First Citizens Bancshares, Inc. · NASDAQ:FCNCA
First Citizens Bancshares — Q2 2026 Earnings Presentation
50 slides from First Citizens Bancshares's earnings presentation, Jul 23, 2026
Slide 1: First Citizens BancShares, Inc. Second Quarter 2026 Earnings Conference Call
First Citizens BancShares, Inc. Second Quarter 2026 Earnings Conference Call July 23, 2026
Slide 2: Table of Contents
2 Table of Contents Pages Section I – Second Quarter Overview & Strategic Priorities 4–6 Section II – Second Quarter 2026 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: Second Quarter Overview & Strategic Priorities
Second Quarter Overview & Strategic Priorities Section I
Slide 5: Second Quarter 2026 Snapshot
5 Second Quarter 2026 Snapshot Key Highlights: Financial Results: ■ Strong financial results: Adjusted EPS (1) • EPS, ROE and ROA results improved over the prior quarter and exceeded expectations. $57.09 • Sequential expansion in EPS and return metrics Adjusted ROE / ROA (1) driven by higher PPNR (1
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: Second Quarter 2026 Financial Results
Second Quarter 2026 Financial Results Section II
Slide 8: 2Q26 Financial Results - Takeaways
8 2Q26 Financial Results - Takeaways Deposits increased $2.6 billion or by 1.5% EPS, ROE and ROA improved over first over the linked quarter driven primarily by 1 quarter results and exceeded our expectations. 5 growth in the Direct Bank, supplemented by brokered deposits. NII and NIM remained resil
Slide 9: Financial Highlights
9 Financial Highlights 2Q26 1Q26 2Q25 Reported Adjusted Reported Adjusted Reported Adjusted (Non-GAAP) (Non-GAAP) (Non-GAAP) EPS (basic and diluted) $ 55.52 $ 57.09 $ 42.63 $ 44.86 $ 42.36 $ 44.78 ROE 12.58 % 12.94 % 9.88 % 10.39 % 10.41 % 11.00 % ROTCE (non-GAAP) 12.92 13.28 10.14 10.67 10.69 11.30
Slide 10: Quarterly Earnings Highlights
10 Quarterly Earnings Highlights ($ in millions) Increase (decrease) Reported 2Q26 vs 1Q26 (1) 2Q26 vs 2Q25 (1) 2Q26 1Q26 2Q25 $ % $ % Net interest income $ 1,656 $ 1,621 $ 1,695 $ 35 2.2 % $ (39) (2.3)% Noninterest income 776 692 678 84 12.1 98 14.5 Net revenue 2,432 2,313 2,373 119 5.1 59 2.5 Noni
Slide 11: Net interest income and margin
11 Net interest income and margin ($ in millions) n & 1 bp $35 millio $26 million & 0 bps $1,695 $1,734 $1,722 $1,673 $1,673 $1,621 $1,656 $1,629 $1,582 $1,608 3.26% 3.26% 3.20% 3.09% 3.10% 3.14% 3.15% 3.11% 3.01% 3.01% 2Q25 3Q25 4Q25 1Q26 2Q26 2Q25 3Q25 4Q25 1Q26 2Q26 (1) (1) NII NIM NII, ex PAA (N
Slide 12: NIM Rollforward
12 NIM Rollforward 1Q26 to 2Q26 (1 bp) 0.01% 0.01% 0.01% 0.04% 3.09% 3.10% (0.04)% (0.02)% 1Q26 Debt volume Investment Loan PAA Deposit volume Deposit rate 2Q26 yield / volume yield / volume 2Q25 to 2Q26 (-16 bps) 0.10% 0.14% 0.17% 3.26% (0.25)% 3.10% (0.12)% (0.11)% (0.05)% (0.04)% 2Q25 Deposit rat
Slide 13: Deposit Betas
