First Citizens BancShares Q3 profit beats; plans $1.2 bln buyback
Overview
US regional bank's Q3 adjusted EPS and adjusted net income beat analyst expectations
Company completed acquisition of 138 BMO Bank branches, adding $4.9 bln in deposits
First Citizens announced new $1.2 bln share repurchase plan through 2027
Outlook
Company board approved new share repurchase plan for up to $1.2 bln through 2027
Company says liquidity position remains strong as of September 30, 2026
Result Drivers
LOAN AND DEPOSIT GROWTH - Co said Q3 results were driven by accelerated loan and deposit growth, including impact from BMO branch acquisition
CREDIT QUALITY - Co attributed results to highly resilient credit quality, including lower specific reserves and improvements in credit quality
EXPENSE DISCIPLINE - Co said expense discipline contributed to Q3 performance, with adjusted noninterest expense up $9 mln from prior quarter
Company press release:
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q3 Adjusted EPS | Beat | $55.37 | $46.02 (10 Analysts) |
Q3 EPS | $51.23 | ||
Q3 Adjusted Net Income | Beat | $652 mln | $527.96 mln (8 Analysts) |
Q3 Net Income | $606 mln | ||
Q3 Net Interest Income | $1.70 bln | ||
Q3 Net Interest Margin | 3.07% | ||
Q3 Provision For Credit Loss | $55 mln |
Analyst Coverage
The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 2 "strong buy" or "buy", 11 "hold" and no "sell" or "strong sell"
The average consensus recommendation for the banks peer group is "buy."
Wall Street's median 12-month price target for First Citizens BancShares, Inc. is $2,300.00, about 4.7% above its October 22 closing price of $2,196.76
The stock recently traded at 11 times the next 12-month earnings vs. a P/E of 11 three months ago
Reuters Recommended Reads
Oct 22 - Associated Banc-Corp Q3 adjusted EPS beats estimates
Oct 22 - Ameris Bancorp Q3 adjusted EPS beats analyst estimates on higher portfolio loans, investment securities
Oct 22 - Huntington Bancshares Q3 EPS unchanged, net interest income up
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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)