First Citizens Bancshares, Inc (NC) - Ordinary Shares - Class A

Strong Q3 performance; solid profitability and ROE - Adjusted net income: $652M; adjusted EPS: $55.37 - ROE: 12.24%; ROA: 1.08% - Management attributed results to high-quality sequential growth in loans and deposits, resilient credit, expense discipline, and systematic balance sheet optimization. - Net interest income (NII): +$43M sequentially; NIM 3.07% (headline) and 2.99% excluding accretion—stable and within expected band.

Balance sheet momentum: loans up +$6.2B (4.1% QoQ) and deposits up +$11.8B (6.8% QoQ) - Loans: +$6.2B sequentially to support growth across commercial & general bank. - Fund banking loans: +$4.4B (+11% QoQ) led the quarter. - Innovation banking loans: $10.1B quarter-end (+6.6% QoQ). - BMO branch acquisition impact: about $650M loan balances. - Deposits: + $11.8B period-end and + $8.0B average - Direct bank: $3.2B inflows (granular, insured retail—lower concentration risk). - BMO deposits acquired: $4.9B. - Management also cited ongoing strength in innovation and fund banking off-balance-sheet client funds.

Credit quality remains resilient; allowance reduced - Nonaccrual loans: 0.87% of total loans (down $80M sequentially). - Net charge-offs: 0.27% (stable; improved by 2 bps vs guidance). - Management reduced the allowance for loan losses due to improving credit migration, low charge-offs, and positive macro backdrop.