#1First Citizens BancSharesⓇ First Citizens BancShares, Inc. Third Quarter 2023 Earnings Conference Call October 26, 2023#2Agenda Section I - Third Quarter Overview & Business Update Section II - Third Quarter 2023 Financial Results Financial Highlights Earnings Highlights Net interest income, margin and interest rate sensitivity Noninterest income and expense Balance Sheet Highlights Loans and Leases Deposits and Funding Mix Allowance and Credit Quality Trends Capital Section III - Financial Outlook Section IV-Appendix Section V-Non-GAAP Reconciliations First Citizens BancShares Pages 4 - 9 10 - 32 11 - 12 13 14 - 17 18 - 20 21 22-23 24 - 26 27 - 31 32 33 - 34 35 - 50 51 - 56 2#3Important Notices Forward Looking Statements This presentation contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 regarding the financial condition, results of operations, business plans, asset quality, future performance and other strategic goals of First Citizens BancShares, Inc. ("BancShares"). Words such as "anticipates," "believes," "estimates," "expects," "predicts," "forecasts," "intends," "plans," "projects," "targets," "designed," "could," "may," "should," "will," "potential," "continue", "aims" or other similar words and expressions are intended to identify these forward-looking statements. These forward-looking statements are based on BancShares' current expectations and assumptions regarding BancShares' business, the economy, and other future conditions. Because forward-looking statements relate to future results and occurrences, they are subject to inherent risks, uncertainties, changes in circumstances and other risk factors that are difficult to predict. Many possible events or factors could affect BancShares' future financial results and performance and could cause the actual results, performance or achievements of BancShares to differ materially from any anticipated results expressed or implied by such forward-looking statements. Such risks and uncertainties include, among others, general competitive, economic, political, geopolitical events (including conflicts in Ukraine, Israel and the Gaza Strip) and market conditions, including changes in competitive pressures among financial institutions and the impacts related to or resulting from recent bank failures and other volatility, the financial success or changing conditions or strategies of BancShares' vendors or clients, including changes in demand for deposits, loans and other financial services, fluctuations in interest rates, changes in the quality or composition of BancShares' loan or investment portfolio, actions of government regulators, including the recent and projected interest rate hikes by the Board of Governors of the Federal Reserve Board (the "Federal Reserve"), changes to estimates of future costs and benefits of actions taken by BancShares, BancShares' ability to maintain adequate sources of funding and liquidity, the potential impact of decisions by the Federal Reserve on BancShares' capital plans, adverse developments with respect to U.S. or global economic conditions, including the significant turbulence in the capital or financial markets, the impact of the current inflationary environment, the impact of implementation and compliance with current or proposed laws, regulations and regulatory interpretations, including the interagency proposed rule on regulatory capital, along with the risk that such laws, regulations and regulatory interpretations may change, the availability of capital and personnel, and the failure to realize the anticipated benefits of BancShares' previous acquisition transactions, including the previously completed FDIC- assisted transaction with Silicon Valley Bridge Bank, N.A. ("SVB acquisition") and the previously completed transaction with CIT Group Inc. ("CIT"), which acquisition risks include (1) disruption from the transactions with client, supplier or employee relationships, (2) the possibility that the amount of the costs, fees, expenses and charges related to the transactions may be greater than anticipated, including as a result of unexpected or unknown factors, events or liabilities or increased regulatory compliance obligations or oversight, (3) reputational risk and the reaction of the parties' clients to the transactions, (4) the risk that the cost savings and any revenue synergies from the transactions may not be realized or take longer than anticipated to be realized, (5) difficulties experienced in completing the integration of the businesses, (6) the ability to retain clients following the transactions and (7) adjustments to BancShares' estimated purchase accounting impacts of the SVB acquisition. Except to the extent required by applicable laws or regulations, BancShares disclaims any obligation to update forward-looking statements or to publicly announce the results of any revisions to any of the forward-looking statements included herein to reflect future events or developments. Additional factors which could affect the forward-looking statements can be found in BancShares' Annual Report on Form 10-K for the fiscal year ended December 31, 