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Dec 31, 2021
First Citizens Q4 2021 Earnings Report
Earnings decreased compared to the same quarter in 2020.
Key Takeaways
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.
Net income was $123.3 million, a decrease of $14.8 million or 10.7% compared to Q4 2020.
Net income per common share was $12.09, compared to $13.59 per share for the same quarter in 2020.
Taxable-equivalent net interest margin was 2.58%, down 44 basis points from 3.02% for the comparable quarter in 2020.
Total deposits grew to $51.4 billion, an increase of $8.0 billion or 18.4% since December 31, 2020, driven by organic growth.