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CIT's OneWest purchase to close next week

Jul. 28, 2015 8:30 AM ETFirst Citizens BancShares, Inc. (FCNCA) StockFCNCABy: Stephen Alpher, SA News Editor
  • Q2 net income of $115M or $0.66 per share vs. $247M and $1.29 one year ago.
  • Net finance revenue of $343M vs. $361M a year ago. Average earning assets of $34.1B vs. $33.2B. Net finance revenue as a percent of average earning assets of 4.02% up 33 basis points.
  • Operating expenses of $235M vs. $225M.
  • Non-accrual loans of $198M or 1.01% of finance receivables vs. 0.94% a quarter ago, 1.02% one year ago.
  • CET1 ratio of 14.4%. Tangible book value per share of $47.51 up from $46.89 a quarter ago, $44.16 one year ago. 1.3M shares repurchased during quarter at an average price of $45.87 each.
  • The OneWest purchase is expected to close on August 3.
  • Conference call is underway.
  • Previously: CIT EPS in-line, misses on revenue (July 28)
  • CIT flat premarket

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