FCNCA 10-K & 10-Q changes, risk factors and insider trading
First Citizens Bancshares Inc. (also FCNCB, FCNCN, FCNCO, FCNCP) · Nasdaq · State Commercial Banks · CIK 798941 · All filings on SEC.gov
At a glance
What changed in the latest 10-K
Risk Factors
New heading “Strategic Risks”
New heading “Operational Risks”
New heading “Liquidity Risks”
New heading “Capital Adequacy Risks”
New heading “Compliance Risks”
New heading “Financial Reporting Risks”
New heading “Consumers may increasingly decide not to use banks to complete their financial transactions, which could have a material adverse impact on our financial condition and operations.”
New heading “Failure to adopt new technologies that match consumer preferences or to keep pace with or effectively implement technological changes could adversely affect our results of operations and financial condition.”
New heading “The Trump administration has proposed or implemented significant changes to the size and scope of the federal government, including reductions in program or agency funding or workforce, and may continue to do so.”
New heading “We are subject to enhanced prudential standards, and failure to comply with these standards could have a material adverse effect on our business, financial condition or results of operations.”
New heading “We are subject to ESG risks, which may adversely affect our reputation and ability to retain employees and customers, and failure to comply with applicable regulations could have an adverse affect on our business, financial condition or results of operations.”
New heading “Our accounting policies and processes require management to make judgments, assumptions or estimates about matters, which may result in us reporting materially different results or amounts than would have been reported using different judgments, assumptions or estimates.”
Removed heading “▪Unfavorable economic conditions, as considered through a range of metrics, have and could continue to adversely affect our business.”
Removed heading “▪If our current level of balance sheet liquidity were to experience significant pressure, it could affect our ability to pay withdrawals by depositors, repay the Purchase Money Note (defined below) and fund our operations.”
Removed heading “▪We are subject to enhanced liquidity risk management requirements as a Category IV banking organization, and failure to meet these requirements could result in regulatory and compliance risks, and possible restrictions on our activities.”
Removed heading “▪Our ability to grow is contingent upon access to capital, which may not be readily available to us.”
Removed heading “▪If we fail to meet regulatory guidelines, including enhanced capital adequacy, liquidity, stress testing, and capital planning requirements, or are subject to certain other legal limitations, our financial condition and ability to pay dividends or make other payments could be adversely affected.”
Removed heading “▪We operate in a highly regulated industry, and the laws and regulations that govern our operations, taxes, corporate governance, executive compensation and financial accounting and reporting, including changes in them or our failure to comply with them, may adversely affect us.”
Removed heading “▪Information security and data privacy are areas of heightened legislative and regulatory focus.”
Removed heading “▪Our accounting policies and processes are critical to the reporting of our financial condition and results of operations. They require management to make estimates about matters that are uncertain, and such estimates may be materially different from actual results.”
Removed heading “New technologies, and our ability to efficiently and effectively implement, market and deliver new products and services to our customers present competitive risks.”
Removed heading “Changes being proposed and implemented by the Trump administration are expected to fundamentally alter the size and scope of the federal government through reduction of the federal work force and the potential reduction, change in direction or possible elimination of, various government agencies and programs.”
Removed heading “The performance of equity securities and corporate bonds in our investment securities portfolio could be adversely impacted by the soundness and fluctuations in the market values of other financial institutions.”
Removed heading “We are subject to enhanced prudential standards and will be subject to further requirements as we grow, and the federal banking agencies are considering further requirements.”
Removed heading “We are subject to ESG risks such as climate risk, hiring practices, diversity, racial and social justice issues, including in relation to our counterparties, which may adversely affect our reputation and ability to retain employees and customers.”
Removed heading “Fee revenues from overdraft and NSF programs have been and may continue to be subject to increased supervisory scrutiny.”
Removed heading “Our accounting policies and processes are critical to the reporting of our financial condition and results of operations. They require management to make estimates about matters that are uncertain, and such estimates may be materially different from actual results.”
Removed heading “The SVBB Acquisition has been accounted for under the purchase method of accounting and is based upon a valuation that involves significant estimates.”
Largest changes
“Continued geopolitical and geographical turmoil, including the ongoing conflicts in Ukraine and the Middle East, as well as increasing tensions in the South China Sea, has heightened the risk of cyberattacks and has created new risks for cybersecurity. For example, the U.S. government has warned that sanctions imposed against Russia by the United States in response to its conflict with Ukraine could motivate Russia to engage in malicious cyber activities against the United States. In addition, the U.S. government has warned that Iran may pose an increased cyber threat to U.S. …”see in full comparison
Cybersecurity risks for large banking institutions, such as FCB, have significantly increased in recent years in part because of the proliferation of new technologies,see in full comparisonincluding generative AI,the use of the internet and mobile banking to conduct financial transactions, and the increased sophistication of criminal activities.In March 2024, the U.S. Treasury cautioned financial institutions with respect to AI vulnerabilities and threat-actor capabilities, and in September 2024, the DOJ updated guidance to prosecutors in their investigations of corporations, including an expectation of corporations having conducted risk assessments regarding use of new technologies like AI.Refer to Item 1. Business—Regulatory Considerations—Artificial Intelligence and —Crypto-Asset Related Activities for additional information.Cyberattacks involving LFIs, including distributed denial of service attacks designed to disrupt external customer-facing services, nation state cyberattacks and ransomware attacks designed to deny organizations access to key internal resources or systems or other critical data, as well as targeted social engineering and phishing email and text message attacks designed to allow unauthorized persons to obtain access to an institution’s information systems and data or that of its customers, are becoming more common and increasingly sophisticated. In particular, there has been an observed increase in the number of distributed denial of service attacks against the financial sector in recent years, which increase is believed to be partially attributable to politically motivated attacks as well as financial demands coupled with extortion.These risks are expected to continue and further intensify in the future. Even the most advanced control environment may be vulnerable to compromise given the possibility of employee error, failures to follow security procedures or malfeasance. Additionally, the increase of supply chain attacks, including potential attacks on third parties with access to our data or those providing critical services to us, remain an operational risk. As cyber threats continue to evolve, wemaywill be required to expend significant additional resources to continue to modify or enhance our layers of defense or to investigate and remediate any information security vulnerabilities. Furthermore, past and future business transactions (such as acquisitions or integrations) could expose us to additional cybersecurity risks and vulnerabilities, as our systems could be negatively affected by vulnerabilities present in acquired or integrated entities’ systems and technologies.
“As required by GAAP, the SVBB Acquisition was accounted for under the purchase method of accounting and is based upon a valuation that involves significant estimates that are subject to change. The opening balances of acquired assets and assumed liabilities in connection with the SVBB Acquisition were recorded at estimated fair value based on information at the time of the SVBB Acquisition and other future events that are highly subjective in nature. …”see in full comparison
“▪If our current level of balance sheet liquidity were to experience significant pressure, it could affect our ability to pay withdrawals by depositors, repay the Purchase Money Note (defined below) and fund our operations.”see in full comparison
The financial system is highly interrelated, andsee in full comparisonfinancialthe default orsystemicthreatenedshocks or the failuredefault of even a single financial institutionorcouldother participantresult inthesignificantfinancialmarket-widesystemliquiditycouldandexposecreditusproblems, losses or defaults, lead to significant regulatory reform, or result in creditrisklosses through potential counterpartydefaultdefault,andany of which may adversely impact our financial condition and results of operations.
“•Compliance Risks: The risks of loss or reputational harm to us resulting from regulatory sanctions, fines, penalties or losses due to our failure to comply with laws, rules, regulations or other supervisory requirements applicable to us.”see in full comparison
Full comparison: every changed paragraph (199)
Strategic Risks
•Strategic Risks: The risk to our current and projected financial condition arising from adverse business decisions, poor implementation, or lack of responsiveness to changes in the industry and operating environment.
▪We may be adversely affected by risks associated with previous or potentialand future acquisitions, and any future acquisitionacquisitions may be subject to increased regulatory scrutiny.
▪We encounter significant competition that may reduce our market share and profitability and our financial performance depends upon our ability to attract and retain customers for our products and services, which may be adversely impacted by weakened consumer or business confidence and by any inability on our part to predict and satisfy customers’ needs and demands.services.
▪Consumers may increasingly decide not to use banks to complete their financial transactions, which could have a material adverse impact on our financial condition and operations.
▪Certain provisions in our Certificate of Incorporation, Bylaws and certain statutes and regulations and the current composition of our stockholders may make it more difficult for a third party to change our management or acquire control of us, even if stockholders might consider the change in management or change in control to be in their best interests.
▪Our Bylaws provide that, unless we consent in writing to the selection of an alternative forum, the Court of Chancery of the State of Delaware, or, if such court lacks jurisdiction, the federal district court of the District of Delaware, will be the sole and exclusive forum for substantially all disputes between us and our stockholders. This could limit our stockholders’ ability to obtain a favorable judicial forum for disputes with us or our directors, officers, or employees or stockholders.
▪The Parent Company relies on dividends from FCB for returning capital to stockholders, paying dividends on its common and preferred stock and servicing its debt obligations, and FCB’s ability to pay the Parent Company dividends may be restricted.
▪Failure to adopt new technologies that match consumer preferences or to keep pace with or effectively implement technological changes could adversely affect our results of operations and financial condition.
▪We are subject to reputational risks that could harm our business and prospects. If we were subject to reputational harm, it could have a material adverse impact on our business, financial condition and results of operations.
▪The Trump administration has proposed or implemented significant changes to the size and scope of the federal government, including reductions in program or agency funding or workforce, and may continue to do so.