2022, its Quarterly Reports on Form 10-Q for the periods ended March 31, 2023, June 30, 2023, and its other filings with the Securities and Exchange Commission (the "SEC"). Non-GAAP Measures Certain measures in this presentation are "Non-GAAP," meaning they are not presented in accordance with generally accepted accounting principles in the U.S. and also are not codified in U.S. banking regulations currently applicable to BancShares. BancShares believes that Non-GAAP financial measures, when reviewed in conjunction with GAAP financial information, can provide transparency about or an alternative means of assessing its operating results and financial position to its investors, analysts and management. Certain financial results referenced as "Adjusted" in this presentation exclude notable items. The Adjusted financial measures are Non-GAAP. Refer to Section V of this presentation for a reconciliation of Non-GAAP measures to the most directly comparable GAAP measure. Reclassifications In certain instances, amounts reported in prior period consolidated financial statements have been reclassified to conform to the current financial statement presentation. Such reclassifications had no effect on previously reported stockholders' equity or net income. The methodologies that we use to allocate items among our segments are dynamic and may be updated periodically to reflect enhanced expense base allocation drivers, changes in the risk profile of a segment or changes in our organizational structure. Accordingly, financial results may be revised periodically to reflect these enhancements. First Citizens BancShares 3#4First Citizens BancShares Third Quarter Overview & Business Update Section I#5Third Quarter 2023 Snapshot First Citizens continued to deliver strong performance demonstrating the benefits that increased scale and diversified offerings bring to the franchise. Key Accomplishments: Achieved positive operating leverage driven by strong revenue growth and continued disciplined expense management. Achieved solid net interest income growth driven by the benefits of the SVB acquisition and higher earning asset balances and yield. Sustained growth in deposits driven by our Direct Bank channel further strengthening our liquidity position. ■ Capital position remained strong. First Citizens BancShares Financial Highlights: Adjusted EPS (1) $55.92 Adjusted ROE/ROA (¹) 16.77% / 1.55% NIM 4.07% Adjusted Efficiency Ratio (¹) 46.04% CET1 ratio 13.23% Deposit growth 14.2% (2) (1) Non-GAAP metric. Refer to the Non-GAAP Section V of this presentation for notable item details and a reconciliation of the Non-GAAP to GAAP measures. (2) Deposit growth percentage is annualized. 5#6■ ■ ■ Continued Progress on SVB Integration Initiatives Ⓒ Maintain & grow market position as an important partner in the innovation economy Stabilization COMPLETE Conducted robust client outreach program to stabilize deposits. Established leadership team at SVB and set initial strategic priorities. Stabilized key talent and began workforce optimization. First Citizens BancShares I I Integration Priorities Build trust with our client base & defend against competition Key Activities Strategic Assessment MATERIALLY COMPLETE Completed initial round of business unit strategic assessments. Established key integration initiatives. Completed initial strategic planning cycle as a combined company. ■ M Retain key talent and optimize the workforce to drive revenue growth ■ Integration Developed detailed integration plans using results from the strategic assessments. IN PROGRESS Continued focus on supporting the innovation economy. Kicked off legacy SVB Private conversion. Continued progress on cost saving initiatives. O O O Maintain sound risk management practices Large Bank Program (Regulatory Readiness) Refreshed capital plan and integrated liquidity monitoring to include SVB. Filed initial regulatory reporting as a combined organization. Identified areas of focus given increased size and complexity. Activities to support these focus ares remain on track. 6#7Strategic Priorities !!!!! OCH H VL ام HOO ¹ Grow Core Lines of Business Allocate capital and investments to grow lines of business with the highest returns and opportunity. ● Optimize Capital & Core Funding ● Scale Talent with an Eye Towards the Future Attract, retain and develop associates who align with our long-term direction and culture while scaling for continued growth. ● Maintain Positive Operating Leverage Identify areas to enhance revenue and control costs beyond acquisition synergy goals. ● Continue to optimize core funding by growing lower cost deposits. Use innovation to facilitate growth, expand revenue opportunities and reduce cost of delivery while building a foundation for the future. Manage Risk Effectively ● · Deliver value from SVB acquisition First Citizens BancShares Continue to manage risk within our defined risk appetite. Align risk management activities to support our move to the large financial institution framework. Maintain position as an important partner for the innovation economy. Continue to rebuild trust with legacy SVB client base. Focus on retaining legacy SVB talent and driving revenue growth. Leverage complementary capabilities and cultural attributes to differentiate our value proposition throughout customers' life cycle. 