What's Going On With First Citizens BancShares Stock Today?

First Citizens BancShares Inc FCNCA shares are surging today after the company reported fourth-quarter FY23 rsults.

The company reported revenue of $1.91 billion, missing the consensus of $2.38 billion.

Net interest income came in at $1.91 billion vs. $802 million a year ago, with margins of 3.86% vs. 3.39% prior-year quarter.

CET 1 ratio came in at 13.36% vs. 10.08% a year ago. Adjusted EPS of $46.58 missed the consensus of $47.98.

Provision for credit losses stood at $249 million in the quarter, higher than $79 million a year ago.

As of December 31, 2023, loans and leases totaled $133.30 billion, and deposits came in at $145.85 billion.

Dividend: The Board declared a quarterly dividend per share of $1.64 of Class A and Class B common stock, payable on March 15, 2024, to shareholders of record as of February 29, 2024.

Chairman and CEO Frank B. Holding, Jr. said, “Our fourth quarter financial results remained solid as we completed what was a truly exceptional year. While celebrating our bank’s 125th anniversary, we completed our integration with CIT and finished strong with the stabilization of SVB, all while our teams continued to support our clients. We now look forward to 2024, remaining focused on prudent risk management, growing our core lines of business, and maintaining solid capital and liquidity positions.”

Price Action: FCNCA shares are trading up 4.83% at $1,480.57 on the last check Friday.