Shares of First Citizens BancShares advanced after the company posted higher profit in the third quarter.

The stock rose 7.8% to $2,368.28 on Friday. Shares are up 10% year-to-date.

The Raleigh, NC-based financial institution posted a profit of $577 million, or $51.23 a share, compared with $554 million, or $43.08 a share, the same time last year.

Adjusted per-share earnings were $55.37, beating analyst expectations of $45.89, according to FactSet.

First Citizens posted net interest margin at 3.1%, compared with 3.3% in the same period last year.

The company's board also authorized a share buyback program of up to $1.2 billion of its common stock through 2027.