First Citizens BancShares, Inc. (FCNCA) Q1 2022 Earnings Call Transcript

For the period ending March 31, 2022

April 28, 2022 9:00 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Ladies and gentlemen, thank you for standing by, and welcome to the First Citizens BancShares First Quarter 2022 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speakers’ presentation, there will be a question-and-answer session. [Operator Instructions] As a reminder, today’s conference is being recorded.

I would now like to introduce the host of this conference call, Ms. Deanna Hart, Senior Vice President of Investor Relations. You may begin.

Deanna Hart

Good morning, everyone, and thank you for joining us today to review First Citizens BancShares first quarter 2022 financial results.

It is my pleasure to introduce our Chairman and Chief Executive Officer, Frank Holding, as well as our Chief Financial Officer, Craig Nix. During the call, they will be referencing our investor presentation which you can find on our website. We are also pleased to have several other members of our leadership team in attendance with us today who are available to participate in the question-and-answer portion of our call, if needed. Following the completion of our formal presentation materials, we’ll be happy to take any questions you may have.

As you are aware, we closed the merger with CIT Group on January 3, 2022, and first quarter results are for the combined company. Given the magnitude of this merger on our legacy results, we have included combined numbers for the historical periods for comparison purposes. There are footnotes within the presentation to indicate when historical numbers are combined or on a First Citizens standalone basis.

As a reminder, our comments during today’s presentation will include forward-looking statements, which are subject to risks and uncertainties that may cause our results to differ materially from expectations. We assume no obligation to update these statements. These risks are outlined for you on page 3 of the presentation. We will also reference non-GAAP financial measures in the presentation. Reconciliations of these measures against the most directly comparable GAAP measures are available in the appendix.

Finally, First Citizens is not responsible for and does not edit nor guarantee the accuracy of our earnings teleconference transcripts provided by third parties.

With that, I’ll hand it over to Frank.

Frank Holding

Thank you, Deanna, and good morning, everyone. We appreciate all of you joining us today.