First Citizens Q3 net income falls to $606 million
Key points
- First Citizens BancShares reported third-quarter 2026 net income of $606 million, down 9.8% from $672 million in the previous quarter, while earnings per common share declined to $51.23.
- Net interest income increased to $1.70 billion, with loans and leases rising to $157.19 billion and deposits reaching $185.26 billion.
- First Citizens authorized an additional $1.2 billion in Class A share repurchases through 2027, following approximately $600 million in third-quarter buybacks.
First Citizens BancShares (NASDAQ:FCNCA) reported third-quarter 2026 net income of $606 million, down 9.8% sequentially, while earnings per common share declined to $51.23.
Net income fell from $672 million in the previous quarter, while earnings per common share decreased from $55.52 despite higher net interest income.
Net interest income increased $43 million to $1.70 billion, while net interest margin narrowed three basis points to 3.07%.
Loans and leases grew 4.1% to $157.19 billion, while deposits increased 6.8% to $185.26 billion, including contributions from acquired BMO branches.
The company approved an additional $1.2 billion share repurchase authorization through 2027 after buying back approximately $600 million in shares during the quarter.
Credit-loss provisions increased to $55 million from a $10 million benefit, although net charge-offs and nonaccrual loans declined.
First Citizens completed its acquisition of 138 BMO branches in September, adding approximately $4.9 billion in deposits and $650 million in loans while expanding its presence across the Midwest and western United States.
