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FCNCA

First Citizens BancShares, Inc. Class A Common Stock Nasdaq Global Select
$882.73
Open: $842.24 High: $843.75 Low: $819.63 Close: $842.94
Range: 2021-05-06 - 2021-05-07
Volume: 32,122
Market: Closed
Powered by Finage Stock APIDelayed data
FCNCA
First Citizens BancShares, Inc. Class A Common Stock 4300 Six Forks Road Raleigh NC, 27609 http://www.firstcitizens.com
First Citizens BancShares Inc (DE) is a part of the financial sector in the United States. FCB provides a wide range of retail and commercial banking services, including traditional lending and deposit-taking.
  • CEO: Frank B. Holding
  • Employees: 6,799
  • Sector: Financial Services
  • Industry: Banks
FCNCA News
Latest news about the FCNCA
  • First Citizens Bank Forecast Shows Business Growth Confidence Back to Pre-Pandemic Levels

    Nearly 80% of small business owners optimistic for growth in the year aheadRALEIGH, N.C., May 03, 2021 (GLOBE NEWSWIRE) -- Small business owners have indicated a renewed sense of confidence for growth in their businesses during the year ahead despite the ongoing global pandemic, according to a new survey. The seventh annual First Citizens Bank Small Business Forecast found nearly 80% of respondents polled are confident or very confident in business growth over the next 12 months, which is a 9% increase since September 2020 and a return to pre-pandemic levels. Of the states in which the survey was conducted, California had the highest increase in business growth confidence — a 19% increase over the last six months with 84% of respondents expecting a strong year ahead. Forty percent cited COVID-19 as a top concern impacting their ability to meet their business goals this year, which is an 11% decrease from just six months ago, and 25% of business owners stated that COVID-19 increased demand for certain products/services. “The small business community continues to show us its resiliency and flexibility to adapt to today’s realities without letting the challenges steal their optimism for a brighter future,” said Doug Sprecher, director of Sales Strategy at First Citizens Bank. “This study indicates that small business owners are continuing to be resourceful to not only stabilize but also grow their businesses in the months and years ahead. For 123 years, First Citizens has been on the side — and by the side — of small business owners. We’ll continue to use this data to educate and arm them on the opportunities that exist for strong business performance, while helping them plan and address any challenges today’s market produces.” Economic Viewpoints The survey also found economic sentiments for this year and beyond are on the rise. Of those polled, 61% of respondents are confident or very confident about the economic conditions over the next year, which is a 4% increase from six months ago. California small business owners showed the greatest increase in the outlook for near-term economic conditions with 71% indicating they are confident or very confident about the economy in the year ahead. This is a 22% increase from September 2020. As it relates to long-term economic recovery, two-thirds of respondents stated they are optimistic or very optimistic about the economic conditions in the next two to three years. Once again, California showed the strongest gains in the long-term economic outlook with 74% (up 17% from September 2020) expressing optimism in the years ahead. Florida saw the sharpest decline in long-term economic optimism with just 54% (down 17% from September 2020) stating they were optimistic or very optimistic about the economy in that timeframe. Other Key Findings Of factors impacting business owners’ abilities to meet their goals in 2021, 35% said the new presidential administration was a top concern. Other factors included unpredictable market conditions (32%) and the impact of climate change (21%).Overall, business owners’ perceptions of being successful or very successful in the last six months declined from 71% in September 2020 to 61% in 2021. Florida (28%), Wisconsin (23%) and California (21%) showed the sharpest decline in perceived business performance with a difference of 28%, 23% and 21%, respectively.With 40% of business owners indicating they plan to secure funding in the next year, banks continue to lead the funding considerations at 49%. Business credit cards (40%) is a close second for funding considerations.Top growth strategies for the year ahead include adding new products/services (47%), increasing advertising or marketing budgets (43%), hiring more employees (40%), and increasing or upgrading current facilities/equipment (26%).Local loyalty continues to drive positive sentiment with 72% of all respondents in all five markets agreeing that the state where their business is located is a great place to start a small business. By state, the percentage of respondents agreeing their state is a great place to start a business is: California (62%), Wisconsin (74%), North Carolina (75%), South Carolina (76%) and Florida (77%) The First Citizens Bank Small Business Forecast is conducted annually in California, Florida, Wisconsin, South Carolina and North Carolina to assess the motivations, sentiments and success of small business owners in the United States. For more information on the survey and its results, visit firstcitizens.com/smallbizsurvey. About First Citizens BankFounded in 1898 and headquartered in Raleigh, N.C., First Citizens Bank is one of the largest family-controlled banks in the United States, with offices in 19 states. Drawing from over a century of experience serving the needs of business customers, First Citizens focuses on developing long-term relationships and offers a comprehensive array of products and services to help small businesses manage their finances and grow. First Citizens Bank is a major subsidiary of First Citizens BancShares Inc. (Nasdaq:FCNCA), which has over $53 billion in assets. For more information, call toll free 1.866.FCB 4BIZ (1.866.322.4249) or visit firstcitizens.com/small-business. First Citizens Bank. Forever First®. Contact:Barbara Thompson First Citizens Bank 919-716-2716

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  • First Citizens Bancshares Inc (FCNCA) Q1 2021 Earnings Call Transcript

    Ladies and gentlemen, thank you for standing by, and welcome to the First Citizens Bancshares First Quarter Earnings Conference Call. It is my pleasure to introduce our Chairman and Chief Executive Officer, Frank Holding; and our Chief Financial Officer, Craig Nix. Frank and Craig will provide an overview of our first quarter 2021 results and will be referencing our investor presentation, which you can find on our Investor Relations website.

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  • First Citizens BancShares, Inc. (North Carolina) to Host Earnings Call

    NEW YORK, NY / ACCESSWIRE / April 28, 2021 / First Citizens BancShares, Inc. (North Carolina) (OTC PINK:FCNCB) will be discussing their earnings results in their 2021 First Quarter Earnings call to be held on April 28, 2021 at 9:00 AM Eastern Time.

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  • First Citizens BancShares Declares Dividends

    RALEIGH, N.C., April 28, 2021 (GLOBE NEWSWIRE) -- The Board of Directors of First Citizens BancShares Inc. (Nasdaq: FCNCA) declared on April 27, 2021, a quarterly dividend of 47 cents per share on the company’s Class A and Class B common stock. The dividend is payable May 28, 2021, to shareholders of record May 14, 2021. The Board also declared a regular quarterly dividend on the company’s 5.375% non-cumulative perpetual preferred stock, Series A, to be paid on June 15, 2021, to holders of record as of May 31, 2021. There are currently 345,000 outstanding shares of the Series A preferred stock which are held pursuant to a Deposit Agreement dated March 12, 2020. Under that agreement, an aggregate of 13,800,000 depositary shares were issued, each representing a 1/40th interest in a share of the Series A preferred stock. ABOUT FIRST CITIZENS BANCSHARES First Citizens BancShares Inc. is the financial holding company for First Citizens Bank. First Citizens Bank provides a broad range of financial services to individuals, businesses, professionals and the medical community through branch offices in 19 states, digital banking, ATMs and telephone banking. For more information, visit First Citizens’ Web site at firstcitizens.com. Contact: Barbara ThompsonCorporate Communications919-716-2716 Deanna HartInvestor Relations919-716-2137

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  • First Citizens BancShares Reports Earnings for First Quarter 2021

