First Citizens Bancshares, Inc. · NASDAQ:FCNCA

First Citizens Bancshares — Investor Presentation (March 2026)

31 slides from First Citizens Bancshares's investor presentation, Mar 24, 2026

Slide 1: Market Update | March 2026
Market Update | March 2026 Brent Ciliano Chief Investment Officer Phillip Neuhart Head of Market and Economic Research Recorded on March 24, 2026
Slide 2: What are we going to cover?
What are we going to cover? 1. Special update: War in the Middle East 2. Economic update: Growth expectations | Labor market | Policy developments | Housing outlook 3. Market update: Equity markets | Artificial intelligence | Fixed income
Slide 3: Special update: War in the Middle East
Special update: War in the Middle East
Slide 4: Geopolitical risk has moved higher this decade
Geopolitical risk has moved higher this decade 4
Slide 5: The Middle East war is causing the largest oil supply disruption in history
The Middle East war is causing the largest oil supply disruption in history 5
Slide 6: Energy markets have seen the most disruption so far
Energy markets have seen the most disruption so far Year to date, Change since Year to date Latest pre-conflict conflict began (Mar. 23) (Mar. 23) (Jan. 1 - Feb. 27) (Mar. 1 - Mar. 23) Energy WTI Crude Oil Futures +17% +32% +54% $88.50 Brent Crude Oil Futures +19% +37% +64% $99.65 Natural gas (Europ
Slide 7: Equities typically rally after major global events
Equities typically rally – sometimes sharply – after major global events Stock Market Performance Around Geopolitical Events Time to recover Time to bottom prior level Size of selloff 1-week from 1-month from 3-months 6-months 12-months Event Event date (trading days) (trading Days) (%) bottom botto
Slide 8: Economic update
Making Sense co First CitizensWealth.. Economic update
Slide 9: GDP is still growing at a solid, above-trend pace
GDP is still growing at a solid, above-trend pace 9
Slide 10: Oil prices have risen sharply since the start of the war
Oil prices have risen sharply since the start of the war 10
Slide 11: Households have never spent so little of their incomes at the pump
Households have never spent so little of their incomes at the pump 11
Slide 12: The last mile back to 2% inflation is proving to be the hardest
The last mile back to 2% inflation is proving to be the hardest 12
Slide 13: Markets now see inflation at about 3% for the next 2 years
Markets now see inflation at about 3% for the next 2 years 13
Slide 14: Household spending growth has decelerated
Household spending growth has decelerated – to a still decent pace 14
Slide 15: Smaller businesses are facing slower employment growth
Smaller businesses are facing slower employment growth 15
Slide 16: Payroll job growth has slowed to a stall
Payroll job growth has slowed to a stall 16
Slide 17: Fewer jobs available, but aggregate layoffs remain low
There are fewer jobs available, but aggregate layoffs remain low 17
Slide 18: Markets no longer expect the Fed to cut rates this year
Markets no longer expect the Fed to cut interest rates this year 2026 2027 Federal Reserve projections -25 bp -25 bp Market pricing 0 bp -25 bp 18
Slide 19: Longer-term rates do not necessarily follow the Fed's policy changes
Longer-term rates do not necessarily follow the Fed’s policy changes 19
Slide 20: Market update
Making Sense co First CitizensWealth.. Market update
Slide 21: Small cap and international equities are outperforming US large cap
Small cap and international equities are outperforming US large cap this year 21
Slide 22: Equity returns have been mixed around past oil price shocks
Equity market returns have been mixed around past oil price shocks 22
Slide 23: Estimates point to robust corporate earnings and margin growth for 2026
Estimates point to robust corporate earnings and margin growth for 2026 Estimated Next 12-Month S&P 500 Operating Margin 20.0% ▪ CY 2025 estimated growth is 13.6% 19.5% 19.0% Q1 2026 estimated growth is 12.5% 18.0% 17.0% ▪ CY 2026 estimated growth is 16.3% 16.0% 15.0% ▪ Average growth since 1950 is
Slide 24: Mega cap tech companies are spending massively on AI infrastructure
Mega cap tech companies are spending massively on AI infrastructure 24
Slide 25: We are cautiously constructive on the S&P 500
We are cautiously constructive on the S&P 500 Next Twelve-Month S&P 500 Price Target Next Twelve Months Percent Change Price Level from 3/23/2026 Bear 5,300 -19.5% Base 7,300 10.9% Bull 7,900 20.0% Source: Bloomberg, FactSet, First Citizens Wealth 25
Slide 26: The yield curve has moved higher across the board
The yield curve has moved higher across the board US Treasury Yield Curve 5.2% 4.9% 4.9% 5.0% 4.8% 4.8% 4.8% 4.6% 4.3% 4.4% 4.1% 4.2% 3.9% 4.2% 4.0% 3.8% 3.8% 3.8% 3.7% 3.7% 3.9% 3.6% 3.7% As of 3.6% Latest date - Mar. 23, 2026 3.4% 3.5% 3.5% 3.5% Dec. 31, 2025 3.2% 1 3 6 1 2 3 5 7 10 20 30 M M M Yr
Slide 27: Interest rates have stepped higher in recent weeks
Interest rates have stepped higher in recent weeks Fixed Income Indices Yield to Worst 12/31/2025 2/27/2026 Latest Aggregate Bond 4.3% 4.2% 4.7% Intermediate Government/Credit 3.9% 3.8% 4.3% Municipal Bond 3.6% 3.3% 3.7% Investment Grade Corporate Bond 4.8% 4.7% 5.2% High Yield Corporate Bond 6.5% 6
Slide 28: Credit spreads remain near their tightest in years
Credit spreads remain near their tightest in years 28
Slide 29: Private debt has become a major asset class
Private debt has become a major asset class 29
Slide 30: In Brief and other market updates
Brent Ciliano, SVP In Brief | A look at the week ahead in under two minutes Chief Investment Officer every Monday morning Q&As | Monthly conversations covering 2-3 of the top questions we’re hearing from clients Phillip Neuhart, SVP Head of Market and Market updates | Monthly interactive discussions
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

