First Citizens BancShares (FCNCA)
Market Price (4/14/2026): $2011.98 | Market Cap: $24.9 BilSector: Financials | Industry: Regional Banks
First Citizens BancShares (FCNCA)
Market Price (4/14/2026): $2011.98Market Cap: $24.9 BilSector: FinancialsIndustry: Regional Banks
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 8.9%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 5.0%, FCF Yield is 5.5% Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -66% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 32%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 15%, CFO LTM is 2.9 Bil Stock buyback supportStock Buyback 3Y Total is 4.7 Bil Low stock price volatilityVol 12M is 29% Uninsured deposits are lowUninsured Deposits Ratio %Fraction of deposits that exceed the insurance deposit thresholds. For example, the FDIC protects deposits up to $250K. A high uninsured deposits ratio indicates large accounts and greater potential exposure to bank run risk. is 16% Megatrend and thematic driversMegatrends include Fintech & Digital Payments. Themes include Online Banking & Lending, Digital Payments, and Wealth Management Technology. | Weak multi-year price returns2Y Excs Rtn is -8.8% Moderate capital ratioTier 1 Capital / Risk Wtd Assets RatioTier 1 Capital / Risk-Weighted Assets is a common measure of financial strength for a bank. It reflects how much equity there is relative to assets where assets are weighted based on riskiness. Low ratios indicate the bank is highly vulnerable to even small changes in the value of their risk assets. is 10% | Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -2.7%, Rev Chg QQuarterly Revenue Change % is -0.1% Key risksFCNCA key risks include [1] potential credit losses stemming from its acquisition of Silicon Valley Bank. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 8.9%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 5.0%, FCF Yield is 5.5% |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -66% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 32%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 15%, CFO LTM is 2.9 Bil |
| Stock buyback supportStock Buyback 3Y Total is 4.7 Bil |
| Low stock price volatilityVol 12M is 29% |
| Uninsured deposits are lowUninsured Deposits Ratio %Fraction of deposits that exceed the insurance deposit thresholds. For example, the FDIC protects deposits up to $250K. A high uninsured deposits ratio indicates large accounts and greater potential exposure to bank run risk. is 16% |
| Megatrend and thematic driversMegatrends include Fintech & Digital Payments. Themes include Online Banking & Lending, Digital Payments, and Wealth Management Technology. |
| Weak multi-year price returns2Y Excs Rtn is -8.8% |
| Moderate capital ratioTier 1 Capital / Risk Wtd Assets RatioTier 1 Capital / Risk-Weighted Assets is a common measure of financial strength for a bank. It reflects how much equity there is relative to assets where assets are weighted based on riskiness. Low ratios indicate the bank is highly vulnerable to even small changes in the value of their risk assets. is 10% |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -2.7%, Rev Chg QQuarterly Revenue Change % is -0.1% |
| Key risksFCNCA key risks include [1] potential credit losses stemming from its acquisition of Silicon Valley Bank. |
Qualitative Assessment
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1. Analyst Downgrade and Concerns over Silicon Valley Bank Client Flows: On April 1, 2026, JPMorgan Chase & Co. reaffirmed a "neutral" rating and reduced its price target for FCNCA to $2,200 from $2,450. This adjustment was primarily driven by concerns regarding the recovery of Silicon Valley Bank (SVB) client flows, which First Citizens BancShares acquired, noting that the reacceleration in exit markets and innovation economy momentum required for sustained recovery has not yet materialized. Goldman Sachs also downgraded the stock from "buy" to "hold" on January 6, 2026.
2. Projected Decline in Net Interest Income and Net Interest Margin Outlook: First Citizens BancShares faces a challenging outlook for 2026 due to anticipated lower net interest income (NII) and a declining net interest margin (NIM), which are expected to impact future earnings estimates. This is partly attributable to the broader macroeconomic environment where no significant rate cuts are expected through year-end 2026, thus limiting support for a reopening of capital markets and near-term growth acceleration.
