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First Citizens BancShares For Immediate Release April 28 , 2021 Contact : Barbara Thompson Corporate Communications 919-716-2716 NEWS RELEASE Deanna Hart Investor Relations 919-716-2137 FIRST CITIZENS BANCSHARES REPORTS EARNINGS FOR FIRST QUARTER 2021 RALEIGH , N.C. -- First Citizens BancShares Inc. ( " BancShares " ) ( Nasdaq : FCNCA ) reported strong earnings for the first quarter of 2021. Key results for the quarter ended March 31 , 2021 , are presented below : Q1 2021 Q1 2020 Net income ( in millions ) $ 147.3 $ 57.2 Q1 2021 Q1 2020 Net income per share $ 14.53 $ 5.46 FIRST QUARTER RESULTS Q1 2021 Q1 2020 Net interest margin 2.80 % 3.55 % Q1 2021 Q1 2020 Return on average assets 1.16 % 0.57 % Exhibit 99.1 Q1 2021 Return on average equity Q1 2020 14.70 % 6.34 % Net income FIRST QUARTER HIGHLIGHTS Net income was $ 147.3 million for the first quarter of 2021 , an increase of $ 90.1 million , or by 157.7 % , compared to the same quarter in 2020. Net income per common share increased to $ 14.53 for the first quarter of 2021 , from $ 5.46 per share for the same quarter in 2020 . Return on average assets and Return on average assets for the first quarter of 2021 was 1.16 % , up from 0.57 % for the same quarter in 2020. Return on average equity for the first quarter of 2021 was 14.70 % , up from 6.34 % for the same quarter in 2020 . equity Net interest income and net Net interest income was $ 339.7 million for the first quarter of 2021 , an increase of $ 1.3 million , or by 0.4 % , compared to the same quarter in 2020. The taxable - equivalent net interest margin ( " NIM " ) was 2.80 % for the first quarter of 2021 , down interest margin 75 basis points from 3.55 % for the same quarter in 2020 . Provision for credit losses Operating performance Loans and credit quality Deposits Capital The provision for credit losses was an $ 11.0 million credit during the first quarter of 2021 , compared to a $ 28.4 million expense during the same quarter in 2020. The allowance for credit losses ( " ACL " ) was $ 210.7 million at March 31 , 2021 , compared to $ 224.3 million at December 31 , 2020 , representing 0.63 % and 0.68 % of loans , respectively . Noninterest income was $ 136.6 million for the first quarter of 2021 , an increase of $ 72.6 million , or by 113.5 % , compared to the same quarter in 2020. Noninterest expense was $ 295.9 million for the first quarter of 2021 , a decrease of $ 4.0 million , or by 1.3 % , compared to the same quarter in 2020 . Total loans grew to $ 33.18 billion , an increase of $ 388.9 million , or by 4.8 % on an annualized basis , since December 31 , 2020. Excluding loans originated under the Small Business Administration Paycheck Protection Program ( " SBA - PPP " ) , total loans increased $ 25.3 million , or by 0.3 % on an annualized basis , since December 31 , 2020. The net charge - off ratio was 0.03 % for the first quarter of 2021 compared to 0.10 % for the same quarter in 2020 . Total deposits grew to $ 47.33 billion , an increase of $ 3.90 billion , or by 36.4 % on an annualized basis , since December 31 , 2020 , driven by organic growth , stimulus checks and SBA - PPP fundings . BancShares remained well capitalized with a total risk - based capital ratio of 14.2 % , a Tier 1 risk - based capital ratio of 12.0 % , a Common Equity Tier 1 ratio of 11.0 % and a Tier 1 leverage ratio of 7.8 % .