EX-99.1 2 earningsrelease-q12022xf.htm EX-99.1
Note: References to “Adjusted” results exclude notable items and are Non-GAAP Financial Measures. NEWS RELEASE For Immediate Release Contact: Barbara Thompson Deanna Hart April 28, 2022 Corporate Communications Investor Relations 919-716-2716 919-716-2137 FIRST CITIZENS BANCSHARES REPORTS EARNINGS FOR THE FIRST QUARTER OF 2022 RALEIGH, N.C. -- First Citizens BancShares, Inc. (“BancShares”) (Nasdaq: FCNCA) reported earnings for the first quarter ended March 31, 2022. Chairman and CEO, Frank B. Holding, Jr. on first quarter results, “We are pleased to announce solid first quarter results. We continue to remain focused on ensuring a timely and successful integration with CIT Group Inc. (“CIT”) and made good progress during the quarter. We benefited from another quarter of deposit and loan growth. Net interest income grew and net interest margin expanded compared to the linked quarter, overcoming a reduction in SBA-PPP loans. “We were additionally pleased with the positive momentum in our card, merchant, wealth and rail lines of business. Expenses were well controlled during the quarter, and we’re committed to achieving our target cost savings from the CIT merger. Credit quality remained strong and net charge-offs remained low. We closed the quarter with strong capital and liquidity levels and believe our current levels support resuming share repurchases in the second half of this year.” MERGER WITH CIT GROUP, INC. As previously disclosed, BancShares closed its merger with CIT on January 3, 2022. Total assets acquired were $53.8 billion, which consisted of approximately $32.8 billion of loans, $7.8 billion of operating lease equipment and $6.6 billion of investment securities. Deposits acquired were $39.4 billion. The transaction also included approximately 80 bank branches, about 60 of which were in Southern California and the remaining primarily in the Southwest, Midwest and Southeast. BancShares additionally recorded a preliminary gain on acquisition of $431 million in the first quarter of 2022, representing the excess of the net assets acquired over the purchase price.

Note: References to “Adjusted” results exclude notable items and are Non-GAAP Financial Measures. FIRST QUARTER HIGHLIGHTS Merger with CIT Group Inc. BancShares completed its previously announced merger with CIT in the first quarter, creating immediate accretion to tangible book value per share of over 40%. The ongoing financial benefits from the combination are already being realized, and BancShares remains confident in its ability to execute on its previously communicated $250 million in total cost savings by the end of 2023. The merger with CIT resulted in a preliminary gain of $431 million which partially offset the $387 million expense (net of $126 million in tax) to establish the initial allowance for credit losses (“ACL”) on non-purchase credit deteriorated (“non-PCD”) loans and establish the reserve for off balance sheet credit exposures, as well as the $102 million merger-related expenses (net of $33 million in tax) primarily for severance and retention payments, auditing and consulting fees. Net income to common shareholders Net income to common shareholders was $264 million or $16.70 per common share for the first quarter of 2022, compared to $142 million or $14.53 per common share for the same quarter in 2021. Results for the first quarter of 2022 were impacted materially by the CIT merger given the magnitude of the acquired balance sheet, the impacts of purchase accounting and the increases in net income from CIT’s operations. First quarter results included a net $181 million in pre-tax notable items. Excluding notable items, adjusted first quarter net income available to common shareholders was $299 million or $18.95 per share. Return on average assets and equity Return on average assets for the first quarter of 2022 was 1.00%, down from 1.16% for the comparable quarter in 2021. When adjusted for notable items, return on average assets totaled 1.12% for the first quarter of 2022, compared to 1.07% for the comparable quarter in 2021. Return on average equity for the first quarter of 2022 was 11.18%, down from 14.70% for the comparable quarter in 2021. When adjusted for notable items, return on average equity totaled 12.67% for the first quarter of 2022, compared to 13.51% for the same quarter in 2021. Net interest income and net interest margin Net interest income was $649 million for the first quarter of 2022. The net interest margin (“NIM”) was 2.73% for the first quarter of 2022, down 6 basis points from 2.79% for the comparable quarter in 2021 and up 16 basis points from 2.57% in the fourth quarter of 2021. Net interest margin benefited from growth in average loans and investments, as well as the redemption of approximately $3 billion in legacy CIT debt which occurred in late February. Allowance for credit losses and credit quality The ACL was $848 million or 1.29% of total loans at March 31, 2022, compared to $178 million or 0.55% of total loans at December 31, 2021. With the acquisition of CIT, BancShares established an ACL related to the CIT loan portfolio of $738 which was $26 million over CIT’s ACL at December 31, 2021. The improvement of certain macroeconomic factors supporting the ACL estimate process during the quarter resulted in a release of $68 million. Credit quality remains strong and net charge-offs remain at historical lows. The net charge-off ratio was 0.09% for the first quarter of 2022 and nonaccrual loans to total loans was 0.82%. Balance sheet growth Total loans were $65.5 billion, an increase of $33.2 billion since December 31, 2021. Excluding the fair value of loans acquired from CIT and a decline from SBA-PPP loans, total loans grew $455 million or 2.8% on an annualized basis. Total deposits grew to $91.6 billion, an increase of $40.2 billion since December 31, 2021. Excluding net deposits acquired from CIT, deposits increased $833 million or by 3.7% on an annualized basis. Capital BancShares remained well-capitalized with a total risk-based capital ratio of 14.46%, a Tier 1 risk-based capital ratio of 12.39%, a Common Equity Tier 1 ratio of 11.34% and a Tier 1 leverage ratio of 9.43%.

