10-Q 1 fcnca-20210930.htm 10-Q fcnca-20210930
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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, 2021
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 Act:
Title of each classTrading SymbolName of each exchange on which registered
Class A Common Stock, Par Value $1FCNCANasdaq Global Select Market
Depositary Shares, Each Representing a 1/40th Interest in a Share of 5.375% Non-Cumulative Perpetual Preferred Stock, Series AFCNCPNasdaq Global Select Market
Securities Registered Pursuant to Section 12(g) of the Act:
Class B Common Stock, Par Value $1
(Title of class)
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 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, 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—8,811,220 shares
Class B Common Stock—1,005,185 shares
(Number of shares outstanding, by class, as of October 31, 2021)


INDEX
 
2

PART I 
Item 1.Financial Statements
First Citizens BancShares, Inc. and Subsidiaries
Consolidated Balance Sheets
(Dollars in thousands, unaudited)September 30, 2021December 31, 2020
Assets
Cash and due from banks$337,450 $362,048 
Overnight investments9,875,063 4,347,336 
Investment in marketable equity securities (cost of $85,554 at September 30, 2021 and $84,837 at December 31, 2020)
123,147 91,680 
Investment securities available for sale (cost of $7,345,143 at September 30, 2021 and $6,911,965 at December 31, 2020)
7,371,129 7,014,243 
Investment securities held to maturity (fair value of $3,353,078 at September 30, 2021 and $2,838,499 at December 31, 2020)
3,381,078 2,816,982 
Loans held for sale98,451 124,837 
Loans and leases32,516,189 32,791,975 
Allowance for credit losses(183,194)(224,314)
Net loans and leases32,332,995 32,567,661 
Premises and equipment1,230,572 1,251,283 
Other real estate owned40,649 50,890 
Income earned not collected132,911 145,694 
Goodwill350,298 350,298 
Other intangible assets44,142 50,775 
Other assets1,584,092 783,953 
Total assets$56,901,977 $49,957,680 
Liabilities
Deposits:
Noninterest-bearing$21,514,407 $18,014,029 
Interest-bearing28,551,355 25,417,580 
Total deposits50,065,762 43,431,609 
Securities sold under customer repurchase agreements663,575 641,487 
Federal Home Loan Bank borrowings645,663 655,175 
Subordinated debt497,427 504,518 
Other borrowings76,139 88,470 
FDIC shared-loss payable 15,601 
Other liabilities372,116 391,552 
Total liabilities52,320,682 45,728,412 
Shareholders’ equity
Common stock:
Class A - $1 par value (16,000,000 shares authorized; 8,811,220 shares issued and outstanding at September 30, 2021 and December 31, 2020)
8,811 8,811 
Class B - $1 par value (2,000,000 shares authorized; 1,005,185 shares issued and outstanding at September 30, 2021 and December 31, 2020)
1,005 1,005 
Preferred stock - $0.01 par value (10,000,000 shares authorized; 345,000 shares issued and outstanding at September 30, 2021 and December 31, 2020; $1,000 per share liquidity preference)
339,937 339,937 
Retained earnings4,263,679 3,867,252 
Accumulated other comprehensive (loss) income(32,137)12,263 
Total shareholders’ equity4,581,295 4,229,268 
Total liabilities and shareholders’ equity$56,901,977 $49,957,680 
See accompanying Notes to Unaudited Consolidated Financial Statements.
3

First Citizens BancShares, Inc. and Subsidiaries
Consolidated Statements of Income
 Three months ended September 30Nine months ended September 30
(Dollars in thousands, except per share data, unaudited)2021202020212020
Interest income
Loans and leases$319,214 $336,382 $966,525 $988,029 
Investment securities interest and dividend income39,246 37,195 105,530 113,293 
Overnight investments3,395 757 6,948 5,828 
Total interest income361,855 374,334 1,079,003 1,107,150 
Interest expense
Deposits8,073 13,468 25,408 55,578 
Securities sold under customer repurchase agreements358 395 1,052 1,236 
Federal Home Loan Bank borrowings2,114 2,156 6,300 7,612 
Subordinated debt4,174 4,351 12,543 11,783 
Other borrowings249 305 768 1,488 
Total interest expense14,968 20,675 46,071 77,697 
Net interest income346,887 353,659 1,032,932 1,029,453 
Provision (credit) for credit losses(1,120)4,042 (31,697)52,949 
Net interest income after provision for credit losses348,007 349,617 1,064,629 976,504 
Noninterest income
Wealth management services31,935 26,369 95,886 75,152 
Service charges on deposit accounts24,858 20,841 68,277 64,776 
Cardholder services, net22,879 19,756 65,310 55,503 
Other service charges and fees9,205 7,892 26,653 22,829 
Merchant services, net8,409 6,763 25,858 18,014 
Mortgage income6,106 13,106 25,026 28,141 
Insurance commissions4,000 3,576 11,702 10,453 
ATM income1,481 1,537 4,534 4,354 
Realized gains on investment securities available for sale, net8,082 21,425 33,119 54,972 
Marketable equity securities gains (losses), net3,350 (2,701)31,015 10,461 
Other2,639 2,008 6,363 5,330 
Total noninterest income122,944 120,572 393,743 349,985 
Noninterest expense
Salaries and wages160,947 147,297 462,420 439,185 
Employee benefits32,146 31,788 103,169 100,663 
Occupancy expense29,101 27,990 87,283 85,026 
Equipment expense30,229 29,430 88,934 86,054 
Processing fees paid to third parties15,602 11,927 43,702 32,485 
FDIC insurance expense3,661 2,167 10,261 9,364 
Collection and foreclosure-related expenses836 2,168 3,207 10,171 
Merger-related expenses7,013 3,507 19,601 12,108 
Other 33,283 35,388 91,745 108,256 
Total noninterest expense312,818 291,662 910,322 883,312 
Income before income taxes158,133 178,527 548,050 443,177 
Income taxes34,060 35,843 123,873 89,538 
Net income$124,073 $142,684 $424,177 $353,639 
Preferred stock dividends4,636 4,636 13,908 9,426 
Net income available to common shareholders$119,437 $138,048 $410,269 $344,213 
Weighted average common shares outstanding9,816,405 9,836,629 9,816,405 10,137,321 
Earnings per common share$12.17 $14.03 $41.79 $33.96 
See accompanying Notes to Unaudited Consolidated Financial Statements.
4