Operational Risks
•Operational Risks: The risks of loss resulting from inadequate or failed processes, staffing and systems or from external events.
▪A cyberattack, information or security breach, or a technology outage of ours or of a third-party could adversely affect our ability to conduct our business, manage our exposure to risk,risk or result in the disclosure or misuse of confidential customer or employee data or proprietary information, and increase our costs to maintain and updateenhance our operational and security systems and infrastructure. Such an event or resource expenditures could adversely impact our results of operations, liquidity and financial condition, as well as cause us legal or reputational harm.condition.
▪We are subject to litigation and other legal liability risks, and our expenses related to such risks may adversely affect our results.
▪We depend on qualified personnel for our success and may not be able to retain or attract such personnel.
▪We are exposed to losses related to fraud.
▪Our business and financial performance could be impacted by natural or man-made disasters, global pandemics, civil unrest, acts of war, terrorist activities, climate change or other adverse external events.
▪We rely on third-parties to provide key components of our business infrastructure, and our third-parties may be responsible for or contribute to failures that adversely affect our operations.
▪Data quality and completeness may not be adequate and could cause financial or reputational harm to FCB.
▪Deposit insurance premiums levied on banks, including FCB, may increase if there is an increase in the number of bank failures, the cost of resolving failed banks, or the FDIC deposit insurance coverage limit.
Credit Risks
•Credit Risks: The risks that a borrower, obligor, or counterparty will fail to perform on an obligation.
▪Our allowance for credit losses and reserve related to off-balance sheet credit exposure may prove to be insufficient to absorbcover actual credit losses in our credit portfolios.
▪Deteriorating collateral values, credit quality, or our reliance on junior liens may adversely impact our business and our results of operations.
▪The financial system is highly interrelated, and the default or threatened default of even a single financial institution could result in significant market-wide liquidity and credit problems, losses or defaults, lead to significant regulatory reform, or result in credit losses through potential counterparty default, any of which may adversely impact our financial condition and results of operations.
▪Changes in domestic and foreign trade policies, including the imposition of tariffs and retaliatory tariffs may adversely impact our business, financial condition, and results of operations.
•Market Risks: The risks to our financial condition resulting from adverse movements in domestic and international macroeconomic and political conditions, as well as economic output levels, interest and inflation rates, employment levels, prices of commodities, consumer confidence levels, and changes in consumer spending, international trade policy, and fiscal and monetary policy.
▪Unfavorable economic conditions, as considered through a range of metrics, have and could continue to adversely affect our business.
•Liquidity Risks: The risks that we will be unable to meet our obligations as they come due because of an inability to (i) liquidate assets or obtain adequate funding, or (ii) unwind or offset specific exposures without significantly lowering market prices because of inadequate market depth or market disruptions, or that we will not meet the liquidity management requirements applicable to us as a Category IV banking organization, subject to the applicable transition periods.
▪If our current level of balance sheet liquidity were to experience significant pressure, it could affect our ability to pay withdrawals by depositors, repay the Purchase Money Note (defined below) and fund our operations.
▪We are subject to enhanced liquidity risk management requirements as a Category IV banking organization, and failure to meet these requirements could result in regulatory and compliance risks, and possible restrictions on our activities.
•Capital Adequacy Risks: The risks that our capital levels become inadequate to preserve our safety and soundness, support our ongoing business operations and strategies and provide us with support against unexpected or sudden changes in the business/economic environment, or that we will not meet the capital adequacy requirements applicable to us as a Category IV banking organization, subject to the applicable transition periods.
▪Our ability to grow is contingent upon access to capital, which may not be readily available to us.
▪If we fail to meet regulatory guidelines, including enhanced capital adequacy, liquidity, stress testing, and capital planning requirements, or are subject to certain other legal limitations, our financial condition and ability to pay dividends or make other payments could be adversely affected.
•Compliance Risks: The risks of loss or reputational harm to us resulting from regulatory sanctions, fines, penalties or losses due to our failure to comply with laws, rules, regulations or other supervisory requirements applicable to us.
▪We operate in a highly regulated industry, and the laws and regulations that govern our operations, taxes, corporate governance, executive compensation and financial accounting and reporting, including changes in them or our failure to comply with them, may adversely affect us.
▪Information security and data privacy are areas of heightened legislative and regulatory focus.
•Asset Risks: The risks that the value of our long-lived assets will be lower than expected, resulting in reduced income over the remaining life of the asset or a lower sale value.
Market Risks
▪Unfavorable economic conditions, as considered through a range of metrics, have and could continue to adversely affect our financial condition, results of operations and cash flows.
▪U.S. debt ceiling and budget deficit concerns have and could continue to adversely affect our business.
▪The value of our goodwill may decline in the future.
▪The market price of our common stock may be volatile.
Liquidity Risks
▪If our current level of balance sheet liquidity were to experience significant pressure, it could affect our ability to pay withdrawals by depositors, repay the Purchase Money Note (defined below) and other creditors, and fund our operations.
▪We are subject to enhanced liquidity risk management and other requirements, and failure to meet these requirements could result in regulatory and compliance risks, including possible restrictions on our activities, and inadequate liquidity.
Capital Adequacy Risks
▪Our ability to grow is contingent upon access to capital, which may not be readily available to us as a result of credit rating reductions.
▪If we fail to meet regulatory requirements, including enhanced capital adequacy, liquidity, stress testing, and capital planning requirements, or are subject to certain other legal limitations, our financial condition and ability to pay dividends or make other payments could be adversely affected.
Compliance Risks
▪We operate in a highly regulated industry, and the laws and regulations that impact our operations, taxes, corporate governance, executive compensation and financial accounting and reporting, including changes in them or our failure to comply with them, may adversely affect us.
▪Failure to meet regulatory requirements related to information security and data privacy may subject us to fines, litigation, or regulatory enforcement actions.
▪We face heightened compliance risks related to certain specialty commercial business lines.
▪We are subject to enhanced prudential standards, and failure to comply with these standards could have a material adverse effect on our business, financial condition or results of operations.
▪We are subject to certain laws and regulations designed to protect consumers in transactions with financial institutions against unfair, deceptive and abusive business practices and compliance with such laws and regulations and related enforcement actions may impact our business operations and profitability.
▪We may be adversely affected by changes in United States and foreign tax laws and other tax laws and regulations.
▪We are subject to environmental, social and governance (“ESG”) risks, which may adversely affect our reputation and ability to retain employees and customers, and failure to comply with applicable regulations could have an adverse affect on our business, financial condition or results of operations.
Financial Reporting Risks
•Financial Reporting Risks: The risks that our financial information is reported incorrectly or incompletely, including through the improper application of accounting standards or other errors or omissions.
Management's Discussion & Analysis (MD&A)
New heading “Equity Transactions”
New heading “Preferred Stock Issuances”
New heading “Debt Transactions”
New heading “Partial Prepayments of the Purchase Money Note”
New heading “Debt Redemption”
New heading “Pending Branch Acquisition”
New heading “Termination of the Shared-Loss Agreement with the FDIC”
New heading “Financial Reporting Updates”
New heading “Changes to Reportable Segments”
New heading “(3) Average loan balances include loans held for sale and nonaccrual loans.”
New heading “(1) NIM, excluding PAA is a non-GAAP measure. Refer to the “NII, NIM, and Interest Income on Loans and Leases, Excluding PAA” discussion in the “Non-GAAP Financial Measurements” section of this MD&A for further discussion.”
New heading “Average Balances, Yields and Rates, NII, and NIM”
New heading “((1) Loans and leases include nonaccrual loans and loans held for sale. Interest income on loans and leases includes accretion income and loan fees.”
New heading “(2) The average balances and yields for loans and leases are calculated net of average credit balances of factoring clients to appropriately reflect the interest-earning portion of factoring receivables.”
New heading “(1) Refer to the “NII, NIM, and Interest Income on Loans and Leases, Excluding PAA” discussion in the “Non-GAAP Financial Measurements” section of this MD&A for further information.”
New heading “(1) As defined and described in Note 6—Allowance for Loan and Lease Losses”
New heading “Reconciliation of Net Rental Income on Operating Lease Equipment (non-GAAP)”
New heading “Reconciliation of Net Rental Income on Operating Lease Equipment (non-GAAP)”
New heading “(1) There were nonaccrual loans held for sale of $10 million at December 31, 2025 and $0 at December 31, 2024.”
New heading “NM - resulting % not meaningful.”
New heading “Loans and Leases”
New heading “Loans and Leases”
New heading “(2) The fixed rate period will end on March 12, 2030, and the notes will thereafter bear a floating interest rate equal to a benchmark rate based on the Compounded Secured Overnight Financing Rate (“SOFR”) Index Rate plus 141 bps per annum until the maturity date (or date of earlier redemption).”
New heading “(3) The fixed rate period ended on March 15, 2025, and the notes converted to a floating interest rate equal to Three-Month Term SOFR plus 246.5 bps per annum. The notes included a callable feature and were redeemed on June 15, 2025.”
New heading “(4) The interest rate will reset on September 5, 2030, and the notes will thereafter bear a fixed interest rate equal to the Five-year U.S. Treasury Rate as of the day falling two business days prior to the notes reset date plus 185 bps per annum until the maturity date (or date of earlier redemption).”
New heading “(5) The interest rate will reset on March 12, 2035, and the notes will thereafter bear a fixed interest rate equal to the Five-year U.S. Treasury Rate as of the day falling two business days prior to the notes reset date plus 197 bps per annum until the maturity date (or date of earlier redemption).”
