First Citizens BancShares, Inc.

First Citizens BancShares reported second-quarter 2026 revenue of $2.24 billion, exceeding analyst estimates of $2.16 billion and marking a 1.5% year-on-year increase. Adjusted earnings per share came in at $57.09, a 42.2% beat over the consensus estimate of $40.16. CEO James Reuter attributed the performance to disciplined capital deployment, lower deposit costs, and a deliberate exit from non-relationship and criticized loans. The company achieved its ninth consecutive quarter of net interest margin improvement and increased its share buyback authorization by $150 million, bringing the total to $450 million since inception. Management expects near-term balance sheet contraction from continued non-core loan payoffs but sees improved deposit mix and fixed asset repricing supporting profitability into 2027.

First Citizens BancShares expects to accelerate the paydown of its FDIC purchase money note to between $6 billion and $8 billion in the third quarter of 2026, supported by the anticipated liquidity from its upcoming BMO branch acquisition. CFO Craig Nix said on the Q2 earnings call that recent wholesale funding activities and the positive liquidity event from the BMO deal will drive the faster reduction. The bank prepaid $2.5 billion of the note during the second quarter and an additional $1 billion in July. Adjusted net income reached $691 million, or $57.09 per share, with an adjusted return on equity of 12.94%. The company also narrowed its full-year net interest income guidance to a range of $6.6 billion to $6.75 billion and raised its net charge-off outlook to 30 to 35 basis points.

First Citizens BancShares reported second-quarter non-GAAP earnings per share of $57.09, beating analyst estimates by $16.93. Revenue came in at $2.44 billion, a 2.5% increase year-over-year, exceeding expectations by $280 million. The results were released in the company's earnings press release.

Strata Clean Energy has upsized its revolving loan and letter of credit facility by $150 million, bringing the total to $450 million. The facility, which closed on July 9, 2026, will support the expansion of the company's operational fleet and the commercialization of its development pipeline. Nomura Securities International continues as Sole Bookrunner and Coordinating Lead Arranger, with First Citizens Bank joining as Coordinating Lead Arranger. The original $300 million facility was established in November 2023. Proceeds will fund renewable energy and energy storage projects and provide working capital for Strata's growing EPC and O&M divisions.

Corgi Insurance and Silicon Valley Bank, a division of First Citizens BancShares, announced a partnership to provide SVB's innovation-focused clients with streamlined access to Corgi's digital insurance products and AI-native risk management solutions. The collaboration targets startups and growth-stage companies in sectors like SaaS, AI, and healthcare, offering faster, tailored underwriting and simplified application processes. SVB clients can now utilize coverage options specifically engineered for high-growth firms, reflecting the shared commitment of both companies to support the next generation of technology and healthcare businesses.