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First Citizens BancShares Reports Fourth Quarter 2024 Earnings

1. FCNCA reported Q4 2024 earnings of $700 million, a 9.5% increase. 2. Shares repurchased: 461,583 at $963 million, showing strong liquidity. 3. Adjusted net income decreased to $643 million compared to the linked quarter. 4. Significant decrease in income tax expense attributed to updated state tax rates. 5. Natural disasters impact: Company supports affected communities in recovery efforts.

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Why Bullish?

Strong earnings and share buybacks indicate confidence in future performance.

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Earnings results and repurchase plans likely motivate investor interest and buying.

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Immediate effects from earnings and buybacks may influence stock price shortly.

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RALEIGH, N.C., Jan. 24, 2025 /PRNewswire/ -- First Citizens BancShares, Inc. ("BancShares") (Nasdaq: FCNCA) reported earnings for the fourth quarter of 2024. Chairman and CEO Frank B. Holding, Jr. said: "We delivered another quarter of strong financial results and experienced loan and deposit growth across all of our segments. Credit remained stable and our solid capital and liquidity positions allowed us to repurchase 461,583 shares of our Class A common stock for $963 million during the fourth quarter. "In the wake of the recent wildfires and Hurricanes Helene and Milton, our thoughts continue to be with our associates, clients and communities across the West Coast and Southeast affected by these devastating natural disasters. We are committed to continuing our support for the mobilization of resources to impacted areas and the longer-term revitalization efforts." FINANCIAL HIGHLIGHTS Measures referenced below "as adjusted" or "excluding PAA" (or purchase accounting accretion) are non-GAAP financial measures (refer to the Financial Supplement available at ir.firstcitizens.com or www.sec.gov for a reconciliation of each non-GAAP measure to the most directly comparable GAAP measure). Net income for the fourth quarter of 2024 ("current quarter") was $700 million compared to $639 million for the third quarter of 2024 ("linked quarter"). Net income available to common stockholders for the current quarter was $685 million, or $49.21 per diluted common share, a $61 million increase from $624 million, or $43.42 per diluted common share, in the linked quarter. Adjusted net income for the current quarter was $643 million compared to $675 million for the linked quarter. Adjusted net income available to common stockholders was $628 million, or $45.10 per diluted common share, a $32 million decrease from $660 million, or $45.87 per diluted common share, in the linked quarter. Current quarter results were primarily impacted by the following notable items to arrive at adjusted net income available to common stockholders: NET INTEREST INCOME AND MARGIN NONINTEREST INCOME AND EXPENSE BALANCE SHEET SUMMARY PROVISION FOR CREDIT LOSSES AND CREDIT QUALITY INCOME TAXES Income tax expense was $36 million compared to $234 million in the linked quarter. The decrease of $198 million was primarily attributable to a change in our estimated state tax rates during the current quarter after filing our first income tax returns that reflected the SVBB Acquisition. The effective tax rate for 2024 was 22.7% and the adjusted effective tax rate was 25.6%. CAPITAL AND LIQUIDITY EARNINGS CALL/ WEBCAST DETAILS BancShares will host a conference call to discuss the company's financial results on Friday, January 24, 2025, at 9 a.m. Eastern time. The call may be accessed via webcast on the company's website at ir.firstcitizens.com or through the dial-in details below: North America: 1-833-470-1428All other locations: 1-929-526-1599Access code: 535033 Our earnings release, investor presentation, and financial supplement are available at ir.firstcitizens.com. In addition, these materials will be furnished to the Securities and Exchange Commission (the "SEC") on a Form 8-K and will be available on the SEC website at www.sec.gov. After the event, a replay of the call will be available via webcast at ir.firstcitizens.com. ABOUT FIRST CITIZENS BANCSHARES First Citizens BancShares, Inc. (Nasdaq: FCNCA), a top 20 U.S. financial institution with more than $200 billion in assets and a member of the Fortune 500™, is the financial holding company for First-Citizens Bank & Trust Company ("First Citizens Bank"). Headquartered in Raleigh, N.C., First Citizens Bank has built a unique legacy of strength, stability and long-term thinking that has spanned generations. First Citizens offers an array of general banking services including a network of more than 500 branches and offices in 30 states; commercial banking expertise delivering best-in-class lending, leasing and other financial services coast to coast; innovation banking serving businesses at every stage; personalized service and resources to help grow and manage wealth; and a nationwide direct bank. Discover more at firstcitizens.com. FORWARD-LOOKING STATEMENTS This communication contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 regarding the financial condition, results of operations, business plans, asset quality, future performance, and other strategic goals of BancShares. Words such as "anticipates," "believes," "estimates," "expects," "predicts," "forecasts," "intends," "plans," "projects," "targets," "designed," "could," "may," "should," "will," "potential," "continue," "aims" or other similar words and expressions are intended to identify these forward-looking statements. These