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First Citizens BancShares For Immediate Release August 3 , 2021 Contact : Barbara Thompson Corporate Communications 919-716-2716 NEWS RELEASE Deanna Hart Investor Relations 919-716-2137 Exhibit 99.1 FIRST CITIZENS BANCSHARES REPORTS EARNINGS FOR SECOND QUARTER 2021 RALEIGH , N.C. -- First Citizens BancShares Inc. ( " BancShares " ) ( Nasdaq : FCNCA ) reported another quarter of strong earnings for the second quarter of 2021. Key results for the quarter ended June 30 , 2021 , are presented below : SECOND QUARTER RESULTS Q2 2021 Q2 2020 Net income ( in millions ) $ 152.8 $ 153.8 Q2 2021 Q2 2020 Net income per share $ 15.09 $ 14.74 Q2 2021 Q2 2020 Q2 2021 Q2 2020 Net interest margin Return on average assets 2.68 % YEAR - TO - DATE ( " YTD " ) RESULTS 3.14 % 1.13 % 1.36 % 02 2021 Q2 2020 Return on average equity 14.64 % 16.43 % 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 Net income ( in millions ) Net income per share Net interest margin Return on average assets Return on average equity $ 300.1 $ 211.0 $ 29.63 $ 20.04 2.74 % 3.33 % 1.14 % 0.98 % 14.67 % 11.40 % Net income SECOND QUARTER HIGHLIGHTS Net income was $ 152.8 million for the second quarter of 2021 , a decrease of $ 1.0 million , or by 0.6 % compared to the same quarter in 2020. Net income per common share was $ 15.09 for the second quarter of 2021 , compared to $ 14.74 per share for the same quarter in 2020 . Return on average assets and Return on average assets for the second quarter of 2021 was 1.13 % , down from 1.36 % for the comparable quarter in 2020. Return on average equity for the second quarter of 2021 was 14.64 % , down from 16.43 % for the comparable quarter in equity 2020 . Net interest income and net Net interest income was $ 346.4 million for the second quarter of 2021 , an increase of $ 9.0 million , or by 2.7 % compared to the same quarter in 2020. The taxable - equivalent net interest margin ( " NIM " ) was 2.68 % for the second quarter of 2021 , interest margin down 46 basis points from 3.14 % for the comparable quarter in 2020 . Provision for credit losses Operating performance Loans and credit quality Deposits Capital The provision for credit losses was a benefit of $ 19.6 million during the second quarter of 2021 , compared to a $ 20.6 million expense during the same quarter in 2020. The allowance for credit losses ( " ACL " ) was $ 189.1 million at June 30 , 2021 , compared to $ 224.3 million at December 31 , 2020 , representing 0.58 % and 0.68 % of loans , respectively . Noninterest income was $ 134.2 million for the second quarter of 2021 , a decrease of $ 31.3 million , or by 18.9 % compared to the same quarter in 2020. Noninterest expense was $ 301.6 million for the second quarter of 2021 , an increase of $ 9.9 million , or by 3.4 % compared to the same quarter in 2020 . Total loans declined to $ 32.7 billion , a decrease of $ 102.3 million , or by 0.6 % on an annualized basis since December 31 , 2020. Excluding loans originated under the Small Business Administration Paycheck Protection Program ( " SBA - PPP " ) , total loans increased $ 604.7 million , or by 3.7 % on an annualized basis since December 31 , 2020. The net charge - off ratio was 0.02 % for the second quarter of 2021 compared to 0.09 % for the same quarter in 2020 . Total deposits grew to $ 48.4 billion , an increase of $ 5.0 billion , or by 23.1 % on an annualized basis since December 31 , 2020 driven by organic growth and the effects of government stimulus . BancShares remained well capitalized with a total risk - based capital ratio of 14.2 % , a Tier 1 risk - based capital ratio of 12.1 % , a Common Equity Tier 1 ratio of 11.1 % and a Tier 1 leverage ratio of 7.7 % .