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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

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

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.

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.

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.

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.

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


	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.

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.

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.

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.

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

The 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)

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.

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

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.

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.

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

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

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

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

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	—		—		—		—

FIRST CITIZENS BANCSHARES INC /DE/ 10-Q