SEC EDGAR · 10-Q
10-Q – 2026-05-08 – fcnca-20260331.htm
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Omsättning
- Item 2. Unregistered Sales of Equity Securities and Use of Proceeds | 100
- Proceeds from maturities of investment securities available for sale 1,159 894 | Proceeds from sales of investment securities available for sale — 1,196 | Purchases of investment securities held to maturity ( 59 ) ( 217 )
- Net increase in loans ( 1,407 ) ( 1,368 ) | Proceeds from sales of loans 128 41 | Net increase in credit balances of factoring clients 92 129
- Purchases of operating lease equipment ( 194 ) ( 170 ) | Proceeds from sales of operating lease equipment 55 63 | Purchases of premises and equipment ( 141 ) ( 103 )
- Proceeds from sales of other real estate owned 15 3
- U.S. Treasury investments include Treasury bills and Notes issued by the U.S. Treasury. Investments in government agency securities represent securities issued by the Small Business Administration (“SBA”), Federal Home Loan Bank (“FHLB”) and other U.S. agencies. Investments in residential and commercial mortgage-backed securities represent securities issued by the Government National Mortgage Association (“GNMA”), Federal National Mortgage Association (“FNMA”) and Federal Home Loan Mortgage Corp
- The following table presents the gross realized gain and loss on sales of investment securities available for sale, and the net realized gain on sale of marketable equity securities:
- Rental income on operating leases 281 270 | Interest income – sales type and direct financing leases 42 43 | Variable lease income included in other noninterest income (2)
Periodens resultat
- Income tax expense 171 168 | Net income $ 534 $ 483 | Preferred stock dividends 26 15
- Preferred stock dividends 26 15 | Net income available to common stockholders $ 508 $ 468 | Earnings per common share
- dollars in millions 2026 2025 | Net income $ 534 $ 483 | Other comprehensive (loss) income, net of tax
- Balance at December 31, 2025 $ 1,375 $ 11 $ 1 $ — $ 20,768 $ 83 $ 22,238 | Net income — — — — 534 — 534 | Other comprehensive loss, net of tax — — — — — ( 155 ) ( 155 )
- Balance at December 31, 2024 $ 881 $ 13 $ 1 $ 2,417 $ 19,361 $ ( 445 ) $ 22,228 | Net income — — — — 483 — 483 | Other comprehensive income, net of tax — — — — — 246 246
- CASH FLOWS FROM OPERATING ACTIVITIES | Net income $ 534 $ 483 | Adjustments to reconcile net income to cash provided by operating activities:
- Net income $ 534 $ 483 | Adjustments to reconcile net income to cash provided by operating activities: | Provision for credit losses 72 154
- Other tax benefits from affordable housing tax credit investments ( 17 ) ( 7 ) | Net income tax benefit from affordable housing tax credit investments (2) | $ ( 17 ) $ ( 11 )
Kassaflöde
- Net unrealized (loss) gain on cash flow hedge derivatives ( 14 ) 7 | Other comprehensive (loss) income, net of tax $ ( 155 ) $ 246
- dollars in millions 2026 2025 | SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | Cash paid during the period for:
- Principles of Consolidation and Basis of Presentation | These consolidated financial statements and notes thereto are presented in accordance with instructions for Form 10-Q and Article 10 of Regulation S-X and, therefore, do not include all information and notes necessary for a complete presentation of financial position, results of operations and cash flow activity required in accordance with accounting principles generally accepted in the United States of America (“GAAP”). In the opinion of management, all normal recurring adjustments necessary fo
- The following table presents supplemental cash flow information related to leases:
- Supplemental Cash Flow Information
- Our derivatives designated as hedging instruments include interest rate swap contracts utilized to manage our interest rate exposure for items on our Consolidated Balance Sheets. This includes floating-rate loan portfolio cash flow hedges and fair value hedges of our fixed-rate borrowings.
- Cash Flow Hedges | Interest rate contracts hedging loans (1) (2)
- Cash Flow Hedges | The following table presents the pretax unrealized gain on hedging instruments in cash flow hedges, which are reported in other comprehensive income, and the pretax amount reclassified from accumulated other comprehensive income (“AOCI”) to earnings:
Likvida medel
- NII Sensitivity metrics at March 31, 2026, compared to December 31, 2025, were primarily affected by deposit growth, resulting in a higher cash position and compositional changes, partially offset by impacts from increased hedges.
Nettoskuld
- Other operating activities 1 ( 11 ) | Net cash provided by operating activities 172 98 | CASH FLOWS FROM INVESTING ACTIVITIES
- Other investing activities ( 149 ) ( 114 ) | Net cash used in investing activities ( 6,537 ) ( 4,877 ) | CASH FLOWS FROM FINANCING ACTIVITIES
- Net cash provided by financing activities 6,644 4,777
Eget kapital
- Consolidated Statements of Changes in Stockholders’ Equity (Unaudited) | 7
- Total liabilities 213,911 207,460 | Stockholders’ equity | Preferred stock - $ 0.01 par value ( 20,000,000 shares authorized at March 31, 2026 and December 31, 2025)
- Accumulated other comprehensive (loss) income ( 72 ) 83 | Total stockholders’ equity 22,048 22,238 | Total liabilities and stockholders’ equity $ 235,959 $ 229,698
- Total stockholders’ equity 22,048 22,238 | Total liabilities and stockholders’ equity $ 235,959 $ 229,698
- First Citizens BancShares, Inc. and Subsidiaries | Consolidated Statements of Changes in Stockholders’ Equity (Unaudited)
- dollars in millions, except per share data Preferred Stock Class A Common Stock Class B Common Stock Additional Paid in Capital Retained Earnings Accumulated Other Comprehensive Income (Loss) Total Stockholders' Equity | Balance at December 31, 2025 $ 1,375 $ 11 $ 1 $ — $ 20,768 $ 83 $ 22,238
- NOTE 13 — STOCKHOLDERS' EQUITY
- Preferred Stock Issuance | On February 5, 2026, the Parent Company issued and sold 6.625% non-cumulative perpetual preferred stock, series E for a total of $400 million. Refer to Note 13—Stockholders' Equity for further information, including depositary shares and liquidation preference.
Antal aktier
- Class B Common Stock— 1,005,185 shares | (Number of shares outstanding, by class, as of May 4, 2026)
- Weighted average common shares outstanding | Basic and diluted 11,924,899 13,575,231
- Number of Shares of Common Stock
- Net income available to common stockholders $ 508 $ 468 | Weighted average common shares outstanding | Basic shares outstanding 11,924,899 13,575,231
- Weighted average common shares outstanding | Basic shares outstanding 11,924,899 13,575,231 | Stock-based awards — —
- Stock-based awards — — | Diluted shares outstanding 11,924,899 13,575,231 | Earnings per common share
- Per Common Share Information: | Weighted average common shares outstanding (diluted) 11,924,899 12,363,028 13,575,231 | Diluted earnings per common share $ 42.63 $ 45.81 $ 34.47
- Three Months Ended March 31, 2026 | Class A common stock shares outstanding at beginning of period 11,133,974 | Shares repurchased under authorized repurchase plan (449,845)
Antal anställda
- BancShares sponsors non-contributory defined benefit pension plans and supplemental and executive retirement plans for its qualifying employees. The service cost component of net periodic benefit cost is included in salaries and wages, while all other non-service cost components are included in other noninterest expense.
- • The decrease in professional fees of $10 million was mostly due to lower consulting service costs. | • The increase in personnel cost of $20 million was largely due to seasonal increases in employee benefits and payroll taxes, partially offset by lower life and health insurance premiums, which are generally higher in the fourth quarter due to employees reaching their annual deductibles. | • The increase in FDIC insurance expense of $11 million was primarily due to the linked quarter including a reversal of a previously accrued $11 million special assessment charge.
- Acquisition-related personnel cost primarily includes severance and retention costs for employees associated with business combinations. These amounts are recognized over the requisite service period, if any.
