Business
First Citizens BancShares Reports Earnings for Third Quarter 2021
RALEIGH, N.C., Oct. 27, 2021 (GLOBE NEWSWIRE) -- First Citizens BancShares, Inc. (“BancShares”) (Nasdaq: FCNCA) reported earnings for the third quarter of
About this update from First Citizens Bancshares, Inc.
[{"type":"text","content":"RALEIGH, N.C., Oct. 27, 2021 (GLOBE NEWSWIRE) -- First Citizens BancShares, Inc. (“BancShares”) (Nasdaq: FCNCA) reported earnings for the third quarter of 2021. Key results for the quarter ended September 30, 2021, are presented below: THIRD QUARTER RESULTS Q3 2021Q3 2020 Q3 2021Q3 2020 Q3 2021Q3 2020 Q3 2021Q3 2020 Q3 2021Q3 2020Net income (in millions) Net income per share Net interest margin Return on average assets Return on average equity$124.1$142.7 $12.17$14.03 2.61%3.06% 0.88%1.18% 11.29%14.93% YEAR-TO-DATE (“YTD”) RESULTS 20212020 20212020 20212020 20212020 20212020Net income (in millions) Net income per share Net interest margin Return on average assets Return on average equity$424.2$353.6 $41.79$33.96 2.69%3.23% 1.05%1.05% 13.50%12.59% THIRD QUARTER HIGHLIGHTS Net income Net income was $124.1 million for the third quarter of 2021, a decrease of $18.6 million, or by 13.0% compared to the same quarter in 2020. Net income per common share was $12.17 for the third quarter of 2021, compared to $14.03 per share for the same quarter in 2020. Return on average assets and equity Return on average assets for the third quarter of 2021 was 0.88%, down from 1.18% for the comparable quarter in 2020. Return on average equity for the third quarter of 2021 was 11.29%, down from 14.93% for the comparable quarter in 2020. Net interest income and net interest margin Net interest income was $346.9 million for the third quarter of 2021, a decrease of $6.8 million, or by 1.9% compared to the same quarter in 2020 but was relatively stable compared to the second quarter of 2021. The taxable-equivalent net interest margin (“NIM”) was 2.61% for the third quarter of 2021, down 45 basis points from 3.06% for the comparable quarter in 2020 and down 7 basis points from 2.68% in the second quarter of 2021. Provision for credit losses The provision for credit losses was a net benefit of $1.1 million during the third quarter of 2021, compared to a $4.0 million expense during the same quarter in 2020. The allowance for credit losses (“ACL”) was $183.2 million at September 30, 2021, compared to $224.3 million at December 31, 2020, representing 0.56% and 0.68% of loans, respectively. Operating performance Noninterest income was $122.9 million for the third quarter of 2021, an increase of $2.4 million, or by 2.0% compared to the same quarter in 2020. Noni...