First Citizens Reports $606 Million in Third-Quarter Net Income, Announces $1.2 Billion Share Repurchase Plan
First Citizens BancShares, Inc. (Nasdaq: FCNCA), headquartered in Raleigh, North Carolina, reported third-quarter 2026 earnings on October 23. Net income was $606 million, compared with $672 million in the 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 was $652 million, and adjusted net income available to common stockholders was $623 million, or $55.37 per share.
Chairman and CEO Frank B. Holding, Jr. said third-quarter performance exceeded the company's expectations, fueled by strong, high-quality top-line growth, accelerated loan and deposit growth, highly resilient credit quality, and expense discipline. The company returned $600 million to stockholders through share repurchases and repaid another $8.0 billion of the Purchase Money Note. The board also approved a new share repurchase plan authorizing repurchases of up to $1.2 billion of Class A common shares through 2027.
Loans and leases were $157.19 billion at September 30, 2026, up $6.16 billion, or 4.1%, from June 30. Deposits were $185.26 billion, up $11.84 billion, or 6.8%. Total investment securities were $44.88 billion. Borrowings fell to $24.47 billion, mainly on the $8.00 billion of payments on the Purchase Money Note, whose balance declined from $35.85 billion a year earlier to $20.45 billion.
On September 4, 2026, First-Citizens Bank & Trust Company completed its acquisition of 138 branches from BMO Bank N.A. across the Midwest, Great Plains and West, assuming approximately $4.9 billion in deposits and acquiring approximately $650 million in loans. General Bank segment deposits rose $5.66 billion in the quarter, largely on the roughly $4.86 billion assumed in the acquisition.
Net interest income was $1.70 billion, up $43 million from the linked quarter, with a net interest margin of 3.07%. Noninterest income was $734 million. The provision for credit losses was $55 million, net charge-offs were $103 million, and nonaccrual loans were $1.37 billion, or 0.87% of loans, down from 0.96% at June 30. The company repurchased 278,828 Class A shares for $600 million in the quarter and paid a dividend of $2.10 per share. First Citizens is a top 20 U.S. financial institution with more than $225 billion in assets and a member of the Fortune 500.
Source: GSM · USA (original Chinese edition)
Photo: First Citizens 总部所在地 Raleigh 市中心天际线（资料图）。Abhiram Juvvadi 摄，CC BY-SA 4.0，经 Wikimedia Commons 取用 / The downtown Raleigh skyline, where First Citizens is headquartered (file photo). Photo by Abhiram Juvvadi, CC BY-SA 4.0, via Wikimedia Commons