7#8First Citizens is Committed to SVB and the Innovation Economy We remain fully committed to supporting our clients and the innovation economy and are well-positioned to help navigate these challenging market conditions. mm میرا Committed to the innovation economy Trusted partner State of the market Robust, resilient markets First Citizens BancShares ■ ▪ We continued to invest in the SVB business as demonstrated by the release of 'SVB Go' an online digital banking platform designed to support our clients needs by facilitating easier interactions. ■ ■ ■ We launched a new nationwide advertising campaign 'Yes, SVB' intended to increase awareness of SVB's continued presence, ongoing commitment, experienced team and leadership position helping investors and innovators scale and succeed. ■ We remain a trusted partner to innovation clients as we have been for 40 years by providing banking services, debt-financing solutions and industry partnerships to companies and investors. ▪ Innovation economy fundraising activity remains muted as the dynamic macroeconomic environment leads to continued lient cash burn and a decline in VC investment. ■ Our partnerships stretch beyond our wide range of product offerings and include a collection of intangible knowledge based on our extensive experience that is critical for successful innovation companies. We facilitate committed partnership with our clients to promote better outcomes. VC dry powder remains elevated but capital deployment is likely to remain slow in the near-term. We remain confident in the long-term growth opportunity of the innovation economy. I ▪ We believe the innovation economy is better-positioned today to weather a downturn than in past cycles. Capital markets have continued to be volatile in 2023 reducing exit values and leading many companies to postpone public offerings. As we have seen in prior slowdowns in the exit markets, including the early 2000s, the Global Financial Crisis, early 2016 and 2022, a slowdown period typically lasts 12-18 months as VC/PE firms historically jumped in to take advantage of depressed private company valuations. 8#9Wealth Management Alignment & Synergies New leadership structure developed to align SVB Private in our Wealth Management organization to improve coordination and enhance our commitment to creating a premier private banking & wealth business. A complementary combination: Synergies in geographic footprints and offerings elevate proficiencies and service opportunities in both legacy organizations Areas of growth opportunity: Financial planning for families and entities as well as philanthropic & charitable services Multigenerational transfers Asset protection ● ● ● ● ● . Cash Management: Deposit Products & Services Fixed Income Solutions Online Banking Personalized Banking Services First Citizens BancShares . ● ● ● ● ● Lending Solutions: Mortgages Home Equity Lines Securities Based Lending Private Stock Premier wealth products & services Working Capital Net Asset Value Lending Bridge Loans Specialty Lending Personal Trust: Estate Planning / Generational Transition Investment Management Tax Planning ● ● Northern California Fiduciary Services Trust & Estate Administration Family Office Services Southern California Mountain States (AWA) ● ● ● ● Texas Institutional Trust: Investment Management Retirement Plans Philanthropic Services Custody Services Escrow Services Georgia Legacy FCB ● New England Mid- Atlantic New York Florida Carolinas & Virginia Legacy SVB Broker Dealer / RIA: Goals-Based Financial Planning Investment Management Protection / Risk 9 Management#10First Citizens BancShares Third Quarter 2023 Financial Results Section II#113Q23 Financial Results - Takeaways 1 2 3 4 5 Strong EPS, ROE and ROA performance. Solid net interest income and NIM performance. Another quarter of PPNR growth leading to further improvement in the efficiency ratio. Loan growth was strong in the General and Commercial Bank segments. Sustained deposit growth momentum driven by the Direct Bank channel. First Citizens BancShares 6 7 8 9 10 Continued low levels of private equity/ venture capital activity remain a headwind for loan and deposit growth in the SVB segment. Net charge-offs increased during the quarter driven by continued headwinds in the general office and the innovation portfolios. Office-related CRE exposure remains limited and CRE-related reserve build continued. Maintained a strong balance sheet position in terms of capital and liquidity due to strong earnings and deposit growth. Continued to implement, review and develop plans for the large bank program and proposed regulatory changes. 