Financial Analysis

NOTE 2 BUSINESS COMBINATIONS Pending Branch Acquisition On October 16, 2025, FCB announced that it had entered into an agreement to consummate the acquisition of 138 branches from BMO Bank N.A. located throughout the Midwest, Great Plains and West regions of the U.S. (the BMO Branch Acquisition). In connection with the BMO Branch Acquisition, FCB expects to assume approximately $5.7 billion in deposit liabilities and acquire approximately $1.1 billion in loans. We expect the transaction to close in the second half of 2026, subject to customary closing terms and conditions and regulatory approvals. Completed Acquisition On March 27, 2023 (the SVBB Acquisition Date), FCB acquired substantially all loans and certain other assets and assumed all customer deposits and certain other liabilities of Silicon Valley Bridge Bank, N.A. (SVBB) from the Federal Deposit Insurance Corporation (the FDIC) pursuant to the terms of a purchase and assumption agreement (the SVBB Purchase Agreement) by and among FCB, the FDIC, and the FDIC, as receiver of SVBB (the SVBB Acquisition). BancShares determined that the SVBB Acquisition constituted a business combination as defined by ASC Topic 805, Business Combinations . Accordingly, the assets acquired and liabilities assumed were presented at their estimated fair values based on valuations as of March 27, 2023. The gain on acquisition of $9.81 billion, net of income taxes of $3.36 billion, was recorded in noninterest income during the year ended Dece …

BusinessCombinationDisclosureTextBlock · excerpt; the full note is in the filing

NOTE 22 COMMITMENTS AND CONTINGENCIES Commitments To meet the financing needs of its customers, BancShares and its subsidiaries have financial instruments with off-balance sheet risk. These financial instruments involve elements of credit, interest rate or liquidity risk and include commitments to extend credit and standby letters of credit. The accompanying table summarizes credit-related commitments and other purchase and funding commitments: dollars in millions December 31, 2025 December 31, 2024 Financing Commitments Financing assets (excluding leases) $ 51,726 $ 53,250 Letters of Credit Financial standby letters of credit 2,583 2,188 Other letters of credit 227 103 Deferred Purchase Agreements 1,723 1,802 Purchase and Funding Commitments (1) 102 178 (1) BancShares purchase and funding commitments relate to the Rail segment commitments to fund railcar manufacturer purchase and upgrade commitments. Financing Commitments Commitments to extend credit are legally binding agreements to lend to customers. These commitments generally have fixed expiration dates or other termination clauses and may require payment of fees. Established credit standards control the credit risk exposure associated with these commitments. In some cases, BancShares requires collateral be pledged to secure the commitment, including cash deposits, securities and other assets. Financing commitments, referred to as net unfunded loan commitments or lines of credit, primarily reflect BancShares agreements t …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

NOTE 20 EMPLOYEE BENEFIT PLANS BancShares benefit plans include noncontributory defined benefit pension plans and 401(k) savings plans, which are qualified under the Internal Revenue Code. BancShares also maintains agreements with certain executives providing supplemental benefits paid upon death or separation from service at an agreed-upon age. BancShares sponsors benefit plans for its qualifying employees and eligible former employees of First Citizens Bancorporation, Inc. (Bancorporation) and its former subsidiary, First Citizens Bank and Trust Company, Inc. (First-Citizens South). Bancorporation merged with BancShares, Inc. on October 1, 2014 and First-Citizens South merged with FCB on January 1, 2015. Certain benefit plans of CIT were assumed by BancShares on the CIT Merger Date. CIT sponsored both funded and unfunded noncontributory defined benefit pension plans, executive retirement plans, and a 401(k) savings plan covering certain employees as further discussed below. There were no benefit plans assumed in connection with the SVBB Acquisition. Retirement Plans Pension Plans BancShares sponsors three qualified noncontributory defined benefit pension plans (the Pension Plans), including the First-Citizens Bank & Trust Company and Adopting Related Employers Pension Plan (the FCB Pension Plan), the First Citizens Bank and Trust Company, Inc. Pension Plan (the First-Citizens South Pension Plan), and a plan assumed upon completion of the CIT Merger (the CIT Pension Plan …

CompensationAndEmployeeBenefitPlansTextBlock · excerpt; the full note is in the filing