    RALEIGH, N.C., April 28, 2021 (GLOBE NEWSWIRE) -- First Citizens BancShares Inc. (“BancShares”) (Nasdaq: FCNCA) reported strong earnings for the first quarter of 2021. Key results for the quarter ended March 31, 2021, are presented below: FIRST QUARTER RESULTS Q1 2021Q1 2020 Q1 2021Q1 2020 Q1 2021Q1 2020 Q1 2021Q1 2020 Q1 2021Q1 2020Net income (in millions) Net income per share Net interest margin Return on average assets Return on average equity$147.3$57.2 $14.53$5.46 2.80%3.55% 1.16%0.57% 14.70%6.34% FIRST QUARTER HIGHLIGHTS Net income Net income was $147.3 million for the first quarter of 2021, an increase of $90.1 million, or by 157.7%, compared to the same quarter in 2020. Net income per common share increased to $14.53 for the first quarter of 2021, from $5.46 per share for the same quarter in 2020. Return on average assets and equity Return on average assets for the first quarter of 2021 was 1.16%, up from 0.57% for the same quarter in 2020. Return on average equity for the first quarter of 2021 was 14.70%, up from 6.34% for the same quarter in 2020. Net interest income and net interest margin Net interest income was $339.7 million for the first quarter of 2021, an increase of $1.3 million, or by 0.4%, compared to the same quarter in 2020. The taxable-equivalent net interest margin (“NIM”) was 2.80% for the first quarter of 2021, down 75 basis points from 3.55% for the same quarter in 2020. Provision for credit losses The provision for credit losses was an $11.0 million credit during the first quarter of 2021, compared to a $28.4 million expense during the same quarter in 2020. The allowance for credit losses (“ACL”) was $210.7 million at March 31, 2021, compared to $224.3 million at December 31, 2020, representing 0.63% and 0.68% of loans, respectively. Operating performance Noninterest income was $136.6 million for the first quarter of 2021, an increase of $72.6 million, or by 113.5%, compared to the same quarter in 2020. Noninterest expense was $295.9 million for the first quarter of 2021, a decrease of $4.0 million, or by 1.3%, compared to the same quarter in 2020. Loans and credit quality Total loans grew to $33.18 billion, an increase of $388.9 million, or by 4.8% on an annualized basis, since December 31, 2020. Excluding loans originated under the Small Business Administration Paycheck Protection Program (“SBA-PPP”), total loans increased $25.3 million, or by 0.3% on an annualized basis, since December 31, 2020. The net charge-off ratio was 0.03% for the first quarter of 2021 compared to 0.10% for the same quarter in 2020. Deposits Total deposits grew to $47.33 billion, an increase of $3.90 billion, or by 36.4% on an annualized basis, since December 31, 2020, driven by organic growth, stimulus checks and SBA-PPP fundings. Capital BancShares remained well capitalized with a total risk-based capital ratio of 14.2%, a Tier 1 risk-based capital ratio of 12.0%, a Common Equity Tier 1 ratio of 11.0% and a Tier 1 leverage ratio of 7.8%. MERGER WITH CIT On October 15, 2020, BancShares entered into a definitive merger agreement with CIT Group Inc. (“CIT”) through which the companies plan to combine in an all-stock merger. The transaction was approved by the North Carolina Commissioner of Banks on February 5, 2021, as well as the shareholders of both companies on February 9, 2021. We are continuing to work with other regulators on remaining approvals and anticipate closing in mid-2021 subject to the satisfaction of customary closing conditions. ONGOING COVID-19 RESPONSE BancShares remains dedicated to serving our customers and communities throughout the COVID-19 crisis. Our branches have re-opened with enhanced safety protocols and our corporate locations remain at limited occupancy as we navigate the challenges of COVID-19. During the first quarter of 2021 in the second round of SBA-PPP, BancShares originated approximately 9,600 SBA-PPP loans totaling $1.1 billion. We recorded $30.9 million of interest and fee income related to SBA-PPP loans for the quarter. As of March 31, 2021, remaining net deferred fees on SBA-PPP loans were $66.7 million. With respect to the first round of SBA-PPP, we began accepting and processing applications for forgiveness during the third quarter of 2020. We have received approximately 12,000 forgiveness decisions from the SBA to date, representing over $1.4 billion in forgiveness payments. BancShares originated approximately 23,000 loans during round one totaling $3.2 billion. Through March 31, 2021, approximately 98% of all COVID-19 related loan extensions have begun repayment. Delinquency trends among loans entering repayment are in line with the remainder of the portfolio, and we have not seen significant declines in overall credit quality. During 2020, we recorded $36.1 million in reserve build due to uncertainty surrounding COVID-19 and its potential impact on our credit portfolio. Improved macroeconomic factors used as inputs into our ACL models and continued low net charge-offs during the first quarter of 2021 resulted in a provision credit of $11.0 million driven primarily by a $13.7 million reserve release. NET INTEREST INCOME Net interest income was $339.7 million for the first quarter of 2021, an increase of $1.3 million, or by 0.4%, compared to the same quarter in 2020. This was primarily due to interest and fee income on SBA-PPP loans, organic loan growth and lower rates paid on interest-bearing deposits, partially offset by a decline in the yield on interest-earning assets. SBA-PPP loans contributed $30.9 million in interest and fee income during the quarter. The taxable-equivalent NIM was 2.80% during the first quarter of 2021, a decrease of 75 basis points from 3.55% for the same quarter in 2020. The margin decline was primarily due to a decrease in the yield on interest-earning assets and changes in earning asset mix, partially offset by lower rates paid on interest-bearing deposits and the yield on SBA-PPP loans. The taxable-equivalent NIM declined 22 basis points from 3.02% in the linked quarter primarily due to changes in earning asset mix and a decline in the yield on interest-earning assets. PROVISION FOR CREDIT LOSSES Provision for credit losses was an $11.0 million credit for the first quarter of 2021, compared to $28.4 million in provision expense for the same quarter in 2020. The change was driven primarily by a $13.7 million reserve release attributable to continued low net charge-offs, strong credit performance, and improvements in macroeconomic factors. Total net charge-offs for the first quarter of 2021 were $2.7 million, a decrease from $7.5 million for the same quarter in 2020 due to a lower volume of charge-offs and stable recoveries. The net charge-off ratio was 0.03% for the first quarter of 2021, compared to 0.10% for the same quarter in 2020. Excluding the impact of SBA-PPP loans on average loan balances, the net charge-off ratio was 0.04% for the first quarter of 2021. NONINTEREST INCOME Noninterest income was $136.6 million for the first quarter of 2021, an increase of $72.6 million, or by 113.5%, compared to $64.0 million for the same quarter in 2020. The largest driver of this increase was a $67.4 million favorable change in the fair market value adjustment on our marketable equity securities portfolio. Mortgage income increased by $7.8 million due to impairment of mortgage servicing rights recorded in the first quarter of 2020 and subsequently reversed in the current quarter as interest rates increased. Additionally, mortgage income increased as we experienced higher production and sales volume. Wealth management services increased by $5.8 million primarily due to increases in advisory and transaction fees, assets under management, and annuity fees. Realized gains on available for sale securities decreased by $10.6 million. Service charges on deposits decreased $4.9 million primarily due to elevated customer deposit balances. NONINTEREST EXPENSE Noninterest expense was $295.9 million for the first quarter of 2021, a decrease of $4.0 million, or by 1.3%, compared to the same quarter in 2020. Other expense decreased by $9.1 million driven by lower pension expense, a decrease in the reserve for unfunded commitments and declining travel expenses due to COVID-19. Processing fees paid to third parties increased by $3.3 million as a result of continued investment in digital and technological capabilities. Merger-related expenses increased by $2.6 million driven by legal and consulting expenses related to the pending merger with CIT. INCOME TAXES The effective tax rate was 23.0% for the first quarter of 2021 compared to 22.8% for the same quarter in 2020. LOANS AND DEPOSITS At March 31, 2021, loans totaled $33.18 billion, an increase of $388.9 million, or by 4.8% on an annualized basis, since December 31, 2020. Of this growth, $363.6 million was related to SBA-PPP loans. Excluding SBA-PPP loans, total loans increased $25.3 million, or by 0.3% on an annualized basis, since December 31, 2020. At March 31, 2021, deposits totaled $47.33 billion, an increase of $3.90 billion, or by 36.4% on an annualized basis, since December 31, 2020, driven by organic growth, SBA-PPP loan fundings and stimulus checks. ALLOWANCE FOR CREDIT LOSSES The ACL was $210.7 million at March 31, 2021, compared to $224.3 million at December 31, 2020. The ACL as a percentage of total loans was 0.63% at March 31, 2021, compared to 0.68% at December 31, 2020. The reduction was primarily due to improved macroeconomic factors. Excluding SBA-PPP loans, which have no associated ACL, the ACL as a percentage of total loans was 0.69% as of March 31, 2021, compared to 0.74% as of December 31, 2020. NONPERFORMING ASSETS Nonperforming assets, including nonaccrual loans and other real estate owned, were $243.0 million, or 0.73% of total loans and other real estate owned at March 31, 2021, compared to $242.4 million or 0.74% at December 31, 2020. Excluding the impact of SBA-PPP loans on average loan balances, the ratio of total nonperforming assets to total loans, leases, and other real estate owned was 0.80% as of March 31, 2021, and December 31, 2020. CAPITAL TRANSACTIONS During the first quarter of 2021, BancShares did not repurchase any shares of Class A common stock compared to a total of 349,390 shares of Class A common stock for $159.7 million at an average cost per share of $457.10 for the same quarter in 2020. All Class A common stock repurchases completed in 2020 were consummated under previously approved authorizations. Following the expiration of our latest share repurchase authorization on July 31, 2020, share repurchase activity was suspended. EARNINGS CALL DETAILS First Citizens BancShares Inc. will host a conference call to discuss the company's financial results on April 28, 2021, at 9 a.m. Eastern time. To access this call, dial: Domestic:International:Conference ID: 833-654-8257602-585-98698784208 The first quarter 2021 earnings presentation and news release will be available on the company’s website at www.firstcitizens.com/investor-relations. After the conference call, you may access a replay of the call through May 28, 2021, by dialing 855-859-2056 (domestic) or 404-537-3406 (international) with conference ID 8784208. For investor inquiries, contact Deanna Hart, Investor Relations, at 919-716-2137. ABOUT FIRST CITIZENS BANCSHARES BancShares is the financial holding company for Raleigh, North Carolina-headquartered First Citizens Bank. First Citizens Bank provides a broad range of financial services to individuals, businesses, professionals and the medical community through branch offices in 19 states, including digital banking, mobile banking, ATMs and telephone banking. As of March 31, 2021, BancShares had total assets of $53.9 billion. For more information, visit First Citizens’ website at firstcitizens.com. First Citizens Bank. Forever First®. 