Company Reports

First Citizens has quadrupled its asset base from 2021 to 2023 through two large acquisitions: CIT Group and Silicon Valley Bridge Bank. After spending much of 2022–24 on integration and client-retention efforts, the bank is now focusing on improving its funding profile and continuing its investments in risk management and technology. We expect the bank to remain open to acquisitions, albeit with strict price discipline. That said, SVBB was a unique transaction, and replicating a similarly value-creating deal at that scale will be difficult.

First Citizens has quadrupled its asset base from 2021 to 2023 through two large acquisitions: CIT Group and Silicon Valley Bridge Bank. After spending much of 2022–24 on integration and client-retention efforts, the bank is now focusing on improving its funding profile and continuing its investments in risk management and technology. We expect the bank to remain open to acquisitions, albeit with strict price discipline. That said, SVBB was a unique transaction, and replicating a similarly value-creating deal at that scale will be difficult.

First Citizens has quadrupled its asset base from 2021 to 2023 through two large acquisitions: CIT Group and Silicon Valley Bridge Bank. After spending much of 2022–24 on integration and client-retention efforts, the bank is now focusing on improving its funding profile and continuing its investments in risk management and technology. We expect the bank to remain open to acquisitions, albeit with strict price discipline. That said, SVBB was a very unique transaction, and it will be difficult to replicate a similarly value-creating deal at that scale.

First Citizens reported steady second-quarter results, with net interest margin up 1 basis point from the prior quarter to 3.10%. The bank also tightened its 2026 net interest income guidance range to $6.60 billion to $6.75 billion (prior: $6.5 billion to $6.8 billion).

The Federal Reserve released its annual stress test results on June 24. With stronger results than last year, albeit in a less severe scenario, shares of the 32 tested banks generally traded upward, though the movement was muted.

First Citizens has quadrupled its asset base from 2021 to 2023 through two large acquisitions: CIT Group and Silicon Valley Bridge Bank. After spending much of 2022–24 on integration and client-retention efforts, the bank is now focusing on improving its funding profile and continuing its investments in risk management and technology. We expect the bank to remain open to acquisitions, albeit with strict price discipline. That said, SVBB was a very unique transaction, and it will be difficult to replicate a similarly value-creating deal at that scale.

First Citizens has quadrupled its asset base from 2021 to 2023 through two large acquisitions: CIT Group and Silicon Valley Bridge Bank. After spending much of 2022–24 on integration and client-retention efforts, the bank is now focusing on improving its funding profile and continuing its investments in risk management and technology. We expect the bank to remain open to acquisitions, albeit with strict price discipline. That said, SVBB was a very unique transaction, and it will be difficult to replicate a similarly value-creating deal at that scale.

First Citizens reported slightly disappointing first-quarter results, with net interest margin declining by 11 basis points from the prior quarter. The bank also lowered its 2026 net interest income range by $0.1 billion at the high end to $6.5 billion to $6.8 billion.

The Federal Reserve released its long-awaited proposals for a few key regulatory measures, including adopting the global Basel III endgame standards and revising the surplus capital that global systemically important banks must hold.

Shares of US banks traded down by low-to-mid single digits on Feb. 23, mostly due to macro concerns stemming from tariff uncertainty, possible credit losses from an increase in the unemployment rate driven by artificial intelligence disruption, and private credit-related exposure.

First Citizens has quadrupled its asset base from 2021 to 2023 through two large acquisitions: CIT Group and Silicon Valley Bridge Bank. After spending much of 2022–24 on integration and client-retention efforts, the bank is now focusing on improving its funding profile and continuing its investments in risk management and technology. We expect the bank to remain open to acquisitions, albeit with strict price discipline. That said, SVBB was a very unique transaction, and it will be difficult to replicate a similarly value-creating deal at that scale.

First Citizens reported disappointing fourth-quarter results, with reported earnings per share at $45.81, down 6.9% from the prior year quarter. 2026 guidance implies a 1.7% net interest income decline and 4.1% expense growth at the midpoint, prompting shares to fall more than 7% after the release.

First Citizens has quadrupled its asset base from 2021 to 2023 through two large acquisitions: CIT Group and Silicon Valley Bridge Bank. After spending much of 2022–24 on integration and client-retention efforts, the bank is now focusing on improving its funding profile and continuing its investments in risk management and technology. We also expect First Citizens to remain open to future acquisition opportunities, albeit with strict price discipline. That said, SVBB was a very unique transaction, and it will be difficult to replicate a similarly value-creating deal at that scale.

We are initiating coverage of First Citizens, the bank that bought Silicon Valley Bridge Bank from the FDIC in March 2023, which led to over 100% tangible book value per share accretion and doubled its asset size. First Citizens specializes in distressed bank acquisitions.