First Citizens BancShares (FCNCA) investor relations material

Executive summary

• Q2 2025 delivered strong financial results, with net income of $575M, up 19% sequentially, and adjusted EPS of $44.78; capital and liquidity remained robust, supporting a new $4B share repurchase plan.

• Share repurchases totaled $613M in Q2, with $2.9B–$3.1B repurchased since plan inception; a new $4B plan will follow the current $3.5B plan.

• Leadership was strengthened with the appointment of Diane Morais to the Board of Directors.

• Strategic priorities focus on diversified business lines, client-first approach, and operational efficiency.

• Macroeconomic and regulatory uncertainties persist, but strong capital and liquidity positions support growth.

Financial highlights

• Adjusted net income was $607M, with adjusted EPS of $44.78 and ROE/ROA at 11%/1.07%; net interest income grew 2% sequentially to $1.70B, and NIM held at 3.26%.

• Noninterest income rose 7% sequentially to $678M, driven by favorable derivative valuations and rail business performance.

• Noninterest expense increased less than 1% sequentially, at the low end of guidance, totaling $1.50B.

• Provision for credit losses decreased to $115M, and net charge-offs declined to 0.33% from 0.41% in Q1.

• Tangible book value per share rose 10.4% year-over-year to $1,594.38.

Outlook and guidance

• FY25 loans projected at $143B–$146B and deposits at $161B–$166B; Q3 loans expected in the $141B–$144B range.

• Net interest income guidance for FY25 is $6.68B–$6.88B; adjusted noninterest income $1.97B–$2.05B; adjusted noninterest expense $5.10B–$5.20B.

• Net charge-off guidance maintained at 35–45 bps for the year; tax rate expected at 25%–26%.

• Management continues to monitor economic and regulatory developments, including tariffs and new legislation.

• Focus remains on deposit growth, prudent risk management, and maintaining strong liquidity and capital positions.