NOTE 12 BORROWINGS Short-term Borrowings Securities Sold under Agreements to Repurchase BancShares held $224 million and $367 million at December 31, 2025 and December 31, 2024, respectively, of securities sold under agreements to repurchase that have overnight contractual maturities and are collateralized by government agency securities. The weighted average interest rate for securities sold under agreements to repurchase was 0.41% and 0.59% at December 31, 2025 and 2024, respectively. BancShares utilizes securities sold under agreements to repurchase to facilitate the needs for collateralization of commercial customers and secure wholesale funding needs. Repurchase agreements are transactions whereby BancShares offers to sell to a counterparty an undivided interest in an eligible security at an agreed upon purchase price, and which obligates BancShares to repurchase the security at an agreed upon date, repurchase price and interest rate. These agreements are recorded at the amount of cash received in connection with the transactions and are reflected as securities sold under customer repurchase agreements. BancShares monitors collateral levels on a continuous basis and maintains records of each transaction specifically describing the applicable security and the counterpartys fractional interest in that security, and segregates the security from general assets in accordance with regulations governing custodial holdings of securities. The primary risk with repurchase agreemen …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

NOTE 14 FAIR VALUE Fair Value Hierarchy BancShares measures certain financial assets and liabilities at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. GAAP also establishes a fair value hierarchy, which prioritizes the inputs to valuation techniques used to measure fair value into three levels. Assets and liabilities are recorded at fair value according to a fair value hierarchy comprised of three levels. The levels are based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value. The level within the fair value hierarchy for an asset or liability is based on the lowest level of input significant to the fair value measurement with Level 1 inputs considered highest and Level 3 inputs considered lowest. A brief description of each input level follows: Level 1 inputs are quoted prices in active markets for identical assets and liabilities. Level 2 inputs are quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active and inputs other than quoted prices observable for the assets or liabilities and market corroborated inputs. Level 3 inputs are unobservable inputs for the asset or liability. These unobservable inputs and assumptions reflect the estimates market …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

NOTE 19 INCOME TAXES The provision (benefit) for income taxes for the year ended December 31, 2025, 2024 and 2023 is comprised of the following: Provision (Benefit) for Income Taxes dollars in millions Year Ended December 31, 2025 2024 2023 Current U.S. federal income tax provision $ 585 $ 649 $ 400 Deferred U.S. federal income tax (benefit) / provision (38) 68 46 Total federal income tax provision 547 717 446 Current state and local income tax provision 286 157 372 Deferred state and local income tax benefit (79) (71) (222) Total state and local income tax provision 207 86 150 Total non-U.S. income tax provision 11 12 15 Total provision for income taxes $ 765 $ 815 $ 611 A reconciliation from the U.S. Federal statutory rate to BancShares actual effective income tax rate for the year ended December 31, 2025, 2024 and 2023 is presented below. Income tax expense (benefit) includes, if applicable, federal, state and foreign taxes: Effective Tax Rate Reconciliation dollars in millions Year Ended December 31, 2025 2024 2023 Amount Percent Amount Percent Amount Percent Pretax income domestic $ 2,926 $ 3,551 $ 12,043 Pretax income foreign 45 41 34 Total pretax income $ 2,971 $ 3,592 $ 12,077 US federal statutory income tax rate $ 624 21.0 % $ 754 21.0 % $ 2,536 21.0 % Domestic federal taxes Tax credits Low income housing (44) (1.5) (29) (0.8) (17) (0.1) Other (26) (0.9) (16) (0.4) (6) Nontaxable and nondeductible items Gain on acquisition (1,874) (15.5) FDIC premiums 36 1.2 24 0.7 2 …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

NOTE 7 LEASES Lessee BancShares leases primarily include administrative offices and bank locations. Substantially all of our operating lease liabilities relate to United States real estate leases. Our finance lease liabilities relate to equipment leases, including the lease of certain ATMs. Our real estate leases have remaining lease terms of up to 32 years. Our lease terms may include options to extend or terminate the lease, and our operating leases have renewal terms that can extend from 1 to 25 years. The options are included in the lease term when it is determined that it is reasonably certain the option will be exercised. The following table presents supplemental balance sheet information and remaining weighted average lease terms and discount rates: Supplemental Lease Information dollars in millions Classification December 31, 2025 December 31, 2024 Lease assets: Operating lease ROU assets Other assets $ 294 $ 316 Finance leases Premises and equipment 71 15 Total lease assets $ 365 $ 331 Lease liabilities: Operating leases Other liabilities $ 329 $ 357 Finance leases Other borrowings 72 15 Total lease liabilities $ 401 $ 372 Weighted-average remaining lease terms: Operating leases 7.2 years 7.4 years Finance leases 7.7 years 11.7 years Weighted-average discount rate: Operating leases 3.10 % 2.94 % Finance leases 4.20 3.96 As of December 31, 2025, there were no leases that have not yet commenced that would have a material impact on BancShares consolidated financial stat …

