First Citizens Bancshares, Inc. · NASDAQ:FCNCA
First Citizens Bancshares — Q4 2025 Earnings Presentation
50 slides from First Citizens Bancshares's earnings presentation, Jan 23, 2026
Slide 1: Fourth Quarter 2025 Earnings Conference Call
First Citizens BancShares, Inc. Fourth Quarter 2025 Earnings Conference Call January 23, 2026
Slide 2: Table of Contents
2 Table of Contents Pages Section I – Fourth Quarter Overview & Strategic Priorities 4–6 Section II – Fourth Quarter 2025 Financial Results 7 – 26 Financial Highlights 8–9 Earnings Highlights 10 Net interest income, margin and betas 11 – 13 Noninterest income and expense 14 – 15 Balance Sheet Highli
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: Fourth Quarter Overview & Strategic Priorities
Fourth Quarter Overview & Strategic Priorities Section I
Slide 5: Fourth Quarter 2025 Snapshot
5 Fourth Quarter 2025 Snapshot Key Highlights: Financial Results: ■ EPS, ROE and ROA results exceeded our Adjusted EPS (1) expectations. $51.27 ■ Strategic balance sheet management: Adjusted ROE / ROA (1) • Total loans were up 2.2% over the linked quarter led by 11.93% / 1.10% Global Fund Banking lo
Slide 6: Strategic Priorities
6 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 7: Fourth Quarter 2025 Financial Results
Fourth Quarter 2025 Financial Results Section II
Slide 8: 4Q25 Financial Results - Takeaways
8 4Q25 Financial Results - Takeaways Deposits declined by $1.6 billion or by 1.0% While EPS, ROE and ROA results exceeded from the linked quarter driven by expected 1 our expectations, NII and NIM declined during 5 outflows in Global Fund Banking and the the quarter aligned with our expectations. Br
Slide 9: Financial Highlights
9 Financial Highlights 4Q25 3Q25 4Q24 Reported Adjusted Reported Adjusted Reported Adjusted (Non-GAAP) (Non-GAAP) (Non-GAAP) EPS (basic and diluted) $ 45.81 $ 51.27 $ 43.08 $ 44.62 $ 49.21 $ 45.10 ROE 10.66 % 11.93 % 10.26 % 10.62 % 12.56 % 11.51 % ROTCE (non-GAAP) 10.94 12.25 10.53 10.91 12.92 11.8
Slide 10: Quarterly Earnings Highlights
10 Quarterly Earnings Highlights ($ in millions) Increase (decrease) Reported 4Q25 vs 3Q25 (1) 4Q25 vs 4Q24 (1) 4Q25 3Q25 4Q24 $ % $ % Net interest income $ 1,722 $ 1,734 $ 1,709 $ (12) (0.6)% $ 13 0.8 % Noninterest income 715 699 699 16 2.3 16 2.2 Net revenue 2,437 2,433 2,408 4 0.2 29 1.2 Noninter
Slide 11: Net interest income and margin
11 Net interest income and margin ($ in millions) $(12) million & (-6 bps) Unchanged & (-4 bps) $1,709 $1,663 $1,695 $1,734 $1,722 $1,673 $1,673 $1,627 $1,588 $1,629 3.32% 3.26% 3.26% 3.26% 3.20% 3.16% 3.12% 3.14% 3.15% 3.11% 4Q24 1Q25 2Q25 3Q25 4Q25 4Q24 1Q25 2Q25 3Q25 4Q25 (1) (1) NII NIM NII, ex
Slide 12: NIM Rollforward
12 NIM Rollforward 3Q25 to 4Q25 (-6 bps) 0.07% 0.10% 3.26% (0.11)% 3.20% (0.05)% (0.03)% (0.02)% (0.02)% 3Q25 Deposit rate Loan volume Loan yield Yield on FFS FFS volume Investment PAA 4Q25 volume 4Q24 to 4Q25 (-12 bps) 0.06% 0.05% 0.29% 3.32% (0.24)% 3.20% (0.17)% (0.06)% (0.03)% (0.02)% 4Q24 Depos
