First Citizens Bancshares, Inc. · NASDAQ:FCNCA
First Citizens Bancshares — Q3 2025 Earnings Presentation
55 slides from First Citizens Bancshares's earnings presentation, Oct 23, 2025
Slide 1: First Citizens BancShares Third Quarter 2025 Earnings Conference Call
First Citizens BancShares, Inc. Third Quarter 2025 Earnings Conference Call October 23, 2025
Slide 2: Agenda
2 Agenda Pages Section I – Third Quarter Overview & Strategic Priorities 4–6 Section II – Third 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 Highlights 16 Loans
Slide 3: Important Notices
3 Important Notices Forward Looking Statements This presentation 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 str
Slide 4: Third Quarter Overview & Strategic Priorities
Third Quarter Overview & Strategic Priorities Section I
Slide 5: Third Quarter 2025 Snapshot
5 Third Quarter 2025 Snapshot Key Highlights: Financial Results: ■ Delivered solid return metrics driven by PPNR (1) growth Adjusted EPS (1) and positive operating leverage. $44.62 ■ Achieved strong loan growth in all operating segments Adjusted ROE / ROA (1) led by SVB Commercial with Global Fund B
Slide 6: 2025 Strategic Priorities
6 2025 Strategic Priorities Balance Client Talent & Operational Sheet Focus Culture Efficiency Optimization • Expand and grow • Attract, retain and • Enhance processes • Manage our balance our capabilities and develop associates and systems to sheet prudently to products while who align with our red
Slide 7: Third Quarter 2025 Financial Results
Third Quarter 2025 Financial Results Section II
Slide 8: 3Q25 Financial Results - Takeaways
8 3Q25 Financial Results - Takeaways Loans grew $3.5 billion or by 2.5% from the EPS, ROE and ROA results exceeded our linked quarter. Growth was broad-based but 1 expectations. 5 driven primarily by Global Fund Banking within the SVB Commercial segment. Net interest income grew during the quarter D
Slide 9: Financial Highlights
9 Financial Highlights 3Q25 2Q25 3Q24 Reported Adjusted Reported Adjusted Reported Adjusted (Non--GAAP) (Non--GAAP) (Non--GAAP) EPS (basic and diluted) $ 43.08 $ 44.62 $ 42.36 $ 44.78 $ 43.42 $ 45.87 ROE 10.26 % 10.62 % 10.41 % 11.00 % 11.30 % 11.94 % ROTCE (non-GAAP) 10.53 10.91 10.69 11.30 11.63 1
Slide 10: Quarterly Earnings Highlights
10 Quarterly Earnings Highlights ($ in millions) Increase (decrease) Reported 3Q25 vs 2Q25 (1) 3Q25 vs 3Q24 (1) 3Q25 2Q25 3Q24 $ % $ % Net interest income $ 1,734 $ 1,695 $ 1,796 $ 39 2.3 % $ (62) (3.5)% Noninterest income 699 678 650 21 3.1 49 7.5 Net revenue 2,433 2,373 2,446 60 2.5 (13) (0.5) Non
Slide 11: Net interest income and margin
11 Net interest income and margin ($ in millions) $39 million & 0 bps $44 million & 1 bp $1,796 $1,734 $1,709 $1,663 $1,695 $1,695 $1,673 $1,627 $1,588 $1,629 3.53% 3.32% 3.26% 3.26% 3.26% 3.33% 3.16% 3.12% 3.14% 3.15% 3Q24 4Q24 1Q25 2Q25 3Q25 3Q24 4Q24 1Q25 2Q25 3Q25 (1) (1) NII NIM NII, ex PAA (No
Slide 12: NIM Rollforward
12 NIM Rollforward 2Q25 to 3Q25 (unchanged) 0.02% 0.01% 3.26% 3.26% (0.01)% (0.01)% (0.01)% 2Q25 Deposit rate Investment yield Deposit volume Earning asset mix PAA 3Q25 3Q24 to 3Q25 (-27 bps) 0.31% 0.02% 3.53% (0.32)% 3.26% (0.11)% (0.07)% (0.05)% (0.05)% 3Q24 Deposit rate Investment Loan yield Yiel
Slide 13: Deposit Betas
