Overview

* First Citizens Q3 adjusted EPS beats analysts' expectations

* Adjusted net income exceeds analysts' estimates

* $900 mln returned to stockholders via share repurchases

Outlook

* Company did not provide specific financial guidance for future quarters or full year

Result Drivers

* LOAN AND DEPOSIT GROWTH - All operating segments achieved growth, led by SVB Commercial, according to CEO Frank B. Holding, Jr.

* SHARE REPURCHASES - Co returned $900 mln to stockholders through share repurchases, completing the 2024 plan and starting the 2025 plan

* BMO BRANCH ACQUISITION - Acquisition of 138 BMO Bank branches to expand footprint and enhance liquidity

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q3 Beat $44.62 $42.80

Adjusted (14

EPS Analysts

)

Q3 EPS $43.08

Q3 Beat $587 mln $544.30

Adjusted mln (12

Net Analysts

Income )

Q3 Net $568 mln

Income

Q3 Net $1.73

Interest bln

Income

Q3 Net 3.26%

Interest

Margin

Q3 $191 mln

Provisio

n For

Credit

Loss

Analyst Coverage

* The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 9 "strong buy" or "buy", 5 "hold" and no "sell" or "strong sell"

* The average consensus recommendation for the banks peer group is "buy"

* Wall Street's median 12-month price target for First Citizens BancShares Inc (Delaware) ( FCNCA ) is $2,200.00, about 20.1% above its October 21 closing price of $1,758.89

* The stock recently traded at 10 times the next 12-month earnings vs. a P/E of 11 three months ago

Press Release:

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)