New heading “Parent Company Notes Issued”
New heading “Other Assets and Liabilities”
New heading “(1) Refer to Note 10—Variable Interest Entities for additional information.”
New heading “Other Liabilities”
New heading “Net Charge-Offs”
New heading “Net Charge-Offs”
New heading “(1) Other real estate owned includes former branch property and other non-foreclosed property of $26 million as of December 31, 2025 and 2024.”
New heading “Delinquencies and Nonaccrual Loans”
New heading “Commercial Real Estate Portfolio Composition”
New heading “Loans to non-depository financial institutions (“NDFIs”)”
New heading “Real estate secured loans”
New heading “Healthcare and information industries”
New heading “Commercial Loans by Size and Class”
New heading “(4) The Advance Facility Agreement with the FDIC was obtained in connection with SVBB Acquisition and the draw period ended on March 27, 2025.”
New heading “Operational Risk”
New heading “Capital Adequacy Risk”
New heading “Compliance Risk”
New heading “(1) Adjusted capital ratios exclude the impact of the FDIC Shared-Loss Agreement and are considered non-GAAP measures. Refer to the “Non-GAAP Financial Measurements” section of this MD&A for a reconciliation from the most comparable GAAP measure to the non-GAAP measure.”
New heading “(2) The adjusted tier 1 leverage ratio is not applicable because the FDIC Shared-Loss Agreement did not impact the tier 1 leverage ratio.”
New heading “Termination of the Shared-Loss Agreement with the FDIC”
New heading “Macroeconomic Forecasts Utilized in the Estimate of the ALLL”
New heading “Select Variables in ALLL Weighted-average Scenarios”
New heading “Qualitative Component of the ALLL”
New heading “Adjusted Risk-Based Capital Ratios”
New heading “Adjusted Risk-Based Capital Ratios”
Removed heading “Hurricanes Helene and Milton”
Removed heading “Southern California Wildfires”
Removed heading “Segment Updates”
Removed heading “(2) Average loan balances include loans held for sale and nonaccrual loans.”
Removed heading “NII and NIM - 2024 compared to 2023”
Removed heading “Average Balances and Yields/Rates”
Removed heading “(1) Loans and leases include nonaccrual loans and loans held for sale. Interest income on loans and leases includes accretion income and loan fees.”
Removed heading “(2) The balance and rate presented are calculated net of average credit balances and deposits of factoring clients.”
Removed heading “Average Interest-earning Asset Mix”
Removed heading “Noninterest Income”
Removed heading “Noninterest Income”
Removed heading “Rental Income on Operating Lease Equipment”
Removed heading “Total Other Noninterest Income”
Removed heading “Noninterest Expense”
Removed heading “Noninterest Expense”
Removed heading “Depreciation on Operating Lease Equipment”
Removed heading “Maintenance and Other Operating Lease Expenses”
Removed heading “Acquisition-related expenses”
Removed heading “Income Tax Data”
Removed heading “(1) PPNR is a non-GAAP measure. Refer to the “Non-GAAP Financial Measurements” section of this MD&A for a reconciliation from the most comparable GAAP measure to the non-GAAP measure.”
Removed heading “Commercial Bank: Financial Data”
Removed heading “(2) Total noninterest income and total noninterest expense include depreciation on operating lease equipment.”
Removed heading “(1) PPNR is a non-GAAP measure. Refer to the “Non-GAAP Financial Measurements” section of this MD&A for a reconciliation from the most comparable GAAP measure to the non-GAAP measure.”
Removed heading “Rail: Financial Data”
Removed heading “(1) PPNR is a non-GAAP measure. Refer to the “Non-GAAP Financial Measurements” section of this MD&A for a reconciliation from the most comparable GAAP measure to the non-GAAP measure.”
Removed heading “2025 Segment Reporting Updates”
Removed heading “(2) Included a callable feature one year prior to maturity and the debt was redeemed in September 2024.”
Removed heading “(3) Included an optional redemption feature five years prior to maturity which was exercised in November 2024.”
Removed heading “(4) The borrowings were called during the first quarter of 2024, resulting in a $2 million loss on extinguishment of debt for the year ended December 31, 2024.”
Removed heading “Allowance for Loan and Lease Losses”
Removed heading “ALLL for Loans and Leases”
Removed heading “(1) The definition of CRE in this table is aligned with the Federal Reserve and FDIC guidance on CRE and includes the following: construction loans, loans where the primary repayment is from third party rental income, and loans not secured by real estate but for the purpose of real estate. This table excludes the owner occupied commercial mortgage loan class.”
Removed heading “SVB Loans by Size and Class”
Removed heading “SVB Loans - Geography”
Removed heading “(3) Advance Facility Agreement with the FDIC obtained in connection with SVBB Acquisition and has a maximum capacity of $70 billion, subject to additional collateral pledge requirements with total advances available through March 27, 2025. See below for additional details and limits on use.”
Removed heading “CRA Investment Commitment”
Largest changes
“Also in connection with the SVBB Acquisition, FCB issued a five-year, 3.50% fixed rate Purchase Money Note (as defined in Note 2—Business Combinations), which had a carrying value of $33.39 billion at December 31, 2025. While scheduled principal payments are not required until maturity in March 2028, FCB may voluntarily prepay principal without a premium or penalty. As noted above in “Executive Overview—Recent Events,” FCB made a $2.49 billion Partial Prepayment of the Purchase Money Note in December 2025 and additional prepayments of $500 million in both January and February 2026. …”see in full comparison
“In connection with the SVBB Acquisition, FCB issued a five-year Purchase Money Note with carrying value of $35.82 billion at December 31, 2024. While scheduled principal payments are not required under the Purchase Money Note until maturity, FCB may voluntarily prepay principal without premium or penalty. We will continue to monitor the interest rate environment and assess whether any voluntary prepayments are prudent considering the fixed rate of 3.50% on the Purchase Money Note. …”see in full comparison
“In connection with the SVBB Acquisition (as defined and described in Note 2—Business Combinations), FCB issued a five-year, 3.50% fixed rate Purchase Money Note (as defined in Note 2—Business Combinations), which had a carrying value of $33.39 billion and $35.82 billion at December 31, 2025 and 2024, respectively. During December 2025, FCB prepaid $2.49 billion of the Purchase Money Note (the “Partial Prepayment of the Purchase Money Note”), which resulted in a $9 million loss on extinguishment of debt. …”see in full comparison
“(4) The interest rate will reset on September 5, 2030, and the notes will thereafter bear a fixed interest rate equal to the Five-year U.S. Treasury Rate as of the day falling two business days prior to the notes reset date plus 185 bps per annum until the maturity date (or date of earlier redemption).”see in full comparison
“(5) The interest rate will reset on March 12, 2035, and the notes will thereafter bear a fixed interest rate equal to the Five-year U.S. Treasury Rate as of the day falling two business days prior to the notes reset date plus 197 bps per annum until the maturity date (or date of earlier redemption).”see in full comparison
“(2) The fixed rate period will end on March 12, 2030, and the notes will thereafter bear a floating interest rate equal to a benchmark rate based on the Compounded Secured Overnight Financing Rate (“SOFR”) Index Rate plus 141 bps per annum until the maturity date (or date of earlier redemption).”see in full comparison
Full comparison: every changed paragraph (546)
Management’s discussion and analysis (“MD&A”) of earnings and related financial data is presented to assist in understanding BancShares’the financial condition and results of operations.operations of BancShares. Unless otherwise noted, the terms “we,” “us,” “our,” and “BancShares” in this MD&A refer to our consolidated financial condition and results of operations.
Comparisons of the financial data as of and for the years ended December 31, 20232024 and 20222023 are contained in Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations of BancShares’ Annual Report on Form 10-K as of and for the year ended December 31, 20232024 (the “2024 Form 10-K”) filed with the SEC on February 23,21, 2024 and included in a Current Report on Form 8-K filed on August 14, 2024 to reflect segment reporting changes summarized in Note 1—Significant Accounting Policies and Basis of Presentation2025 and available through our investor relations website ir.firstcitizens.com or the SEC’s EDGAR database.
▪EnhanceOptimize processes and systems to reduce organizational complexity and maximize productivity.
Equity Transactions
Share Repurchase ProgramPrograms
On July 25, 2024,2025, BancShares announced that the Board authorized anthe 2025 SRP, which allows BancShares to repurchase shares of its Class A common stock in an aggregate amount up to $3.50$4.0 billion through 2025.December 31, 2026. Repurchases under the 2025 SRP commenced in September 2025 upon the completion of the $3.5 billion 2024 SRP announced in July 2024. During 2024,2025, weBancShares repurchased approximately $1.66$3.03 billion of ourits Class A common stock.stock Referin toaggregate Itemunder 5.the Market2024 for Registrant’s Common Equity, Related Stockholder MattersSRP and Issuerthe Purchases2025 SRP. The total capacity remaining under the 2025 SRP was $2.81 billion as of EquityDecember Securities31, for2025 additionaland information$2.37 regardingbillion repurchaseas activity.of February 13, 2026.
Refer to Part II, Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities for additional information regarding repurchases of Class A common stock.
Preferred Stock Issuances
On November 18, 2025, the Parent Company issued and sold 7.000% non-cumulative perpetual preferred stock, series D, for a total of $500 million. In February 2026, the Parent Company issued and sold 6.625% non-cumulative perpetual preferred stock, series E for a total of $400 million. Refer to Note 15—Stockholders' Equity for further information, including depositary shares and liquidation preference.
