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Mar 31, 2021
First Citizens Q1 2021 Earnings Report
Reported strong earnings driven by net income and noninterest income growth.
Key Takeaways
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.
Net income increased to $147.3 million, a 157.7% increase compared to Q1 2020.
Net interest income increased slightly to $339.7 million, up 0.4% from Q1 2020.
Noninterest income surged to $136.6 million, a 113.5% increase compared to Q1 2020, driven by fair market value adjustments on marketable equity securities.
Total deposits grew significantly to $47.33 billion, a 36.4% annualized increase since December 31, 2020.
Forward Guidance
First Citizens BancShares anticipates closing the merger with CIT in mid-2021, subject to regulatory approvals and customary closing conditions.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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