First Citizens Q3 net income $124.1M, down 13% YoY; EPS $12.17 vs $14.03; NIM 2.61%

FIRST CITIZENS BANCSHARES INC /DE/

2021-Q3 EPS reported $41.79

Net income fell to $124.1M from $142.7M YoY; diluted EPS $12.17 vs $14.03.
Net interest margin compressed 45bp to 2.61% from 3.06% YoY due to excess liquidity and lower loan yields.
Total loans ex-SBA PPP grew 5.6% annualized in Q3; deposits up 13.6% annualized linked quarter.
Provision for credit losses was a net benefit of $1.1M vs $4.0M expense YoY; ACL at 0.56% of loans.
CIT merger extended to March 1, 2022; awaiting Federal Reserve approval; no share repurchases in Q3.

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