Debt Transactions
Partial Prepayments of the Purchase Money Note
In connection with the SVBB Acquisition (as defined and described in Note 2—Business Combinations), FCB issued a five-year, 3.50% fixed rate Purchase Money Note (as defined in Note 2—Business Combinations), which had a carrying value of $33.39 billion and $35.82 billion at December 31, 2025 and 2024, respectively. During December 2025, FCB prepaid $2.49 billion of the Purchase Money Note (the “Partial Prepayment of the Purchase Money Note”), which resulted in a $9 million loss on extinguishment of debt. We will continue to monitor the interest rate environment and FCB’s collateral position for the Purchase Money Note and assess further prepayments as discussed below in the Funding, Liquidity and Capital Overview. In both January 2026 and February 2026, we made additional prepayments of approximately $500 million.
Debt Redemption
On June 15, 2025, the Parent Company executed a callable feature and redeemed all $350 million aggregate principal amount of its 3.375% Fixed-to-Floating Rate Subordinated Notes due in 2030 (when combined with the Purchase Money Note Partial Prepayment, the “2025 Debt Redemptions”).
Debt Issuances
The Parent Company issued and sold the following during 2025 (together the “2025 Debt Issuances”) in public offerings:
•On September 5, 2025, $600 million aggregate principal amount of its 5.600% Fixed Rate Reset Subordinated Notes due in 2035, and
•On March 12, 2025, $500 million aggregate principal amount of its 5.231% Fixed-to-Floating Rate Senior Notes due in 2031 and $750 million aggregate principal amount of its 6.254% Fixed-to-Fixed Rate Subordinated Notes due in 2040.
Pending Branch Acquisition
On October 16, 2025, FCB announced the BMO Branch Acquisition to acquire 138 branches from BMO Bank N.A. located throughout the Midwest, Great Plains and West regions of the U.S. In connection with the BMO Branch Acquisition, FCB expects to assume approximately $5.7 billion in deposit liabilities and acquire approximately $1.1 billion in loans. We expect the transaction to close in the second half of 2026, subject to customary closing terms and conditions and regulatory approvals.
Termination of the Shared-Loss Agreement with the FDIC
On April 7, 2025, FCB and the FDIC entered into an agreement (the “Shared-Loss Termination Agreement”) to terminate the Shared-Loss Agreement (as defined in Note 2—Business Combinations). As a result of entering into the Shared-Loss Termination Agreement, all rights and obligations of the parties under the Shared-Loss Agreement terminated as of the date of the Shared-Loss Termination Agreement, including FCB’s reporting covenants and obligations related to FDIC Loss Sharing and FCB reimbursement (each as defined in Note 2—Business Combinations). The decision to enter into the Shared-Loss Termination Agreement was motivated, in part, by FCB’s determination that the likelihood of reaching the $5 billion loss threshold during the five-year period covered by the Shared-Loss Agreement was remote. Additionally, the Shared-Loss Termination Agreement eliminated the reporting responsibilities associated with the Shared-Loss Agreement. There was no impact to our consolidated balance sheets or statements of income resulting from the Shared-Loss Termination Agreement because there was no loss indemnification asset or true-up liability associated with the Shared-Loss Agreement, primarily based on evaluation of historical loss experience and the credit quality of the Covered Assets (as defined in Note 2—Business Combinations).
The impacts to the Risk-Based Capital Ratios resulting from the Shared-Loss Termination Agreement are discussed in the “Capital” section of this MD&A.
Financial Reporting Updates
Changes to Reportable Segments
As of December 31, 2025, our reportable segments included the General Bank, the Commercial Bank, and Rail. All other financial information not included in the segments is reported in the Corporate section of the segment disclosures. During 2025, we made the following Segment Reporting Updates:
•All components previously reported in the SVB Commercial segment and certain components of the General Bank segment were consolidated into the Commercial Bank segment.
•We made minor updates to our segment expense allocations.
Segment disclosures for the years ended December 31, 2024 and 2023 included in this Form 10-K were recast to conform with the Segment Reporting Updates summarized above.
Under the authorized SRP, shares of BancShares’ Class A common stock may be purchased from time to time on the open market or in privately negotiated transactions, including through a Rule 10b5-1 plan, but the Board’s action does not obligate BancShares to repurchase any minimum or particular number of shares, and repurchases may be suspended or discontinued at any time (subject to the terms of any Rule 10b5-1 plan in effect) without prior notice.
Hurricanes Helene and Milton
On September 26, 2024, Hurricane Helene (“Helene”) made landfall in the Big Bend area of the Florida Gulf Coast as a Category 4 hurricane. Helene's most significant impacts were across the Southern Appalachians, where widespread and severe flooding occurred. On October 9, 2024, Hurricane Milton (“Milton”) made landfall in the central west coast of Florida and caused extensive damage and flooding across the Florida peninsula. The operations of our branches and offices were not significantly affected. At December 31, 2024, our estimated loan loss reserve related to Helene was $20 million and there was no estimated loan loss reserve for Milton. We will continue to assess the impacts of Helene and Milton as further information becomes available.
Southern California Wildfires
In January 2025, several wildfires broke out in Southern California, causing widespread damage to the affected areas. One of our leased bank branches in Southern California was destroyed. We expect the financial impact of the destroyed branch to be immaterial. The Southern California wildfires did not significantly impact our operations.
Segment Updates
We made changes to our segment reporting during the first quarter of 2024 as further discussed in Note 1—Significant Accounting Policies and Basis of Presentation. Segment disclosures for 2023 and 2022 periods included in this Annual Report on Form 10-K were recast to reflect the segment reporting changes. BancShares’ segments include the General Bank, the Commercial Bank, SVB Commercial, and Rail. All other financial information not included in the segments is reported in the “Corporate” section of the segment disclosures. Refer to Note 22—Segment Information for the segment descriptions and the section entitled “Results by Segment” in this MD&A.
Updates to Loan ClassesClass Changes
At December 31, 2025, our commercial loan classes included: commercial and industrial, capital call lines, owner occupied commercial mortgage, investor dependent, and commercial real estate, while our consumer loan classes included: residential mortgage, revolving mortgage, auto, and other consumer.
During 2025, we changed our loan classes (“Loan Class Changes”) from the loan classes in the 2024 Form 10-K. The Loan Class Changes recast capital call lines and commercial real estate into separate loan classes, and recast SVB loan classes into the commercial loan classes. Additionally, investor dependent - early stage and investor dependent - growth stage were combined into a single investor dependent loan class.
WeThe updatedLoan ourClass loanChanges classes during the first quarter of 2024 asare further discussed in Note 1—Significant Accounting Policies and Basis of Presentation. Loan and lease and ALLL disclosures for 2023 and 2022all periods includedpresented in this Annual Report on Form 10-K were recast to reflect the changesLoan inClass loan classes.Changes.
Entering 2025, the FOMC had reduced the benchmark federal funds rate to a range between 4.25% - 4.50% and maintained this level until its September meeting. During each of its September, October and December meetings in 2025, the FOMC reduced the benchmark federal funds rate by a quarter-point, to a range between 3.50% - 3.75% as of December 31, 2025. During the January 2026 FOMC meeting, the benchmark federal funds rate was left unchanged.
The U.S. government announced changes to its trade policies in 2025 and significantly increased tariffs on certain imports under emergency authorities, including IEEPA. In February 2026, the Supreme Court ruled that IEEPA does not authorize the President to impose tariffs. The current tariff environment remains dynamic and uncertain, including regarding potential refunds of tariffs paid under IEEPA, and the U.S. government could respond with replacement measures under other legal authorities. We continue to closely monitor both the impact and potential impact of such measures on our business, our customers and on overall economic conditions in the United States.
On July 4, 2025, President Trump signed into law H.R. 1, referred to as the One Big Beautiful Bill Act (the “OBBBA”). The OBBBA contains several provisions that impact corporate taxation. The enactment of the OBBBA did not have a material impact on our tax rate or results of operations.
During its September 2024 meeting, the FOMC reduced the benchmark federal funds rate to a range between 4.75% - 5.00%. In its statement, the FOMC said it gained greater confidence that inflation is moving sustainably toward 2 percent, and therefore lowered the target range for the federal funds rate by 0.50%. The FOMC followed this with further 0.25% reductions at its November and December 2024 meetings to reduce the benchmark federal funds rate to a range between 4.25% - 4.50%, but cautioned further reductions in 2025 may be fewer than initially expected due to continued inflation pressures. As such, the FOMC maintained the range for the benchmark federal funds rate at its January 2025 meeting.
During 2023, the FDIC finalized an NPR covering an industry-wide special assessment to recover losses associated with protecting uninsured depositors following the closures of Silicon Valley Bank, Signature Bank, and First Republic Bank. We accrued a FDIC insurance special assessment charge of $64 million in 2023 and an additional expense of approximately $11 million in 2024.
Also in 2023, the federal banking agencies issued an NPR related to enhanced capital and another for long-term debt requirements for banking organizations with $100 billion or more in total consolidated assets. We are in the process of evaluating the proposals and the potential impacts. However, if the long-term debt requirement NPR is finalized as proposed, we expect we would need to issue additional long-term debt to satisfy the requirements.
These NPRs are discussed above in Item 1. Business in the section entitled “Regulatory Considerations.”