LesseeOperatingLeasesTextBlock · excerpt; the full note is in the filing

Newly Adopted Accounting Standards As of January 1, 2025, BancShares adopted the following Accounting Standards Update (ASU) issued by FASB: ASU 2023-09Income Taxes (Topic 740): Improvements to Income Tax Disclosures, Issued December 2023 This ASU enhances income tax disclosure requirements primarily by requiring annual disclosure of specific categories in the rate reconciliation table and disaggregation of income taxes paid by jurisdiction. BancShares applied the required disclosures retrospectively. Aside from complying with the new disclosure requirements, this ASU did not have a material impact on our financial statements. Refer to Note 19Income Taxes for required disclosures. As of January 1, 2026, BancShares adopted the following ASU issued by FASB: ASU 2025-08Financial Instruments Credit Losses (Topic 326): Purchased Loans, Issued November 2025 Under this ASU, purchased seasoned loans (PSLs as described below) must be recognized at the purchase price, plus the ALLL at the acquisition date (the Gross-Up Approach). Since the ALLL at the acquisition date is established through the Gross-Up Approach, there is no corresponding increase to the provision for loan and lease losses (Day 2 Provision for Loan and Lease Losses). Prior to this ASU, the Gross-Up Approach was only permitted for PCD loans, while the initial ALLL for Non-PCD loans was established through the Day 2 Provision for Loan and Lease Losses. Under this ASU, the Gross-Up Approach applies to PCD loans and the fo …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

NOTE 21 SEGMENT INFORMATION Effective January 1, 2025, we made changes to the composition of our reportable segments as further discussed in Note 1Significant Accounting Policies and Basis of Presentation, and the segment disclosures below for 2024 and 2023 were recast to conform with those segment composition changes. BancShares segments include the General Bank, the Commercial Bank, and Rail. All other financial information not included in the segments is reported in the Corporate section of the segment disclosures. We do not aggregate multiple operating segments into a reportable segment. Therefore, each of our operating segments are reportable segments. Under our segment expense allocation methodology, allocated expenses increase noninterest expense of the applicable segment(s), with an offsetting decrease to Corporate noninterest expense. All other noninterest expense in the segment reporting tables below includes the effect of allocated expenses, resulting in a reduction to expense (or Contra Expense) for Corporate. General Bank The General Bank segment delivers products and services to consumer and small business clients through our extensive network of branches and various digital channels. We offer a full suite of deposit products, loans (primarily residential mortgages and business and commercial loans), cash management, private banking, wealth management, payment services, and treasury services. We offer conforming and jumbo residential mortgage loans throughout th …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

NOTE 1 SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION Nature of Operations First Citizens BancShares, Inc. (the Parent Company and, when including all of its subsidiaries on a consolidated basis, we, us, our, BancShares) is a financial holding company organized under the laws of Delaware that conducts operations through its banking subsidiary, First-Citizens Bank & Trust Company (FCB), which is headquartered in Raleigh, North Carolina. BancShares operates a network of branches and offices, predominantly located in the Southeast, Mid-Atlantic, Midwest and Western United States. BancShares provides various types of commercial and consumer banking services, including lending, leasing, and wealth management services. Deposit services include checking, savings, money market, and time deposit accounts. BASIS OF PRESENTATION Principles of Consolidation and Basis of Presentation The accounting and reporting policies of BancShares are in accordance with United States generally accepted accounting principles (GAAP) and general practices within the banking industry. The consolidated financial statements of BancShares include the accounts of BancShares and its subsidiaries, certain partnership interests, and variable interest entities (VIEs) where BancShares is the primary beneficiary, if applicable. All significant intercompany accounts and transactions are eliminated upon consolidation. Assets held in agency or fiduciary capacity are not included in the consolidated fina …