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Stock Movement Drivers
Fundamental Drivers
The -6.7% change in FCNCA stock from 12/31/2025 to 4/13/2026 was primarily driven by a -5.4% change in the company's P/E Multiple.| (LTM values as of) | 12312025 | 4132026 | Change |
|---|---|---|---|
| Stock Price ($) | 2143.93 | 2000.81 | -6.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 9,192 | 9,189 | 0.0% |
| Net Income Margin (%) | 25.3% | 24.0% | -5.1% |
| P/E Multiple | 11.8 | 11.2 | -5.4% |
| Shares Outstanding (Mil) | 13 | 12 | 4.0% |
| Cumulative Contribution | -6.7% |
Market Drivers
12/31/2025 to 4/13/2026| Return | Correlation | |
|---|---|---|
| FCNCA | -6.7% | |
| Market (SPY) | -5.4% | 33.7% |
| Sector (XLF) | -5.7% | 63.6% |
Fundamental Drivers
The 12.1% change in FCNCA stock from 9/30/2025 to 4/13/2026 was primarily driven by a 13.7% change in the company's P/E Multiple.| (LTM values as of) | 9302025 | 4132026 | Change |
|---|---|---|---|
| Stock Price ($) | 1785.30 | 2000.81 | 12.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 9,203 | 9,189 | -0.2% |
| Net Income Margin (%) | 26.0% | 24.0% | -7.8% |
| P/E Multiple | 9.9 | 11.2 | 13.7% |
| Shares Outstanding (Mil) | 13 | 12 | 7.1% |
| Cumulative Contribution | 12.1% |
Market Drivers
9/30/2025 to 4/13/2026| Return | Correlation | |
|---|---|---|
| FCNCA | 12.1% | |
| Market (SPY) | -2.9% | 39.4% |
| Sector (XLF) | -3.8% | 65.8% |
Fundamental Drivers
The 8.4% change in FCNCA stock from 3/31/2025 to 4/13/2026 was primarily driven by a 21.0% change in the company's P/E Multiple.| (LTM values as of) | 3312025 | 4132026 | Change |
|---|---|---|---|
| Stock Price ($) | 1846.36 | 2000.81 | 8.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 9,442 | 9,189 | -2.7% |
| Net Income Margin (%) | 29.4% | 24.0% | -18.4% |
| P/E Multiple | 9.3 | 11.2 | 21.0% |
| Shares Outstanding (Mil) | 14 | 12 | 12.7% |
| Cumulative Contribution | 8.4% |
Market Drivers
3/31/2025 to 4/13/2026| Return | Correlation | |
|---|---|---|
| FCNCA | 8.4% | |
| Market (SPY) | 16.3% | 62.3% |
| Sector (XLF) | 4.8% | 72.5% |
Fundamental Drivers
The 107.9% change in FCNCA stock from 3/31/2023 to 4/13/2026 was primarily driven by a 103.0% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 3312023 | 4132026 | Change |
|---|---|---|---|
| Stock Price ($) | 962.37 | 2000.81 | 107.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 4,526 | 9,189 | 103.0% |
| Net Income Margin (%) | 24.3% | 24.0% | -1.0% |
| P/E Multiple | 12.8 | 11.2 | -12.3% |
| Shares Outstanding (Mil) | 15 | 12 | 18.0% |
| Cumulative Contribution | 107.9% |
Market Drivers
3/31/2023 to 4/13/2026| Return | Correlation | |
|---|---|---|
| FCNCA | 107.9% | |
| Market (SPY) | 63.3% | 47.4% |
| Sector (XLF) | 67.8% | 62.9% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| FCNCA Return | 45% | -8% | 88% | 49% | 2% | -7% | 253% |
| Peers Return | 43% | -25% | 0% | 25% | 15% | 2% | 57% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | -0% | 81% |
Monthly Win Rates [3] | |||||||
| FCNCA Win Rate | 50% | 42% | 75% | 67% | 58% | 25% | |
| Peers Win Rate | 67% | 43% | 43% | 55% | 55% | 50% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| FCNCA Max Drawdown | -1% | -28% | -33% | -3% | -26% | -18% | |
| Peers Max Drawdown | -3% | -32% | -43% | -9% | -22% | -9% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -7% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: PNC, TFC, USB, WAL, KEY.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 4/13/2026 (YTD)
How Low Can It Go
| Event | FCNCA | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -43.9% | -25.4% |
| % Gain to Breakeven | 78.2% | 34.1% |
| Time to Breakeven | 11 days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -47.5% | -33.9% |
| % Gain to Breakeven | 90.6% | 51.3% |
| Time to Breakeven | 234 days | 148 days |
| 2018 Correction | ||
| % Loss | -24.5% | -19.8% |
| % Gain to Breakeven | 32.5% | 24.7% |
| Time to Breakeven | 262 days | 120 days |
| 2008 Global Financial Crisis | ||
| % Loss | -64.0% | -56.8% |
| % Gain to Breakeven | 177.5% | 131.3% |
| Time to Breakeven | 1,708 days | 1,480 days |
Compare to PNC, TFC, USB, WAL, KEY
In The Past
First Citizens BancShares's stock fell -43.9% during the 2022 Inflation Shock from a high on 9/2/2021. A -43.9% loss requires a 78.2% gain to breakeven.