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0000798941 fcnca:OffBalanceSheetCommitmentMember 2025-12-31 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ____________________________________________________ FORM 10-Q ____________________________________________________ ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended March 31, 2026 or ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Commission File Number: 001-16715 First Citizens BancShares, Inc. (Exact name of Registrant as specified in its charter) Delaware 56-1528994 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification Number) 4300 Six Forks Road Raleigh North Carolina 27609 (Address of principal executive offices) (Zip code) (919) 716-7000 (Registrant’s telephone number, including area code) ____________________________________________________ Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934: Title of each class Trading Symbol(s) Name of each exchange on which registered Class A Common Stock, Par Value $1 FCNCA Nasdaq Global Select Market Depositary Shares, Each Representing a 1/40th Interest in a Share of 5.375% Non-Cumulative Perpetual Preferred Stock, Series A FCNCP Nasdaq Global Select Market 5.625% Non-Cumulative Perpetual Preferred Stock, Series C FCNCO Nasdaq Global Select Market Depository Shares, Each Representing 1/40th Interest in a Share of 6.625% Non-Cumulative Perpetual Preferred Stock, Series E FCNCN Nasdaq Global Select Market Securities registered pursuant to Section 12(g) of the Securities Exchange Act of 1934: Class B Common Stock, Par Value $1 Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company” and ‘emerging growth company’ in Rule 12b-2 of the Exchange Act. Large accelerated filer ☒ Accelerated filer ☐ Non-accelerated filer ☐ Smaller reporting company ☐ Emerging growth company ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒ Class A Common Stock— 10,581,789 shares Class B Common Stock— 1,005,185 shares (Number of shares outstanding, by class, as of May 4, 2026) CONTENTS Page PART I—FINANCIAL INFORMATION Item 1. Financial Statements 4 Consolidated Balance Sheets (Unaudited) 4 Consolidated Statements of Income (Unaudited) 5 Consolidated Statements of Comprehensive Income (Unaudited) 6 Consolidated Statements of Changes in Stockholders’ Equity (Unaudited) 7 Consolidated Statements of Cash Flows (Una udited) 8 Notes to Consolidated Financial Statements (Unaudited) 10 Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 50 Item 3. Quantitative and Qualitative Disclosures about Market Risk 99 Item 4. Controls and Procedures 99 PART II—OTHER INFORMATION Item 1. Legal Proceedings 100 Item 1A. Risk Factors 100 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 100 Item 5. Other Information 100 Item 6. Exhibits 101 Signatures 102 2 GLOSSARY OF ABBREVIATIONS AND ACRONYMS The following is a list of select abbreviations and acronyms used throughout this document. You may find it helpful to refer back to this table. Acronym Definition Acronym Definition ALLL Allowance for Loan and Lease Losses LGD Loss Given Default AOCI Accumulated Other Comprehensive Income LOCOM Lower of Cost or Fair Value ASU Accounting Standards Update LP Limited Partner BHC Bank Holding Company MD&A Management’s Discussion and Analysis bp or bps Basis point(s); 1 bp = 0.01% MSRs Mortgage Servicing Rights CET1 Common Equity Tier 1 Risk-based Capital NDFI Non-Depository Financial Institution DPA Deferred Purchase Agreement NII Net Interest Income DTAs Deferred Tax Assets NII Sensitivity Net Interest Income Sensitivity ETR Effective Income Tax Rate NIM Net Interest Margin EVE Sensitivity Economic Value of Equity Sensitivity OREO Other Real Estate Owned FCB First-Citizens Bank & Trust Company PAA Purchase Accounting Accretion or Amortization FDIC Federal Deposit Insurance Corporation PAM Proportional Amortization Method Federal Reserve Board of Governors of the Federal Reserve System PCA Prompt Corrective Action FHLB Federal Home Loan Bank PCD Purchased Credit Deteriorated FRB Federal Reserve Bank PD Probability of Obligor Default GAAP United States Generally Accepted Accounting Principles PSL Purchased Season Loan GDP Gross Domestic Product ROU Right of Use HLBVM Hypothetical Liquidation at Book Value Method SBA Small Business Administration HPI Home Price Index SOFR Secured Overnight Financing Rate HQLS High-Quality Liquid Securities SRP Share Repurchase Program ISDA International Swaps and Derivatives Association UPB Unpaid Principal Balance VIE Variable Interest Entities 3 PART I—FINANCIAL INFORMATION Item 1. Financial Statements. First Citizens BancShares, Inc. and Subsidiaries Consolidated Balance Sheets (Unaudited) dollars in millions, except share data March 31, 2026 December 31, 2025 Assets Cash and due from banks $ 1,080 $ 801 Interest-earning deposits at banks 23,189 19,801 Securities purchased under agreements to resell 223 232 Investment in marketable equity securities (cost of $ 83 at March 31, 2026 and $ 83 at December 31, 2025) 130 127 Investment securities available for sale (cost of $ 33,663 at March 31, 2026 and $ 31,952 at December 31, 2025) 33,314 31,790 Investment securities held to maturity (fair value of $ 8,360 at March 31, 2026 and $ 8,491 at December 31, 2025) 9,542 9,647 Assets held for sale 1,122 804 Loans and leases 148,692 147,930 Allowance for loan and lease losses ( 1,558 ) ( 1,566 ) Loans and leases, net of allowance for loan and lease losses 147,134 146,364 Operating lease equipment, net 9,685 9,621 Premises and equipment, net 2,499 2,447 Goodwill 346 346 Other intangible assets, net 182 195 Other assets 7,513 7,523 Total assets $ 235,959 $ 229,698 Liabilities Deposits: Noninterest-bearing $ 43,606 $ 40,653 Interest-bearing 127,236 120,925 Total deposits 170,842 161,578 Credit balances of factoring clients 1,284 1,148 Borrowings: Short-term borrowings 170 224 Long-term borrowings 33,792 35,784 Total borrowings 33,962 36,008 Other liabilities 7,823 8,726 Total liabilities 213,911 207,460 Stockholders’ equity Preferred stock - $ 0.01 par value ( 20,000,000 shares authorized at March 31, 2026 and December 31, 2025) 1,765 1,375 Common stock: Class A - $ 1 par value ( 32,000,000 shares authorized at March 31, 2026 and December 31, 2025; 10,684,129 and 11,133,974 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively) 11 11 Class B - $ 1 par value ( 2,000,000 shares authorized and 1,005,185 shares issued and outstanding at March 31, 2026 and December 31, 2025) 1 1 Retained earnings 20,343 20,768 Accumulated other comprehensive (loss) income ( 72 ) 83 Total stockholders’ equity 22,048 22,238 Total liabilities and stockholders’ equity $ 235,959 $ 229,698 See accompanying Notes to the Unaudited Consolidated Financial Statements. 4 First Citizens BancShares, Inc. and Subsidiaries Consolidated Statements of Income (Unaudited) Three Months Ended March 31, dollars in millions, except share and per share data 2026 2025 Interest income Loans and leases $ 2,206 $ 2,236 Investment securities 384 414 Deposits at banks 196 245 Total interest income 2,786 2,895 Interest expense Deposits 833 893 Borrowings 332 339 Total interest expense 1,165 1,232 Net interest income 1,621 1,663 Provision for credit losses 72 154 Net interest income after provision for credit losses 1,549 1,509 Noninterest income Rental income on operating lease equipment 281 270 Lending-related fees 69 66 Deposit fees and service charges 70 58 Client investment fees 53 53 Wealth management services 59 56 International fees 35 32 Factoring commissions 17 17 Cardholder services, net 38 41 Merchant services, net 13 14 Insurance commissions 13 14 Fair value adjustment on marketable equity securities, net 3 ( 5 ) Gain on sale of leasing equipment, net 11 5 Loss on extinguishment of debt ( 8 ) — Other noninterest income 38 14 Total noninterest income 692 635 Noninterest expense Depreciation on operating lease equipment 101 98 Maintenance and other operating lease expenses 65 58 Personnel cost 869 818 Net occupancy expense 60 58 Equipment expense 136 136 Professional fees 24 25 Third-party processing fees 93 63 FDIC insurance expense 38 38 Marketing expense 30 32 Acquisition-related expenses 5 42 Intangible asset amortization 13 15 Other noninterest expense 102 110 Total noninterest expense 1,536 1,493 Income before income taxes 705 651 Income tax expense 171 168 Net income $ 534 $ 483 Preferred stock dividends 26 15 Net income available to common stockholders $ 508 $ 468 Earnings per common share Basic and diluted $ 42.63 $ 34.47 Weighted average common shares outstanding Basic and diluted 11,924,899 13,575,231 See accompanying Notes to the Unaudited Consolidated Financial Statements. 5 First Citizens BancShares, Inc. and Subsidiaries Consolidated Statements of Comprehensive Income (Unaudited) Three Months Ended March 31, dollars in millions 2026 2025 Net income $ 534 $ 483 Other comprehensive (loss) income, net of tax Net unrealized (loss) gain on securities available for sale ( 139 ) 239 Net change in defined benefit pension items ( 2 ) — Net unrealized (loss) gain on cash flow hedge derivatives ( 14 ) 7 Other comprehensive (loss) income, net of tax $ ( 155 ) $ 246 Total comprehensive income $ 379 $ 729 See accompanying Notes to the Unaudited Consolidated Financial Statements. 6 First Citizens BancShares, Inc. and Subsidiaries Consolidated Statements of Changes in Stockholders’ Equity (Unaudited) dollars in millions, except per share data Preferred Stock Class A Common Stock Class B Common Stock Additional Paid in Capital Retained Earnings Accumulated Other Comprehensive Income (Loss) Total Stockholders' Equity Balance at December 31, 2025 $ 1,375 $ 11 $ 1 $ — $ 20,768 $ 83 $ 22,238 Net income — — — — 534 — 534 Other comprehensive loss, net of tax — — — — — ( 155 ) ( 155 ) Issuance of Series E preferred stock 390 — — — — — 390 Repurchased 449,845 shares of Class A common stock — — — — ( 908 ) — ( 908 ) Cash dividends declared ($ 2.10 per common share): Class A common stock — — — — ( 23 ) — ( 23 ) Class B common stock — — — — ( 2 ) — ( 2 ) Preferred stock dividends declared: Series A — — — — ( 5 ) — ( 5 ) Series B — — — — ( 7 ) — ( 7 ) Series C — — — — ( 3 ) — ( 3 ) Series D — — — — ( 11 ) — ( 11 ) Balance at March 31, 2026 $ 1,765 $ 11 $ 1 $ — $ 20,343 $ ( 72 ) $ 22,048 Balance at December 31, 2024 $ 881 $ 13 $ 1 $ 2,417 $ 19,361 $ ( 445 ) $ 22,228 Net income — — — — 483 — 483 Other comprehensive income, net of tax — — — — — 246 246 Common stock — — — — — — — Repurchased 302,683 shares of Class A common stock — ( 1 ) — ( 619 ) — — ( 620 ) Cash dividends declared ($ 1.95 per common share): Class A common stock — — — — ( 25 ) — ( 25 ) Class B common stock — — — — ( 2 ) — ( 2 ) Preferred stock dividends declared: Series A — — — — ( 5 ) — ( 5 ) Series B — — — — ( 7 ) — ( 7 ) Series C — — — — ( 3 ) — ( 3 ) Balance at March 31, 2025 $ 881 $ 12 $ 1 $ 1,798 $ 19,802 $ ( 199 ) $ 22,295 See accompanying Notes to the Unaudited Consolidated Financial Statements. 