RALEIGH – First Citizens Bank delivered results that topped Wall Street expectations in its latest earnings report – the first quarter of business since acquiring Silicon Valley Bank in March.
“We are proud of our continued strong financial performance in the second quarter as we drove momentum in our legacy business lines and began to realize the long-term strategic and financial value of our combination with [Silicon Valley Bank],” said Chairman and CEO Frank B. Holding, Jr. in a statement.
- MORE COVERAGE: Read the full earnings report, press release here
“Our performance was supported by the progress we made integrating SVB and our continuing efforts to provide stability and continuity for our clients and associates. We also continue to build on the strengths of our combined team, including leveraging SVB’s deep innovation economy expertise and maintaining their unique approach to serving clients. As we navigate an uncertain macroeconomic environment, we remain focused on maintaining strong capital and liquidity positions as well as delivering long-term stockholder value.”
Providing a boost was an additional $55 million added to the value of the SVB acquisition.
“[S]econd quarter net income includes an increase to the preliminary gain on acquisition of $55 million (net of tax) as we refined our estimates of the fair value of net assets acquired and liabilities assumed,” it reported.
First Citizens (FCNCA) reported second-quarter profit of $682 million.
The bank said it had earnings of $45.87 per share. Earnings, adjusted for non-recurring costs, were $52.60 per share.
The results surpassed Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of $45.91 per share.
The bank posted revenue of $3.61 billion in the period. Its revenue net of interest expense was $2.62 billion, which also beat Street forecasts.