SignificantAccountingPoliciesTextBlock · excerpt; the full note is in the filing

NOTE 15 STOCKHOLDERS' EQUITY A roll forward of common stock activity is presented in the following table: Number of Shares of Common Stock December 31, 2025 December 31, 2024 Common Stock Outstanding Common Stock Outstanding Class A Class B Class A Class B Common stock - beginning of period 12,712,436 1,005,185 13,514,933 1,005,185 Shares purchased under authorized repurchase plan (1,578,462) (814,641) Restricted stock units vested, net of shares held to cover taxes 12,144 Common stock - end of period 11,133,974 1,005,185 12,712,436 1,005,185 Common Stock The Parent Company has Class A common stock and Class B common stock, each with a par value of $1. Class A common stockholders have one vote per share while Class B common stockholders have 16 votes per share. Non-Cumulative Perpetual Preferred Stock On November 18, 2025, the Parent Company issued and sold 7.000% non-cumulative perpetual preferred stock, series D, for a total of $500 million. As of December 31, 2025, the Parent Company had Series A, Series B, Series C, and Series D non-cumulative perpetual preferred stock (together, BancShares Preferred Stock) as summarized in the following table: Preferred Stock dollars in millions, except per share, depositary share, and per depositary share data Preferred Stock Issuance Date Earliest Redemption Date Book Value (1) Par Value Per Share Shares Authorized, Issued and Outstanding Aggregate Liquidation Preference Liquidation Preference Per Share Depositary Shares (Fractional In …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing

NOTE 2 BUSINESS COMBINATIONS Pending Branch Acquisition On October 16, 2025, FCB announced that it had entered into an agreement to consummate the acquisition of 138 branches from BMO Bank N.A. (BMO Bank) located throughout the Midwest, Great Plains and West regions of the U.S. (the BMO Branch Acquisition). In connection with the BMO Branch Acquisition, FCB expects to assume approximately $5.7 billion in deposit liabilities and acquire approximately $1.1 billion in loans. We expect the transaction to close in mid-2026, subject to customary closing terms and conditions and regulatory approvals. Completed Acquisition On March 27, 2023 (the SVBB Acquisition Date), FCB acquired substantially all loans and certain other assets and assumed all customer deposits and certain other liabilities of Silicon Valley Bridge Bank, N.A. (SVBB) from the Federal Deposit Insurance Corporation (the FDIC) pursuant to the terms of a purchase and assumption agreement (the SVBB Purchase Agreement) by and among FCB, the FDIC, and the FDIC, as receiver of SVBB (the SVBB Acquisition). In connection with the SVBB Purchase Agreement, FCB entered into a commercial shared loss agreement with the FDIC (the Shared-Loss Agreement). On April 7, 2025, FCB and the FDIC entered into an agreement (the Shared-Loss Termination Agreement) to terminate the Shared-Loss Agreement. As a result of entering into the Shared-Loss Termination Agreement, all rights and obligations of the parties under the Shared-Loss Agreement …

BusinessCombinationDisclosureTextBlock · excerpt; the full note is in the filing

NOTE 18 COMMITMENTS AND CONTINGENCIES Commitments To meet the financing needs of its customers, BancShares and its subsidiaries have financial instruments with off-balance sheet risk. These financial instruments involve elements of credit, interest rate or liquidity risk and include commitments to extend credit and standby letters of credit. The accompanying table summarizes credit-related commitments and other purchase and funding commitments: dollars in millions September 30, 2025 December 31, 2024 Financing Commitments Financing assets (excluding leases) $ 51,935 $ 53,250 Letters of Credit Standby letters of credit 2,478 2,188 Other letters of credit 158 103 Deferred Purchase Agreements 1,870 1,802 Purchase and Funding Commitments (1) 232 178 (1) BancShares purchase and funding commitments relate to the equipment leasing businesses commitments to fund Rails railcar manufacturer purchase and upgrade commitments. Financing Commitments Commitments to extend credit are legally binding agreements to lend to customers. These commitments generally have fixed expiration dates or other termination clauses and may require payment of fees. Established credit standards control the credit risk exposure associated with these commitments. In some cases, BancShares requires collateral be pledged to secure the commitment, including cash deposits, securities and other assets. Financing commitments, referred to as net unfunded loan commitments or lines of credit, primarily reflect BancShares …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

NOTE 16 EMPLOYEE BENEFIT PLANS BancShares sponsors non-contributory defined benefit pension plans for its qualifying employees. The service cost component of net periodic benefit cost is included in salaries and wages, while all other non-service cost components are included in other noninterest expense. The components of net periodic benefit cost are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Service cost $ 2 $ 2 $ 6 $ 7 Interest cost 16 15 48 45 Expected return on assets (24) (23) (71) (69) Net periodic benefit $ (6) $ (6) $ (17) $ (17) …

