First Citizens BancShares in Raleigh, N.C., said Wednesday that its fourth-quarter profit fell 32.1% from a year earlier, to $42.7 million.
For the full year, however, the $31.5 billion-asset bank reported net income of $210.4 million, compared with $138.6 million in 2014.
First Citizens acquired Capitol City Bank & Trust in Atlanta in February 2015 after buying First Citizens Bancorp. in Columbia, S.C., in October 2014. The Capitol City deal was assisted by the Federal Deposit Insurance Corp.
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First Citizens Bancshares in Raleigh, N.C., reported an improvement in third-quarter profit thanks to the benefits of M&A and organic growth.
October 30 -
Fidelity Bank in Fuquay-Varina, N.C., has agreed to buy a branch from First Citizens BancShares.
September 21 -
First Citizens BancShares in Raleigh, N.C., has hired Brent Ciliano to be its chief investment officer.
June 4
Fourth-quarter earnings per share were $3.56, versus $5.24 in the fourth quarter of 2014.
Net interest income rose 6.2% to $230.7 million on loan originations and higher investment securities interest. That increase was "primarily driven by the impacts" of the First Citizens Bancorp. and Capitol City acquisitions, the company said.
Noninterest income fell 26.9% to $99.1 million on lower gains on FDIC loss shares receivable. Noninterest expense fell 0.5% to $255.9 million on foreclosure- and merger-related expenses. The efficiency ratio worsened to 77.6% from 79.4% in the fourth quarter of 2014.