13 Deposit Betas Up Cycle Down Cycle Terminal beta 63% 64% 61% 58% 56% 56% 53% 47% 49% 46% 45% 46% 42% 37% 39% 39% 34% 31% 30% 26% 23% 20% 16% 12% 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 - Jul/ 3Q24 - Sep 4Q24 1Q25 2Q25 3Q25 Aug Actual cumulative beta Actual cumulative beta IBD Total Deposits Highlights
Slide 14: Noninterest income
14 Noninterest income ($ in millions) $699 $678 $699 $650 $635 $183 $165 $181 $176 $156 $516 $479 $513 $518 $474 3Q24 4Q24 1Q25 2Q25 3Q25 Adjusted (Non-GAAP) (1) Notable items Highlights 3Q25 vs 2Q25 3Q25 vs 3Q24 Noninterest income increased by $21 million. Noninterest income increased by $49 millio
Slide 15: Noninterest expense
15 Noninterest expense ($ in millions) $1,517 $1,493 $1,500 $1,491 $1,456 $249 $216 $221 $212 $227 $1,229 $1,268 $1,277 $1,279 $1,279 3Q24 4Q24 1Q25 2Q25 3Q25 Adjusted (Non-GAAP) (1) Notable items Highlights 3Q25 vs 2Q25 3Q25 vs 3Q24 Noninterest expense decreased by $9 million. Noninterest expense i
Slide 16: Balance Sheet Highlights
16 Balance Sheet Highlights ($ in millions, except per share data) Increase (decrease) 3Q25 vs 2Q25 (1) 3Q25 vs 3Q24 (1) SELECT PERIOD END BALANCES 3Q25 2Q25 3Q24 $ % $ % Interest-earning deposits at banks $ 24,798 $ 26,184 $ 25,640 $ (1,386) (21.6)% $ (842) (3.4)% Investment securities 45,124 43,34
Slide 17: Loans and Leases
17 Loans and Leases ($ in millions, period end balances) Highlights 3Q25 vs 2Q25 $144,758 $140,221 $141,358 $141,269 $138,695 • Total loans increased $3.5 billion or by $40,629 2.5% sequentially. The increase in loans $37,374 $37,818 $37,529 $37,098 was driven by a $3.1 billion increase in SVB Comme
Slide 18: 3Q25 Loans and Leases Composition
18 3Q25 Loans and Leases Composition ($ in billions, period end balances) Class Segment Commercial Bank: Commercial Finance ($20.0) Real Estate Finance ($8.1) 2% 1% Equipment Finance ($6.0) 14% Commercial and industrial ($43.2) 18% 27% 30% Commercial Services - Factoring ($3.0) Commercial mortgage (
Slide 19: Deposits
19 Deposits ($ in millions, period end balances) Highlights $163,190 3Q25 vs. 2Q25 $159,325 $159,935 $155,229 • Total deposits increased $3.3 billion or by $151,574 2.0% sequentially, driven by a $2.1 billion increase in SVB Commercial, a $1.1 billion $42,752 increase in the General Bank, a $40,767
Slide 20: 3Q25 Deposit Composition
20 3Q25 Deposit Composition ($ in billions, except average account size, period end balances) Type Segment General Bank: Branch Network, Wealth & Other ($66.8) 7% 1% Money market & savings ($85.6) Community Association Banking ($7.8) 14% 27% Commercial Bank: 41% Commercial Bank ($3.0) Noninterest-be
Slide 21: SVB Commercial Segment Trends
21 SVB Commercial Segment Trends ($ in billions) Total client funds (EOP) Total client funds (Avg) $5.2 billion or 5.2% $5.8 billion or 5.9 % $106.9 $103.1 $98.8 $99.4 $101.7 $97.3 $99.4 $97.3 $93.6 $93.6 $39.9 $37.7 $36.5 $37.0 $37.8 $36.7 $35.6 $35.5 $35.8 $35.4 $57.7 $62.3 $62.4 $63.9 $67.0 $58.1
Slide 22: Funding Mix
22 Funding Mix ($ in millions) Period End Balances Increase (decrease) 3Q25 vs. 3Q25 vs. 3Q25 2Q25 1Q25 4Q24 3Q24 2Q25 3Q24 Total deposits $ 163,190 80.8 % $ 159,935 80.8 % $ 159,325 80.6 % $ 155,229 80.7 % $ 151,574 80.3 % $ 3,255 $ 11,616 Securities sold under customer repurchase agreements 423 0.
