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First Citizens Bancshares Inc (FCNCA) SEC Filing 10-Q Quarterly report for the period ending Friday, March 31, 2017

First Citizens Bancshares Inc

CIK: 798941 Ticker: FCNCA


 
NEWS RELEASE
 
 
For Immediate Release
fcbslogo2014a01a01a05.jpg
April 26, 2017
Contact:
Barbara Thompson
 
First Citizens BancShares
 
(919) 716-2716
 
 
 

FIRST CITIZENS BANCSHARES REPORTS EARNINGS FOR FIRST QUARTER 2017
RALEIGH, N.C. -- First Citizens BancShares Inc. (BancShares) (Nasdaq: FCNCA) announced its financial results for the quarter ended March 31, 2017. Net income for the first quarter of 2017 was $67.6 million, or $5.63 per share, compared to $52.7 million, or $4.39 per share, for the fourth quarter of 2016, and $52.1 million, or $4.34 per share, for the corresponding period of 2016, according to Frank B. Holding, Jr., chairman of the board. BancShares’ current quarter results generated an annualized return on average assets of 0.82 percent and an annualized return on average equity of 8.96 percent, compared to respective returns of 0.63 percent and 6.86 percent for the fourth quarter of 2016, and 0.66 percent and 7.17 percent for the first quarter of 2016.
Earnings for the first quarter of 2017 included a pre-tax acquisition gain of $12.0 million recognized in connection with the January 13, 2017, FDIC-assisted transaction involving certain assets and liabilities assumed of Harvest Community Bank (HCB) of Pennsville, New Jersey. The HCB acquisition contributed $82.5 million in loans and $106.8 million in deposit balances at March 31, 2017. Earnings for the same period in 2016 included $4.6 million in investment securities gains and a $1.7 million gain recognized in connection with the March 11, 2016, acquisition of North Milwaukee State Bank (NMSB) of Milwaukee, Wisconsin.
FIRST QUARTER HIGHLIGHTS
Loans grew by $168.6 million to $21.91 billion, or by 3.2 percent on an annualized basis, during the first quarter of 2017, reflecting originated portfolio growth and the HCB acquisition.
Deposits increased $841.4 million, or by 12.1 percent on an annualized basis, from December 31, 2016, primarily due to organic growth in low-cost demand deposit accounts and the deposit balances acquired from HCB.
Net interest income increased $6.4 million, or by 2.6 percent, compared to the fourth quarter of 2016. The increase was primarily due to higher interest income earned on purchased credit impaired (PCI) loans and investment securities.
The taxable-equivalent net interest margin increased 11 basis points to 3.25 percent, compared to the fourth quarter of 2016, primarily due to improved investment yields and higher investment portfolio balances.
Net charge-offs on total loans and leases were $6.1 million, or 0.11 percent of average loans and leases on an annualized basis, compared to $9.2 million, or 0.17 percent, during the fourth quarter of 2016.
BancShares remained well capitalized at March 31, 2017, under Basel III capital requirements with a Tier 1 risk-based capital ratio of 12.57 percent, common equity Tier 1 ratio of 12.57 percent, total risk-based capital ratio of 13.99 percent and leverage capital ratio of 9.15 percent.
LOANS AND DEPOSITS
Loans at March 31, 2017, were $21.91 billion, a net increase of $168.6 million compared to December 31, 2016, representing growth of 3.2 percent on an annualized basis. Originated loans increased by $161.4 million primarily related to growth in the commercial portfolio. Originated loan growth was partially offset by the sale of certain residential mortgage loans totaling $32.5 million, which resulted in a gain of $164 thousand. PCI loans increased by $39.6 million reflecting net loans acquired from HCB of $82.5 million at March 31, 2017, offset by loan run-off of $42.9 million.



The following information was filed by First Citizens Bancshares Inc (FCNCA) on Wednesday, April 26, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Consolidated Balance Sheets
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Consolidated Statement Of Comprehensive Income
Consolidated Statements Of Cash Flows
Consolidated Statements Of Changes In Shareholders' Equity
Consolidated Statements Of Changes In Shareholders' Equity (parenthetical)
Consolidated Statements Of Income
Accounting Policies And Basis Of Presentation
Accounting Policies And Basis Of Presentation Accounting Policies And Basis Of Presentation (recently Adopted Accounting Standards) (details)
Accounting Policies And Basis Of Presentation Policies (policies)
Accumulated Other Comprehensive Income (loss)
Accumulated Other Comprehensive Income (loss) (components Of Aoci) (details)
Accumulated Other Comprehensive Income (loss) (reclassifications Out Of Aoci) (details)
Accumulated Other Comprehensive Income (loss) (schedule Of Accumulated Other Comprehensive Income) (details)
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Allowance For Loan And Lease Losses
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Allowance For Loan And Lease Losses (tables)
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First Citizens Bancshares Inc provided additional information to their SEC Filing as exhibits

Ticker: FCNCA
CIK: 798941
Form Type: 10-Q Quarterly Report
Accession Number: 0000798941-17-000018
Submitted to the SEC: Thu May 04 2017 1:49:48 PM EST
Accepted by the SEC: Thu May 04 2017
Period: Friday, March 31, 2017
Industry: State Commercial Banks

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