First Citizens BancShares expects to accelerate the paydown of its FDIC purchase money note to between $6 billion and $8 billion in the third quarter of 2026, supported by the anticipated liquidity from its upcoming BMO branch acquisition. CFO Craig Nix said on the Q2 earnings call that recent wholesale funding activities and the positive liquidity event from the BMO deal will drive the faster reduction. The bank prepaid $2.5 billion of the note during the second quarter and an additional $1 billion in July. Adjusted net income reached $691 million, or $57.09 per share, with an adjusted return on equity of 12.94%. The company also narrowed its full-year net interest income guidance to a range of $6.6 billion to $6.75 billion and raised its net charge-off outlook to 30 to 35 basis points.
First Citizens BancShares, Inc.First Citizens projects accelerated FDIC note paydown and reports strong Q2 earnings, including adjusted net income of $691M and narrowed NII guidance.