# First Citizens BancShares (FCNCA.US)

Canonical: https://gigainvestors.com/s/FCNCA

Analysis as of: 2026-10-16T07:28:28.816Z. Financial observations: FY2015–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $2,097.20 per share; close as of 2026-10-15.

## Checklist

### understandable: pass

- Financial history: 10 years

- Profitable years in the last ten: 10

- Required profitable years: 9

- Return on common equity variation (informational): 1.24×

Chart: Net income; fiscal year observations.

- FY2016: $225M

- FY2017: $324M

- FY2018: $400M

- FY2019: $457M

- FY2020: $478M

- FY2021: $529M

- FY2022: $1.0B

- FY2023: $11B

- FY2024: $2.7B

- FY2025: $2.1B

### moat: fail

- Tangible common book per share

- median return on common equity below threshold

- return on tangible common equity below 5% in more than one year

- Bank / P&C ROTE, median of available years: 10.5%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: 1.0%

- Cost / income, median: 63.8%

- Years with reported combined ratio: 0

Chart: Return on tangible common equity; fiscal year observations.

- FY2016: 8.1%

- FY2017: 10.4%

- FY2018: 12.6%

- FY2019: 1.2%

- FY2020: 1.0%

- FY2021: 0.9%

- FY2022: 12.6%

- FY2023: 57.9%

- FY2024: 13.1%

- FY2025: 10.6%

### economics: pass

- Tangible common book per share

- Book value per share + reinvested dividends, annualized return: 22.3%

- Book return interval: 10 years

- Starting book value per share: $219.92

- Ending book value per share: $2K

Chart: Annual book + dividend return; fiscal year observations.

- FY2016: 5.9%

- FY2017: 12.2%

- FY2018: 4.9%

- FY2019: 1231.4%

- FY2020: 32.7%

- FY2021: 20.6%

- FY2022: -90.6%

- FY2023: 155.7%

- FY2024: 7.5%

- FY2025: 8.9%

### management: pass

- Tangible common book per share

- Diluted shares, 10-year annual growth: 0.8%

- Diluted shares, 5-year annual growth: 5.3%

- Share growth excluding flagged crisis recapitalisations: 0.8%

- Five-year share growth excluding flagged crisis recapitalisations: 5.3%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 1.61×

- Book value created per share: $1K

- Earnings retained per share after dividends and buybacks: $833.29

Chart: Shares (first year = 100); fiscal year observations.

- FY2015: 100

- FY2016: 100

- FY2017: 100

- FY2018: 98

- FY2019: 89

- FY2020: 84

- FY2021: 82

- FY2022: 129

- FY2023: 121

- FY2024: 119

- FY2025: 108

### accounting: pass

- Financial accounting warning count: 0

- Deposits, annualized growth: 19.6%

- Known restatement years: 0

- Years loan growth exceeded twice deposit growth: 1

- Years credit losses exceeded peer median: 0

## Holders

- [Steven Check](https://gigainvestors.com/CHE): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [David Hoeft](https://gigainvestors.com/DAC): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Bill Nygren](https://gigainvestors.com/HA): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Up 52% since Oct 2023 · net income -20.9%

Story as of 2026-10-16T09:58:44.745Z; price observation 2026-10-15.

- 2025-07-25: First Citizens BancShares earnings beat by $5.49, revenue topped estimates ([investing.com](https://www.investing.com/news/earnings/first-citizens-bancshares-earnings-beat-by-549-revenue-topped-estimates-4153284))

- 2025-08-13: FCNCA Q2 Deep Dive: Loan Growth Remains Sluggish Amid Competitive, Cautious Backdrop ([finance.yahoo.com](https://finance.yahoo.com/news/fcnca-q2-deep-dive-loan-033751761.html))

- 2025-10-24: First Citizens BancShares (FCNC.A) Margin Miss Reinforces Cautious Growth Narratives Despite Deep Value ([finance.yahoo.com](https://finance.yahoo.com/news/first-citizens-bancshares-fcnc-margin-043157352.html))

### Net income · FY2025

net income -20.9%; source https://www.sec.gov/Archives/edgar/data/798941/000079894126000015/fcnca-20251231.htm; observed 2026-02-24.

