RALEIGH — First Citizens BancShares reported $606 million in third-quarter net income and authorized up to $1.2 billion in Class A share repurchases during 2027.
The Raleigh-headquartered bank holding company said net income fell from $672 million in the second quarter. Net income available to common stockholders was $577 million, or $51.23 per share, while adjusted net income available to common stockholders was $623 million, or $55.37 per share.
MarketBeat independently reported that adjusted earnings of $55.37 per share topped its $46.18 consensus estimate. Its standardized revenue measure of $2.27 billion was also slightly above the $2.26 billion estimate.
Reuters independently reported that First Citizens’ third-quarter profit beat expectations and highlighted the bank’s plan for a $1.2 billion buyback.
First Citizens said loans and leases increased 4.1% from the prior quarter to $157.19 billion. Deposits rose 6.8% to $185.26 billion, including about $4.86 billion assumed when the bank completed its acquisition of 138 BMO branches in September.
Net interest income increased by $43 million to $1.70 billion. The bank’s net interest margin slipped three basis points to 3.07%, while the cost of average total deposits increased to 2.16% from 2.07% in the linked quarter.
The board’s new repurchase authorization permits up to $1.2 billion of Class A share purchases during 2027, but does not require the company to buy a minimum number of shares. First Citizens also had $711 million of capacity remaining under its existing repurchase plan at Sept. 30. During the third quarter, the company repurchased 278,828 shares for $600 million.
The bank repaid another $8 billion of the Purchase Money Note during the quarter, reducing that balance to $20.45 billion from $35.85 billion a year earlier. Borrowings fell by $7.72 billion from the second quarter to $24.47 billion.
Credit costs moved higher even as several credit-quality measures improved. The provision for credit losses was $55 million, compared with a $10 million benefit in the prior quarter. Net charge-offs declined to $103 million from $108 million, and nonaccrual loans fell to 0.87% of loans from 0.96%.
For North Carolina, the results describe the scale and capital position of one of the state’s largest public companies and a Raleigh-based top-20 U.S. financial institution with more than $225 billion in assets. The company did not announce a North Carolina hiring, facility or branch project with the earnings release, so the immediate consequence is financial and strategic rather than a new local employment commitment.