First Citizens BancShares (FCNCA) shares surged 5.28% in intraday trading on Thursday, as investors cheered a blockbuster second-quarter earnings report that far exceeded Wall Street expectations.

The bank reported adjusted earnings per share of $57.09, crushing the analyst consensus estimate of $40.54 by more than 40%. Adjusted net income came in at $691 million, well above the $492.3 million estimate. Revenue of $2.43 billion also beat forecasts of $2.24 billion, driven by higher net interest income and improved credit quality.

Net interest income rose to $1.66 billion, while the net interest margin edged up to 3.10%. The company also highlighted a $600 million share repurchase during the quarter and announced a quarterly common stock dividend of $2.10 per share, further boosting investor sentiment.