$FCNCN

FIRST CITIZENS BANCSHARES INC /DE/

CIK:0000798941|SEC Filings

Consolidated Statements of Income (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Interest income
Loans and leases	$ 2,253	$ 2,270	$ 4,459	$ 4,506
Investment securities	401	419	785	833
Deposits at banks	197	256	393	501
Total interest income	2,851	2,945	5,637	5,840
Interest expense
Deposits	881	894	1,714	1,787
Borrowings	314	356	646	695
Total interest expense	1,195	1,250	2,360	2,482
Net interest income	1,656	1,695	3,277	3,358
(Benefit) provision for credit losses	(10)	115	62	269
Net interest income after provision for credit losses	1,666	1,580	3,215	3,089
Noninterest income
Rental income on operating lease equipment	280	272	561	542
Fair value adjustment on marketable equity securities, net	15	2	18	(3)
Gain on sale of leasing equipment, net	14	8	25	13
Loss on extinguishment of debt	(7)	0	(15)	0
Other noninterest income	88	42	126	56
Total noninterest income	776	678	1,468	1,313
Noninterest expense
Depreciation on operating lease equipment	101	100	202	198
Maintenance and other operating lease expenses	67	55	132	113
Personnel cost	844	810	1,713	1,628
Net occupancy expense	59	61	119	119
Equipment expense	141	131	277	267
Professional fees	26	30	50	55
Third-party processing fees	100	63	193	126
FDIC insurance expense	39	38	77	76
Marketing expense	45	32	75	64
Acquisition-related expenses	8	38	13	80
Intangible asset amortization	11	13	24	28
Other noninterest expense	110	129	212	239
Total noninterest expense	1,551	1,500	3,087	2,993
Income before income taxes	891	758	1,596	1,409
Income tax expense	219	183	390	351
Net income (loss)	672	575	1,206	1,058
Preferred stock dividends	32	14	58	29
Net income available to common stockholders, basic	640	561	1,148	1,029
Net income available to common shareholders, diluted	$ 640	$ 561	$ 1,148	$ 1,029
Earnings per common share
Basic (in dollars per share)	$ 55.52	$ 42.36	$ 97.95	$ 76.73
Diluted (in dollars per share)	$ 55.52	$ 42.36	$ 97.95	$ 76.73
Weighted average common shares outstanding
Basic (in shares)	11,535,792	13,237,226	11,729,271	13,405,295
Diluted (in shares)	11,535,792	13,237,226	11,729,271	13,405,295
Lending-related fees
Noninterest income
Noninterest income	$ 73	$ 69	$ 142	$ 135
Deposit fees and service charges
Noninterest income
Noninterest income	74	59	144	117
Client investment fees
Noninterest income
Noninterest income	59	52	112	105
Wealth management services
Noninterest income
Noninterest income	62	55	121	111
International fees
Noninterest income
Noninterest income	36	33	71	65
Factoring commissions
Noninterest income
Noninterest income	18	18	35	35
Cardholder services, net
Noninterest income
Noninterest income	38	41	76	82
Merchant services, net
Noninterest income
Noninterest income	13	13	26	27
Insurance commissions
Noninterest income
Noninterest income	$ 13	$ 14	$ 26	$ 28

