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First Citizens BancShares (FCNCA) in Raleigh, N.C., received an earnings boost from improved credit quality and a favorable adjustment to loss-share agreements with the Federal Deposit Insurance Corp.
January 30 -
First Citizens BancShares (FCNCA) in Raleigh, N.C., has decided on the management team that will run the company after it buys First Citizens Bancorp. in Columbia, S.C.
June 24 -
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 -
An investor has filed a lawsuit to block the merger deal between the two First Citizens banks in the Carolinas, which are controlled by the Holding family. The case could turn on whether the directors on the special committees that reviewed the deal were truly independent of the Holdings.
August 15 -
The North Carolina company will pay more than $637 million for First Citizens Bancorp., a South Carolina bank. Both companies are majority owned by the Holding family.
June 11
First Citizens BancShares in Raleigh, N.C. reported a significant decline in quarterly earnings due to a higher loan-loss provision and increased operating costs.
The $22 billion-asset company said its third-quarter profit fell 36% from a year earlier, to $26.4 million, or $2.74 a share.
The decline was primarily due to $1.5 million provision, compared to a $7.7 million reserve release a year earlier. Other credit quality metrics improved, with net chargeoffs declining 58%, to $3.5 million, and nonperforming assets falling by 19%, to $157 million.
Net interest income rose 7%, to $166.2 million. Total loans rose 6%, to $13.8 billion, while the nhe net interest margin compressed by 41 basis points, to 3.26%.
Noninterest income rose 8%, to $77.4 million, largely because of increased processing service fees.
Noninterest expenses increased 5%, to $201.8 million.