First Citizens BancShares, Inc. and Subsidiaries
Consolidated Statements of Comprehensive Income
 Three months ended September 30Nine months ended September 30
(Dollars in thousands, unaudited)2021202020212020
Net income$124,073 $142,684 $424,177 $353,639 
Other comprehensive income
Unrealized (losses) gains on securities available for sale:
Unrealized (losses) gains on securities available for sale arising during the period
(11,270)9,781 (43,173)182,690 
Tax effect2,593 (2,251)9,930 (42,019)
Reclassification adjustment for realized gains on securities available for sale included in income before income taxes(8,082)(21,425)(33,119)(54,972)
Tax effect1,858 4,928 7,617 12,644 
Unrealized (losses) gains on securities available for sale arising during the period, net of tax
(14,901)(8,967)(58,745)98,343 
Unrealized gains on securities available for sale transferred to held to maturity:
Reclassification adjustment for accretion of unrealized gains on securities available for sale transferred to held to maturity(430) (1,690) 
Tax effect99  389  
Total change in unrealized gains on securities available for sale transferred to held to maturity, net of tax(331) (1,301) 
Change in pension obligation:
Amortization of actuarial losses6,773 6,332 20,320 18,994 
Tax effect(1,558)(1,457)(4,674)(4,370)
Total change in pension obligation, net of tax5,215 4,875 15,646 14,624 
Other comprehensive (loss) income(10,017)(4,092)(44,400)112,967 
Total comprehensive income$114,056 $138,592 $379,777 $466,606 

See accompanying Notes to Unaudited Consolidated Financial Statements.

5

First Citizens BancShares, Inc. and Subsidiaries
Consolidated Statements of Changes in Shareholders’ Equity
Three months ended September 30
(Dollars in thousands, unaudited)Class A
Common Stock
Class B
Common Stock
Preferred
Stock
SurplusRetained
Earnings
Accumulated
Other
Comprehensive
(Loss) Income
Total
Shareholders’
Equity
Balance at June 30, 2020$8,929 $1,005 $339,937 $ $3,651,237 $(9,664)$3,991,444 
Net income— — — — 142,684 — 142,684 
Other comprehensive loss, net of tax— — — — — (4,092)(4,092)
Issuance of preferred stock— —  — — —  
Repurchase of 117,700 shares of Class A common stock
(118)— —  (46,942)— (47,060)
Cash dividends declared ($0.40 per common share)
Class A common stock— — — — (3,524)— (3,524)
Class B common stock— — — — (402)— (402)
Preferred stock dividends declared— — — — (4,636)— (4,636)
Balance at September 30, 2020$8,811 $1,005 $339,937 $ $3,738,417 $(13,756)$4,074,414 
Balance at June 30, 2021$8,811 $1,005 $339,937 $ $4,148,857 $(22,120)$4,476,490 
Net income— — — — 124,073 — 124,073 
Other comprehensive loss, net of tax— — — — — (10,017)(10,017)
Cash dividends declared ($0.47 per common share)
Class A common stock— — — — (4,143)— (4,143)
Class B common stock— — — — (472)— (472)
Preferred stock dividends declared— — — — (4,636)— (4,636)
Balance at September 30, 2021$8,811 $1,005 $339,937 $ $4,263,679 $(32,137)$4,581,295 
Nine months ended September 30
(Dollars in thousands, unaudited)Class A
Common Stock
Class B
Common Stock
Preferred
Stock
SurplusRetained
Earnings
Accumulated
Other
Comprehensive
Loss
Total
Shareholders’
Equity
Balance at December 31, 2019$9,624 $1,005 $ $44,081 $3,658,197 $(126,723)$3,586,184 
Cumulative effect of adoption of ASC 326— — — — 36,943 — 36,943 
Net income— — — — 353,639 — 353,639 
Other comprehensive income, net of tax— — — — — 112,967 112,967 
Issuance of preferred stock— — 339,937 — — — 339,937 
Repurchase of 813,090 shares of Class A common stock
(813)— — (44,081)(288,861)— (333,755)
Cash dividends declared ($1.20 per common share)
Class A common stock— — — — (10,869)— (10,869)
Class B common stock— — — — (1,206)— (1,206)
Preferred stock dividends declared— — — — (9,426)— (9,426)
Balance at September 30, 2020$8,811 $1,005 $339,937 $ $3,738,417 $(13,756)$4,074,414 
Balance at December 31, 2020$8,811 $1,005 $339,937 $ $3,867,252 $12,263 $4,229,268 
Net income— — — — 424,177 — 424,177 
Other comprehensive loss, net of tax— — — — — (44,400)(44,400)
Cash dividends declared ($1.41 per common share)
Class A common stock— — — — (12,426)— (12,426)
Class B common stock— — — — (1,416)— (1,416)
Preferred stock dividends declared— — — — (13,908)— (13,908)