Note: References to “Adjusted” results exclude notable items and are Non-GAAP Financial Measures. NET INTEREST INCOME AND NET INTEREST MARGIN (NIM) Net interest income was $649 million for the first quarter of 2022, an increase of $310 million compared to the first quarter of 2021 and $292 million compared to the linked quarter. The increases in both periods were primarily due to impacts from the merger with CIT. Interest income on loans was $621 million, and the portfolio yield was 3.88%. This compares to $323 million or 3.92% for the first quarter of 2021 and $328 million or 3.97% in the linked quarter. Interest income on investment securities totaled $83 million and the portfolio yield was 1.77%. This compares to $31 million or 1.27% for the first quarter of 2021 and $40 million or 1.39% in the linked quarter. Interest expense for the first quarter of 2022 was $61 million, an increase of $45 million compared to the first quarter of 2021 and $46 million compared to the linked quarter. The rate paid on interest bearing deposits was 0.24% compared to 0.14% in the prior year period and 0.11% in the linked quarter. The rate paid on borrowings was 1.95% compared to 2.12% in both prior periods. NIM was 2.73% for the first quarter of 2022, down 6 basis points from 2.79% for the comparable quarter in 2021 and up 16 basis points from 2.57% in the fourth quarter of 2021. Net interest margin benefited from a better macroeconomic rate environment, growth in average loans and investments, and the redemption of approximately $3 billion in legacy CIT debt, which occurred in late February. NONINTEREST INCOME Noninterest income was $850 million for the first quarter of 2022, compared to $137 million for the same period in 2021, an increase of $713 million driven primarily from the acquisition of CIT. The current period included an preliminary gain on acquisition of $431 million, which has been identified as notable. The CIT acquisition additionally contributed $208 million in gross rental income on operating leases, $27 million in factoring commissions, $23 million in fee income and other revenue, and $6 million in gain on the sale of leasing equipment. Lines of business such as wealth, card, and merchant services were positive for the quarter while mortgage income declined with the rising interest rates and decline in volumes.

Note: References to “Adjusted” results exclude notable items and are Non-GAAP Financial Measures. NONINTEREST EXPENSE Noninterest expense was $810 million for the first quarter of 2022, compared to $296 million for the same period in 2021, an increase of $514 million driven primarily from the acquisition of CIT. During the quarter, we recorded $135 million in merger-related expenses, which have been identified as notable. Salaries and benefits were $352 million, an increase primarily related to the CIT merger. Depreciation and maintenance on operating leases were $81 million and $43 million, respectively. Occupancy expense, net and equipment expense were up $19 million and $22 million respectively, related to the merger with CIT. A benefit of $27 million was recognized with the termination of legacy retiree benefit plans. INCOME TAXES Income tax for the quarter was a benefit of $46 million compared to a provision expense of $44 million for the first quarter of 2021, representing effective tax rates of (20.4%) and 23.6% for the respective periods. The first quarter of 2022 included a non-taxable bargain purchase gain of $431 million and other discrete items. LOANS AND DEPOSITS At March 31, 2022, loans totaled $65.5 billion, an increase of $33.2 billion since December 31, 2021. Loans and leases acquired from the CIT merger totaled $32.8 billion, which are net of initial purchase accounting marks. Excluding total net loans acquired from CIT and a decline of $299 million in SBA-PPP loans, total loans grew $455 million or 2.8% on an annualized basis. At March 31, 2022, deposits totaled $91.6 billion, an increase of $40.2 billion since December 31, 2021. Deposits acquired from the CIT merger totaled $39.4 billion, net of initial purchase accounting marks. Excluding net deposits acquired from CIT, deposits increased $833 million or by 3.7% on an annualized basis. CREDIT QUALITY Total nonaccrual loans were $538 million or 0.82% of total loans at March 31, 2022, compared to $121 million or 0.37% of total loans at December 31, 2021. The increase in total nonaccrual loans was primarily the result of the CIT merger.