7 First Citizens BancShares, Inc. and Subsidiaries Consolidated Statements of Cash Flows (Unaudited) Three Months Ended March 31, dollars in millions 2026 2025 CASH FLOWS FROM OPERATING ACTIVITIES Net income $ 534 $ 483 Adjustments to reconcile net income to cash provided by operating activities: Provision for credit losses 72 154 Deferred tax expense (benefit) 8 ( 40 ) Depreciation, amortization, and accretion, net 180 93 Fair value adjustment on marketable equity securities, net ( 3 ) 5 Gain on sale of loans, net ( 5 ) ( 2 ) Gain on sale of operating lease equipment, net ( 11 ) ( 5 ) Gain on sale of premises and equipment, net — ( 1 ) (Gain) loss on other real estate owned, net ( 1 ) 8 Loss on extinguishment of debt 8 — Origination of loans held for sale ( 289 ) ( 297 ) Proceeds from sale of loans held for sale 461 293 Impairment of premises and equipment and other assets — 4 Net change in other assets ( 103 ) 24 Net change in other liabilities ( 680 ) ( 610 ) Other operating activities 1 ( 11 ) Net cash provided by operating activities 172 98 CASH FLOWS FROM INVESTING ACTIVITIES Net increase in interest-earning deposits at banks ( 3,388 ) ( 3,328 ) Purchases of investment securities available for sale ( 2,827 ) ( 1,855 ) Proceeds from maturities of investment securities available for sale 1,159 894 Proceeds from sales of investment securities available for sale — 1,196 Purchases of investment securities held to maturity ( 59 ) ( 217 ) Proceeds from maturities of investment securities held to maturity 170 139 Net decrease (increase) in securities purchased under agreements to resell 9 ( 187 ) Net increase in loans ( 1,407 ) ( 1,368 ) Proceeds from sales of loans 128 41 Net increase in credit balances of factoring clients 92 129 Purchases of operating lease equipment ( 194 ) ( 170 ) Proceeds from sales of operating lease equipment 55 63 Purchases of premises and equipment ( 141 ) ( 103 ) Proceeds from sales of other real estate owned 15 3 Other investing activities ( 149 ) ( 114 ) Net cash used in investing activities ( 6,537 ) ( 4,877 ) CASH FLOWS FROM FINANCING ACTIVITIES Net increase (decrease) in time deposits 2,007 ( 1,257 ) Net increase in demand and other interest-bearing deposits 7,257 5,370 Net (decrease) increase in securities sold under agreements to repurchase ( 54 ) 83 Repayment of long-term borrowings ( 2,503 ) ( 1 ) Net proceeds from issuance of long-term borrowings 497 1,242 Issuance of Series E preferred stock 390 — Repurchase of Class A common stock ( 899 ) ( 618 ) Cash dividends paid ( 51 ) ( 42 ) Net cash provided by financing activities 6,644 4,777 Change in cash and due from banks 279 ( 2 ) Cash and due from banks at beginning of period 801 814 Cash and due from banks at end of period $ 1,080 $ 812 8 Three Months Ended March 31, dollars in millions 2026 2025 SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION Cash paid during the period for: Interest $ 1,161 $ 1,224 Income taxes 51 40 Significant non-cash investing and financing activities: Transfers of loans to other real estate — 52 Transfer of assets from held for investment to held for sale 666 139 Transfer of assets from held for sale to held for investment 32 — Commitments extended during the period on affordable housing investment credits — 108 See accompanying Notes to the Consolidated Financial Statements. 9 First Citizens BancShares, Inc. and Subsidiaries Notes to Consolidated Financial Statements (Unaudited) NOTE 1 — SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION Nature of Operations First Citizens BancShares, Inc. (the “Parent Company” and, when including all of its subsidiaries on a consolidated basis, “we,” “us,” “our,” “BancShares”) is a financial holding company organized under the laws of Delaware that conducts operations through its banking subsidiary, First-Citizens Bank & Trust Company (“FCB”), which is headquartered in Raleigh, North Carolina. BancShares operates a network of branches and offices, predominantly located in the Southeast, Mid-Atlantic, Midwest and Western United States. BancShares provides various types of commercial and consumer banking services, including lending, leasing, and wealth management services. Deposit services include checking, savings, money market, and time deposit accounts. BASIS OF PRESENTATION Principles of Consolidation and Basis of Presentation These consolidated financial statements and notes thereto are presented in accordance with instructions for Form 10-Q and Article 10 of Regulation S-X and, therefore, do not include all information and notes necessary for a complete presentation of financial position, results of operations and cash flow activity required in accordance with accounting principles generally accepted in the United States of America (“GAAP”). In the opinion of management, all normal recurring adjustments necessary for a fair presentation of the consolidated financial position and consolidated results of operations have been made. The unaudited interim consolidated financial statements included in this Quarterly Report on Form 10-Q (this “Form 10-Q”) should be read in conjunction with the Consolidated Financial Statements and Notes to the Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ended December 31, 2025 (the “2025 Form 10-K”). Interim results are not necessarily indicative of results for a full year. The consolidated financial statements of BancShares include the accounts of BancShares and its subsidiaries, certain partnership interests, and variable interest entities (“VIEs”) where BancShares is the primary beneficiary, if applicable. All significant intercompany accounts and transactions are eliminated upon consolidation. Assets held in agency or fiduciary capacity are not included in the consolidated financial statements. Refer to Note 9—Variable Interest Entities for additional information regarding VIEs. Use of Estimates in the Preparation of Financial Statements The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions based on available information. These estimates and assumptions impact the amounts reported in the consolidated financial statements and accompanying notes and the disclosures provided, and actual results could differ from those estimates. The significant estimate related to the determination of the allowance for loan and lease losses (“ALLL”) is considered a critical accounting estimate. 10 SIGNIFICANT ACCOUNTING POLICIES Significant accounting policies are described in the 2025 Form 10-K. There were no material changes to these policies during the three months ended March 31, 2026. Newly Adopted Accounting Standards As of January 1, 2026, BancShares adopted the following Accounting Standards Updates (“ASUs”) issued by the Financial Accounting Standards Board: ASU 2025-08—Financial Instruments — Credit Losses (Topic 326): Purchased Loans, Issued November 2025 Under this ASU, purchased seasoned loans (“PSLs” as described below) must be recognized at the purchase price, plus the ALLL at the acquisition date (the “Gross-Up Approach”). Since the ALLL at the acquisition date is established through the Gross-Up Approach, there is no corresponding increase to the provision for loan and lease losses (“Day 2 Provision for Loan and Lease Losses”). Prior to this ASU, the Gross-Up Approach was only permitted for purchased credit deteriorated (“PCD”) loans, while the initial ALLL for Non-PCD loans was established through the Day 2 Provision for Loan and Lease Losses. Under this ASU, the Gross-Up Approach applies to PCD loans and the following Non-PCD loans which qualify as PSLs: (i) non-credit card loans acquired in a business combination and (ii) non-credit card loans purchased more than 90 days after origination in a non-business combination transaction, provided the acquirer was not involved in the original lending. This ASU specifically excludes credit card loans from the definition of PSLs. This ASU is required to be applied prospectively upon adoption. We early adopted this ASU as of January 1, 2026 (the “Adoption Date”) on a prospective basis. For PSLs acquired on or after the Adoption Date, this ASU could reduce the Day 2 Provision for Loan and Lease Losses, and the subsequent credit-related loan purchase accounting accretion or amortization that was prevalent for Non-PCD loans acquired prior the Adoption Date. This ASU did not have a material impact on our consolidated financial statements or related disclosures for the three month period ended March 31, 2026. ASU 2025-05—Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets, Issued July 2025 This ASU provides an optional practical expedient which permits an entity to assume that current conditions as of the balance sheet date do not change for the remaining life of the asset when estimating the ALLL for accounts receivable. We adopted this ASU as of January 1, 2026. We did not elect the optional practical expedient and adoption of this ASU did not impact our consolidated financial statements or disclosures. NOTE 2 — BUSINESS COMBINATIONS Pending Branch Acquisition On October 16, 2025, FCB announced that it had entered into an agreement to consummate the acquisition of 138 branches from BMO Bank N.A. located throughout the Midwest, Great Plains and West regions of the U.S. (the “BMO Branch Acquisition”). In connection with the BMO Branch Acquisition, FCB expects to assume approximately $ 5.3 billion in deposit liabilities and acquire approximately $ 1.1 billion in loans. We expect the transaction to close in the second half of 2026, subject to customary closing terms and conditions and the receipt of remaining regulatory approvals. SVBB Acquisition On March 27, 2023, FCB acquired substantially all loans and certain other assets and assumed all customer deposits and certain other liabilities of Silicon Valley Bridge Bank, N.A. from the Federal Deposit Insurance Corporation (the “FDIC” and such transaction, the “SVBB Acquisition”) and FCB issued a five-year $ 36.07 billion note payable to the FDIC, maturing March 27, 2028, which was amended and restated on November 20, 2023 (the “Purchase Money Note”) and is collateralized by certain loans. Refer to Note 10—Borrowings for the outstanding carrying value of the Purchase Money Note. 11 NOTE 3 — INVESTMENT SECURITIES The following tables include the amortized cost and fair value of investment securities: Amortized Cost and Fair Value - Investment Securities dollars in millions March 31, 2026 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Investment securities available for sale U.S. Treasury $ 12,439 $ 23 $ ( 20 ) $ 12,442 Government agency 39 — ( 1 ) 38 Residential mortgage-backed securities 17,782 160 ( 347 ) 17,595 Commercial mortgage-backed securities 3,259 16 ( 176 ) 3,099 Corporate bonds 132 — ( 4 ) 128 Municipal bonds 12 — — 12 Total investment securities available for sale $ 33,663 $ 199 $ ( 548 ) $ 33,314 Investment in marketable equity securities $ 83 $ 47 $ — $ 130 Investment securities held to maturity U.S. Treasury $ 389 $ — $ ( 15 ) $ 374 Government agency 1,205 — ( 55 ) 1,150 Residential mortgage-backed securities 4,395 21 ( 490 ) 3,926 Commercial mortgage-backed securities 3,305 — ( 623 ) 2,682 Supranational securities 246 — ( 20 ) 226 Other 2 — — 2 Total investment securities held to maturity $ 9,542 $ 21 $ ( 1,203 ) $ 8,360 Total investment securities $ 43,288 $ 267 $ ( 1,751 ) $ 41,804 December 31, 2025 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Investment securities