13 Deposit Betas Tightening Cycle Easing Cycle Terminal beta 63% 64% 61% 58% 56% 56% 53% 52% 49% 50% 49% 46% 45% 46% 47% 42% 37% 39% 39% 38% 34% 35% 34% 31% 30% 26% 23% 20% 16% 12% 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 - 3Q24 - 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 Jul/Aug Sep Actual cumulative beta Actua
Slide 14: Noninterest income
14 Noninterest income ($ in millions) $776 $699 $715 $692 $678 $190 $181 $186 $172 $165 $529 $586 $513 $518 $520 2Q25 3Q25 4Q25 1Q26 2Q26 Adjusted (Non-GAAP) (1) Notable items (2) Increase (decrease) Noninterest income 2Q26 vs 1Q26 2Q26 vs 2Q25 2Q26 1Q26 4Q25 3Q25 2Q25 $ % $ % Total reported noninte
Slide 15: Noninterest expense
15 Noninterest expense ($ in millions) $1,572 $1,536 $1,551 $1,500 $1,491 $204 $206 $205 $221 $212 $1,279 $1,279 $1,368 $1,330 $1,346 2Q25 3Q25 4Q25 1Q26 2Q26 Adjusted (Non-GAAP) (1) Notable items (2) Increase (decrease) Noninterest expense 2Q26 vs 1Q26 2Q26 vs 2Q25 2Q26 1Q26 4Q25 3Q25 2Q25 $ % $ %
Slide 16: Balance Sheet Highlights
16 Balance Sheet Highlights ($ in millions, except per share data) Increase (decrease) 2Q26 vs 1Q26 (1) 2Q26 vs 2Q25 (1) SELECT PERIOD END BALANCES 2Q26 1Q26 2Q25 $ % $ % Interest-earning deposits at banks $ 21,132 $ 23,189 $ 26,184 $ (2,057) (35.6)% $ (5,052) (19.4)% Investment securities 43,557 42
Slide 17: Loans and Leases
17 Loans and Leases ($ in millions) Period End Loans Average Loans $147,930 $148,692 $151,034 $146,944 $149,121 $150,094 $141,269 $144,758 $141,791 $142,857 $64,958 $64,367 $64,355 $65,324 $64,884 $64,385 $64,987 $65,225 $64,949 $65,059 $82,972 $84,325 $86,679 $84,237 $85,709 $79,533 $77,798 $81,620
Slide 18: Loans and Leases Composition
18 Loans and Leases Composition Increase (decrease) Period End Balances ($ in millions) 2Q26 vs 1Q26 (1) 2Q26 vs 2Q25 (1) 2Q26 1Q26 2Q25 $ % $ % Branch Network & Other (2) $ 43,847 $ 43,851 $ 43,800 $ (4) —%$ 47 0.1 % Wealth & Private Banking 11,163 11,110 10,909 53 1.9 254 2.3 Mortgage 9,345 9,406
Slide 19: Deposits
19 Deposits ($ in millions) Period End Deposits Average Deposits $170,842 $173,427 $170,639 $159,935 $163,190 $161,578 $160,624 $163,191 $165,927 $157,664 $43,606 $42,475 $41,254 $40,879 $42,752 $40,653 $40,049 $41,758 $40,724 $39,082 $127,236 $130,952 $129,385 $120,438 $120,925 $120,575 $121,433 $1
Slide 20: Deposit Composition
20 Deposit Composition Increase (decrease) Period End Balances ($ in millions) 2Q26 vs 1Q26 (1) 2Q26 vs 2Q25 (1) 2Q26 1Q26 2Q25 $ % $ % Branch Network & Other $ 63,479 $ 63,834 $ 61,943 $ (355) (2.2)% $ 1,536 2.5 % Community Association Banking 8,450 8,306 8,008 144 7.0 442 5.5 Wealth & Private Bank
Slide 21: SVB Commercial Funding Trends
21 SVB Commercial Funding Trends ($ in billions) Total client funds (EOP) Total client funds (Avg) $1.1 billion or 1.0% 5.3% lion or $6.1 bil $121.8 $122.9 $119.8 $113.7 $106.9 $108.1 $103.1 $107.7 $101.7 $97.3 $44.0 $42.5 $41.9 $38.4 $41.3 $39.9 $37.7 $39.2 $37.8 $35.5 $77.8 $80.4 $72.4 $77.9 $63.9
Slide 22: Funding Mix