Note: References to “Adjusted” results exclude notable items and are Non-GAAP Financial Measures. ALLOWANCE FOR CREDIT LOSSES (ACL) AND PROVISION FOR CREDIT LOSSES The ACL was $848 million or 1.29% of total loans at March 31, 2022, compared to $178 million or 0.55% of total loans at December 31, 2021. The increase in the ACL as compared to December 31, 2021, was primarily driven by the loans added in the CIT Merger. Note that no ACL was carried over from CIT; therefore, the quarter included an ACL build for the loans added. We recorded an estimated reserve for purchase credit deteriorated (“PCD”) loans of $284 million and an estimated reserve for non-PCD loans of $454 million. Provision expense totaled $464 million for the quarter compared to a net benefit of $11 million in the first quarter of 2021. While net charge-offs were up compared to the prior year quarter, the 9 bps on an annualized basis remains below historical averages. Excluding the day 2 provision for non-PCD loans and the reserve for unfunded commitments of $513 million, we reported a net provision benefit of $49 million due to a net $68 million reserve release as we continue to see improvement in certain macroeconomic factors, specifically real estate values that positively impact the ACL estimate. Additionally, we saw improvement in the specific reserves on certain large, impaired loans which also contributed to the release. EARNINGS CALL DETAILS BancShares will host a conference call to discuss the company's financial results on Thursday, April 28, 2022, at 9 a.m. Eastern time. To access this call, dial: Domestic: 833-654-8257 International: 602-585-9869 Conference ID: 7780142 The first quarter 2022 earnings presentation and this news release are available on the company’s website at www.firstcitizens.com/investor-relations. After the conference call, you may access a replay of the call through May 13, 2022, by dialing 855-859-2056 (domestic) or 404-537-3406 (international) with conference ID 7780142. ABOUT FIRST CITIZENS BANCSHARES First Citizens BancShares, Inc. is the financial holding company for First Citizens Bank. In January 2022, First Citizens BancShares and CIT Group Inc. merged, creating one of the top 20 U.S. financial institutions, with approximately $110 billion in assets. First Citizens Bank helps personal, business, commercial and wealth clients build financial strength that lasts. As the largest family-controlled bank in the United States, First Citizens is continuing a unique legacy of strength, stability and long-term thinking that has spanned generations. Its commercial banking segment brings a wide array of best- in-class lending, leasing and banking services to middle-market companies and small businesses from coast to coast. Founded in 1898 and headquartered in Raleigh, N.C., First Citizens also operates a nationwide direct bank and a network of more than 600 branches in 22 states, many in high-growth markets. Visit firstcitizens.com. First Citizens Bank. Forever First®.

