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First Citizens BancShares, Inc.
NASDAQ: FCNCA Financials Bank 🔎 Screen
🏹 Trader: 🎯 Near 52W High | BRS 66 Forming View all →
$28.4B
Market Cap
13.0
P/E
0.91
PEG
ROCE
9.9%
ROE
1.61
D/E
OPM
-5.8%
% from 52W High
56
α RS
🌏 Global Investor Returns
Currency-adjusted total returns for FCNCA including FX impact
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📈 Price History
Ratio Health
Excellent
Good
Average
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By Category
📊 Sector Averages
About

First Citizens BancShares, Inc. operates as the holding company for First-Citizens Bank & Trust Company that provides retail and commercial banking services to individuals, businesses, and professionals in the United States and internationally.

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📈 Growth Pattern
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⭐ Superinvestors Holding FCNCA
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Manager Shares Value % of Fund Period
Jim Simons Renaissance Technologies LLC 15.3K $28.8M 0.05% Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

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3-Statement Financial Model
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📊 MIXED Adjusted EPS $44.86, ROE 10.39%, ROA 0.97%; deposits up 5.7% sequentially
Revenue & Profitability
Net interest income declined $101 million sequentially in Q1 2026, with a net interest margin of 3.09%. Adjusted net income was $560 million, or $44.86 per share. Non-interest income was $9 million lower sequentially but in line with guidance. For the full year 2026, net interest income guidance is tightened to $6.5-6.8 billion, and adjusted non-interest income guidance raised to $2.12-2.22 billion. Net charge-offs were 30 basis points in Q1, with full-year guidance lowered to 30-40 basis points.
Outlook
Management expressed a guarded outlook due to a fluid macroeconomic and geopolitical backdrop. Loan demand is expected to be anchored by Global Fund Banking, with a robust $12 billion pipeline, while middle-market growth is expected but with caution. Deposit competition remains intense across all channels, with elevated rates persisting. The company anticipates net charge-offs to remain in the 30-40 basis point range for the full year, with elevated losses in the commercial general office and SVB commercial books.
Growth Drivers
Key growth levers include Global Fund Banking, which drove record production and a $12 billion pipeline, and tech and healthcare banking, which saw deposit growth of $5.6 billion in Q1. Middle-market banking added $327 million in loan growth. The General Bank and Direct Bank are expected to support deposit growth, aided by marketing campaigns and competitive pricing. Off-balance sheet client funds also grew, contributing to fee income.
Balance Sheet & CapEx
Not explicitly discussed as CapEx, but management highlighted continued deliberate investments in technology platforms essential for scaling operations and enhancing client experience. The brand unification announced in Q1 2026 (transition to a united brand structure in Q4 2026) is expected to add $20-30 million to full-year non-interest expense, reflecting investments in marketing and operational alignment.
Margins
The net interest margin compressed to 3.09% in Q1 2026, with expectations for NIM to trough in Q3 2026. For Q2, headline NIM is expected in the mid-3.0% range and ex-accretion in the high 2.9%. The adjusted efficiency ratio is expected to be in the lower 60% range for 2026, with a long-term target of mid-50s. Management is focused on expense discipline and returning to positive operating leverage as the rate environment normalizes.
Key Risks
Risks flagged in the call include macroeconomic and geopolitical uncertainty, which could impact loan demand and client activity. Deposit outflows from Global Fund Banking and tech/healthcare are expected to be lumpy, with some anticipated in April. Credit risks in the commercial general office and SVB commercial books remain elevated, with a handful of large deals potentially causing lumpiness in net charge-offs. The company also faces risks from concentrated exposure to the software industry ($8.1 billion on-balance-sheet loans).
Generated by AI · Q1 2026 results · Not investment advice
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✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter
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📞 Earnings Call Transcripts (5)
Q2 2026 Q2 2026 2026-07-23
Q2 2026 saw strong sequential growth, with adjusted net income up over 20% and robust loan and deposit expansion across key segments. Guidance was raised for non-interest income and improved for expenses and credit, while capital actions and the BMO acquisition support future growth.
Q1 2026 Q1 2026 2026-04-23
Q1 2026 saw strong deposit and loan growth, resilient credit quality, and lower expenses despite net interest margin pressure from lower rates. Guidance for 2026 remains steady, with continued focus on capital optimization, disciplined expense management, and strategic brand unification.
Q4 2025 Q4 2025 2026-01-23
Q4 2025 saw strong adjusted EPS and ROE, with resilient net interest income and stable credit quality. 2026 guidance anticipates moderate loan and deposit growth, continued tech investment, and disciplined expense management amid macroeconomic uncertainty and rate volatility.
Q3 2025 Q3 2025 2025-10-23
Third-quarter results showed strong loan and deposit growth, stable NIM, and robust capital, with $587M adjusted net income and $44.62 adjusted EPS. Guidance for Q4 and full year remains cautious amid macro uncertainty, with continued investments and a focus on operational efficiency.
Q2 2025 Q2 2025 2025-07-25
Second quarter results featured strong net interest income, low charge-offs, and robust capital returns, with guidance reflecting cautious optimism amid macro uncertainty. Loan and deposit growth are expected to be led by the direct bank and SVB segments, while expense and income guidance was tightened for the year.
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📊 Analysis Methodology

