First Citizens BancShares, Inc. Third Quarter 2022 Earnings Conference Call October 27, 2022 2 Agenda | --- | --- | |-----------------------------------------------------|---------| | | Page(s) | | Section I – Third Quarter 2022 Overview | 4 – 6 | | Section II – Third Quarter 2022 Financial Results | 7 – 27 | | Financial Highlights | 8 | | Earnings Highlights | 9 – 10 | | Notable Items | 11 | | Net interest income and margin 12 – 14 | | | Deposit Betas | 15 | | Noninterest income and expense 16 – 18 | | | B ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ____________________________________________________ FORM 10-Q ____________________________________________________ ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended June 30, 2022 or ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Commission File Number: 001-16715 | --- | --- | --- | |---------------------------------------- ...

First Citizens BancShares, Inc. (NASDAQ:FCNCA) Q2 2022 Earnings Conference Call July 28, 2022 9:00 AM ET Company Participants Deanna Hart - SVP, IR Frank Holding - Chairman & CEO Peter Bristow - President Marisa Harney - Chief Credit Officer Craig Nix - CFO & Principal Accounting Officer Tom Eklund - SVP & Treasurer Conference Call Participants Stephen Scouten - Piper Sandler & Co. Brady Gailey - KBW Christopher Marinac - Janney Montgomery Scott Brian Foran - Autonomous Research Operator Ladies and gentleme ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ____________________________________________________ FORM 10-Q ____________________________________________________ ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended March 31, 2022 or ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Commission File Number: 001-16715 | --- | --- | --- | |--------------------------------------- ...

First Citizens BancShares, Inc. First Quarter 2022 Earnings Conference Call April 28, 2022 2 Agenda Page(s) Section I – Merger Integration Update 4 – 6 Section II – First Quarter 2022 Financial Results 7 – 23 1Q22 Take-aways 8 1Q22 Financial Highlights 9 – 11 Net interest income and margin 12 – 14 Noninterest income and expense 15 – 16 Balance Sheet Highlights 17 Loans and Leases HFI 18 Deposits and Funding Mix 19 – 20 Quarterly Credit Quality Trends and Capital 21 – 23 Section III – Financial Outlook 24 – ...

Financial Data and Key Metrics - Core deposit growth was strong with noninterest-bearing deposits growing by $1.2 billion since year-end, an annualized growth rate of 20% [17] - Net interest margin expanded by 17 basis points over the linked-quarter, with only 6 basis points attributable to purchase accounting [17] - Pre-provision net revenue increased by 8% over the linked quarter and by 18% over the comparable quarter a year ago [19] - GAAP net income was $264 million or $16.70 per share, yielding an annualized ROE of 11.18% and an ROA of 1% [22] - Adjusted net income was $299 million or $18.95 per share, yielding an annualized ROE of 12.68% and an ROA of 1.12% [22] Business Line Performance - Loan portfolio grew due to strong growth in the branch network and residential mortgages [17] - Positive momentum in fee income-producing lines of business such as rail, card, merchant, and wealth [18] - Core noninterest income increased by $16 million or about 6% over the linked-quarter, driven by higher rental income on operating leases and card/merchant income [37] - Mortgage income was negatively impacted by higher interest rates and reduced refinance activity [38] Market Performance - Total loans increased by $313 million over the linked-quarter or by 1.9% on an annualized basis [45] - Deposits grew at an annualized rate of approximately 4% or about $833 million, driven by a $1.2 billion increase in noninterest-bearing checking accounts [48] - Cost of deposits declined to 17 basis points during the quarter, down 6 basis points from the linked-quarter and 16 basis points from the first quarter of last year [48] Company Strategy and Industry Competition - Focus on timely and successful integration with CIT, with $200 million in cost savings expected to be in the run rate by the end of the year [12] - Shift from integration focus to execution, capturing synergistic value from the CIT merger on both revenue and expense sides [14] - Expect mid-single-digit percentage increase in loans for the full year 2022, with growth led by the branch network [47] Management Commentary on Operating Environment and Future Outlook - Despite geopolitical and macroeconomic uncertainties, the company remains optimistic about growth prospects [14] - Expect net interest margin to continue expanding, with loan growth and fee income generating lines of business showing momentum [9] - Inflation and wage pressures are being felt, but cost savings initiatives are expected to help neutralize expense growth [43] Other Important Information - Credit quality remained strong with a net charge-off ratio of 9 basis points [20] - The company ended the quarter with strong capital and liquidity, supporting the resumption of share repurchases in the second half of the year [20] - The combined ACL was $890 million at the end of 2021, with a day 1 combined ACL of $916 million post-CIT merger [52] Q&A Session Summary Question: Share Repurchase Plan - The company plans a robust stock repurchase plan in the second half of the year, with excess capital estimated at $1.1 billion at the end of Q1 and $1.6 billion by year-end [66][67] Question: Excess Liquidity Deployment - The company aims to redeploy excess liquidity into loans, which could be accretive to margin by 10 to 15 basis points and boost net interest income by $95 million to $143 million [69] Question: PPP Fees and Accretable Yield - SBA-PPP income in Q1 was $9.5 million, with $6 million in fee income [72] Question: Legacy CIT Portfolio and CECL Modeling - The legacy CIT portfolio is performing well, with credit quality back to or better than pre-pandemic levels [76][78] - The ACL is conservative, with 14.3 times coverage of annualized net charge-offs [53] Question: Investment Strategy - The company prioritizes lending over investing in securities, focusing on shorter-duration government-backed or sponsored mortgage-backed securities to reduce volatility in a rising rate environment [81][83] Question: Regional Performance and Customer Behavior - Strong markets across the country, with larger metropolitan areas showing more robust growth [85] - Loan rates are expected to stabilize and increase as higher-rate loans replace lower-rate ones [87]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 Commission File Number: 001-16715 ____________________________________________________ FIRST CITIZENS BANCSHARES, INC. (Exact name of Registrant as specified in its charter) _______________________________ ...

