First Citizens Bancshares, Inc. · NASDAQ:FCNCA
First Citizens Bancshares — Q1 2026 Earnings Presentation
51 slides from First Citizens Bancshares's earnings presentation, Apr 23, 2026
Slide 1: First Citizens BancShares, Inc. First Quarter 2026 Earnings Conference Call
First Citizens BancShares, Inc. First Quarter 2026 Earnings Conference Call April 23, 2026
Slide 2: Table of Contents
2 Table of Contents Pages Section I – First Quarter Overview & Strategic Priorities 4–6 Section II – First Quarter 2026 Financial Results 7 – 27 Financial Highlights 8–9 Earnings Highlights 10 Net interest income, margin and betas 11 – 13 Noninterest income and expense 14 – 15 Balance Sheet Highligh
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: First Quarter Overview & Strategic Priorities
First Quarter Overview & Strategic Priorities Section I
Slide 5: First Quarter 2026 Snapshot
5 First Quarter 2026 Snapshot Key Highlights: Financial Results: ■ Resilient profitability: Adjusted EPS (1) • EPS, ROE and ROA results exceeded our expectations. $44.86 Adjusted ROE / ROA (1) ■ Strategic balance sheet management: • Achieved balance sheet growth with increases in both 10.39% / 0.97%
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: First Quarter 2026 Financial Results
First Quarter 2026 Financial Results Section II
Slide 8: 1Q26 Financial Results - Takeaways
8 1Q26 Financial Results - Takeaways EPS, ROE and ROA exceeded our Credit quality remained stable, with the NCO 1 expectations despite NIM compression due 5 ratio declining 9 basis points from the linked to lower rates. quarter and below our guidance range. Noninterest expense came in below our Repa
Slide 9: Financial Highlights
9 Financial Highlights 1Q26 4Q25 1Q25 Reported Adjusted Reported Adjusted Reported Adjusted (Non-GAAP) (Non-GAAP) (Non-GAAP) EPS (basic and diluted) $ 42.63 $ 44.86 $ 45.81 $ 51.27 $ 34.47 $ 37.79 ROE 9.88 % 10.39 % 10.66 % 11.93 % 8.79 % 9.64 % ROTCE (non-GAAP) 10.14 10.67 10.94 12.25 9.04 9.91 ROA
Slide 10: Quarterly Earnings Highlights
10 Quarterly Earnings Highlights ($ in millions) Increase (decrease) Reported 1Q26 vs 4Q25 (1) 1Q26 vs 1Q25 (1) 1Q26 4Q25 1Q25 $ % $ % Net interest income $ 1,621 $ 1,722 $ 1,663 $ (101) (5.9)% $ (42) (2.5)% Noninterest income 692 715 635 (23) (3.2) 57 8.9 Net revenue 2,313 2,437 2,298 (124) (5.1) 1
Slide 11: Net interest income and margin
11 Net interest income and margin ($ in millions) $(101) millio $(91) million n & (-11 bps) & (-10 bps) $1,663 $1,695 $1,734 $1,722 $1,673 $1,673 $1,621 $1,588 $1,629 $1,582 3.26% 3.26% 3.26% 3.20% 3.09% 3.12% 3.14% 3.15% 3.11% 3.01% 1Q25 2Q25 3Q25 4Q25 1Q26 1Q25 2Q25 3Q25 4Q25 1Q26 (1) (1) NII NIM
Slide 12: NIM Rollforward
12 NIM Rollforward 4Q25 to 1Q26 (-11 bps) 0.05% 0.07% 0.10% 3.20% (0.15)% (0.06)% 3.09% (0.05)% (0.05)% (0.02)% 4Q25 Loan Deposit rate Debt Loan yield Investment Deposit FFS yield / PAA 1Q26 volume volume yield / volume volume volume 1Q25 to 1Q26 (-17 bps) 0.14% 0.04% 0.23% 3.26% (0.26)% 3.09% (0.10
