Highlights

  • First Citizens BancShares shares were trading at $2,375.84 on October 23, 2026, up 8.15%.
  • Third-quarter 2026 net income was $606 million, down from $672 million in the linked second quarter.
  • The company completed its acquisition of 138 BMO Bank branches on September 4, 2026, assuming about $4.9 billion in deposits.
  • The Board authorized a new $1.2 billion share repurchase plan through 2027, after returning $600 million to stockholders via buybacks in the third quarter.

First Citizens BancShares (Nasdaq: FCNCA) shares were trading at USD 2,375.84 on October 23, 2026, up 8.15%. The bank completed a large branch acquisition from BMO Bank N.A. in early September, reported third-quarter results on October 23 showing a sequential dip in earnings alongside continued balance sheet growth, and simultaneously announced a new multibillion-dollar share repurchase authorization.

Headquartered in Raleigh, North Carolina, First Citizens BancShares is the financial holding company for First-Citizens Bank & Trust Company, a top-20 U.S. financial institution and Fortune 500 member with more than $225 billion in assets. The company offers general banking services nationwide, commercial banking, innovation banking for businesses at every stage, and a nationwide direct bank.

Net Income Declines Sequentially as Loan and Deposit Growth Accelerates

Net income for the third quarter of 2026 was $606 million, compared with $672 million in the linked second quarter. Net income available to common stockholders was $577 million, or $51.23 per common share, down from $640 million, or $55.52 per share, in the linked quarter. Adjusted net income, a non-GAAP measure, was $652 million, compared with $691 million in the linked quarter.

Net interest income rose to $1.70 billion, an increase of $43 million over the linked quarter, as higher loan interest income and lower interest expense on borrowings were partly offset by higher interest expense on interest-bearing deposits. Net interest margin was 3.07%, down 3 basis points sequentially. Noninterest income fell to $734 million from $776 million, largely reflecting a swing in the fair value of equity warrants and a smaller gain on tax credit investments. Noninterest expense rose to $1.57 billion, up $22 million, including higher acquisition-related and other costs tied to the BMO transaction, partly offset by lower professional fees and marketing expense.

Loans and leases grew to $157.19 billion at September 30, 2026, up $6.16 billion, or 4.1%, from June 30, 2026, driven mainly by $5.48 billion of growth in the Commercial Bank segment, concentrated in Fund Banking. Deposits rose to $185.26 billion, up $11.84 billion, or 6.8%, reflecting approximately $4.86 billion of deposits assumed in the BMO Branch Acquisition along with growth in Direct Bank and brokered deposits. Borrowings fell to $24.47 billion, down $7.72 billion, after the company repaid $8.00 billion of its Purchase Money Note, which has now declined to $20.45 billion from $35.85 billion a year earlier.

Credit Quality Remains Stable While Capital Returns Expand

The provision for loan and lease losses was $50 million, up from $34 million in the linked quarter, mainly reflecting a smaller reserve release than in the prior period. Net charge-offs were $103 million, or 0.27% of average loans, compared with $108 million, or 0.29%, in the linked quarter, and nonaccrual loans declined to $1.37 billion, or 0.87% of loans, from $1.45 billion, or 0.96%. Capital ratios remained above regulatory requirements, with an estimated Common Equity Tier 1 ratio of 10.24% and Tier 1 leverage ratio of 9.00% at quarter end; the company also issued $300 million of Series F perpetual preferred stock during the quarter, included in Tier 1 capital.

Chairman and Chief Executive Officer Frank B. Holding, Jr. said third-quarter performance exceeded the company’s expectations, citing strong top-line growth, accelerated loan and deposit growth, resilient credit quality and expense discipline. During the quarter, BancShares repurchased 278,828 shares of Class A common stock for $600 million and paid a dividend of $2.10 per share. Since the inception of its 2024 Share Repurchase Plan through September 30, 2026, the company has repurchased 3,420,683 shares for $6.79 billion. As of quarter end, $711 million remained available under the 2025 Share Repurchase Plan, and the Board separately approved a new plan authorizing up to $1.2 billion of repurchases through 2027. Liquid assets were $57.33 billion at quarter end, compared with $59.14 billion at June 30, 2026.