CompensationAndEmployeeBenefitPlansTextBlock · excerpt; the full note is in the filing

NOTE 9 BORROWINGS Short-term Borrowings Securities Sold under Agreements to Repurchase BancShares held $423 million and $367 million at September 30, 2025 and December 31, 2024, respectively, of securities sold under agreements to repurchase that have overnight contractual maturities and are collateralized by government agency securities. The weighted average interest rate for securities sold under agreements to repurchase was 0.47% and 0.59% at September 30, 2025 and December 31, 2024, respectively. BancShares utilizes securities sold under agreements to repurchase to facilitate the needs for collateralization of commercial customers and secure wholesale funding needs. Repurchase agreements are transactions whereby BancShares offers to sell to a counterparty an undivided interest in an eligible security at an agreed upon purchase price, and which obligates BancShares to repurchase the security at an agreed upon date, repurchase price and interest rate. These agreements are recorded at the amount of cash received in connection with the transactions and are reflected as securities sold under customer repurchase agreements. BancShares monitors collateral levels on a continuous basis and maintains records of each transaction specifically describing the applicable security and the counterpartys fractional interest in that security, and segregates the security from general assets in accordance with regulations governing custodial holdings of securities. The primary risk with repur …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

NOTE 11 FAIR VALUE Fair Value Hierarchy BancShares measures certain financial assets and liabilities at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. GAAP also establishes a fair value hierarchy, which prioritizes the inputs to valuation techniques used to measure fair value into three levels. Assets and liabilities are recorded at fair value according to a fair value hierarchy comprised of three levels. The levels are based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value. The level within the fair value hierarchy for an asset or liability is based on the lowest level of input significant to the fair value measurement with Level 1 inputs considered highest and Level 3 inputs considered lowest. A brief description of each input level follows: Level 1 inputs are quoted prices in active markets for identical assets and liabilities. Level 2 inputs are quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active and inputs other than quoted prices observable for the assets or liabilities and market corroborated inputs. Level 3 inputs are unobservable inputs for the asset or liability. These unobservable inputs and assumptions reflect the estimates market …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

NOTE 15 INCOME TAXES BancShares global effective income tax rates (ETRs) were 24.4% and 26.8% for the three months ended September 30, 2025 and 2024, respectively, and 24.7% and 27.3% for the nine months ended September 30, 2025 and 2024, respectively. The decrease in the ETR for the three and nine months ended September 30, 2025 compared to 2024 was primarily due to an increase in tax credits and a reduction in the state and local income tax rate. The quarterly income tax expense is based on a projection of BancShares annual ETR. This annual ETR is applied to the year-to-date consolidated pretax income to determine the interim provision for income taxes before discrete items. The ETR each period is also impacted by a number of factors, including the relative mix of domestic and international earnings, effects of changes in enacted tax laws, adjustments to the valuation allowances, and discrete items. The currently forecasted ETR may vary from the actual year-end 2025 ETR due to the changes in these factors. On July 4, 2025, President Trump signed into law H.R. 1, referred to as the One Big Beautiful Bill Act (OBBBA). The OBBBA contains several provisions that impact corporate taxation. The enactment of the OBBBA did not have a material impact on the tax rate or results of operations. Uncertain Tax Benefits BancShares recognizes tax benefits when it is more likely than not that the position will prevail, based solely on the technical merits under the tax law of the relevant j …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

NOTE 6 LEASES Lessee BancShares leases primarily include administrative offices and bank locations. Substantially all of our operating lease liabilities relate to United States real estate leases. Our finance lease liabilities relate to equipment leases, including the lease of certain ATMs. Our real estate leases have remaining lease terms of up to 32 years. Our lease terms may include options to extend or terminate the lease, and our operating leases have renewal terms that can extend from 1 to 25 years. The options are included in the lease term when it is determined that it is reasonably certain the option will be exercised. The following table presents supplemental balance sheet information and remaining weighted average lease terms and discount rates: Supplemental Lease Information dollars in millions Classification September 30, 2025 December 31, 2024 Lease assets: Operating lease ROU assets Other assets $ 305 $ 316 Finance leases Premises and equipment 67 15 Total lease assets $ 372 $ 331 Lease liabilities: Operating leases Other liabilities $ 342 $ 357 Finance leases Other borrowings 67 15 Total lease liabilities $ 409 $ 372 Weighted-average remaining lease terms: Operating leases 7.3 years 7.4 years Finance leases 8.1 years 11.7 years Weighted-average discount rate: Operating leases 3.10 % 2.94 % Finance leases 4.20 3.96 As of September 30, 2025, there were no leases that have not yet commenced that would have a material impact on BancShares consolidated financial st …