Slide 13: Deposit Betas
13 Deposit Betas Tightening Cycle Easing Cycle Terminal beta 63% 64% 61% 58% 56% 56% 53% 52% 49% 50% 46% 45% 46% 47% 42% 37% 39% 39% 38% 34% 35% 31% 30% 26% 23% 20% 16% 12% 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 - 3Q24 - 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 Jul/Aug Sep Actual cumulative beta Actual cumulative
Slide 14: Noninterest income
14 Noninterest income ($ in millions) $699 $715 $692 $678 $635 $181 $186 $172 $165 $156 $479 $513 $518 $529 $520 1Q25 2Q25 3Q25 4Q25 1Q26 Adjusted (Non-GAAP) (1) Notable items (2) Increase (decrease) Noninterest income 1Q26 vs 4Q25 1Q26 vs 1Q25 1Q26 4Q25 3Q25 2Q25 1Q25 $ % $ % Total reported noninte
Slide 15: Noninterest expense
15 Noninterest expense ($ in millions) $1,572 $1,536 $1,493 $1,500 $1,491 $204 $206 $216 $221 $212 $1,277 $1,279 $1,279 $1,368 $1,330 1Q25 2Q25 3Q25 4Q25 1Q26 Adjusted (Non-GAAP) (1) Notable items (2) Increase (decrease) Noninterest expense 1Q26 vs 4Q25 1Q26 vs 1Q25 1Q26 4Q25 3Q25 2Q25 1Q25 $ % $ %
Slide 16: Balance Sheet Highlights
16 Balance Sheet Highlights ($ in millions, except per share data) Increase (decrease) 1Q26 vs 4Q25 (1) 1Q26 vs 1Q25 (1) SELECT PERIOD END BALANCES 1Q26 4Q25 1Q25 $ % $ % Interest-earning deposits at banks $ 23,189 $ 19,801 $ 24,692 $ 3,388 69.4 % $ (1,503) (6.1)% Investment securities 42,986 41,564
Slide 17: Loans and Leases
17 Loans and Leases ($ in millions) Period End Loans Average Loans $147,930 $148,692 $146,944 $149,121 $141,358 $141,269 $144,758 $140,780 $141,791 $142,857 $64,958 $64,367 $65,324 $64,884 $64,847 $64,987 $65,225 $64,890 $64,949 $65,059 $82,972 $84,325 $81,620 $84,237 $76,511 $76,282 $79,533 $75,890
Slide 18: Loans and Leases Composition
18 Loans and Leases Composition Increase (decrease) Period End Balances ($ in millions) 1Q26 vs 4Q25 (1) 1Q26 vs 1Q25 (1) 1Q26 4Q25 1Q25 $ % $ % Branch Network & Other (2) $ 43,857 $ 44,274 $ 43,864 $ (417) (3.8)% $ (7) —% Wealth & Private Banking 11,110 11,081 10,781 29 1.1 329 3.1 Mortgage 9,400 9
Slide 19: High Quality and Diversified NDFI Portfolio
19 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 $148,692 ■ ~ 83% of balance is in low risk capital call lines ■ ~ 8% of balance to tradit
Slide 20: Deposits
20 Deposits ($ in millions) Period End Deposits Average Deposits $170,842 $159,935 $163,190 $161,578 $160,624 $163,191 $165,927 $159,325 $156,378 $157,664 $43,606 $40,879 $42,752 $40,653 $40,049 $41,758 $40,724 $40,767 $39,154 $39,082 $127,236 $125,203 $118,558 $119,056 $120,438 $120,925 $117,224 $1
Slide 21: Deposit Composition
21 Deposit Composition Increase (decrease) Period End Balances ($ in millions) 1Q26 vs 4Q25 (1) 1Q26 vs 1Q25 (1) 1Q26 4Q25 1Q25 $ % $ % Branch Network & Other $ 63,834 $ 63,190 $ 62,664 $ 644 4.1 % $ 1,170 1.9 % Community Association Banking 8,306 7,739 8,104 567 29.7 202 2.5 Wealth & Private Bankin
Slide 22: SVB Commercial Funding Trends
