First Citizens Bancshares, Inc. · NASDAQ:FCNCA
First Citizens Bancshares — Q3 2026 Earnings Presentation
50 slides from First Citizens Bancshares's earnings presentation, Oct 23, 2026
Slide 1: First Citizens BancShares Third Quarter 2026 Earnings Conference Call
First Citizens BancShares, Inc. Third Quarter 2026 Earnings Conference Call October 23, 2026
Slide 2: Table of Contents
2 Table of Contents Pages Section I – Third Quarter Overview & Strategic Priorities 4–7 Section II – Third Quarter 2026 Financial Results 8 – 27 Financial Highlights 9 – 10 Earnings Highlights 11 Net interest income and margin 12 – 13 Noninterest income and expense 14 – 15 Balance Sheet Highlights 1
Slide 3: Important Notices
3 Important Notices Forward Looking Statements This communication contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 regarding the financial condition, results of operations, business plans, asset quality, future performance, and other st
Slide 4: Third Quarter Overview & Strategic Priorities
Third Quarter Overview & Strategic Priorities Section I
Slide 5: Third Quarter 2026 Snapshot
5 Third Quarter 2026 Snapshot Key Highlights: Financial Results: ■ Strong financial results: Adjusted EPS (1) • EPS, ROE and ROA results exceeded our expectations. $55.37 • Delivered positive adjusted operating leverage (2) Adjusted ROE / ROA (1) through net revenue growth and disciplined expense ma
Slide 6: BMO Branch Acquisition – Expanding National Presence
6 BMO Branch Acquisition – Expanding National Presence Successfully converted the acquired branches during the third quarter. 138 ~$4.9 B ~$650 MM ~1.05% ~5.50% New branches Weighted average Weighted average Deposits acquired Loans acquired from BMO cost of deposits yield on loans Geographic Footpri
Slide 7: Strategic Priorities
7 Strategic Priorities Balance Client Talent & Operational Sheet Focus Culture Efficiency Optimization • Expand and grow • Attract, retain and • Optimize processes • Manage our balance our capabilities and develop associates and systems to sheet prudently to products while who align with our reduce
Slide 8: Third Quarter 2026 Financial Results
Third Quarter 2026 Financial Results Section II
Slide 9: 3Q26 Financial Results - Takeaways
9 3Q26 Financial Results - Takeaways Deposits increased $11.8 billion or by 6.8% over the linked quarter driven by organic growth EPS, ROE and ROA exceeded our 1 expectations. 5 in the General and Commercial Banks, supplemented by the BMO branch acquisition, Direct Bank and brokered deposits. Net in
Slide 10: Financial Highlights
10 Financial Highlights 3Q26 2Q26 3Q25 Reported Adjusted Reported Adjusted Reported Adjusted (Non-GAAP) (Non-GAAP) (Non-GAAP) EPS (basic and diluted) $ 51.23 $ 55.37 $ 55.52 $ 57.09 $ 43.08 $ 44.62 ROE 11.33 % 12.24 % 12.58 % 12.94 % 10.26 % 10.62 % ROTCE (non-GAAP) 11.67 12.61 12.92 13.28 10.53 10.
