First Citizens BancShares Inc. reports developments for a U.S. super-regional banking company operating through First Citizens Bank, with business banking, branch banking, commercial lending, treasury and liquidity management, wealth-related services, and railcar leasing. News commonly covers earnings, loan and deposit trends, credit quality, capital returns, dividends on common and preferred stock, and debt or equity capital activity.
Company updates also follow First Citizens Bank’s commercial banking expansion, regional leadership appointments, and specialized lending through Silicon Valley Bank, a division serving technology, life science and healthcare, private equity, and venture capital clients. Recurring customer-finance announcements include warehouse credit, energy finance, and sector-focused banking services.
First Citizens BancShares will release its third quarter 2020 financial results after the U.S. markets close on Oct. 27, 2020. A conference call will follow on Oct. 28, 2020, at 9 a.m. ET to discuss the results. Interested parties can access the call by dialing 833-519-1268 (domestic) or 914-800-3840 (international), using conference ID 9790564. Participants can view the earnings presentation and news release on the company’s website.
First Citizens Bank has successfully completed the conversion of its Entegra Bank division's operations and systems as of August 17, 2020. This integration aligns Entegra customer accounts with First Citizens' offerings, allowing them access to a broader range of financial products and services. The rebranding is effective at 11 former Entegra branches across Western North Carolina, Upstate South Carolina, and North Georgia. With over 560 offices in 19 states, First Citizens aims to enhance relationships with Entegra customers while providing the expected high-level service.
First Citizens BancShares will report its second quarter 2020 financial results after U.S. markets close on July 28, 2020. A conference call to discuss the results is scheduled for July 29, 2020, at 9 a.m. Eastern Time. Interested parties can access the call by dialing 833-519-1268 domestically or 914-800-3840 internationally, using conference ID 9797043. The earnings presentation will be available on the company’s website. A replay of the call will be available until August 6, 2020.
First Citizens Bank announced that it has secured $3.2 billion in loans for nearly 23,000 businesses through the SBA’s Paycheck Protection Program. This initiative, part of the CARES Act, aims to provide emergency relief to small businesses affected by COVID-19. The funding supports companies with 500 or fewer employees to manage critical expenses, including payroll. With over 565 branches across 19 states, First Citizens Bank, a subsidiary of First Citizens BancShares (FCNCA), emphasizes its commitment to customer service and community support during challenging times.
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First Citizens BancShares reported significant financial impacts from the COVID-19 pandemic in its first quarter of 2020. The bank's net income fell to $57.2 million, a 48.7% year-over-year decline, while earnings per share dropped to $5.46 from $9.67. A significant factor was a $51.4 million decline in the fair value of equity securities and an additional $21.5 million reserve for potential COVID-19 impacts. Despite this, net interest income rose by 5.6% to $338.4 million, driven primarily by loan growth. The bank's total loans increased to $29.24 billion, and total deposits grew to $35.35 billion, indicating strong liquidity with a capital ratio of 13.7%.