Slide 13: Deposit Betas
13 Deposit Betas Tightening Cycle Easing Cycle Terminal beta 63% 64% 61% 58% 56% 56% 53% 52% 47% 49% 46% 45% 46% 42% 37% 39% 39% 38% 34% 31% 30% 26% 23% 20% 16% 12% 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 - 3Q24 - 4Q24 1Q25 2Q25 3Q25 4Q25 Jul/Aug Sep Actual cumulative beta Actual cumulative beta IBD Tota
Slide 14: Noninterest income
14 Noninterest income ($ in millions) $699 $699 $715 $678 $635 $183 $181 $186 $165 $156 $516 $479 $513 $518 $529 4Q24 1Q25 2Q25 3Q25 4Q25 Adjusted (Non-GAAP) (1) Notable items (2) Increase (decrease) Noninterest income 4Q25 vs 3Q25 4Q25 vs 4Q24 4Q25 3Q25 2Q25 1Q25 4Q24 $ % $ % Total reported noninte
Slide 15: Noninterest expense
15 Noninterest expense ($ in millions) $1,517 $1,572 $1,493 $1,500 $1,491 $204 $249 $216 $221 $212 $1,268 $1,277 $1,279 $1,279 $1,368 4Q24 1Q25 2Q25 3Q25 4Q25 Adjusted (Non-GAAP) (1) Notable items (2) Increase (decrease) Noninterest expense 4Q25 vs 3Q25 4Q25 vs 4Q24 4Q25 3Q25 2Q25 1Q25 4Q24 $ % $ %
Slide 16: Balance Sheet Highlights
16 Balance Sheet Highlights ($ in millions, except per share data) Increase (decrease) 4Q25 vs 3Q25 (1) 4Q25 vs 4Q24 (1) SELECT PERIOD END BALANCES 4Q25 3Q25 4Q24 $ % $ % Interest-earning deposits at banks $ 19,801 $ 24,798 $ 21,364 $ (4,997) (79.9)% $ (1,563) (7.3)% Investment securities 41,564 45,
Slide 17: Loans and Leases
17 Loans and Leases ($ in millions) Period End Loans Average Loans $144,758 $147,930 $146,944 $140,221 $141,358 $141,269 $139,641 $140,780 $141,791 $142,857 $65,225 $64,958 $65,059 $65,324 $64,887 $64,847 $64,987 $65,477 $64,890 $64,949 $79,533 $82,972 $81,620 $75,334 $76,511 $76,282 $74,164 $75,890
Slide 18: Loans and Leases Composition
18 Loans and Leases Composition Increase (decrease) Period End Balances ($ in millions) 4Q25 vs 3Q25 (1) 4Q25 vs 4Q24 (1) 4Q25 3Q25 4Q24 $ % $ % Branch Network & Other $ 44,274 $ 43,975 $ 44,000 $ 299 2.7 % $ 274 0.6 % Wealth & Private Banking 11,081 10,956 10,638 125 4.5 443 4.2 Mortgage (2) 9,603
Slide 19: Deposits
19 Deposits ($ in millions) Period End Deposits Average Deposits $159,325 $159,935 $163,190 $161,578 $160,624 $163,191 $155,229 $154,534 $156,378 $157,664 $40,767 $40,879 $42,752 $40,653 $39,082 $40,049 $41,758 $38,633 $39,969 $39,154 $116,596 $118,558 $119,056 $120,438 $120,925 $117,224 $118,582 $1
Slide 20: Deposit Composition
20 Deposit Composition Increase (decrease) Period End Balances ($ in millions) 4Q25 vs 3Q25 (1) 4Q25 vs 4Q24 (1) 4Q25 3Q25 4Q24 $ % $ % Branch Network & Other $ 63,190 $ 63,112 $ 61,611 $ 78 0.5 % $ 1,579 2.6 % Community Association Banking 7,739 7,787 7,486 (48) (2.4) 253 3.4 Wealth & Private Banki
Slide 21: SVB Commercial Funding Trends
21 SVB Commercial Funding Trends ($ in billions) Total client funds (EOP) Total client funds (Avg) $1.2 billion or 1.1% $4.6 billion or 4.5 % $106.9 $108.1 $103.1 $107.7 $98.8 $99.4 $101.7 $97.3 $99.4 $97.3 $39.9 $38.4 $37.7 $39.2 $36.5 $37.0 $37.8 $36.7 $35.6 $35.5 $62.3 $62.4 $63.9 $67.0 $69.7 $60