The following tables in this MD&A include financial data as of and for the year ended December 31, 20242025 (the “Currentcurrent Yearyear”), December 31, 20232024 (the “Priorprior Yearyear”) and December 31, 2022.2023. TheWe operations acquired infocus the SVBBdiscussion Acquisition (the “Acquired SVBB Operations”) were included inof our resultsfinancial position by comparing balances as of operations for all of the Current Year, but only from the SVBB Acquisition Date through December 31, 2023 (the “Partial Prior Year”). Certain Current Year comparisons2025 to theDecember Prior31, Year2024. inPercent changes within this MD&A highlightare based on unrounded amounts and may not recalculate precisely using the impactdisplayed ofrounded including the Acquired SVBB Operations for the entire Current Year and only the Partial Prior Year (the “Timing of the SVBB Acquisition”).balances.
We primarily focus the discussion of our financial position by comparing balances as of December 31, 2024 to December 31, 2023, but the tables also provide December 31, 2022 balances.
The following table summarizes BancShares’ results:
(1) Calculated net of average credit balances andof depositsfactoring clients to appropriately reflect the interest-earning portion of factoring clients.receivables.
(2) Average loan balances include loans held for sale and nonaccrual loans.
(32) Net interest margin (“NIM”), excluding purchase accounting accretion or amortization (“PAA”), is a non-GAAP financial measure. Refer to the “NII, NIM, and Interest and FeesIncome on Loans,Loans and Leases, Excluding PAA” itemdiscussion in the “Non-GAAP Financial Measurements” section of this MD&A for a reconciliation from the most comparable GAAP measure to the non-GAAP measure.
(3) Average loan balances include loans held for sale and nonaccrual loans.
Financial highlights are summarized below. Further details are discussed in the “Results of Operations” sectionand “Balance Sheet Analysis” sections of this MD&A.
•Net income for the Currentcurrent Yearyear was $2.78$2.21 billion, a decrease of $8.69$571 billionmillion or 76%21%, from $11.47$2.78 billion for the Priorprior Year.year. Net income available to common stockholders for the Currentcurrent Yearyear was $2.72$2.15 billion, a decrease of $8.69$567 billionmillion or 21%, from $11.41$2.72 billion for the Priorprior Year.year. Earnings per diluted common share for the Currentcurrent Yearyear was $189.41,$165.24, a decrease from $784.51$189.41 for the Priorprior Year.year. The decreasesdecrease werein largelynet income and net income available to common stockholders was due to thelower gainNII, onhigher acquisitionnoninterest ofexpense $9.81and billionprovision infor thecredit Prior Year,losses, partially offset by thehigher Timingnoninterest of the SVBB Acquisitionincome and a lower provisionincome fortax creditexpense, losses.as further discussed below.
•The Current Year included the following select items:
◦Acquisition-related expenses of $210 million, and
◦Additional FDIC insurance special assessment of $11 million.
•The Prior Year included the following select items:
What changed in the latest 10-Q
Risk Factors
There have been no material changes in the risk factors during 2026 from those reported in our 2025 Form 10-K. For a discussion of the risks and uncertainties that management believes are material to an investment in us, refer to Part I, Item 1A. Risk Factors, of our 2025 Form 10-K, and Forward-Looking Statements of this Form 10-Q.
No wording changes found in this section.
Full comparison: every changed paragraph (0)
Management's Discussion & Analysis (MD&A)
New heading “SBA Securitization”
New heading “Sale of Tax Credit Investments”
New heading “(1) Loans and leases include nonaccrual loans and loans held for sale. Interest income on loans and leases includes accretion income and loan fees.”
New heading “(2) The average balances and yields for loans and leases are calculated net of average credit balances of factoring clients to appropriately reflect the interest-earning portion of factoring receivables.”
New heading “NII and NIM (Current YTD Compared to Prior YTD)”
New heading “(1) Calculated as a percentage of the total fair value of investment securities.”
New heading “(2) Other investment securities available for sale includes Retained SBA Notes (as defined in Note 9—Variable Interest Entities).”
New heading “(2) Other includes Retained SBA Notes. Refer to the “Executive Overview—Recent Events—SBA Securitization” section of this MD&A and Note 9—Variable Interest Entities for further information.”
New heading “Borrowings - Issuances”
New heading “(2) During the current quarter, we sold $161 million of tax credit investments and recognized a pretax gain of $17 million included in other noninterest income.”
New heading “Loans to Non-Depository Financial Institutions”
Removed heading “NM - resulting % not meaningful.”
Removed heading “Parent Company Notes Issued”
Largest changes
“(2) Other investment securities available for sale includes Retained SBA Notes (as defined in Note 9—Variable Interest Entities).”see in full comparison
In connection with the SVBB Acquisition (as defined in Note 2—Business Combinations), FCB issued a five-year $36.07 billion note payable to the FDIC, maturing March 27, 2028 (the “Purchase Money Note”). The Purchase Money Note had a carrying value ofsee in full comparison$30.91$28.42 billion and $33.39 billion atMarchJune31,30, 2026 and December 31, 2025, respectively. During the current quarter, we prepaid $2.50 billion of the Purchase Money Note which resulted inana$8$7 million loss on extinguishment of debt. During the six months ended June 30, 2026, we prepaid $5.00 billion of the Purchase Money Note which resulted in a $15 million loss on extinguishment of debt. The outstanding balance of the Purchase Money Note declined from $35.85 billion at September 30, 2025 to$30.91$28.42 billion atMarchJune31,30, 2026. Additionally, we prepaid $1.00 billion in July 2026. We will continue to monitor the interest rate environment, FCB’s collateral position for the Purchase Money Note, and FCB’s liquidity position to determine the timing and magnitude of furtherprepaymentsvoluntaryas discussed below in the Funding, Liquidity and Capital Overview.prepayments. We expect monthly prepayments to be at least $500 million throughout 2026. InAprilthe third quarter of 2026, wemadeexpectantotaladditional prepaymentprepayments of$500$6million.billion to $8 billion, largely driven by expected liquidity from the BMO Branch Acquisition (as defined in Note 2—Business Combinations).
In connection with the SVBB Acquisition, FCB issued a five-year, 3.50% fixed rate Purchase Money Note, which had a carrying value ofsee in full comparison$30.91$28.42 billion atMarchJune31,30, 2026. While scheduled principal payments are not required until maturity in March 2028, FCB may voluntarily prepay principal without a premium or penalty. FCB prepaid $2.50 billion of the Purchase Money Note during the current quarter ($5.00 billion during the current YTD), and previously prepaid $2.49 billion in December 2025, which reduced the outstanding balance from $35.85 billion at September 30, 2025 to$30.91$28.42 billion atMarchJune31,30, 2026. Additionally, we prepaid$500$1.00millionbillion inAprilJuly 2026. We will continue to monitor the interest rate environment, FCB’s collateral position for the Purchase Money Note, and FCB’s liquidity position to determine the timing and magnitude of further voluntary prepayments. We expect monthly prepayments to be at least $500 million throughout 2026. In the third quarter of 2026, we expect total prepayments of $6 billion to $8 billion, largely driven by expected liquidity from the BMO Branch Acquisition. Potential sources that could fund voluntary prepayments or the amount due at maturity include excess liquidity (primarily comprised of interest-earning deposits at banks and proceeds from maturities and paydowns of investment securities), deposit growth including brokereddeposits,deposits and deposits to be assumed in the BMO Branch Acquisition, loan sales or securitizations, FHLB advances, and issuance of perpetual preferred stock, unsecured debt or other borrowings.At the time of any further voluntary prepayment or maturity, the interest rates for the potential interest-bearing sources of prepayment could be higher than the 3.50% rate.
“(2) The average balances and yields for loans and leases are calculated net of average credit balances of factoring clients to appropriately reflect the interest-earning portion of factoring receivables.”see in full comparison
“(2) Other includes Retained SBA Notes. Refer to the “Executive Overview—Recent Events—SBA Securitization” section of this MD&A and Note 9—Variable Interest Entities for further information.”see in full comparison
“(2) During the current quarter, we sold $161 million of tax credit investments and recognized a pretax gain of $17 million included in other noninterest income.”see in full comparison
Full comparison: every changed paragraph (314)
During the firstsecond quarter of 2026, we repurchased 449,845298,907 shares of our Class A common stock for $900$600 million and paid a dividend of $2.10 per share on our Class A and Class B common stock. Shares repurchased during the firstsecond quarter of 2026 represented 4.04%2.80% of Class A common stock and 3.71%2.56% of total Class A and Class B common stock outstanding at DecemberMarch 31, 2025.2026. From inception of the 2024 share repurchase program (“2024 SRP”) through MarchJune 31,30, 2026, we have repurchased 2,842,9483,141,855 shares of our Class A common stock for $5.59$6.19 billion, representing 21.02%23.23% of Class A common stock and 19.57%21.62% of total Class A and Class B common stock outstanding as of June 30, 2024.
From AprilJuly 1, 2026 through AprilJuly 30,31, 2026, BancShares repurchased an additional 102,34097,287 shares of Class A common stock for a total of $203$206 million and had total capacity remaining under the current share repurchase program (the “2025 SRP”) of $1.71$1.11 billion as of AprilJuly 30,31, 2026.
Refer to Part II, Item 2. Unregistered Sales of Equity Securities and Use of Proceeds for firstsecond quarter 2026 monthly repurchase activity of Class A common stock.
