain on acquisition (a reversal of a tax-estimate adjustment on the SVB acquisition) and a $116 million decline in noninterest expense, mainly from lower acquisition-related costs and FDIC insurance expense. Pre-provision net revenue was $1.07 billion, and the provision for credit losses fell to $64 million from $249 million, reflecting lower net charge-offs and a small reserve release. Core trends were mixed. Net interest income fell 4.9% sequentially to $1.82 billion and net interest margin compressed 19 basis points to 3.67%, as higher deposit costs (cost of deposits rose to 2.53% from 2.35%) and lower loan accretion outweighed balance sheet growth. Loans rose $2.1 billion (6.2% annualized) and deposits rose $3.8 billion (10.4% annualized), with the first net loan growth in the SVB Commercial segment since the acquisition. Credit quality showed some pressure: nonaccrual loans rose to 0.79% of loans from 0.73%, although net charge-offs declined to 0.31% from 0.53%. Capital ratios strengthened, with CET1 at 13.44% and a Tier 1 leverage ratio of 10.11%. Management's full-year 2024 guidance points to net interest income of $7.1 to $7.3 billion, a net charge-off ratio of 35 to 50 basis points, and adjusted noninterest expense of $4.6 to $4.7 billion. These projections depend on the number of Federal Reserve rate cuts assumed. Investors will likely focus on whether NIM stabilizes, whether SVB integration milestones are met in 2024, and whether deposit cost pressure keeps easing as management expects.

Apr 25, 2024 10-K

FIRST CITIZENS BANCSHARES INC /DE/ Annual Report, Year Ended Dec 31, 2023

First Citizens BancShares, Inc. (FCNCA) reported a significant increase in net income for the year ended December 31, 2023, primarily driven by a substantial preliminary gain on the acquisition of Silicon Valley Bridge Bank, N.A. (SVBB). This acquisition, alongside the prior year's merger with CIT Group, has considerably expanded the company's asset base and operational scope. The company experienced robust growth in net interest income due to higher loan volumes and increased interest rates, though this was partially offset by higher deposit and borrowing costs. The SVBB acquisition significantly impacted noninterest income and expenses, with the gain on acquisition being the dominant factor in the period's profitability. BancShares maintained strong capital and liquidity positions throughout the year, exceeding regulatory requirements. The company is navigating a dynamic regulatory environment with proposed changes to capital and liquidity standards for larger banking organizations, and is actively working to integrate its recent acquisitions while managing associated operational and compliance risks.

Feb 23, 2024 8-K

FIRST CITIZENS BANCSHARES INC /DE/ 8-K Report, Financial Results (Jan 26, 2024)

First Citizens BancShares (FCNCA) reported Q4 2023 GAAP net income available to common stockholders of $499 million, or $34.33 per diluted share, down from $737 million ($50.67) in Q3 2023. Adjusted diluted EPS was $46.58 versus $55.92 in the prior quarter, a decline of roughly 17%. The sequential drop was driven largely by a reduced $83 million gain on acquisition (a tax-estimate refinement tied to the SVB transaction), $116 million of acquisition-related expenses, and a $64 million FDIC special assessment. Adjusted pre-provision net revenue still held up well at $1.23 billion, and the adjusted efficiency ratio improved to 48.00%. Net interest margin compressed 21 basis points to 3.86%, reflecting higher deposit costs and lower loan accretion from the SVB acquisition. Balance sheet trends were mixed. Loans were essentially flat at $133.3 billion, with strong growth in the General Bank (10.8% annualized) and Commercial Bank (9.4% annualized) offsetting a $1.85 billion decline in the SVB segment. Deposits fell slightly to $145.9 billion, with the Direct Bank up $2.0 billion offsetting seasonal branch outflows and SVB cash burn. The cost of total deposits rose to 2.35% from 2.12%, though management noted the pace of increase slowed. Credit costs rose modestly: the provision for credit losses increased to $249 million, the net charge-off ratio was 0.53%, and nonaccrual loans climbed to 0.73% of loans. The allowance for loan and lease losses reached 1.31% of loans after a $74 million reserve build, driven by general office CRE and the SVB investor-dependent portfolio. Capital and liquidity remained strong. The CET1 ratio rose to 13.36% and the Tier 1 leverage ratio to 9.83%, both well above requirements, and liquid assets totaled $57.3 billion. Management flagged a potential long-term debt shortfall of $8 to $11 billion under the proposed large-bank capital rules and expects to begin programmatic issuance in 2024. Management's outlook calls for 2024 net interest income of $6.9 to $7.1 billion, loan growth to $139 to $143 billion, and a net charge-off ratio of 45 to 55 basis points. Note that the press release describes the company as having completed its CIT integration and shows Q4 2023 quarterly comparisons against Q3 2023, and the financial supplement reports full-year 2023 GAAP net income of $11.5 billion, which is inflated by the one-time SVB bargain purchase gain.

