Ex. 99.1

 
NEWS RELEASE
 
 
For Immediate Release
image4a02.jpg 
January 30, 2019
Contact:
Barbara Thompson
 
First Citizens BancShares
 
(919) 716-2716
 
 
 
FIRST CITIZENS BANCSHARES REPORTS EARNINGS FOR FOURTH QUARTER 2018
RALEIGH, N.C. -- First Citizens BancShares Inc. (BancShares) (Nasdaq: FCNCA) reported strong earnings for the year ended 2018 benefiting from net revenue growth and tax reform, according to Frank B. Holding, Jr., Chairman of the Board. Key results for the quarter and year ended December 31, 2018, are presented below:

 
For the Quarter ended:
 
4Q18

3Q18

4Q17

Net income (in millions)
$89.5
$117.3
$54.4
Net income per share
$7.62
$9.80
$4.53
 
 
 
 
Annualized return on average assets
1.00
%
1.33
%
0.62
%
Annualized return on average equity
10.17
%
13.41
%
6.48
%

 
For the Year ended:
 
12/31/2018

12/31/2017

Net income (in millions)
$400.3
$323.8
Net income per share
$33.53
$26.96
 
 
 
Return on average assets
1.15
%
0.94
%
Return on average equity
11.69
%
10.10
%

FINANCIAL HIGHLIGHTS
Net income for the fourth quarter of 2018 increased $35.1 million, or by 64.5 percent, compared to the fourth quarter of 2017. The increase was primarily the result of higher interest income due to loan growth and higher loan and investment yields, as well as lower income tax expense. Income tax expense was lower primarily due to the deferred tax asset re-measurement during the fourth quarter of 2017 as a result of tax reform. These net income improvements were partially offset by fair value adjustment losses on marketable equity securities.
Net income for the fourth quarter of 2018 decreased $27.8 million, or by 23.7 percent, compared to the third quarter of 2018. The decrease was primarily the result of fair value adjustment losses on marketable equity securities, higher provision for loan losses, and higher income tax expense. Income tax expense was higher primarily due to the tax benefit recognized during the third quarter of 2018. The tax benefit recognized represents a refinement of our original deferred tax asset adjustment recorded during the fourth quarter of 2017. These reductions to net income were partially offset by increased interest income due to loan growth and higher loan and investment yields.



The following information was filed by First Citizens Bancshares Inc (FCNCA) on Wednesday, January 30, 2019 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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