22 SVB Commercial Funding Trends ($ in billions) Total client funds (EOP) Total client funds (Avg) % r 12.6 lion or 5.6% bill ion o $6.0 bil $13.7 $121.8 $113.7 $106.9 $108.1 $103.1 $107.7 $99.4 $101.7 $99.4 $97.3 $44.0 $38.4 $41.3 $39.9 $37.7 $39.2 $37.0 $37.8 $35.6 $35.5 $69.7 $77.8 $68.5 $72.4 $6
Slide 23: Funding Mix
23 Funding Mix ($ in millions) Period End Balances Increase (decrease) 1Q26 vs 1Q26 vs 1Q26 4Q25 3Q25 2Q25 1Q25 4Q25 1Q25 Total deposits $ 170,842 83.4 % $ 161,578 81.8 % $ 163,190 80.8 % $ 159,935 80.8 % $ 159,325 80.6 % $ 9,264 $ 11,517 Securities sold under customer repurchase agreements 170 0.1
Slide 24: Credit Quality Trends and Allowance
24 Credit Quality Trends and Allowance ($ in millions) Net charge-offs & NCO ratio Provision for credit losses $234 $191 $154 $144 $143 $119 $111 $115 0.65% 0.41% 0.39% $72 0.33% 0.30% $54 0.41% 0.37% 0.47% 0.45% 0.30% 1Q25 2Q25 3Q25 (1) 4Q25 (2) 1Q26 1Q25 2Q25 3Q25 (1) 4Q25 1Q26 NCO $ QTD NCO ratio
Slide 25: Allowance for loan and lease losses
25 Allowance for loan and lease losses ($ in millions) 4Q25 to 1Q26 $1,566 $10 $4 $1,558 $(14) $(8) 4Q25 Portfolio changes Economic scenarios Specific reserves Loan volume 1Q26 Highlights ALLL Coverage 3.5x 3.5x 1Q26 vs 4Q25 2.9x 2.7x • ALLL decreased $8 million from the linked quarter. 1.7x • The d
Slide 26: Capital
26 Capital Reported capital ratios (1) Capital ratio rollforward Risk-Based Capital Tier 1 15.23% Total Tier 1 CET1 Leverage 14.25% 14.05% 13.71% December 31, 2025 13.71% 11.91% 11.15% 9.29% 13.35% 13.51% 12.63% 12.15% Preferred issuance 0.21% 0.21% 0.00% 0.17% 11.91% 11.79% Net income 0.29% 0.29% 0
Slide 27: Share Repurchase Plan Update
27 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 21.53% of (814,641) Class A common shares and 20.04% of total 10,613,243 (1,578,462) common shares that were outstanding (1) as of (518
Slide 28: Financial Outlook
Financial Outlook Section III
Slide 29: Key Earnings Estimate Assumptions
29 Key Earnings Estimate Assumptions Metric 1Q26 2Q26 - Projected FY26 - Projected Loans and leases - EOP $148.7 billion $149 billion - $152 billion $153 billion - $157 billion Deposits - EOP $170.8 billion $171 billion - $174 billion $181 billion - $186 billion Zero to two 25 bps cuts in 2026; Inte
Slide 30: Appendix
A First Citizens BancShares’ Appendix Section IV
Slide 31: Reclassifications
31 Reclassifications Reclassifications In certain instances, amounts reported for prior periods in this investor presentation have been reclassified to conform to the current financial statement presentation. Such reclassifications had no effect on previously reported stockholders’ equity or net inc
Slide 32: Glossary of Abbreviations and Acronyms
32 Glossary of Abbreviations and Acronyms The following is a list of certain abbreviations and acronyms used throughout this document. AFS – Available for Sale NCO – Net Charge-Off ALLL – Allowance for Loan and Lease Losses NDFI – Non-Depository Financial Institution AOCI – Accumulated Other Compreh