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 and future performance of BancShares. Words such as “anticipates,” “believes,” “estimates,” “expects,” “predicts,” “forecasts,” “intends,” “plans,” “projects,” “targets,” “designed,” “could,” “may,” “should,” “will,” “potential” or “continue” 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 the 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, the impacts of the global COVID-19 pandemic on BancShares’ business and customers, the financial success or changing conditions or strategies of BancShares’ customers or vendors, fluctuations in interest rates, actions of government regulators, the availability of capital and personnel, the delay in closing (or failure to close) one or more of BancShares’ previously announced acquisition transaction(s), the failure to realize the anticipated benefits of BancShares’ previously announced acquisition transaction(s), and general competitive, economic, political, and market conditions, as well as risks related to the proposed transaction with CIT including, in addition to those described above and among others, (1) the risk that the cost savings, any revenue synergies and other anticipated benefits of the proposed transaction may not be realized or may take longer than anticipated to be realized, including as a result of the impact of, or problems arising from, the integration of the two companies or as a result of the condition of the economy and competitive factors in areas where BancShares and CIT do business, (2) disruption to BancShares’ and CIT’s businesses as a result of the announcement and pendency of the proposed transaction and diversion of management’s attention from ongoing business operations and opportunities, (3) the occurrence of any event, change or other circumstances that could give rise to the right of one or both of the parties to terminate the definitive merger agreement, (4) the risk that the integration of BancShares’ and CIT’s operations will be materially delayed or will be more costly or difficult than expected or that BancShares and CIT are otherwise unable to successfully integrate their businesses, (5) the outcome of any legal proceedings that may be or have been instituted against BancShares and/or CIT, (6) the failure to obtain required governmental approvals (and the risk that such approvals may result in the imposition of conditions that could adversely affect the combined company or the expected benefits of the proposed transaction), (7) reputational risk and potential adverse reactions of BancShares’ and/or CIT’s customers, suppliers, employees or other business partners, including those resulting from the announcement or completion of the proposed transaction, (8) the failure of any of the closing conditions in the definitive merger agreement to be satisfied on a timely basis or at all, (9) delays in closing the proposed transaction, (10) the possibility that the proposed transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events, (11) the dilution caused by BancShares’ issuance of additional shares of its capital stock in connection with the proposed transaction, (12) general competitive, economic, political and market conditions, (13) other factors that may affect future results of BancShares and CIT including changes in asset quality and credit risk, the inability to sustain revenue and earnings growth, changes in interest rates and capital markets, inflation, customer borrowing, repayment, investment and deposit practices, the impact, extent and timing of technological changes, capital management activities, and other actions of the Federal Reserve Board and legislative and regulatory actions and reforms, and (14) the impact of the global COVID-19 pandemic on CIT’s business, the parties’ ability to complete the proposed transaction and/or any of the other foregoing risks. Except to the extent required by applicable laws or regulations, BancShares disclaims any obligation to update such factors or to publicly announce the results of any revisions to any of the forward-looking statements included herein to reflect future events or developments. Further information regarding BancShares and factors which could affect the forward-looking statements contained herein can be found in BancShares’ Annual Report on Form 10-K for the fiscal year ended December 31, 2020 and its other filings with the Securities and Exchange Commission. CONSOLIDATED FINANCIAL HIGHLIGHTS Three months ended(Dollars in thousands, except share data; unaudited)March 31, 2021 December 31, 2020 March 31, 2020SUMMARY OF OPERATIONS Interest income$355,323 $376,876 $369,559 Interest expense15,671 18,160 31,159 Net interest income339,652 358,716 338,400 Provision for credit losses(10,974) 5,403 28,355 Net interest income after provision for credit losses350,626 353,313 310,045 Noninterest income136,649 126,765 64,011 Noninterest expense295,926 305,373 299,971 Income before income taxes191,349 174,705 74,085 Income taxes44,033 36,621 16,916 Net income$147,316 $138,084 $57,169 Preferred stock dividends4,636 4,636 — Net income available to common shareholders$142,680 $133,448 $57,169 Net interest income, taxable equivalent$340,271 $359,370 $339,174 PER COMMON SHARE DATA Net income$14.53 $13.59 $5.46 Cash dividends on common shares0.47 0.47 0.40 Book value at period-end405.59 396.21 351.90 CONDENSED BALANCE SHEET Cash and due from banks$410,495 $362,048 $454,220 Overnight investments7,588,757 4,347,336 688,518 Investment securities10,222,107 9,922,905 8,845,197 Loans and leases33,180,851 32,791,975 29,240,959 Allowance for credit losses(210,651) (224,314) (209,259)Other assets2,717,047 2,757,730 2,574,818 Total assets$53,908,606 $49,957,680 $41,594,453 Deposits$47,330,997 $43,431,609 $35,346,711 Other liabilities2,256,209 2,296,803 2,290,222 Shareholders’ equity4,321,400 4,229,268 3,957,520 Total liabilities and shareholders’ equity$53,908,606 $49,957,680 $41,594,453 SELECTED PERIOD AVERAGE BALANCES Total assets$51,409,634 $49,557,803 $40,648,806 Investment securities9,757,650 9,889,124 7,453,159 Loans and leases33,086,656 32,964,390 29,098,101 Interest-earning assets48,715,279 46,922,823 38,004,341 Deposits44,858,198 43,123,312 34,750,061 Interest-bearing liabilities27,898,525 26,401,222 23,153,777 Common shareholders' equity3,935,267 3,786,158 3,625,975 Shareholders' equity$4,275,204 $4,126,095 $3,682,634 Common shares outstanding9,816,405 9,816,405 10,473,119 SELECTED RATIOS Annualized return on average assets1.16% 1.11% 0.57%Annualized return on average equity14.70 14.02 6.34 Net yield on interest-earning assets (taxable equivalent)2.80 3.02 3.55 Total risk-based capital ratio14.2 13.8 13.7 Tier 1 risk-based capital ratio12.0 11.6 11.4 Common equity Tier 1 ratio11.0 10.6 10.4 Tier 1 leverage capital ratio7.8 7.9 9.0 ALLOWANCE FOR CREDIT LOSSES AND ASSET QUALITY DISCLOSURES Three months ended(Dollars in thousands, unaudited)March 31, 2021 December 31, 2020 March 31, 2020ALLOWANCE FOR CREDIT LOSSES (1) ACL at beginning of period$224,314 $223,936 $225,141 Adoption of ASC 326— — (37,924)Initial PCD allowance on new acquisitions— — 1,193 Provision for credit losses(10,974) 5,403 28,355 Net charge-offs of loans and leases: Charge-offs(8,563) (9,848) (14,261)Recoveries5,874 4,823 6,755 Net charge-offs of loans and leases(2,689) (5,025) (7,506)ACL at end of period$210,651 $224,314 $209,259 ACL at end of period allocated to: PCD$22,935 $23,987 $26,916 Non-PCD187,716 200,327 182,343 ACL at end of period$210,651 $224,314 $209,259 Reserve for unfunded commitments$11,571 $12,814 $10,512 SELECTED LOAN DATA Average loans and leases: PCD$454,521 $479,302 $530,087 Non-PCD32,515,793 32,374,204 28,502,231 Loans and leases at period-end: PCD432,773 462,882 560,352 Non-PCD32,748,078 32,329,093 28,680,607 RISK ELEMENTS Nonaccrual loans and leases$194,534 $191,483 $174,571 Other real estate owned48,512 50,890 55,707 Total nonperforming assets$243,046 $242,373 $230,278 Accruing loans and leases 90 days or more past due$7,377 $5,862 $2,970 RATIOS Net charge-offs (annualized) to average loans and leases0.03% 0.06% 0.10%ACL to total loans and leases(2): PCD5.30 5.18 4.80 Non-PCD0.57 0.62 0.64 Total0.63 0.68 0.72 Ratio of total nonperforming assets to total loans, leases and other real estate owned0.73 0.74 0.79 (1) BancShares recorded no ACL on investment securities as of March 31, 2021, December 31, 2020, or March 31, 2020.(2) Loans originated in relation to the SBA-PPP do not have a recorded ACL. As of March 31, 2021, the ratio of ACL to total Non-PCD loans excluding SBA-PPP loans was 0.63% while the ratio of ACL to total loans excluding SBA-PPP loans was 0.69%. As of December 31, 2020, the ratio of ACL to total Non-PCD loans excluding SBA-PPP loans was 0.67% while the ratio of ACL to total loans excluding SBA-PPP loans was 0.74% AVERAGE BALANCE AND NET INTEREST MARGIN SUMMARY Three months ended March 31, 2021 December 31, 2020 March 31, 2020 Average Yield/ Average Yield/ Average Yield/(Dollars in thousands, unaudited)Balance Interest Rate (2) Balance Interest Rate (2) Balance Interest Rate (2)INTEREST-EARNING ASSETS Loans and leases (1)$33,086,656 $323,602 3.92% $32,964,390 $345,300 4.12% $29,098,101 $326,155 4.46%Investment securities: U.S. Treasury383,300 171 0.18 526,072 250 0.19 299,777 1,677 2.25 Government agency791,293 1,900 0.96 695,757 1,574 0.90 721,254 4,121 2.29 Mortgage-backed securities7,882,679 20,607 1.05 7,981,834 21,130 1.06 6,060,434 30,707 2.03 Corporate bonds602,883 7,742 5.14 591,780 7,657 5.18 205,504 2,477 4.82 Other investments97,495 472 1.96 93,681 600 2.55 166,190 678 1.64 Total investment securities9,757,650 30,892 1.27 9,889,124 31,211 1.26 7,453,159 39,660 2.13 Overnight investments5,870,973 1,448 0.10 4,069,309 1,019 0.10 1,453,081 4,518 1.25 Total interest-earning assets$48,715,279 $355,942 2.93 $46,922,823 $377,530 3.17 $38,004,341 $370,333 3.88 INTEREST-BEARING LIABILITIES Interest-bearing deposits: Checking with interest$10,746,225 $1,409 0.05% $9,688,744 $1,533 0.06% $8,188,983 $1,701 0.08%Savings3,461,780 299 0.04 3,230,625 306 0.04 2,593,869 285 0.04 Money market accounts9,008,391 2,508 0.11 8,529,816 3,242 0.15 7,016,587 9,109 0.52 Time deposits2,805,317 4,577 0.66 3,017,044 5,976 0.79 3,761,216 13,099 1.40 Total interest-bearing deposits26,021,713 8,793 0.14 24,466,229 11,057 0.18 21,560,655 24,194 0.45 Securities sold under customer repurchase agreements641,236 338 0.21 684,311 374 0.22 474,231 442 0.38 Other short-term borrowings— — — — — — 157,759 804 2.02 Long-term borrowings1,235,576 6,540 2.12 1,250,682 6,729 2.13 961,132 5,719 2.35 Total interest-bearing liabilities$27,898,525 $15,671 0.23 $26,401,222 $18,160 0.27 $23,153,777 $31,159 0.54 Interest rate spread 2.70% 2.90% 3.34%Net interest income and net yield on interest-earning assets $340,271 2.80% $359,370 3.02% $339,174 3.55% (1) Loans and leases include PCD and non-PCD loans, nonaccrual loans and loans held for sale.(2) Yields related to loans, leases and securities exempt from both federal and state income taxes, federal income taxes only, or state income taxes only are stated on a taxable-equivalent basis assuming statutory federal income tax rates of 21.0% for all periods presented, as well as state income tax rates of 3.3% for the three months ended March 31, 2021, and 3.4% for the three months ended December 31, 2020 and March 31, 2020. The taxable-equivalent adjustment was $619 thousand, $654 thousand and $774 thousand for the three months ended March 31, 2021, December 31, 2020 and March 31, 2020, respectively. Contact: Barbara ThompsonCorporate Communications919-716-2716 Deanna HartInvestor Relations919-716-2137