available for sale U.S. Treasury $ 10,624 $ 50 $ ( 1 ) $ 10,673 Government agency 44 — ( 1 ) 43 Residential mortgage-backed securities 17,683 263 ( 323 ) 17,623 Commercial mortgage-backed securities 3,444 28 ( 173 ) 3,299 Corporate bonds 145 — ( 5 ) 140 Municipal bonds 12 — — 12 Total investment securities available for sale $ 31,952 $ 341 $ ( 503 ) $ 31,790 Investment in marketable equity securities $ 83 $ 44 $ — $ 127 Investment securities held to maturity U.S. Treasury $ 388 $ — $ ( 15 ) $ 373 Government agency 1,225 — ( 55 ) 1,170 Residential mortgage-backed securities 4,450 32 ( 490 ) 3,992 Commercial mortgage-backed securities 3,337 — ( 608 ) 2,729 Supranational securities 246 — ( 20 ) 226 Other 1 — — 1 Total investment securities held to maturity $ 9,647 $ 32 $ ( 1,188 ) $ 8,491 Total investment securities $ 41,682 $ 417 $ ( 1,691 ) $ 40,408 U.S. Treasury investments include Treasury bills and Notes issued by the U.S. Treasury. Investments in government agency securities represent securities issued by the Small Business Administration (“SBA”), Federal Home Loan Bank (“FHLB”) and other U.S. agencies. Investments in residential and commercial mortgage-backed securities represent securities issued by the Government National Mortgage Association (“GNMA”), Federal National Mortgage Association (“FNMA”) and Federal Home Loan Mortgage Corporation (“FHLMC”). Investments in corporate bonds represent positions in debt securities of other financial institutions. Municipal bonds are revenue bonds. Investments in marketable equity securities represent positions in common stock of publicly traded financial institutions. Investments in supranational securities represent securities issued by the Supranational Entities & Multilateral Development Banks. Other held to maturity investments include certificates of deposit with other financial institutions. 12 BancShares initially held approximately 354,000 shares of Visa, Inc. (“Visa”) Class B common stock (“Visa Class B common stock”). Effective January 24, 2024, all outstanding shares of Visa Class B common stock were redenominated as Visa Class B-1 common stock (“Visa Class B-1 common stock”) pursuant to Visa’s eighth amended and restated certificate of incorporation. BancShares currently holds approximately 354,000 shares of Visa Class B-1 common stock. Until the resolution of certain litigation, at which time the Visa Class B-1 common stock will convert to publicly traded Visa Class A common stock, or the potential exchange of Visa Class B-1 common stock for other marketable classes of Visa common stock, these shares are only transferable to other stockholders of Visa Class B-1 common stock or certain new denominations of Visa’s former Class B common stock. As a result, there is limited transfer activity in private transactions between buyers and sellers. Given this limited trading activity and the continuing uncertainty regarding the likelihood, ultimate timing and eventual exchange of Visa Class B-1 common stock for shares of Visa Class A common stock or other marketable classes of Visa common stock, these shares are not considered to have a readily determinable fair value and have no carrying value. BancShares has not elected to participate in any exchange offers pertaining to its shares of Visa Class B-1 common stock, including the exchange offer Visa commenced on April 13, 2026. BancShares continues to monitor the trading activity in Visa Class B-1 common stock, the status of the resolution of certain litigation matters at Visa, and other potential exchange alternatives that would trigger the conversion of the Visa Class B-1 common stock into Visa Class A common stock or other marketable classes of Visa common stock. Accrued interest receivable for available for sale and held to maturity debt securities was excluded from the estimate for credit losses. At March 31, 2026, accrued interest receivable for available for sale and held to maturity debt securities was $ 184 million and $ 18 million, respectively. At December 31, 2025, accrued interest receivable for available for sale and held to maturity debt securities was $ 157 million and $ 20 million, respectively. During the three months ended March 31, 2026 and 2025, there was no accrued interest that was deemed uncollectible and written off against interest income. A security is considered past due once it is 30 days contractually past due under the terms of the agreement. There were no securities past due as of March 31, 2026 or December 31, 2025. The following table provides the amortized cost and fair value by contractual maturity. Expected maturities will differ from contractual maturities on certain securities because borrowers and issuers may have the right to call or prepay obligations with or without prepayment penalties. Residential and commercial mortgage-backed and government agency securities are stated separately as they are not due at a single maturity date. Maturities - Debt Securities dollars in millions March 31, 2026 December 31, 2025 Amortized Cost Fair Value Amortized Cost Fair Value Investment securities available for sale Non-amortizing securities maturing in: One year or less $ 6,393 $ 6,406 $ 4,893 $ 4,914 After one through five years 6,162 6,150 5,853 5,879 After five through 10 years 16 14 23 20 After 10 years 12 12 12 12 Government agency 39 38 44 43 Residential mortgage-backed securities 17,782 17,595 17,683 17,623 Commercial mortgage-backed securities 3,259 3,099 3,444 3,299 Total investment securities available for sale $ 33,663 $ 33,314 $ 31,952 $ 31,790 Investment securities held to maturity Non-amortizing securities maturing in: One year or less $ 369 $ 364 $ 307 $ 303 After one through five years 1,473 1,388 1,434 1,360 After five through 10 years — — 119 107 Residential mortgage-backed securities 4,395 3,926 4,450 3,992 Commercial mortgage-backed securities 3,305 2,682 3,337 2,729 Total investment securities held to maturity $ 9,542 $ 8,360 $ 9,647 $ 8,491 13 T he following table presents interest and dividend income on investment securities: Interest and Dividends on Investment Securities dollars in millions Three Months Ended March 31, 2026 2025 Interest income - taxable investment securities (1) $ 383 $ 413 Dividend income - marketable equity securities 1 1 Interest on investment securities $ 384 $ 414 (1) Amount includes interest income on securities purchased under agreements to resell. The following table presents the gross realized gain and loss on sales of investment securities available for sale, and the net realized gain on sale of marketable equity securities: Realized Gain (Loss) on Sale of Investment Securities, Net dollars in millions Three Months Ended March 31, 2026 2025 Gross realized gain on sale of investment securities available for sale $ — $ 1 Gross realized loss on sale of investment securities available for sale — ( 2 ) Net realized gain (loss) on sale of investment securities available for sale — ( 1 ) Net realized gain on sale of marketable equity securities — 1 Realized gain (loss) on sale of investment securities, net $ — $ — The following table provides information regarding investment securities available for sale with unrealized losses: Gross Unrealized Losses on Debt Securities Available For Sale dollars in millions March 31, 2026 Less than 12 months 12 months or more Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Investment securities available for sale U.S. Treasury $ 4,657 $ ( 20 ) $ — $ — $ 4,657 $ ( 20 ) Government agency — — 38 ( 1 ) 38 ( 1 ) Residential mortgage-backed securities 2,883 ( 21 ) 3,120 ( 326 ) 6,003 ( 347 ) Commercial mortgage-backed securities 148 ( 1 ) 1,025 ( 175 ) 1,173 ( 176 ) Corporate bonds 8 — 111 ( 4 ) 119 ( 4 ) Total $ 7,696 $ ( 42 ) $ 4,294 $ ( 506 ) $ 11,990 $ ( 548 ) December 31, 2025 Less than 12 months 12 months or more Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Investment securities available for sale U.S. Treasury $ 859 $ ( 1 ) $ — $ — $ 859 $ ( 1 ) Government agency — — 43 ( 1 ) 43 ( 1 ) Residential mortgage-backed securities 815 ( 2 ) 3,292 ( 321 ) 4,107 ( 323 ) Commercial mortgage-backed securities 48 — 1,129 ( 173 ) 1,177 ( 173 ) Corporate bonds — — 123 ( 5 ) 123 ( 5 ) Total $ 1,722 $ ( 3 ) $ 4,587 $ ( 500 ) $ 6,309 $ ( 503 ) 14 As of March 31, 2026, there were 300 investment securities available for sale with continuous unrealized losses for more than 12 months, of which 285 were government sponsored enterprise-issued mortgage-backed securities including GNMA, FHLMC and FNMA, or government agency securities, and the remaining 15 were corporate bonds. BancShares has the ability and intent to retain these securities for a period of time sufficient to recover all unrealized losses. Given the consistently strong credit rating of the U.S. Treasury, and the long history of no credit losses on debt securities issued by government agencies and government sponsored entities, as of March 31, 2026, no allowance for credit loss was required. For corporate bonds, we analyzed the changes in interest rates relative to when the investment securities were purchased or acquired, and considered other factors including changes in credit ratings, delinquencies, and other macroeconomic factors. As a result of this analysis, we determined that no allowance for credit loss was required for investment securities available for sale as of March 31, 2026. BancShares’ portfolio of held to maturity debt securities consists of mortgage-backed securities issued by government agencies and government sponsored entities including GNMA, FHLMC and FNMA, U.S. Treasury notes, unsecured bonds issued by government agencies and government sponsored entities, and securities issued by the Supranational Entities & Multilateral Development Banks. Given the consistently strong credit rating of the U.S. Treasury and the Supranational Entities & Multilateral Development Banks, and the long history of no credit losses on debt securities issued by government agencies and government sponsored entities, no allowance for credit loss was required for debt securities held to maturity as of March 31, 2026. There were no debt securities on nonaccrual status as of March 31, 2026 or December 31, 2025. Investment securities having an aggregate carrying value of $ 3.59 billion at March 31, 2026, and $ 3.89 billion at December 31, 2025, were pledged as collateral to secure public funds on deposit, the Purchase Money Note, certain short-term borrowings, and for other purposes as required by law. Certain investments held by BancShares are reported in other assets, including FHLB stock and nonmarketable securities without readily determinable fair values that are recorded at cost, investments in qualified affordable housing projects that are accounted for under the proportional amortization method (“PAM”), and renewable energy tax credit investments that utilize the hypothetical liquidation at book value method (“HLBVM”). Refer to Note 1—Significant Accounting Policies and Basis of Presentation of our 2025 Form 10-K for descriptions of the accounting methodologies. NOTE 4 — ASSETS HELD FOR SALE The composition of assets held for sale is summarized in the following table. dollars in millions March 31, 2026 