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 | --- | --- | --- | --- | |----------- ...

Financial Data and Key Metrics - Q3 2021 net income was $124.1 million, or $12.17 per share, down from $15.09 in Q2 and $14.03 in Q3 2020 [5][11] - Return on average assets was 0.88%, and return on average equity was 11.29% [11] - Net interest income increased slightly over Q2 despite a $7.1 million decline in SBA-PPP income and continued interest rate headwinds [12] - Noninterest income decreased by $11.2 million compared to Q2, primarily due to a decline in securities gains and fair market value adjustments [18] - Noninterest expense increased by $11.2 million over Q2, driven by higher personnel costs, occupancy, and equipment expenses [20] Business Line Performance - Total loans adjusted for SBA-PPP runoff grew $437 million in Q3, or 5.6% annualized, with strong growth in both consumer and commercial lines [6] - Deposits grew by $1.7 billion in Q3, representing an annualized growth rate of 13.6% [6] - Wealth management income increased, driven by higher advisory and brokerage fees, as well as additional trust income [18] - Mortgage income declined due to lower production volume, but wealth and payments-related businesses are expected to maintain momentum [19] Market and Regional Performance - Loan growth excluding PPP loans was 5.6% annualized, with commercial and industrial loans, occupied commercial real estate, and consumer loans leading the growth [21] - Deposit growth was strong, with money market accounts and demand deposits leading the way, growing at an annualized rate of 13.6% [24] - Noninterest-bearing deposits accounted for approximately 43% of total deposits at the end of Q3 [24] Company Strategy and Industry Competition - The company remains focused on its planned merger with CIT Group, which is expected to create a premier nationwide commercial and consumer bank [7][8] - Digital transformation efforts are ongoing, with the final phase of transitioning business and treasury commercial clients to a new commercial platform [8] - The company is investing in talent development and retention to ensure a high-performing, sustainable organization [9] Management Commentary on Operating Environment and Future Outlook - Management highlighted the challenges of excess liquidity and low interest rates, which continue to pressure net interest margins [16][17] - The company expects mid-single-digit loan growth moving forward, dependent on continued economic expansion [22] - Management remains confident in the merger with CIT and is actively engaged in integration planning [7][8] Other Important Information - The company released $41.1 million in reserves compared to a $36.1 million reserve build last year, reflecting improved macroeconomic factors and sustained credit quality [14] - The CET1 ratio was 11.34%, and the total risk-based capital ratio was 14.3% at the end of Q3 [26] Q&A Session Summary Question: Expense base and compensation increase [28] - The increase in personnel costs was driven by temporary expenses related to technology projects and revenue-driven incentives, particularly in wealth management [28] - Future expenses are expected to be in the $300 million to $305 million range, excluding merger-related costs [29] Question: Accretable yield and CIT merger impact [30][32] - The company expects accretable yield to continue decreasing as the portfolio runs off [31] - Purchase accounting accretion from CIT will be updated upon closing the merger [32] Question: Excess liquidity and investment strategy [34][36] - The company is monitoring rates closely and aims to redeploy excess liquidity opportunistically, with a preference for operating with cash around 4% of earning assets [36] - The merger with CIT may influence the company's liquidity strategy [36] Question: Loan growth outlook [40] - The company expects mid-single-digit loan growth, driven by a strong pipeline and economic recovery [40] Question: Interest rate sensitivity and deposit growth [42][45] - The company is asset-sensitive, with a 10 basis point parallel shift in the yield curve equating to a 1% annualized increase in net interest income [43] - Deposit growth has been strong, with some transitory deposits from government stimulus, but core growth is expected to continue [46] Question: Hiring and technology investments [49][50] - The company continues to hire new associates and invest in technology to improve transaction costs and efficiency [49][50]

| --- | --- | |--------------------------------------------|-------| | | | | | | | | | | | | | | | | First Citizens BancShares | | | Third Quarter 2021 | | | Earnings Conference Call October 27, 2021 | | | | | 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 BancShares. Words such a ...

