At a glance
First Citizens BancShares Inc is worth $26.60B, about 14 times its fiscal 2025 earnings. Revenue fell 2.2% to $9.54B in fiscal 2025, with 23.1% kept as profit; over 5 years it has grown 38.6% a year. It pays a 0.36% dividend yield, raised every year for at least 9 years, and returned $6.48B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +32.4% over the past year with dividends reinvested and +23.9% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 46.0% in the 2020 crash (S&P 500: 33.7%) and 33.8% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 8 months and 9 months after the lows.
The business in plain English
First Citizens BancShares owns First-Citizens Bank & Trust Company, which opened in 1898 as the Bank of Smithfield in North Carolina. It takes deposits, makes loans and offers wealth management. Most revenue is net interest income: the gap between the interest it earns on loans and securities and the interest it pays on deposits and borrowings. In fiscal 2025, net interest income was $6.81 billion of $9.54 billion in total revenue. Fees and other noninterest income added $2.73 billion.
The bank reports three segments. The Commercial Bank brought in 45.4% of fiscal 2025 revenue. It lends to small and mid-sized companies and serves private equity firms, venture capital firms, and technology, life sciences and healthcare clients. This segment includes the former Silicon Valley Bank business, which First Citizens took over from the FDIC (the federal deposit insurer) in March 2023 and runs as a division. The General Bank, with 41.5% of revenue, serves individuals and businesses through branches and digital channels. Rail, with 7.1%, leases railcars and locomotives to railroads and shippers.
As of December 31, 2025, the bank had more than 500 branches and offices. These included 209 in North Carolina, 119 in South Carolina and 72 in California, plus a nationwide digital Direct Bank. Total assets were $229.70 billion. In October 2025, it agreed to acquire 138 BMO branches across the Midwest, Great Plains and West, with about $5.7 billion in deposits.
Price history
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FCNCA +32.4% over the year to Oct 27, 2026, total return with dividends reinvested.
How it makes money
By business segment
| Commercial Bank | $4.33B | 45.4% |
| General Bank | $3.96B | 41.5% |
| Rail | $680.0M | 7.1% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $2.43B, up 2.5% from a year earlier, and net income was $672.0M (+16.9%).
- For fiscal 2025, revenue was $9.54B (-2.2% year over year; +38.6% a year from FY2020 to FY2025) with a 23.1% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +38.6% good |
|---|---|
| Return on equity | 9.9% watch |
| Net income / revenue | 23.1% watch |
| Deposits | $173.43B |
| Loans | $149.55B |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $1.86B | $492.0M | — |
| FY2021 | $1.90B | $547.0M | — |
| FY2022 | $5.08B | $1.10B | — |
| FY2023 | $18.79B | $11.47B | — |
| FY2024 | $9.76B | $2.78B | — |
| FY2025 | $9.54B | $2.21B | — |
Valuation snapshot
| Market value | $26.60B |
|---|---|
| P/E ratio | 14.3 |
| Dividend yield | 0.36% |
Rank among 1514 US companies
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| FCNCA price data to Oct 27, 2026 | +10.1% | +32.4% | +20.9% | +23.9% | +23.8% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +10.1% |
| 2025 | +2.0% |
| 2024 | +49.5% |
| 2023 | +87.7% |
| 2022 | -8.4% |
| 2021 | +44.8% |
| 2020 | +8.3% |
| 2019 | +41.6% |
| 2018 | -6.1% |
| 2017 | +13.9% |
| 2016 | +38.1% |
| 2015 | +2.6% |
| 2014 | +14.1% |
| 2013 | +37.0% |
| 2012 | -5.8% |
| 2011 | -6.8% |
| 2010 | +16.0% |
| 2009 | +8.3% |
| 2008 | +5.6% |
| 2007 | -27.6% |
| 2006 | +16.8% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 55.7% over that stretch · deepest drop along the way 56.9%, back to its old high 10.1 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 42.8% over that stretch · deepest drop along the way 46%, back to its old high 7.7 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 3.9% over that stretch · deepest drop along the way 33.8%, back to its old high 9.4 months after the low |
Insider activity
Form 4 filings from 2025-10-28 to 2026-10-28 (25 read): 59 open-market purchases ($13.1M) and 11 sales ($15.6M).
| Date | Insider | Type | Value |
|---|---|---|---|
| May 12, 2026 | Frank B Jr Holding Chairman and CEO, Director, 10% owner | sell | $10.3M |
| May 12, 2026 | Frank B Jr Holding Chairman and CEO, Director, 10% owner | buy | $10.3M |
| Jun 4, 2026 | Ellen R Alemany Director | sell | $2.3M |
| Jun 4, 2026 | Ellen R Alemany Director | sell | $1.2M |
| Jun 4, 2026 | Ellen R Alemany Director | sell | $935K |
Who owns it
Large shareholders (13G filings)
| HARRIS ASSOCIATES L P | 8.1% | Dec 31, 2025 |
| BlackRock, Inc. | 5.1% | Sep 30, 2026 |
| BlackRock Portfolio Management LLC | 4.2% | Mar 31, 2026 |
| Capital Research Global Investors | 1% | Sep 30, 2025 |
ETFs with the most weight in FCNCA
| IAT iShares U.S. Regional Banks ETF | 4.29% |
| FTXO First Trust Nasdaq Bank ETF | 3.86% |
| GABF Gabelli Financial Services Opportunities ETF | 3.15% |
| DVLU First Trust Dorsey Wright Momentum & Value ETF | 2.45% |
| BLCV iShares Large Cap Value Active ETF | 2.39% |
| BAFE Brown Advisory Flexible Equity ETF | 2.03% |
| CGDV Capital Group Dividend Value ETF | 1.49% |
| JAVA JPMorgan Active Value ETF | 1.2% |
What could go wrong
- Family control limits outside shareholders' say. The Holding family has controlled the bank since the 1920s and owns a large share of its stock. That ownership, plus charter provisions, makes a takeover or management change harder, even if other shareholders want one.
