First Citizens Bancshares Inc. (FCNCA)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Revenue, last twelve months

$9.6B

Revenue growth

0.9%

Net income, last twelve months

$2.4B

Earnings per share

$187.04

Net margin

24.5%

Free cash flow

$2.5B

Return on equity

10.7%

Market value

$26.9B

Price to earnings

12.5x

Dividend yield

0.3%

Cash

$1.5B

Debt

$32.2B

Debt to equity

1.47

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

What the company said with its results

From the third quarter of 2026 results, filed 23 October 2026.

• Net income and EPS declined. Net income was $606 million against $672 million in the linked quarter. Net income available to common stockholders was $577 million, or $51.23 per share, against $55.52.
• Adjusted EPS declined. Adjusted net income available to common stockholders was $623 million, or $55.37 per share, down from $659 million, or $57.09 per share, in the linked quarter.
• Net interest income rose $43 million. Net interest income excluding purchase accounting accretion was $1.66 billion, up $47 million from the linked quarter.
• Net interest margin narrowed three basis points. Margin excluding purchase accounting accretion was 2.99%, down 2 basis points from the linked quarter.
• Funding cost rose faster than asset yield. Yield on interest-earning assets rose 2 basis points to 5.36%, while the rate paid on interest-bearing liabilities rose 6 basis points to 3.01%.
• Loan interest income rose $88 million. Higher average loan balances and yields lifted loan interest income, partly offset by a $5 million decrease in loan purchase accounting accretion.
• Deposit interest expense rose $90 million. Higher average balances and rates on interest-bearing deposits, including Direct Bank and brokered growth, raised deposit interest expense.
• Borrowing interest expense fell. Lower average borrowings after the Purchase Money Note repayment offset a higher average balance and rate on senior unsecured borrowings.
• Noninterest income fell $42 million. Noninterest income was $734 million, against $776 million. Adjusted noninterest income was $575 million, down $11 million from the linked quarter.
• Equity warrant fair value declined. Warrant fair value fell $6 million this quarter after a $31 million increase in the linked quarter. A $13 million rise in customer derivatives partly offset the decline.
• Leasing and fee income rose. Railcar rental income rose on portfolio growth, repricing and utilization. Lending-related fees rose $10 million and client investment fees rose $9 million.
• Noninterest expense rose $22 million. Noninterest expense was $1.57 billion. Adjusted noninterest expense was $1.36 billion, up $9 million, and acquisition-related expenses rose $10 million with the BMO completion.
• Marketing and professional fees fell. Marketing fell on lower Direct Bank promotion costs. Professional fees fell $8 million as several risk management and technology projects were completed.
• Debt extinguishment loss increased. The loss rose $12 million on $8.00 billion of Purchase Money Note payments, compared with $2.50 billion in the linked quarter.

Company events

The newest 8-K filings of 256 held.

Every filing

The newest filings with the SEC of 562 held.

Insider trades

Form 4 trades by officers, directors and 10% owners, last 12 months.

Planned insider sales

Form 144 notices, filed when the sell order goes to the broker.

Large holders

Schedule 13D and 13G filings by holders of more than 5% of the voting shares.

Trades by members of the House

From each member's periodic transaction report.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

684 funds held it at 30 Jun 2026: 240 added and 227 trimmed in the quarter. The largest:

Peers

Companies in the same industry.

• Bank of Nova Scotia (BNS): revenue $27.0B, market value $116.9B
• Bank of New York Mellon Corp. (BNY): revenue $21.4B, market value $100.9B
• Itaú Unibanco Holding S.A. (ITUB): revenue $30.1B, market value $81.6B
• Fifth Third Bancorp (FITB): revenue $10.7B, market value $48.5B
• State Street Corp. (STT): revenue $15.5B, market value $47.4B
• M&T Bank Corp. (MTB): revenue $10.0B, market value $31.8B
• Northern Trust Corp. (NTRS): revenue $9.1B, market value $31.4B
• Banco Bradesco S.A. (BBD): revenue –, market value $28.9B
• Citizens Financial Group Inc. (CFG): revenue $8.9B, market value $27.5B
• East West Bancorp Inc. (EWBC): revenue $3.1B, market value $18.0B

What the company does

First Citizens BancShares, Inc. is the holding company of First-Citizens Bank & Trust Company ("FCB"), a North Carolina state-chartered bank that opened in 1898 as the Bank of Smithfield in Smithfield, North Carolina. The holding company was incorporated in Delaware on 7 August 1986. It serves individuals, businesses and professionals through more than 500 branches and offices, mainly in the Southeast, Mid-Atlantic, Midwest and Western United States, and through a nationwide digital bank. It had 18,141 employees on 31 December 2025.