11#123Q23 Financial Highlights EPS ROE ROTCE ROA PPNR ROA NIM Net charge-off ratio Efficiency ratio First Citizens BancShares Sep 23 Reported 50.67 15.20 % 15.76 1.41 2.23 4.07 0.53 54.34 Adjuste (Non-GAAP) 55.92 16.77 % 17.39 1.55 2.48 4.07 0.53 46.04 Quarter-to-date Jun 23 Reported 45.87 14.35 % 14.91 1.31 2.00 4.10 0.47 60.06 Adjusted (Non-GAAP) 52.60 16.46 % 17.10 1.49 2.34 4.10 0.47 49.65 Reported Sep 22 19.25 12.49 % 13.17 1.16 1.72 3.42 0.10 61.91 Adjusted (Non-GAAP) 20.77 13.47 % 14.20 1.24 1.86 3.42 0.10 53.32 Note - Adjusted ratios exclude notable items. Refer to the Non-GAAP Section V of this presentation for notable item details and a reconciliation of the Non-GAAP to GAAP measures. 12#13Quarter-to-Date Earnings Highlights ($ in millions) Net interest income Noninterest income Net revenue Reported Noninterest expense Pre-provision net revenue Provision for credit losses Income before income taxes Income taxes Net income Preferred stock dividends Net income available to common stockholders Adjustment for notable items Noninterest income Noninterest expense Provision for credit losses Income taxes Adjusted (Non-GAAP) Net interest income Noninterest income Net revenue Noninterest expense Pre-provision net revenue Provision for credit losses Income before income taxes Income taxes Net income Preferred stock dividends Net income available to common stockholders First Citizens BancShares $ $ $ $ $ 3Q23 1,990 $ 615 2,605 1,416 1,189 192 997 245 752 15 737 $ 3Q23 (147) $ (284) 3Q23 3 58 1,990 468 2,458 1,132 1,326 195 1,131 303 828 $ 15 813 $ QTD 2Q23 1,961 $ 658 2,619 1,572 1,047 151 896 214 682 15 667 $ 2Q23 (196) $ (370) 1 75 QTD 2Q23 1,961 462 2,423 1,202 1,221 152 1,069 289 780 15 765 $ $ 3Q22 795 433 1,228 760 468 60 408 93 315 12 303 3Q22 (145) (183) 3Q22 15 795 288 1,083 577 506 60 446 108 338 $ 12 326 $ $ 2Q23 29 (43) (14) (156) 142 41 $ 101 31 70 0 70 2Q23 29 6 35 (70) 105 43 62 14 48 0 48 Increase (decrease) % 1.5 % $ (6.6) (0.5) (10.0) 13.6 27.3 11.4 14.8 10.3 3.8 10.5 % $ % 1.5% $ 1.3 1.4 (5.9) 8.6 Increase (decrease) 28.5 5.9 4.9 6.3 $ 3.8 6.3 % $ 1,195 182 3Q22 1,377 656 $ 721 132 589 152 437 3 434 3Q22 1,195 180 1,375 555 820 135 685 195 490 3 487 % 150.4 % 42.2 112.1 86.4 154.1 226.2 144.2 162.6 138.7 24.9 143.3 % % 150.4 % 62.4 127.0 96.0 162.1 230.8 153.4 181.6 144.4 24.9 148.9 % Note - Adjusted amounts exclude notable items. Refer to the Non-GAAP Section V of this presentation for notable item details and a reconciliation of the Non-GAAP to GAAP measures. 13#14Net interest income and margin (NIM) ($ in millions) $795 3.42% 3Q22 $802 3.39% 4Q22 $850 First Citizens BancShares 3.41% 1Q23 NII 3Q23 vs 2Q23 Net interest income increased by $29 million due to a $157 million increase in interest income, partially offset by a $128 million increase in interest expense. The change in net interest income was primarily due to the following: $73 million increase in interest income on loans due to loan accretion ($32 million) and a higher yield, partially offset by a lower average balance, $60 million increase in interest on investment securities due to a higher average balance and yield, $24 million increase in interest income on overnight investments due to a higher yield, and a Highlights $66 million decrease in borrowing costs primarily due to the pay down of FHLB borrowings, and a lower rate paid; partially offset by a $194 million increase in interest expense on deposits due to deposit growth, and a higher rate paid. NIM contracted by 3 basis points from 4.10% to 4.07%. See the following page for a rollforward of NIM between 2Q23 and 3Q23. NIM $1,961 4.10% 2Q23 $29 million & (-3 bps) $1,990 4.07% 3Q23 3Q23 vs 3Q22 Net interest income increased by $1.2 billion due to a $2.2 billion increase in interest income, partially offset by a $1.0 billion increase in interest expense. The change in net interest income was primarily due to the following: $1.6 billion increase in interest income on loans due to a higher average balance and increased loan accretion ($263 million) both as a result of the SVB acquisition, an increase in loan yield, and loan growth in the General Bank and Commercial Bank, $473 million increase in interest on overnight investments due to a higher yield and higher average balance resulting from the SVB acquisition; partially offset by a $691 million increase in interest expense on deposits due to a higher average balance resulting from the SVB acquisition, deposit growth, and a higher rate paid, and a $318 million increase in interest expense on borrowings primarily due to the Purchase Money Note related to the SVB acquisition. NIM expanded 65 basis points from 3.42% to 4.07%. See the following page for a rollforward of NIM between 3Q22 and 3Q23. 