Jan 26, 2024 8-K

FIRST CITIZENS BANCSHARES INC /DE/ 8-K/A Report, Acquisition Completed (Jan 26, 2024)

On January 26, 2024, First Citizens BancShares (FCNCA) filed an 8-K/A (Amendment No. 2) providing updated financial disclosures on its March 27, 2023 acquisition of substantially all assets and assumed deposits of Silicon Valley Bridge Bank, N.A. from the FDIC. FCB acquired assets with an estimated fair value of $107.54 billion, including $68.47 billion of net loans and $35.31 billion of cash and interest-earning deposits, and assumed $61.42 billion of liabilities, including $56.01 billion of deposits acquired without a premium. The assets were acquired at a discount of roughly $16.45 billion, which is the main reason the deal produced a preliminary after-tax bargain purchase gain of $9.81 billion (with no goodwill recorded). Values remain preliminary, subject to a measurement period of up to one year and to pending tax and settlement adjustments. Financing and risk-sharing terms are central to investor assessment. FCB issued a five-year Purchase Money Note to the FDIC, amended and restated to about $36.07 billion (3.50% interest, maturing March 2028), and obtained an Advance Facility Agreement of up to $70 billion for liquidity through March 2025, both finalized November 20, 2023. A commercial shared-loss agreement covers about $60.5 billion of funded loans, with FDIC loss sharing at 0% on the first $5 billion of losses and 50% above that for five years, and FCB reimbursing 50% of recoveries for eight years. FCB may owe a true-up payment of up to $1.5 billion, but management states preliminary estimates show no material value for the loss indemnification asset or true-up liability. Performance data through year-end 2023 shows the SVB segment contributed $530 million of net income since acquisition, with noninterest expense and deposit outflows as key pressure points. Deposits fell from $56.01 billion at acquisition to $38.48 billion by December 31, 2023, though management says they stabilized in the second quarter. Liquidity was strong at $57.28 billion in liquid assets, and regulatory capital ratios remained well above well-capitalized thresholds (BancShares CET1 of 13.36%, total risk-based capital of 15.74%, both preliminary).

Jan 26, 2024 8-K

FIRST CITIZENS BANCSHARES INC /DE/ 8-K/A Report, Executive Changes (Jan 16, 2024)

First Citizens Bancshares Inc. (FCNCA) has filed an 8-K/A amendment on January 16, 2024, to announce a significant executive appointment. Gregory L. Smith, aged 59, has been appointed as the new Chief Information & Operations Officer (CIOO), with his tenure commencing on January 9, 2024. This role is crucial for overseeing the technological infrastructure and operational efficiency of the company, which are vital for a financial institution's performance and security. This appointment signals a strategic move by FCNCA to bolster its leadership in critical areas of information technology and operational management. Investors should monitor how Mr. Smith's leadership influences the company's digital transformation efforts, cybersecurity posture, and overall operational effectiveness in the coming quarters. The experience and strategic direction he brings will be key to the company's ability to innovate and maintain a competitive edge in the evolving financial services landscape.

Jan 16, 2024 8-K

FIRST CITIZENS BANCSHARES INC /DE/ 8-K Report, Executive Changes (Jan 16, 2024)

On January 16, 2024, First Citizens BancShares (FCNCA) announced the appointment of Gregory L. Smith as its newly created Chief Information & Operations Officer (CIOO) for BancShares and its subsidiary, First-Citizens Bank & Trust Company. He reports to Chairman and CEO Frank B. Holding, Jr. and will oversee strategic enablement of technology, operations, cyber, and data functions across the enterprise. Smith joins from TD Bank Financial Group, where he most recently led Transformation and Corporate Operations (2019-2023), and previously held senior roles at TD Bank, N.A., National Australia Bank, and General Electric. The filing states the effective date as January 9, 2023, which predates the filing and appears to be a typographical error. The compensation package is substantial but mostly variable or contingent. It includes a $600,000 base salary, a $100,000 signing bonus, three $100,000 long-term cash payments (2025-2027), performance bonuses of up to $1.8 million each for 2024 and 2025, a 2024-2026 LTIP target of 300% of base salary, and a $50,000 relocation allowance tied to moving to the Raleigh, NC area. The signing bonus and relocation allowance are subject to pro rata repayment if Smith leaves before January 8, 2026, except in cases of layoff, position elimination, death, or disability. For investors, this is a governance and talent-investment event rather than a financial-results event. The filing does not quantify any impact on earnings, capital, or guidance. The hire signals an emphasis on technology, operations, and cybersecurity leadership as the company scales, which is consistent with its described growth as a top-20 U.S. financial institution with more than $200 billion in assets. Future proxy or executive compensation disclosures may show how the role's cost and performance metrics develop.

