First Citizens Reports Exceptional Q3 Results, Surpassing Expectations

Why It Matters:

First Citizens' strong financial performance showcases its integration efforts with Silicon Valley Bank and its commitment to supporting the innovation economy. The bank's focus on credit risk management and solid liquidity positions highlights its long-term value growth potential.

The Details:

• Net income for Q3 reached $752 million.

• Chairman/CEO Frank B. Holding, Jr. expressed satisfaction with the bank's solid revenue growth and disciplined expense management.

• First Citizens continues to make progress in integrating Silicon Valley Bank and increasing awareness of its availability for business support.

• The bank remains dedicated to managing credit risk prudently and maintaining strong capital and liquidity positions.

• Earnings per share were $50.67, surpassing expectations. Adjusted earnings per share, excluding non-recurring costs, were $55.92.

• First Citizens posted revenue of $3.73 billion, with revenue net of interest expense at $2.61 billion, both surpassing Street forecasts.

Conclusion:

First Citizens' exceptional Q3 results demonstrate its successful integration efforts and commitment to supporting the innovation economy. The bank's strong financial performance positions it for continued long-term tangible book value growth.