Business
First Citizens BancShares Reports Second Quarter 2022 Earnings
RALEIGH, N.C., July 28, 2022 (GLOBE NEWSWIRE) -- First Citizens BancShares, Inc. (“BancShares”) (Nasdaq: FCNCA) reported earnings for the second quarter and
About this update from First Citizens Bancshares, Inc.
[{"type":"text","content":"RALEIGH, N.C., July 28, 2022 (GLOBE NEWSWIRE) -- First Citizens BancShares, Inc. (“BancShares”) (Nasdaq: FCNCA) reported earnings for the second quarter and year to date period ended June 30, 2022. Chairman and CEO, Frank B. Holding, Jr. on second quarter results, \"We are pleased to announce another quarter of solid results. Our integration efforts remain on track, and we completed our first major customer conversion of the OneWest Bank division and certain CIT treasury management customers. Merger integration is now substantially complete with some optimization efforts continuing into 2023. In addition, we are excited to announce that our Board of Directors approved a share repurchase plan which will allow us to repurchase up to 1.5 million shares of our Class A common stock over the next 12 months. Returning excess capital to our shareholders is a key strategic focus and we are excited about the opportunity to execute on the plan. \"Loan growth was strong this quarter, and pre-provision net revenue continued its momentum as our net interest margin expanded, our fee income producing lines of business performed well and expense control remained solid. We remain committed to achieving our cost savings goal as we continue to optimize our operations.” FINANCIAL HIGHLIGHTS Second quarter net income available to common stockholders was $238 million, or $14.86 per share, compared to first quarter net income available to common stockholders of $264 million or $16.70 per share. Adjusted for notable items, second quarter net income available to common stockholders was $270 million or $16.86, down from $299 million, or $18.95 per share in the first quarter of 2022. The primary driver of the decline in adjusted net income was a provision expense in the second quarter totaling $42 million versus a $49 million benefit in the first quarter. The increase in provision expense was largely offset by solid pre-provision net revenue growth. BancShares completed the acquisition of CIT Group, Inc. (“CIT”) on January 3, 2022 (the “CIT Merger”). BancShares’ financial information presented for the periods ended March 31, 2022 and June 30, 2022 reflects the acquisition of CIT. Certain historical financial information referenced as “Combined” in the commentary below reflects the combination of BancShares and CIT for historical periods prior to completion...