14#15NIM Rollforward 4.10% 2Q23 3.42% 3Q22 0.12% 0.11% Debt Yield on investments volume & FFS¹) (1) 1.30% Loan yield 0.10% Loan yield 0.76% Yield on investments & FFS (1) First Citizens BancShares (1) FFS represents Fed Funds Sold. 0.05% Purchase accounting 2Q23 to 3Q23 (-3 bps) 0.44% 0.05% Debt rate 3Q22 to 3Q23 (+65 bps) Purchase accounting 0.03% Investments Deposit rate & FFS volume (1.29)% (0.24)% Deposit rate (0.36)% Funding mix (0.13)% Deposit volume (0.12)% Loan volume (0.20)% Debt rate 4.07% 3Q23 4.07% 3Q23 15#16Net interest income and margin rate sensitivity 25.0% 20.0% 15.0% 10.0% 5.0% 0.0% (5.0)% (10.0)% (9.0)% (15.0)% (20.0) (18.9)% (25.0)% Down 200 (4.5)% (9.4)% Down 100 (1.1)% 4Q23 (2.3)% Down 25 Shock 3Q23 Interest Rate Sensitivity ($ in millions) NII NIM NII +100 bps shock $ 162 0.32 %$ 182 +100 bps ramp -100 bps ramp -100 bps shock 13 0.03 (13) (0.03) (164) (0.32) 2.3% 1.1% Up 25 Ramp Illustrative impacts to NII & NIM (1) 1Q24 2Q24 9.2% 4.4% NIM NII 0.36 % $ 174 60 0.12 (60) (0.12) (185) (0.36) Up 100 18.3% 8.8% Up 200 3Q24 NIM NII 0.34 %$ 171 106 0.21 (107) (0.21) (178) (0.35) NIM 0.33% 154 0.30 (155) (0.30) (176) (0.34) 0 O O O O Highlights Continued asset sensitive interest rate risk profile. The magnitude of asset sensitivity increased with the SVB acquisition primarily due to: O O O O Higher cash balances to manage liquidity risk from acquired portfolios and businesses, Addition of a fixed rate Purchase Money Note, increasing liability duration (-$36 billion at September 30, 2023), and a Increase in loans that are primarily linked to floating rate indices (~$57 billion at September 30, 2023). Net interest income is projected to increase 9.2% over the next 12 months for an immediate +100 bps parallel shift (shock) in the yield curve and increase 4.4% for a gradual shift (ramp) of +100 bps. Net interest income is projected to decrease 9.4% over the next 12 months for an immediate -100 bps parallel shift (shock) in the yield curve and decrease 4.5% for a gradual shift (ramp) of -100 bps. Deposit betas are modeled at approximately 35% - 40%. Actual betas will be dependent on liquidity needs, behavior of acquired deposits, deposit mix and levels of overall competition. Approximately 65 - 70% of our loans are floating indexed primarily to Prime, SOFR and LIBOR. 16 The duration of our investment portfolio is ~3.1 years and helps to mitigate earnings risk in a down rate environment. First Citizens Note - The above information is an illustrative example of changes in net interest income and net interest margin using a static balance sheet and forward swap curves in place as of BancShares the end of September. Actual results may differ from above. (1) Impacts to NII and NIM may change due to actual results being different than modeled expectations.#17Historical and Forecasted Cumulative Deposit Beta Actual 78 bps 4Q22 41% 14% 59% 3Q22 44% 56% 4Q22 First Citizens BancShares 23% 124 bps 1Q23 42% 58% 1Q23 46% 54% Actual cumulative beta 2Q23 30% Mid/higher beta categories Lower beta categories 168 bps 2Q23 57% 43% 3Q23 37% 212 bps 3Q23 ● ● Expected cumulative beta 40% o 4Q23 O Forecast Terminal beta O 43% 1Q24 Rate paid on deposits Highlights Expect cumulative deposit beta to continue increasing with a terminal beta of approximately 43% as we continue to increase deposits in the Direct Bank and interest rates remain higher for longer. Actual betas will be dependent on liquidity needs, behavior of acquired deposits, deposit mix and levels of overall competition. 42% The quarter-over-quarter increase in the mid/high beta categories is primarily driven by balance growth in the Direct Bank as part of our liquidity management activities. Mid/higher beta categories: > 30% beta on Direct Bank and SVB money market, savings and time deposit accounts. 2Q24 10 to 30% beta on branch network money market accounts and Community Association Banking checking with interest and money market accounts. Lower beta categories: 0 to 10% beta on total noninterest bearing deposits and branch network checking with interest and savings accounts. 17#18Noninterest income ($ in millions) 0 0 o 0 $433 $145 3Q23 vs 2Q23 Noninterest income decreased by $43 million. Adjusted noninterest income (¹) increased by $6 million. Significant components included: O $288 0 3Q22 $429 $139 $290 4Q22 Adjusted (Non-GAAP) (¹) $11 million increase in gross rental income on operating lease equipment due to increased utilization and a higher lease rate, and a Notable items decreased by $49 million. Significant components included: $43 million reduction in adjustments to the gain on acquisition, $2 million increase in fee income and other service charges; partially offset by a $3 million decrease in other noninterest income spread among various accounts, $2 million decrease in wealth management fees due to a decline in assets under management at SVB, and a $2 million decrease in merchant services due to a lower purchase volume. First Citizens BancShares $12 million increase in realized losses on the sale of investment securities due to a strategic exit of the acquired SVB municipal bond portfolio, and a $9 million decrease in unfavorable fair value adjustments on marketable equity securities. $10,259 $9,824 $126 $309 1Q23 Highlights O 0 $9,950 total 0 notable items Notable items (2) 0 $658 $55 $141 $462 2Q23 $196 total notable items Gain on acquisition $615 $12 $135 $468 3Q23 vs 3Q22 Noninterest income increased by $182 million. Adjusted noninterest income (¹) increased by $180 million primarily due to the impacts of the SVB acquisition. Significant components included: 3Q23 Notable Items increased by $2 million. Significant components included: $12 million increase in adjustments to the gain on acquisition, $8 million increase in gain on