Financial Data and Key Metrics - Q4 2021 net income was $123.3 million, down $800,000 from Q3 2021 and $14.8 million from Q4 2020 [16] - Return on average assets (ROAA) was 0.84% and return on average equity (ROAE) was 10.96% for Q4 2021 [16] - Full-year 2021 net income was $547.5 million, an 11.3% increase from 2020, with ROAA of 1% and ROAE of 12.84% [18] - Net interest income increased by 3% in Q4 2021, driven by higher SBA-PPP income and loan/investment balances, partially offset by lower yields [19] - Net interest margin declined by 3 basis points in Q4 2021 due to excess liquidity [21] - Noninterest income in Q4 2021 was $114.3 million, down $8.7 million from Q3 2021 and $12.5 million from Q4 2020 [26] Business Line Performance - Excluding PPP loans, organic loan growth was 5.7% annualized in Q4 2021, driven by commercial and industrial loans and owner-occupied commercial real estate loans [20][32] - Wealth management and payments-related businesses showed strong performance, with higher assets under management and increased service charges and card income [26] - Mortgage income declined due to higher mortgage rates and reduced refinance activity [26] - Service charge revenue is expected to decline by 35%-40% due to changes in NSF and overdraft fees, with a 2022 impact estimated at $15 million-$20 million [27][28] Market and Regional Performance - Deposit growth was strong in Q4 2021, with an annualized growth rate of 10.6% and year-over-year growth of 18.4% [36] - Over two-thirds of 2021 deposit growth came from core checking accounts, indicating strong customer retention and acquisition [37] - The company expects deposit growth to moderate in 2022 but remain elevated, supporting the balance sheet and margin even as interest rates rise [37] Strategic Direction and Industry Competition - The merger with CIT creates a top 20 U.S. financial institution with over $110 billion in assets, positioning the company for long-term growth and value creation [6][7] - The company is focused on integrating CIT, with OneWest Bank conversion expected in Q3 2022 and legacy Mutual of Omaha in Q4 2022 [12] - Strategic priorities include optimizing the balance sheet, reducing higher debt costs, and leveraging excess cash from deposit growth [24][25] - The company is investing in digital transformation and expanding its sales force in wealth management and high-growth markets [30] Management Commentary on Operating Environment and Outlook - Management highlighted strong credit quality, with a net recovery of 1 basis point in Q4 2021 and a nonperforming assets ratio of 0.50%, the lowest since Q2 2019 [34] - Macroeconomic improvements led to a $45.8 million reserve release in 2021, compared to a $35.9 million reserve build in 2020 [17][35] - The company expects net interest income ex-PPP to grow in 2022, but net interest margin may decline moderately due to excess liquidity and reduced SBA-PPP income [25] - Low single-digit percentage growth in core noninterest income is expected in 2022, driven by wealth and payments businesses offsetting lower mortgage and service charge income [28] Other Important Information - The company plans to redeem $2.9 billion of senior unsecured debt assumed in the CIT merger, with a weighted average coupon rate of 5% [24] - Changes to NSF and overdraft fees will reduce service charge revenue, with a full impact estimated at $35 million-$40 million annually [27][28] - The CET1 ratio was 11.50% and the total risk-based capital ratio was 14.35% at the end of Q4 2021, with strong earnings offsetting deposit growth impacts [38] Q&A Session Summary Question: Plans for deploying excess liquidity and increasing the securities portfolio [48] - The company plans to redeploy excess cash into investments and loans, targeting higher-cost deposits for replacement with lower-cost core deposits [49] Question: Timing for share buybacks post-merger integration [50] - Share buybacks will resume after demonstrating successful integration and building capital, with no specific timeframe provided [51] Question: Updates on the combined company's financial forecast and integration progress [53] - Pro forma financial information will be shared by early March 2022, with credit quality improvements being a key positive factor [54] Question: Impact of potential Fed rate hikes on net interest margin [55] - The company expects margin improvement in the second half of 2022 as rate hikes take effect, with PPP-adjusted net interest income bottoming out in Q1 2022 [56] Question: Share buyback strategy and capital ratio targets [59] - The company aims to remain active in buybacks but will consider price sensitivity and tangible book value payback periods [60] - The target CET1 ratio remains 9%-11%, with significant excess capital expected post-merger [61][63] Question: Loan growth expectations for the combined company [63] - Mid-single-digit loan growth is aspirational but challenging for the combined company, with further analysis needed on CIT's business units [64]

| --- | --- | |--------------------------------------------|-------| | | | | | | | | | | | | | | | | First Citizens BancShares | | | Fourth Quarter 2021 | | | Earnings Conference Call January 26, 2022 | | | | | 2 Important Notices 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 First Citizens BancShar ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ____________________________________________________ FORM 10-Q ____________________________________________________ ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended September 30, 2021 or ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Commission File Number: 001-16715 | --- | --- | --- | --- | |----------- ...