First Citizens BancShares, Inc.: 2Q‘26 Earnings: Solid Quarter, Progress on the Purchase Money Note, & Bonds Still Look Marginally Cheap

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First Citizens BancShares, Inc.: 2Q‘26 Earnings: Solid Quarter, Progress on the Purchase Money Note, & Bonds Still Look Marginally Cheap

J P M O R G A N North America Credit Research

23 July 2026

First Citizens BancShares, Inc.

2Q’26 Earnings: Solid Quarter, Progress on the Overweight

Purchase Money Note, & Bonds Still Look Marginally FCNCA

Cheap Moody's:S&P: Baa2BBB Outlook:Outlook: STABLESTABLE

The above agency ratings are at the corporate level

North America Corporate Credit -

First Citizens BancShares’ 2Q’26 earnings were strong, with adjusted EPS, Banks (IG), Nonbank Financials (IG),

returns, PPNR, loans, deposits, and NII all improving sequentially, while credit and Financials (HY)

metrics remained broadly resilient. Notably, FY'26 guidance was largely AC Kabir Caprihan, CFA

unchanged, though some forecast ranges were narrowed. The firm reported (1-212) 834-5613

adjusted EPS of $57.09, ahead of market consensus of $40.44, and adjusted net kabir.x.caprihan@jpmorgan.com

revenues of $2.24bn, up 5% QoQ and up 2% YoY. Furthermore, FCNCA reported Vincent Barretta

adjusted ROTCE of 13.3%, up from 10.7% QoQ and 11.3% YoY, while adjusted (1-212) 464-0374

ROA improved to 1.18% from 0.97% in 1Q’26 and 1.07% in 2Q’25. The quarter vincent.barretta@jpmorgan.com

showed continued progress on the firm’s strategic priorities, including loan and J.P. Morgan Securities LLC

deposit growth, another $2.5bn repayment of the FDIC Purchase Money Note, and

$600mn of share repurchases. Looking ahead, FCNCA plans to use excess

liquidity, which will come from deposit growth in excess of loan growth, long term

debt issuance, and brokered deposit issuance to fund the future paydowns of the

Purchase Money Note. The firm announced a $1bn paydown of the Note in July