First Citizens BancShares (FCNCB) Q1 2025 Earnings Report

First Citizens BancShares delivered a solid QQ1 2025 performance with adjusted earnings power supported by loan growth in the commercial bank and SVB commercial segments and notable deposit growth across the direct bank and branch network. Adjusted EPS of $37.79 and adjusted ROE of 9.64% accompanied an annualized ROA of 0.95% and an efficiency ratio of 59.6%, underscoring the quality of the operating model despite a modest headwind from net interest income and seasonality in noninterest income. The balance sheet remains well capitalized (CET1 excluding SLA at 12.19%) with strong liquidity, enabling a proactive capital return program ($2.4 billion in buybacks through 4/22/2025, ~69% of a $3.5 billion authorization) and opportunistic debt issuance to support growth and balance sheet management. Management reaffirmed guidance for 2025, highlighting a relatively stable NII trajectory under a low-to-moderate rate-cut scenario, ongoing deposit-focused growth, and a plan to bring CET1 back toward the 10.5%–11% range by end-2026. The company also signaled continued strategic priorities around technology and risk management as it integrates SVB assets and portfolio actions into its franchise. However, investors should monitor tariff-related macro uncertainty, potential lumpiness in certain loan portfolios (notably investor-dependent and CRE/office exposures), and the evolving mix of on- and off-balance sheet deposits as the SVB transition progresses.