Slide 22: Funding Mix
22 Funding Mix ($ in millions) Period End Balances Increase (decrease) 4Q25 vs 4Q25 vs 4Q25 3Q25 2Q25 1Q25 4Q24 3Q25 4Q24 Total deposits $ 161,578 81.8 % $ 163,190 80.8 % $ 159,935 80.8 % $ 159,325 80.6 % $ 155,229 80.7 % $ (1,612) $ 6,349 Securities sold under customer repurchase agreements 224 0.1
Slide 23: Credit Quality Trends and Allowance
23 Credit Quality Trends and Allowance ($ in millions) Net charge-offs & NCO ratio Provision for credit losses $234 $191 $160 $155 $154 $144 $143 $119 $115 0.65% 0.46% 0.41% 0.33% 0.39% $54 0.39% 0.41% 0.37% 0.47% 0.45% 4Q24 1Q25 2Q25 3Q25 (1) 4Q25 (2) 4Q24 1Q25 2Q25 3Q25 (1) 4Q25 NCO $ QTD NCO rati
Slide 24: Allowance for loan and lease losses
24 Allowance for loan and lease losses ($ in millions) 3Q25 to 4Q25 $1,652 $14 $1,566 $(43) $(25) $(21) $(11) 3Q25 Specific reserves Portfolio changes Economic Credit quality Loan volume 4Q25 outlook Highlights ALLL Coverage 3.5x 4Q25 vs 3Q25 2.9x 2.7x 2.6x • ALLL decreased $86 million from the link
Slide 25: Capital
25 Capital Reported capital ratios (1) Capital ratio rollforward Risk-Based Capital (1) Tier 1 15.23% Total Tier 1 CET1 Leverage 15.04% 14.25% 14.05% 13.71% December 31, 2024 15.04% 13.53% 12.99% 9.90% 13.53% 13.35% 12.63% 12.15% September 30, 2025 14.05% 12.15% 11.65% 9.34% 11.91% Preferred issuanc
Slide 26: Share Repurchase Plan Update
26 Share Repurchase Plan Update Class A Common Shares Outstanding Highlights 13,524,550 • Since announcing a share repurchase plan in July 2024, we have repurchased 18.30% of Class A common shares and 17.03% of total (814,641) common shares that were outstanding (1) as of 11,049,962 June 30, 2024. (
Slide 27: Financial Outlook
Financial Outlook Section III
Slide 28: Key Earnings Estimate Assumptions
28 Key Earnings Estimate Assumptions Metric 4Q25 1Q26 - Projected FY26 - Projected Loans and leases - EOP $147.9 billion $148 billion - $151 billion $153 billion - $157 billion Deposits - EOP $161.6 billion $164 billion - $167 billion $181 billion - $186 billion Zero to four 25 bps cuts in 2026; Int
Slide 29: Appendix
A First Citizens BancShares’ Appendix Section IV
Slide 30: Reclassifications
30 Reclassifications Reclassifications In certain instances, amounts reported for prior periods in this investor presentation have been reclassified to conform to the current financial statement presentation. Such reclassifications had no effect on previously reported stockholders’ equity or net inc
Slide 31: Glossary of Abbreviations and Acronyms
31 Glossary of Abbreviations and Acronyms The following is a list of certain abbreviations and acronyms used throughout this document. AFS – Available for Sale IBD – Interest-Bearing Deposits ALLL – Allowance for Loan and Lease Losses NCO – Net Charge-Off AOCI – Accumulated Other Comprehensive Incom
Slide 32: BancShares Balance Sheets (unaudited)