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About First Citizens BancShares (FCNCA)
AI Analysis | Feedback
1. A regional version of a comprehensive bank like U.S. Bancorp, offering everything from checking accounts to wealth management services across many states.
2. Like a multi-state, full-service bank similar to a smaller PNC or Truist, providing retail and commercial banking along with investment and wealth management options.
AI Analysis | Feedback
- Deposit Accounts: Offers various checking, savings, money market, and time deposit accounts for individuals and businesses.
- Commercial Loans: Provides financing for businesses, including commercial construction, land development, mortgages, industrial, and lease financing.
- Consumer Loans: Lends to individuals for needs such as residential mortgages, construction, auto purchases, and other personal financing.
- Treasury Services: Delivers products and services designed to manage a company's cash flow, liquidity, and financial assets.
- Cardholder and Merchant Services: Supplies payment processing, credit card, and other related services for both consumers and businesses.
- Wealth Management Services: Offers comprehensive financial planning, investment management, and advisory services to clients.
- Investment Products: Provides access to investment vehicles such as annuities, discount brokerage services, and third-party mutual funds.
- Trust and Fiduciary Services: Manages trusts and assets, offering specialized services like private banking, philanthropy, and defined benefit/contribution plans.
AI Analysis | Feedback
First Citizens BancShares (FCNCA) is a diversified financial services company that serves a broad customer base rather than having a few major customers. Based on the company description, it primarily sells its banking and financial services to the following three categories of customers:
- Individuals: The company provides retail banking services, including checking, savings, money market, and time deposit accounts, as well as consumer loans (residential and revolving mortgage, auto, etc.). It also offers wealth management, private banking, and various investment products and services to individuals.
- Businesses: First Citizens BancShares offers commercial banking services to a wide range of businesses. This includes commercial construction and land development loans, commercial mortgage, commercial and industrial loans, lease financing, small business administration loans, treasury services, and merchant services.
- Professionals: The company specifically caters to professionals with commercial banking services, alongside businesses. This category often includes independent practitioners (e.g., doctors, lawyers, accountants) who require specialized financial products, advisory, and wealth management services.
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Frank B. Holding, Jr. Chairman and Chief Executive Officer
Frank B. Holding, Jr. leads First Citizens BancShares, Inc. as Chairman and Chief Executive Officer, a position he has held since 2009 and 2008, respectively. He was previously the company's President from 1994 to 2009 and has been employed by the bank since 1983. Mr. Holding guides the nation's largest family-controlled bank, which has significantly expanded its scale and capabilities through strategic outcomes like the CIT merger in 2022 and the SVB acquisition in 2023. He serves on the Board of Directors for FlyExclusive and Mount Olive Pickle Company, Inc., and is a past chairman of the North Carolina Chamber and Blue Cross and Blue Shield of North Carolina Board of Trustees. Mr. Holding earned a bachelor's degree from the University of North Carolina at Chapel Hill and an MBA from The Wharton School of Finance, University of Pennsylvania.
Craig L. Nix Chief Financial Officer
Craig L. Nix serves as the Chief Financial Officer of First Citizens BancShares, Inc., a role he has held since 2014. He is responsible for all corporate finance functions, including accounting, financial planning and analysis, reporting, investor relations, and treasury. Prior to this appointment, Mr. Nix held various roles at First Citizens Bancorporation, Inc. (South Carolina), including Executive Vice President and Chief Financial Officer from 2001 to 2014. His tenure as CFO has included leading financial management through the integration periods of significant transactions such as the CIT merger in 2022 and the SVB acquisition in 2023. Mr. Nix is a Certified Public Accountant and holds a bachelor's degree from the University of South Carolina.
