First Citizens — bank health check

FCNCA

RegionalAssets $236.8B4-quarter TTM

Close · Oct 16, 20262,123.74P/E 11.4 · yield 0.4%

P/TBV1.25×TBVPS 1,700.62

Line · r 10%1.29×range 1.12–1.50×

−3% discountP/TBV ÷ line − 1

Fed funds · last FOMC3.75–4.00%Sep 16, 2026 · +25bp

UST 3m · 2y · 10y · Oct 16, 20264.26 · 4.74 · 5.0910y−2y +0.35 · 10y−3m +0.83

KBE · YTD+4.8%1D +0.1% · 1Y +15.5% · 5Y +15%

KRE · YTD+7.7%1D +0.1% · 1Y +20.1% · 5Y −1%

SPY · YTD+11.9%1D −1.1% · 1Y +15.5% · 5Y +71%

Prices as ofOct 16, 2026Financials TTM through Sep 30, 2026

Valuation range

the line at three costs of equity

r 11% · 1.12×r 9% · 1.50×now 1.25×

0.0×1.0×2.0×3.0×4.0×

At r = 10% the line gives 1.29× for a 12.0% ROTCE; the market pays 1.25×, a 3% discount to the line.

Where it has traded

quarter-end P/TBV · 20 quarters · Sep 30, 2021 → Jun 30, 2026

Five-year median 1.19×, middle half 1.13–1.31×, range 0.80–2.15×. Now 1.25×: +5% above its own median, higher than 70% of those quarters.Each quarter priced at its own TBVPS · the band is the 25th–75th percentile

Where the money goes

TTM through Jun 30, 2026 · $B

assets $236.8B ÷ TCE $19.6B = 12.1× leverage · ROA 0.99% × 12.1 = ROTCE 12.0%

Revenue mix

NII vs. non-interest income · Regional peers (10)

FCNCA70 / 30

Tier average77 / 23

Efficiency 63.4% vs. tier 61.8% · ROTCE 12.0% vs. 14.0% · credit cost 3.6% vs. 4.5% · AOCI/TCE −1.2% vs. −12.2%.

Quarter by quarter

8 quarters · Sep 30, 2024 → Jun 30, 2026 · a gap is a dropped quarter

NII, $B1.7

Provision, $B−0.01

Efficiency63.4%

AOCI / TCE−1.2%

Risk lights

on / off, no score

Rateoff

Off. AOCI/TCE −1.2% (light needs below -15%) and NII share 70% (needs at least 65%).

Creditoff

Off. Provision 3.6% of net revenue (light at 8%); not up more than 20% two quarters in a row.

Capitaloff

Off. CET1 10.8% is 377bp above the 7.0% requirement.

The eight numbers

colour = threshold

ROTCE: 12.0%
P/TBV · line r 10%: 1.25× · 1.29×
Efficiency: 63.4%
CET1 · requirement: 10.8% · 7.0%
NII / assets (≈ NIM): 2.84%
Credit cost: 3.6%
NII share · rate sensitivity: 70% · high
AOCI / TCE: −1.2%
P/E · yield · payout: 11.4 · 0.4% · 4%
ROA · leverage: 0.99% · 12.1×
Assets · TCE: $236.8B · $19.6B

Thresholds: ROTCE ≥18% · efficiency ≤55% · credit cost ≤5% · AOCI/TCE ≥-5% are green. Full method → · How to value a bank →

Hand-maintained fields

as of Jun 30, 2026

CET1: 10.8%
CET1 requirement (incl. SCB): 7.0%
Net charge-off rate: not available
Non-interest-bearing deposits: not available
Uninsured deposits: not available

Source

Data quality this run

4-quarter TTM

Four usable quarters; nothing dropped or annualized.

Prices Oct 16, 2026 · financials TTM through Sep 30, 2026.