In connection with the SVBB Acquisition (as defined in Note 2—Business Combinations), FCB issued a five-year $36.07 billion note payable to the FDIC, maturing March 27, 2028 (the “Purchase Money Note”). The Purchase Money Note had a carrying value of $30.91$28.42 billion and $33.39 billion at MarchJune 31,30, 2026 and December 31, 2025, respectively. During the current quarter, we prepaid $2.50 billion of the Purchase Money Note which resulted in ana $8$7 million loss on extinguishment of debt. During the six months ended June 30, 2026, we prepaid $5.00 billion of the Purchase Money Note which resulted in a $15 million loss on extinguishment of debt. The outstanding balance of the Purchase Money Note declined from $35.85 billion at September 30, 2025 to $30.91$28.42 billion at MarchJune 31,30, 2026. Additionally, we prepaid $1.00 billion in July 2026. We will continue to monitor the interest rate environment, FCB’s collateral position for the Purchase Money Note, and FCB’s liquidity position to determine the timing and magnitude of further prepaymentsvoluntary as discussed below in the Funding, Liquidity and Capital Overview.prepayments. We expect monthly prepayments to be at least $500 million throughout 2026. In Aprilthe third quarter of 2026, we madeexpect antotal additional prepaymentprepayments of $500$6 million.billion to $8 billion, largely driven by expected liquidity from the BMO Branch Acquisition (as defined in Note 2—Business Combinations).
Debt IssuanceIssuances
Debt issuances through June 30, 2026 of $1.25 billion include the following:
•On MarchJune 3,24, 2026, the Parent CompanyFCB issued and sold $500$750 million aggregate principal amount of its 4.869%5.097% Fixed-to-Floating Rate Senior Notes due in 2032 in a public offering2029 (the “Current Quarter Debt Issuance”).
•On March 3, 2026, the Parent Company issued and sold $500 million aggregate principal amount of its 4.869% Fixed-to-Floating Rate Senior Notes due in 2032 in a public offering.
On August 3, 2026, FCB issued and sold an additional $400 million aggregate principal amount of its 5.097% Fixed-to-Floating Rate Senior Notes due in 2029.
SBA Securitization
On June 29, 2026, we completed the SBA Securitization (as defined in Note 9—Variable Interest Entities) of SBA commercial loans held for sale totaling $363 million in amortized cost, resulting in a gain of $3 million.
Loan Sale
In April 2026, residential mortgage loans held for sale totaling $644 million in amortized cost were sold and we recognized a gain of $1 million as further discussed in Note 4—Assets Held for Sale.
Sale of Tax Credit Investments
In May 2026, we sold $161 million of tax credit investments and recognized a pretax gain of $17 million. Refer to Note 9—Variable Interest Entities for further discussion.
On October 16, 2025, FCB announced the BMO Branch Acquisition (as defined in Note 2—Business Combinations) to acquire 138 branches from BMO Bank N.A.locatedN.A. located throughout the Midwest, Great Plains and West regions of the U.S. InWe connection with the BMO Branch Acquisition, FCB expectsexpect to assume approximately $5.3 billion in deposit liabilitiesdeposits and acquire approximately $1.1$700 billionmillion in loans. We expect the transaction to closebe incompleted during the secondthird halfquarter of 2026, subject to customary closing terms and conditions and the receipt of remaining regulatory approvals.2026.
On April 23, 2026, FCB announced plans to expand its commercial banking capabilities and to align brand names later this year. Inin the fourth quarter of 2026,2026. Silicon Valley Bank (“SVB”), a division of FCB, will rebrand as First Citizens Innovation Banking and First Citizens Fund Banking, andBanking. CIT Commercial Services and the Silicon Valley Bank Wine division will rebrand as FCB.
Economic conditions reflected heightened uncertainty in the first quarter of 2026, as inflationary pressures, due in part to global energy constraints related to the conflicts in the Middle East, contributed to market volatility. We continue to monitor these developments and the broader macroeconomic environment; however, the ultimate effects remain uncertain and dependent on future events.
Entering 2026, the benchmark federal funds range was between 3.50% - 3.75%. During the January, March, and April 2026 Federal Open Market Committee meetings,meetings through July, the benchmark federal funds rate was left unchanged.
The U.S. government announced changes to its trade policies in 2025 and significantly increased tariffs on certain imports under emergency authorities, including the International Emergency Economic Powers Act (the “IEEPA”). In February 2026, the Supreme Court ruled that the IEEPA does not authorize the President to impose tariffs. The current tariff environment remains dynamic and uncertain, including with respect to refunds of tariffs paid under the IEEPA and replacement measures under other legal authorities. We continue to closely monitor both the impact and potential impact of such measures on our business, our customers and on overall economic conditions in the United States.
On March 19, 2026, federal banking regulators issued revised notices of proposed rulemaking to implement the final components of the Basel III accords (the “Basel III proposals”). The proposals include,include amongrevisions and streamlining of the expanded risk-based approach (the “ERBA”). The proposals require the ERBA for Category I and Category II firms and allow all other things,banking organizations, including Category III and Category IV firms, to elect the ERBA. The proposals include a revised standardized approach tofor calculating risk-weighted assets applicable to all other banking organizations, including Category III and Category IV bankingfirms, organizationsthat likedo us,not whichelect the FederalERBA. ReserveThese expectsproposals are expected to decrease risk-weighted assets in aggregate Commonfor Equitythe Tierbanking 1industry. The proposals also require Category III and Category IV firms to recognize most aspects of accumulated other comprehensive income (“CET1AOCI”) risk-basedin capitalregulatory requirements.capital. Additionally,The thecomment revisedperiod proposalsclosed wouldon eliminateJune the18, requirement to deduct mortgage servicing assets from CET1 capital and instead assign a 250% risk weight.2026. We will continue to monitor further developments regarding the proposals and assess potential impacts to our regulatory capital requirements, including enhanced capital flexibility.
The following tables in this MD&A include financial data for the three months ended MarchJune 31,30, 2026 (the “current quarter”), DecemberMarch 31, 20252026 (the “linked quarter”) and MarchJune 31,30, 2025 (the “prior year quarter”), along with the six months ended June 30, 2026 (“current YTD”), and the six months ended June 30, 2025 (“prior YTD”). In accordance with Item 303(c) of Regulation S-K, we focus our discussion of quarterly results of operations on changes compared to the linked quarter for the narrative discussion and analysis as we believe this provides investors and other users of our data with the most relevant information. We also include commentary comparing current quarter to prior year quarter.
We focus the discussion of our financial position by comparing balances as of MarchJune 31,30, 2026 to December 31, 2025.2025, however the tables also provide linked quarter balances. Percent changes within this MD&A are based on unrounded amounts and may not recalculate precisely using the displayed rounded balances.amounts.
Current Quarter Income Statement Highlights (Current Quarter Compared to Linked Quarter)
•Net income for the current quarter was $534$672 million, aan decreaseincrease of $46$138 million or 8%26% from $580$534 million for the linked quarter. Net income available to common stockholders for the current quarter was $508$640 million, aan decreaseincrease of $58$132 million or 10%26% from $566$508 million for the linked quarter. Earnings per basic and diluted common share for the current quarter waswere $42.63,$55.52, a decreaseincreases from $45.81$42.63 for the linked quarter. The decreasesincreases in net income and net income available to common stockholders were due to lower NIIprovision for credit losses and higher noninterest income and higher provision for credit losses,NII, partially offset by lowerhigher noninterest expense and lower income tax expense, as further discussed below.
•NII for the current quarter was $1.62$1.66 billion, aan decreaseincrease of $101$35 million or 6%2% from $1.72$1.62 billion for the linked quarter. NIM was 3.09%3.10% for the current quarter, aan decreaseincrease of 111 basis pointspoint (“bpsbp”) from 3.20%3.09% for the linked quarter. The decreasesincreases in NII and NIM were mainly due to lowerhigher yields on loans, lowerand average balances of loans and yields on investment securitiessecurities, and interest-earninga depositsdecline atin banks,the andaverage balance of borrowings as we repaid an additional $2.50 billion of the Purchase Money Note, partially offset by a higher average balance of interest-bearing deposits, partially offset by the impacts of a higher average balance of loans, lowerand rate paid on interest-bearing deposits, and a decline in average borrowings largely resulting from prepayments of the Purchase Money Note.deposits.
◦PAA for the current quarter was $39$48 million, aan decreaseincrease of $10$9 million from $49$39 million for the linked quarter. NIM, excluding PAA(1) was 3.01% for the current quarter, a decrease of 10 bps from 3.11% for theand linked quarter.quarters.
•Noninterest income for the current quarter was $692$776 million, aan decreaseincrease of $23$84 million or 3%12% from $715$692 million for the linked quarter, largely due to aan decreaseincrease in other noninterest income of $15$50 million, mainly attributable to a $27 million increase in the linkedfair quartervalue of equity warrants and a $17 million gain on sale of tax credit investments, anand unfavorable changeincreases of $9$12 million in the fair value of marketable equity securities, along with declines of $3$6 million each in factoring commissions, gain on sale of leasing equipment, and gain on sale ofclient investment securities,fees, partially offset by increases of $7$4 million in deposit fees and service chargescharges, and $5$4 million in lending-related fees.
•Noninterest expense for the current quarter was $1.54$1.55 billion, aan decreaseincrease of $36$15 million or 2%1% from $1.57$1.54 billion for the linked quarter, mainly due to decreasesincreases of $15 million in acquisition-relatedmarketing expensesexpense, of$8 $28million million,in other noninterest expenseexpense, of $16$7 million in third-party processing fees and marketing$5 expensemillion ofin $15equipment million,expense, partially offset by ana increasedecrease in personnel cost of $20$25 million.
•ProvisionBenefit for credit losses was $10 million for the current quarterquarter, wascompared $72to million,a anprovision increasefor credit losses of $18 million or 33% from $54$72 million for the linked quarter. The current quarter provision for credit losses primarily included a provision for loan and lease losses of $103$34 million,million partiallythat was more than offset by a benefit for off-balance sheet credit exposure of $32$44 million.