Slide 11: Quarterly Earnings Highlights
11 Quarterly Earnings Highlights ($ in millions) Increase (decrease) Reported 3Q26 vs 2Q26 (1) 3Q26 vs 3Q25 (1) 3Q26 2Q26 3Q25 $ % $ % Net interest income $ 1,699 $ 1,656 $ 1,734 $ 43 2.6 % $ (35) (2.0)% Noninterest income 734 776 699 (42) (5.4) 35 5.1 Net revenue 2,433 2,432 2,433 1 — — — Nonintere
Slide 12: Net interest income and margin
12 Net interest income and margin ($ in millions) (-3 bps) (-2 bps) $43 million & $47 million & $1,734 $1,722 $1,699 $1,673 $1,673 $1,621 $1,656 $1,582 $1,608 $1,655 3.26% 3.20% 3.09% 3.10% 3.07% 3.15% 3.11% 3.01% 3.01% 2.99% 3Q25 4Q25 1Q26 2Q26 3Q26 3Q25 4Q25 1Q26 2Q26 3Q26 (1) (1) NII NIM NII, ex
Slide 13: NIM Rollforward
13 NIM Rollforward 2Q26 to 3Q26 (-3 bps) 0.02% 0.01% 0.05% 3.10% 3.07% (0.05)% (0.05)% (0.01)% 2Q26 Debt rate / Loan Investment Deposit rate Deposit volume PAA 3Q26 volume yield / volume yield / volume 3Q25 to 3Q26 (-19 bps) 0.11% 0.12% 0.16% 3.26% (0.21)% 3.07% (0.15)% (0.14)% (0.05)% (0.03)% 3Q25
Slide 14: Noninterest income
14 Noninterest income ($ in millions) $776 $715 $734 $699 $692 $190 $159 $181 $186 $172 $529 $586 $575 $518 $520 3Q25 4Q25 1Q26 2Q26 3Q26 Adjusted (Non-GAAP) (1) Notable items (2) Increase (decrease) Noninterest income 3Q26 vs 2Q26 3Q26 vs 3Q25 3Q26 2Q26 1Q26 4Q25 3Q25 $ % $ % Total reported noninte
Slide 15: Noninterest expense
15 Noninterest expense ($ in millions) $1,572 $1,536 $1,551 $1,573 $1,491 $204 $206 $205 $218 $212 $1,279 $1,368 $1,330 $1,346 $1,355 3Q25 4Q25 1Q26 2Q26 3Q26 Adjusted (Non-GAAP) (1) Notable items (2) Increase (decrease) Noninterest expense 3Q26 vs 2Q26 3Q26 vs 3Q25 3Q26 2Q26 1Q26 4Q25 3Q25 $ % $ %
Slide 16: Balance Sheet Highlights
16 Balance Sheet Highlights ($ in millions, except per share data) Increase (decrease) 3Q26 vs 2Q26 (1) 3Q26 vs 3Q25 (1) SELECT PERIOD END BALANCES 3Q26 2Q26 3Q25 $ % $ % Interest-earning deposits at banks $ 18,290 $ 21,132 $ 24,798 $ (2,842) (53.3)% $ (6,508) (26.2)% Investment securities 44,875 43
Slide 17: Loans and Leases
17 Loans and Leases ($ in millions) Period End Loans Average Loans $157,190 $154,515 $147,930 $148,692 $151,034 $146,944 $149,121 $150,094 $144,758 $142,857 $64,988 $64,581 $64,958 $64,367 $64,355 $65,324 $64,884 $64,385 $65,225 $65,059 $92,202 $89,934 $82,972 $84,325 $86,679 $81,620 $84,237 $85,709
Slide 18: Loans and Leases Composition
18 Loans and Leases Composition Period End Average Segment / Business (1) (1) (1) (1) 3Q26 vs 2Q26 vs 3Q25 3Q26 vs 2Q26 vs 3Q25 (1) ($ in millions) $ $ % $ % $ $ % $ % Branch Network & Other $ 44,404 $ 557 5.0 % $ 429 1.0 % $ 44,058 $ 155 1.4 % $ 221 0.5 % Wealth & Private Banking 11,263 100 3.6 307
Slide 19: Deposits
19 Deposits ($ in millions) Period End Deposits Average Deposits $185,264 $173,427 $178,682 $170,842 $165,927 $170,639 $163,190 $161,578 $42,402 $160,624 $163,191 $42,475 $41,910 $43,606 $40,724 $41,254 $42,752 $40,653 $40,049 $41,758 $142,862 $130,952 $136,772 $127,236 $125,203 $129,385 $120,438 $1
Slide 20: Deposit Composition
20 Deposit Composition Period End Average Segment / Business (1) (1) (1) (1) 3Q26 vs 2Q26 vs 3Q25 3Q26 vs 2Q26 (1) vs 3Q25 (1) ($ in millions) $ $ % $ % $ $ % $ % Branch Network & Other $ 69,059 $ 5,580 34.9 % $ 5,947 9.4 % $ 65,272 $ 1,913 12.0 % $ 3,025 4.9 % Community Association Banking 8,502 52