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  • Is FCNCA Stock A Buy or Sell?

    With the fourth-quarter round of 13F filings behind us it is time to take a look at the stocks in which some of the best money managers in the world preferred to invest or sell heading into the first quarter of 2021. One of these stocks was First Citizens BancShares Inc. (NASDAQ:FCNCA). Is FCNCA stock […]

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  • First Citizens BancShares, Inc. Announces Date of 2021 First Quarter Financial Results, Earnings Call

    RALEIGH, N.C., April 14, 2021 (GLOBE NEWSWIRE) -- First Citizens BancShares, Inc. today announced that it will report its financial results for the first quarter ended March 31, 2021, before the U.S. financial markets open on Wednesday, April 28, 2021. In addition, First Citizens will host a conference call to discuss the company's financial results on April 28, 2021, at 9 a.m. Eastern time. To access this call, dial: Domestic:833-654-8257International:602-585-9869Conference ID:8784208 The earnings presentation and news release will be available on the company’s website at www.firstcitizens.com/investor-relations. After the conference call, you may access a replay of the call through May 28, 2021, by dialing 855-859-2056 (domestic) or 404-537-3406 (international) with conference ID 8784208. About First Citizens BancShares First Citizens BancShares Inc. is the financial holding company for First Citizens Bank. First Citizens Bank provides a broad range of financial services to individuals, businesses, professionals and the medical community through more than 500 branch offices in 19 states, digital banking, ATMs and telephone banking. For more information, visit First Citizens’ Web site at firstcitizens.com. Contact:Barbara ThompsonDeanna Hart Corporate CommunicationsInvestor Relations 919-716-2716919-716-2137

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  • Is First Citizens BancShares Inc. (FCNCA) A Smart Long-Term Buy?

    Oakmark Funds, an investment management firm, published its “Oakmark Select Fund” first quarter 2021 investor letter – a copy of which can be seen here. A return of 16.1% was reported by the fund for the Q1 of 2021, outperforming its S&P 500 benchmark that delivered a 6.2% return for the same period. You can […]

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  • Nolan Joins First Citizens as Director of Investment Strategy

    Patrick Nolan, director of Investment Strategy, First Citizens Bank Patrick Nolan has joined Raleigh, North Carolina-headquartered First Citizens Bank as director of Investment Strategy. RALEIGH, N.C., April 13, 2021 (GLOBE NEWSWIRE) -- Patrick Nolan has joined First Citizens Bank as director of Investment Strategy. In this key role, Nolan leads the bank’s investment offerings, including portfolio construction, asset allocation and manager research. He also provides oversight and development for the group’s products and services. He reports to First Citizens Chief Investment Officer Brent Ciliano. “Patrick is a highly talented investment professional who brings a depth of industry knowledge to our company,” said Michael Wilson, First Citizens Wealth Management Executive. “With his considerable expertise and diverse skill set, he will play an active and important role in further developing our investment strategy. We're excited to welcome him to our team.” Nolan has nearly 25 years of industry experience and joins First Citizens from BlackRock, where he helped create its Portfolio Solutions team. He and his team at BlackRock provided consulting on portfolio construction and risk management to assist institutional investors and financial advisors with asset allocation, portfolio structure and implementation decisions. Nolan has also authored numerous papers on topics related to investment portfolio construction and strategy. He began his career at Merrill Lynch Investment Managers in 1997, which was acquired by BlackRock in 2006. Nolan received a bachelor’s degree in economics with a concentration in accounting from Rutgers University. He holds a Chartered Financial Analyst (CFA®) designation and Series 7, 24, 63 and 66 Financial Industry Regulatory Authority (FINRA) licenses. Founded in 1898, First Citizens Bank is one of the largest family-controlled banks in the U.S., with offices in 19 states. For more information, visit firstcitizens.com. First Citizens Wealth Management is a registered trademark of First Citizens BancShares, Inc. First Citizens Wealth Management products and services are offered by First-Citizens Bank & Trust Company, Member FDIC; First Citizens Investor Services, Inc., Member FINRA/SIPC, an SEC-registered broker-dealer and investment advisor; and First Citizens Asset Management, Inc., an SEC-registered investment advisor. Contact: Frank Smith First Citizens Bank 919.716.4121 A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/65ea1942-798f-4d6e-824c-d40c2f9416ce

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  • First Citizens BancShares, Inc. (NASDAQ:FCNC.A) Insiders Increased Their Holdings

    We've lost count of how many times insiders have accumulated shares in a company that goes on to improve markedly. The...

