First Citizens Q2 2021 Earnings Report
Key Takeaways
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.
Net income was $152.8 million, a 0.6% decrease compared to the same quarter in 2020.
Net interest income increased by 2.7% to $346.4 million.
Noninterest income decreased by 18.9% to $134.2 million, primarily due to a decline in fair market value adjustments on marketable equity securities.
Total deposits grew by 23.1% on an annualized basis, reaching $48.4 billion.
First Citizens
First Citizens
Forward Guidance
The completion of the proposed merger with CIT Group Inc. remains subject to approval from the Board of Governors of the Federal Reserve System and closing is expected in the third quarter, subject to such approval and the satisfaction or waiver of other customary closing conditions.