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,” “expects,” “predicts,” “forecasts,” “intends,” “plans,” “projects,” “targets,” “designed,” “could,” “may,” “should,” “will,” “potential,” “continue” or other similar words and expressions are intended to identify these forward-looking statements. These forward-looking statements are based on BancShares’ current expectations and assumptions regarding BancShares’ business, the economy, and other future conditions. Because forward-looking statements relate to future results and occurrences, they are subject to inherent risks, uncertainties, changes in circumstances and other risk factors that are difficult to predict. Many possible events or factors could affect BancShares’ future financial results and performance and could cause the actual results, performance or achievements of BancShares to differ materially from any anticipated results expressed or implied by such forward-looking statements. Such risks and uncertainties include, among others, general competitive, economic, political, geopolitical events (including the military conflict between Russia and Ukraine) and market conditions, the impacts of the global COVID-19 pandemic on BancShares’ business and customers, the financial success or changing conditions or strategies of BancShares’ customers or vendors, fluctuations in interest rates, actions of government regulators, the availability of capital and personnel, and the failure to realize the anticipated benefits of BancShares’ previous acquisition transaction(s), including the recently completed transaction with CIT, which acquisition risks include (1) disruption from the transaction, or recently completed mergers, with customer, supplier or employee relationships, (2) the possibility that the amount of the costs, fees, expenses and charges related to the transaction may be greater than anticipated, including as a result of unexpected or unknown factors, events or liabilities, (3) reputational risk and the reaction of the parties’ customers to the transaction, (4) the risk that the cost savings and any revenue synergies from the transaction may not be realized or take longer than anticipated to be realized, and (5) difficulties experienced in the integration of the businesses. In addition, statements in this presentation related to future plans involving possible commencement of a share repurchase program remain subject to board and relevant regulatory approvals. Except to the extent required by applicable laws or regulations, BancShares disclaims any obligation to update forward-looking statements or to publicly announce the results of any revisions to any of the forward-looking statements included herein to reflect future events or developments. Additional factors which could affect the forward- looking statements can be found in BancShares’ Annual Report on Form 10-K for the fiscal year ended December 31, 2021, and its other filings with the Securities and Exchange Commission (the “SEC”). NON-GAAP MEASURES Certain measures in this presentation are "Non-GAAP,” meaning they are not presented in accordance with generally accepted accounting principles in the U.S. and also are not codified in U.S. banking regulations currently applicable to BancShares. BancShares believes that Non-GAAP financial measures, when reviewed in conjunction with GAAP financial information, can provide transparency about or an alternative means of assessing its operating results and financial position to its investors, analysts and management. The Non-GAAP measures are reconciled to the most comparable GAAP measure in the following financial highlights.

First Citizens BancShares, Inc. Performance Summary Table (dollars in millions, except per share data) Key Performance & Metrics 1Q22 4Q21 1Q21 Per Common Share Data Average diluted shares oustanding (in thousands) $ 15,779 9,816 9,816 Net income available to common stockholders 1 16.70 12.09 14.53 Net income available to common stockholders 1 - Adjusted 18.95 12.82 13.36 Book value per common share 605.48 447.95 405.59 Tangible book value per common share (TBV) 574.09 410.74 367.07 Key Performance Metrics Return on average assets (ROA) 1.00% 0.84% 1.16% Return on average assets (ROA) - adjusted 1.12% 0.89% 1.07% Return on average common equity (ROE) 11.18% 10.96% 14.70% Return on average common equity (ROE) - adjusted 12.67% 11.63% 13.51% Return on average tangible common equity (ROTCE) 11.83% 12.00% 16.28% Return on average tangible common equity (ROTCE) - adjusted 13.41% 12.72% 14.96% Efficiency ratio 61.57% 66.31% 63.35% Net interest margin (NIM) 2.73% 2.57% 2.79% Select Balance Sheet Items Total investments 19,469 13,110 10,222 Total loans and leases 65,524 32,372 33,181 Total operating lease equipment (net) 7,972 - - Total deposits 91,597 51,406 47,331 Total borrowings 3,292 1,794 1,911 Loan to deposit ratio 71.54% 62.97% 70.10% Noninterest-bearing deposits to total deposits 28.27% 41.64% 43.34% Capital Ratios 2 Total risk-based capital ratio 14.46% 14.35% 14.14% Tier 1 risk-based capital ratio 12.39% 12.47% 12.02% Common equity Tier 1 ratio 11.34% 11.50% 11.00% Tier 1 leverage capital ratio 9.43% 7.59% 7.84% Asset Quality Ratio of nonaccrual loans to total loans 0.82% 0.37% 0.59% Allowance for credit losses to loans ratio 1.29% 0.55% 0.63% Net charge off ratio 0.09% -0.01% 0.03% 1 Per diluted common shares, when applicable. 2 Capital ratios for the current quarter are preliminary pending completion of quarterly regulatory filings.

