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Jun 30, 2020
First Citizens Q2 2020 Earnings Report
Reported strong earnings due to solid balance-sheet growth and a high level of liquidity.
Key Takeaways
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.
Net income for the second quarter of 2020 totaled $153.8 million, an increase of $34.4 million compared to the same quarter in 2019.
Net income per common share increased to $14.74 in the second quarter of 2020, from $10.56 per share during the same quarter in 2019.
Total loans grew to $32.42 billion, an increase of $3.54 billion since December 31, 2019.
Total deposits grew to $41.48 billion, an increase of $7.05 billion since December 31, 2019.
Forward Guidance
The effective tax rate for the remainder of 2020 is estimated to be approximately 21%.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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