10-Q 1 fcnca-20220930.htm 10-Q fcnca-20220930
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
____________________________________________________
FORM 10-Q
____________________________________________________
Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the quarterly period ended September 30, 2022
or
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Commission File Number: 001-16715
First Citizens BancShares, Inc.
(Exact name of Registrant as specified in its charter)
Delaware56-1528994
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification Number)
4300 Six Forks RoadRaleighNorth Carolina27609
(Address of principle executive offices)(Zip code)
(919)716-7000
(Registrant’s telephone number, including area code)
____________________________________________________
Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Class A Common Stock, Par Value $1FCNCA
Nasdaq Global Select Market
Depositary Shares, Each Representing a 1/40th Interest in a Share of 5.375% Non-Cumulative Perpetual Preferred Stock, Series AFCNCP
Nasdaq Global Select Market
5.625% Non-Cumulative Perpetual Preferred Stock, Series CFCNCO
Nasdaq Global Select Market
Securities registered pursuant to Section 12(g) of the Securities Exchange Act of 1934:
Class B Common Stock, Par Value $1
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company” and ‘emerging growth company’ in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filerNon-accelerated filerSmaller reporting companyEmerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No
Class A Common Stock— 13,498,535 shares
Class B Common Stock— 1,005,185 shares
(Number of shares outstanding, by class, as of October 31, 2022)




CONTENTS
Part One — Financial Information:
Item 1.
Item 2.
Item 3.
Item 4.
Part Two — Other Information:
Item 1.
Item 1A.
Item 2.
Item 5.
Item 6.


2



GLOSSARY OF ABBREVIATIONS AND ACRONYMS
The following is a list of certain abbreviations and acronyms we use throughout this document. You may find it helpful to refer back to this table. We also include a Glossary of Key Terms in Part 1, Item 2. Management’s Discussion and Analysis.

AcronymDefinitionAcronymDefinition
ACLAllowance for Credit LossesIRCInternal Revenue Code
AOCIAccumulated Other Comprehensive IncomeISDAInternational Swaps and Derivative Association
ASCAccounting Standards CodificationLIBORLondon Inter-Bank Offered Rate
ASUAccounting Standards UpdateLOCOMLower of the Cost or Market Value
BHCBank Holding CompanyMD&AManagement’s Discussion and Analysis
BOLIBank Owned Life InsuranceMSRsMortgage Servicing Rights
bpsBasis point(s); 1 bp = 0.01%NCCOBNorth Carolina Commissioner of Banks
CABCommunity Association BankingNIINet Interest Income
CECLCurrent Expected Credit LossesNII SensitivityNet Interest Income Sensitivity
DPADeferred Purchase AgreementNIMNet Interest Margin
DTAsDeferred Tax AssetsNSFNonsufficient Funds
ETREffective Tax RateOREOOther Real Estate Owned
EVE SensitivityEconomic Value of Equity SensitivityPAAPurchase Accounting Adjustments
FASBFinancial Accounting Standards BoardPBPrimary Beneficiary
FCBFirst-Citizens Bank & Trust CompanyPCAPrompt corrective action
FDICFederal Deposit Insurance CorporationPCDPurchased Credit Deteriorated
FHAFederal Housing AdministrationPDProbability of Obligor Default
FHCFinancial Holding CompanyROURight of Use
FHLBFederal Home Loan BankRSURestricted Stock Unit
FOMCFederal Open Market CommitteeSBASmall Business Administration
FRBFederal Reserve BankSBA-PPPSmall Business Administration Paycheck Protection Plan
GAAPAccounting Principles Generally Accepted in the U.S.SOFRSecured Overnight Financing Rate
GDPGross Domestic ProductTDRsTroubled Debt Restructuring
HAMPHome Affordable Modification ProgramUPBUnpaid Principal Balance
HOAHome Owner’s AssociationVAVeteran’s Administration
HQLSHigh Quality Liquid SecuritiesVIEVariable Interest Entity