Peter M. Bristow President
Peter M. Bristow is the President and a Director of First Citizens BancShares, Inc., appointed to these roles in 2014. He oversees the company's Rail business, Commercial Bank, and SVB Commercial, which serves the innovation economy, private equity, and venture capital firms. Before the merger of the family's two banks in 2014, Mr. Bristow was President of First Citizens Bank of South Carolina from 2001, where he was instrumental in integrating acquisitions to grow the institution to $8.5 billion. Notably, he was dispatched to Atlanta to manage a troubled loan portfolio following First Citizens Bank of South Carolina's FDIC-assisted acquisition of Georgian Bank in 2009. Mr. Bristow, who joined the bank in 1991, is the brother-in-law of CEO Frank B. Holding, Jr., and Vice Chairwoman Hope H. Bryant. He earned a bachelor's degree from the University of Virginia.
Hope Holding Bryant Vice Chairwoman
Hope Holding Bryant is the Vice Chairwoman of First Citizens BancShares, Inc., a position she has held since 2011. She has played a key role in the company's expansion across the United States. Ms. Bryant leads the General Bank, which encompasses the expansive branch network, wealth management, treasury management, insurance, and merchant services. She joined the bank in 1986, working in various areas and serving as president of the former IronStone Bank subsidiary from 2006 to 2011. Ms. Bryant is the sister of CEO Frank B. Holding, Jr., and sister-in-law of President Peter M. Bristow. She holds both a bachelor's degree and an MBA from the University of North Carolina at Chapel Hill.
Jeffery L. Ward Chief Strategy Officer
Jeffery L. Ward has served as the Chief Strategy Officer of First Citizens BancShares, Inc. since 2014. In this role, Mr. Ward is responsible for the development and implementation of the company's corporate strategy. He also oversees the Integration Management Office and the Direct Bank. Mr. Ward is a board member at Teen Cancer America. He earned both a bachelor's and a master's degree from North Carolina State University.
AI Analysis | Feedback
The key risks to First Citizens BancShares (FCNCA) include:
- Macroeconomic and Interest Rate Sensitivity: As a commercial-oriented bank, First Citizens BancShares is highly vulnerable to broader economic conditions and fluctuations in interest rates. A challenging economic environment or a recession in the U.S. could lead to lower earnings expectations, weaker loan demand, and potential deterioration in credit quality. The company's asset-sensitive position means that changes in interest rates can significantly impact its net interest income.
- Operational Complexity and Integration Risks from Acquisitions: First Citizens BancShares has pursued significant growth through strategic acquisitions, such as Silicon Valley Bridge Bank and CIT Group. While these have expanded its asset base and market presence, they introduce operational complexities and require substantial resources and management attention for seamless integration. Challenges in integrating acquired entities could impact service quality and operational efficiency.
- Cybersecurity and Regulatory Challenges: Operating in a highly regulated financial services industry, First Citizens BancShares faces ongoing cybersecurity threats and evolving regulatory requirements. As a Category IV bank, it is subject to enhanced supervision and additional regulatory demands. Non-compliance with changing laws and regulations, or a failure to adequately manage information security and data privacy, could have adverse effects on its operations and financial performance.
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- Rise of Digital-Only Banks (Neobanks): Digital-first banks, which operate without a traditional branch network, pose a clear emerging threat. These institutions often offer lower fees, higher interest rates on deposits, and highly user-friendly mobile experiences. Their lean operating models allow them to attract customers, particularly younger demographics and those comfortable with digital banking, by providing a more convenient and often more cost-effective alternative to traditional branch-based banks like First Citizens BancShares. This parallels Netflix's disruption of Blockbuster by offering a superior digital alternative to a physical model.
- Specialized Fintech Competitors: The unbundling of traditional banking services by specialized financial technology (fintech) companies presents a direct threat. This includes online lending platforms that offer faster and often more tailored loan products (commercial, consumer) than traditional banks, thereby siphoning off market share from First Citizens BancShares' loan portfolio. Additionally, robo-advisors and online investment platforms provide low-cost, automated wealth management and investment services, competing with the company's wealth management and investment advisory offerings. Payment processing innovators are also disrupting traditional merchant services.
- Entry of Big Tech Companies into Financial Services: Large technology companies (e.g., Apple, Google, Amazon) are increasingly leveraging their vast customer bases, technological capabilities, and data to offer integrated financial products and services. These can range from payment solutions and digital wallets to credit cards and even savings accounts. Their ability to embed financial services seamlessly into consumers' daily digital lives and offer highly personalized experiences poses a significant emerging threat to traditional banking relationships and customer loyalty for institutions like First Citizens BancShares.