This comprehensive investment analysis was conducted using The Finmagine™ Stock Analysis & Ranking Methodology, a proprietary framework that systematically evaluates stocks across five critical dimensions: Financial Health, Growth Prospects, Competitive Positioning, Management Quality, and Valuation.

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Financial Model
Projections are built from each company's audited annual financials (Income Statement, Balance Sheet, Cash Flow) over the last 5 fiscal years. Forward assumptions — revenue growth %, EBITDA margin, D&A (USD millions), interest expense, tax rate, and capex — are AI-generated using historical context and refreshed twice a year: after the December results season and after the September/Q4 results season.

DCF Valuation
Fair Value = Σ(FCFt / (1+WACC)t) + Terminal Value. Terminal Value uses the Gordon Growth Model: FCF5 × (1+g) / (WACC−g). Default WACC: 10% (US risk-free ~4.5%, equity risk premium ~5.5%). Default terminal growth: 3% (long-run US nominal GDP proxy).

CAGR Tracker
Expected 5-year CAGR = (DCF Fair Value / Current Price)1/5 − 1. Assumes fair value is reached in exactly 5 years — a mechanical estimate only.

Data Sources & Limitations
Financial statements sourced from public filings. Prices updated daily. Forward assumptions are AI-generated. All monetary values in USD millions. Non-US ADR companies may have currency conversion inaccuracies. Models are point-in-time and do not update intra-quarter or account for M&A, macro shocks, or extraordinary items.

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Investment Risk:
Investing in securities, including US equities and ETFs, involves inherent risks including the potential loss of principal. All investments are subject to market fluctuations, economic conditions, regulatory changes, and other factors that may affect their value. Past performance is not indicative of future results. This analysis is provided for informational and educational purposes only and should not be construed as investment advice under any circumstances.

No Investment Recommendation:
This analysis does not constitute, nor should it be interpreted as, an offer, solicitation, or recommendation to buy, sell, or hold any securities or financial products. Investors are strongly advised to conduct their own independent research and due diligence and to consult with a licensed financial advisor or an SEC-registered investment adviser before making any investment decisions, taking into account their individual financial situation, risk tolerance, and investment objectives.

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Conflict of Interest Disclosure:
The author and/or analyst may currently hold or have previously held positions in the securities discussed. Any such positions are not intended to influence the objectivity or independence of the analysis. This research is produced independently and is not sponsored, endorsed, or commissioned by any company or institution.

Information Sources:
The analysis is based on publicly available information including SEC filings (10-K, 10-Q), annual reports, management commentary, and publicly available financial data. Information is believed to be accurate as of the date of publication but may be subject to change without notice. Readers are encouraged to independently verify all information before acting upon it.

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