forward-looking statements are based on BancShares' current expectations and assumptions regarding BancShares' business, the economy, and other future conditions. Because forward-looking statements relate to future results and occurrences, they are subject to inherent risks, uncertainties, changes in circumstances and other factors that are difficult to predict. Many possible events or factors could affect BancShares' future financial results and performance and could cause actual results, performance or achievements of BancShares to differ materially from any anticipated results expressed or implied by such forward-looking statements. Such risks and uncertainties include, among others, general competitive, economic, political (including the new presidential administration), geopolitical events (including conflicts in Ukraine and the Middle East) and market conditions, including changes in competitive pressures among financial institutions and the impacts related to or resulting from previous bank failures, the risks and impacts of future bank failures and other volatility in the banking industry, public perceptions of our business practices, including our deposit pricing and acquisition activity, the financial success or changing conditions or strategies of BancShares' vendors or customers, including changes in demand for deposits, loans and other financial services, fluctuations in interest rates, changes in the quality or composition of BancShares' loan or investment portfolio, actions of government regulators, including recent interest rate cuts and any changes by the Board of Governors of the Federal Reserve Board (the "Federal Reserve"), changes to estimates of future costs and benefits of actions taken by BancShares, BancShares' ability to maintain adequate sources of funding and liquidity, the potential impact of decisions by the Federal Reserve on BancShares' capital plans, adverse developments with respect to U.S. or global economic conditions, including significant turbulence in the capital or financial markets, the impact of any sustained or elevated inflationary environment, the impact of any cyberattack, information or security breach, the impact of implementation and compliance with current or proposed laws, regulations and regulatory interpretations, including potential increased regulatory requirements, limitations, and costs, such as FDIC special assessments, increases to FDIC deposit insurance premiums and the proposed interagency rule on regulatory capital, along with the risk that such laws, regulations and regulatory interpretations may change, the availability of capital and personnel, and the risks associated with BancShares' previous acquisition transactions, including the acquisition of certain assets and liabilities of Silicon Valley Bridge Bank, N.A. and the previously completed transaction with CIT Group Inc., or any future transactions. BancShares' SRP allows BancShares to repurchase shares of its Class A common stock through 2025. BancShares is not obligated under the SRP to repurchase any minimum or particular number of shares, and repurchases may be suspended or discontinued at any time (subject to the terms of any Rule 10b5-1 plan in effect) without prior notice. The authorization to repurchase Class A common stock will be utilized at management's discretion. The actual timing and amount of Class A common stock that may be repurchased will depend on a number of factors, including the terms of any Rule 10b5-1 plan then in effect, price, general business and market conditions, regulatory requirements, and alternative investment opportunities or capital needs. Except to the extent required by applicable laws or regulations, BancShares disclaims any obligation to update forward-looking statements or to publicly announce the results of any revisions to any of the forward-looking statements included herein to reflect future events or developments. Additional factors which could affect the forward-looking statements can be found in BancShares' Annual Report on Form 10-K for the fiscal year ended December 31, 2023 and its other filings with the SEC. NON-GAAP MEASURES Certain measures in this release, including those referenced as "adjusted" or "excluding PAA," are "non-GAAP," meaning they are numerical measures of BancShares' financial performance, financial position or cash flows that are not presented in accordance with generally accepted accounting principles in the U.S. ("GAAP") because they exclude or include amounts or are adjusted in some way so as to be different than the most direct comparable measures calculated and presented in accordance with GAAP in BancShares' statements of income, balance sheets or statements of cash flows and also are not codified in U.S. banking regulations currently applicable to BancShares. BancShares management believes that non-GAAP financial measures, when reviewed in conjunction with GAAP financial information, can provide transparency about or an alternative means of assessing its operating results, financial position or cash flows to its investors, analysts and management. These non-GAAP measures should be considered in addition to, and not superior to or a substitute for, GAAP measures. Each non-GAAP measure is reconciled to the most comparable GAAP measure in the non-GAAP reconciliation. This information can be found in the Financial Supplement located in the Quarterly Results section of our website at https://ir.firstcitizens.com/financial-information/quarterly-results/default.aspx. Contact: Deanna Hart Angela English Investor Relations Corporate Communications 919-716-2137 803-931-1854 SOURCE First Citizens BancShares, Inc.

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