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Dec 31, 2022
First Citizens Q4 2022 Earnings Report
Reported solid financial results in the fourth quarter of 2022, marked by strong top-line growth and well-controlled expenses.
Key Takeaways
First Citizens BancShares reported a net income available to common stockholders of $243 million, or $16.67 per diluted common share, for the fourth quarter of 2022. The results were impacted by a strategic decision to exit $1.2 billion of Bank Owned Life Insurance policies, resulting in a tax charge of $55 million. Deposits grew at an annualized rate of 8.4% driven by growth in our Direct Bank.
Net income available to common stockholders was $243 million, or $16.67 per diluted common share.
Adjusted net income available to common stockholders was $306 million, or $20.94 per diluted common share.
Deposits totaled $89.4 billion, an increase of $1.9 billion, or 8.4% on an annualized basis.
Loans totaled $70.8 billion, an increase of $1.0 billion, or 5.6% on an annualized basis.
Forward Guidance
The company anticipates the ability to resume share buybacks in the second half of this year.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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