22 Funding Mix ($ in millions) Period End Balances Increase (decrease) 2Q26 vs 2Q26 vs 2Q26 1Q26 4Q25 3Q25 2Q25 1Q26 2Q25 Total deposits $ 173,427 84.3 % $ 170,842 83.4 % $ 161,578 81.8 % $ 163,190 80.8 % $ 159,935 80.8 % $ 2,585 $ 13,492 Securities sold under customer repurchase agreements 152 0.1
Slide 23: Credit Quality Trends and Allowance
23 Credit Quality Trends and Allowance ($ in millions) Net charge-offs & NCO ratio Provision (benefit) for credit losses $234 $191 $143 $119 $111 $115 0.65% $108 0.39% $72 0.33% 0.30% 0.29% $54 0.37% 0.47% 0.45% 0.30% 0.29% (1) (2) 2Q25 3Q25 4Q25 1Q26 2Q26 $(10) (1) NCO $ QTD NCO ratio YTD NCO ratio
Slide 24: Allowance for loan and lease losses
24 Allowance for loan and lease losses ($ in millions) 1Q26 to 2Q26 $1,558 $1,484 $(31) $(18) $(17) $(8) 1Q26 Specific reserves Credit quality Economic scenarios Portfolio changes 2Q26 Highlights ALLL Coverage 3.5x 3.5x 3.4x 2Q26 vs 1Q26 2.7x • ALLL decreased $74 million from the linked quarter. 1.7
Slide 25: Capital
25 Capital Risk-based capital ratios Capital ratio rollforward Risk-Based Capital Tier 1 Total Tier 1 CET1 Leverage 14.25% 14.05% 13.71% March 31, 2026 13.51% 11.79% 10.83% 9.30% 13.51% 13.37% 12.63% 12.15% Net income 0.37% 0.37% 0.37% 0.29% 11.91% 11.79% 11.73% Change in risk-weighted/average asset
Slide 26: Share Repurchase Plan Update
26 Share Repurchase Plan Update Class A Common Shares Outstanding Highlights • Since announcing a share repurchase plan in 13,524,550 July 2024, we have repurchased 23.69% of (814,641) Class A common shares and 22.05% of total 10,320,059 (1,578,462) common shares that were outstanding (1) as of (811
Slide 27: Financial Outlook
Financial Outlook Section III
Slide 28: Key Earnings Estimate Assumptions
28 Key Earnings Estimate Assumptions Metric 2Q26 3Q26 - Projected FY26 - Projected Loans and leases - EOP $151.0 billion $152 billion - $155 billion $153 billion - $157 billion Deposits - EOP $173.4 billion $179 billion - $182 billion $181 billion - $186 billion Zero to one 25 bps rate hike in Inter
Slide 29: Appendix
A First Citizens BancShares’ Appendix Section IV
Slide 30: Reclassifications
30 Reclassifications Reclassifications In certain instances, amounts reported for prior periods in this investor presentation have been reclassified to conform to the current financial statement presentation. Such reclassifications had no effect on previously reported stockholders’ equity or net inc
Slide 31: Glossary of Abbreviations and Acronyms
31 Glossary of Abbreviations and Acronyms The following is a list of certain abbreviations and acronyms used throughout this document. AFS – Available for Sale NCO – Net Charge-Off ALLL – Allowance for Loan and Lease Losses NDFI – Non-Depository Financial Institution AOCI – Accumulated Other Compreh
Slide 32: BancShares Balance Sheets (unaudited)
32 BancShares Balance Sheets (unaudited) ($ in millions) Jun 30, 2026 Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 ASSETS Cash and due from banks $ 1,519 $ 1,080 $ 801 $ 874 $ 889 Interest-earning deposits at banks 21,132 23,189 19,801 24,798 26,184 Securities purchased under agreements to re