How the business is organised

The company reports three segments: the General Bank, the Commercial Bank and Rail. Everything else sits in Corporate, which includes the Direct Bank, a nationwide digital bank that takes deposits from consumers. Corporate also holds the investment securities and interest-earning deposits at banks.

The General Bank serves individuals and businesses through branches and digital channels. It offers deposit products, loans (primarily business and commercial loans and residential mortgages), wealth management, private banking and fee-based services. It also provides deposit, cash management and lending services to homeowner associations and property management companies.

The Commercial Bank lends to and leases to small and middle-market companies and provides capital markets and advisory services. It offers commercial deposit, liquidity management and international products. In 2025 the former SVB Commercial segment was folded into the Commercial Bank. The company keeps the Silicon Valley Bank brand as a division of FCB, following its 27 March 2023 acquisition of Silicon Valley Bridge Bank, N.A. from the Federal Deposit Insurance Corporation.

What it sells

Beyond lending and deposits, FCB's subsidiaries provide investment products and advice. First Citizens Investor Services, Inc. is a registered broker-dealer selling annuities, brokerage services and third-party mutual funds. It and First Citizens Asset Management, Inc. are registered investment advisers. First Citizens Capital Securities, LLC is a broker-dealer that also does underwriting and private placements. First Citizens Delaware Trust Company, SVB Wealth LLC, SVB Asset Management and First Citizens Institutional Asset Management, LLC complete the group.

Loans and deposits

Commercial loans make up 81% of loans and leases and consumer loans 19%. By class, commercial and industrial is 30%, capital call lines 21%, commercial real estate 16% and owner occupied commercial mortgage 12%. Residential mortgage is 15% of the total.

The company says it funds its business mainly through deposits, which were approximately 82% of total funding. The Direct Bank held 27.7% of total deposits, mostly savings accounts. The Commercial Bank held 25.7%, including large accounts of private equity and venture capital clients. Noninterest-bearing deposits were 25.2% of the total.

The rail fleet

FCB owns railcars and locomotives and leases them to railroads and shippers. The operating lease fleet was approximately 128,400 railcars and locomotives. Customers include all of the U.S. and Canadian Class I railroads, other railroads, manufacturers and commodity shippers. Railcar utilization, including commitments to lease, was 96.2%.

Where it operates

FCB had 209 branches and offices in North Carolina, 119 in South Carolina and 72 in California. It also operates branches in Arizona, Colorado, Florida, Georgia, Hawaii, Kansas, Maryland, Massachusetts, Missouri, Nebraska, Nevada, New Mexico, Oklahoma, Oregon, Tennessee, Texas, Virginia, Washington, West Virginia and Wisconsin. North Carolina, South Carolina and California held 25.7%, 7.7% and 6.9% of total deposits.

Its deposit market share was 11.8% in North Carolina, which made it the third largest bank there, and 9.5% in South Carolina, where it was fourth largest. On 16 October 2025 FCB announced an agreement to acquire 138 branches from BMO Bank N.A. in the Midwest, Great Plains and West regions. The company says it expects the deal to close in the second half of 2026.

Competition, regulation and ownership

The company describes financial services as highly competitive. It competes with national, regional and local providers and with non-bank firms, on customer service, range of products, price, reputation, interest rates and convenience.

BancShares is a bank holding company and has elected to be a financial holding company. It is supervised by the Federal Reserve, and FCB by the FDIC and the North Carolina Office of the Commissioner of Banks. The Consumer Financial Protection Bureau also oversees it. It is a Category IV banking organization under the Federal Reserve's tailoring rules.

Descendants of Robert P. Holding, who came to control FCB during the 1920s, have served on the boards and as executives and remain stockholders. Frank B. Holding, Jr., his grandson, is Chairman and Chief Executive Officer.

*From First Citizens BancShares's annual report on Form 10-K for the year ended 31 December 2025. [The filing](https://www.sec.gov/Archives/edgar/data/798941/000079894126000015/fcnca-20251231.htm)*

From the company's 10-K.