sale of leasing equipment, and a $7 million increase in rental income on operating leases; partially offset by a $13 million decrease in other noninterest income, and a $12 million increase in realized losses on the sale of investment securities. $147 total notable items $52 million increase in client investment fees earned for managing off-balance sheet client funds primarily in the SVB segment, $31 million increase in international fees which are FX fees primarily in the SVB segment, $29 million increase in fee income and other service charges, $23 million increase in service charges on deposits, and a $22 million increase in rental income on operating lease equipment due to increased utilization and a higher lease rate. (1) Adjusted amounts exclude notable items. Refer to the Non-GAAP Section V of this presentation for notable item details and a reconciliation of the Non-GAAP to GAAP measures. (2) Excludes gain on acquisition as it is broken out separately. 18#19Noninterest expense ($ in millions) O o O $760 $183 $577 0 2Q22 3Q23 vs 2Q23 Noninterest expense decreased by $156 million. Adjusted noninterest expense (¹) decreased by $70 million. Significant components included: $760 $170 $590 3Q22 First Citizens BancShares Adjusted (Non-GAAP) (¹) Notable items decreased by $86 million. Significant components included: $84 million decrease in acquisition-related expenses. Adjusted efficiency ratio (¹) improved from 49.65% to 46.04%. $48 million decrease in salaries and benefits, $16 million decrease in equipment expense, $16 million decrease in marketing costs primarily due to lower Direct Bank marketing; partially offset by a $14 million increase in FDIC insurance expense. $855 $178 $677 4Q22 Highlights O O 0 O Notable items O $1,572 0 $370 3Q23 vs 3Q22 Noninterest expense increased by $656 million. Adjusted noninterest expense (¹) increased by $555 million primarily due to the impacts of the SVB acquisition. Significant components included: $374 million increase in salaries and benefits, $62 million increase in equipment expense, $32 million increase in other noninterest expense spread among various accounts, and a $27 million increase in third-party processing fees. $1,202 1Q23 $1,416 $284 $1,132 2Q23 Notable items increased by $101 million. Significant components included: $88 million increase in acquisition-related expenses, and a $12 million increase in intangible asset amortization. Adjusted efficiency ratio (¹) improved from 53.32% to 46.04%. (1) Adjusted noninterest expense and adjusted efficiency ratio are Non-GAAP and exclude notable items. Refer to the Non-GAAP Section V of this presentation for notable item details and a reconciliation of the Non-GAAP to GAAP measures. 19#203Q23 Noninterest income and expense composition ($ in millions) Adjusted noninterest income (Non-GAAP) 7% 9% 6% 11% 5% 3% 11% First Citizens BancShares 22% 11% 15% Adjusted rental income on operating lease equipment ($102) Fee income and other service charges ($70) Cardholder and merchant services, net ($53) Client investment fees ($52) Wealth management services ($49) Service charges on deposit accounts ($44) International fees ($34) Other income ($30) Factoring commissions ($21) Insurance commissions ($13) Adjusted noninterest expense (Non-GAAP) 6% 10% 20% 64% Personnel ($727) Equipment ($117) Net occupancy ($65) Other expense ($223) Note - Adjusted noninterest income and adjusted noninterest expense are Non-GAAP and exclude notable items. Refer to the Non-GAAP Section V of this presentation for notable item details and a reconciliation of the Non-GAAP to GAAP measures. 20#21Balance Sheet Highlights ($ in millions, except per share data) SELECT PERIOD END BALANCES Interest-earning deposits at banks Investment securities Loans and leases Operating lease equipment, net (2) Deposits Noninterest bearing deposits Borrowings Tangible common stockholders' equity (non-GAAP) (3) Common stockholders' equity Total stockholders' equity KEY METRICS Common equity Tier 1 (CET1) capital ratio Book value per common share Tangible book value per common share (non-GAAP) (3) Tangible capital to tangible assets (non-GAAP) (3) Loan to deposit ratio ALLL to total loans and leases Noninterest bearing deposits to total deposits Total liquid assets (available cash + HQLS) Total liquidity (liquid assets & contingent sources) Total liquidity / uninsured deposits (4) First Citizens BancShares $ 3Q23 36,704 26,818 133,202 8,661 146,233 43,141 37,712 18,833 19,508 20,389 $ 3Q23 13.23% $ 1,343.52 1,297.00 8.84 % 91.09 1.26 29.50 57,019 145,633 277.00 % $ 2Q23 37,846 22,171 133,015 8,531 141,164 44,547 40,139 18,197 18,890 19,771 $ 2Q23 13.38 % $ 1,300.93 $ 1,253.20 8.71% 94.23 1.23 31.56 53,421 139,447 $ 263.65 % $ 3Q22 6,172 18,841 69,790 7,984 87,553 26,587 8,343 8,461 8,952 9,833 3Q22 10.37 % 597.75 564.97 7.78% 79.71 1.26 30.37 19,161 30,865 111.54 % Increase (decrease) 3Q23 vs 2Q23 (1) $ % $ (1,142) 4,647 187 130 5,069 (1,406) (2,427) 636 618 618 (12.0)% $ 83.2 0.6 6.0 14.2 (12.5) (24.0) 13.9 13.0 12.4 $ 3Q23 vs 3Q22 (¹) $ 30,532 7,977 63,412 677 58,680 16,554 29,369 10,372 10,556 10,556 3Q23 vs 2Q23 $ Increase (decrease) (0.15)% 42.59 43.80 0.13% (3.14) 0.03 (2.06) 3,598 6,186 13.35 % % 494.6 % 42.3 90.9 8.5 67.0 62.3 352.0 122.6 117.9 107.4 3Q23 vs 3Q22 2.86 % $ 745.77 732.03 1.06 % 11.38 (0.87) $ 37,858 114,768 165.46 % 21 (1) Percent change is annualized and is calculated using unrounded numbers. (2) Operating lease equipment, net includes $7.9 billion of rail assets. (3) Refer to the Non-GAAP Section V of this presentation for a reconciliation of the Non-GAAP to GAAP measures. (4) Public funds total $3.6 billion at 9/30/23, of which $3.4 billion are considered uninsured for regulatory reporting purposes. However, these deposits are collateralized and included as part the total insured calculation above.