3



PART I

Item 1. Financial Statements
First Citizens BancShares, Inc. and Subsidiaries
Consolidated Balance Sheets (Unaudited)


dollars in millions, except share dataSeptember 30, 2022December 31, 2021
Assets
Cash and due from banks$481 $338 
Interest-earning deposits at banks6,172 9,115 
Investments in marketable equity securities (cost of $73 million at September 30, 2022 and December 31, 2021)
92 98 
Investment securities available for sale (cost of $10,083 million at September 30, 2022 and $9,215 million at December 31, 2021)
9,088 9,203 
Investment securities held to maturity (fair value of $8,166 million at September 30, 2022 and $3,759 million at December 31, 2021)
9,661 3,809 
Assets held for sale21 99 
Loans and leases69,790 32,372 
Allowance for credit losses(882)(178)
Loans and leases, net of allowance for credit losses68,908 32,194 
Operating lease equipment, net7,984  
Premises and equipment, net1,410 1,233 
Bank-owned life insurance1,342 116 
Goodwill346 346 
Other intangible assets145 19 
Other assets3,660 1,739 
Total assets$109,310 $58,309 
Liabilities
Deposits:
Noninterest-bearing$26,587 $21,405 
Interest-bearing60,966 30,001 
Total deposits87,553 51,406 
Credit balances of factoring clients1,147  
Borrowings:
Short-term borrowings3,128 589 
Long-term borrowings5,215 1,195 
Total borrowings8,343 1,784 
Other liabilities2,434 381 
Total liabilities99,477 53,571 
Stockholders’ equity
Preferred stock - $0.01 par value (10,000,000 shares authorized at September 30, 2022 and December 31, 2021)
881 340 
Common stock:
Class A - $1 par value (16,000,000 shares authorized; 13,970,944 and 8,811,220 shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively)
14 9 
Class B - $1 par value (2,000,000 shares authorized; 1,005,185 shares issued and outstanding at September 30, 2022 and December 31, 2021)
1 1 
Additional paid in capital4,506  
Retained earnings5,160 4,378 
Accumulated other comprehensive (loss) income(729)10 
Total stockholders’ equity9,833 4,738 
Total liabilities and stockholders’ equity$109,310 $58,309 
See accompanying Notes to the Unaudited Consolidated Financial Statements.


4



First Citizens BancShares, Inc. and Subsidiaries
Consolidated Statements of Income (Unaudited)

Three Months Ended September 30,Nine Months Ended September 30,
dollars in millions, except share and per share data2022202120222021
Interest income
Interest and fees on loans$785 $320 $2,061 $967 
Interest on investment securities9040262106
Interest on deposits at banks313507
Total interest income906 363 2,373 1,080 
Interest expense
Deposits78815925
Borrowings3387022
Total interest expense111 16 229 47 
Net interest income7953472,1441,033
Provision (benefit) for credit losses60(1)566(32)
Net interest income after provision for credit losses735 348 1,578 1,065 
Noninterest income
Rental income on operating leases219640
Fee income and other service charges441011831
Wealth management services353210796
Service charges on deposit accounts21267769
Factoring commissions2478
Cardholder services, net25237665
Merchant services, net892726
Insurance commissions1143412
Realized gain on sale of investment securities available for sale, net833
Fair value adjustment on marketable equity securities, net(2)3(5)31
Bank-owned life insurance81252
Gain on sale of leasing equipment, net213
Gain on acquisition431
Gain on extinguishment of debt17
Other noninterest income3787929
Total noninterest income433 124 1,707 394 
Noninterest expense
Depreciation on operating lease equipment87257
Maintenance and other operating lease expenses52142
Salaries and benefits3511941,044566
Net occupancy expense472914487
Equipment expense553016189
Professional fees1354413
Third-party processing fees27167744
FDIC insurance expense532610
Marketing153327
Merger-related expenses33720220
Intangible asset amortization53179
Other noninterest expense702416966
Total noninterest expense760 314 2,315 911 
Income before income taxes408158970548
Income tax expense9334129124
Net income$315 $124 $841 $424 
Preferred stock dividends1253614
Net income available to common stockholders$303 $119 $805 $410 
Earnings per common share
Basic$19.27 $12.17 $50.76 $41.79 
Diluted$19.25 $12.17 $50.70 $41.79 
Weighted average common shares outstanding
Basic15,711,9769,816,40515,849,2199,816,405
Diluted15,727,9939,816,40515,867,3149,816,405
See accompanying Notes to the Unaudited Consolidated Financial Statements.
5