LesseeOperatingLeasesTextBlock · excerpt; the full note is in the filing

NOTE 17 SEGMENT INFORMATION Effective January 1, 2025, we made changes to the composition of our reportable segments as further discussed in Note 1Significant Accounting Policies and Basis of Presentation, and the segment disclosures below for 2024 were recast to conform with those segment composition changes. BancShares segments include the General Bank, the Commercial Bank, SVB Commercial, and Rail. All other financial information not included in the segments is reported in the Corporate section of the segment disclosures. We do not aggregate multiple operating segments into a reportable segment. Therefore, each of our operating segments are reportable segments. Under our segment expense allocation methodology, allocated expenses increase noninterest expense of the applicable segment(s), with an offsetting decrease to Corporate noninterest expense. All other noninterest expense in the segment reporting tables below includes the effect of allocated expenses, resulting in a reduction to expense (or Contra Expense) for Corporate. General Bank The General Bank segment delivers products and services to consumer and small business clients through our extensive network of branches, various digital channels and a dedicated Private Bank. We offer a full suite of deposit products, loans (primarily residential mortgages and business and commercial loans), cash management, private banking and wealth management, payment services, and treasury services. We offer conforming and jumbo resi …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

NOTE 1 SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION Nature of Operations First Citizens BancShares, Inc. (the Parent Company and, when including all of its subsidiaries on a consolidated basis, we, us, our, BancShares) is a financial holding company organized under the laws of Delaware that conducts operations through its banking subsidiary, First-Citizens Bank & Trust Company (FCB), which is headquartered in Raleigh, North Carolina. BancShares operates a network of branches and offices, predominantly located in the Southeast, Mid-Atlantic, Midwest and Western United States. BancShares provides various types of commercial and consumer banking services, including lending, leasing, and wealth management services. Deposit services include checking, savings, money market, and time deposit accounts. BASIS OF PRESENTATION Principles of Consolidation and Basis of Presentation These consolidated financial statements and notes thereto are presented in accordance with instructions for Form 10-Q and Article 10 of Regulation S-X and, therefore, do not include all information and notes necessary for a complete presentation of financial position, results of operations and cash flow activity required in accordance with accounting principles generally accepted in the United States of America (GAAP). In the opinion of management, all normal recurring adjustments necessary for a fair presentation of the consolidated financial position and consolidated results of operations hav …

SignificantAccountingPoliciesTextBlock · excerpt; the full note is in the filing

NOTE 12 STOCKHOLDERS' EQUITY A roll forward of common stock activity is presented in the following table: Number of Shares of Common Stock September 30, 2025 Common Stock Outstanding Class A Class B Common stock - June 30, 2025 12,070,794 1,005,185 Shares repurchased under authorized repurchase plan (457,350) Common stock - September 30, 2025 11,613,444 1,005,185 Common stock - December 31, 2024 12,712,436 1,005,185 Shares purchased under authorized repurchase plan (1,098,992) Common stock - September 30, 2025 11,613,444 1,005,185 Common Stock The Parent Company has Class A common stock and Class B common stock, each with a par value of $1. Class A common stockholders have one vote per share while Class B common stockholders have 16 votes per share. Non-Cumulative Perpetual Preferred Stock The following table summarizes BancShares non-cumulative perpetual preferred stock: Preferred Stock dollars in millions, except per share and par value data Preferred Stock Issuance Date Earliest Redemption Date Par Value Shares Authorized, Issued and Outstanding Liquidation Preference Per Share Total Liquidation Preference Dividend Series A March 12, 2020 March 15, 2025 $ 0.01 345,000 $ 1,000 $ 345 5.375% Series B (1) January 3, 2022 January 4, 2027 0.01 325,000 1,000 325 SOFR + 3.972% Series C January 3, 2022 January 4, 2027 0.01 8,000,000 25 200 5.625% (1) Upon conversion to SOFR in 2023, BancShares began paying a credit spread adjustment in addition to the stated dividend. Dividends on …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing