First Citizens Deposits Beat Estimates as SVB Deal Boosts Income

First Citizens BancShares Inc., the regional lender that acquired Silicon Valley Bank when it failed in March, said deposits beat estimates helped by growth in its direct bank channel.

Deposits totaled $146.2 billion in the third quarter, surpassing analysts estimates and dwarfing the $87.6 billion for the same period a year ago, the bank said in a statement. Net interest income also increased to $1.99 billion compared with $795 million from a year prior as it reaped benefits from the Silicon Valley Bank acquisition and higher earning asset balances, it said.