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  • Ex-Dividend Date Insight: First Citizens BancShares

    On January 26, 2021, First Citizens BancShares (NASDAQ:FCNCA) announced shareholders can expect to receive a dividend payable on April 5, 2021. The stock will then go ex-dividend 1 business day(s) before the record date. The ex-dividend date for First Citizens BancShares is set for March 12, 2021. The company's current dividend payout sits at $0.47, equating to a dividend yield of 0.3% at current price levels. Understanding Ex-Dividend Dates' An ex-dividend date is when a company's shares stop trading with its current dividend payout in preparation for the company to announce a new one. Usually, a company's ex-dividend date falls one business day before its record date. Investors should keep this in mind when purchasing stocks because buying them on or after ex-dividend dates does not qualify them to receive the declared payment. Newly declared dividends go to shareholders who have owned that stock before the ex-dividend date. Most ex-dividend dates operate on a quarterly basis. Understanding First Citizens BancShares's Dividend Payouts And Yields Over the past year, First Citizens BancShares has experienced an overall upward trend regarding its dividend payouts and a downward trend regarding its yields. Last year on March 13, 2020 the company's payout was $0.4, which has since grown by $0.07. First Citizens BancShares's dividend yield last year was 0.31%, which has since decreased by 0.01%. Companies use dividend yields in different strategic ways. Some companies may opt to not give yields altogether to reinvest in themselves. Other companies may opt to increase or decrease their yield amounts to control how their shares circulate throughout the stock market. Click here to find details on First Citizens BancShares's previous dividends. See more from BenzingaClick here for options trades from BenzingaAnalyzing UGI's Ex-Dividend DateEx-Dividend Date Insight: Shaw Communications© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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  • First Citizens Receives 14 Greenwich Excellence Awards for Small Business and Middle Market Banking

    RALEIGH, N.C., March 10, 2021 (GLOBE NEWSWIRE) -- North Carolina-headquartered First Citizens Bank received a total of 14 Greenwich Excellence Awards, recognizing the company as a leader in small business and middle market banking in 2020. “First Citizens once again is pleased to receive Greenwich Excellence Awards that reflect our standing as one of the top banks for small and mid-sized businesses in the United States,” said Patrick Noble, business services executive for First Citizens Bank. “For 123 years, businesses have trusted First Citizens to help them manage and grow their money. Whatever their strategic needs – from increasing efficiencies to maximizing cash flow to laying a foundation for long-term growth – we’re here to help.” First Citizens received 12 wins in the Small Business Banking category and two in the Middle Market Banking category. “The Greenwich Awards signify the confidence that middle market companies place in us and the satisfaction they have with our services,” said Brendan Chambers, commercial banking and middle market sales director for First Citizens Bank. “We understand that a bank is about more than just a collection of products and services; it’s about providing experience, guidance and help when our clients need it.” Small Business Banking, nine national and three regional awards Best Brand - Ease of Doing BusinessBest Brand - TrustCash Management - Customer ServiceCash Management - Ease of Product ImplementationCash Management - Overall SatisfactionLikelihood to RecommendOverall Client SatisfactionOverall Satisfaction with RM (Relationship Manager)Proactively Provides Advice 2020 Regional Awards (of four regions in the U.S.) Cash Management - Overall Satisfaction (South Region)Likelihood to Recommend (South Region)Overall Satisfaction (South Region) Middle Market Banking Category, two national awards Best Brand - Ease of Doing BusinessCash Management - Overall Satisfaction About the Greenwich Excellence Awards Greenwich Associates is the leading global provider of data, analytics and insights to the financial services industry. For 2020 honors, Greenwich Associates evaluated the small business banking and middle market platforms of more than 600 banks. Of these, only 32 have the distinctive quality required to win a Greenwich Excellence Award for small business; 30 for middle market. Awards in the small business category are based on over 12,000 interviews with businesses with sales of $1-10 million across the country. Awards in the middle market category are based on based on over 11,000 interviews with businesses with sales of $10–500 million across the country. About First Citizens BankFounded in 1898 and headquartered in Raleigh, N.C., First Citizens Bank is one of the largest family-controlled banks in the U.S., with offices in 19 states. First Citizens Bank is a wholly owned subsidiary of First Citizens BancShares Inc. (Nasdaq: FCNCA), which has over $49 billion in assets. For more information, call toll free 1.888.FC DIRECT (1.888.323.4732) or visit firstcitizens.com. First Citizens Bank. Forever First®. Contact:Barbara Thompson First Citizens Bank 919.716.2716

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  • First Citizens Bank Announces $16 Billion Community Benefits Plan

    Five-year reinvestment plan builds on bank’s work, targets resources of the proposed merged company on underserved communities First Citizens Bank Community Benefits Plan First Citizens Bank announces a five-year community benefits plan that builds on its ongoing work and will reinvest at least $16 billion to serve low- and moderate-income (LMI) communities and borrowers. RALEIGH, N.C., Feb. 22, 2021 (GLOBE NEWSWIRE) -- First Citizens Bank announced today a $16 billion community benefits plan — developed in collaboration with the National Community Reinvestment Coalition (NCRC) — that builds on its work to reinvest in low- and moderate-income (LMI) communities and neighborhoods of color. Under this plan, First Citizens Bank would support lending and investing in the areas of affordable housing, small business and community development over a five-year period from 2021-2025, following completion of the proposed merger of First Citizens BancShares, Inc. (“First Citizens”), the parent company of First Citizens Bank, and CIT Group Inc. (“CIT”). “We’re pleased to announce a plan to bring additional investment to our markets and help grow these vibrant and diverse communities and businesses — at a time when these efforts are truly needed,” said Frank B. Holding, chairman and chief executive officer of First Citizens. “We have a legacy of giving back to the cities and towns we serve, and this plan serves as a testimony to the commitments and values that will represent our combined company. We’re glad to establish a new partnership with NCRC and its members in creating this plan and look to build even stronger relationships that will last well into the future.” The $16 billion five-year commitment features the following: $6.9 billion for community development lending and investments, including affordable housing opportunities and small business lending to nonprofits and small for-profit developers that support LMI communities;$5.9 billion for lending to small businesses, supporting the growth of companies with less than $1 million in annual revenues and in LMI and majority/minority geographies; and$3.2 billion for home purchase mortgage loans, focusing on LMI and minority borrowers and/or minority/majority geographies. “This community benefits plan expands on the ongoing work that we’ve already put in place to support affordable home ownership, small business lending and community development,” Holding said. “It solidifies our path forward and will accelerate new opportunities for underserved communities and customers.” The support provided through the plan will assist communities that First Citizens Bank will serve across the combined company’s retail bank footprint. First Citizens participated in virtual listening sessions late last year with national and state members of NCRC, an association of more than 600 community-based organizations that promote access to basic banking services, affordable housing, entrepreneurship, job creation and vibrant communities for America’s working families. The plan is a direct result of input received from those meetings and was formed in conjunction with the NCRC and its member organizations. “We appreciate the leadership and proactive efforts of First Citizens to collaborate with us and develop a substantial plan that makes a significant commitment of investments, services and loans for LMI communities and neighborhoods of color," said NCRC CEO Jesse Van Tol. “Our members played a critical role and provided essential input in our discussions. It’s rewarding when institutions and communities can come together like this to make a lasting impact.” In addition, the plan provides $50 million for Community Reinvestment Act (CRA)-qualified philanthropic giving through 2025. Also, a community advisory board will provide input and feedback on the plan’s progress. In October 2020, First Citizens and CIT announced a proposed merger, which would create a top 20 U.S. bank based on assets. The merger is expected to close in the second quarter of 2021, subject to customary closing conditions, including regulatory approvals. The combined company will operate under the First Citizens name. For more information, visit firstcitizens.com. About First Citizens First Citizens BancShares, Inc. is the financial holding company for Raleigh, North Carolina-headquartered First-Citizens Bank & Trust Company (“First Citizens Bank”). As one of America’s largest family-controlled banks, First Citizens Bank (Member FDIC, Equal Housing Lender) is known for building financial strength that lasts for personal, business, commercial and wealth management clients. Founded in 1898, First Citizens Bank provides a broad range of financial products and operates a network of branches in 19 states that include many high-growth markets. For more information, visit First Citizens’ website at firstcitizens.com. First Citizens Bank. Forever First®. About NCRC The National Community Reinvestment Coalition and its grassroots member organizations create opportunities for people to build wealth. We work with community leaders, policymakers and financial institutions to champion fairness in banking, housing and business. NCRC was formed in 1990 by national, regional and local organizations to increase the flow of private capital into traditionally underserved communities. NCRC has grown into an association of more than 600 community-based organizations in 42 states that promote access to basic banking services, affordable housing, entrepreneurship, job creation and vibrant communities for America’s working families. More: www.ncrc.org. Forward-Looking StatementsThis 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 and future performance of First Citizens and CIT. Words such as “anticipates, ” “believes,” “estimates,” “expects,” “forecasts,” “intends,” “plans, ” “projects,” “targets,” “designed,” “could,” “may,” “should,” “will” or other similar words and expressions are intended to identify these forward-looking statements. These forward-looking statements are based on First Citizens’ and CIT's current expectations and assumptions regarding First Citizens’ and CIT’s businesses, 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 First Citizens’ and/or CIT’s future financial results and performance and could cause the actual results, performance or achievements of First Citizens and/or CIT to differ materially from any anticipated results expressed or implied by such forward-looking statements. Such risks and uncertainties include, among others, (1) the risk that the cost savings, any revenue synergies and other anticipated benefits of the proposed merger may not be realized or may take longer than anticipated to be realized, including as a result of the impact of, or problems arising from, the integration of the two companies or as a result of the condition of the economy and competitive factors in areas where First Citizens and CIT do business, (2) disruption to the parties’ businesses as a result of the announcement and pendency of the proposed merger and diversion of management’s attention from ongoing business operations and opportunities, (3) the occurrence of any event, change or other circumstances that could give rise to the right of one or both of the parties to terminate the definitive merger agreement between First Citizens and CIT, (4) the risk that the integration of First Citizens’ and CIT’s operations will be materially delayed or will be more costly or difficult than expected or that First Citizens and CIT are otherwise unable to successfully integrate their businesses, (5) the outcome of any legal proceedings that may be or have been instituted against First Citizens and/or CIT, (6) the failure to obtain required governmental approvals (and the risk that such approvals may result in the imposition of conditions that could adversely affect the combined company or the expected benefits of the proposed transaction), (7) reputational risk and potential adverse reactions of First Citizens’ and/or CIT’s customers, suppliers, employees or other business partners, including those resulting from the announcement or completion of the proposed merger, (8) the failure of any of the closing conditions in the definitive merger agreement to be satisfied on a timely basis or at all, (9) delays in closing the proposed merger, (10) the possibility that the proposed merger may be more expensive to complete than anticipated, including as a result of unexpected factors or events, (11) the dilution caused by First Citizens’ issuance of additional shares of its capital stock in connection with the proposed merger, (12) general competitive, economic, political and market conditions, (13) other factors that may affect future results of CIT and/or First Citizens including changes in asset quality and credit risk, the inability to sustain revenue and earnings growth, changes in interest rates and capital markets, inflation, customer borrowing, repayment, investment and deposit practices, the impact, extent and timing of technological changes, capital management activities, and other actions of the Federal Reserve Board and legislative and regulatory actions and reforms, and (14) the impact of the global COVID-19 pandemic on First Citizens’ and/or CIT’s businesses, the ability to complete the proposed merger and/or any of the other foregoing risks. Except to the extent required by applicable law or regulation, each of First Citizens and CIT disclaims any obligation to update such factors or to publicly announce the results of any revisions to any of the forward-looking statements included herein to reflect future events or developments. Further information regarding First Citizens, CIT and factors which could affect the forward-looking statements contained herein can be found in First Citizens’ Annual Report on Form 10-K for the fiscal year ended December 31, 2019, its Quarterly Reports on Form 10-Q for the periods ended March 31, 2020, June 30, 2020 and September 30, 2020, and its other filings with the Securities and Exchange Commission (the “SEC”), and in CIT’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019, its Quarterly Reports on Form 10-Q for the periods ended March 31, 2020, June 30, 2020 and September 30, 2020, and its other filings with the SEC. Important Information about the Merger and Where to Find ItIn connection with the proposed merger between First Citizens and CIT, First Citizens filed with the SEC a registration statement on Form S-4 (File No. 333-250131), as amended on December 21, 2020, to register the shares of First Citizens’ capital stock that will be issued to CIT’s stockholders in connection with the proposed transaction. The registration statement includes a joint proxy statement of First Citizens and CIT that also constitutes a prospectus of First Citizens. The registration statement was declared effective by the SEC on December 23, 2020, and the definitive joint proxy statement/prospectus was mailed to CIT’s and First Citizens’ stockholders of record as of the close of business on or about December 30, 2020. First Citizens and CIT held their respective special meeting of stockholders on February 9, 2021. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE REGISTRATION STATEMENT ON FORM S-4 AND THE JOINT PROXY STATEMENT/PROSPECTUS INCLUDED WITHIN THE REGISTRATION STATEMENT ON FORM S-4 (AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC IN CONNECTION WITH THE PROPOSED TRANSACTION OR INCORPORATED BY REFERENCE INTO THE JOINT PROXY STATEMENT/PROSPECTUS) BECAUSE SUCH DOCUMENTS CONTAIN IMPORTANT INFORMATION REGARDING FIRST CITIZENS, CIT, THE PROPOSED MERGER AND RELATED MATTERS. Investors and security holders may obtain free copies of these documents and other documents filed with the SEC by First Citizens or CIT through the website maintained by the SEC at http://www.sec.gov or from First Citizens at its website, www.firstcitizens.com, or from CIT at its website, www.cit.com. Documents filed with the SEC by First Citizens will be available free of charge by accessing the “Investor Relations” page of First Citizens’ website at www.firstcitizens.com or, alternatively, by directing a request by telephone or mail to First Citizens BancShares, Inc., Mail Code: FCC-22, PO Box 27131, Raleigh, North Carolina 27611-7131, (919) 716-7000, and documents filed with the SEC by CIT will be available free of charge by accessing CIT’s website at www.cit.com under the tab “About Us,” and then under the heading “Investor Relations” or, alternatively, by directing a request by telephone or mail to CIT Group Inc., One CIT Drive, Livingston, New Jersey 07039, (866) 542-4847.Contact InformationBarbara Thompson First Citizens BankDirector of Corporate Communications and Brand Marketing919-716-2716barbara.thompson@firstcitizens.com Alyssa WiltseNCRC202-393-8309awiltse@ncrc.org A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/3c130c0c-f14b-4853-9b1a-226d7918c3bb