Slide 21: Commercial Bank Funding Trends
21 Commercial Bank Funding Trends ($ in millions) Period End Total Client Funds Average Total Client Funds $133,191 $130,437 $124,970 $126,298 $123,265 $116,991 $109,906 $111,215 $110,855 $106,019 $47,153 $46,228 $47,193 $45,692 $45,203 $41,534 $44,548 $42,871 $40,622 $42,276 $80,606 $86,038 $84,209
Slide 22: Funding Mix
22 Funding Mix ($ in millions) Increase Period End Balances (decrease) vs vs 3Q26 2Q26 1Q26 4Q25 3Q25 2Q26 3Q25 Total deposits $185,264 88 % $173,427 84 % $170,842 83 % $161,578 82 % $163,190 81 % $ 11,837 $ 22,074 Securities sold under customer repurchase agreements 116 — 152 — 170 — 224 — 423 — (3
Slide 23: FDIC Purchase Money Note Principal Balance Prepayment
23 FDIC Purchase Money Note Principal Balance Prepayment Full prepayment of the note is forecasted to be completed ahead of the March 2028 maturity. PMN Balance Progression ($ in billions) Prepaid an additional $1.5 billion in October $36.0 $33.5 $31.0 $28.5 $20.5 $16 - $17 $0 Original balance 4Q25
Slide 24: Credit Quality Trends and Allowance
24 Credit Quality Trends and Allowance ($ in millions) Net charge-offs & NCO ratio Provision (benefit) for credit losses $234 $191 $143 $111 $108 $103 0.65% $72 0.39% $54 $55 0.30% 0.29% 0.27% 0.47% 0.45% 0.30% 0.29% 0.28% (1) (2) 3Q25 4Q25 1Q26 2Q26 3Q26 $(10) NCO $ QTD NCO ratio YTD NCO ratio 3Q25
Slide 25: Allowance for loan and lease losses
25 Allowance for loan and lease losses ($ in millions) 2Q26 to 3Q26 $1,484 $7 $1,436 $(31) $(14) $(10) 2Q26 Economic scenarios Specific reserves Credit quality Portfolio changes 3Q26 Highlights ALLL Coverage 3.5x 3.4x 3.4x 3Q26 vs 2Q26 2.7x • ALLL decreased $48 million from the linked quarter. 1.7x
Slide 26: Capital
26 Capital Risk-based capital ratios Capital ratio rollforward Risk-Based Capital Tier 1 14.05% 13.71% 13.51% Total Tier 1 CET1 Leverage 13.37% 12.90% 12.15% 11.91% 11.79% June 30, 2026 13.37% 11.73% 10.77% 9.22% 11.73% 11.32% Net income 0.33% 0.33% 0.33% 0.26% Change in risk-weighted/average assets
Slide 27: Share Repurchase Plan Update
27 Share Repurchase Plan Update Class A Common Shares Outstanding Highlights • Since announcing the share repurchase plan in 13,524,550 July 2024, we have repurchased 25.53% of (814,641) Class A common shares and 23.76% of total 10,072,406 common shares that were outstanding(1) as of (1,578,462) (1,
Slide 28: Financial Outlook
Financial Outlook Section III
Slide 29: Key Earnings Estimate Assumptions
29 Key Earnings Estimate Assumptions Metric 3Q26 4Q26 - Projected FY26 - Projected Loans and leases - EOP $157.2 billion $158 billion - $161 billion $158 billion - $161 billion Deposits - EOP $185.3 billion $189 billion - $192 billion $189 billion - $192 billion Zero to one 25 bps rate hike in Inter
Slide 30: Appendix
As 1t1zens OMG BancShares Appendix Section IV
Slide 31: Reclassifications
31 Reclassifications Reclassifications In certain instances, amounts reported for prior periods in this investor presentation have been reclassified to conform to the current financial statement presentation. Such reclassifications had no effect on previously reported stockholders’ equity or net inc