Slide 33: BancShares Balance Sheets (unaudited)
33 BancShares Balance Sheets (unaudited) ($ in millions) Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 ASSETS Cash and due from banks $ 1,080 $ 801 $ 874 $ 889 $ 812 Interest-earning deposits at banks 23,189 19,801 24,798 26,184 24,692 Securities purchased under agreements to rese
Slide 34: BancShares Income Statements (unaudited)
34 BancShares Income Statements (unaudited) ($ in millions) 1Q26 4Q25 3Q25 2Q25 1Q25 INTEREST INCOME Loans and leases $ 2,206 $ 2,290 $ 2,300 $ 2,270 $ 2,236 Investment securities 384 424 433 419 414 Deposits at banks 196 226 265 256 245 Total interest income 2,786 2,940 2,998 2,945 2,895 INTEREST E
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 $ 75.9 $ 37,646 63% Commercial Bank 47.2 617,863 29 Corporate 47.7 60,485 88 Total $ 170.8 $ 59,276 62% Note – Commercial Bank i
Slide 36: Debt Securities Overview
36 Debt Securities Overview ($ in millions, period end balances) (1) 1Q26 (1) Duration in Carrying value (2) % of Portfolio Yield (3) years AFS Portfolio U.S. Treasury $ 12,442 29 % 4.06 % 1.0 Government agency 38 — 1.82 0.3 Residential mortgage-backed securities 17,595 41 4.09 3.1 Commercial mortga
Slide 37: General Bank Segment
37 General Bank Segment ($ in millions) Increase (decrease) 1Q26 vs 4Q25 1Q26 vs 1Q25 Earnings Summary 1Q26 4Q25 3Q25 2Q25 1Q25 $ % $ % Net interest income $ 813 $ 841 $ 846 $ 824 $ 788 $ (28) (3.4)% $ 25 3.2 % Total noninterest income 172 170 166 164 164 2 0.9 8 4.7 Total revenue 985 1,011 1,012 98
Slide 38: Commercial Bank Segment
38 Commercial Bank Segment ($ in millions) Increase (decrease) 1Q26 vs 4Q25 1Q26 vs 1Q25 Earnings Summary 1Q26 4Q25 3Q25 2Q25 1Q25 $ % $ % Net interest income $ 802 $ 834 $ 796 $ 789 $ 786 $ (32) (3.9)% $ 16 2.0 % Rental income on operating lease equipment 55 55 54 54 56 — — (1) (1.2) Less: deprecia
Slide 39: Rail Segment
39 Rail Segment ($ in millions) Increase (decrease) 1Q26 vs 4Q25 1Q26 vs 1Q25 Earnings Summary 1Q26 4Q25 3Q25 2Q25 1Q25 $ % $ % Net interest expense $ 58 $ 53 $ 55 $ 53 $ 52 $ 5 9.1 % $ 6 11.9 % Rental income on operating lease equipment 226 226 219 218 214 — — 12 5.4 Less: depreciation on operating
Slide 40: Corporate
40 Corporate ($ in millions) Increase (decrease) 1Q26 vs 4Q25 1Q26 vs 1Q25 Earnings Summary 1Q26 4Q25 3Q25 2Q25 1Q25 $ % $ % Net interest income $ 64 $ 100 $ 147 $ 135 $ 141 $ (36) (35.5)% $ (77) (54.3)% Total noninterest income — 14 22 11 (2) (14) (98.3) 2 114.2 Total revenue 64 114 169 146 139 (50
Slide 41: Purchase accounting marks
41 Purchase accounting marks ($ in millions) March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 Loans and leases (including off-balance sheet exposure) (1) Beginning balance - unamortized fair value mark $ (1,351) $ (1,411) $ (1,483) $ (1,561) $ (1,644) Other 3 1 1 3 —
Slide 42: Non-GAAP Reconciliations
Non-GAAP Reconciliations Section V
Slide 43: Notable Items