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 3Q25 includes an $82 million individual client loss in Commercial Services $191 $160 $155 $154 $145 $144 $119 $117 $115 0.65% 0.42% 0.46% 0.41% 0.33% 0.37% 0.39% 0.41% 0.37% 0.47% 3Q24
Slide 24: Allowance for loan and lease losses
24 Allowance for loan and lease losses ($ in millions) 2Q25 to 3Q25 $1,672 $21 $13 $1,652 $(31) $(15) $(8) 2Q25 Economic Other Portfolio changes Specific reserves Loan volume 3Q25 outlook Highlights ALLL Coverage 3.5x 3Q25 vs 2Q25 2.9x 2.9x 2.6x • ALLL decreased $20 million from the linked quarter.
Slide 25: Capital
25 Capital Reported capital ratios (1) Capital ratio rollforward Risk-Based Capital (1) Tier 1 15.36% 15.23% Total Tier 1 CET1 Leverage 15.04% 13.78% 14.25% 14.05% December 31, 2024 15.04% 13.53% 12.99% 9.90% 13.53% 13.35% 12.63% 12.15% June 30, 2025 14.25% 12.63% 12.12% 9.62% Sub-debt issuance 0.34
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 15.04% of Class A common shares and 14.00% of (814,641) 11,490,807 total common shares that were outstanding (1) as of June 30, 2024. (
Slide 27: Financial Outlook
Financial Outlook Section III
Slide 28: Key Earnings Estimate Assumptions
28 Key Earnings Estimate Assumptions Metric 3Q25 4Q25 - Projected FY25 - Projected Loans and leases - EOP $144.8 billion $143 billion - $146 billion $143 billion - $146 billion Deposits - EOP $163.2 billion $161 billion - $165 billion $161 billion - $165 billion Zero to two 25 bps cuts in 4Q25; Inte
Slide 29: Appendix
A First Citizens BancShares’ Appendix Section IV
Slide 30: Glossary of Abbreviations and Acronyms
30 Glossary of Abbreviations and Acronyms The following is a list of certain abbreviations and acronyms used throughout this document. AFS – Available for Sale IBD – Interest-Bearing Deposits ALLL – Allowance for Loan and Lease Losses ID – Investor Dependent AOCI – Accumulated Other Comprehensive In
Slide 31: BancShares Balance Sheets (unaudited)
31 BancShares Balance Sheets (unaudited) ($ in millions) Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 ASSETS Cash and due from banks $ 874 $ 889 $ 812 $ 814 $ 862 Interest-earning deposits at banks 24,798 26,184 24,692 21,364 25,640 Securities purchased under agreements to resell
Slide 32: BancShares Income Statements (unaudited)
32 BancShares Income Statements (unaudited) ($ in millions) 3Q25 2Q25 1Q25 4Q24 3Q24 INTEREST INCOME Interest and fees on loans $ 2,300 $ 2,270 $ 2,236 $ 2,322 $ 2,430 Interest on investment securities 433 419 414 377 358 Interest on deposits at banks 265 256 245 302 350 Total interest income 2,998
Slide 33: Noninterest income
33 Noninterest income ($ in millions) 3Q25 Change vs 2Q25 3Q25 2Q25 1Q25 4Q24 3Q24 $ % Rental income on operating lease equipment $ 273 $ 272 $ 270 $ 272 $ 262 $ 1 0.4 % Lending-related fees 67 69 66 68 67 (2) (2.7) Deposit fees and service charges 61 59 58 58 57 2 3.2 Client investment fees 58 52 5
Slide 34: Noninterest expense
34 Noninterest expense ($ in millions) 3Q25 Change vs 2Q25 3Q25 2Q25 1Q25 4Q24 3Q24 $ % Depreciation on operating lease equipment $ 98 $ 100 $ 98 $ 101 $ 99 $ (2) (0.6)% Maintenance and other operating lease expenses 67 55 58 55 59 12 19.8 Personnel cost 817 810 818 801 788 7 0.9 Net occupancy expen
Slide 35: Loan Portfolios in Focus