Slide 32: Glossary of Abbreviations and Acronyms
32 Glossary of Abbreviations and Acronyms The following is a list of certain abbreviations and acronyms used throughout this document. AFS – Available for Sale HTM – Held to Maturity ALLL – Allowance for Loan and Lease Losses NCO – Net Charge-Off AOCI – Accumulated Other Comprehensive Income (Loss)
Slide 33: BancShares Balance Sheets (unaudited)
33 BancShares Balance Sheets (unaudited) ($ in millions) Sep 30, 2026 Jun 30, 2026 Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 ASSETS Cash and due from banks $ 981 $ 1,519 $ 1,080 $ 801 $ 874 Interest-earning deposits at banks 18,290 21,132 23,189 19,801 24,798 Securities purchased under agreements to re
Slide 34: BancShares Income Statements (unaudited)
34 BancShares Income Statements (unaudited) ($ in millions) 3Q26 2Q26 1Q26 4Q25 3Q25 INTEREST INCOME Loans and leases $ 2,341 $ 2,253 $ 2,206 $ 2,290 $ 2,300 Investment securities 427 401 384 424 433 Deposits at banks 197 197 196 226 265 Total interest income 2,965 2,851 2,786 2,940 2,998 INTEREST E
Slide 35: Average Deposit Account Size and Insured by Segment
35 Average Deposit Account Size and Insured by Segment ($ in billions, except average account size, period end balances) Total deposits Average size Insured % General Bank $ 81.4 $ 35,781 65% Commercial Bank 47.2 618,595 33 Corporate 56.7 64,857 88 Total $ 185.3 $ 57,441 64% Note – Commercial Bank i
Slide 36: Debt Securities Overview
36 Debt Securities Overview ($ in millions, period end balances) (1) 3Q26 (1) Duration in Carrying value (2) % of Portfolio Yield (3) years AFS Portfolio U.S. Treasury $ 15,582 35 % 3.95 % 1.2 Government agency 28 — 3.11 0.3 Residential mortgage-backed securities 17,014 38 4.34 3.3 Commercial mortga
Slide 37: General Bank Segment
37 General Bank Segment ($ in millions) Increase (decrease) 3Q26 vs 2Q26 3Q26 vs 3Q25 Earnings Summary 3Q26 2Q26 1Q26 4Q25 3Q25 $ % $ % Net interest income $ 829 $ 819 $ 813 $ 841 $ 846 $ 10 1.2 % $ (17) (2.0)% Total noninterest income 184 187 172 170 166 (3) (1.6) 18 11.0 Total revenue 1,013 1,006
Slide 38: Commercial Bank Segment
38 Commercial Bank Segment ($ in millions) Increase (decrease) 3Q26 vs 2Q26 3Q26 vs 3Q25 Earnings Summary 3Q26 2Q26 1Q26 4Q25 3Q25 $ % $ % Net interest income $ 848 $ 805 $ 802 $ 834 $ 796 $ 43 5.3 % $ 52 6.5 % Rental income on operating lease equipment 51 54 55 55 54 (3) (3.5) (3) (4.4) Less: depre
Slide 39: Rail Segment
39 Rail Segment ($ in millions) Increase (decrease) 3Q26 vs 2Q26 3Q26 vs 3Q25 Earnings Summary 3Q26 2Q26 1Q26 4Q25 3Q25 $ % $ % Net interest expense $ 60 $ 59 $ 58 $ 53 $ 55 $ 1 2.3 % $ 5 9.7 % Rental income on operating lease equipment 237 226 226 226 219 11 4.4 18 8.0 Less: depreciation on operati
Slide 40: Corporate
40 Corporate ($ in millions) Increase (decrease) 3Q26 vs 2Q26 3Q26 vs 3Q25 Earnings Summary 3Q26 2Q26 1Q26 4Q25 3Q25 $ % $ % Net interest income $ 82 $ 91 $ 64 $ 100 $ 147 $ (9) (9.2)% $ (65) (44.1)% Total noninterest income (9) 32 — 14 22 (41) (128.5) (31) (140.8) Total revenue 73 123 64 114 169 (5
