First Citizens Earnings Reports

First Citizens BancShares posted strong first quarter earnings, supported by loan and deposit growth, stable credit quality, and a robust capital return strategy.

First Citizens BancShares reported a net income of $731 million for Q1 2024, compared to $514 million for the previous quarter. The company saw solid loan and deposit growth, and credit quality remained strong. Integration efforts with SVB are accelerating the momentum of the franchise.

First Citizens BancShares reported a net income of $514 million for Q4 2023, compared to $752 million in the previous quarter. The results were impacted by acquisition-related expenses, a decrease in the preliminary gain on acquisition, an FDIC insurance special assessment, intangible asset amortization, and a fair value adjustment on marketable equity securities.

First Citizens BancShares reported a net income of $682 million for the second quarter of 2023, which includes a full quarter impact from the acquisition of Silicon Valley Bridge Bank. The acquisition contributed significantly to the increase in net interest income and noninterest income, although noninterest expense also increased due to the acquisition.

First Citizens BancShares reported a net income available to common stockholders of $243 million, or $16.67 per diluted common share, for the fourth quarter of 2022. The results were impacted by a strategic decision to exit $1.2 billion of Bank Owned Life Insurance policies, resulting in a tax charge of $55 million. Deposits grew at an annualized rate of 8.4% driven by growth in our Direct Bank.

First Citizens BancShares reported a strong Q3 2022, with net income of $315 million, a 23.5% increase over the prior quarter, driven by solid top-line growth and net interest margin expansion. The company remains focused on merger optimization and cost savings, having repurchased 98.5% of authorized shares under its share repurchase plan.

First Citizens BancShares reported second quarter net income available to common stockholders of $238 million, or $14.86 per share. Adjusted net income was $270 million, or $16.86 per share. Loan growth was strong and pre-provision net revenue continued its momentum.

First Citizens BancShares reported net income to common shareholders of $264 million, or $16.70 per common share, for the first quarter of 2022. The results were significantly impacted by the merger with CIT Group Inc. The company remains focused on integrating CIT and is committed to achieving cost savings from the merger.

First Citizens BancShares reported a decrease in net income for Q4 2021 compared to Q4 2020. Net income was $123.3 million, a decrease of $14.8 million or 10.7%. The merger with CIT Group, Inc. was completed on January 3, 2022, but the Q4 results do not include financial results of CIT.

First Citizens BancShares reported a net income of $124.1 million for Q3 2021, a decrease of 13.0% compared to Q3 2020. The net interest margin was 2.61%, down 45 basis points from the previous year. Total deposits grew to $50.1 billion, an increase of 20.4% on an annualized basis since December 31, 2020.

First Citizens BancShares reported a net income of $152.8 million for Q2 2021, a slight decrease of 0.6% compared to Q2 2020. Net interest income increased by 2.7% to $346.4 million, while noninterest income decreased by 18.9% to $134.2 million. Total deposits grew by 23.1% on an annualized basis, reaching $48.4 billion.

First Citizens BancShares reported a strong first quarter in 2021, with net income increasing by 157.7% compared to the same quarter in 2020. The increase was driven by growth in net interest income and noninterest income. Total deposits grew significantly, and the company remained well-capitalized.

First Citizens BancShares reported a net income of $138.1 million for Q4 2020, a 35.5% increase compared to Q4 2019. The increase was driven by growth in net interest income and noninterest income. Total loans and deposits also saw significant growth.

First Citizens BancShares reported a net income of $142.7 million for Q3 2020, a 14.3% increase compared to Q3 2019. The company's net interest income also increased by 5.1% to $353.7 million. Total loans grew, and deposits increased by 30.3% on an annualized basis.

First Citizens BancShares reported a net income of $153.8 million for Q2 2020, an increase of 28.8% compared to Q2 2019. The increase was driven by growth in net interest income and noninterest income.

First Citizens BancShares reported a net income of $57.2 million for Q1 2020, a decrease of 48.7% compared to Q1 2019. The results were impacted by a decline in fair value in the equity securities portfolio and additional provision expense for the potential impact of COVID-19.

First Citizens BancShares reported a net income of $101.9 million for Q4 2019, a 13.9% increase compared to Q4 2018. Net income per share increased by 25.3% to $9.55. The growth was supported by a rise in noninterest income and an increase in total loans and deposits.