First Citizens Bancshares, Inc. · NASDAQ:FCNCA
First Citizens Bancshares — Investor Presentation (September 2026)
32 slides from First Citizens Bancshares's investor presentation, Sep 30, 2026
Slide 1: Market Update | September 2026
Market Update | September 2026 Brent Ciliano Chief Investment Officer Blake Taylor Market and Economic Research Analyst Recorded on September 30, 2026
Slide 2: What are we going to cover?
What are we going to cover? 1. Economic update: Economic growth | Inflation | Labor market | Fed policy 2. Market update: Equities | Corporate earnings | Valuations | Interest rates
Slide 3: Economic update
Making Sense EZ First CitizensWealth. Economic update
Slide 4: GDP growth is growing at a fast pace…before adjusting for inflation
GDP growth is growing at a fast pace…before adjusting for inflation 4
Slide 5: Households are spending at a decent pace, but saving rates are low
Households are spending at a decent pace, but saving rates are low 5
Slide 6: Inflation is running well above the 2% target
Inflation is running well above the 2% target, as it has for over 5 years 6
Slide 7: Gasoline and diesel prices are fueling inflation
Gasoline and diesel prices are fueling inflation 7
Slide 8: Prices for necessities rose 2-4 times faster than normal since 2020
Prices for necessities rose 2-4 times faster than normal since 2020 8
Slide 9: Unemployment remains modest – and is ticking lower
Unemployment remains modest – and is ticking lower 9
Slide 10: Markets started the year expecting cuts but now expect more hikes
Markets started the year expecting 3 cuts but now expect 4 more hikes 10
Slide 11: Longer-term interest rates move on factors other than just the Fed
Longer-term interest rates move on factors other than just the Fed 11
Slide 12: Market update
Making Sense EZ First CitizensWealth. Market update
Slide 13: After a handful of selloffs, the current bull market has returned 126%
After a handful of selloffs, the current bull market has returned 126% 13
Slide 14: Mega cap tech has dominated since 2022…
Mega cap tech has dominated since 2022… 14
Slide 15: … but small cap, equal-weight S&P, and international lead this year
… but small cap, equal-weight S&P, and international lead this year 15
Slide 16: Earnings growth estimates have been revised substantially higher
Earnings growth estimates have been revised substantially higher 16
Slide 17: Earnings are remarkably robust, and profit margins are exceptional
Earnings are remarkably robust, and profit margins are exceptional Estimated Next 12-Month Operating Margin 24.0% S&P 500 22.0% S&P Equal-Weight 21.5% 20.0% 18.0% 14.9% 16.0% 14.0% 12.0% 10.0% 8.0% 2010 2012 2014 2016 2018 2020 2022 2024 2026 Source: FactSet, Bloomberg. Data as of 9/14/2026. 17
Slide 18: Expected spending on the AI buildout continues to rise
Expected spending on the AI buildout continues to rise 18
Slide 19: The AI boom could be the largest capex project since the 19th century
The AI boom could be the largest capex project since the 19th century Source: Ulmer (1960) “Capital in Transportation, Communications, and Public Utilities: Its Formation and Financing” (NBER); Eichengreen and De Long (1991) “The Marshall Plan: History’s Most Successful Structural Adjustment Program
Slide 20: Forward valuations have recovered but remain below recent highs
Forward valuations have recovered but remain below recent highs 20
Slide 21: Earnings growth has driven more than the entirety of returns this year
Earnings growth has driven more than the entirety of returns this year 21
Slide 22: Expensive equity markets can rally further
Expensive equity markets can rally further Source: Goldman Sachs, First Citizens Bank 22
Slide 23: Expensive equity markets can rally further
Expensive equity markets can rally further 23
Slide 24: Upward earnings revisions have pushed our price target higher
Upward earnings revisions have pushed our price target higher Next Twelve-Month S&P 500 Price Target Next Twelve Months Percent Change Price Level from 9/29/2026 Bear 6,300 -17.9% Base 8,300 8.2% Bull 9,100 18.6% Source: Bloomberg, FactSet, First Citizens Wealth 24
Slide 25: Treasury yields have risen sharply across the curve
Treasury yields have risen sharply across the curve U.S. Treasury Yield Curve 5.8% 5.6% 5.5% 5.6% 5.4% 5.2% 5.1% 5.2% 5.0% 5.0% 5.0% 4.9% 4.8% 4.6% 4.5% 4.4% 4.6% 4.4% 4.2% 4.6% 4.2% 4.0% 3.8% 3.9% As of 3.6% 3.7% Latest date - Sept. 25, 2026 3.4% Feb. 27, 2026 (recent low) 3.5% 3.4% 3.4% 3.2% 1 3 6
Slide 26: The 10-year Treasury yield is near longer-term averages
The 10-year Treasury yield is near longer-term averages 26
Slide 27: The 10-year Treasury yield is near longer-term averages
The 10-year Treasury yield is near longer-term averages 27
Slide 28: Fixed income is at an attractive entry point compared to the last decade
Fixed income is at an attractive entry point compared to the last decade 28
Slide 29: Market timing is a dangerous game
Market timing is a dangerous game Growth of $10,000, S&P 500 Compounded Total Returns, 1995-2025 $300,000 $264,382 38% less 56% less 74% less 84% less 89% less 93% less $250,000 • Nearly half (48%) of the S&P 500 Index’s strongest days $200,000 occurred during a bear $163,294 market. $150,000 $117,6
Slide 30: In Brief | A look at the week ahead in under two minutes
Brent Ciliano, SVP In Brief | A look at the week ahead in under two minutes Chief Investment Officer every Monday morning Market updates | Monthly interactive discussions with in-depth analysis of markets and the economy Phillip Neuhart, SVP Head of Market and Written commentary | Often coinciding w
Slide 31: Authors Important Disclosures
Authors Important Disclosures Brent Ciliano, CFA | SVP, Chief Investment Officer This material is for informational purposes only and is not intended to be an offer, specific investment strategy, Capital Management Group | First Citizens Bank recommendation, or solicitation to purchase or sell any s
Slide 32: Being invested is what matters
Being invested is what matters er ent a t re o er e t ng t 000 nn a ontr on 8 2 2 erfe t m n or o o a e 2 ash % % 2% 8 % % 8 % % % % % % % 2 % % % % % % % erfe t m n orst m n rst a of ear onth o ar ear o ear h ost A era e Source: First Citizens Wealth, Bloomberg. 32
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