- Big acquisitions bring integration and regulatory risk. Growth has leaned on deals, including the 2023 Silicon Valley Bank takeover and a planned purchase of 138 BMO branches. Combining businesses can go wrong, and future deals may face tougher regulatory scrutiny.
- Loans concentrated in certain industries. The bank says its loans and leases cluster in certain industries, and Silicon Valley Bank serves technology, life sciences and healthcare firms. Trouble in any industry where it lends heavily could drive up loan losses.
- Leased rail equipment could lose value. The bank owns a fleet of railcars and locomotives leased to railroads and shippers. If lease demand or equipment values fall, it may not recover its full investment.
- Liquidity strain could hit depositors and debt. If depositors pulled money quickly, the bank could struggle to meet withdrawals, repay its Purchase Money Note and other creditors, and fund its operations. Deposits were $173.4 billion as of June 30, 2026.
- Stricter rules that come with size. With $229.70 billion in assets as of December 31, 2025, the bank faces stricter capital, liquidity and stress-testing rules. Proposed Basel III Endgame rules could change its capital needs. Falling short could limit dividends.
Recent events
- Quarterly results released; Investor presentation or announcement; Other company announcement
- Change to shareholder rights; Bylaws or fiscal year changed; Other company announcement
- Other company announcement
- Quarterly results released; Investor presentation or announcement
- Shareholder vote results
- Quarterly results released; Investor presentation or announcement
- Other company announcement
- Change to shareholder rights; Bylaws or fiscal year changed; Other company announcement
- Quarterly results released; Investor presentation or announcement
- Executive or board change; Investor presentation or announcement
For income and retirement investors
First Citizens pays a dividend, but a small one: the yield was 0.36% as of October 27, 2026. Dividends per share rose from $1.67 in fiscal 2020 to $7.95 in fiscal 2025, an average gain of 36.6% a year. The company has raised its dividend for at least 9 straight years. Dividends took only 7.3% of fiscal 2025 earnings. Most of the cash returned to shareholders goes to buybacks, which shrink the share count. Buybacks totaled $5.92 billion from fiscal 2021 to 2025, compared with $561 million in dividends. For someone living on portfolio income, the dividend alone would provide little.
The shares have fallen hard in past crises. They dropped 56.9% in the 2008 financial crisis, 46% in the 2020 COVID crash and 33.8% in the 2022 bear market. Each time, they got back to their earlier peak within about 8 to 10 months of the low. A single stock like this one carries more risk than a diversified fund.
Questions investors ask
How does First Citizens BancShares make money?
Mostly from lending. Its biggest source of revenue is net interest income: the gap between what it earns on loans and securities and what it pays on deposits and borrowings. In fiscal 2025, that was $6.81 billion of its $9.54 billion in revenue. Noninterest income, such as fees, added $2.73 billion. By segment, the Commercial Bank brought in 45.4% of revenue and the General Bank 41.5%. Rail, which leases railcars and locomotives, brought in 7.1%.
Does First Citizens (FCNCA) raise its dividend every year?
Yes, for at least 9 straight years. SEC data from fiscal 2016 through 2025 show an increase every year, and the true streak may be longer. Dividends per share reached $7.95 in fiscal 2025, up from $1.67 in fiscal 2020. Still, the yield was only 0.36% as of October 27, 2026, and dividends used just 7.3% of fiscal 2025 earnings. The company returns far more cash through buybacks, which came to $3.03 billion in fiscal 2025.
Did First Citizens take over Silicon Valley Bank?
Yes. On March 27, 2023, First Citizens' bank took over substantially all loans and all customer deposits of Silicon Valley Bridge Bank. It got them from the FDIC, the agency that insures deposits and handles failed banks. The bridge bank was set up after Silicon Valley Bank closed. First Citizens runs Silicon Valley Bank as a division. Net income jumped to $11.47 billion in fiscal 2023, the year of the deal, then fell to $2.78 billion in fiscal 2024. The company warns that accounting for acquired assets can make earnings swing.
Who controls First Citizens BancShares?
The Holding family. Robert P. Holding came to control the bank in the 1920s. His descendants have served as directors and chief executives and own a large percentage of the common stock. Chairman and CEO Frank B. Holding, Jr. is his grandson, and Vice Chairwoman Hope Holding Bryant is his granddaughter. The company says this ownership, along with charter provisions, could make a takeover harder. Among outside investors, Harris Associates reported owning 8.1% as of December 31, 2025.
How has First Citizens BancShares stock performed?
The shares have risen sharply over the long run, with deep drops along the way. Based on share price, they returned 23.8% a year over the 10 years to October 27, 2026. They returned 23.9% a year over 5 years and 32.4% over 1 year. Calendar years swung widely, from an 87.73% gain in 2023 to 1.99% in 2025. The largest fall in about 21 years of price history was 63.5%. As of October 27, 2026, the shares traded at 14.3 times fiscal 2025 earnings.