First Citizens BancShares, Inc. (FCNCA)

First Citizens BancShares reported net income of $606 million for the third quarter of 2026, down from $672 million in the second quarter 2.

Loans and leases reached $157.19 billion, up $6.16 billion in the quarter 2. Deposits, the money customers keep at the bank, reached $185.26 billion, up $11.84 billion 2.

On 4 September 2026 the bank completed its purchase of 138 branches from BMO Bank 24. It took on about $4.9 billion in deposits and about $650 million in loans 2.

Management also repaid another $8.0 billion of the Purchase Money Note, the loan from the FDIC that came with the 2023 Silicon Valley Bridge Bank deal 23.

The company bought back $600 million of its own shares in the quarter 2.

On 23 October 2026 the board authorized further buybacks of up to $1.2 billion of Class A shares in 2027, with no minimum required 1.

Net interest margin, the gap between what the bank earns on loans and securities and what it pays for funds, was 3.07 percent, down 3 basis points from the second quarter 2.

The company began in 1898 as the Bank of Smithfield in Smithfield, North Carolina, and later took the name First-Citizens Bank & Trust Company 3.

BancShares was incorporated in Delaware on 7 August 1986 to become the parent company of that bank 3.

Descendants of Robert P Holding, who came to control the bank during the 1920s, have served as directors and executives and have stayed large stockholders since 1986 3.

BancShares merged with CIT Group Inc on 3 January 2022 3.

The biggest change came on 27 March 2023, when the bank acquired substantially all loans of Silicon Valley Bridge Bank from the FDIC and took on all its customer deposits 3.

That bridge bank was set up after the closure of the former Silicon Valley Bank, and BancShares kept the Silicon Valley Bank name as a division 3.

The assets were worth more than the price paid, so the bank booked a gain of $9.81 billion in 2023 3. Net income that year was $11,466 million, against $2,777 million in 2024 3.

To pay, the bank issued a five-year note of about $35 billion to the FDIC, called the Purchase Money Note, later restated at about $36.07 billion 3.

The FDIC also shared losses on about $60 billion of commercial loans until the two sides agreed to end that arrangement on 7 April 2025 3.

Net income fell to $2,206 million in 2025 from $2,777 million in 2024 3. Net interest income, the gap between interest earned and interest paid, was $6,814 million in 2025 against $7,143 million a year earlier 3.

The Commercial Bank segment earned less in 2025, mainly on lower net interest income and a bigger provision for credit losses, which includes an $82 million charge-off on a single supply chain finance client 3.

General Bank

The General Bank serves people and businesses through branches and digital channels, with deposits, loans (mostly business loans and home mortgages), wealth management and private banking 3.

In 2025 it had revenue of $3,963 million and net income of $1,175 million, up from $941 million 3.

Commercial Bank

The Commercial Bank lends to small and mid-sized companies, offers leasing, factoring and asset-based lending, and serves private equity, venture capital and technology, life sciences and healthcare clients 3.

The old Silicon Valley Bank commercial segment was folded into it in a 2025 reporting change 3.

In the third quarter its loans grew $5.48 billion, mainly in Fund Banking 2.

Rail

Rail leases railcars and locomotives to railroads and shippers 3.

Rental income on this equipment rose $8 million in the third quarter, on a larger railcar portfolio, better pricing and higher use 2.

Direct Bank and investment services

The Direct Bank is a nationwide digital bank that gathers deposits from consumers 3.

Corporate deposits rose $4.71 billion in the third quarter, with Direct Bank deposits up $3.21 billion and brokered deposits up $1.32 billion 2.

Investment products come through subsidiaries such as First Citizens Investor Services, a registered broker-dealer, and First Citizens Asset Management, a registered investment adviser 3.

Branches, people and rivals

At the end of 2025 the bank operated more than 500 branches and offices and employed 18,141 people 3.

Headquarters is a nine-story building of about 163,000 square feet in Raleigh, North Carolina, owned by the bank 3.

As of 30 June 2025 it held 11.8 percent of North Carolina deposits and 9.5 percent of South Carolina deposits 3.

That made it the third largest bank in North Carolina and the fourth largest in South Carolina by deposits 3.

Bank of America and Truist Bank were the two larger banks in North Carolina 3.

Frank B Holding Jr is chairman and chief executive, Hope Holding Bryant is vice chairwoman, and Peter M Bristow is president 3.

Credit and capital

Net charge-offs, loans the bank wrote off, were $103 million in the third quarter, or 0.27 percent of average loans 2.

Nonaccrual loans, those the bank has stopped counting interest on, were $1.37 billion, or 0.87 percent of loans, at 30 September 2026 2.

The estimated common equity Tier 1 ratio, a core measure of capital strength, was 10.24 percent at 30 September 2026 2.

In September the company sold 300,000 depositary shares of a new 7.500% Series F preferred stock, which added $300 million to Tier 1 capital 52.

The annual report names competition from banks, credit unions, private credit providers and digital asset firms as a pressure on pricing and deposits 3.

The umbrella, in words

First Citizens BancShares is the holding company of First-Citizens Bank & Trust Company, its banking subsidiary 3.

Other subsidiaries include First Citizens Investor Services, First Citizens Asset Management, First Citizens Delaware Trust Company, First Citizens Capital Securities, SVB Wealth and SVB Asset Management 3.

The bank also owns a fleet of railcars and locomotives that it leases out 3.

It owns its Raleigh headquarters, two more Raleigh facilities and a Columbia, South Carolina facility used as data or operations centers 3.

The Holding family controls the vote through Class B common stock, which casts 16 votes a share 3. About 60 percent of Class B and over 20 percent of Class A may be deemed beneficially owned by family members 3.

The company has Class A common stock and three series of preferred depositary shares listed on Nasdaq 1.

The board authorized buying back up to $1.2 billion of Class A shares in 2027, to be used at management’s discretion 1.

At 30 September 2026 the company had $711 million of capacity left under its 2025 repurchase plan 2.

In the annual report the bank expected the BMO branch deal to bring about $5.7 billion in deposits and $1.1 billion in loans 3.

At close it took on about $4.9 billion in deposits and about $650 million in loans 2.

The company said it would keep weighing further prepayments of the Purchase Money Note, which carries a fixed rate of 3.50 percent 3.

The note fell from $35.85 billion to $20.45 billion over the year to 30 September 2026 2.

The annual report says the company plans to keep growing organically and expects to keep pursuing acquisitions, which need regulatory approval 3.