- North Carolina
BB&T in Winston-Salem, N.C., posted solid third-quarter results that reflected organic loan growth and its purchase of Susquehanna Bancshares in Lititz, Pa.
October 15 -
First Citizens BancShares in Raleigh, N.C., reported higher earnings on the backs of two acquisitions.
May 7 -
First Citizens BancShares in Raleigh, N.C., will add three directors after it completes its acquisition of First Citizens Bancorp. in Columbia, S.C.
September 24
First Citizens Bancshares in Raleigh, N.C., reported an improvement in third-quarter profit thanks to the benefits of M&A and organic growth.
The $31.5 billion-asset company's net income rose 111% to $56 million from a year earlier. The yearly comparisons are skewed by First Citizens' acquisition of First Citizens Bancorp. in Columbia, S.C., which closed in October 2014.
Still, improvement could be seen on a linked-quarter basis:
- First Citizens Bancshares' net income rose 26% from the second quarter. Earnings per share rose 26% to $4.66.
- Net interest income, before the loan-loss provision, rose 2% to $239.4 million. Total loans rose 2.1% to $19.8 billion. The net interest margin shrank 2 basis points to 3.29%.
- Noninterest income rose 2% to $109.8 million, on a $5.4 million increase in securities gains and higher deposit service charges.
- Noninterest expense fell 1.7% to $260.2 million. Expenses benefited from a $2.5 million depreciation adjustment that resulted from converting First Citizens Bancorp's systems to that of First Citizens Bancshares. The efficiency ratio improved 168 basis points to 75.73%.