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  • First Citizens, CIT Receive Stockholder Approval for Merger

    RALEIGH, N.C. and NEW YORK, Feb. 09, 2021 (GLOBE NEWSWIRE) -- First Citizens BancShares, Inc. (NASDAQ: FCNCA) (“First Citizens”), the parent company of First-Citizens Bank & Trust Company, and CIT Group Inc. (NYSE: CIT) (“CIT”), the parent company of CIT Bank, N.A., jointly announced that, at their respective special meetings of stockholders held today, First Citizens and CIT received the stockholder approvals for the merger of the companies. Both companies are preparing for anticipated completion of the transaction in the second quarter of 2021, subject to satisfaction of customary closing conditions, including receipt of regulatory approvals. The combined company will create the 20th largest bank in the United States based on assets. “Today marks an important milestone as we move closer to uniting our two companies,” said Frank B. Holding, Jr., First Citizens Chairman and Chief Executive Officer. “The combination of our companies will leverage our unique attributes, and we are excited about the opportunities it will provide for all of our constituents, including our stockholders, our customers, our associates and our communities.” “We are pleased to have crossed this key threshold as we work toward the merger of two complementary banks that will unlock greater potential for stakeholders,” said Ellen R. Alemany, CIT Chairwoman and Chief Executive Officer. About First CitizensFirst Citizens BancShares, Inc. is the financial holding company for Raleigh, North Carolina-headquartered First-Citizens Bank & Trust Company (“First Citizens Bank”). As one of America’s largest family-controlled banks, First Citizens Bank is known for building financial strength that lasts for personal, business, commercial and wealth management clients. Founded in 1898, the bank provides a broad range of financial products and operates a network of branches in 19 states that include many high-growth markets. For more information, visit First Citizens’ website at firstcitizens.com. First Citizens Bank. Forever First®. About CITCIT is a leading national bank focused on empowering businesses and personal savers with the financial agility to navigate their goals. CIT Group Inc. (NYSE: CIT) is a financial holding company with over a century of experience and operates a principal bank subsidiary, CIT Bank, N.A. (Member FDIC, Equal Housing Lender). CIT’s commercial banking segment includes commercial financing, community association banking, middle market banking, equipment and vendor financing, factoring, railcar financing, treasury and payments services, and capital markets and asset management. CIT's consumer banking segment includes a national direct bank and regional branch network. Discover more at cit.com/about. Forward-Looking StatementsThis 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 and future performance of First Citizens and CIT. Words such as “anticipates, ” “believes, ” “estimates, ” “expects, ” “forecasts, ” “intends,” “plans, ” “projects, ” “targets,” “designed,” “could, ” “may, ” “should, ” “will” or other similar words and expressions are intended to identify these forward-looking statements. These forward-looking statements are based on First Citizens’ and CIT's current expectations and assumptions regarding First Citizens’ and CIT’s businesses, 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 First Citizens’ and/or CIT’s future financial results and performance and could cause the actual results, performance or achievements of First Citizens and/or CIT to differ materially from any anticipated results expressed or implied by such forward-looking statements. Such risks and uncertainties include, among others, (1) the risk that the cost savings, any revenue synergies and other anticipated benefits of the proposed merger may not be realized or may take longer than anticipated to be realized, including as a result of the impact of, or problems arising from, the integration of the two companies or as a result of the condition of the economy and competitive factors in areas where First Citizens and CIT do business, (2) disruption to the parties’ businesses as a result of the announcement and pendency of the proposed merger and diversion of management’s attention from ongoing business operations and opportunities, (3) the occurrence of any event, change or other circumstances that could give rise to the right of one or both of the parties to terminate the definitive merger agreement between First Citizens and CIT, (4) the risk that the integration of First Citizens’ and CIT’s operations will be materially delayed or will be more costly or difficult than expected or that First Citizens and CIT are otherwise unable to successfully integrate their businesses, (5) the outcome of any legal proceedings that may be or have been instituted against First Citizens and/or CIT, (6) the failure to obtain required governmental approvals (and the risk that such approvals may result in the imposition of conditions that could adversely affect the combined company or the expected benefits of the proposed transaction), (7) reputational risk and potential adverse reactions of First Citizens’ and/or CIT’s customers, suppliers, employees or other business partners, including those resulting from the announcement or completion of the proposed merger, (8) the failure of any of the closing conditions in the definitive merger agreement to be satisfied on a timely basis or at all, (9) delays in closing the proposed merger, (10) the possibility that the proposed merger may be more expensive to complete than anticipated, including as a result of unexpected factors or events, (11) the dilution caused by First Citizens’ issuance of additional shares of its capital stock in connection with the proposed merger, (12) general competitive, economic, political and market conditions, (13) other factors that may affect future results of CIT and/or First Citizens including changes in asset quality and credit risk, the inability to sustain revenue and earnings growth, changes in interest rates and capital markets, inflation, customer borrowing, repayment, investment and deposit practices, the impact, extent and timing of technological changes, capital management activities, and other actions of the Federal Reserve Board and legislative and regulatory actions and reforms, and (14) the impact of the global COVID-19 pandemic on First Citizens’ and/or CIT’s businesses, the ability to complete the proposed merger and/or any of the other foregoing risks. Except to the extent required by applicable law or regulation, each of First Citizens and CIT disclaims any obligation to update such factors or to publicly announce the results of any revisions to any of the forward-looking statements included herein to reflect future events or developments. Further information regarding First Citizens, CIT and factors which could affect the forward-looking statements contained herein can be found in First Citizens’ Annual Report on Form 10-K for the fiscal year ended December 31, 2019, its Quarterly Reports on Form 10-Q for the periods ended March 31, 2020, June 30, 2020 and September 30, 2020, and its other filings with the Securities and Exchange Commission (the “SEC”), and in CIT’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019, its Quarterly Reports on Form 10-Q for the periods ended March 31, 2020, June 30, 2020 and September 30, 2020, and its other filings with the SEC. Important Information about the Merger and Where to Find ItIn connection with the proposed merger between First Citizens and CIT, First Citizens filed with the SEC a registration statement on Form S-4 (File No. 333-250131), as amended on December 21, 2020, to register the shares of First Citizens’ capital stock that will be issued to CIT’s stockholders in connection with the proposed transaction. The registration statement includes a joint proxy statement of First Citizens and CIT that also constitutes a prospectus of First Citizens. The registration statement was declared effective by the SEC on December 23, 2020, and the definitive joint proxy statement/prospectus was mailed to CIT’s and First Citizens’ stockholders of record as of the close of business on or about December 30, 2020. First Citizens and CIT held their respective special meeting of stockholders on February 9, 2021. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE REGISTRATION STATEMENT ON FORM S-4 AND THE JOINT PROXY STATEMENT/PROSPECTUS INCLUDED WITHIN THE REGISTRATION STATEMENT ON FORM S-4 (AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC IN CONNECTION WITH THE PROPOSED TRANSACTION OR INCORPORATED BY REFERENCE INTO THE JOINT PROXY STATEMENT/PROSPECTUS) BECAUSE SUCH DOCUMENTS CONTAIN IMPORTANT INFORMATION REGARDING FIRST CITIZENS, CIT, THE PROPOSED MERGER AND RELATED MATTERS. Investors and security holders may obtain free copies of these documents and other documents filed with the SEC by First Citizens or CIT through the website maintained by the SEC at http://www.sec.gov or from First Citizens at its website, www.firstcitizens.com, or from CIT at its website, www.cit.com. Documents filed with the SEC by First Citizens will be available free of charge by accessing the “Newsroom” page of First Citizens’ website at www.firstcitizens.com or, alternatively, by directing a request by telephone or mail to First Citizens BancShares, Inc., Mail Code: FCC-22, PO Box 27131, Raleigh, North Carolina 27611-7131, (919) 716-7000, and documents filed with the SEC by CIT will be available free of charge by accessing CIT’s website at www.cit.com under the tab “About Us,” and then under the heading “Investor Relations” or, alternatively, by directing a request by telephone or mail to CIT Group Inc., One CIT Drive, Livingston, New Jersey 07039, (866) 542-4847. First Citizens Contact InformationBarbara ThompsonDirector of Corporate Communications and Brand Marketing919-716-2716barbara.thompson@firstcitizens.com Tom HeathDirector of Investor Relations919-716-4565tom.heathIII@firstcitizens.com CIT Contact InformationGina ProiaEVP, Chief Marketing and Communications Officer212-771-6008gina.proia@cit.com Barbara CallahanSVP and Head of Investor Relations973-740-5058barbara.callahan@cit.com