AI Analysis | Feedback
First Citizens BancShares, Inc. (FCNCA) operates within the robust U.S. financial services sector, offering a comprehensive suite of retail and commercial banking services, deposit products, various loan types, treasury services, and wealth management. The addressable markets for its main products and services are substantial within the United States.
U.S. Commercial Banking Market
The U.S. commercial banking market, which encompasses services like commercial and industrial loans, commercial mortgages, and treasury services, demonstrates significant size and growth. Estimates for the market vary, with some reports indicating a market size of approximately USD 226.44 billion in 2024, projected to grow to USD 269.28 billion by 2029. Other analyses suggest a larger market, valued at around USD 765.53 billion in 2026 and forecasted to reach USD 954.48 billion by 2031. Commercial lending is a dominant segment within this market. For instance, total commercial real estate (CRE) mortgage borrowing and lending in the U.S. reached $498 billion in 2024. The broader commercial lending market (globally, but with significant U.S. participation) was valued at USD 10.68 trillion in 2024 and is projected to reach $30.09 trillion by 2028.
U.S. Retail Banking Market
The U.S. retail banking market, covering products such as checking, savings, money market, and time deposit accounts, alongside consumer loans, is a vast addressable market. The market was valued at approximately USD 870 billion in 2025, with projections to grow to USD 1,112.2 billion by 2031. Another estimate places the U.S. retail banking market revenue at USD 1.28 trillion in 2025. Total commercial bank deposits across the U.S. exceeded $18.5 trillion as of October 2025, and were reported at $18,665.081 billion in January 2026.
U.S. Loan Market (Consumer and Residential Mortgage)
The overall U.S. loan market, which includes various consumer and residential mortgage products offered by First Citizens BancShares, is substantial. Total household debt in the U.S. reached $18.8 trillion in the fourth quarter of 2025.
- Residential Mortgage Loans: Mortgage balances on consumer credit reports totaled $13.17 trillion at the end of December 2025. Single-family mortgage originations in the U.S. are expected to reach $2.2 trillion in 2026, up from $2.0 trillion in 2025.
- Consumer Loans (Non-Mortgage): Non-mortgage consumer debt in the U.S. amounted to $4.66 trillion as of April 2023. More recent data from Q4 2025 indicates that auto loan balances stood at $1.66 trillion, student loan balances at $1.66 trillion, credit card balances at $1.28 trillion, and other consumer loan balances at $564 billion. The broader consumer lending market is estimated to be around $27 trillion.
U.S. Wealth Management Market
For wealth management services, including investment products, advisory services, and private banking, the U.S. market is extensive. Robo-advisors alone manage over $1 trillion in assets as of 2025, with forecasts to approach $2 trillion within a couple of years. The U.S. private banking market is valued at approximately USD 59.54 billion in 2025 and is projected to reach USD 94.89 billion by 2030.
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Here are 3-5 expected drivers of future revenue growth for First Citizens BancShares (FCNCA) over the next 2-3 years:
- Loan Growth, especially in Global Fund Banking and SVB Commercial: First Citizens BancShares has demonstrated strong loan growth, particularly within its Global Fund Banking franchise and the SVB Commercial segment. The company reported solid loan growth in the fourth quarter of 2025, led by Global Fund Banking. Furthermore, all operating segments, including SVB Commercial, achieved loan and deposit growth in the third quarter of 2025. The Global Fund Banking business is benefiting from a strong pipeline, contributing to continued growth. Analysts also anticipate a rebound in broader commercial loan demand, which would further leverage the company's strong position in commercial markets.
- Strategic Acquisitions and Market Expansion: The company is actively pursuing strategic acquisitions to enhance profitability and revenue through increased scale. First Citizens Bank announced an agreement to acquire 138 branches from BMO Bank N.A., expecting to assume approximately $5.7 billion in deposits and acquire around $1.1 billion in loans, with the transaction anticipated to close in the second half of 2026. Additionally, First Citizens BancShares is reportedly exploring other acquisition opportunities, including a potential deal with KeyCorp, as it seeks to surpass the $250 billion asset threshold. The successful integration and ongoing benefits from the 2023 acquisition of Silicon Valley Bank continue to contribute to its nationwide footprint and offerings.