#22Loans and Leases ($ in millions) $69,790 $28,097 $41,693 4.63% 3Q22 $70,781 $27,569 $43,212 5.14% 4Q22 General Bank Yield on Loans First Citizens BancShares $138,288 $66,171 $28,485 $43,632 5.59% 1Q23 Commercial Bank $133,015 $58,803 $29,234 7.07% $44,978 2Q23 SVB $133,202 $56,864 $30,261 7.29% $46,077 3Q23 3Q23 vs 2Q23 Total loans increased $187 million driven primarily by a $1.1 billion increase in the General Bank segment and a $1.0 billion increase in the Commercial Bank segment, partially offset by a $1.9 billion decline in the SVB segment related to Global Fund Banking. ● ● Highlights ● 3Q23 vs 3Q22 Total loans increased $63.4 billion due primarily to the SVB acquisition which contributed $56.9 billion in loans as of September 30, 2023. ● The General Bank growth of $1.1 billion (9.7% annualized) was driven primarily by business and commercial loans while the $1.0 billion (14.3% annualized) growth in the Commercial Bank was broad-based given strong performance in many of our industry verticals and seasonal factoring volumes. General Bank loans grew by $4.4 billion (10.5%) due primarily to business, commercial and mortgage loans. Commercial Bank loans grew by $2.2 billion (7.8%) due to growth in many of our industry verticals, middle market banking and equipment finance. Note - Commercial Bank includes a small amount of Rail loans (less than $100 million in all periods). Rail operating lease assets are not included in the loan totals. 22#233Q23 Loans and Leases Composition ($ in millions) 11% 12% 7% 21% 4% First Citizens BancShares Type 24% 21% Commercial mortgage ($32.2) Commercial and industrial ($28.5) Global Fund Banking $(27.5) 1-4 family residential ($16.2) Innovation lending ($14.4) Private Bank ($9.6) Other ($4.8) 11% 21% 7% 3% 4% 7% 12% Segment 5% 4% 24% 2% Commercial Banking: Commercial Finance ($15.9) Real Estate Finance ($6.0) Equipment Finance ($5.6) Commercial Services - Factoring ($2.7) General Banking: Branch Network & Wealth ($32.1) Mortgage ($10.0) Other ($4.0) SVB: Global Fund Banking ($27.5) Technology & Healthcare Banking ($14.4) Private Bank ($9.6) 23 Other ($5.3) Note - Rail operating lease assets are not included in the loan totals. The Commercial Banking segment includes Commercial Finance, Real Estate Finance, Equipment Finance and Commercial Services (factoring). The General Banking segment includes Branch Network & Wealth, Mortgage, Consumer Indirect, Community Association Banking and Other General Banking. The SVB segment includes Global Fund Banking, Technology & Life Sciences/ Healthcare, Private Bank and CRE.#24Deposits ($ in millions) $87,553 $26,587 $60,966 35 bps 3Q22 $89,408 $24,922 $64,486 78 bps 4Q22 Interest-bearing SVB Interest-bearing First Citizens BancShares $140,050 $30,544 $18,715 $24,105 124 bps $66,686 1Q23 $49,259 $90,791 Noninterest-bearing $141,164 $21,376 $19,484 $23,171 168 bps $77,133 2Q23 SVB Noninterest-bearing $40,860 $100,304 $146,233 $20,486 $19,484 $22,655 212 bps $83,608 3Q23 Cost of deposits $39,970 $106,263 Highlights 3Q23 vs. 2Q23 Total deposits grew $5.1 billion (14.2% annualized) driven primarily by a $6.4 billion increase in the Direct Bank, partially offset by a $890 million decline in deposits in the SVB segment driven by a combination of cash burn and muted fundraising activity. ● Excluding the Direct Bank, General Bank segment deposits decreased $721 million, partially offset by a $304 million increase in Commercial Bank segment deposits. 3Q23 vs. 3Q22 Total deposits grew $58.7 billion (67.0%) driven primarily by the SVB acquisition which contributed $40.0 billion in deposits as of September 30, 2023 and a $21.7 billion increase in the Direct Bank. 24#253Q23 Deposit Composition ($ in billions, except average account size) Type 16% 36% 12% 29% 43% First Citizens BancShares Money market & savings ($62.6) 64% Noninterest-bearing demand ($43.1) Checking with interest ($23.5) Uninsured vs Insured (1) Time deposits ($17.0) Insured (1) Uninsured 28% 5% General Bank Sub-total Commercial Bank Corporate & Other (2) SVB 24% Sub-total Total $ $ Segment $ 40% Average Account Size and Insured (¹) vs. Uninsured by Segment Insured % (1) Total deposits 101.0 B Average size 38,256 284,797 7,312,500 40,058 $ 3.4 B Average Account Size by Segment 1.9 B 106.3 B 40.0 B ■ 40.0 B 146.2 B General Banking: Branch Network, Wealth & Other ($58.2) Direct Bank ($35.6) Community Association Banking ($7.2) Commercial Banking and Corporate: Commercial Bank ($3.4) Corporate ($1.9) SVB ($40.0) $ $ $ $ SVB: 313,741 313,741 52,599 79% 13% 94% 78% 28% 28% 64% Note - Totals may not foot due to rounding. (1) Public funds total $3.6 billion at 9/30/23, of which $3.4 billion are considered uninsured for regulatory reporting purposes. However, these deposits are collateralized and included as part of the total insured calculation above. (2) Corporate consists primarily of brokered deposits which are pooled into one account then associated with multiple customers who have balances under FDIC insurance limits. 