First Citizens BancShares, Inc. Income Statement - Consolidated (dollars in millions, except shares and per share data) Income Statement - Consolidated 0 1Q22 4Q21 1Q21 Interest income Interest and fees on loans & leases $ 621 328 323 Interest on investment securities 83 40 31 Other interest and dividends 6 4 1 Total interest income 710 372 355 Interest expense Deposits 39 8 8 Borrowings 22 7 8 Total interest expense 61 15 16 Net interest income 649 357 339 Provision (benefit) for credit losses 464 (5) (11) Net interest income after provision for credit losses 185 362 350 Noninterest income Rental income on operating leases 208 - - Other noninterest income Fee income and other revenue 33 9 8 Wealth management services 35 33 32 Gains on leasing equipment, net 6 - - Service charges on deposit accounts 28 27 22 Factoring commissions 27 - - Cardholder services, net 25 21 20 Merchant services, net 10 7 9 Realized gains on investment securities available for sale, net - - 9 Marketable equity securities gains (losses), net 3 3 16 Gain on acquisition 431 - - Gain (loss) on extinguishment of debt 6 - - Other noninterest income 38 14 21 Total other noninterest income 642 114 137 Total noninterest income 850 114 137 Noninterest expense Depreciation on operating lease equipment 81 - - Maintenance and other operating lease expenses 43 - - Operating expenses Salaries and benefits 352 193 184 Net occupancy expense 49 30 30 Equipment expense 52 30 30 Third-party processing expense 24 16 14 FDIC insurance expense 12 4 3 Merger-related expenses 135 10 7 Intangible asset amortization 6 2 3 Other noninterest expense 56 38 25 Total operating expenses 686 323 296 Total noninterest expense 810 323 296 Income before income taxes 225 153 191 Income taxes (46) 30 44 Net income 271 123 147 Preferred stock dividends 7 5 5 Net income available to common stockholders $ 264 118 142 Earnings per common share Basic $ 16.70 12.09 14.53 Diluted 16.70 N/A N/A Weighted average number of common shares Basic 15,779,153 9,816,405 9,816,405 Diluted 15,779,153 9,816,405 9,816,405

First Citizens BancShares, Inc. Income Statement - Adjusted for Notable Items - Consolidated (dollars in millions, except shares and per share data ) Income Statement - Adjusted for Notable Items - Consolidated 0 1Q22 4Q21 1Q21 Interest income Interest and fees on loans & leases $ 621 328 323 Interest on investment securities 83 40 31 Other interest and dividends 6 4 1 Total interest income 710 372 355 Interest expense Deposits 39 8 8 Borrowings 22 7 8 Total interest expense 61 15 16 Net interest income 649 357 339 Provision (benefit) for credit losses (49) (5) (11) Net interest income after provision for credit losses 698 362 350 Noninterest income Rental income on operating leases, net 84 - - Other noninterest income - - - Fee income and other revenue 33 9 8 Wealth management services 35 33 32 Gains on leasing equipment, net - - - Service charges on deposit accounts 28 27 22 Factoring commissions 27 - - Cardholder services, net 25 21 20 Merchant services, net 10 7 9 Realized gains on investment securities available for sale, net - - (0) Marketable equity securities gains (losses), net - (0) (0) Gain on acquisition - - - Gain (loss) on extinguishment of debt - - - Other noninterest income 38 14 21 Total other noninterest income 196 111 112 Total noninterest income 280 111 112 Noninterest expense Depreciation on operating lease equipment - - - Maintenance and other operating lease expenses - - - Operating expenses - - - Salaries and benefits 379 193 184 Net occupancy expense 49 30 30 Equipment expense 52 30 30 Third-party processing expense 24 16 14 FDIC insurance expense 12 4 3 Merger-related expenses 0 0 0 Intangible asset amortization - - (0) Other noninterest expense 56 38 25 Total operating expenses 572 311 286 Total noninterest expense 572 311 286 Income before income taxes 406 162 176 Income taxes 100 31 40 Net income 306 131 136 Preferred stock dividends 7 5 5 Net income available to common stockholders $ 299 126 131 Earnings per common share Basic $ 18.95 12.82 13.36 Diluted $ 18.95 N/A N/A Weighted average number of common shares Basic 15,779,153 9,816,405 9,816,405 Diluted 15,779,153 N/A N/A