First Citizens BancShares, Inc. and Subsidiaries
Consolidated Statements of Comprehensive Income (Unaudited)


Three Months Ended September 30,Nine Months Ended September 30,
dollars in millions2022202120222021
Net income$315 $124 $841 $424 
Other comprehensive loss, net of tax
Net unrealized loss on securities available for sale(266)(15)(747)(59)
Net change in unrealized loss on securities available for sale transferred to securities held to maturity (1)1 (1)
Net change in pension obligations2 6 7 16 
Other comprehensive loss, net of tax$(264)$(10)$(739)$(44)
Total comprehensive income$51 $114 $102 $380 
See accompanying Notes to the Unaudited Consolidated Financial Statements.


6



First Citizens BancShares, Inc. and Subsidiaries
Consolidated Statements of Changes in Stockholders’ Equity (Unaudited)

Three Months Ended September 30,
dollars in millions, except share dataPreferred StockClass A Common StockClass B Common StockAdditional Paid in CapitalRetained EarningsAccumulated Other Comprehensive (Loss) IncomeTotal Stockholders' Equity
Balance at June 30, 2022$881 $15 $1 $5,345 $4,865 $(465)$10,642 
Net income— — — — 315 — 315 
Other comprehensive loss, net of tax— — — — — (264)(264)
Stock based compensation— — — 2 — — 2 
Repurchased 1,027,414 shares of Class A common stock
— (1)— (841)— — (842)
Cash dividends declared ($0.47 per common share):
Class A common stock— — — — (7)— (7)
Class B common stock— — — — (1)— (1)
Preferred stock dividends declared:
Series A— — — — (5)— (5)
Series B— — — — (5)— (5)
Series C— — — — (2)— (2)
Balance at September 30, 2022881 14 1 4,506 5,160 (729)9,833 
Balance at June 30, 2021340 9 1  4,149 (22)4,477 
Net income— — — — 124 — 124 
Other comprehensive income, net of tax— — — — — (10)(10)
Cash dividends declared ($0.47 per common share):
Class A common stock— — — — (4)— (4)
Class B common stock— — — —  —  
Preferred stock dividends declared— — — — (5)— (5)
Balance at September 30, 2021$340 $9 $1 $ $4,264 $(32)$4,582 
Nine Months Ended September 30,
dollars in millions, except share dataPreferred StockClass A Common StockClass B Common StockAdditional Paid in CapitalRetained EarningsAccumulated Other Comprehensive Income (Loss)Total Stockholders' Equity
Balance at December 31, 2021$340 $9 $1 $ $4,378 $10 $4,738 
Net income— — — — 841 — 841 
Other comprehensive loss, net of tax— — — — — (739)(739)
Issued in CIT Merger:
Common stock— 6 — 5,273 — — 5,279 
Series B preferred stock334 — — — — — 334 
Series C preferred stock207 — — — — — 207 
Stock based compensation— — — 74 — — 74 
Repurchased 1,027,414 shares of Class A common stock
— (1)— (841)— — (842)
Cash dividends declared ($0.47 per common share):
Class A common stock— — — — (21)— (21)
Class B common stock— — — — (2)— (2)
Preferred stock dividends declared:
Series A— — — — (14)— (14)
Series B— — — — (14)— (14)
Series C— — — — (