Jan 16, 2024 8-K

FIRST CITIZENS BANCSHARES INC /DE/ 8-K Report, Executive Changes (Dec 15, 2023)

First Citizens BancShares (FCNCA) disclosed in an 8-K filed December 15, 2023 that its Board of Directors appointed David G. Leitch, age 62, as a director effective January 1, 2024. The appointment was approved by the Board on December 12, 2023, and Leitch will also join the Audit Committee and the Compensation, Nominations and Governance Committee. The Board determined he is independent under Nasdaq listing rules, and he will receive prorated director compensation consistent with other non-employee directors. The filing contains no financial results, guidance, or material transactions. Leitch's background is heavily weighted toward legal, regulatory, and risk oversight. He served as vice chair of Bank of America from 2021 to 2022 and as its global general counsel from 2016 to 2021, where he oversaw legal functions, regulatory relationships, and committees covering risk management (including operational and technology risk), compensation, and disclosure. Earlier, he was general counsel of Ford Motor Company (2005 to 2015) and held federal government posts, including deputy counsel to the President and chief counsel of the FAA. The filing states there are no related-party transactions requiring disclosure under Item 404(a) of Regulation S-K. For investors, this is a routine governance event rather than a market-moving one. The appointment strengthens the board's legal, regulatory, and large-institution risk expertise, which is relevant for a bank of more than $200 billion in assets, and places a director with a strong risk and compliance background on the Audit Committee. The 8-K does not change First Citizens' financial position, capital, or outlook.

Dec 15, 2023 8-K

FIRST CITIZENS BANCSHARES INC /DE/ 8-K Report, Material Agreement (Nov 27, 2023)

First Citizens BancShares, Inc. (FCNCA) filed an 8-K detailing new financing agreements related to its acquisition of Silicon Valley Bridge Bank, N.A. (SVBB) from the FDIC. These agreements, effective November 20, 2023, supersede initial arrangements and formalize the terms for a $36.07 billion Amended and Restated Purchase Money Note and a $70 billion Advance Facility Agreement. The primary purpose of these agreements is to manage liquidity and financial obligations arising from the SVBB acquisition. The Advance Facility provides liquidity to offset deposit withdrawals and fund acquired commercial lending commitments. Investors should note that the purchase money note bears interest at 3.5% annually, while the advance facility has a variable rate tied to SOFR plus 25 basis points. The agreements also outline collateral arrangements and operational procedures through custodial and paying agency agreements.

Nov 27, 2023 10-Q

FIRST CITIZENS BANCSHARES INC /DE/ Quarterly Report for Q3 Ended Sep 30, 2023

First Citizens BancShares, Inc. (FCNCA) reported a substantial increase in total assets to $213.765 billion as of September 30, 2023, primarily driven by the acquisition of Silicon Valley Bridge Bank (SVBB) on March 27, 2023. This acquisition significantly expanded the company's scale, loan portfolio, and deposit base. Net income available to common stockholders for the nine months ended September 30, 2023, reached $10.91 billion, a significant jump from $805 million in the same period last year, largely due to a preliminary after-tax gain on acquisition of $9.89 billion related to the SVBB transaction. Despite the significant asset growth and the integration of SVB, First Citizens demonstrated strong capital adequacy, with all regulatory capital ratios well above minimum requirements. The company's net interest margin remained robust at 4.07% for the quarter, though slightly down from the linked quarter. The provision for credit losses saw an increase, reflecting the growth in the loan portfolio and evolving macroeconomic factors, particularly impacting the commercial real estate and specific SVB loan segments. The company also highlighted strategic efforts to manage its investment portfolio and liquidity, including managing deposit trends and borrowing costs.