December 31, 2025 Loans and leases: Commercial (1) $ 385 $ 18 Consumer 733 781 Loans and leases 1,118 799 Operating lease equipment 4 5 Total assets held for sale $ 1,122 $ 804 (1) There were nonaccrual loans held for sale of $ 0 at March 31, 2026 and $ 10 million at December 31, 2025. In March 2026, FCB management committed to a plan to sell $ 364 million of SBA commercial loans, which were then transferred from held for investment to held for sale. We did not establish a valuation allowance for the loans transferred to held for sale as the estimated fair value exceeded amortized cost. Consumer loans held for sale at March 31, 2026 and December 31, 2025 were largely comprised of residential mortgage loans that were transferred from held for investment to held for sale in December 2025. We did not establish a valuation allowance for the loans transferred to held for sale as the estimated fair value exceeded the amortized cost of $ 644 million and $ 694 million at March 31, 2026 and December 31, 2025, respectively. In April 2026, the loan sale closed and a gain was recognized as the sale proceeds exceeded the amortized cost of $ 644 million. Additionally, consumer loans held for sale at March 31, 2026 and December 31, 2025 consisted of residential mortgage loans that FCB originated with the intent to sell. 15 NOTE 5 — LOANS AND LEASES Loans held for sale are excluded from loans and leases on the Consolidated Balance Sheets and are included in Note 4—Assets Held For Sale. Finance leases for which we are the lessor are included in the commercial and industrial loan class in the following tables. Refer to Note 7—Leases for further information on leases. The following table summarizes loans by class: Loans by Class dollars in millions March 31, 2026 December 31, 2025 Commercial Commercial and industrial $ 45,753 $ 44,721 Capital call lines 32,274 31,791 Owner occupied commercial mortgage 17,502 17,660 Investor dependent 2,714 2,778 Commercial real estate 23,707 23,784 Total commercial 121,950 120,734 Consumer Residential mortgage 21,698 21,861 Revolving mortgage 2,863 2,863 Auto 1,332 1,416 Other consumer 849 1,056 Total consumer 26,742 27,196 Total loans and leases $ 148,692 $ 147,930 At March 31, 2026 and December 31, 2025, accrued interest receivable on loans included in other assets was $ 639 million and $ 635 million, respectively, and was excluded from the estimate of the ALLL. The discount on acquired loans is accreted to interest income over the contractual life of the loan using the effective interest method. Discount accretion income was $ 48 million for the three months ended March 31, 2026, including $ 1 million for unfunded commitments. Discount accretion income was $ 84 million for the three months ended March 31, 2025, including $ 8 million for unfunded commitments. The following table presents selected components of the amortized cost of loans, including the unamortized discount on acquired loans. Components of Amortized Cost dollars in millions March 31, 2026 December 31, 2025 Deferred fees, including unamortized costs and unearned fees on non-PCD loans $ ( 102 ) $ ( 103 ) Net unamortized discount on acquired loans Non-PCD $ 1,238 $ 1,281 PCD 43 45 Total net unamortized discount $ 1,281 $ 1,326 16 The aging and nonaccrual status of the outstanding loans and leases by class at March 31, 2026 and December 31, 2025 are provided in the tables below. Loans and leases less than 30 days past due are considered current, as various grace periods allow borrowers to make payments within a stated period after the due date and remain in compliance with the respective agreement. Loans and Leases - Delinquency and Nonaccrual Status (1) dollars in millions March 31, 2026 Accruing Loans 30-59 Days Past Due 60-89 Days Past Due 90 Days or Greater Total Past Due Current Total Accruing Nonaccrual Loans (2) Total Commercial Commercial and industrial $ 222 $ 29 $ 35 $ 286 $ 45,006 $ 45,292 $ 461 $ 45,753 Capital call lines 31 — — 31 32,243 32,274 — 32,274 Owner occupied commercial mortgage 65 24 16 105 17,235 17,340 162 17,502 Investor dependent 8 — — 8 2,669 2,677 37 2,714 Commercial real estate 87 10 185 282 22,901 23,183 524 23,707 Total commercial 413 63 236 712 120,054 120,766 1,184 121,950 Consumer Residential mortgage 148 25 7 180 21,322 21,502 196 21,698 Revolving mortgage 24 3 — 27 2,798 2,825 38 2,863 Auto 10 2 — 12 1,310 1,322 10 1,332 Other consumer 4 2 2 8 840 848 1 849 Total consumer 186 32 9 227 26,270 26,497 245 26,742 Total loans and leases $ 599 $ 95 $ 245 $ 939 $ 146,324 $ 147,263 $ 1,429 $ 148,692 December 31, 2025 Accruing Loans 30-59 Days Past Due 60-89 Days Past Due 90 Days or Greater Total Past Due Current Total Accruing Nonaccrual Loans (2) Total Commercial Commercial and industrial $ 232 $ 56 $ 63 $ 351 $ 43,914 $ 44,265 $ 456 $ 44,721 Capital call lines — — — — 31,791 31,791 — 31,791 Owner occupied commercial mortgage 78 19 1 98 17,403 17,501 159 17,660 Investor dependent 11 1 — 12 2,717 2,729 49 2,778 Commercial real estate 221 31 171 423 22,943 23,366 418 23,784 Total commercial 542 107 235 884 118,768 119,652 1,082 120,734 Consumer Residential mortgage 168 42 7 217 21,465 21,682 179 21,861 Revolving mortgage 25 4 — 29 2,799 2,828 35 2,863 Auto 15 3 — 18 1,389 1,407 9 1,416 Other consumer 5 3 2 10 1,044 1,054 2 1,056 Total consumer 213 52 9 274 26,697 26,971 225 27,196 Total loans and leases $ 755 $ 159 $ 244 $ 1,158 $ 145,465 $ 146,623 $ 1,307 $ 147,930 (1) Accrued interest that was deducted from interest income when the loan was moved to nonaccrual status was $ 5 million for the three months ended March 31, 2026 and $ 7 million for the three months ended March 31, 2025. (2) Nonaccrual loans for which there was no related ALLL totaled $ 343 million at March 31, 2026 and $ 415 million at December 31, 2025. Refer to Note 1—Significant Accounting Policies and Basis of Presentation of our 2025 Form 10-K for discussion of loans individually evaluated to determine the ALLL. Other real estate owned (“OREO”) and repossessed assets were $ 116 million as of March 31, 2026 and $ 124 million as of December 31, 2025. 17 Credit Quality Indicators Loans and leases are monitored for credit quality on a recurring basis. Commercial loans and leases and consumer loans have different credit quality indicators as a result of the unique characteristics of the loan classes being evaluated. The credit quality indicators for commercial loans and leases are developed through a review of individual borrowers on an ongoing basis. Commercial loans are evaluated periodically with more frequent evaluations done on criticized loans. The indicators as of the date presented are based on the most recent assessment performed and are defined below: Pass – A pass rated asset is not adversely classified because it does not display any of the characteristics for adverse classification. Special mention – A special mention asset has potential weaknesses which deserve management’s close attention. If left uncorrected, such potential weaknesses may result in deterioration of the repayment prospects or collateral position at some future date. Special mention assets are not adversely classified and do not warrant adverse classification. Substandard – A substandard asset is inadequately protected by the current net worth and paying capacity of the borrower or of the collateral pledged, if any. Assets classified as substandard generally have a well-defined weakness, or weaknesses, that jeopardize the liquidation of the debt. These assets are characterized by the distinct possibility of loss if the deficiencies are not corrected. Doubtful – An asset classified as doubtful has all the weaknesses inherent in an asset classified substandard with the added characteristic that the weaknesses make collection or liquidation in full highly questionable and improbable on the basis of currently existing facts, conditions and values. Loss – Assets classified as loss are considered uncollectible and of such little value it is inappropriate to be carried as an asset. This classification is not necessarily equivalent to any potential for recovery or salvage value, but rather it is not appropriate to defer a full charge-off even though partial recovery may be affected in the future. Ungraded – Ungraded loans represent loans not included in the individual credit grading process due to their relatively small balances or borrower type. The majority of ungraded loans at March 31, 2026 and December 31, 2025, relate to business credit cards. Business credit card loans are subject to automatic charge-off when they become 120 days past due in the same manner as unsecured consumer lines of credit. The credit quality indicator for consumer loans is based on delinquency status of the borrower as of the end of the period. As the borrower becomes more delinquent, the likelihood of loss increases. An exemption is applied to government guaranteed loans as the principal repayments are insured by the Federal Housing Administration and U.S. Department of Veterans Affairs and thus remain on accrual status regardless of delinquency status. 18 The following tables summarize the commercial loans disaggregated by year of origination and by risk rating. The consumer loan delinquency status by year of origination is also presented below. The tables reflect the amortized cost of the loans and include PCD loans. Commercial Loans - Risk Classifications by Class March 31, 2026 Risk Classification: Term Loans by Origination Year Revolving Converted to Term Loans dollars in millions 2026 2025 2024 2023 2022 2021 & Prior Revolving Total Commercial and industrial Pass $ 5,282 $ 10,795 $ 6,883 $ 3,182 $ 2,450 $ 2,712 $ 10,792 $ 72 $ 42,168 Special Mention 74 139 347 64 80 199 177 — 1,080 Substandard 91 417 284 205 441 339 377 8 2,162 Doubtful 9 69 18 24 32 15 25 — 192 Ungraded — — — — — — 151 — 151 Total commercial and industrial 5,456 11,420 7,532 3,475 3,003 3,265 11,522 80 45,753 Capital call lines Pass 40 — — — — — 32,191 43 32,274 Total capital call lines 40 — — — — — 32,191 43 32,274 Owner occupied commercial mortgage Pass 678 2,651 2,569 2,116 2,331 5,872 253 28 16,498 Special Mention 18 7 49 37 98 69 1 — 279 Substandard 14 44 66 129 168 280 9 3 713 Doubtful — — — 12 — — — — 12 Total owner occupied commercial mortgage 710 2,702 2,684 2,294 2,597 6,221 263 31 17,502 Investor dependent Pass 182 986 522 84 61 — 302 — 2,137 Special Mention — 26 17 4 3 — 5 — 55 Substandard 7 140 202 77 7 3 53 — 489 Doubtful — 8 11 10 2 — 2 — 33 Total Investor dependent 189 1,160 752 175 73 3 362 — 2,714 Commercial real estate Pass 1,496 4,854 4,561 3,875 2,643 3,970 688 — 22,087 Special Mention 27 50 20 144 28 22 — — 291 Substandard 16 479 211 175 118 243 1 — 1,243 Doubtful 12 13 27 1 19 14 — — 86 Total commercial real estate 1,551 5,396 4,819 4,195 2,808 4,249 689 — 23,707 Total commercial Pass 7,678 19,286 14,535 9,257 7,485 12,554 44,226 143 115,164 Special Mention 119 222 433 249 209 290 183 — 1,705 Substandard 128 1,080 763 586 734 865 440 11 4,607 Doubtful 21 90 56 47 53 29 27 — 323 Ungraded — — — — — — 151 — 151 Total commercial $ 7,946 $ 20,678 $ 15,787 $ 10,139 $ 8,481 $ 13,738 $ 45,027 $ 154 $ 121,950 19 Consumer Loans - Delinquency Status by