Slide 33: BancShares Income Statements (unaudited)
33 BancShares Income Statements (unaudited) ($ in millions) 2Q26 1Q26 4Q25 3Q25 2Q25 INTEREST INCOME Loans and leases $ 2,253 $ 2,206 $ 2,290 $ 2,300 $ 2,270 Investment securities 401 384 424 433 419 Deposits at banks 197 196 226 265 256 Total interest income 2,851 2,786 2,940 2,998 2,945 INTEREST E
Slide 34: High Quality and Diversified NDFI Portfolio
34 High Quality and Diversified NDFI Portfolio ($ in millions) NDFI Portfolio Characteristics Total Loans NDFI Composition ■ Portfolio is diversified, well-collateralized and supported by structural protections $151,034 ■ ~ 83% of balance is in low risk capital call lines ■ ~ 7% of balance to tradit
Slide 35: Average Deposit Account Size and Insured by Segment
35 Average Deposit Account Size and Insured by Segment ($ in billions, except average account size, period end balances) Total deposits Average size Insured % General Bank $ 75.7 $ 37,511 64% Commercial Bank 45.7 599,861 31 Corporate 52.0 63,307 88 Total $ 173.4 $ 59,466 62% Note – Commercial Bank i
Slide 36: Debt Securities Overview
36 Debt Securities Overview ($ in millions, period end balances) (1) 2Q26 (1) Duration in Carrying value (2) % of Portfolio Yield (3) years AFS Portfolio U.S. Treasury $ 13,320 31 % 3.93 % 1.3 Government agency 33 — 2.76 0.3 Residential mortgage-backed securities 17,500 40 4.26 3.1 Commercial mortga
Slide 37: General Bank Segment
37 General Bank Segment ($ in millions) Increase (decrease) 2Q26 vs 1Q26 2Q26 vs 2Q25 Earnings Summary 2Q26 1Q26 4Q25 3Q25 2Q25 $ % $ % Net interest income $ 819 $ 813 $ 841 $ 846 $ 824 $ 6 0.8 % $ (5) (0.7)% Total noninterest income 187 172 170 166 164 15 8.5 23 13.9 Total revenue 1,006 985 1,011 1
Slide 38: Commercial Bank Segment
38 Commercial Bank Segment ($ in millions) Increase (decrease) 2Q26 vs 1Q26 2Q26 vs 2Q25 Earnings Summary 2Q26 1Q26 4Q25 3Q25 2Q25 $ % $ % Net interest income $ 805 $ 802 $ 834 $ 796 $ 789 $ 3 0.5 % $ 16 2.0 % Rental income on operating lease equipment 54 55 55 54 54 (1) (2.6) — — Less: depreciation
Slide 39: Rail Segment
39 Rail Segment ($ in millions) Increase (decrease) 2Q26 vs 1Q26 2Q26 vs 2Q25 Earnings Summary 2Q26 1Q26 4Q25 3Q25 2Q25 $ % $ % Net interest expense $ 59 $ 58 $ 53 $ 55 $ 53 $ 1 2.1 % $ 6 10.0 % Rental income on operating lease equipment 226 226 226 219 218 — — 8 4.1 Less: depreciation on operating
Slide 40: Corporate
40 Corporate ($ in millions) Increase (decrease) 2Q26 vs 1Q26 2Q26 vs 2Q25 Earnings Summary 2Q26 1Q26 4Q25 3Q25 2Q25 $ % $ % Net interest income $ 91 $ 64 $ 100 $ 147 $ 135 $ 27 40.7 % $ (44) (32.7)% Total noninterest income 32 — 14 22 11 32 NM 21 NM Total revenue 123 64 114 169 146 59 89.9 (23) (15
Slide 41: Purchase accounting marks
41 Purchase accounting marks ($ in millions) June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 Loans and leases (including off-balance sheet exposure) (1) Beginning balance - unamortized fair value mark $ (1,300) $ (1,351) $ (1,411) $ (1,483) $ (1,561) Other 5 3 1 1 3 A