35 Loan Portfolios in Focus ($ in billions, as of September 30, 2025) CRE Portfolio Composition % of total Balance loans Multi-Family $ 5.1 3.5 % Medical Office 3.9 2.7 Industrial/Warehouse 3.6 2.5 General Office 2.1 1.5 Commercial Bank 0.9 0.7 General Bank 1.2 0.8 Retail 1.8 1.2 Healthcare 1.2 0.8
Slide 36: General Office CRE Portfolio
36 General Office CRE Portfolio (as of September 30, 2025) Portfolio Characteristics • Evolving macroeconomic and social conditions (including the shift to more hybrid General Office work arrangements) have resulted in changing demands for office property and stress within our portfolio. Portfolio M
Slide 37: SVB Investor Dependent Portfolio
37 SVB Investor Dependent Portfolio (as of September 30, 2025) Portfolio Characteristics Portfolio Metrics • Early Stage - Loans to development-stage innovation companies Early Stage Growth Stage with $0-5 million in revenues. • Growth Stage - Loans to mid and later-stage innovation companies Loan b
Slide 38: Debt Securities Overview
38 Debt Securities Overview ($ in millions, period end balances) 3Q25 (1) Duration in Carrying value (2) % of Portfolio Yield (3) years AFS Portfolio U.S. Treasury $ 13,781 30 % 4.26 % 0.7 Government agency 52 — 3.52 0.3 Residential mortgage-backed securities 17,435 39 4.25 3.3 Commercial mortgage-b
Slide 39: Average Balances and Yields
39 Average Balances and Yields ($ in millions) Change vs. 3Q25 2Q25 3Q24 2Q25 3Q24 Avg. Income / Yield / Avg. Income / Yield / Avg. Income / Yield / Avg. Income / Yield / Avg. Income / Yield / Balance Expense Rate Balance Expense Rate Balance Expense Rate Balance Expense Rate Balance Expense Rate Lo
Slide 40: General Bank Segment
40 General Bank Segment ($ in millions) Increase (decrease) 3Q25 vs 2Q25 3Q25 vs 3Q24 Earnings Summary 3Q25 2Q25 1Q25 4Q24 3Q24 $ % $ % Net interest income $ 846 $ 824 $ 788 $ 777 $ 760 $ 22 2.5 % $ 86 11.2 % Total noninterest income 166 164 164 166 149 2 0.9 17 11.5 Total revenue 1,012 988 952 943
Slide 41: Commercial Bank Segment
41 Commercial Bank Segment ($ in millions) Increase (decrease) 3Q25 vs 2Q25 3Q25 vs 3Q24 Earnings Summary 3Q25 2Q25 1Q25 4Q24 3Q24 $ % $ % Net interest income $ 303 $ 299 $ 293 $ 307 $ 305 $ 4 1.2 % $ (2) (0.7)% Rental income on operating lease equipment 54 54 56 55 57 — — (3) (5.4) Less: depreciati
Slide 42: SVB Commercial Segment
42 SVB Commercial Segment ($ in millions) Increase (decrease) 3Q25 vs 2Q25 3Q25 vs 3Q24 Earnings Summary 3Q25 2Q25 1Q25 4Q24 3Q24 $ % $ % Net interest income $ 493 $ 490 $ 493 $ 544 $ 560 $ 3 0.6 % $ (67) (11.9)% Total noninterest income 135 130 132 137 137 5 3.4 (2) (1.8) Total revenue 628 620 625
Slide 43: Rail Segment
43 Rail Segment ($ in millions) Increase (decrease) 3Q25 vs 2Q25 3Q25 vs 3Q24 Earnings Summary 3Q25 2Q25 1Q25 4Q24 3Q24 $ % $ % Net interest expense $ 55 $ 53 $ 52 $ 50 $ 48 $ 2 2.5 % $ 7 16.0 % Rental income on operating lease equipment 219 218 214 217 205 1 0.7 14 7.2 Less: depreciation on operati
Slide 44: Corporate
44 Corporate ($ in millions) Increase (decrease) 3Q25 vs 2Q25 3Q25 vs 3Q24 Earnings Summary 3Q25 2Q25 1Q25 4Q24 3Q24 $ % $ % Net interest income $ 147 $ 135 $ 141 $ 131 $ 219 $ 12 9.4 % $ (72) (32.7)% Total noninterest income 22 11 (2) 17 21 11 117.0 1 4.7 Total revenue 169 146 139 148 240 23 17.0 (
Slide 45: Purchase accounting marks