First Citizens BancShares, Inc. Notable Items (dollars in millions, except per share data) Notable Items Pre-Tax After-Tax EPS Impact Pre-Tax After-Tax EPS Impact Pre-Tax After-Tax EPS Impact Depreciation on operating lease equipment $ (81) (61) (3.87) - - - - - - Maintenance and other operating lease expenses (43) (32) (2.05) - - - - - - Gains on leasing equipment, net of impairments (6) (5) (0.31) - - - - - - Realized gains on investment securities available for sale, net - - - - - - (9) (7) (0.73) Marketable equity securities gains, net (3) (2) (0.12) (3) (2) (0.24) (16) (12) (1.27) Gain on acquisitions (431) (431) (27.34) - - - - - - Gain on extinguishment of debt (6) (5) (0.29) - - - - - - CTA release - - - - - - - - Legacy consumer mortgage loan sales - - - - - - - - - Noninterest income - total adjustments $ (570) (536) (33.98) (3) (2) (0.24) (25) (20) (2.00) Depreciation on operating lease equipment (81) (61) 3.87 - - - - - - Maintenance and other operating lease expenses (43) (32) 2.05 - - - - - - Restructuring costs - - - - - - - - - Merger-related expenses (135) (102) 6.45 (10) (8) 0.78 (7) (5) 0.54 Intangible asset amortization (6) (5) 0.29 (2) (2) 0.16 (3) (3) 0.26 Termination of US Medical Plan and US Life Insurance 27 20 (1.28) - - - - - - Noninterest expense - total adjustments $ (238) (180) 11.38 (12) (9) 0.94 (10) (8) 0.81 CECL Day 2 provision and reserve for unfunded commitments (513) (387) 24.50 - - - - - - Provision for credit losses - total adjustments $ (513) (387) 24.50 - - - - - - Total impact of notable items $ 181$ 31$ 1.90$ 9 7 0.70$ (15) (12) (1.20)$ 1Q22 4Q21 1Q21

First Citizens BancShares, Inc. Balance Sheet (dollars in millions) Balance Sheet 1Q22 4Q21 1Q21 Assets Cash and due from banks $ 523 338 410 Interest-earning deposits at banks 9,285 9,115 7,589 Securities purchased under agreement to resell Investment in marketable equity securities 100 98 107 Investment in securities available for sale 9,295 9,203 7,307 Investment securiites held to maturity 10,074 3,809 2,808 Assets held for sale 83 98 130 Loans and leases 65,524 32,372 33,181 Allowance for credit losses (848) (178) (211) Loans and leases, net of allowance for credit losses 64,676 32,194 32,970 Operating lease equipment, net 7,972 - Premises and equipment 1,431 1,233 1,239 Bank owned life insurance 1,326 116 115 Goodwill 346 346 350 Other intangible assets 156 19 28 Other assets 3,330 1,739 856 Total assets $ 108,597 58,308 53,909 Liabilities Deposits Noninterest-bearing $ 25,898 21,405 20,515 Interest-bearing 65,699 30,001 26,816 Total deposits 91,597 51,406 47,331 Credit balances of factoring clients 1,150 Securities sold under customer repurchase agreements 616 589 681 Federal Home Loan Bank borrowings 639 645 648 Senior unsecured borrowings 895 - - Subordinated debt 1,058 478 497 Other borrowings 84 72 85 Other liabilities 1,988 381 345 Total liabilities $ 98,027 53,571 49,587 Stockholders’ equity Preferred stock - $0.01 par value 881 340 340 Common Stock: Class A - $1 par value 15 9 9 Class B - $1 par value 1 1 1 Surplus 5,344 - Retained earnings 4,634 4,377 4,006 Accumulated other comprehensive (loss) income (305) 10 (34) Total stockholders’ equity 10,570 4,737 4,322 Total liabilities and stockholders’ equity $ 108,597 58,308 53,909 Common Shares Outstanding 15,978,414 9,816,405 9,816,405 Book value per common share $ 605.48 447.92 405.65 Tangible book value per common share 574.09 410.74 367.07 Other assets Investments in low income housing and other tax credits $ 702 157 162 Right of use assets 384 63 65 Pension assets 296 289 166 Accrued interest receivable 247 134 148 Income taxes receivable 834 799 40 Fair value of derivative financial instruments 110 - - Countertparty receivables 106 - - Federal Home Loan Bank stock 39 40 41 Other real estate owned 43 39 49 Mortgage servicing rights 29 24 24 Other 540 194 161 Total other assets $ 3,330 1,739 856 Other liabilities Accrued expenses and accounts payable $ 534 5 3 Current and deferred taxes 161 34 - Lease liabilities 385 64 66 Commitments to find investments in tax credits 242 43 50 Fair value of derivative financial instruments 204 - - Accrued interest payable 24 8 5 Reserve for off-balances sheet credit exposure 75 12 12 Other 363 215 209 Total other liabilities $ 1,988 381 345

