First Citizens Reports Q4 Earnings of $580 Million, Beats Estimates

RALEIGH, N.C. (AP) — First Citizens BancShares Inc. (FCNCA) reported fourth-quarter earnings of $580 million on Friday. The Raleigh-based bank posted earnings of $45.81 per share, with adjusted earnings of $51.27 per share after accounting for non-recurring costs. Results exceeded Wall Street expectations, as analysts surveyed by Zacks Investment Research had forecasted earnings of $44.21 per share. Revenue totaled $3.66 billion, with net revenue of $2.25 billion after interest expenses, surpassing the $2.21 billion expected by six analysts. For the full year, First Citizens reported a profit of $2.21 billion, or $165.24 per share, on revenue of $8.85 billion. The strong quarterly performance reflects continued growth in the bank's core operations.