Slide 41: Purchase accounting marks
41 Purchase accounting marks ($ in millions) September 30, 2026 June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 Loans and leases (including off-balance sheet exposure) (1) Beginning balance - unamortized fair value mark $ (1,240) $ (1,300) $ (1,351) $ (1,411) $ (1,483) Other 1 5 3
Slide 42: Non-GAAP Reconciliations
Non-GAAP Reconciliations Section V
Slide 43: Notable Items
43 Notable Items (1) ($ in millions, except per share data) 3Q26 2Q26 1Q26 4Q25 3Q25 Noninterest income (GAAP) $ 734 $ 776 $ 692 $ 715 $ 699 Noninterest income notable items: Rental income on operating lease equipment (2) (166) (168) (166) (166) (165) Realized gain on sale of investment securities,
Slide 44: Non-GAAP Reconciliations
44 Non-GAAP Reconciliations ($ in millions, except share and per share data) Non-GAAP Reconciliations 3Q26 2Q26 1Q26 4Q25 3Q25 Net income and EPS Net income (GAAP) a $ 606 672 534 580 568 Preferred stock dividends 29 32 26 14 14 Net income available to common stockholders (GAAP) b 577 640 508 566 55
Slide 45: Non-GAAP Reconciliations
45 Non-GAAP Reconciliations ($ in millions) Non-GAAP Reconciliations 3Q26 2Q26 1Q26 4Q25 3Q25 PPNR Net income (GAAP) a $ 606 672 534 580 568 Plus: (benefit) provision for credit losses 55 (10) 72 54 191 Plus: income tax expense 199 219 171 231 183 PPNR (non-GAAP) l $ 860 881 777 865 942 Impact of no
Slide 46: Non-GAAP Reconciliations
46 Non-GAAP Reconciliations ($ in millions) Non-GAAP Reconciliations 3Q26 2Q26 1Q26 4Q25 3Q25 ROE and ROTCE Annualized net income available to common stockholders s = b annualized $ 2,287 2,569 2,062 2,247 2,196 Annualized adjusted net income available to common stockholders t = e annualized $ 2,471
Slide 47: Non-GAAP Reconciliations
47 Non-GAAP Reconciliations ($ in millions, except share and per share data) Non-GAAP Reconciliations 3Q26 2Q26 1Q26 4Q25 3Q25 Book value and tangible book value per common share Common shares outstanding at period end dd 11,111,579 11,390,407 11,689,314 12,139,159 12,618,629 Book value per share x/
Slide 48: Non-GAAP Reconciliations
48 Non-GAAP Reconciliations ($ in millions) Non-GAAP Reconciliations 3Q26 2Q26 1Q26 4Q25 3Q25 Noninterest Income and Noninterest Expense: Commercial Bank Segment Noninterest income (GAAP) $ 320 324 285 296 290 Less: depreciation on operating lease equipment 41 43 43 44 43 Noninterest income, net (no
Slide 49: Non-GAAP Reconciliations
49 Non-GAAP Reconciliations ($ in millions) Non-GAAP Reconciliations 3Q26 2Q26 1Q26 4Q25 3Q25 PPNR: General Bank Segment Segment net income (GAAP) $ 266 266 278 308 320 Plus: provision for credit losses 37 54 17 17 1 Plus: income tax expense 88 85 90 82 109 PPNR (non-GAAP) $ 391 405 385 407 430 PPNR
Slide 50: Non-GAAP Reconciliations
50 Non-GAAP Reconciliations ($ in millions) Non-GAAP Reconciliations 3Q26 2Q26 1Q26 4Q25 3Q25 Net interest income & Net interest margin Net interest income (GAAP) ee $ 1,699 1,656 1,621 1,722 1,734 Loan PAA ff 50 55 48 59 71 Other PAA gg (6) (7) (9) (10) (10) PAA hh = (ff + gg) $ 44 48 39 49 61 Net
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