43 Notable Items (1) ($ in millions, except per share data) 1Q26 4Q25 3Q25 2Q25 1Q25 Rental income on operating lease equipment (2) $ (166) $ (166) $ (165) $ (155) $ (156) Realized gain on sale of investment securities, net — (3) — — — Fair value adjustment on marketable equity securities, net (3) (
Slide 44: Non-GAAP Reconciliations
44 Non-GAAP Reconciliations ($ in millions, except share and per share data) Non-GAAP Reconciliations 1Q26 4Q25 3Q25 2Q25 1Q25 Net income and EPS Net income (GAAP) a $ 534 580 568 575 483 Preferred stock dividends 26 14 14 14 15 Net income available to common stockholders (GAAP) b 508 566 554 561 46
Slide 45: Non-GAAP Reconciliations
45 Non-GAAP Reconciliations ($ in millions) Non-GAAP Reconciliations 1Q26 4Q25 3Q25 2Q25 1Q25 PPNR Net income (GAAP) a $ 534 580 568 575 483 Plus: provision for credit losses 72 54 191 115 154 Plus: income tax expense 171 231 183 183 168 PPNR (non-GAAP) l $ 777 865 942 873 805 Impact of notable item
Slide 46: Non-GAAP Reconciliations
46 Non-GAAP Reconciliations ($ in millions) Non-GAAP Reconciliations 1Q26 4Q25 3Q25 2Q25 1Q25 ROE and ROTCE Annualized net income available to common stockholders s = b annualized $ 2,062 2,247 2,196 2,249 1,898 Annualized adjusted net income available to common stockholders t = e annualized $ 2,170
Slide 47: Non-GAAP Reconciliations
47 Non-GAAP Reconciliations ($ in millions, except share and per share data) Non-GAAP Reconciliations 1Q26 4Q25 3Q25 2Q25 1Q25 Book value and tangible book value per common share Common shares outstanding at period end bb 11,689,314 12,139,159 12,618,629 13,075,979 13,414,938 Book value per share x/
Slide 48: Non-GAAP Reconciliations
48 Non-GAAP Reconciliations ($ in millions, except share and per share data) Non-GAAP Reconciliations 1Q26 4Q25 3Q25 2Q25 1Q25 Noninterest Income and Noninterest Expense: Commercial Bank Segment Noninterest income (GAAP) $ 285 296 290 282 257 Less: depreciation on operating lease equipment 43 44 43
Slide 49: Non-GAAP Reconciliations
49 Non-GAAP Reconciliations ($ in millions) Non-GAAP Reconciliations 1Q26 4Q25 3Q25 2Q25 1Q25 PPNR: General Bank Segment Segment net income (GAAP) $ 278 308 320 294 253 Plus: provision for credit losses 17 17 1 13 46 Plus: income tax expense 90 82 109 101 88 PPNR (non-GAAP) $ 385 407 430 408 387 PPN
Slide 50: Non-GAAP Reconciliations
50 Non-GAAP Reconciliations ($ in millions) Non-GAAP Reconciliations 1Q26 4Q25 3Q25 2Q25 1Q25 Total Risk Based Capital Ratio Total risk based capital ratio (GAAP) 13.51 % 13.71 % 14.05 % 14.25 % 15.23 % Less: impact of FDIC Shared-Loss Agreement — — — — 0.74 Adjusted total risk based capital ratio (
Slide 51: Non-GAAP Reconciliations
51 Non-GAAP Reconciliations ($ in millions) Non-GAAP Reconciliations 1Q26 4Q25 3Q25 2Q25 1Q25 Income tax expense Income tax expense (GAAP) $ 171 231 183 183 168 Impact of notable items 8 (50) 12 24 15 Adjusted income tax expense (non-GAAP) $ 179 181 195 207 183 Note: Certain items above do not preci
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