Nov 3, 2023 8-K

FIRST CITIZENS BANCSHARES INC /DE/ 8-K Report, Financial Results (Oct 26, 2023)

First Citizens BancShares (FCNCA) reported third-quarter 2023 results that were solid on an adjusted basis, with GAAP net income of $752 million ($50.67 diluted EPS to common) and adjusted net income available to common of $813 million ($55.92 adjusted diluted EPS), up from $52.60 in Q2. Results were driven by net interest income growth to $1.99 billion, a 4.07% net interest margin, and disciplined expense management, with adjusted noninterest expense falling $70 million quarter over quarter to $1.13 billion and the adjusted efficiency ratio improving to 46.04%. The SVB acquisition, completed March 27, 2023, remains the dominant driver of the balance sheet, and total assets reached $213.8 billion. Credit and funding trends warrant monitoring. Net charge-offs rose to 0.53% of average loans from 0.47%, the provision for credit losses reached $192 million, and the allowance grew to 1.26% of loans, with management citing deterioration in commercial real estate, including general office, and in the innovation portfolio within the SVB segment. Deposits grew $5.1 billion to $146.2 billion, led by the Direct Bank, and the cost of deposits rose 44 basis points to 2.12%. Management used the deposit growth to repay $2.4 billion of FHLB borrowings. Capital ratios remained above regulatory requirements, with a CET1 ratio of 13.23%, and the company declared a $0.75 per share common dividend. The quarter's GAAP results were also affected by several notable items, including $121 million of acquisition-related expenses, a $12 million loss on the sale of acquired SVB municipal bonds, and a $12 million gain on acquisition. Investors should note that year-to-date GAAP net income of $10.95 billion is inflated by the one-time bargain purchase gain on the SVB deal, so the adjusted figures and the run-rate trends are more representative of ongoing earnings power. Management's full-year 2023 outlook calls for net interest income of $6.6-6.7 billion and adjusted noninterest expense of $4.12-4.15 billion.

Oct 26, 2023 10-Q

FIRST CITIZENS BANCSHARES INC /DE/ Quarterly Report for Q2 Ended Jun 30, 2023

First Citizens BancShares, Inc. /DE/ (FCNCA) reported strong financial results for the second quarter of 2023, significantly boosted by the acquisition of Silicon Valley Bridge Bank, N.A. (SVBB). The company saw a substantial increase in total assets to $209.5 billion and total deposits to $141.16 billion, driven by the SVBB transaction. Net income available to common stockholders surged to $10.17 billion for the first six months of 2023, compared to $502 million in the prior year period, largely due to a significant gain on the SVBB acquisition. Net interest income also saw a substantial increase, reflecting the expanded balance sheet and a favorable interest rate environment. Despite increased non-interest expenses related to the acquisition and integration, the company's capital ratios remain robust and well above regulatory requirements. The integration of SVB is progressing, and the company is closely monitoring market developments and regulatory changes. Investors should note the significant impact of the SVBB acquisition on the company's scale and financial performance, while also being aware of the ongoing integration efforts and market dynamics.

Aug 4, 2023 8-K

FIRST CITIZENS BANCSHARES INC /DE/ 8-K Report, Financial Results (Aug 3, 2023)

First Citizens BancShares (FCNCA) reported second quarter 2023 results that were the first full quarter including the acquisition of Silicon Valley Bridge Bank (SVB) from the FDIC, completed March 27, 2023. Reported net income was $682 million ($45.87 diluted EPS), down sharply from $9.52 billion in Q1, which had included a $9.82 billion preliminary bargain purchase gain on the acquisition. Excluding notable items, adjusted diluted EPS was $52.60, up from $20.09 in Q1, with adjusted ROE of 16.46%, adjusted ROA of 1.49%, and an adjusted efficiency ratio of 49.65%. Net interest margin expanded 69 basis points to 4.10%, driven by loan accretion from the acquisition, higher loan yields, and a higher yield on overnight deposits, though funding costs rose with the $35.8 billion FDIC Purchase Money Note and a higher rate paid on deposits. The quarter also showed the balance sheet and credit trends investors should monitor. Loans fell $5.27 billion to $133.0 billion, driven by a $7.4 billion decline in the SVB segment, mainly Global Fund Banking, while General Bank and Commercial Bank loans grew. Total deposits rose modestly to $141.2 billion, supported by a $10.4 billion increase in Direct Bank deposits, but noninterest-bearing deposits fell to 31.6% of total deposits from 39.0%. Credit costs increased: net charge-offs rose to 0.47% of average loans from 0.27%, nonaccrual loans rose to $929 million (0.70% of loans), and the allowance for credit losses reached 1.23% of loans, with management citing a CRE-driven reserve build. Capital ratios remained above target ranges, with CET1 at 13.38% (preliminary), though the Tier 1 leverage ratio of 9.50% reflects the larger balance sheet. Management guided for third-quarter 2023 net interest income of $1.8 to $1.9 billion and full-year 2023 net interest income of $6.4 to $6.6 billion, with a projected net charge-off ratio of 35 to 45 basis points. The 8-K notes that the results are preliminary in some respects and that integration risks, including retention of SVB clients and talent, remain significant. Investors should weigh the strong underlying earnings power of the legacy and acquired franchises against the deposit mix shift, elevated acquisition-related costs, and the cost of the FDIC note.