- Net Interest Income (NII) / Net Interest Margin (NIM) Improvement: While the outlook for net interest income was muted for early 2026, management expects NII growth to return in the second half of 2026. Analysts have cited a positive NII outlook for 2025 and anticipated a positive surprise in net interest income. Net interest income is a primary driver of the company's revenue, historically accounting for approximately 76% of total revenue. The strategic acquisition of Silicon Valley Bank is also expected to enhance liquidity, support the repayment of a significant fixed-rate note, and thereby reduce asset sensitivity, contributing to an earlier recovery in the net interest margin.
- Growth in Fee-Based Income: First Citizens BancShares has shown positive performance in its fee-based income. In the fourth quarter of 2025, fee-based income increased year-over-year and sequentially, with strong sequential growth observed in leasing and wealth management. The company offers a diverse range of wealth management services, including annuities, brokerage services, third-party mutual funds, and investment management and advisory services, along with treasury services products and cardholder and merchant services. Continued expansion and utilization of these non-interest income generating services are expected to drive future revenue growth.
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Share Repurchases
- First Citizens BancShares announced a new $4 billion share repurchase program in July 2025, authorized through 2026, following the completion of a previous $3.5 billion program.
- In the first quarter of 2025, the company repurchased $613 million of common shares.
- During the fourth quarter of 2025, First Citizens BancShares returned an additional $900 million to stockholders through share repurchases, completing the 2024 plan and commencing repurchases under the 2025 plan.
Share Issuance
- In the fourth quarter of 2025, the company issued Series D perpetual preferred stock for an aggregate amount of $500 million, which is included in Tier 1 capital.
- First Citizens BancShares' shares outstanding increased by 58.41% in 2022 from 2021, reflecting the impact of the merger with CIT Group.
Outbound Investments
- In March 2023, First Citizens BancShares acquired the assets and liabilities of Silicon Valley Bank (SVB) for $16 billion, effectively doubling its tangible assets and expanding its presence in the technology and venture capital sectors.
- In October 2025, the company agreed to acquire 138 branches from BMO Bank N.A., a transaction expected to close in mid-2026, involving approximately $5.7 billion in deposit liabilities and $1.1 billion in loans.
- The merger with CIT Group was completed in January 2022, which significantly expanded First Citizens' size and market reach.
Capital Expenditures
- For the fourth quarter of 2025, First Citizens BancShares invested $243.0 million in capital expenditures for long-term assets and infrastructure.
- Capital expenditures for the trailing twelve months ending December 31, 2025, amounted to $1.28 billion.
- The company anticipates its technology and investment spending to peak in 2026, focusing on long-term efficiency and scalability benefits.
Latest Trefis Analyses
Trade Ideas
Select ideas related to FCNCA.
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 03312026 | HBAN | Huntington Bancshares | Insider | Insider Buys 45DStrong Insider BuyingCompanies with multiple insider buys in the last 45 days | 0.0% | 0.0% | 0.0% |