First Citizens BancShares, Inc. Loans & Deposits (dollars in milions) Loans & Leases (End of Period) 1Q22 4Q21 1Q21 Loans & Leases by Class Commercial Commercial construction $ 2,633 1,238 1,131 Owner occupied commercial mortgages 13,553 12,099 11,480 Non-owner occupied commercial mortgages 9,293 3,041 3,094 Commercial and industrial 22,402 5,937 7,403 Leases 2,220 271 317 Total commercial $ 50,101 22,586 23,425 Consumer Residental mortgage $ 11,711 6,088 5,974 Revolving mortgage 1,840 1,818 1,971 Consumer auto 1,320 1,332 1,272 Consumer other 552 548 539 Total consumer 15,423 9,786 9,756 Total loans & leases $ 65,524 32,372 33,181 Less allowance for credit losses (848) (178) (211) Net loans & leases $ 64,676 32,194 32,970 Deposits (End of Period) 1Q22 4Q21 1Q21 Non-interest-bearing demand $ 25,898 21,405 20,515 Checking with interest 16,702 12,694 10,820 Money market 26,249 10,590 9,590 Savings 13,506 4,236 3,676 Time 9,242 2,481 2,729 Total deposits $ 91,597 51,406 47,331

First Citizens BancShares, Inc. Asset Quality & Allowance for Credit Losses (dollars in milions) Asset Quality & Allowance 1Q22 4Q21 1Q21 Nonaccrual loans $ 538 121 194 Ratio of nonaccrual loans to total loans 0.82% 0.37% 0.59% Charge-offs $ 33 8 9 Recoveries (18) (9) (6) Net charge-offs $ 15 (1) 3 Net charge-off ratio 0.09% -0.01% 0.03% Allowance for credit losses $ 848 178 211 Allowance for credit losses to loans ratio 1.29% 0.55% 0.63% Allowance for credit losses - beginning $ 178 183 225 CIT merger - intial PCD allowance 284 - - CIT merger - initial NPCD allowance 454 - - Provision (credit) (53) (5) (11) Net charge-offs (15) 1 (3) Allowance for credit losses - ending $ 848 179 211 Reserve for off balance sheet credit exposures $ 75 12 12 Total provision expense $ 464 (5) (11)

First Citizens BancShares, Inc. Average Balance Sheet - Yields/Rates (dollars in millions) Average Balance Income / Expense Yield / Rate Average Balance Income / Expense Yield / Rate Average Balance Income / Expense Yield / Rate Loans and leases 64,144$ 621$ 3.88% 32,488$ 328$ 3.97% 33,087$ 323$ 3.92% Total investment securities 19,492 83 1.71% 11,424 40 1.39% 9,758 31 1.27% Interest-earning deposits at banks 11,476 6 0.19% 10,690 4 0.15% 5,871 1 0.10% Total interest-earning assets 95,112 710 2.99% 54,602 372 2.68% 48,716 355 2.92% Operating lease equipment, net (including held for sale) 7,924 - - Cash and due from banks 536 337 333 Allowance for credit losses (907) (184) (224) All other non-interest bearing assets 6,569 3,361 2,585 Total Assets 109,234 58,116 51,410 Interest bearing deposits Checking with interest 16,606 5 0.10% 11,994 2 0.05% 10,746 1 0.05% Money market 26,199 15 0.24% 10,358 2 0.09% 9,009 3 0.11% Savings 13,659 9 0.26% 4,140 - 0.03% 3,462 - 0.04% Time deposits 9,794 10 0.43% 2,517 4 0.62% 2,805 5 0.66% Total interest bearing deposits 66,258 39 0.24% 29,009 8 0.11% 26,022 9 0.14% Securities sold under customer repuchase agreements 600 - 0.16% 650 - 0.16% 641 - 0.21% Borrowings FHLB borrowings 641 2 1.27% 645 2 1.28% 651 2 1.28% Senior unsecured borrowings 2,719 12 1.71% - - 0.00% - - 0.00% Subordinated debt 1,061 8 2.96% 497 4 3.34% 497 4 3.37% Other borrowings 85 - 1.95% 75 1 1.25% 87 1 1.22% Total borrowings 4,506 22 1.95% 1,217 7 2.12% 1,235 7 2.12% Total interest-bearing liabilities 71,364 61 0.35% 30,876 15 0.19% 27,898 16 0.23% Non-interest bearing deposits 25,315 22,229 Other non-interest bearing liabilities 2,132 378 23,512 Stockholders' equity 10,423 4,633 Total liabilities and stockholders' equity 109,234$ 58,116$ 51,410$ Interest rate spread 2.64% 2.49% 2.69% Net interest income and net yield on interest-earning assets 649$ 2.73% 357$ 2.57% 339$ 2.79% 1Q22 Average Balance Sheet 4Q21 1Q21

