First Citizens BancShares reports $575M quarterly profit, adds $4B buyback

First Citizens BancShares, Inc. (NASDAQ: FCNCA) reported net income of $575 million for the second quarter of 2025, compared to $483 million in the first quarter. Net income available to common stockholders was $561 million, or $42.36 per share, up from $468 million, or $34.47 per share, in the prior quarter.

The Raleigh, North Carolina-based bank announced its board approved an additional $4 billion share repurchase program for Class A common shares, which will begin after completion of the current $3.5 billion repurchase plan announced in July 2024. During the second quarter, the company repurchased 338,959 shares for $613 million.

Net interest income totaled $1.70 billion, increasing $32 million from the first quarter. The net interest margin remained steady at 3.26% for both quarters. Loans and leases decreased $89 million to $141.27 billion, while deposits grew $610 million to $159.94 billion.

The provision for credit losses was $115 million, down from $154 million in the prior quarter. Net charge-offs decreased to $119 million, representing 0.33% of average loans, compared to $144 million or 0.41% in the first quarter. Nonaccrual loans increased to $1.32 billion from $1.21 billion.

The company's capital ratios remained above regulatory requirements, with a Common equity Tier 1 risk-based capital ratio of 12.12% at June 30. Since inception of the 2024 share repurchase program through June 30, the bank has repurchased 1,456,283 shares for $2.89 billion, with $611 million remaining under the current authorization.

First Citizens also announced the appointment of Diane Morais to its board of directors. The bank paid a dividend of $1.95 per share on Class A and Class B common stock during the quarter.

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