| 03312026 | NP | Neptune Insurance | Insider | Insider Buys 45DStrong Insider BuyingCompanies with multiple insider buys in the last 45 days | 0.0% | 0.0% | 0.0% |
| 03272026 | JKHY | Jack Henry & Associates | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 3.1% | 3.1% | 0.0% |
| 03202026 | MKTX | MarketAxess | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | -5.2% | -5.2% | -5.7% |
| 03202026 | RYAN | Ryan Specialty | Insider | Insider Buys | Low D/EStrong Insider BuyingCompanies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap | -2.7% | -2.7% | -8.5% |
| 08312025 | FCNCA | First Citizens BancShares | Insider | Insider Buys | Low D/EStrong Insider BuyingCompanies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap | -4.1% | -4.8% | -17.4% |
| 02292024 | FCNCA | First Citizens BancShares | Insider | Insider Buys | Low D/EStrong Insider BuyingCompanies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap | 26.7% | 30.6% | -4.3% |
Research & Analysis
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 66.81 |
| Mkt Cap | 44.0 |
| Rev LTM | 14,754 |
| Op Inc LTM | - |
| FCF LTM | 3,242 |
| FCF 3Y Avg | 3,666 |
| CFO LTM | 3,654 |
| CFO 3Y Avg | 4,184 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 11.6% |
| Rev Chg 3Y Avg | 7.4% |
| Rev Chg Q | 7.1% |
| QoQ Delta Rev Chg LTM | 1.8% |
| Op Mgn LTM | - |
| Op Mgn 3Y Avg | - |
| QoQ Delta Op Mgn LTM | - |
| CFO/Rev LTM | 28.1% |
| CFO/Rev 3Y Avg | 31.0% |
| FCF/Rev LTM | 23.5% |
| FCF/Rev 3Y Avg | 29.1% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 44.0 |
| P/S | 3.1 |
| P/EBIT | - |
| P/E | 11.8 |
| P/CFO | 10.9 |
| Total Yield | 11.3% |
| Dividend Yield | 1.5% |
| FCF Yield 3Y Avg | 10.4% |
| D/E | 0.8 |
| Net D/E | -0.4 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 13.3% |
| 3M Rtn | 2.1% |
| 6M Rtn | 19.7% |
| 12M Rtn | 49.5% |
| 3Y Rtn | 105.9% |
| 1M Excs Rtn | 8.6% |
| 3M Excs Rtn | 2.3% |
| 6M Excs Rtn | 14.5% |
| 12M Excs Rtn | 14.4% |
| 3Y Excs Rtn | 35.8% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Commercial Bank | 4,512 | 1,575 | 1,401 | 17 | |
| General Banking | 3,563 | 3,106 | 2,429 | 1,880 | |
| Corporate | 1,034 | 11,427 | 675 | 1 | |
| Rail | 649 | 602 | 577 | ||
| Silicon Valley Bank (SVB) Commercial | 2,077 | 0 | |||
| Single segment | 1,820 | ||||
| Total | 9,758 | 18,787 | 5,082 | 1,898 | 1,820 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Commercial Bank | 1,222 | 165 | 408 | 11 | |
| General Banking | 941 | 871 | 662 | 576 | |
| Corporate | 513 | 9,796 | -84 | -40 | |
| Rail | 101 | 90 | 112 | ||
| Silicon Valley Bank (SVB) Commercial | 544 | 0 | |||
| Total | 2,777 | 11,466 | 1,098 | 547 |
Price Behavior
| Market Price | $2,000.81 | |
| Market Cap ($ Bil) | 24.7 | |
| First Trading Date | 02/25/1992 | |
| Distance from 52W High | -9.1% | |
| 50 Days | 200 Days | |
| DMA Price | $1,951.00 | $1,950.13 |
| DMA Trend | indeterminate | down |
| Distance from DMA | 2.6% | 2.6% |
| 3M | 1YR | |
| Volatility | 33.5% | 28.2% |
| Downside Capture | 0.37 | 0.42 |
| Upside Capture | 52.90 | 83.33 |
| Correlation (SPY) | 32.0% | 44.5% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.52 | 0.85 | 0.86 | 0.92 | 1.10 | 1.06 |
| Up Beta | -1.49 | 0.21 | 1.85 | 1.06 | 1.11 | 1.15 |
| Down Beta | -0.39 | 0.24 | 0.66 | 1.08 | 1.34 | 1.31 |
| Up Capture | 167% | 127% | 51% | 92% | 79% | 80% |
| Bmk +ve Days | 7 | 16 | 27 | 65 | 139 | 424 |
| Stock +ve Days | 13 | 24 | 33 | 70 | 136 | 389 |
| Down Capture | 71% | 111% | 98% | 77% | 98% | 93% |
| Bmk -ve Days | 12 | 23 | 33 | 58 | 110 | 323 |
| Stock -ve Days | 9 | 18 | 30 | 56 | 116 | 362 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with FCNCA | |
