secwatch.observer — SEC 8-K summary
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Issuer:     FIRST CITIZENS BANCSHARES INC /DE/ (FCNCA)
CIK:        0000798941
Form:       8-K
Filed at:   2021-10-27T23:59:59+00:00
Accession:  0000798941-21-000043
Event type: earnings
Sentiment:  negative
Materiality: 0.70
Item codes: 2.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/798941/000079894121000043/0000798941-21-000043-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/798941/000079894121000043/fcnca-20211027.htm
  HTML page:      https://secwatch.observer/filing/0000798941-21-000043

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