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First Citizens Bancshares (FCNCA) in Raleigh, N.C., reported a large increase in its quarterly earnings after the sale of a large portion of its processing-servicing business.
May 9 -
Shareholders of First Citizens Bancshares (FCNCA) rejected a proposal that would have limited the control of the family that has run the Raleigh, N.C., company for generations.
May 6 -
First Citizens BancShares (FCNCA) in Raleigh, N.C., has named a former Royal Bank of Canada (RY) executive to be its chief financial officer.
April 1
First Citizens Bancshares (FCNCA) turned stronger credit quality, higher mortgage income and lower foreclosure costs into a 17% gain in profits last quarter.
The Raleigh, N.C., company reported second-quarter earnings of $43.9 million, or $4.56 a share, compared with $37.6 million a year earlier.
Much of the quarter's gains stemmed from a lower provision for loan and lease losses. Provisions fell 55%, to $13.2 million. First Citizens also reduced expectations of credit losses tied to six failed banks it acquired between 2009 and 2011.
Stronger mortgage revenues boosted noninterest income 13%, to $65 million. Recoveries on acquired assets and higher merchant income also drove the increase.
A decline in net interest income, which fell 16.7% to $1.8 million, partially offset First Citizens' profits. Lower asset yields contributed to the decline.
Noninterest expenses dipped 3% to $188.6 million, compared with $194.8 million. The decline reflects a significant reduction in foreclosure expenses.
Chargeoffs at the $21.3 million-asset company tumbled 70%, reflecting improvements in credit quality. They fell from $29.2 million to $8.8 million.
