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First Citizens BancShares For Immediate Release October 27 , 2021 Contact : Barbara Thompson Corporate Communications 919-716-2716 NEWS RELEASE Deanna Hart Investor Relations 919-716-2137 FIRST CITIZENS BANCSHARES REPORTS EARNINGS FOR THIRD QUARTER 2021 RALEIGH , N.C. -- First Citizens BancShares , Inc. ( " BancShares " ) ( Nasdaq : FCNCA ) reported earnings for the third quarter of 2021. Key results for the quarter ended September 30 , 2021 , are presented below : THIRD QUARTER RESULTS Exhibit 99.1 Q3 2021 Q3 2020 Net income ( in millions ) $ 124.1 $ 142.7 Q3 2021 03 2020 Net income per share $ 12.17 $ 14.03 Q3 2021 Q3 2020 Q3 2021 Q3 2020 Net interest margin Return on average assets 2.61 % YEAR - TO - DATE ( " YTD " ) RESULTS 3.06 % 0.88 % 1.18 % Q3 2021 Q3 2020 Return on average equity 11.29 % 14.93 % 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 $ 424.2 $ 353.6 $ 41.79 $ 33.96 2.69 % 3.23 % 1.05 % 1.05 % 13.50 % 12.59 % Net income THIRD QUARTER HIGHLIGHTS Net income was $ 124.1 million for the third quarter of 2021 , a decrease of $ 18.6 million , or by 13.0 % compared to the same quarter in 2020. Net income per common share was $ 12.17 for the third quarter of 2021 , compared to $ 14.03 per share for the same quarter in 2020 . Return on average assets and Return on average assets for the third quarter of 2021 was 0.88 % , down from 1.18 % for the comparable quarter in 2020. Return on average equity for the third quarter of 2021 was 11.29 % , down from 14.93 % for the comparable quarter in 2020 . equity Net interest income and net interest margin Net interest income was $ 346.9 million for the third quarter of 2021 , a decrease of $ 6.8 million , or by 1.9 % compared to the same quarter in 2020 but was relatively stable compared to the second quarter of 2021. The taxable - equivalent net interest margin ( " NIM " ) was 2.61 % for the third quarter of 2021 , down 45 basis points from 3.06 % for the comparable quarter in 2020 and down 7 basis points from 2.68 % in the second quarter of 2021 . Provision for credit losses Operating performance Loans and credit quality Deposits Capital The provision for credit losses was a net benefit of $ 1.1 million during the third quarter of 2021 , compared to a $ 4.0 million expense during the same quarter in 2020. The allowance for credit losses ( " ACL " ) was $ 183.2 million at September 30 , 2021 , compared to $ 224.3 million at December 31 , 2020 , representing 0.56 % and 0.68 % of loans , respectively . Noninterest income was $ 122.9 million for the third quarter of 2021 , an increase of $ 2.4 million , or by 2.0 % compared to the same quarter in 2020. Noninterest expense was $ 312.8 million for the third quarter of 2021 , an increase of $ 21.2 million , or by 7.3 % compared to the same quarter in 2020 . Total loans were $ 32.5 billion , a decrease of $ 275.8 million , or by 1.1 % on an annualized basis since December 31 , 2020. Excluding loans originated under the Small Business Administration Paycheck Protection Program ( " SBA - PPP " ) , total loans increased $ 1.0 billion , or by 4.6 % on an annualized basis since December 31 , 2020. Total loans decreased $ 173.5 million , or by 2.1 % on an annualized basis compared to June 30 , 2021. Excluding SBA - PPP loans , total loans increased $ 437.4 million , or by 5.6 % in the third quarter of 2021. The net charge - off ratio was 0.06 % for the third quarter of 2021 compared to 0.03 % for the same quarter in 2020 . Total deposits grew to $ 50.1 billion , an increase of $ 6.6 billion , or by 20.4 % on an annualized basis since December 31 , 2020 , driven by organic growth . Deposits increased $ 1.7 billion , or by 13.6 % on an annualized basis compared to June 30 , 2021 . BancShares remained well - capitalized with a total risk - based capital ratio of 14.3 % , a Tier 1 risk - based capital ratio of 12.3 % , a Common Equity Tier 1 ratio of 11.3 % and a Tier 1 leverage ratio of 7.7 % .