Financial Data and Key Metrics - Net income for Q2 2021 totaled $152.8 million, up $5.5 million from the linked quarter but slightly down from Q2 2020 [12] - Return on average assets was 1.13%, and return on average equity was 14.64% [13] - Net income per common share was $15.09, up from $14.53 in Q1 and $14.74 in Q2 2020 [13] - Pre-provision net revenue declined slightly due to higher personnel costs [13] - Provision for credit losses increased from $11 million in Q1 to $19.6 million in Q2, driven by improved macroeconomic factors [15] - Net interest income increased by $6.7 million over the linked quarter, primarily due to investment portfolio yield improvements [14] Business Line Performance - Excluding SBA-PPP loans, loan growth was 4% annualized since December and 7% annualized in Q2 [10] - Deposit growth remained strong at a 23% annualized rate since year-end [10] - Noninterest income declined by $2.5 million compared to the linked quarter, primarily due to mortgage servicing rights impairment [24] - Core noninterest income grew by $20 million compared to Q2 2020, driven by wealth management, cardholder services, and deposit-related fees [27] Market Performance - Loan growth was driven by commercial real estate and residential mortgage loans, with owner-occupied commercial real estate leading the way [30] - Deposit growth was strong, with demand deposits and interest-bearing checking accounts leading the way [37] - Noninterest-bearing deposits accounted for 43% of total deposits at the end of Q2 [38] Strategic Direction and Industry Competition - The company is focused on its upcoming merger with CIT, expected to close in Q3 2021, pending Fed approval [7][41] - The merger aims to create a premier nationwide commercial and consumer bank with enhanced scale to drive growth and profitability [43] - The company is leveraging data to improve customer experience and upgrading its digital platforms [8] Management Commentary on Operating Environment and Future Outlook - Management remains optimistic about meeting strategic and financial goals for 2021, despite challenges from excess liquidity and low interest rates [11] - Net interest margin is expected to remain a headwind but will moderate in the coming quarters [23] - Core noninterest income is expected to remain consistent in Q3 and Q4, around $109-110 million [28] Other Important Information - The company released $35.3 million in reserves compared to a $36.1 million reserve build in the first half of 2020 due to COVID-19 uncertainties [15] - Credit quality remains strong, with a historically low net charge-off ratio of 3 basis points and a nonperforming asset ratio of 0.74% [32] - The CET1 ratio was 11.14%, and the total risk-based capital ratio was 14.15% at the end of Q2 [39] Q&A Session Summary Question: Loan Growth Drivers and Headwinds - Loan growth was driven by commercial real estate and residential mortgage loans, with new products and proactive customer outreach during the pandemic contributing to growth [47] - Headwinds may include potential future outbreaks, but the company expects mid-single-digit loan growth assuming economic expansion continues [48] Question: Excess Liquidity and Securities Portfolio - The company plans to continue opportunistically adding to its investment portfolio to optimize yield, with a goal of deploying close to $1 billion [50][51] Question: CIT Merger Progress - The merger is on track, with no significant obstacles, and is expected to close in Q3 2021 [52] Question: Combined Company Loan Growth - The company expects mid-single-digit loan growth for the combined entity, assuming the economy continues to expand [55] Question: Share Buyback Plans - The company plans to resume its share repurchase program post-CIT integration, given the attractive stock price [57] Question: Impact of CIT Merger on Financials - Improved credit quality trends may reduce the credit mark, positively impacting tangible book value, but EPS guidance remains unchanged [59] Question: CIT's Expensive Holding Company Debt - The company will mark CIT's debt to market and is evaluating the cost-benefit of addressing it post-merger [61] Question: Commercial Loan Growth and Line Utilization - Line utilization is driven by C&I activity, with no negative trends observed in line advances [65] Question: Pro Forma Capital Levels - Pro forma CET1 is expected to be higher than the 9.5% projected in October, with the company operating within a 9%-11% range [66][67]

| --- | --- | |------------------------------------------|-------| | | | | | | | | | | | | | | | | First Citizens BancShares | | | Second Quarter 2021 | | | Earnings Conference Call August 3, 2021 | | | | | 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 BancShares, ...

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 June 30, 2021 or ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Commission File Number: 001-16715 | --- | --- | --- | --- | |---------------- ...

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 March 31, 2021 or ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Commission File Number: 001-16715 | --- | --- | --- | |--------------------- ...