First Citizens Bancshares Inc. FCNCA on Wednesday reported a first-quarter profit of $9.5 billion, or $653.64 a share, up sharply from a year-ago profit of $264 million, or $16.70 a share. The bank said its March 27 acquisition of Silicon Valley Bank from the Federal Reserve Insurance Co. included a preliminary gain of $9.8 billion net of tax. Adjusted net income in the latest quarter was $20.09 a share, short of the analyst forecast of $22.29 a share, according to estimates compiled by FactSet. CEO Frank B. Holding Jr. said the bank has made strides to integrate Silicon Valley Bank including “meaningful engagement” with Silicon Valley Bank clients and leaders. “In an environment of macroeconomic challenges and uncertainties, we continue to operate with solid capital and liquidity positions,” Holding said. First Citizens Bancshares stock rose 2.4% in premarket trades. The stock is up 44% in 2023, compared to a 5.7% drop by the Financial Select Sector SPDR ETF XLF.
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