32 BancShares Balance Sheets (unaudited) ($ in millions) Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 ASSETS Cash and due from banks $ 801 $ 874 $ 889 $ 812 $ 814 Interest-earning deposits at banks 19,801 24,798 26,184 24,692 21,364 Securities purchased under agreements to resell
Slide 33: BancShares Income Statements (unaudited)
33 BancShares Income Statements (unaudited) ($ in millions) 4Q25 3Q25 2Q25 1Q25 4Q24 INTEREST INCOME Interest and fees on loans $ 2,290 $ 2,300 $ 2,270 $ 2,236 $ 2,322 Interest on investment securities 424 433 419 414 377 Interest on deposits at banks 226 265 256 245 302 Total interest income 2,940
Slide 34: Average Deposit Account Size and Insured by Segment
34 Average Deposit Account Size and Insured by Segment ($ in billions, except average account size, period end balances) Total deposits Average size Insured % General Bank $ 74.8 $ 37,103 63% Corporate 45.2 57,918 88 Commercial Bank 41.5 547,487 31 Total $ 161.6 $ 56,240 62% Note – Commercial Bank i
Slide 35: Debt Securities Overview
35 Debt Securities Overview ($ in millions, period end balances) (1) 4Q25 (1) Duration in Carrying value (2) % of Portfolio Yield (3) years AFS Portfolio U.S. Treasury $ 10,673 26 % 4.20 % 1.1 Government agency 43 — 1.98 0.3 Residential mortgage-backed securities 17,623 43 4.24 3.1 Commercial mortga
Slide 36: General Bank Segment
36 General Bank Segment ($ in millions) Increase (decrease) 4Q25 vs 3Q25 4Q25 vs 4Q24 Earnings Summary 4Q25 3Q25 2Q25 1Q25 4Q24 $ % $ % Net interest income $ 841 $ 846 $ 824 $ 788 $ 777 $ (5) (0.5)% $ 64 8.3 % Total noninterest income 170 166 164 164 166 4 3.1 4 2.7 Total revenue 1,011 1,012 988 952
Slide 37: Commercial Bank Segment
37 Commercial Bank Segment ($ in millions) Increase (decrease) 4Q25 vs 3Q25 4Q25 vs 4Q24 Earnings Summary 4Q25 3Q25 2Q25 1Q25 4Q24 $ % $ % Net interest income $ 834 $ 796 $ 789 $ 786 $ 851 $ 38 4.8 % $ (17) (2.0)% Rental income on operating lease equipment 55 54 54 56 55 1 0.9 — — Less: depreciation
Slide 38: Rail Segment
38 Rail Segment ($ in millions) Increase (decrease) 4Q25 vs 3Q25 4Q25 vs 4Q24 Earnings Summary 4Q25 3Q25 2Q25 1Q25 4Q24 $ % $ % Net interest expense $ 53 $ 55 $ 53 $ 52 $ 50 $ (2) (3.6)% $ 3 5.1 % Rental income on operating lease equipment 226 219 218 214 217 7 2.9 9 4.0 Less: depreciation on operat
Slide 39: Corporate
39 Corporate ($ in millions) Increase (decrease) 4Q25 vs 3Q25 4Q25 vs 4Q24 Earnings Summary 4Q25 3Q25 2Q25 1Q25 4Q24 $ % $ % Net interest income $ 100 $ 147 $ 135 $ 141 $ 131 $ (47) (32.1)% $ (31) (23.7)% Total noninterest income 14 22 11 (2) 17 (8) (40.4) (3) (22.1) Total revenue 114 169 146 139 14
Slide 40: Purchase accounting marks
40 Purchase accounting marks ($ in millions) December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 Loans and leases (including off-balance sheet exposure) (1) Beginning balance - unamortized fair value mark $ (1,411) $ (1,483) $ (1,561) $ (1,644) $ (1,746) Other 1 1 3 —
Slide 41: Non-GAAP Reconciliations
Non-GAAP Reconciliations Section V
Slide 42: Notable Items