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  • CIT Group Inc. (Old) -- Moody's announces completion of a periodic review of ratings of CIT Group Inc.

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  • First-Citizens Bank & Trust Company -- Moody's announces completion of a periodic review of ratings of First Citizens BancShares, Inc.

    Announcement of Periodic Review: Moody's announces completion of a periodic review of ratings of First Citizens BancShares, Inc.Global Credit Research - 05 Feb 2021New York, February 05, 2021 -- Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of First Citizens BancShares, Inc. and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review discussion held on 2 February 2021 in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology (ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers. Since 1 January 2019, Moody's practice has been to issue a press release following each periodic review to announce its completion.This publication does not announce a credit rating action and is not an indication of whether or not a credit rating action is likely in the near future.

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  • First Citizens Bancshares Inc (FCNCA) Q4 2020 Earnings Call Transcript

    Ladies and gentlemen, thank you for standing by, and welcome to the First Citizens BancShares Q4 Earnings Conference Call. It is my pleasure to introduce our Chairman and Chief Executive Officer, Frank Holding, as well as our Chief Financial Officer, Craig Nix, who will provide an overview of our results, after which, we will be happy to take any questions you may have.

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  • First Citizens BancShares Reports Earnings for Fourth Quarter and Full Year 2020

    RALEIGH, N.C., Jan. 26, 2021 (GLOBE NEWSWIRE) -- First Citizens BancShares Inc. (“BancShares”) (Nasdaq: FCNCA) reported strong earnings for the fourth quarter of 2020. Key results for the quarter ended December 31, 2020, are presented below: FOURTH QUARTER RESULTS Q4 2020Q4 2019 Q4 2020Q4 2019 Q4 2020Q4 2019 Q4 2020Q4 2019 Q4 2020Q4 2019Net income (in millions) Net income per share Net interest margin Return on average assets Return on average equity$138.1$101.9 $13.59$9.55 3.02%3.59% 1.11%1.05% 14.02%11.32% YEAR-TO-DATE (“YTD”) RESULTS 20202019 20202019 20202019 20202019 20202019Net income (in millions) Net income per share Net interest margin Return on average assets Return on average equity$491.7$457.4 $47.50$41.05 3.17%3.74% 1.07%1.23% 12.96%12.88% FOURTH QUARTER HIGHLIGHTS Net income Net income for the fourth quarter of 2020 was $138.1 million, an increase of $36.2 million, or 35.5%, compared to the same quarter in 2019. Net income per common share increased to $13.59 for the fourth quarter of 2020, from $9.55 per share during the same quarter in 2019. Return onaverage assetsand equity Return on average assets for the fourth quarter of 2020 was 1.11%, up from 1.05% during the same quarter in 2019. Return on average equity for the fourth quarter of 2020 was 14.02%, up from 11.32% during the same period of 2019. Net interestincome andnet interestmargin BancShares reported total net interest income of $358.7 million for the fourth quarter of 2020, an increase of $31.6 million, or 9.7%, compared to the same quarter in 2019. The taxable-equivalent net interest margin (“NIM”) was 3.02% for the fourth quarter of 2020, down 57 basis points from 3.59% during the same quarter in 2019 and down 4 basis points from 3.06% during the third quarter of 2020. Provision forcredit losses The provision for credit losses was $5.4 million during the fourth quarter of 2020, compared to $7.7 million during the fourth quarter of 2019. The allowance for credit losses (“ACL”) was $224.3 million at December 31, 2020, compared to $225.1 million at December 31, 2019, representing 0.68% and 0.78% of loans, respectively. Operatingperformance Noninterest income totaled $126.8 million for the fourth quarter of 2020, an increase of $22.4 million, or 21.4%, compared to the same quarter of 2019. Noninterest expense was $305.4 million for the fourth quarter of 2020, an increase of $13.1 million, or 4.5%, compared to the same quarter of 2019. Loans andcredit quality Total loans grew to $32.79 billion, an increase of $3.91 billion, or by 13.5%, since December 31, 2019. Excluding $2.41 billion of loans originated under the Small Business Administration Paycheck Protection Program (“SBA-PPP”) and loans from acquisitions, total loans increased $1.40 billion since December 31, 2019, or by 4.9%. The net charge-off ratio was 0.06% and 0.07% for the three- and twelve-month periods ended December 31, 2020, respectively, compared to 0.14% and 0.11% for the three and twelve months ended December 31, 2019, respectively. Deposits Total deposits grew to $43.43 billion, an increase of $9.00 billion, or by 26.1%, since December 31, 2019. Excluding estimated SBA-PPP deposits, which totaled $0.93 billion, and deposits from acquisitions, total deposits increased $7.87 billion since December 31, 2019, or by 22.9%. Capital BancShares remained well capitalized with a total risk-based capital ratio of 13.8%, a Tier 1 risk-based capital ratio of 11.6%, a common equity Tier 1 ratio of 10.6% and a Tier 1 leverage ratio of 7.9%. ONGOING COVID-19 RESPONSE BancShares remains in a strong capital and liquidity position providing stability in navigating the COVID-19 crisis. Our leadership team continues to work to identify and enact appropriate measures in an effort to protect the welfare of our employees and soundness of the organization, while continuing to support our customers. Our branches have re-opened with enhanced safety protocols and our corporate locations remain at limited occupancy due to current virus trends. Through December 31, 2020, over 97% of all COVID-19 related loan extensions have begun repayment. Delinquency trends among loans entering repayment are in line with the remainder of the portfolio. We have not seen significant declines in overall credit quality, though the impacts of the SBA-PPP and payment extensions could be delaying signs of credit deterioration. During 2020, BancShares originated over 23,000 SBA-PPP loans, with outstanding aggregate loan balances of $2.41 billion at December 31, 2020. We collected $117.2 million in SBA-PPP related loan fees per the program terms. These fees were deferred and are being recognized in interest income over the life of the respective loans. As of December 31, 2020, remaining deferred fees were $41.1 million. We began accepting and processing applications for forgiveness during the third quarter of 2020 and have received over 6,500 forgiveness decisions from the SBA to date, representing over $900 million in forgiveness payments. The Consolidated Appropriations Act 2021 was signed into law during the fourth quarter of 2020 and contained provisions for new funding of SBA-PPP loans. We have begun accepting applications for this round of funding beginning in the first quarter of 2021. Strong Liquidity and Capital Position We continue to maintain a strong level of liquidity. As of December 31, 2020, liquid assets (available cash, overnight investments and unencumbered available for sale securities) totaled approximately $9.63 billion, representing 19.8% of consolidated assets. In addition to liquid assets, we had contingent sources of liquidity totaling approximately $11.90 billion in the form of Federal Home Loan Bank borrowing capacity, Federal Reserve Discount Window availability, fed funds lines and a committed line of credit as of December 31, 2020. At December 31, 2020, BancShares’ regulatory capital ratios were well in excess of Basel III capital requirements with a total risk-based capital ratio of 13.8%, a Tier 1 risk-based capital ratio of 11.6%, a common equity Tier 1 ratio of 10.6%, a Tier 1 leverage ratio of 7.9% and a capital conservation buffer of 5.6%, more than twice the required level of 2.5%. RECENT MERGER ACTIVITY On October 15, 2020, BancShares announced a definitive merger agreement with CIT Group Inc. (“CIT”) through which the companies plan to combine in an all-stock merger of equals. The transaction is anticipated to close during the first half of 2021. NET INTEREST INCOME Net interest income for the fourth quarter of 2020 was $358.7 million, an increase of $31.6 million, or 9.7%, compared to the fourth quarter of 2019. This was primarily due to an increase in interest earned on loans, driven by SBA-PPP loans and organic loan growth and lower rates paid on interest-bearing liabilities, partially offset by declines in yields on interest-earning assets and increased borrowings. SBA-PPP loans contributed $42.2 million in interest and fee income during the quarter. The taxable-equivalent NIM was 3.02% during the fourth quarter of 2020, a decrease of 57 basis points from 3.59% for the comparable quarter in the prior year. The margin decline was primarily due to a decrease in the yield on interest-earning assets, partially offset by a decline in rates paid on deposits and borrowings. The taxable-equivalent NIM declined 4 basis points from 3.06% in the linked quarter primarily related to a decline in yield on investment securities, partially offset by a decline in the rate paid on interest-bearing deposits. Net interest income for the year ended December 31, 2020 was $1.39 billion, an increase of $76.8 million, or 5.9%, compared to the same period of 2019. The change was primarily due to SBA-PPP loans and organic loan growth coupled with lower rates paid on deposits and borrowings. This was partially offset by declines in the yield on interest-earning assets and higher deposit and borrowing balances. SBA-PPP loans contributed $90.1 million in interest and fee income during 2020. The taxable equivalent NIM decreased 57 basis points to 3.17% compared to 3.74% for the year ended December 31, 2019, primarily due to a decline in yield on interest-earning assets coupled with an increase in total borrowings, partially offset by a decline in the rate paid on interest-bearing deposits. PROVISION FOR CREDIT LOSSES Provision expense was $5.4 million and $58.4 million for the three- and twelve-month periods ended December 31, 2020, respectively, as compared to $7.7 million and $31.4 million for the three- and twelve-month periods ended December 31, 2019, respectively. The increase in the twelve-month period was primarily COVID-19 related as loss estimates consider the potential impact of slower economic activity and elevated unemployment, as well as potential mitigants due to government stimulus and loan accommodations. The year-to-date provision expense includes $36.1 million of reserve build for credit losses specifically related to the potential impacts of COVID-19. The decrease in provision for the three-month period was due to limited movement in credit quality metrics and continued low net charge-offs. Total net charge-offs in the fourth quarter of 2020 were $5.0 million, a decrease from $9.4 million in the fourth quarter of 2019 due to a lower volume of charge-offs and increased recoveries. Net charge-offs were $22.4 million and $30.0 million for the twelve months ended December 31, 2020 and 2019, respectively. The net charge-off ratio was 0.06% and 0.07% for the three- and twelve-month periods ended December 31, 2020, respectively, compared to 0.14% and 0.11% for the three and twelve-month periods ended December 31, 2019, respectively. Excluding the impact of SBA-PPP loans on average loan balances, the net charge-off ratio was 0.07% and 0.08% for the three and twelve-month periods ended December 31, 2020. NONINTEREST INCOME Noninterest income for the fourth quarter of 2020 was $126.8 million compared to $104.4 million for the fourth quarter of 2019, an increase of $22.4 million, or 21.4%. Fair value adjustments on marketable equity securities and realized gains on available for sale securities increased by a combined $16.8 million. Mortgage income increased by $6.5 million due to increased production and sales resulting from lower mortgage interest rates. Wealth income increased $3.2 million driven by an increase in transaction volume and assets under management. Service charges on deposits declined $4.3 million due to lower transaction volumes related to COVID-19 stimulus. Noninterest income for 2020 was $476.8 million compared to $415.9 million for 2019, an increase of $60.9 million, or 14.6%. Fair value adjustments on marketable equity securities and realized gains on available for sale securities increased by a combined $61.9 million. Mortgage income increased by $18.5 million due to increased production and sales resulting from lower mortgage interest rates. Service charges on deposits declined $17.5 million due to lower transaction volumes related to COVID-19 stimulus. NONINTEREST EXPENSE Noninterest expense was $305.4 million for the fourth quarter of 2020, a $13.1 million, or 4.5%, increase compared to the same period in 2019. The increase was largely driven by an $8.7 million increase in personnel expenses primarily from acquisitions and merit increases. Occupancy and equipment expenses increased $5.0 million primarily driven by sanitation and cleaning expenses due to COVID-19 and repairs in the fourth quarter of 2020. Noninterest expense was $1.19 billion for 2020, an $84.9 million, or 7.7% increase compared to 2019. The increase was largely driven by a $50.7 million increase in personnel expenses as a result of merit increases and acquisitions, a $15.2 million increase in processing fees paid to third parties reflecting continued investment in digital and technological capabilities and an $8.2 million increase in pension expense as a result of a decline in the discount rate. INCOME TAXES The effective tax rate was 21.0% for the fourth quarter of 2020 and 22.5% for the fourth quarter of 2019. For fiscal years 2020 and 2019, the effective tax rate was 20.4% and 22.7%, respectively. The effective tax rates for the fourth quarter and year ended December 31, 2020 were favorably impacted by $3.5 million and $13.9 million, respectively, due to BancShares’ decision to utilize an allowable alternative for computing its 2020 federal income tax liability. Without this alternative, the effective tax rate would have been approximately 23.0% and 22.7% for the fourth quarter and year ended December 31, 2020, respectively. The allowable alternative provides BancShares the ability to use the federal income tax rate for certain current year deductible amounts related to prior year FDIC-assisted acquisitions that was applicable when these amounts were originally subjected to tax. LOANS AND DEPOSITS At December 31, 2020, loans totaled $32.79 billion, an increase of $3.91 billion since December 31, 2019. Of this growth, $2.41 billion was related to SBA-PPP loans. Excluding SBA-PPP loans and loans from acquisitions, total loans increased $1.40 billion since December 31, 2019, or by 4.9%. At December 31, 2020, deposits totaled $43.43 billion, an increase of $9.00 billion since December 31, 2019. This growth includes estimated deposits of $0.93 billion related to the SBA-PPP and deposits from acquisitions of $203.2 million. Excluding the impact of these deposits, total deposits increased $7.87 billion since December 31, 2019, or by 22.9%. ALLOWANCE FOR CREDIT LOSSES The ACL was $224.3 million at December 31, 2020, compared to $225.1 million at December 31, 2019. The ACL as a percentage of total loans was 0.68% at December 31, 2020, compared to 0.78% at December 31, 2019. The reduction was due primarily to the adoption of the Current Expected Credit Loss model (“CECL”), resulting in a $37.9 million reduction in the ACL, with a majority of the decrease offset by a reserve build of $36.1 million due to an increase in potential loan losses related to the impact of COVID-19. Excluding SBA-PPP loans, which have no associated ACL, the ACL as a percentage of total loans was 0.74% as of December 31, 2020. NONPERFORMING ASSETS Nonperforming assets, including nonaccrual loans and other real estate owned, were $242.4 million, or 0.74% of total loans and other real estate owned at December 31, 2020, compared to $168.3 million or 0.58% at December 31, 2019. Contributing to the increase was the adoption of CECL, which moved loans from performing purchased credit impaired pools into nonaccrual status, and represents $24.9 million of nonaccrual loans as of December 31, 2020. CAPITAL TRANSACTIONS During the fourth quarter of 2020, BancShares did not repurchase any shares of Class A common stock compared to a total of 254,510 shares of Class A common stock for $125.0 million at an average cost per share of $490.96 for the fourth quarter of 2019. For the year ended December 31, 2020, BancShares repurchased 813,090 shares of Class A common stock for $333.8 million at an average cost per share of $410.48 compared to 998,910 shares of Class A common stock for $450.8 million at an average cost per share of $451.33 for year ended December 31, 2019. All Class A common stock repurchases completed in 2020 and 2019 were consummated under previously approved authorizations. Following the expiration of our latest share repurchase authorization on July 31, 2020, share repurchase activity was suspended. EARNINGS CALL DETAILS First Citizens will host a conference call to discuss the company's financial results on Wednesday, Jan. 27, 2021, at 9 a.m. Eastern time. To access this call, dial: Domestic: 833-654-8257International: 602-585-9869Conference ID: 7488743 The fourth quarter 2020 earnings presentation and news release will be available on the company’s website at www.firstcitizens.com/investor-relations. After the conference call, you may access a replay of the call through February 8, 2021, by dialing 855-859-2056 (domestic) or 404-537-3406 (international) with conference ID 7488743. For investor inquiries, contact Tom Heath, director of Investor Relations, 919-716-4565. ABOUT FIRST CITIZENS BANCSHARES BancShares is the financial holding company for Raleigh, North Carolina-headquartered First Citizens Bank. First Citizens Bank provides a broad range of financial services to individuals, businesses, professionals and the medical community through branch offices in 19 states, including digital banking, mobile banking, ATMs and telephone banking. As of December 31, 2020, BancShares had total assets of $49.96 billion. For more information, visit First Citizens’ website at firstcitizens.com. First Citizens Bank. Forever First®. 