First Citizens BancShares tops Q2 profit estimates
Buybacks and outlook
The company repurchased $600 million in shares during the quarter.
It expects the BMO branch acquisition to close in Q3 2026, adding $5.3 billion in deposits.
Q2 results beat expectations
First Citizens BancShares said its second-quarter adjusted earnings per share and adjusted net income beat analyst expectations.
- Q2 adjusted EPS: $57.09, versus consensus estimate of $40.54 (9 analysts)
- Q2 EPS: $55.52
- Q2 adjusted net income: $691 million, versus consensus estimate of $492.26 million (9 analysts)
- Q2 net income: $672 million
Net interest income and margin improved
Net interest income and net interest margin increased, driven by loan and deposit growth.
- Q2 net interest income: $1.66 billion
- Q2 net interest margin: 3.10%
The company said higher net interest income was driven by increased yields and average balances on loans and investment securities, along with lower interest expense on borrowings due to debt repayment.
