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) _______________________________ ...

| --- | --- | |------------------------------|-------| | | | | | | | | | | | | | First Citizens BancShares | | | Fourth Quarter 2020 Earnings | | | January 27, 2021 | | | | | | | | 2 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 as "anticipates," "believes," "estimates," "ex ...

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, 2020 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 June 30, 2020 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 | | | Second Quarter 2020 Earnings July 29, 2020 | | | | | | | | Forward Looking Statements This presentation may contain forward-looking statements with respect to First Citizens BancShares, Inc.'s (the "Corporation") financial condition, results of operations and business within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 193 ...

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, 2020 or ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Commission File Number: 001-16715 | --- | --- | |--------------------------- ...

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, 2019 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 September 30, 2019 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 June 30, 2019 or ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Commission File Number: 001-16715 | --- | --- | |---------------------------- ...