- FY2016: $225M 

- FY2017: $324M 

- FY2018: $400M 

- FY2019: $457M 

- FY2020: $478M 

- FY2021: $529M 

- FY2022: $1.0B 

- FY2023: $11B 

- FY2024: $2.7B 

- FY2025: $2.1B 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in regional banking; annual sales are USD 9.5 billion.

- Source: https://www.sec.gov/Archives/edgar/data/798941/000079894126000015/fcnca-20251231.htm#000079894126000015 (filed 2026-02-24); FY2025: revenue 9541000000.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); FCNCA.US: First Citizens BancShares, Inc. operates as the holding company for First-Citizens Bank & Trust Company that provides retail and commercial banking services to individuals, businesses, and professionals in the United States and internationally. It operates through the General Bank, Commercial Bank, and Rail segments. The General Bank segment offers deposit products, including checking, savings, money market, and time deposit accounts; conforming and jumbo residential mortgage, and business and commercial loans; brokerage, investment advisory, private stock loans, other secured and unsecured lending products, and vineyard development loans; planning-based financial strategies, family office, financial planning, tax planning, and trust services; and payment and treasury services. This segment also includes a community association bank business that supports deposit, cash management, and lending to homeowner associations and property management companies. Its Commercial Bank segment provides a range of leasing, capital markets, asset management, and other financial and advisory services; factoring, receivable management, supply chain financing, and secured financing services; and commercial deposit products and services through online and mobile banking platforms, as well as physical locations. The Rail segment offers customized leasing and financing solutions on a fleet of railcars and locomotives to railroads and shippers. Its railcar types include covered hopper cars used to ship grain and agricultural products, plastic pellets, sand, and cement; tank cars for energy products and chemicals; gondolas for coal, steel coil and mill service products; open-top hopper cars for coal and aggregates; boxcars for paper and auto parts; and centerbeams and flat cars for lumber. First Citizens BancShares, Inc. was founded in 1898 and is headquartered in Raleigh, North Carolina.

### Why customers stay

It earns 10.5% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); 10-year return on tangible equity observations [[2016,0.08099832386541207],[2017,0.10408803848549061],[2018,0.12587236020147727],[2019,0.011872702130189707],[2020,0.009964809421456298],[2021,0.009377975712354759],[2022,0.12634116937914405],[2023,0.5785656319740312],[2024,0.13087895142636854],[2025,0.10574746580061017]]; median 0.1049177521430504. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back USD 3 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); Dividend observations: [[2016,14412000],[2017,14412000],[2018,16779000],[2019,18137000],[2020,30393000],[2021,41612000],[2022,83000000],[2023,117000000],[2024,158000000],[2025,161000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/798941/000079894126000015/fcnca-20251231.htm (filed 2026-02-24); FY2025: cash repurchases 3027000000 USD.

### Are managers owners

Insiders own 25.4% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); FCNCA.US SharesStats.PercentInsiders = 25.375999999999998 percentage points; cache date 2026-10-16.

### What the price says

The price is 2.9 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); Closing price 2097.2 USD; reporting-to-trading FX 1; FY2025 annual sales per share 733.7845045416424; price multiple 2.858059807776962. FY2025 cash earnings/share 135.28214479496373. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $291.00 per share