25#26Funding Mix ($ in millions) Total deposits Securities sold under customer repurchase agreements Purchase money note Federal Home Loan Bank borrowings Subordinated debt 3.20% 2.80% 2.40% 2.00% 1.60% 1.20% 0.80% 0.40% 0.00% 0.66% 0.50% 0.35% 3Q22 Senior unsecured borrowings Other borrowings Total deposits and borrowed funds $ 183,945 First Citizens BancShares 1.35% 1.12% 3Q23 0.78% $ 146,233 Cost of funds 4Q22 453 35,833 1,040 377 9 1.94% 1.73% 1.24% 1Q23 79.5 %$ 141,164 0.2 19.5 0.6 0.2 2.99% 100% $ 181,303 2,56% 1.68% 2Q23 2Q23 Cost of interest-bearing liabilities Cost of interest-bearing deposits Cost of deposits 454 35,817 2,425 1,043 393 7 3.02% 0.3 19.8 1.3 0.6 0.2 3.19% 3Q23 77.9 % $ 140,050 2.12% QTD - Period End Balances 1Q23 100% $ 186,144 Note - Funding mix percentages may not foot due to rounding. 509 35,151 8,500 1,046 881 7 ● ● 75.2 % $ ● 0.3 18.9 4.6 0.6 0.5 4Q22 89,408 436 4,250 1,049 885 25 100 % $ 96,053 93.1 % $ 87,553 0.5 4.4 1.1 0.9 3Q22 100 % $ 578 5,800 1,052 888 25 95,896 Highlights Change Linked Prior Year Quarter Quarter 91.3 % $ 5,069 $ 58,680 0.6 6.0 1.1 0.9 100 % $ (125) 35,833 (5,800) (12) (511) (16) 2,642 $ 88,049 3Q23 vs 2Q23 Deposits as a component of total funding continues to increase due to the focus on deposit gathering and was 79.5% of total funding as of the end of the third quarter. (1) 16 (2,425) (3) (16) 2 FHLB debt was paid off in the third quarter due to continued core deposit growth in the Direct Bank. Total cost of deposits increased by 44 basis points. 26#27Allowance and Credit Quality Trends ($ in millions) Net charge-offs (NCO) & NCO ratio 0.10% $18 3Q22 $454 0.65% 0.14% 3Q22 $24 4Q22 $627 0.89% 4Q22 NCO $ Nonaccrual loans First Citizens BancShares 0.27% $50 1Q23 Nonaccrual loans / total loans & leases $828 0.60% $157 1Q23 0.47% 2Q23 NCO ratio $929 0.70% $176 2Q23 0.53% 3Q23 $899 0.68% 3Q23 Nonaccrual loans to total loans Adjusted provision for credit losses (1) $60 3Q22 $882 1.26% 3Q22 $79 4Q22 $922 1.30% 4Q22 $63 1Q23 Allowance (ALLL) & ALLL ratio ALLL Provision for credit losses $1,605 $152 1.16% 2Q23 1Q23 $1,637 1.23% 2Q23 ALLL ratio $195 3Q23 $1,673 1.26% 3Q23 (1) Adjusted provision for credit losses excludes CECL Day 2 charges and provision (benefit) expense for credit losses on available for sale securities. Refer to the Non-GAAP Section V of this presentation for notable item details and a reconciliation of the Non-GAAP to GAAP measures. 27#28Allowance for loan and lease losses (ALLL) ($ in millions) $1,637 2Q23 12.6x 1.9x 3Q22 9.3x 1.5x 4Q22 $30 First Citizens BancShares Economic outlook ALLL Coverage ALLL ratio / NCO ratio 4.3x 1.9x 1Q23 Credit quality 2.6x $30 1.8x 2Q23 2Q23 to 3Q23 2.4x 1.9x 3Q23 ALLL / Nonaccrual loans $2 Volume ● ● $(1) ● Portfolio mix $(25) Change in specific reserves Highlights 3Q23 vs 2Q23 ALLL increased $36 million compared to the linked quarter. Deterioration in the macroeconomic forecast and in the large balance commercial real estate portfolio, including general office were the primary drivers of higher reserves. $1,673 3Q23 These factors were partially offset by lower specific reserves driven by charge-offs on loans reserved for in prior periods exceeding specific reserves established during the quarter. The ALLL covered annualized quarterly net charge-offs 2.4 times and provided 1.9 times coverage of nonaccrual loans. These metrics were relatively stable from the prior quarter. 28#29Loan Portfolios in Focus ($ in billions, as of September 30, 2023) First Citizens BancShares Total Loans Total Loans $133.2 B CRE $19.9 B Innovation $14.4 B Commercial Real Estate (CRE) Portfolio Composition % of Total Loans Multi-Family Medical Office General Office General Bank Commercial Bank SVB Industrial / Warehouse Retail Hotel/Motel Other Total Innovation C&I and cash flow dependent $ Investor dependent - growth stage Investor dependent - early stage Total Balance Innovation Portfolio Composition 4.4 3.3 2.9 1.3 1.1 0.5 2.5 1.7 0.8 4.3 19.9 Balance 8.7 3.9 1.7 14.4 3.3 % 2.5 2.2 1.0 0.8 0.4 1.9 1.3 0.6 3.3 14.9 % % of Total Loans 6.5 % 3.0 1.3 10.8 % Note - The definition of CRE in these tables was expanded in 3Q23 to align with supervisory guidance SR-07-01 and includes the following: construction loans (1.a.1 and 1.a.2), loans where the primary repayment is from 3rd party rental income (1.d and 1.e.2), and loans not secured by real estate but for the purpose of real estate (4.a, 8, and 9). The change in methodology increased reported CRE totals by $2.2 billion. 29