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 1,206	$ 1,058
Adjustments to reconcile net income to cash provided by operating activities:
Provision for credit losses	62	269
Deferred tax expense (benefit)	79	(74)
Depreciation, amortization, and accretion, net	336	193
Fair value adjustment on marketable equity securities, net	(18)	3
Gain on sale of loans, net	(8)	(4)
Gain on sale of operating lease equipment, net	(25)	(13)
(Gain) loss on other real estate owned, net	(2)	7
Loss on extinguishment of debt	15	0
Origination of loans held for sale	(681)	(678)
Proceeds from sale of loans held for sale	911	771
Impairment of premises and equipment and other assets	1	5
Net change in other assets	(183)	(241)
Net change in other liabilities	(447)	(290)
Other operating activities	(31)	(49)
Net cash provided by operating activities	1,215	957
CASH FLOWS FROM INVESTING ACTIVITIES
Net increase in interest-earning deposits at banks	(1,331)	(4,820)
Purchases of investment securities available for sale	(8,685)	(2,910)
Proceeds from maturities of investment securities available for sale	2,806	2,972
Proceeds from sales of investment securities available for sale	3,427	1,196
Purchases of investment securities held to maturity	(100)	(218)
Proceeds from maturities of investment securities held to maturity	341	282
Net increase in securities purchased under agreements to resell	(505)	(142)
Net increase in loans	(3,968)	(1,320)
Proceeds from sales of loans	1,265	146
Net increase in credit balances of factoring clients	181	127
Purchases of operating lease equipment	(382)	(385)
Proceeds from sales of operating lease equipment	146	124
Purchases of premises and equipment	(243)	(229)
Proceeds from sales of other real estate owned	26	10
Other investing activities	(267)	(272)
Net cash used in investing activities	(7,289)	(5,439)
CASH FLOWS FROM FINANCING ACTIVITIES
Net increase (decrease) in time deposits	3,891	(2,010)
Net increase in demand and other interest-bearing deposits	7,955	6,885
Net (decrease) increase in securities sold under agreements to repurchase	(72)	104
Repayment of long-term borrowings	(5,005)	(352)
Net proceeds from issuance of long-term borrowings	1,244	1,242
Issuance of Series E preferred stock	390	0
Repurchase of Class A common stock	(1,505)	(1,231)
Cash dividends paid	(106)	(82)
Other financing activities	0	1
Net cash provided by financing activities	6,792	4,557
Change in cash and due from banks	718	75
Cash and due from banks at beginning of period	801	814
Cash and due from banks at end of period	1,519	889
Cash paid during the period for:
Interest	2,263	2,422
Income taxes	168	171
Significant non-cash investing and financing activities:
Transfers of loans to other real estate	15	54
Transfer of assets from held for investment to held for sale	862	286
Transfer of assets from held for sale to held for investment	55	0
Retained interests in a securitization	18	0
Commitments extended during the period on affordable housing investment credits	$ 32	$ 197

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Assets
Cash and due from banks	$ 1,519	$ 801
Interest-earning deposits at banks	21,132	19,801
Securities purchased under agreements to resell	737	232
Investment in marketable equity securities (cost of $95 at June 30, 2026 and $83 at December 31, 2025)	156	127
Investment securities available for sale (cost of $34,510 at June 30, 2026 and $31,952 at December 31, 2025)	33,983	31,790
Investment securities held to maturity (fair value of $8,214 at June 30, 2026 and $8,491 at December 31, 2025)	9,418	9,647
Assets held for sale	93	804
Loans and leases	151,034	147,930
Allowance for loan and lease losses	(1,484)	(1,566)
Loans and leases, net of allowance for loan and lease losses	149,550	146,364
Operating lease equipment, net	9,755	9,621
Premises and equipment, net	2,523	2,447
Goodwill	346	346
Other intangible assets, net	171	195
Other assets	7,459	7,523
Total assets	236,842	229,698
Deposits:
Noninterest-bearing	42,475	40,653
Interest-bearing	130,952	120,925
Total deposits	173,427	161,578
Credit balances of factoring clients	1,339	1,148
Borrowings:
Short-term borrowings	152	224
Long-term borrowings	32,036	35,784
Total borrowings	32,188	36,008
Other liabilities	7,988	8,726
Total liabilities	214,942	207,460
Stockholders’ equity
Preferred stock - $0.01 par value (20,000,000 shares authorized at June 30, 2026 and December 31, 2025)	1,765	1,375
Retained earnings	20,354	20,768
Accumulated other comprehensive (loss) income	(230)	83
Total stockholders’ equity	21,900	22,238
Total liabilities and stockholders’ equity	236,842	229,698
Class A common stock
Stockholders’ equity
Common stock	10	11
Class B common stock
Stockholders’ equity
Common stock	$ 1	$ 1