45 Purchase accounting marks ($ in millions) September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 Loans and leases (including off-balance sheet exposure) (1) Beginning balance - unamortized fair value mark $ (1,483) $ (1,561) $ (1,644) $ (1,746) $ (1,857) Other 1 3 —
Slide 46: Non-GAAP Reconciliations
Non-GAAP Reconciliations Section V
Slide 47: Notable Items
47 Notable Items (1) ($ in millions, except per share data) 3Q25 2Q25 1Q25 4Q24 3Q24 Rental income on operating lease equipment (2) (7) $ (165) $ (155) $ (156) $ (152) $ (158) Realized gain on sale of investment securities, net — — — (2) (4) Fair value adjustment on marketable equity securities, net
Slide 48: Non-GAAP Reconciliations
48 Non-GAAP Reconciliations ($ in millions, except share and per share data) Non-GAAP Reconciliations 3Q25 2Q25 1Q25 4Q24 3Q24 Net income and EPS Net income (GAAP) a $ 568 575 483 700 639 Preferred stock dividends 14 14 15 15 15 Net income available to common stockholders (GAAP) b 554 561 468 685 62
Slide 49: Non-GAAP Reconciliations
49 Non-GAAP Reconciliations ($ in millions) Non-GAAP Reconciliations 3Q25 2Q25 3Q24 PPNR Net income (GAAP) a $ 568 575 639 Plus: provision for credit losses 191 115 117 Plus: income tax expense 183 183 234 PPNR (non-GAAP) l $ 942 873 990 Impact of notable items 31 56 51 Adjusted PPNR (non-GAAP) m $
Slide 50: Non-GAAP Reconciliations
50 Non-GAAP Reconciliations ($ in millions) Non-GAAP Reconciliations 3Q25 2Q25 3Q24 ROE and ROTCE Annualized net income available to common stockholders s = b annualized $ 2,196 2,249 2,483 Annualized adjusted net income available to common stockholders t = e annualized $ 2,275 2,377 2,623 Average s
Slide 51: Non-GAAP Reconciliations
51 Non-GAAP Reconciliations ($ in millions, except share and per share data) Non-GAAP Reconciliations 3Q25 2Q25 1Q25 4Q24 3Q24 Book value and tangible book value per common share Common shares outstanding at period end bb 12,618,629 13,075,979 13,414,938 13,717,621 14,179,208 Book value per share x/
Slide 52: Non-GAAP Reconciliations
52 Non-GAAP Reconciliations ($ in millions, except share and per share data) Non-GAAP Reconciliations 3Q25 2Q25 1Q25 4Q24 3Q24 Noninterest Income and Noninterest Expense: Commercial Bank Segment Noninterest income (GAAP) $ 155 152 125 156 136 Less: depreciation on operating lease equipment 43 44 44
Slide 53: Non-GAAP Reconciliations
53 Non-GAAP Reconciliations ($ in millions) Non-GAAP Reconciliations 3Q25 2Q25 1Q25 4Q24 3Q24 PPNR: General Bank Segment Segment net income (GAAP) $ 320 294 253 286 202 Plus: provision for credit losses 1 13 46 22 55 Plus: income tax expense 109 101 88 92 99 PPNR (non-GAAP) $ 430 408 387 400 356 PPN
Slide 54: Non-GAAP Reconciliations
54 Non-GAAP Reconciliations ($ in millions) Non-GAAP Reconciliations 3Q25 2Q25 1Q25 4Q24 3Q24 Total Risk Based Capital Ratio Total risk based capital ratio (GAAP) 14.05 % 14.25 % 15.23 % 15.04 % 15.36 % Less: impact of FDIC Shared-Loss Agreement — — 0.74 0.77 0.85 Adjusted total risk based capital r
Slide 55: Non-GAAP Reconciliations
55 Non-GAAP Reconciliations ($ in millions) Non-GAAP Reconciliations 3Q25 2Q25 1Q25 4Q24 3Q24 Income tax expense Income tax expense (GAAP) $ 183 183 168 36 234 Impact of notable items (1) 12 24 15 123 15 Adjusted income tax expense (non-GAAP) $ 195 207 183 159 249 Note: Certain items above do not pr
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