|---|---|---|---|---|
| FCNCA | 15.8% | 28.7% | 0.51 | - |
| Sector ETF (XLF) | 10.5% | 15.6% | 0.45 | 67.0% |
| Equity (SPY) | 18.7% | 13.7% | 1.06 | 48.5% |
| Gold (GLD) | 53.7% | 27.6% | 1.55 | -21.4% |
| Commodities (DBC) | 25.2% | 16.2% | 1.37 | 3.9% |
| Real Estate (VNQ) | 14.8% | 14.0% | 0.76 | 31.6% |
| Bitcoin (BTCUSD) | -11.7% | 43.0% | -0.17 | 16.8% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with FCNCA | |
|---|---|---|---|---|
| FCNCA | 19.4% | 41.8% | 0.53 | - |
| Sector ETF (XLF) | 10.1% | 18.7% | 0.42 | 54.8% |
| Equity (SPY) | 11.1% | 17.0% | 0.50 | 42.7% |
| Gold (GLD) | 21.8% | 17.8% | 1.01 | -7.9% |
| Commodities (DBC) | 11.7% | 18.8% | 0.51 | 11.0% |
| Real Estate (VNQ) | 3.7% | 18.8% | 0.10 | 29.1% |
| Bitcoin (BTCUSD) | 4.6% | 56.6% | 0.30 | 14.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with FCNCA | |
|---|---|---|---|---|
| FCNCA | 23.6% | 38.0% | 0.67 | - |
| Sector ETF (XLF) | 13.0% | 22.2% | 0.54 | 64.0% |
| Equity (SPY) | 13.9% | 17.9% | 0.67 | 50.6% |
| Gold (GLD) | 14.2% | 15.9% | 0.74 | -10.3% |
| Commodities (DBC) | 8.8% | 17.6% | 0.42 | 18.4% |
| Real Estate (VNQ) | 5.2% | 20.7% | 0.22 | 38.9% |
| Bitcoin (BTCUSD) | 67.5% | 66.9% | 1.07 | 13.5% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 1/23/2026 | -8.5% | -7.7% | -10.7% |
| 10/23/2025 | 0.5% | 2.5% | 4.6% |
| 7/25/2025 | -0.8% | -5.6% | -6.0% |
| 4/24/2025 | 1.1% | 0.4% | 3.9% |
| 1/24/2025 | 0.4% | 0.1% | -8.6% |
| 10/24/2024 | -9.7% | -5.2% | 11.6% |
| 7/25/2024 | 10.1% | 12.1% | 7.1% |
| 4/25/2024 | 9.8% | 2.2% | 6.6% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 15 | 15 | 15 |
| # Negative | 9 | 9 | 9 |
| Median Positive | 5.0% | 4.2% | 10.3% |
| Median Negative | -4.2% | -3.2% | -6.0% |
| Max Positive | 11.3% | 33.6% | 53.6% |
| Max Negative | -9.7% | -7.7% | -10.7% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 12/31/2025 | 02/24/2026 | 10-K |
| 09/30/2025 | 11/07/2025 | 10-Q |
| 06/30/2025 | 08/08/2025 | 10-Q |
| 03/31/2025 | 05/09/2025 | 10-Q |
| 12/31/2024 | 02/21/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 05/09/2024 | 10-Q |
| 12/31/2023 | 02/23/2024 | 10-K |
| 09/30/2023 | 11/03/2023 | 10-Q |
| 06/30/2023 | 08/04/2023 | 10-Q |
| 03/31/2023 | 05/10/2023 | 10-Q |
| 12/31/2022 | 02/24/2023 | 10-K |
| 09/30/2022 | 11/04/2022 | 10-Q |
| 06/30/2022 | 08/05/2022 | 10-Q |
| 03/31/2022 | 05/10/2022 | 10-Q |
Recent Forward Guidance [BETA]
Latest: Q4 2025 Earnings Reported 1/23/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Assumed Deposits | 5.70 Bil | ||||||
| 2026 Acquired Loans | 1.10 Bil | ||||||
Prior: Q3 2025 Earnings Reported 10/23/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Share Repurchases | 4.00 Bil | 0 | Affirmed | Guidance: 4.00 Bil for 2026 | |||
| 2026 BMO Branch Acquisition Closing | |||||||
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Holding, Frank B Jr | Chairman and CEO | As beneficiary of a trust | Buy | 12012025 | 1629.67 | 135 | 220,006 | 4,118,177 | Form |
| 2 | Alemany, Ellen R | Direct | Buy | 11172025 | 1000.00 | 300 | 300,000 | 300,000 | Form | |
| 3 | Holding, Olivia Britton | Twin States Farming, Inc. | Buy | 8112025 | 1630.00 | 409 | 666,670 | 2,875,320 | Form | |
| 4 | Bryant, Hope Holding | Vice Chairwoman | Twin States Farming, Inc. | Buy | 8112025 | 1630.00 | 409 | 666,670 | 2,875,320 | Form |
| 5 | Holding, Frank B Jr | Chairman and CEO | Frank B. Holding Jr. 2025 #1 GRAT | Buy | 8112025 | 1700.00 | 150 | 255,000 | 54,655,000 | Form |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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