First Citizens BancShares Inc. in Raleigh, N.C., reported only modest earnings growth in 2011 as income gains from failed-bank acquisitions were largely offset by higher loss provisions related to loans it inherited in those deals. 

The $21 billion-asset parent of First Citizens Bank & Trust Co. said Thursday that its fourth-quarter net income rose 1.5% from the same period in 2010, to $30.5 million, and that full-year earnings rose 1%, to $195 million. The income gains were largely a result of increased loan volume stemming from its acquisitions of two failed banks in Colorado last year that combined added more than $3 billion of assets. Net interest income climbed 6.1% for the quarter, to, $242 million, and 12.5% for the full year, to $871 million. 

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