◦The provision for loan and lease losses for the current quarter was $103$34 millionmillion, compared to $57$103 million for the linked quarter. The $46$69 million increase in the provision for loan and lease lossesdecrease was mainly attributable to the impact of ana $8$74 million reserve release in the current quarter compared to an $86$8 million reserve release in the linked quarter, partiallyas offsetwell byas a decline of $32$3 million in net charge-offs in the current quarter. The $8 million allowance for loan and lease losses (“ALLL”) reserve release is discussed below in the Balance Sheet Highlights.charge-offs.
▪The $74 million allowance for loan and lease losses (“ALLL”) reserve release in the current quarter was largely driven by lower specific reserves, improvements in credit quality including updates to certain models used to estimate the allowance as further discussed in the “Risk Management—Credit Risk—ALLL Methodology” section of this MD&A, changes in the macroeconomic scenarios, and growth concentrated in capital call lines which have a significantly lower loss rate relative to our other loan portfolios.
▪The $8 million reserve release in the linked quarter was driven by loan growth concentrated in capital call lines and changes in the macroeconomic scenarios, partially offset by higher reserves for individually evaluated loans.
◦The benefit for off-balance sheet credit exposure for the current quarter was $32$44 million, an increase of $12 million comparedfrom to $5$32 million for the linked quarter, an increase of $27 million, mainlyprimarily due to the model updates discussed above and changes in the macroeconomic scenarios and trends in the volume of unfunded commitments.scenarios.
•Income tax expense for the current quarter was $171$219 million, aan decreaseincrease of $60$48 million from $231$171 million for the linked quarter, largely due to returnhigher toincome provisionbefore adjustmentsincome reflected in the linked quarter.taxes.
•Return on average assets for the current quarter was 0.93%,1.15%, aan decreaseincrease of 622 bps from 0.99%0.93% for the linked quarter due to the decreaseincrease in net income explained above.
YTD Income Statement Highlights (Current QuarterYTD Compared to Prior Year QuarterYTD)
•Net income for the current quarterYTD was $534$1.21 million,billion, an increase of $51$148 million or 11%14% from $483$1.06 millionbillion for the prior year quarter.YTD. Net income available to common stockholders for the current quarterYTD was $508$1.15 million,billion, an increase of $40$119 million or 9%12% from $468$1.03 millionbillion for the prior year quarter.YTD. Earnings per basic and diluted common share for the current quarterYTD waswere $42.63,$97.95, an increaseincreases from $34.47$76.73 for the prior year quarter.YTD. The increases in net income and net income available to common stockholders were due to lower provision for credit losses and higher noninterest income, partially offset by lower NII and higher noninterest expense and lower NII,expense, as further discussed below.
•NII for the current quarterYTD was $1.62$3.28 billion, a decrease of $42$81 million or 3%2% from $1.66$3.36 billion for the prior year quarter.YTD. NIM was 3.09% for the current quarterYTD and 3.26% for the prior yearYTD, quarter.a decrease of 17 bps. The decreases in NII and NIM were mainly due to a lower yieldsyield on loans, lower yields on and average balances of interest-earning deposits at banks and investment securities, lower PAA, and a higher average balance of interest-bearing deposits, and a modest increase in the rate paid on subordinated debt, partially offset by the impacts of a higher average balance of loans andloans, a decline in the rate paid on interest-bearing deposits.deposits, and a decline in the average balance of borrowings due to continued prepayments on the Purchase Money Note.
◦PAA for the current quarterYTD was $39$87 million, a decrease of $36$55 million from $75$142 million for the prior year quarter.YTD. NIM, excluding PAA(1) was 3.01% for the current quarter,YTD, a decrease of 1112 bps from 3.12%3.13% for the prior year quarter.YTD.
•Noninterest income for the current quarterYTD was $692$1.47 million,billion, an increase of $57$155 million or 9%12% from $635$1.31 millionbillion for the prior year quarter,YTD, largely due to increases in other noninterest income of $24$70 million, deposit fees and service charges of $12$27 million, rental income on operating lease equipment of $11 million, along with a favorable change of $8$21 million in the fair value of marketable equity securities, andalong anwith increasehigher rental income on operating lease equipment of $6$19 million, and increases of $12 million in the gain on sale of leasing equipment.equipment and $10 million in wealth management services.
•Noninterest expense for the current quarterYTD was $1.54$3.09 billion, an increase of $43$94 million or 3% from $1.49$2.99 billion for the prior year quarter,YTD, mainly due to increases in personnel cost of $51$85 million, third-party processing fees of $30$67 million, and maintenance and other operating lease expenses of $7$19 million, marketing expense of $11 million, and equipment expense of $10 million, partially offset by decreases in acquisition-related expenses of $37$67 million and other noninterest expense of $8$27 million.
•Provision for credit losses for the current quarterYTD was $72$62 million, a decrease of $82$207 million or 53%77% from $154$269 million for the prior yearYTD. quarter,The primarilycurrent consistingYTD included a provision for loan and lease losses of the$137 following:million, partially offset by a benefit for off-balance sheet credit exposure of $76 million.
◦The provision for loan and lease losses for the current quarter was $103 million compared to $148 million for the prior year quarter. The $45 million decrease in the provision for loan and lease losses was mainly attributable to a decrease in net charge-offs of $33 million and a $12 million decline in the reserve release. In the current quarter, the reserve release was $8 million, compared to a $4 million reserve build in the prior year quarter. The $8 million ALLL reserve release for the current quarter is discussed below in the Balance Sheet Highlights.
◦The benefitprovision for off-balanceloan sheetand creditlease exposurelosses for the current quarterYTD was $32$137 million compared to a$259 provisionmillion for the prior yearYTD. quarterThe of$122 $6 million, resulting in amillion decrease in provision of $38 million,was mainly due to changesan $82 million ALLL reserve release in the macroeconomiccurrent scenariosYTD andcompared trendsto $4 million in the volumeprior YTD and a decline in net charge-offs of unfunded$44 commitments.million.
▪The $82 million ALLL reserve release for the current YTD is discussed above as the “Current Quarter Income Statement Highlights” section of this MD&A summarizes the ALLL reserve releases of $74 million and $8 million for the current and linked quarters, respectively.
◦The benefit for off-balance sheet credit exposure for the current YTD was $76 million compared to a provision for the prior YTD of $10 million, resulting in a decrease in provision of $86 million, primarily due to the model updates discussed above in the “Current Quarter Income Statement Highlights” section of this MD&A and changes in the macroeconomic scenarios.
•ReturnIncome ontax average assetsexpense for the current quarterYTD was 0.93%,$390 million, an increase of 6$39 bpsmillion from 0.87%$351 million for the prior yearYTD, quarterlargely due to the increase in nethigher income explainedbefore above.income taxes.
•Return on average assets for the current YTD was 1.04%, an increase of 10 bps from 0.94% for the prior YTD due to the increase in net income explained above.
•Loans and leases at MarchJune 31,30, 2026 were $148.69$151.03 billion, an increase of $762$3.10 millionbillion or 1%2% from $147.93 billion at December 31, 2025. Commercial Bank segment loan growth of $1.35$3.73 billion, mainly concentrated in Global Fund Banking, was partially offset by a decrease in General Bank segment loans of $591$603 million, primarilylargely due to the transfer$363 million in amortized cost of $364SBA million Small Business Administration (“SBA”)commercial loans to held for salesold in Marchthe 2026.SBA Securitization.
•Investment securities at MarchJune 31,30, 2026 were $42.99$43.56 billion, an increase of $1.42$1.99 billion or 3%5% from $41.56 billion at December 31, 2025, as purchases of short duration available for sale U.S. treasury and agency mortgage-backed securities were partially offset by maturities and paydowns.
•Deposits at MarchJune 31,30, 2026 were $170.84$173.43 billion, an increase of $9.26$11.85 billion or 6%7% from $161.58 billion at December 31, 2025. As further discussed and shown in Table 2 and discussed below, the increase from December 31, 2025 was attributable to deposit growth in Corporate of $6.77 billion primarily due to the Direct Bank and brokered deposits, the Commercial Bank segment of $5.66 billion, Corporate of $2.49$4.16 billion, and the General Bank segment of $1.12$922 billion.million. Noninterest-bearing deposits grew by $2.95$1.82 billion or 7%5% compared to December 31, 2025, and represented 25.5%24.5% of total deposits as of MarchJune 31,30, 2026, compared to 25.2% at December 31, 2025.
•Borrowings at MarchJune 31,30, 2026 were $33.96$32.19 billion, a decrease of $2.05$3.82 billion or 6%11% from $36.01 billion at December 31, 2025. The decrease was primarily due to prepayments of $2.50$5.00 billion on the Purchase Money Note during the current quarter,Note, partially offset by thedebt $500issuances millionof Current$1.25 Quarter Debt Issuance.billion.
•The ALLL was $1.56$1.48 billion at MarchJune 31,30, 2026, compared to $1.57 billion at December 31, 2025, resulting in an ALLL reserve release of $8$82 million for the current quarter,YTD largelyas duefurther todiscussed loan growth concentrated in capital call lines, which have a significantly lower loss rate relative to our other loan portfolios, and changesabove in the macroeconomic“YTD scenarios,Income partiallyStatement offsetHighlights” bysection higherof reservesthis for individually evaluated loans.MD&A. The ALLL as a percentage of loans was 1.05%0.98% at MarchJune 31,30, 2026, a decrease of 18 bpbps from 1.06% at December 31, 2025.