Class March 31, 2026 Days Past Due: Term Loans by Origination Year Revolving Converted to Term Loans dollars in millions 2026 2025 2024 2023 2022 2021 & Prior Revolving Total Residential mortgage Current $ 371 $ 1,549 $ 1,597 $ 2,412 $ 4,703 $ 10,741 $ 4 $ — $ 21,377 30-59 days — 5 2 8 25 125 — — 165 60-89 days — 1 2 8 8 19 — — 38 90 days or greater — 2 5 7 16 88 — — 118 Total residential mortgage 371 1,557 1,606 2,435 4,752 10,973 4 — 21,698 Revolving mortgage Current — — — — — — 2,678 134 2,812 30-59 days — — — — — — 18 8 26 60-89 days — — — — — — 1 4 5 90 days or greater — — — — — — 4 16 20 Total revolving mortgage — — — — — — 2,701 162 2,863 Auto Current 109 436 360 188 134 86 — — 1,313 30-59 days — 2 3 2 2 2 — — 11 60-89 days — 1 1 1 1 — — — 4 90 days or greater — 1 1 1 1 — — — 4 Total consumer auto 109 440 365 192 138 88 — — 1,332 Other consumer Current 42 164 81 51 44 17 443 — 842 30-59 days — — — — — — 3 — 3 60-89 days — — — — — — 2 — 2 90 days or greater — — — — — — 2 — 2 Total consumer other 42 164 81 51 44 17 450 — 849 Total consumer $ 522 $ 2,161 $ 2,052 $ 2,678 $ 4,934 $ 11,078 $ 3,155 $ 162 $ 26,742 20 The following tables represent current credit quality indicators by origination year as of December 31, 2025: Commercial Loans - Risk Classifications by Class December 31, 2025 Risk Classification: Term Loans by Origination Year Revolving Converted to Term Loans dollars in millions 2025 2024 2023 2022 2021 2020 & Prior Revolving Total Commercial and industrial Pass $ 13,484 $ 7,906 $ 3,552 $ 2,963 $ 1,428 $ 1,539 $ 10,143 $ 76 $ 41,091 Special Mention 213 264 113 97 143 60 181 — 1,071 Substandard 451 296 215 475 347 65 416 5 2,270 Doubtful 18 24 27 35 10 — 32 — 146 Ungraded — — — — — — 143 — 143 Total Commercial and industrial 14,166 8,490 3,907 3,570 1,928 1,664 10,915 81 44,721 Capital call lines Pass — — — — — — 31,758 33 31,791 Total capital call lines — — — — — — 31,758 33 31,791 Owner occupied commercial mortgage Pass 2,816 2,739 2,177 2,430 2,290 3,954 248 28 16,682 Special Mention 26 34 49 78 24 27 2 — 240 Substandard 41 55 128 179 88 222 8 3 724 Doubtful — 4 10 — — — — — 14 Total owner occupied commercial mortgage 2,883 2,832 2,364 2,687 2,402 4,203 258 31 17,660 Investor dependent Pass 981 648 110 67 — — 326 — 2,132 Special Mention 29 78 1 19 — — 19 — 146 Substandard 104 164 117 14 4 — 50 — 453 Doubtful 13 11 16 5 — — 2 — 47 Total investor dependent 1,127 901 244 105 4 — 397 — 2,778 Commercial real estate Pass 5,005 4,720 4,512 2,791 1,614 2,631 732 — 22,005 Special Mention 202 19 139 25 2 31 — — 418 Substandard 409 249 221 145 70 193 1 — 1,288 Doubtful 29 3 — 18 1 22 — — 73 Total commercial real estate 5,645 4,991 4,872 2,979 1,687 2,877 733 — 23,784 Total commercial Pass 22,286 16,013 10,351 8,251 5,332 8,124 43,207 137 113,701 Special Mention 470 395 302 219 169 118 202 — 1,875 Substandard 1,005 764 681 813 509 480 475 8 4,735 Doubtful 60 42 53 58 11 22 34 — 280 Ungraded — — — — — — 143 — 143 Total commercial $ 23,821 $ 17,214 $ 11,387 $ 9,341 $ 6,021 $ 8,744 $ 44,061 $ 145 $ 120,734 21 Consumer Loans - Delinquency Status by Class December 31, 2025 Days Past Due: Term Loans by Origination Year Revolving Converted to Term Loans dollars in millions 2025 2024 2023 2022 2021 2020 & Prior Revolving Total Residential mortgage Current $ 1,601 $ 1,609 $ 2,512 $ 4,783 $ 4,715 $ 6,295 $ 2 $ — $ 21,517 30-59 days 3 4 12 32 32 94 2 — 179 60-89 days — 1 3 9 3 38 — — 54 90 days or greater 1 5 6 10 7 82 — — 111 Total residential mortgage 1,605 1,619 2,533 4,834 4,757 6,509 4 — 21,861 Revolving mortgage Current — — — — — — 2,686 125 2,811 30-59 days — — — — — — 20 9 29 60-89 days — — — — — — — 6 6 90 days or greater — — — — — — 3 14 17 Total revolving mortgage — — — — — — 2,709 154 2,863 Auto Current 504 405 217 157 77 33 — — 1,393 30-59 days 3 4 3 3 2 1 — — 16 60-89 days — 1 1 1 1 — — — 4 90 days or greater — 1 1 1 — — — — 3 Total consumer auto 507 411 222 162 80 34 — — 1,416 Other consumer Current 176 100 65 53 15 6 630 — 1,045 30-59 days 1 1 — — — — 4 — 6 60-89 days — — — — — — 2 — 2 90 days or greater 1 — — — — — 2 — 3 Total consumer other 178 101 65 53 15 6 638 — 1,056 Total consumer $ 2,290 $ 2,131 $ 2,820 $ 5,049 $ 4,852 $ 6,549 $ 3,351 $ 154 $ 27,196 22 Gross Charge-offs Gross charge-off disclosures by origination year and loan class are summarized in the following tables: Three Months Ended March 31, 2026 Term Loans by Origination Year Revolving Converted to Term Loans dollars in millions 2026 2025 2024 2023 2022 2021 & Prior Revolving Total Commercial Commercial and industrial $ 1 $ 7 $ 19 $ 8 $ 7 $ 5 $ 47 $ 1 $ 95 Capital call lines — — — — — — — — — Owner occupied commercial mortgage — — 4 — — — — — 4 Investor dependent — 6 — — 3 2 1 — 12 Commercial real estate — 6 — — — 6 — — 12 Total commercial 1 19 23 8 10 13 48 1 123 Consumer Residential mortgage — — — — — — — — — Revolving mortgage — — — — — — — — — Auto — 1 — 1 — — — — 2 Other consumer — 1 1 — — — 5 — 7 Total consumer — 2 1 1 — — 5 — 9 Total loans and leases $ 1 $ 21 $ 24 $ 9 $ 10 $ 13 $ 53 $ 1 $ 132 Three Months Ended March 31, 2025 Term Loans by Origination Year Revolving Converted to Term Loans dollars in millions 2025 2024 2023 2022 2021 2020 & Prior Revolving Total Commercial Commercial and industrial $ — $ 7 $ 20 $ 11 $ 5 $ 6 $ 30 $ 1 $ 80 Capital call lines — — — — — — — — — Owner occupied commercial mortgage — — — — — — — — — Investor dependent — 4 14 12 6 2 1 — 39 Commercial real estate — 10 3 10 — 17 — — 40 Total commercial — 21 37 33 11 25 31 1 159 Consumer Residential mortgage — — — — — — — — — Revolving mortgage — — — — — — — — — Auto — 1 1 1 — — — — 3 Other consumer — — 1 — — — 4 — 5 Total consumer — 1 2 1 — — 4 — 8 Total loans and leases $ — $ 22 $ 39 $ 34 $ 11 $ 25 $ 35 $ 1 $ 167 23 Loan Modifications for Borrowers Experiencing Financial Difficulties As part of BancShares’ ongoing credit risk management practices, BancShares attempts to work with borrowers when necessary to extend or modify loan terms to better align with the borrowers’ current ability to repay. BancShares’ modifications granted to debtors experiencing financial difficulties typically take the form of term extensions, payment delays, interest rate reductions, principal forgiveness, or a combination thereof. Modifications are made in accordance with internal policies and guidelines to conform to regulatory guidance. The following tables present the amortized cost of loan modifications made to debtors experiencing financial difficulty, disaggregated by class and type of loan modification. The tables also provide financial effects by type of such loan modifications for the respective loan class. Loan modifications for principal forgiveness round to less than $ 1 million for all loan classes in all periods presented and are not presented in the following tables. Amortized Cost of Loans Modified during the three months ended March 31, 2026 dollars in millions Term Extension (1) Payment Delay Interest Rate Reduction Term Extension (1) and Interest Rate Reduction Term Extension (1) and Payment Delay Total Percent of Total Loan Class Commercial Commercial and industrial $ 228 $ 70 $ 3 $ 1 $ 22 $ 324 0.71 % Owner occupied commercial mortgage 26 — 13 18 8 65 0.38 Investor dependent 7 37 — — — 44 1.64 Commercial real estate 8 — — 15 3 26 0.11 Total commercial 269 107 16 34 33 459 0.38 Consumer Residential mortgage 4 — 1 — — 5 0.02 Revolving mortgage 1 — — — — 1 0.02 Auto — — — — — — 0.01 Other consumer — — — — — — — Total consumer 5 — 1 — — 6 0.02 Total loans and leases $ 274 $ 107 $ 17 $ 34 $ 33 $ 465 0.31 % (1) Term extensions include modifications which extended the maturity date or amortization period, and modifications that deferred lump-sum principal payments to a later date. Amortized Cost of Loans Modified during the three months ended March 31, 2025 dollars in millions Term Extension (1) Payment Delay Interest Rate Reduction Term Extension (1) and Interest Rate Reduction Term Extension (1) and Payment Delay Total Percent of Total Loan Class Commercial Commercial and industrial $ 58 $ 17 $ — $ 2 $ 20 $ 97 1.75 % Owner occupied commercial mortgage 12 2 — — 14 28 0.17 Investor dependent 4 21 — — — 25 0.08 Commercial real estate 37 — — — 67 104 5.14 Total commercial 111 40 — 2 101 254 0.35 Consumer Residential mortgage 4 — — 1 3 8 0.04 Revolving mortgage — — — — — — 0.03 Auto — — — — — — 0.01 Other consumer — — — — — — 0.01 Total consumer 4 — — 1 3 8 0.03 Total loans and leases $ 115 $ 40 $ — $ 3 $ 104 $ 262 0.19 % (1) Term extensions include modifications which extended the maturity date or amortization period, and modifications that deferred lump-sum principal payments to a later date. 24 Financial Effects of Loan Modifications made during the three months ended March 31, 2026 Weighted Average Term Extension (in Months) Weighted Average Interest Rate Reduction Weighted Average Payment Delay (in Months) Commercial Commercial and industrial 9 1.76 % 9 Owner occupied commercial mortgage 8 1.75 10 Investor dependent 12 — 7 Commercial real estate 17 0.05 9 Total commercial 10 1.25 9 Consumer Residential mortgage 11 1.63 4 Revolving mortgage 39 3.49 — Auto 24 0.24 — Other consumer — 11.80 — Total consumer 14 2.20 4 Total loans and leases 10 1.27 % 9 Financial Effects of Loan Modifications made during the three months ended March 31, 2025 Weighted Average Term Extension (in Months) Weighted Average Interest Rate Reduction Weighted Average Payment Delay (in Months) Commercial Commercial and industrial 17 1.65 % 10 Owner occupied commercial mortgage 8 — 6 Investor dependent 12 — 5 Commercial real estate 6 — 6 Total commercial 10 1.65 7 Consumer Residential mortgage 22 1.87 5 Revolving mortgage 60 3.21 5 Auto 20 — 4 Other consumer — 9.97 — Total consumer 24 2.41 5 Total loans and leases 11 2.06 % 7 Note: The financial effects of loan modifications for certain loan classes reported in the tables above were not reported in the preceding tables as the total amortized cost of loans modified during the period for such loan classes rounded to less than $ 1 million. Borrowers experiencing financial difficulties are typically identified in our credit risk management process and are consequently addressed in our methodology to estimate the ALLL, which incorporates delinquencies, probability of obligor default, and loss given default. Therefore, a change to the ALLL is generally not recorded upon modification. An assessment of whether a borrower is experiencing financial difficulty is reassessed or performed on the date of a modification. Upon BancShares’ determination that a modified loan (or portion of a loan) has subsequently been deemed uncollectible, the loan (or a portion of the loan) is charged off. At March 31, 2026, there were $ 174 million of loans modified in the twelve-months ended March 31, 2026, which defaulted subsequent to modification. 