First Citizens Bancshares — Investor Presentation (March 2026) on 6ix

First Citizens Bancshares — Investor Presentation (March 2026)

Slide 1: Market Update | March 2026

Slide 2: What are we going to cover?

Slide 3: Special update: War in the Middle East

Slide 4: Geopolitical risk has moved higher this decade

Slide 5: The Middle East war is causing the largest oil supply disruption in history

Slide 6: Energy markets have seen the most disruption so far

Slide 7: Equities typically rally after major global events

Slide 8: Economic update

Slide 9: GDP is still growing at a solid, above-trend pace

Slide 10: Oil prices have risen sharply since the start of the war

Slide 11: Households have never spent so little of their incomes at the pump

Slide 12: The last mile back to 2% inflation is proving to be the hardest

Slide 13: Markets now see inflation at about 3% for the next 2 years

Slide 14: Household spending growth has decelerated

Slide 15: Smaller businesses are facing slower employment growth

Slide 16: Payroll job growth has slowed to a stall

Slide 17: Fewer jobs available, but aggregate layoffs remain low

Slide 18: Markets no longer expect the Fed to cut rates this year

Slide 19: Longer-term rates do not necessarily follow the Fed's policy changes

Slide 20: Market update

Slide 21: Small cap and international equities are outperforming US large cap

Slide 22: Equity returns have been mixed around past oil price shocks

Slide 23: Estimates point to robust corporate earnings and margin growth for 2026

Slide 24: Mega cap tech companies are spending massively on AI infrastructure

Slide 25: We are cautiously constructive on the S&P 500

Slide 26: The yield curve has moved higher across the board

Slide 27: Interest rates have stepped higher in recent weeks

Slide 28: Credit spreads remain near their tightest in years

Slide 29: Private debt has become a major asset class

Slide 30: In Brief and other market updates

Slide 31: Authors Important Disclosures