42 Notable Items (1) ($ in millions, except per share data) 4Q25 3Q25 2Q25 1Q25 4Q24 Rental income on operating lease equipment (2) (7) $ (166) $ (165) $ (155) $ (156) $ (152) Realized gain on sale of investment securities, net (3) — — — (2) Fair value adjustment on marketable equity securities, net
Slide 43: Non-GAAP Reconciliations
43 Non-GAAP Reconciliations ($ in millions, except share and per share data) Non-GAAP Reconciliations 4Q25 3Q25 2Q25 1Q25 4Q24 Net income and EPS Net income (GAAP) a $ 580 568 575 483 700 Preferred stock dividends 14 14 14 15 15 Net income available to common stockholders (GAAP) b 566 554 561 468 68
Slide 44: Non-GAAP Reconciliations
44 Non-GAAP Reconciliations ($ in millions) Non-GAAP Reconciliations 4Q25 3Q25 4Q24 PPNR Net income (GAAP) a $ 580 568 700 Plus: provision for credit losses 54 191 155 Plus: income tax expense 231 183 36 PPNR (non-GAAP) l $ 865 942 891 Impact of notable items 18 31 66 Adjusted PPNR (non-GAAP) m $ 88
Slide 45: Non-GAAP Reconciliations
45 Non-GAAP Reconciliations ($ in millions) Non-GAAP Reconciliations 4Q25 3Q25 4Q24 ROE and ROTCE Annualized net income available to common stockholders s = b annualized $ 2,247 2,196 2,727 Annualized adjusted net income available to common stockholders t = e annualized $ 2,515 2,275 2,499 Average s
Slide 46: Non-GAAP Reconciliations
46 Non-GAAP Reconciliations ($ in millions, except share and per share data) Non-GAAP Reconciliations 4Q25 3Q25 2Q25 1Q25 4Q24 Book value and tangible book value per common share Common shares outstanding at period end bb 12,139,159 12,618,629 13,075,979 13,414,938 13,717,621 Book value per share x/
Slide 47: Non-GAAP Reconciliations
47 Non-GAAP Reconciliations ($ in millions, except share and per share data) Non-GAAP Reconciliations 4Q25 3Q25 2Q25 1Q25 4Q24 Noninterest Income and Noninterest Expense: Commercial Bank Segment Noninterest income (GAAP) $ 296 290 282 257 293 Less: depreciation on operating lease equipment 44 43 44
Slide 48: Non-GAAP Reconciliations
48 Non-GAAP Reconciliations ($ in millions) Non-GAAP Reconciliations 4Q25 3Q25 2Q25 1Q25 4Q24 PPNR: General Bank Segment Segment net income (GAAP) $ 308 320 294 253 286 Plus: provision for credit losses 17 1 13 46 22 Plus: income tax expense 82 109 101 88 92 PPNR (non-GAAP) $ 407 430 408 387 400 PPN
Slide 49: Non-GAAP Reconciliations
49 Non-GAAP Reconciliations ($ in millions) Non-GAAP Reconciliations 4Q25 3Q25 2Q25 1Q25 4Q24 Total Risk Based Capital Ratio Total risk based capital ratio (GAAP) 13.71 % 14.05 % 14.25 % 15.23 % 15.04 % Less: impact of FDIC Shared-Loss Agreement — — — 0.74 0.77 Adjusted total risk based capital rati
Slide 50: Non-GAAP Reconciliations
50 Non-GAAP Reconciliations ($ in millions) Non-GAAP Reconciliations 4Q25 3Q25 2Q25 1Q25 4Q24 Income tax expense Income tax expense (GAAP) $ 231 183 183 168 36 Impact of notable items (1) (50) 12 24 15 123 Adjusted income tax expense (non-GAAP) $ 181 195 207 183 159 Note: Certain items above do not
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