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 and future performance of BancShares. Words such as “anticipates,” “believes,” “estimates,” “expects,” “forecasts,” “intends,” “plans,” “projects,” “targets,” “designed,” “could,” “may,” “should,” “will” 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 the 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, the impacts of the global COVID-19 pandemic on BancShares’ business, and customers, the financial success or changing conditions or strategies of BancShares’ customers or vendors, fluctuations in interest rates, actions of government regulators, the availability of capital and personnel, the delay in closing (or failure to close) one or more of BancShares’ previously announced acquisition transaction(s), the failure to realize the anticipated benefits of BancShares’ previously announced acquisition transaction(s), and general competitive, economic, political, and market conditions, as well as risks related to the proposed transaction with CIT including, in addition to those described above and among others, (1) the risk that the cost savings, any revenue synergies and other anticipated benefits of the proposed transaction may not be realized or may take longer than anticipated to be realized, including as a result of the impact of, or problems arising from, the integration of the two companies or as a result of the condition of the economy and competitive factors in areas where BancShares and CIT do business, (2) disruption to BancShares’ and CIT’s businesses as a result of the announcement and pendency of the proposed transaction and diversion of management’s attention from ongoing business operations and opportunities, (3) the occurrence of any event, change or other circumstances that could give rise to the right of one or both of the parties to terminate the definitive merger agreement, (4) the risk that the integration of BancShares’ and CIT’s operations will be materially delayed or will be more costly or difficult than expected or that BancShares and CIT are otherwise unable to successfully integrate their businesses, (5) the failure to obtain the necessary approvals of the stockholders of BancShares and/or CIT, (6) the outcome of any legal proceedings that may be or have been instituted against BancShares and/or CIT, (7) the failure to obtain required governmental approvals (and the risk that such approvals may result in the imposition of conditions that could adversely affect the combined company or the expected benefits of the proposed transaction), (8) reputational risk and potential adverse reactions of BancShares’ and/or CIT’s customers, suppliers, employees or other business partners, including those resulting from the announcement or completion of the proposed transaction, (9) the failure of any of the closing conditions in the definitive merger agreement to be satisfied on a timely basis or at all, (10) delays in closing the proposed transaction, (11) the possibility that the proposed transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events, (12) the dilution caused by BancShares’ issuance of additional shares of its capital stock in connection with the proposed transaction, (13) general competitive, economic, political and market conditions, (14) other factors that may affect future results of BancShares and CIT including changes in asset quality and credit risk, the inability to sustain revenue and earnings growth, changes in interest rates and capital markets, inflation, customer borrowing, repayment, investment and deposit practices, the impact, extent and timing of technological changes, capital management activities, and other actions of the Federal Reserve Board and legislative and regulatory actions and reforms, and (15) the impact of the global COVID-19 pandemic on CIT’s business, the parties’ ability to complete the proposed transaction and/or any of the other foregoing risks. Except to the extent required by applicable laws or regulations, BancShares disclaims any obligation to update such factors or to publicly announce the results of any revisions to any of the forward-looking statements included herein to reflect future events or developments. Further information regarding BancShares and factors which could affect the forward-looking statements contained herein can be found in BancShares’ Annual Report on Form 10-K for the fiscal year ended December 31, 2019, its Quarterly Reports on Form 10-Q for the periods ended March 31, 2020, June 30, 2020, and September 30, 2020 and its other filings with the Securities and Exchange Commission. CONSOLIDATED FINANCIAL HIGHLIGHTS (Dollars in thousands, except share data; unaudited)Three months ended Twelve months ended December 31December 31,2020 September 30,2020 December 31,2019 2020 2019SUMMARY OF OPERATIONS Interest income$376,876 $374,334 $354,048 $1,484,026 $1,404,011 Interest expense18,160 20,675 26,924 95,857 92,642 Net interest income358,716 353,659 327,124 1,388,169 1,311,369 Provision for credit losses5,403 4,042 7,727 58,352 31,441 Net interest income after provision for credit losses353,313 349,617 319,397 1,329,817 1,279,928 Noninterest income126,765 120,572 104,393 476,750 415,861 Noninterest expense305,373 291,662 292,262 1,188,685 1,103,741 Income before income taxes174,705 178,527 131,528 617,882 592,048 Income taxes36,621 35,843 29,654 126,159 134,677 Net income$138,084 $142,684 $101,874 $491,723 $457,371 Less: Preferred stock dividends4,636 4,636 — 14,062 — Net income available to common shareholders$133,448 $138,048 $101,874 $477,661 $457,371 Net interest income, taxable equivalent$359,370 $354,256 $328,045 $1,390,765 $1,314,940 PER COMMON SHARE DATA Net income$13.59 $14.03 $9.55 $47.50 $41.05 Cash dividends on common shares0.47 0.40 0.40 1.67 1.60 Book value at period-end396.21 380.43 337.38 396.21 337.38 CONDENSED BALANCE SHEET Cash and due from banks$362,048 $352,419 $376,719 $362,048 $376,719 Overnight investments4,347,336 3,137,945 1,107,844 4,347,336 1,107,844 Investment securities9,922,905 9,860,594 7,173,003 9,922,905 7,173,003 Loans and leases32,791,975 32,845,144 28,881,496 32,791,975 28,881,496 Less allowance for credit losses(224,314) (223,936) (225,141) (224,314) (225,141)Other assets2,757,730 2,694,707 2,510,575 2,757,730 2,510,575 Total assets$49,957,680 $48,666,873 $39,824,496 $49,957,680 $39,824,496 Deposits$43,431,609 $42,250,606 $34,431,236 $43,431,609 $34,431,236 Other liabilities2,296,803 2,341,853 1,807,076 2,296,803 1,807,076 Shareholders’ equity4,229,268 4,074,414 3,586,184 4,229,268 3,586,184 Total liabilities and shareholders’ equity$49,957,680 $48,666,873 $39,824,496 $49,957,680 $39,824,496 SELECTED PERIOD AVERAGE BALANCES Total assets$49,557,803 $48,262,155 $38,326,641 $46,021,438 $37,161,719 Investment securities9,889,124 9,930,197 7,120,023 9,054,933 6,919,069 Loans and leases32,964,390 32,694,996 27,508,062 31,605,090 26,656,048 Interest-earning assets46,922,823 45,617,376 36,032,680 43,351,119 34,866,734 Deposits43,123,312 41,905,844 33,295,141 39,746,616 32,218,536 Interest-bearing liabilities26,401,222 25,591,707 20,958,943 24,894,309 20,394,815 Common shareholders' equity3,786,158 3,679,138 3,570,872 3,684,889 3,551,781 Shareholders' equity$4,126,095 $4,019,075 $3,570,872 $3,954,007 $3,551,781 Common shares outstanding9,816,405 9,836,629 10,708,084 10,056,654 11,141,069 SELECTED RATIOS Annualized return on average assets1.11% 1.18% 1.05% 1.07% 1.23%Annualized return on average equity14.02 14.93 11.32 12.96 12.88 Net yield on interest-earning assets (taxable equivalent)3.02 3.06 3.59 3.17 3.74 Tier 1 risk-based capital ratio11.6 11.5 10.9 11.6 10.9 Tier 1 common equity ratio10.6 10.4 10.9 10.6 10.9 Total risk-based capital ratio13.8 13.7 12.1 13.8 12.1 Tier 1 leverage capital ratio7.9 7.8 8.8 7.9 8.8 ALLOWANCE FOR CREDIT LOSSES AND ASSET QUALITY DISCLOSURES Three months ended Twelve months ended December 31(Dollars in thousands, unaudited)December 31, 2020 September 30, 2020 December 31, 2019 2020 2019ALLOWANCE FOR CREDIT LOSSES (1) ACL at beginning of period$223,936 $222,450 $226,825 $225,141 $223,712 Adoption of ASC 326— — — (37,924) — Initial PCD allowance on new acquisitions(2)— — — 1,193 — Provision for credit losses5,403 4,042 7,727 58,352 31,441 Net charge-offs of loans and leases: Charge-offs(9,848) (8,932) (12,624) (45,105) (43,027)Recoveries4,823 6,376 3,213 22,657 13,015 Net charge-offs of loans and leases(5,025) (2,556) (9,411) (22,448) (30,012)ACL at end of period$224,314 $223,936 $225,141 $224,314 $225,141 ACL at end of period allocated to: PCD$23,987 $25,127 $7,536 $23,987 $7,536 Non-PCD200,327 198,809 217,605 200,327 217,605 ACL at end of period$224,314 $223,936 $225,141 $224,314 $225,141 Reserve for unfunded commitments$12,814 $13,971 $1,055 $12,814 $1,055 SELECTED LOAN DATA Average loans and leases: PCD$479,302 $512,559 $495,783 $517,121 $537,131 Non-PCD32,374,204 32,065,084 26,937,524 30,990,135 26,058,370 Loans and leases at period-end: PCD462,882 495,878 558,716 462,882 558,716 Non-PCD32,329,093 32,349,266 28,322,780 32,329,093 28,322,780 RISK ELEMENTS Nonaccrual loans and leases(3)$191,483 $186,454 $121,689 $191,483 $121,689 Other real estate owned50,890 52,789 46,591 50,890 46,591 Total nonperforming assets$242,373 $239,243 $168,280 $242,373 $168,280 Accruing loans and leases 90 days or more past due(3)$5,862 $3,587 $27,548 $5,862 $27,548 RATIOS Net charge-offs (annualized) to average loans and leases0.06% 0.03% 0.14% 0.07% 0.11%ACL to total loans and leases(4): PCD5.18 5.07 1.35 5.18 1.35 Non-PCD0.62 0.61 0.77 0.62 0.77 Total0.68 0.68 0.78 0.68 0.78 Ratio of total nonperforming assets to total loans, leases and other real estate owned0.74 0.73 0.58 0.74 0.58 (1) BancShares recorded no ACL on investment securities as part of the adoption of ASU 2016-13 Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments as of January 1, 2020, September 30, 2020 or December 31, 2020.(2) Upon adoption of ASU 2016-13 as of January 1, 2020, the concept of purchased credit impaired loans under ASC 310-30 was eliminated. Loans and leases determined at the date of acquisition, to have experienced more than insignificant credit quality since origination are accounted for under the guidance in ASC Topic 326-20, Credit Losses as purchased credit deteriorated (“PCD”) assets. PCD loans and leases are recorded at fair value at the date of acquisition with an initial reserve recorded directly to the allowance for credit losses. Provision is recorded if there is additional credit deterioration after the acquisition date. Non-PCD loans include originated and purchased non-credit deteriorated loans. Loans previously classified as PCI were determined to be PCD.(3) Upon adoption of ASU 2016-13, we dissolved pooling of PCI loans allowed under ASC 310-30. This increased the amount of nonaccrual loans as those nonaccrual loans within performing PCI pools were previously excluded from reporting. As of January 1, 2020, there were $47.0 million of nonaccrual loans released from performing PCI pools including $24.2 million of loans that were greater than 90 days past due. Of these nonaccrual loans, $24.9 million were outstanding as of December 31, 2020.(4) Loans originated in relation to the SBA-PPP do not have a recorded ACL. As of December 31, 2020, the ratio of ACL to total Non-PCD loans excluding SBA-PPP loans was 0.67% while the ratio of ACL to total loans excluding SBA-PPP loans was 0.74%. AVERAGE BALANCE AND NET INTEREST MARGIN SUMMARY Three months ended December 31, 2020 September 30, 2020 December 31, 2019 Average Yield/ Average Yield/ Average Yield/(Dollars in thousands, unaudited)Balance Interest Rate (2) Balance Interest Rate (2) Balance Interest Rate (2)INTEREST-EARNING ASSETS Loans and leases (1)$32,964,390 $345,300 4.12% $32,694,996 $336,934 4.06% $27,508,062 $308,832 4.42%Investment securities: U.S. Treasury526,072 250 0.19 695,419 497 0.28 595,515 3,706 2.47 Government agency695,757 1,574 0.90 587,377 1,335 0.91 659,857 4,224 2.56 Mortgage-backed securities7,981,834 21,130 1.06 8,047,247 28,236 1.40 5,563,653 29,964 2.15 Corporate bonds591,780 7,657 5.18 489,602 6,433 5.26 172,424 2,165 5.02 Other investments93,681 600 2.55 110,552 739 2.66 128,574 653 2.02 Total investment securities9,889,124 31,211 1.26 9,930,197 37,240 1.50 7,120,023 40,712 2.29 Overnight investments4,069,309 1,019 0.10 2,992,183 757 0.10 1,404,595 5,425 1.53 Total interest-earning assets$46,922,823 $377,530 3.17 $45,617,376 $374,931 3.24 $36,032,680 $354,969 3.89 INTEREST-BEARING LIABILITIES Interest-bearing deposits: Checking with interest$9,688,744 $1,533 0.06% $9,239,838 $1,369 0.06% $7,608,857 $1,561 0.08%Savings3,230,625 306 0.04 3,070,619 314 0.04 2,596,608 439 0.07 Money market accounts8,529,816 3,242 0.15 8,108,832 3,634 0.18 6,248,735 7,066 0.45 Time deposits3,017,044 5,976 0.79 3,205,850 8,151 1.01 3,513,432 13,367 1.51 Total interest-bearing deposits24,466,229 11,057 0.18 23,625,139 13,468 0.23 19,967,632 22,433 0.45 Securities sold under customer repurchase agreements684,311 374 0.22 710,237 395 0.22 495,804 479 0.38 Other short-term borrowings— — — — — — 28,284 190 2.63 Long-term borrowings1,250,682 6,729 2.13 1,256,331 6,812 2.15 467,223 3,822 3.20 Total interest-bearing liabilities$26,401,222 $18,160 0.27 $25,591,707 $20,675 0.32 $20,958,943 $26,924 0.51 Interest rate spread 2.90% 2.92% 3.38%Net interest income and net yield on interest-earning assets $359,370 3.02% $354,256 3.06% $328,045 3.59% (1) Loans and leases include PCD and non-PCD loans, nonaccrual loans and loans held for sale.(2) Yields related to loans, leases and securities exempt from both federal and state income taxes, federal income taxes only, or state income taxes only are stated on a taxable-equivalent basis assuming statutory federal income tax rates of 21.0%, as well as state income tax rates of 3.4% for all periods presented. The taxable-equivalent adjustment was $654 thousand, $597 thousand and $921 thousand for the three months ended December 31, 2020, September 30, 2020 and December 31, 2019, respectively. Contact:Barbara Thompson First Citizens BancShares 919.716.2716

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