RALEIGH — Continuing to benefit from its acquisition of Silicon Valley Bank, First Citizens reported results early Thursday that blew past analysts’ expectations.
Net income for the quarter ending Sept. 30 came in at $752 million.
And Chairman/CEO Frank B. Holding, Jr. had much to be positive about in his overview of the details.
“Our third quarter financial results were solid, marked by strong revenue growth and disciplined expense management,” Holding said in a statement. “We continued to make great progress in our integration efforts with [Silicon Valley Bank]. We continue to increase awareness that SVB is open for business and that we remain dedicated to supporting the innovation economy.
“We remain focused on managing credit risk prudently and our capital and liquidity positions remained solid due to strong earnings performance and our continued focus on core deposit gathering,” he added. “We believe we are well-positioned to continue generating long-term tangible book value growth for our stockholders.”
Shares (FCNA) were flat at $1,301.67 in premarket trading.
The Raleigh-based bank said it had earnings of $50.67 per share. Earnings, adjusted for non-recurring costs, came to $55.92 per share.
The results surpassed Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of $48.35 per share.
The bank posted revenue of $3.73 billion in the period. Its revenue net of interest expense was $2.61 billion, also beating Street forecasts. Four analysts surveyed by Zacks expected $2.34 billion.