- 2016-11: $356.37 per share

- 2016-12: $355.00 per share

- 2017-01: $366.74 per share

- 2017-02: $356.29 per share

- 2017-03: $335.37 per share

- 2017-04: $348.06 per share

- 2017-05: $331.40 per share

- 2017-06: $372.70 per share

- 2017-07: $368.02 per share

- 2017-08: $340.51 per share

- 2017-09: $373.89 per share

- 2017-10: $405.00 per share

- 2017-11: $426.49 per share

- 2017-12: $403.00 per share

- 2018-01: $425.41 per share

- 2018-02: $407.10 per share

- 2018-03: $413.24 per share

- 2018-04: $432.29 per share

- 2018-05: $439.29 per share

- 2018-06: $403.30 per share

- 2018-07: $406.82 per share

- 2018-08: $475.01 per share

- 2018-09: $452.28 per share

- 2018-10: $426.63 per share

- 2018-11: $429.47 per share

- 2018-12: $377.05 per share

- 2019-01: $407.53 per share

- 2019-02: $436.58 per share

- 2019-03: $407.20 per share

- 2019-04: $448.25 per share

- 2019-05: $420.10 per share

- 2019-06: $450.27 per share

- 2019-07: $467.02 per share

- 2019-08: $444.60 per share

- 2019-09: $471.55 per share

- 2019-10: $491.92 per share

- 2019-11: $519.80 per share

- 2019-12: $532.21 per share

- 2020-01: $526.82 per share

- 2020-02: $453.31 per share

- 2020-03: $332.87 per share

- 2020-04: $382.00 per share

- 2020-05: $385.00 per share

- 2020-06: $405.02 per share

- 2020-07: $425.87 per share

- 2020-08: $393.15 per share

- 2020-09: $318.78 per share

- 2020-10: $462.70 per share

- 2020-11: $528.59 per share

- 2020-12: $574.27 per share

- 2021-01: $595.99 per share

- 2021-02: $737.89 per share

- 2021-03: $835.77 per share

- 2021-04: $867.46 per share

- 2021-05: $860.60 per share

- 2021-06: $832.74 per share

- 2021-07: $782.59 per share

- 2021-08: $897.70 per share

- 2021-09: $843.17 per share

- 2021-10: $813.90 per share

- 2021-11: $803.98 per share

- 2021-12: $829.84 per share

- 2022-01: $779.08 per share

- 2022-02: $788.45 per share

- 2022-03: $665.60 per share

- 2022-04: $639.38 per share

- 2022-05: $700.40 per share

- 2022-06: $653.78 per share

- 2022-07: $756.68 per share

- 2022-08: $811.96 per share

- 2022-09: $797.43 per share

- 2022-10: $822.12 per share

- 2022-11: $816.46 per share

- 2022-12: $758.36 per share

- 2023-01: $777.68 per share

- 2023-02: $733.76 per share

- 2023-03: $973.10 per share

- 2023-04: $1,007.18 per share

- 2023-05: $1,247.20 per share

- 2023-06: $1,283.45 per share

- 2023-07: $1,431.30 per share

- 2023-08: $1,360.40 per share

- 2023-09: $1,380.10 per share

- 2023-10: $1,380.74 per share

- 2023-11: $1,467.89 per share

- 2023-12: $1,418.97 per share

- 2024-01: $1,510.00 per share

- 2024-02: $1,573.81 per share

- 2024-03: $1,635.00 per share

- 2024-04: $1,686.76 per share

- 2024-05: $1,698.43 per share

- 2024-06: $1,683.61 per share

- 2024-07: $2,087.69 per share

- 2024-08: $2,030.70 per share

- 2024-09: $1,840.95 per share

- 2024-10: $1,937.35 per share

- 2024-11: $2,295.00 per share

- 2024-12: $2,113.02 per share

- 2025-01: $2,204.69 per share

- 2025-02: $2,048.06 per share

- 2025-03: $1,854.12 per share

- 2025-04: $1,779.14 per share

- 2025-05: $1,848.88 per share

- 2025-06: $1,956.47 per share

- 2025-07: $1,994.76 per share

- 2025-08: $1,983.91 per share

- 2025-09: $1,789.16 per share

- 2025-10: $1,824.82 per share

- 2025-11: $1,877.89 per share

- 2025-12: $2,146.18 per share

- 2026-01: $2,069.57 per share

- 2026-02: $1,898.15 per share

- 2026-03: $1,884.66 per share

- 2026-04: $1,983.82 per share

- 2026-05: $1,990.51 per share

- 2026-06: $2,080.79 per share

- 2026-07: $2,186.65 per share

- 2026-08: $2,164.40 per share

- 2026-09: $2,060.20 per share

- 2026-10: $2,097.20 per share

## Annual estimated value (USD per share)

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/798941/000079894126000015/fcnca-20251231.htm); period 2025-12-31, filed 2026-02-24.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.