First Citizens Q4 net income $123.3M, down 10.7%; CIT merger completed Jan 3

FIRST CITIZENS BANCSHARES INC /DE/

2022-FY EPS reported $53.88

Q4 net income $123.3M (-10.7% YoY); diluted EPS $12.09 vs $13.59; full-year net income $547.5M (+11.3% YoY).
Taxable-equivalent NIM 2.58%, down 44 bps YoY; provision for credit losses was net benefit of $5.1M.
Total loans $32.4B (-1.3% YoY, but +4.9% ex-SBA-PPP); deposits $51.4B (+18.4% YoY).
Completed CIT merger on Jan 3, 2022, forming top 20 U.S. bank; CIT results not included in Q4 figures.
Capital well above requirements: CET1 ratio 11.50%, Tier 1 leverage 7.59%; no share repurchases in Q4.

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