First Citizens Bancshares, Inc (NC) - 5.625% PRF PERPETUAL USD 25 - 25 Ser C

Strong Q3 performance with positive operating leverage (good) - Adjusted net income: $652m; Adjusted EPS: $55.37 - ROE / ROA: 12.24% / 1.08% - Management said results beat expectations, supported by sequential top-line growth, expense discipline, accelerated loan & deposit growth, and resilient credit metrics - Adjusted net revenue: +1.4% sequentially - NII: +$43m sequentially; Headline NIM 3.07% (and NIM excl. accretion 2.99%)—marketable takeaway: margins were stable vs their expected band

Balance sheet momentum: loans + deposits accelerated; BMO acquisition integrated smoothly (good/surprising) - Loans: +$6.2b (+4.1%) sequentially - Fund banking loans: +$4.4b (about +11%) sequentially (key growth engine) - Innovation banking loans: $10.1b at quarter-end (+6.6%) - BMO branch acquisition impact: about +$650m in loan balances (and ~$650m was cited for loans in segment detail; deposits referenced separately) - Deposits: +$11.8b (+6.8%) period-end; +$8.0b average basis - BMO deposits added: about $4.9b in deposits - “Direct bank” delivered $3.2b in high-quality inflows (granular, insured) - Off-balance-sheet client funds: increased (+$6.9b period-end, +$7.2b average) driven by innovation + fund banking client engagement

Credit quality remained resilient; reserve released (good) - Nonaccrual loans: 0.87% of total loans, down $80m sequentially - Net charge-offs: $103m, 0.27% ratio (improved 2 bps vs prior quarter; within/under guidance) - Criticized/classified asset levels declined; positive migration toward lower-risk portfolios (e.g., capital call lending) - Allowance for loan losses reduced due to improving metrics + low charge-offs + supportive macro backdrop (important for investors watching for normalization risk)