FIRST CITIZENS BANCSHARES INC /DE/ FCNCA
First Citizens BancShares, Inc. (the "Parent Company" and when including all of its subsidiaries on a consolidated basis, "BancShares," "we," "us," or "our") was incorporated under the laws of Delaware on August 7, 1986, to become the holding company of First-Citizens Bank & Trust Company ("FCB"), its banking subsidiary. FCB opened in 1898 as the Bank of Smithfield in Smithfield, North Carolina, and later changed its name to First-Citizens Bank & Trust Company.
BancShares has expanded through de novo branching and acquisitions and as of December 31, 2025, operates an extensive network of branches and offices, predominantly located in the Southeast, Mid-Atlantic, Midwest, and Western United States, providing a broad range of financial services to individuals, businesses and professionals. At December 31, 2025, BancShares had total consolidated assets of $229.70 billion.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $9.54B | $9.76B | $18.79B | $5.08B | $1.45B | $1.48B | $1.40B | $1.25B | $1.10B | $987.8M |
| Interest expense | $6.81B | $7.14B | $6.71B | $2.95B | $61.0M | $96.0M | $92.6M | $36.9M | $43.8M | $43.1M |
| Pre-tax income | $2.97B | $3.59B | $12.08B | $1.36B | $701.0M | $618.0M | $592.0M | $503.6M | $543.7M | $351.1M |
| Income tax | $765.0M | $815.0M | $611.0M | $264.0M | $154.0M | $126.0M | $134.7M | $103.3M | $219.9M | $125.6M |
| Net income | $2.21B | $2.78B | $11.47B | $1.10B | $547.0M | $492.0M | $457.4M | $400.3M | $323.8M | $225.5M |
| EPS, basic | 165.24 | 189.42 | 785.14 | 67.47 | 53.88 | 47.50 | 41.05 | 33.53 | 29.96 | 18.77 |
| EPS, diluted | 165.24 | 189.41 | 784.51 | 67.40 | 53.88 | 47.50 | — | — | — | — |
| Shares, diluted (wtd. avg.) | $13.0M | $14.3M | $14.5M | $15.5M | $9.8M | $10.1M | $11.1M | $11.9M | $12.0M | $12.0M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $801.0M | $814.0M | $908.0M | $518.0M | $338.0M | $362.0M | $377.0M | $327.4M | $336.1M | $539.7M |
| Property, plant and equipment | — | — | — | — | $1.23B | $1.25B | $1.24B | $1.20B | $1.14B | $1.13B |
| Goodwill | $346.0M | $346.0M | $346.0M | $346.0M | $346.0M | $350.0M | $349.4M | $236.3M | $150.6M | $150.6M |
| Other intangibles | $195.0M | $249.0M | $312.0M | $140.0M | $19.0M | $50.8M | $68.3M | $72.3M | $73.1M | $78.0M |
| Total assets | $229.70B | $223.72B | $213.76B | $109.30B | $58.31B | $49.96B | $39.82B | $35.41B | $34.53B | $32.99B |
| Short-term debt | $224.0M | $367.0M | $485.0M | $2.19B | $589.0M | $641.5M | $738.2M | $572.3M | $693.8M | $603.5M |
| Long-term debt | $35.78B | $36.68B | $37.17B | $4.46B | $1.20B | $1.25B | $588.6M | $319.9M | $870.2M | $832.9M |
| Total liabilities | $207.46B | $201.49B | $192.50B | $99.64B | $53.57B | $45.73B | $36.24B | $31.92B | $31.19B | $29.98B |
| Retained earnings | $20.77B | $19.36B | $16.74B | $5.39B | $4.38B | $3.87B | $3.66B | $3.22B | $2.79B | $2.48B |
| Total equity | $22.24B | $22.23B | $21.25B | $9.66B | $4.74B | $4.23B | $3.59B | $3.49B | $3.33B | $3.01B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $2.92B | $2.99B | $2.66B | $2.79B | -$284.0M | $376.0M | $578.2M | $453.8M | $355.3M | $230.5M |
| Depreciation and amortisation | $314.0M | $276.0M | $225.0M | $142.0M | $107.0M | $109.0M | $103.8M | $96.8M | $90.8M | $88.8M |
| Stock-based compensation | $0 | $0 | $5.0M | $19.0M | $0 | $0 | — | — | — | — |
| Capital expenditure | $710.0M | $429.0M | $405.0M | $155.0M | $107.0M | $133.0M | $121.1M | $140.4M | $84.8M | $81.8M |
| Investing cash flow | -$5.61B | -$10.15B | $2.43B | $75.0M | -$7.57B | -$9.91B | -$1.60B | $101.1M | -$668.7M | -$1.10B |
| Financing cash flow | $2.67B | $7.07B | -$4.70B | -$2.69B | $7.83B | $9.52B | $1.07B | -$563.6M | $109.8M | $875.5M |
| Dividends paid | $161.0M | $158.0M | $117.0M | $83.0M | $42.0M | $30.0M | $18.1M | $16.8M | $14.4M | $14.4M |
| Buybacks | $3.03B | $1.65B | $0 | $1.24B | $0 | $334.0M | $453.1M | $163.1M | $0 | $0 |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0000798941-26-000015.
Others in SIC 6022
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| BNY | Bank of New York Mellon Corp | $111.84B | 22.3x | 7.8% |
| STT | STATE STREET CORP | $53.36B | 20.7x | 7.3% |
| FITB | FIFTH THIRD BANCORP | $49.76B | 15.5x | -5.0% |
| MTB | M&T BANK CORP | $34.64B | 14.1x | 7.5% |
| NTRS | NORTHERN TRUST CORP | $34.15B | 21.4x | 6.1% |
| CFG | CITIZENS FINANCIAL GROUP INC/RI | $29.81B | 18.3x | 6.7% |
| EWBC | EAST WEST BANCORP INC | $17.92B | 13.7x | 2.4% |
| ALLY | Ally Financial Inc. | $13.30B | 18.5x | 3.8% |