NASDAQ$FCNCA
First Citizens BancShares Inc. · Q1 2020 earnings
Q1 2020 earnings · · Investor relations
Briefing
First Citizens BancShares' earnings were impacted by the global spread of COVID-19 and its effects on the economic environment.
First Citizens BancShares reported a net income of $57.2 million for Q1 2020, a decrease of 48.7% compared to Q1 2019. The results were impacted by a decline in fair value in the equity securities portfolio and additional provision expense for the potential impact of COVID-19.
- Net income totaled $57.2 million, a decrease of 48.7% compared to the same quarter in 2019.
- Net interest income was $338.4 million, an increase of 5.6% compared to the same quarter in 2019.
- Total loans grew to $29.24 billion, an increase of 5.0% on an annualized basis since December 31, 2019.
- Total deposits grew to $35.35 billion, an increase of 10.7% on an annualized basis since December 31, 2019.
Headline financials
Revenue & EPS history
First Citizens · Revenue · Quarterly
$402M
Revenue by segment
First Citizens · $402M total across 2 segments · Q1 2020
- Net Interest$338M—84.1%
- Non-Interest$64M—15.9%
Forward guidance
The company is focused on assisting associates, customers, and communities through the coronavirus crisis, while strategically focusing on the long-term and maintaining a strong financial position.
Tailwinds
- Branches remain operational with safety protocols.
- Early withdrawal penalties on certificates of deposit are being waived.
- 90-day payment deferrals are offered for qualified borrowers with no late fees.
- Access to funds is increased through traditional lending products and special unsecured loans.
- Participation in the Small Business Administration Paycheck Protection Program (SBA-PPP).
Headwinds
- The full impact of COVID-19 may defer a full understanding.
- Extensions have been concentrated in industries impacted the most by the pandemic.
- Social distancing requirements had an immediate impact on the dental and medical industries.
- Fluctuations in interest rates could affect accuracy of forward-looking statements.
- Actions of government regulators could affect accuracy of forward-looking statements.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q1 2020
+1.1%
Avg return
Earnings day
+1.8%
Avg return
5 days after
+5.2%
Avg return
30 days after
66%
42 / 64 earnings
Positive
+15.3%
Q3 2020
Best reaction
-9.6%
Q3 2024
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -3.5% | -3.1% | -2.6% | |
| Q4 2025 | -8.5% | -10.1% | -8.5% | |
| Q3 2025 | +0.3% | +0.8% | +7.2% | |
| Q2 2025 | +1.1% | -0.2% | +3.7% | |
| Q1 2025 | +1.1% | +1.2% | +2.8% | |
| Q3 2024 | -9.6% | -6.8% | +13.0% | |
| Q2 2024 | +13.3% | +14.3% | +8.2% | |
| Q1 2024 | +7.0% | +2.9% | +8.6% | |
| Q4 2023 | +5.1% | +6.9% | +8.7% | |
| Q3 2023 | +3.6% | +6.1% | +10.3% | |
| Q2 2023 | +3.4% | +4.7% | -3.7% | |
| Q1 2023 | +12.8% | +15.7% | +17.5% | |
| Q4 2022 | -3.2% | -2.2% | -7.0% | |
| Q3 2022 | -5.5% | -4.9% | -4.9% | |
| Q2 2022 | +5.1% | +6.7% | +13.0% | |
| Q1 2022 | +3.1% | +6.0% | +11.9% | |
| Q4 2021 | -4.9% | -3.8% | -3.5% | |
| Q3 2021 | -2.1% | +0.3% | -1.0% | |
| Q2 2021 | +4.5% | +11.5% | +17.9% | |
| Q1 2021 | -2.9% | -2.1% | -2.8% | |
| Q4 2020 | -6.5% | -5.1% | +20.6% | |
| Q3 2020 | +15.3% | +25.7% | +53.6% | |
| Q2 2020 | +4.3% | +4.2% | -2.1% | |
| Q1 2020 | +8.5% | +3.4% | +13.0% | |
| Q4 2019 | +0.6% | +1.5% | -9.3% | |
| Q3 2019 | +0.4% | -0.2% | +4.8% | |
| Q2 2019 | +2.2% | -2.5% | -2.9% | |
| Q1 2019 | -0.6% | +1.7% | -5.8% | |
| Q4 2018 | -1.0% | -0.2% | +6.4% | |
| Q3 2018 | -0.7% | -1.5% | +0.2% | |
| Q2 2018 | -1.1% | -1.2% | +15.9% | |
| Q1 2018 | +2.4% | +4.4% | +5.2% | |
| Q4 2017 | +0.8% | -4.6% | -4.1% | |
| Q3 2017 | +6.8% | +4.1% | +5.8% | |
| Q2 2017 | -2.8% | -3.1% | -8.8% | |
| Q1 2017 | +3.6% | +1.0% | -3.7% | |
| Q4 2016 | +3.1% | -0.4% | -1.2% | |
| Q3 2016 | -1.8% | -1.0% | +21.7% | |
| Q2 2016 | -1.1% | -1.5% | +4.9% | |
| Q1 2016 | -0.0% | — | — | |
| Q2 2015 | +1.4% | — | — | |
| Q4 2015 | +2.2% | — | — | |
| Q3 2015 | +7.0% | — | — | |
| Q1 2015 | +0.2% | — | — | |
| Q4 2014 | +0.3% | — | — | |
| Q2 2014 | +0.3% | — | — | |
| Q3 2014 | -0.5% | — | — | |
| Q1 2014 | +1.1% | — | — | |
| Q4 2013 | +0.3% | — | — | |
| Q2 2013 | +0.3% | — | — | |
| Q3 2013 | +4.8% | — | — | |
| Q1 2013 | +1.3% | — | — | |
| Q2 2012 | -2.3% | — | — | |
| Q4 2012 | -2.3% | — | — | |
| Q3 2012 | +1.7% | — | — | |
| Q1 2012 | +0.7% | — | — | |
| Q4 2011 | +2.2% | — | — | |
| Q3 2011 | -0.5% | — | — | |
| Q2 2011 | +1.2% | — | — | |
| Q1 2011 | +0.7% | — | — | |
| Q4 2010 | +0.0% | — | — | |
| Q3 2010 | -5.1% | — | — | |
| Q2 2010 | +1.3% | — | — | |
| Q1 2010 | +4.0% | — | — |
Discussion
Share your read of this quarter. Sign-in carries your eToro identity.
Join the conversation
Sign in with eToro to post your read of this quarter and vote on others'.
Sign in with eToro