Aug 3, 2023 8-K

FIRST CITIZENS BANCSHARES INC /DE/ 8-K/A Report, Shareholder Vote Results (Jul 31, 2023)

This 8-K filing from First Citizens Bancshares Inc. (FCNCA) addresses the outcome of a "Say-on-Frequency Proposal" vote that occurred at the company's annual meeting on April 25, 2023. Investors voted overwhelmingly in favor of holding an annual "Say-on-Pay" (executive compensation) advisory vote. Consequently, the Board of Directors has committed to submitting an advisory Say-on-Pay proposal for shareholder approval every year, aligning with the preference expressed by the majority of votes cast. This decision impacts the frequency of future executive compensation reviews by shareholders.

Jul 31, 2023 10-Q

FIRST CITIZENS BANCSHARES INC /DE/ Quarterly Report for Q1 Ended Mar 31, 2023

First Citizens BancShares, Inc. /de/ (FCNCA) reported a substantial increase in assets and net income for the quarter ending March 31, 2023, primarily driven by the acquisition of Silicon Valley Bridge Bank, N.A. (SVBB). The SVBB acquisition significantly expanded the company's balance sheet, with total assets more than doubling to $214.66 billion, largely due to the inclusion of $68.50 billion in loans and $35.28 billion in cash and interest-earning deposits. This strategic move also significantly boosted net income, which surged to $9.52 billion, largely attributed to a preliminary gain on acquisition of $9.82 billion (net of tax). However, this was partially offset by a substantial provision for credit losses related to the acquired SVBB portfolio. Despite the significant integration efforts and associated expenses, FCNCA maintained strong capital ratios, exceeding regulatory requirements. Management highlighted the continued growth in core banking segments and expressed optimism about the strategic benefits and synergies expected from the SVBB acquisition, while acknowledging the ongoing integration and the evolving economic and banking environment.

May 10, 2023 8-K

FIRST CITIZENS BANCSHARES INC /DE/ 8-K Report, Financial Results (May 10, 2023)

First Citizens BancShares (FCNCA) reported first-quarter 2023 results that were dominated by its acquisition of certain assets and liabilities of Silicon Valley Bridge Bank, N.A. from the FDIC on March 27, 2023. GAAP net income was $9.52 billion ($653.64 per diluted share), driven by a $9.82 billion after-tax preliminary bargain purchase gain. Management's adjusted net income available to common stockholders, which excludes notable items, was $292 million, or $20.09 per diluted share, down from $306 million ($20.94) in the fourth quarter of 2022. The headline GAAP figure is not indicative of the underlying earnings power of the franchise, and investors should focus on adjusted metrics and the trajectory of the combined bank. Core operating trends were mixed but reasonably solid. Net interest income rose to $850 million from $802 million, with net interest margin expanding 5 basis points to 3.41%, though deposit costs climbed sharply (cost of deposits 1.24%, up 46 bps). Adjusted noninterest expense rose 15% quarter over quarter to $677 million, reflecting seasonal personnel costs and higher FDIC insurance. Credit costs increased: net charge-offs were 0.27% of average loans versus 0.14% in the prior quarter, and nonaccrual loans rose to $828 million, with $224 million coming from the acquired SVB portfolio. The allowance for credit losses reached $1.6 billion (1.16% of loans), including $662 million established for the acquired book. The balance sheet changed materially. Total loans roughly doubled to $138.3 billion and deposits grew to $140.1 billion, with about $66.2 billion of loans and $49.3 billion of deposits coming from SVB. Borrowings increased by $39.5 billion, largely due to a $35.15 billion five-year Purchase Money Note to the FDIC bearing 3.50%. Capital ratios improved sharply (CET1 12.53% versus 10.08%), and management reported that SVB-related deposit outflows of roughly $12 billion had partly stabilized by late April. Investors should weigh the integration risks, deposit behavior, and the rising-rate and credit environment in assessing the stock going forward.

May 10, 2023