First Citizens Bancshares (FCNCA) Q3 FY2021 earnings: revenue $471 million, down 0.7% on the year

First Citizens Bancshares Inc. (FCNCA) reported revenue of $471 million for Q3 FY2021, the quarter ended 30 September 2021, down 0.7% on the same quarter a year earlier. Net income was $124 million, down 13.0% on the year, and diluted earnings per share $12.17. The figures are the company's own, from the 10-Q it filed with the SEC on 2 November 2021.

Revenue$471 milliondown 0.7%

Net income$124 milliondown 13.0%

Diluted EPS$12.17

QuarterQ3 FY2021ended 30 September 2021

The quarter, against the one before and a year earlier

Line	Q3 FY2021	Quarter before	A year earlier	Change on the year
Revenue	471	n/a	n/a	n/a
Operating income	157	n/a	n/a	n/a
Operating margin	33.3%	n/a	n/a
Interest expense	16.0	n/a	n/a	n/a
Pre-tax income	158	n/a	n/a	n/a
Income tax	34.1	n/a	n/a	n/a
Effective tax rate	21.5%	n/a	n/a
Net income	124	n/a	n/a	n/a
Net margin	26.3%	n/a	n/a
Diluted EPS	$12.17	n/a	n/a	n/a

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed.

Cash flow and capital returned

Line	Q3 FY2021	Quarter before	A year earlier	Change on the year
Operating cash flow	136	n/a	n/a	n/a
Capital expenditure	21.2	n/a	n/a	n/a
Free cash flow	115	n/a	n/a	n/a
Cash from investing	-1,806	n/a	n/a	n/a
Cash from financing	1,612	n/a	n/a	n/a
Depreciation and amortisation	26.2	n/a	n/a	n/a
Share-based compensation	0.0	n/a	n/a	n/a
Buybacks	0.0	n/a	n/a	n/a
Dividends paid	9.3	n/a	n/a	n/a
Dividend per share	$0.47	n/a	n/a	n/a
Diluted shares, weighted	10m	n/a	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q3 FY2021	Quarter before	A year earlier	Change on the year
Shareholders' equity	4,581	n/a	n/a	n/a
Deposits	50,066	n/a	n/a	n/a
Debt	1,883	n/a	n/a	n/a
Other liabilities	372	n/a	n/a	n/a
Total liabilities and equity	56,902	n/a	n/a	n/a
Fixed assets	1,231	n/a	n/a	n/a
Goodwill	350	n/a	n/a	n/a
Intangible assets	44.1	n/a	n/a	n/a
Securities held for sale or to maturity	10,752	n/a	n/a	n/a
Loans	32,333	n/a	n/a	n/a
Cash and equivalents	337	n/a	n/a	n/a
Other assets	11,854	n/a	n/a	n/a
Total assets	56,902	n/a	n/a	n/a

Questions

What was First Citizens Bancshares' revenue in Q3 FY2021?

First Citizens Bancshares (FCNCA) reported revenue of $471 million for Q3 FY2021, the quarter ended 30 September 2021, down 0.7% on the same quarter a year earlier.

How much did First Citizens Bancshares earn in Q3 FY2021?

Net income for Q3 FY2021 was $124 million, down 13.0% on the year, and diluted earnings per share $12.17.

When did First Citizens Bancshares report Q3 FY2021 results?

First Citizens Bancshares filed its 10-Q for the quarter ended 30 September 2021 with the SEC on 2 November 2021.

Quarterly results, the last 20 quarters

	Q3 FY2021 †	Q4 FY2021 *	Q1 FY2022 †	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	471	472	1,499	1,124	1,228	1,231	11,109	2,619	2,605	2,454	2,444	2,460	2,446	2,408	2,298	2,373	2,433	2,437	2,313	2,432
Operating income	157	n/a	n/a	379	468	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Operating margin	33%	n/a	n/a	34%	38%	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Interest expense	16.0	14.6	61.0	57.0	111	238	361	992	1,120	1,206	1,267	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Pre-tax income	158	154	225	337	408	392	9,471	896	997	713	1,004	979	873	736	651	758	751	811	705	891
Tax rate	22%	20%	-20%	24%	23%	34%	-0%	24%	25%	28%	27%	28%	27%	5%	26%	24%	24%	28%	24%	25%
Net income	124	123	271	255	315	257	9,518	682	752	514	731	707	639	700	483	575	568	580	534	672
Net margin	26%	26%	18%	23%	26%	21%	86%	26%	29%	21%	30%	29%	26%	29%	21%	24%	23%	24%	23%	28%
Diluted EPS	$12.17	$12.09	$16.70	$14.86	$19.25	$16.59	n/a	$45.87	$50.67	$34.33	$49.26	$47.54	$43.42	$49.21	$34.47	$42.36	$43.08	$45.81	$42.63	$55.52
Operating cash flow	136	178	400	843	528	1,020	-362	916	1,205	901	461	417	991	1,119	98.0	859	916	1,050	172	1,043
Capital expenditure	21.2	34.9	15.0	n/a	42.0	74.0	44.0	84.0	69.0	208	94.0	101	106	128	103	126	238	243	141	102
Free cash flow	115	143	385	n/a	486	946	-406	832	1,136	693	367	316	885	991	-5.0	733	678	807	31.0	941
Buybacks	0.0	0.0	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	0.0	0.0	700	948	618	613	896	900	899	606
Dividends paid	9.3	9.2	14.0	24.0	20.0	25.0	26.0	26.0	26.0	39.0	39.0	39.0	38.0	42.0	42.0	40.0	39.0	40.0	51.0	55.0
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. A blank figure marked on a quarter is one the filings do not give on their own: the quarters as filed do not add to the year the company filed, or the year and its quarters stand on different share counts. Each quarter's page says which. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 30 September 2021, filed 2 November 2021: the filing.