•Interest-earning deposits at banks were $23.19$21.13 billion at MarchJune 31,30, 2026, an increase of $3.39$1.33 billion compared to $19.80 billion at December 31, 2025, a function of the balance sheet trends discussed above.
•At MarchJune 31,30, 2026, BancShares remained well capitalized with a total risk-based capital ratio of 13.51%,13.37%, a Tier 1 risk-based capital ratio of 11.79%,11.73%, a Common Equity Tier 1 (“CET1”) ratio of 10.83%10.77% and a Tier 1 leverage ratio of 9.30%.9.22%.
We primarily fund our business primarily through deposits. Deposits represented 83%84% of total funding at MarchJune 31,30, 2026.
Deposit trends for the segments and Corporate at MarchJune 31,30, 2026 compared to December 31, 2025 are discussed below:
•Commercial Bank segment deposit growth of $5.66 billion was mainly in Global Fund Banking and Technology and Healthcare Banking. A portion of this deposit growth stems from large short-term deposits which we expect to outflow or move off-balance sheet shortly after March 31, 2026. Most of the growth was in noninterest-bearing demand and money-market deposits.
•Corporate deposit growth of $2.49$6.77 billion was primarily due to brokered and Direct Bank and brokered deposit increasesgrowth of $1.83$3.42 billion and $606$3.32 million,billion, respectively. We utilized brokered deposits more prevalently in the current quarter2026 as rates were favorable relative to Direct Bank deposits. We will continue to monitor the rate environments for brokered and Direct Bank deposits to determine the target growth for these deposit channels.
FCNCA insider buying and selling (Form 4)
Since 2026-04-11, insiders reported open-market purchases in 6 Form 4 filings (2 insiders, 4 trade dates, 7,240 shares, about $12.7M) and open-market sales in 3 filings (3 insiders, 3 trade dates, 14,866 shares, about $15.6M). Net open-market shares: -7,626 (purchases minus sales); net value about -$2.9M.Totals add up every open-market (code P and S) line in those filings, using the prices reported in the filings. Awards, option exercises, tax withholding and gifts are listed below but not counted.
| Trade date | Insider | Transaction | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-09-15 | Holding Olivia Britton |
Open-market sale | 2,000 | $19.60 | $39.2K |
| 2026-09-15 | Holding Olivia Britton |
Open-market sale | 5,000 | $19.50 | $97.5K |
| 2026-08-19 | Morais Diane E. |
Open-market purchase | 4 | $2167.80 | $8.7K |
| 2026-08-19 | Morais Diane E. |
Open-market purchase | 46 | $2168.13 | $99.7K |
| 2026-06-05 | Holding Frank B Jr |
Open-market purchase | 2 | $1998.68 | $4.0K |
| 2026-06-05 | Holding Frank B Jr |
Open-market purchase | 8 | $2010.00 | $16.1K |
| 2026-06-05 | Holding Frank B Jr |
Open-market purchase | 23 | $2030.00 | $46.7K |
| 2026-06-05 | Holding Frank B Jr |
Open-market purchase | 47 | $2050.00 | $96.3K |
| 2026-06-05 | Holding Frank B Jr |
Open-market purchase | 15 | $1780.00 | $26.7K |
| 2026-06-05 | Holding Frank B Jr |
Open-market purchase | 34 | $2065.00 | $70.2K |
| 2026-06-05 | Holding Frank B Jr |
Open-market purchase | 1 | $2068.50 | $2.1K |
| 2026-06-05 | Holding Frank B Jr |
Open-market purchase | 5 | $2070.00 | $10.3K |
| 2026-06-05 | Holding Frank B Jr |
Open-market purchase | 2 | $2060.00 | $4.1K |
| 2026-06-05 | Holding Frank B Jr |
Open-market purchase | 60 | $1860.00 | $111.6K |
| 2026-06-05 | Holding Frank B Jr |
Open-market purchase | 1 | $1879.48 | $1.9K |
| 2026-06-05 | Holding Frank B Jr |
Open-market purchase | 12 | $1886.00 | $22.6K |
| 2026-06-05 | Holding Frank B Jr |
Open-market purchase | 3 | $1890.00 | $5.7K |
| 2026-06-05 | Holding Frank B Jr |
Open-market purchase | 111 | $1898.00 | $210.7K |
| 2026-06-05 | Holding Frank B Jr |
Open-market purchase | 2 | $1899.00 | $3.8K |
| 2026-06-05 | Holding Frank B Jr |
Open-market purchase | 21 | $1920.00 | $40.3K |
| 2026-06-05 | Holding Frank B Jr |
Open-market purchase | 1 | $1927.40 | $1.9K |
| 2026-06-05 | Holding Frank B Jr |
Open-market purchase | 3 | $1940.40 | $5.8K |
| 2026-06-05 | Holding Frank B Jr |
Open-market purchase | 25 | $1950.00 | $48.8K |
| 2026-06-05 | Holding Frank B Jr |
Open-market purchase | 43 | $1970.00 | $84.7K |
| 2026-06-05 | Holding Frank B Jr |
Open-market purchase | 26 | $1990.00 | $51.7K |
| 2026-06-05 | Holding Frank B Jr |
Open-market purchase | 1 | $1993.96 | $2.0K |
| 2026-06-05 | Holding Frank B Jr |
Open-market purchase | 26 | $1997.97 | $51.9K |
| 2026-06-05 | Holding Frank B Jr |
Open-market purchase | 61 | $1798.99 | $109.7K |
| 2026-06-05 | Holding Frank B Jr |
Open-market purchase | 41 | $1853.92 | $76.0K |
| 2026-06-05 | Holding Frank B Jr |
Open-market purchase | 21 | $1851.81 | $38.9K |
| 2026-06-05 | Holding Frank B Jr |
Open-market purchase | 50 | $1743.80 | $87.2K |
| 2026-06-05 | Holding Frank B Jr |
Open-market purchase | 15 | $1750.00 | $26.2K |
| 2026-06-05 | Holding Frank B Jr |
Open-market purchase | 15 | $1765.00 | $26.5K |
| 2026-06-05 | Holding Frank B Jr |
Open-market purchase | 1 | $1790.00 | $1.8K |
| 2026-06-05 | Holding Frank B Jr |
Open-market purchase | 11 | $1795.12 | $19.7K |
| 2026-06-05 | Holding Frank B Jr |
Open-market purchase | 96 | $1800.00 | $172.8K |
| 2026-06-05 | Holding Frank B Jr |
Open-market purchase | 2 | $1808.09 | $3.6K |
| 2026-06-05 | Holding Frank B Jr |
Open-market purchase | 15 | $1810.00 | $27.1K |
| 2026-06-05 | Holding Frank B Jr |
Open-market purchase | 50 | $1836.13 | $91.8K |
| 2026-06-05 | Holding Frank B Jr |
Open-market purchase | 150 | $1840.00 | $276.0K |
| 2026-06-04 | Holding Frank B Jr |
Open-market purchase | 25 | $1794.99 | $44.9K |
| 2026-06-04 | Holding Frank B Jr |
Open-market purchase | 3 | $1712.99 | $5.1K |
| 2026-06-04 | Holding Frank B Jr |
Open-market purchase | 1 | $1721.99 | $1.7K |
| 2026-06-04 | Holding Frank B Jr |
Open-market purchase | 1 | $1727.99 | $1.7K |
| 2026-06-04 | Holding Frank B Jr |
Open-market purchase | 31 | $1730.29 | $53.6K |
| 2026-06-04 | Holding Frank B Jr |
Open-market purchase | 35 | $1731.99 | $60.6K |
| 2026-06-04 | Holding Frank B Jr |
Open-market purchase | 15 | $1733.00 | $26.0K |
| 2026-06-04 | Holding Frank B Jr |
Open-market purchase | 26 | $1734.00 | $45.1K |
| 2026-06-04 | Holding Frank B Jr |
Open-market purchase | 12 | $1744.00 | $20.9K |
| 2026-06-04 | Holding Frank B Jr |
Open-market purchase | 15 | $1765.00 | $26.5K |
| 2026-06-04 | Holding Frank B Jr |
Open-market purchase | 15 | $1770.00 | $26.6K |
| 2026-06-04 | Holding Frank B Jr |
Open-market purchase | 6 | $1775.00 | $10.7K |
| 2026-06-04 | Holding Frank B Jr |
Open-market purchase | 20 | $1778.00 | $35.6K |
| 2026-06-04 | Holding Frank B Jr |
Open-market purchase | 45 | $1779.99 | $80.1K |
| 2026-06-04 | Alemany Ellen R |
Open-market sale | 183 | $2033.33 | $372.1K |
| 2026-06-04 | Alemany Ellen R |
Open-market sale | 604 | $2048.21 | $1.2M |
| 2026-06-04 | Alemany Ellen R |
Open-market sale | 1 | $2051.11 | $2.1K |
| 2026-06-04 | Alemany Ellen R |
Open-market sale | 10 | $2050.60 | $20.5K |
| 2026-06-04 | Alemany Ellen R |
Open-market sale | 1,136 | $2048.20 | $2.3M |
| 2026-06-04 | Alemany Ellen R |
Open-market sale | 456 | $2050.78 | $935.2K |
Well-known investors holding FCNCA (13F)
| Investor | Quarter | Shares | Reported value | % of their 13F | Change vs prior quarter |
|---|---|---|---|---|---|
| Dodge & Cox | 2026-06-30 | 404,215 | $841.1M | 0.44% | Added 3% |