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

Financial Data and Key Metrics - Net income for Q1 2021 was $147.3 million, a 158% increase compared to Q1 2020 and a 6.7% increase from the linked quarter [13] - Return on average assets was 1.16%, and return on average equity was 14.7% [13] - Net income per common share was $14.53, up $9.07 from Q1 2020, driven by increases in pre-provision net revenue, strong credit performance, and share repurchase activity [14] - Pre-provision net revenue increased by $77.9 million (76.1%) compared to Q1 2020, primarily due to a $67.4 million favorable change in the fair value adjustment on marketable equity securities [15] - Net charge-offs were at a historic low of 4 basis points, down from 10 basis points in Q1 2020 and 7 basis points in the linked quarter [16] Business Line Performance - Noninterest income totaled $136.6 million, up $10 million from the linked quarter and $73 million from Q1 2020, driven by strong performance in wealth management and merchant services [22] - Mortgage banking revenue remained strong, benefiting from a $3.1 million reversal of previously recorded MSR impairment [23] - Wealth management and merchant services are expected to continue driving noninterest income growth, while mortgage production is expected to moderate due to higher mortgage rates [24] Market and Loan Portfolio Trends - Loans increased by $389 million (4.8% annualized) in Q1 2021, with $364 million attributed to SBA-PPP loans [27] - Total PPP loan originations reached $4.3 billion, with $2.8 billion net of fees remaining at the end of Q1 2021 [28] - Deposit growth was strong, with deposits increasing by $3.9 billion (36.4% annualized) in Q1 2021, driven by government stimulus, PPP loan fundings, and organic growth [33] - Noninterest-bearing deposits accounted for 43.3% of total deposits, and total deposit costs declined to 8 basis points [35] Company Strategy and Industry Competition - The company is progressing toward the completion of its merger with CIT, which is expected to close in mid-2021, pending regulatory approvals [10] - The merger is expected to create a stronger bank with complementary strengths, benefiting customers, associates, and communities [9] - The company has established a core merger and integration management team to ensure a smooth transition and achieve strategic objectives [11] Management Commentary on Operating Environment and Future Outlook - Management remains optimistic about the economic recovery and expects loan growth ex-PPP to pick up to mid-single digits as the economy continues to expand [27] - Net interest margin is expected to face continued pressure due to excess liquidity and low interest rates, partially offset by improvements in new loan yields and lower deposit rates [38] - Credit quality is expected to remain strong, with potential for further reserve releases as the allowance for credit losses moves closer to pre-pandemic levels [40] Other Important Information - The company has enhanced its PPP loan forgiveness process, with 69.2% of round 1 loan amounts submitted for forgiveness and $43.9 million received from the SBA [29] - The allowance for credit losses ratio was 0.69% ex-PPP loans at the end of Q1 2021, down from 0.74% in Q4 2020 [32] Q&A Session Summary Question: Loan Yield and New Loan Production - New loan yields remained stable at around 3% for business, commercial, and mortgage loans, with expectations of improvement in Q2 due to the steepening yield curve [43][44] - The company expects some decline in loan yield but anticipates it will moderate as higher-yielding loans mature or are refinanced [45] Question: Regulatory Approval for CIT Merger - The company anticipates no significant delays in regulatory approval and expects the merger to close in mid-2021, pending customary closing conditions [46] Question: Excess Liquidity and Funding Synergies - The company is building excess liquidity to optimize funding mix post-merger with CIT, with cash positions currently at 12% of earning assets, above the typical 3%-4% range [48] Question: Allowance for Credit Losses (ACL) Ratio - The company expects the ACL ratio to drift back toward pre-pandemic levels if credit quality trends continue, with potential for further reserve releases [51] Question: Deposit Trends and Funding Synergies - Deposit growth has been strong, with organic growth contributing significantly, and the company expects funding synergies to materialize post-merger with CIT [61][62] Question: Core Noninterest Income Trends - Core noninterest income of $112 million is considered representative of a run-rate going forward, with stable recurring sources from wealth and merchant services [65]

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, 2020 Commission File Number: 001-16715 ____________________________________________________ FIRST CITIZENS BANCSHARES, INC. (Exact name of Registrant as specified in its charter) _______________________________ ...