First Citizens BancShares(US:FCNCA)2022-04-29 13:05Merger and Integration - First Citizens anticipates finalizing CIT merger conversions by the second half of 2023[31] - Merger cost savings are expected to be fully realized by the end of 2023[33] - The CIT to FCB payroll conversion was completed[12] Financial Performance (Q1 2022) - Net interest income increased by $30 million compared to 4Q21 and $42 million compared to 1Q21[43, 46] - Noninterest income increased by $16 million compared to 4Q21 and $36 million compared to 1Q21[44, 46] - Pre-provision net revenue grew by $315 million (84%) compared to 4Q21 and $228 million (49%) compared to 1Q21[40] - The net interest margin (NIM) expanded to 2.73% in 1Q22[38] Balance Sheet - Total deposits were $91.6 billion, an increase of $833 million (0.9%) from 4Q21 and $2.2 billion (2.5%) from 1Q21[77, 88] - Loans and leases totaled $65.5 billion, increasing by $313 million (0.5%) compared to 4Q21[77] - Borrowings decreased by $2.743 billion (45.5%) from 4Q21 to $3.292 billion[77] Credit Quality and Capital - The net charge-off ratio was 0.09%[38] - The allowance for credit losses (ACL) to total loans and leases was 1.29%[78] - The common equity Tier 1 (CET1) capital ratio was 11.34%[78] Financial Outlook - The company expects mid-single-digit percentage loan growth for 2022[118] - The company anticipates low to mid-teens percentage growth in net interest income for 2022[118]