Slide 42: Non-GAAP Reconciliations
Non-GAAP Reconciliations Section V
Slide 43: Notable Items
43 Notable Items (1) ($ in millions, except per share data) 2Q26 1Q26 4Q25 3Q25 2Q25 Rental income on operating lease equipment (2) $ (168) $ (166) $ (166) $ (165) $ (155) Realized gain on sale of investment securities, net — — (3) — — Fair value adjustment on marketable equity securities, net (15)
Slide 44: Non-GAAP Reconciliations
44 Non-GAAP Reconciliations ($ in millions, except share and per share data) Non-GAAP Reconciliations 2Q26 1Q26 4Q25 3Q25 2Q25 Net income and EPS Net income (GAAP) a $ 672 534 580 568 575 Preferred stock dividends 32 26 14 14 14 Net income available to common stockholders (GAAP) b 640 508 566 554 56
Slide 45: Non-GAAP Reconciliations
45 Non-GAAP Reconciliations ($ in millions) Non-GAAP Reconciliations 2Q26 1Q26 4Q25 3Q25 2Q25 PPNR Net income (GAAP) a $ 672 534 580 568 575 Plus: (benefit) provision for credit losses (10) 72 54 191 115 Plus: income tax expense 219 171 231 183 183 PPNR (non-GAAP) l $ 881 777 865 942 873 Impact of n
Slide 46: ROE and ROTCE
46 Non-GAAP Reconciliations ($ in millions) Non-GAAP Reconciliations 2Q26 1Q26 4Q25 3Q25 2Q25 ROE and ROTCE Annualized net income available to common stockholders s = b annualized $ 2,569 2,062 2,247 2,196 2,249 Annualized adjusted net income available to common stockholders t = e annualized $ 2,642
Slide 47: Book value and tangible book value per common share
47 Non-GAAP Reconciliations ($ in millions, except share and per share data) Non-GAAP Reconciliations 2Q26 1Q26 4Q25 3Q25 2Q25 Book value and tangible book value per common share Common shares outstanding at period end dd 11,390,407 11,689,314 12,139,159 12,618,629 13,075,979 Book value per share x/
Slide 48: Noninterest Income and Noninterest Expense
48 Non-GAAP Reconciliations ($ in millions, except share and per share data) Non-GAAP Reconciliations 2Q26 1Q26 4Q25 3Q25 2Q25 Noninterest Income and Noninterest Expense: Commercial Bank Segment Noninterest income (GAAP) $ 324 285 296 290 282 Less: depreciation on operating lease equipment 43 43 44
Slide 49: PPNR: General Bank Segment
49 Non-GAAP Reconciliations ($ in millions) Non-GAAP Reconciliations 2Q26 1Q26 4Q25 3Q25 2Q25 PPNR: General Bank Segment Segment net income (GAAP) $ 266 278 308 320 294 Plus: provision for credit losses 54 17 17 1 13 Plus: income tax expense 85 90 82 109 101 PPNR (non-GAAP) $ 405 385 407 430 408 PPN
Slide 50: Net interest income & Net interest margin
50 Non-GAAP Reconciliations ($ in millions) Non-GAAP Reconciliations 2Q26 1Q26 4Q25 3Q25 2Q25 Net interest income & Net interest margin Net interest income (GAAP) ee $ 1,656 1,621 1,722 1,734 1,695 Loan PAA ff 55 48 59 71 75 Other PAA gg (7) (9) (10) (10) (9) PAA hh = (ff + gg) $ 48 39 49 61 66 Net
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