25 The following tables present the amortized cost and performance of loans to borrowers experiencing financial difficulties for which the terms of the loan were modified during the referenced periods. The period of delinquency is based on the number of days the scheduled payment is contractually past due. Modified Loans Payment Status (twelve months ended March 31, 2026) dollars in millions Current 30–59 Days Past Due 60–89 Days Past Due 90 Days or Greater Past Due Total Commercial Commercial and industrial $ 549 $ 62 $ 7 $ 32 $ 650 Capital call lines — — — — — Owner occupied commercial mortgage 76 5 — 2 83 Investor dependent 67 — 8 — 75 Commercial real estate 197 1 1 60 259 Total commercial 889 68 16 94 1,067 Consumer Residential mortgage 33 2 1 6 42 Revolving mortgage 2 — — 1 3 Auto — — — — — Other consumer 4 — — — 4 Total consumer 39 2 1 7 49 Total loans and leases $ 928 $ 70 $ 17 $ 101 $ 1,116 Modified Loans Payment Status (twelve months ended March 31, 2025) dollars in millions Current 30–59 Days Past Due 60–89 Days Past Due 90 Days or Greater Past Due Total Commercial Commercial and industrial $ 314 $ 4 $ 1 $ 5 $ 324 Capital call lines — — — — — Owner occupied commercial mortgage 61 3 1 — 65 Investor dependent 63 3 — — 66 Commercial real estate 238 9 — 23 270 Total commercial 676 19 2 28 725 Consumer Residential mortgage 12 1 1 3 17 Revolving mortgage 8 — — — 8 Auto — — — — — Other consumer — — — — — Total consumer 20 1 1 3 25 Total loans and leases $ 696 $ 20 $ 3 $ 31 $ 750 At March 31, 2026, there were $ 19 million of commitments to lend additional funds to debtors experiencing financial difficulty for which the terms of the loan were modified during the three months ended March 31, 2026. At December 31, 2025, there were $ 60 million of commitments to lend additional funds to debtors experiencing financial difficulty for which the terms of the loan were modified during the year ended December 31, 2025 . 26 Loans Pledged The following table provides information regarding loans pledged as collateral for borrowing capacity through the FHLB of Atlanta and the Federal Reserve Bank (“FRB”), and loans pledged as collateral for the Purchase Money Note to the FDIC. Loans Pledged dollars in millions March 31, 2026 December 31, 2025 FHLB of Atlanta Lendable collateral value of pledged non-PCD loans $ 18,799 $ 19,225 Less: advances — — Less: letters of credit 1,450 1,450 Available borrowing capacity $ 17,349 $ 17,775 Pledged non-PCD loans $ 31,368 $ 31,713 FRB Lendable collateral value of pledged non-PCD loans $ 12,944 $ 12,962 Less: advances — — Available borrowing capacity $ 12,944 $ 12,962 Pledged non-PCD loans $ 13,924 $ 13,640 FDIC Lendable collateral value of pledged loans $ 33,756 $ 35,705 Less: advances — — Less: principal amount of the Purchase Money Note 31,000 33,500 Available borrowing capacity (1) $ — $ — Pledged loans (2) $ 32,516 $ 34,465 (1) The draw period for the Advance Facility Agreement (an expired funding agreement between FCB and the FDIC in connection with the SVBB Acquisition) ended on March 27, 2025 so there was no available borrowing capacity at March 31, 2026 or December 31, 2025. (2) Carrying value, net of remaining discount, for loans pledged as collateral for the Purchase Money Note. As a member of the FHLB, FCB can access financing based on an evaluation of its creditworthiness, statement of financial position, size and eligibility of collateral. FCB may at any time grant a security interest in, sell, convey or otherwise dispose of any of the assets used for collateral, provided that FCB is in compliance with the collateral maintenance requirement immediately following such disposition. There were no outstanding advances from the FHLB at March 31, 2026 or December 31, 2025. Under borrowing arrangements with the FRB, BancShares has access to the FRB Discount Window on a secured basis. There were no outstanding borrowings with the FRB Discount Window at March 31, 2026 or December 31, 2025. NOTE 6 — ALLOWANCE FOR LOAN AND LEASE LOSSES The ALLL is reported as a separate line item on the Consolidated Balance Sheets, while the reserve for off-balance sheet credit exposure of $ 228 million and $ 260 million at March 31, 2026 and December 31, 2025, respectively, is included in other liabilities. The provision or benefit for credit losses related to (i) loans and leases (ii) off-balance sheet credit exposure, and (iii) other receivables or investment securities available for sale, if any, is reported in the Consolidated Statements of Income as provision or benefit for credit losses. The ALLL activity for loans and leases is summarized in the following table: Allowance for Loan and Lease Losses dollars in millions Three Months Ended March 31, 2026 Three Months Ended March 31, 2025 Commercial Consumer Total Commercial Consumer Total Balance at beginning of period $ 1,436 $ 130 $ 1,566 $ 1,518 $ 158 $ 1,676 Provision for loan and lease losses 97 6 103 138 10 148 Charge-offs ( 123 ) ( 9 ) ( 132 ) ( 159 ) ( 8 ) ( 167 ) Recoveries 18 3 21 20 3 23 Balance at end of period $ 1,428 $ 130 $ 1,558 $ 1,517 $ 163 $ 1,680 27 The decrease of $ 8 million in the ALLL at March 31, 2026 compared to December 31, 2025, was mainly driven by loan growth concentrated in capital call lines which have a significantly lower loss rate relative to our other loan portfolios, and changes in the macroeconomic scenarios, partially offset by higher reserves for individually evaluated loans. The following table presents the components of the provision for credit losses: Provision for Credit Losses dollars in millions Three Months Ended March 31, 2026 2025 Provision for loan and lease losses $ 103 $ 148 (Benefit) provision for off-balance sheet credit exposure ( 32 ) 6 Provision for other receivables 1 — Provision for credit losses $ 72 $ 154 NOTE 7 — LEASES Lessee BancShares’ leases primarily include administrative offices and bank locations. Substantially all of our operating lease liabilities relate to United States real estate leases. Our finance lease liabilities mainly relate to equipment leases, including the lease of certain ATMs. Our real estate leases have remaining lease terms of up to 32 years. Our lease terms may include options to extend or terminate the lease, and our operating leases have renewal terms that can extend from 1 to 25 years. The options are included in the lease term when it is determined that it is reasonably certain the option will be exercised. The following table presents supplemental balance sheet information and remaining weighted average lease terms and discount rates: Supplemental Lease Information dollars in millions Classification March 31, 2026 December 31, 2025 Lease assets: Operating lease ROU assets Other assets $ 285 $ 294 Finance leases Premises and equipment 71 71 Total lease assets $ 356 $ 365 Lease liabilities: Operating leases Other liabilities $ 317 $ 329 Finance leases Other borrowings 73 72 Total lease liabilities $ 390 $ 401 Weighted-average remaining lease terms: Operating leases 7.0 years 7.2 years Finance leases 7.4 years 7.7 years Weighted-average discount rate: Operating leases 3.10 % 3.10 % Finance leases 4.21 4.20 As of March 31, 2026, there were no leases that have not yet commenced that would have a material impact on BancShares’ consolidated financial statements. 28 The following table presents components of lease cost: Components of Net Lease Cost dollars in millions Three Months Ended March 31, Classification 2026 2025 Operating lease cost Occupancy expense $ 17 $ 18 Finance lease ROU asset amortization Equipment expense 3 1 Interest on lease liabilities Interest expense - other borrowings 1 — Variable lease cost (1) Occupancy expense 5 7 Sublease income Occupancy expense ( 1 ) ( 2 ) Net lease cost (1) $ 25 $ 24 (1) Includes short-term lease cost. Operating lease cost is recognized as a single lease cost on a straight-line basis over the lease term. For finance leases, the right of use (“ROU”) asset is amortized straight-line over the lease term as equipment expense and interest on the lease liability is recognized separately. Variable lease cost includes common area maintenance, property taxes, utilities, and other operating expenses related to leased premises recognized in the period in which the expense was incurred. Certain of our lease agreements also include rental payments adjusted periodically for inflation. While lease liabilities are not remeasured because of these changes, these adjustments are treated as variable lease costs and recognized in the period in which the expense is incurred. Sublease income results from leasing excess building space that BancShares is no longer utilizing under operating leases, which have remaining lease terms of up to 11 years. The following table presents supplemental cash flow information related to leases: Supplemental Cash Flow Information dollars in millions Three Months Ended March 31, 2026 2025 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 19 $ 19 Operating cash flows from finance leases 1 — Financing cash flows from finance leases 2 1 ROU assets obtained in exchange for new operating lease liabilities 6 3 ROU assets obtained in exchange for new finance lease liabilities 3 22 Lessor BancShares leases equipment to commercial end-users under operating lease and finance lease arrangements. The majority of operating lease equipment is long-lived rail equipment, which is typically leased several times over its life. We also lease technology and office equipment, and large and small industrial, medical, and transportation equipment under both operating leases and finance leases. Our Rail operating leases typically do not include purchase options. Many of our finance leases, and other equipment operating leases, offer the lessee the option to purchase the equipment at fair market value or for a nominal fixed purchase option. Many of the leases that do not have a nominal purchase option include renewal provisions resulting in some leases continuing beyond the initial contractual term. Our leases typically do not include early termination options. Continued rent payments are due if leased equipment is not returned at the end of the lease. 