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Jun 30, 2023
First Citizens Q2 2023 Earnings Report
Reported strong financial results driven by momentum in legacy business and the SVB acquisition
Key Takeaways
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.
Net income for the quarter was $682 million, with adjusted net income available to common stockholders at $765 million, or $52.60 per diluted common share.
Net interest income increased to $1.96 billion, driven by higher interest income on loans and overnight investments.
Deposits totaled $141.16 billion, reflecting growth in Direct Bank deposits offset by a decline in the SVB segment.
Loans reached $133.02 billion, with growth in the General Bank and Commercial Bank partially offsetting a decline in the SVB segment.
Forward Guidance
The document does not contain explicit forward guidance. Therefore, this section is left empty.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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