First Citizens BancShares, Inc. Non-GAAP Reconcilation #1 (dollars in millions, except per share data) 1Q22 4Q21 1Q21 Net income (GAAP measure) $ 271 123 147 Less: Preferred dividends 7 5 5 Net income available to common stockholders (GAAP measure) a 264 118 142 Plus: Total tax-effected notable items 35 8 (11) Adjusted net income available to common stockholders (non-GAAP measure) b $ 299 126 131 Weighted average common shares outstanding c 15,779,153 9,816,405 9,816,405 Basic earnings per share (GAAP measure) a/c $ 16.70 12.09 14.53 Adjusted basic earnings per share (non-GAAP measure) b/c 18.95 12.82 13.36 Total average stockholders' equity (GAAP measure) $ 10,423 4,633 4,275 Less: Preferred stock 863 340 340 Total average common stockholders' equity (GAAP measure) e $ 9,560 4,293 3,935 Return on equity (GAAP measure) a/e 11.18% 10.96% 14.70% Adjusted return on equity (non-GAAP measure) b/e 12.67% 11.63% 13.51% Total average common stockholders' equity (GAAP measure) $ 9,560 4,293 3,935 Less: Average goodwill 346 350 350 Less: Average intangible assets 182 21 30 Total tangible common stockholders' equity (non-GAAP measure) f $ 9,032 3,922 3,555 Return on tangible common equity (non-GAAP measure) a/f 11.83% 12.00% 16.28% Adjusted return on tangible common equity (non-GAAP measure) b/f 13.43% 12.72% 14.96% Total average assets (GAAP measure) g $ 110,395 58,116 51,410 Net income (GAAP measure) h $ 271 123 147 Plus: Total tax-effected notable items 35 8 (11) Adjusted net income (non-GAAP measure) i $ 306 132 137 Return on assets (GAAP measure) h/g 1.00% 0.84% 1.16% Adjusted return on assets (non-GAAP meausre) h/i 1.12% 0.89% 1.07%

First Citizens BancShares, Inc. Non-GAAP Reconcilation #2 (dollars in millions) 1Q22 4Q21 1Q21 Total noninterest income (GAAP measure) $ 850 114 137 Less: Depreciation and maintenance on operating leases 124 - - Subtotal 726 114 137 Less: Other notable items 446 3 25 Total core noninterest income (non-GAAP measure) $ 280 111 112 Total noninterest expense (GAAP measure) $ 810 323 296 Less: Depreciation and maintenance on operating leases 124 - - Subtotal 686 323 296 Less: Other notable items 114 12 10 Total core noninterest expense (non-GAAP measure) a $ 572 311 286 Net interest income (GAAP measure) $ 649 357 339 Total core noninterest income (non-GAAP measure) 280 111 112 Total efficiency revenue b $ 929 468 451 Efficiency ratio (non-GAAP measure) b/a 61.57% 66.31% 63.35%

First Citizens BancShares, Inc. Non-GAAP Reconcilation #3 (dollars in millions, except per share data) 1Q22 4Q21 1Q21 Total stockholders' equity (GAAP measure) a $ 11,041 4,737 4,322 Less: Preferred stock 865 340 340 Common stockholders' equity (non-GAAP measure) b $ 10,176 4,397 3,982 Common stockholders' equity (non-GAAP measure) $ 10,176 4,397 3,982 Less: Goodwill 346 346 350 Less: Intangible assets 121 19 28 Tangible common stockholders' equity or tangible capital (non-GAAP measure) c $ 9,708 4,032 3,604 Total shares outstanding d 16,001,510 9,816,405 9,816,405 Book value per common share (non-GAAP measure) b/d $ 635.92 447.95 405.59 Tangible book value per common share (non-GAAP measure) c/d 606.72 410.74 367.07