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First Citizens surpasses earnings estimates as deposit base surges to $171B

Written by Heidi Cuthbert Published Apr 23, 2026, 12:00 AM

First Citizens BancShares (NASDAQ:CNCA), a top 20 U.S. financial institution, reported strong first-quarter results for 2026, characterized by robust balance sheet growth and disciplined capital management.

The Raleigh-based lender posted net income of $534 million, with adjusted net income reaching $560 million.

Adjusted diluted earnings per share (EPS) of $44.86 comfortably beat the analyst consensus estimate of $39.09, driven by better-than-expected credit performance and operational efficiency.

The bank’s balance sheet continued to expand following its transformative acquisition of Silicon Valley Bank in 2023.

Total deposits jumped 5.7% during the quarter to reach $170.84 billion, significantly exceeding forecasted levels.

This growth was led by the Commercial Bank segment, particularly in Global Fund Banking and the Tech & Healthcare sectors.

Total loans and leases also rose to $148.69 billion, reflecting steady demand despite a broader market environment of muted lending growth.

Net interest income (NII) for the quarter was $1.62 billion, with a net interest margin (NIM) of 3.09%.