29 The following table presents lease income related to BancShares’ equipment leases: Lease Income dollars in millions Three Months Ended March 31, 2026 2025 Lease income – operating leases $ 268 $ 254 Variable lease income – operating leases (1) 13 16 Rental income on operating leases 281 270 Interest income – sales type and direct financing leases 42 43 Variable lease income included in other noninterest income (2) 14 14 Interest income – leveraged leases 1 1 Total lease income $ 338 $ 328 (1) Primarily includes per diem railcar operating lease rental income earned on a time or mileage usage basis. (2) Includes revenue related to insurance coverage on leased equipment and leased equipment property tax reimbursements due from customers. NOTE 8 — GOODWILL AND CORE DEPOSIT INTANGIBLES Goodwill BancShares had goodwill of $ 346 million at March 31, 2026 and 2025. There was no goodwill impairment during the three months ended March 31, 2026 or 2025. Goodwill relates to the General Bank reporting segment. Core Deposit Intangibles Core deposit intangibles represent the estimated fair value of core deposits and other customer relationships acquired. Core deposit intangibles are being amortized over their estimated useful lives. The following tables summarize the activity for core deposit intangibles: Core Deposit Intangibles Three Months Ended March 31, dollars in millions 2026 Balance at beginning of period, net of accumulated amortization $ 195 Less: amortization for the period 13 Balance at end of period, net of accumulated amortization $ 182 The following table summarizes the accumulated amortization balance for core deposit intangibles: Core Deposit Intangible Accumulated Amortization dollars in millions March 31, 2026 December 31, 2025 Gross balance $ 501 $ 501 Less: accumulated amortization 319 306 Balance, net of accumulated amortization $ 182 $ 195 The following table summarizes the expected amortization expense as of March 31, 2026 in subsequent periods for core deposit intangibles: Core Deposit Intangible Expected Amortization dollars in millions Remainder 2026 $ 33 2027 39 2028 34 2029 30 2030 28 2031 18 Balance, net of accumulated amortization $ 182 30 NOTE 9 — VARIABLE INTEREST ENTITIES Unconsolidated VIEs Unconsolidated VIEs include limited partnership interests and joint ventures. The table below provides a summary of the assets and liabilities included on the Consolidated Balance Sheets associated with unconsolidated VIEs. The maximum exposure to loss for unconsolidated VIEs is generally limited to the sum of the unconsolidated VIE investment balance and off-balance sheet funding commitments. The maximum exposure to loss represents potential losses that would be incurred under hypothetical circumstances, such that the value of BancShares’ interests and any associated collateral declines to zero and assuming no recovery. BancShares believes the possibility is remote under this hypothetical scenario; accordingly, this disclosure is not an indication of expected loss. Refer to Note 19—Commitments and Contingencies for off-balance sheet commitments to fund other tax credit investments and other unconsolidated investments. Unconsolidated VIEs Carrying Value and Liabilities for Funding Commitments dollars in millions March 31, 2026 December 31, 2025 Affordable housing tax credit investments $ 2,682 $ 2,761 Other tax credit investments 28 — Total tax credit equity investments $ 2,710 $ 2,761 Other unconsolidated investments 199 194 Total unconsolidated VIE investments (1) $ 2,909 $ 2,955 Liabilities for commitments to fund tax credit investments (2) $ 1,234 $ 1,321 (1) Included in other assets. (2) Represents commitments to invest in qualified affordable housing investments. These commitments are payable on demand and included in other liabilities. The table below summarizes the tax benefits, recognized in income tax expense on the Consolidated Statements of Income, for the affordable housing tax credit investments accounted for under the PAM. Tax Benefits - PAM dollars in millions Three Months Ended March 31, 2026 2025 Amortization of affordable housing tax credit investments (1) $ 80 $ 64 Tax credits from affordable housing tax credit investments ( 80 ) ( 68 ) Other tax benefits from affordable housing tax credit investments ( 17 ) ( 7 ) Net income tax benefit from affordable housing tax credit investments (2) $ ( 17 ) $ ( 11 ) (1) Amortization is included in depreciation, amortization, and accretion, net, in cash flows from operating activities on the Consolidated Statements of Cash Flows. (2) The net income tax benefit is included in cash flows from operating activities on the Consolidated Statements of Cash Flows. Changes in income taxes payable are reported in net change in other liabilities in cash flows from operating activities on the Consolidated Statements of Cash Flows. Other Tax Credit Investments Other tax credit investments at March 31, 2026 consisted of renewable energy tax credit investments accounted for under the HLBVM. We elected the deferral method for the tax credits and deferred tax assets (“DTAs”) related to HLBVM tax credit investments. Refer to Note 1—Significant Accounting Policies and Basis of Presentation of our 2025 Form 10-K for further discussion of the PAM, HLBVM, and deferral method. NOTE 10 — BORROWINGS Short-term Borrowings Securities Sold under Agreements to Repurchase BancShares held $ 170 million and $ 224 million at March 31, 2026 and December 31, 2025, respectively, of securities sold under agreements to repurchase that have overnight contractual maturities and are collateralized by government agency securities. The weighted average interest rate for securities sold under agreements to repurchase was 0.33 % and 0.41 % at March 31, 2026 and December 31, 2025, respectively. 31 BancShares utilizes securities sold under agreements to repurchase to facilitate the needs for collateralization of commercial customers and secure wholesale funding needs. Repurchase agreements are transactions whereby BancShares offers to sell to a counterparty an undivided interest in an eligible security at an agreed upon purchase price, and which obligates BancShares to repurchase the security at an agreed upon date, repurchase price and interest rate. These agreements are recorded at the amount of cash received in connection with the transactions and are reflected as securities sold under customer repurchase agreements. BancShares monitors collateral levels on a continuous basis and maintains records of each transaction specifically describing the applicable security and the counterparty’s fractional interest in that security, and segregates the security from general assets in accordance with regulations governing custodial holdings of securities. The primary risk with repurchase agreements is market risk associated with the investments securing the transactions, as additional collateral may be required based on fair value changes of the underlying investments. Securities pledged as collateral under repurchase agreements are maintained with safekeeping agents. The carrying value of investment securities pledged as collateral under repurchase agreements was $ 207 million and $ 230 million at March 31, 2026 and December 31, 2025, respectively. Long-term Borrowings On March 3, 2026, the Parent Company issued and sold $ 500 million aggregate principal amount of its 4.869 % Fixed-to-Floating Rate Senior Notes due in 2032. In the first quarter of 2026, FCB made prepayments of $ 2.50 billion on the Purchase Money Note and recognized a loss on extinguishment of debt of $ 8 million. In April 2026, we made an additional prepayment of $ 500 million. The following table presents long-term borrowings, net of the respective unamortized purchase accounting adjustments and issuance costs: Long-term Borrowings dollars in millions Maturity March 31, 2026 December 31, 2025 Parent Company: Senior: Fixed-to-Floating Senior Notes at 5.231 % (1) March 2031 $ 497 $ 497 Fixed-to-Floating Senior Notes at 4.869 % (2) March 2032 495 — Subordinated: Fixed Rate Reset Subordinated Notes at 5.600 % (3) September 2035 595 597 Fixed-to-Fixed Subordinated Notes at 6.254 % (4) March 2040 742 745 Subsidiaries: Senior: Fixed Senior Unsecured Notes at 6.000 % April 2036 58 58 Subordinated: Fixed Subordinated Notes at 6.125 % March 2028 427 430 Secured: Purchase Money Note to FDIC fixed at 3.500 % (5) March 2028 30,905 33,385 Capital lease obligations Maturities through May 2057 73 72 Total long-term borrowings $ 33,792 $ 35,784 (1) The fixed rate period will end March 12, 2030, and the notes will thereafter bear a floating interest rate equal to a benchmark rate based on the Compounded Secured Overnight Financing Rate (“SOFR”) Index Rate plus 141 basis points (“bps”) per annum until the maturity date (or date of earlier redemption). (2) The fixed rate period will end March 3, 2031, and the notes will thereafter bear a floating interest rate equal to a benchmark rate based on the Compounded SOFR Index Rate plus 148.7 bps per annum until the maturity date (or date of earlier redemption). (3) The interest rate will reset on September 5, 2030, and the notes will thereafter bear a fixed interest rate equal to the Five-year U.S. Treasury Rate as of the day falling two business days prior to the notes reset date plus 185 bps per annum until the maturity date (or date of earlier redemption). (4) The interest rate will reset on March 12, 2035, and the notes will thereafter bear a fixed interest rate equal to the Five-year U.S. Treasury Rate as of the day falling two business days prior to the notes reset date plus 197 bps per annum until the maturity date (or date of earlier redemption). (5) Issued in connection with the SVBB Acquisition. The unamortized discount was $ 95 million and $ 115 million at March 31, 2026 and December 31, 2025, respectively. Refer to Note 5—Loans and Leases for further information on loans pledged as collateral to secure borrowings. Pledged Assets Refer to the “Loans Pledged” section in Note 5—Loans and Leases for information on loans pledged as collateral to secure borrowings. Additionally, interest-earning deposits at banks included $ 194 million and $ 212 million at March 31, 2026 and December 31, 2025, respectively, that were required minimum deposits under the Purchase Money Note. 32 NOTE 11 — DERIVATIVE FINANCIAL INSTRUMENTS Our derivatives designated as hedging instruments include interest rate swap contracts utilized to manage our interest rate exposure for items on our Consolidated Balance Sheets. This includes floating-rate loan portfolio cash flow hedges and fair value hedges of our fixed-rate borrowings. Our derivatives not designated as hedging instruments mainly include interest rate and foreign exchange contracts that our customers utilized for their risk management needs. We typically manage our exposure to these customer derivatives by entering into offsetting or “back-to-back” interest rate and foreign exchange contracts with third-party dealers. Derivative instruments that are cleared through certain central counterparty clearing houses are settled-to-market and reported net of collateral positions. Refer to Note 1—Significant Accounting Policies and Basis of Presentation of our 2025 Form 10-K for accounting policies for derivatives. The following table presents notional amounts and fair values of derivative financial instruments: Notional Amount and Fair Value of Derivative Financial Instruments dollars in millions March 31, 2026 December 31, 2025 Notional Amount Asset Fair Value Liability Fair Value Notional Amount Asset Fair Value Liability Fair Value Derivatives designated as hedging instruments (Qualifying hedges) Fair Value Hedges Interest rate contracts hedging long-term borrowings $ 2,350 $ — $ — $ — $ — $ — Cash Flow Hedges Interest rate contracts hedging loans (1) (2) 5,000 — — 4,000 — — Total derivatives designated as hedging instruments $ 7,350 $ — $ — $ 4,000 $ — $ — Derivatives not designated as hedging instruments (Non-qualifying hedges) Interest rate contracts (1) (2) $ 29,886 $ 356 $ ( 366 ) $ 28,741 $ 385 $ ( 381 ) Foreign exchange contracts (3) 8,893 114 ( 82 ) 8,912 122 ( 113 ) Other contracts (4) 1,390 28 — 1,485 27 — Total derivatives not designated as hedging instruments $ 40,169 $ 498 $ ( 448 ) $ 39,138 $ 534 $ ( 494 ) Gross derivatives fair values presented in the Consolidated Balance Sheets $ 498 $ ( 448 ) $ 534 $ ( 494 ) Less: gross amount offset in the Consolidated Balance Sheets — — — — Net amount included in other assets and other liabilities in the Consolidated Balance Sheets $ 498 $ ( 448 ) $ 534 $ ( 494 )