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.
At March 31, 2017, deposits were $29.00
billion, an increase of $841.4 million since December 31,
2016, due to organic growth in demand deposit, savings and checking
with interest accounts and the deposit balances totaling $106.8
million from the HCB acquisition, offset by run-off in time
deposits and money market accounts.
ALLOWANCE AND PROVISION FOR LOAN AND
LEASE LOSSES
The allowance for loan and lease losses was $220.9
million at March 31, 2017, an increase of $2.1 million from
December 31, 2016. The allowance as a percentage of total
loans at March 31, 2017, was 1.01 percent, unchanged from
December 31, 2016.
BancShares recorded net provision expense of $8.2
million for loan and lease losses for the first quarter of 2017,
and $16.0 million and $4.8 million for the fourth quarter of 2016
and first quarter of 2016, respectively. The $7.8 million decrease
in net provision expense compared to the fourth quarter of 2016 was
due to lower originated loan growth and net charge-offs, offset by
select downgrades in the commercial portfolio in the current
quarter. The $3.4 million increase in net provision expense from
the first quarter of 2016 was primarily due to higher net
charge-offs and select downgrades in the commercial portfolio,
offset by lower originated loan growth in the current quarter.
The non-PCI loan provision expense was $11.1
million for the first quarter of 2017, compared to provision
expense of $13.9 million and $6.8 million for the fourth quarter of
2016 and first quarter of 2016, respectively. The PCI loan
portfolio net provision credit was $2.9 million during the first
quarter of 2017, compared to provision expense of $2.1 million
during the fourth quarter of 2016 and a net provision credit of
$2.0 million during the first quarter of 2016.
NONPERFORMING ASSETS
At March 31, 2017, BancShares’ nonperforming
assets, including nonaccrual loans and other real estate owned
(OREO), were $144.0 million, down from $147.0 million at
December 31, 2016. The decrease was due to a $4.7 million
decline in OREO as sales outpaced additions, offset by a $1.8
million increase in nonaccrual loans, primarily in residential
mortgage loans.
NET INTEREST INCOME
Net interest income increased $6.4 million, or by
2.6 percent, to $250.3 million from the fourth quarter of 2016. The
increase was due to higher investment securities interest income of
$4.1 million, an increase in PCI loan interest income of $2.3
million, a $618 thousand increase in interest income earned on
overnight investments and a decrease in interest expense of $351
thousand, partially offset by a decrease in non-PCI loan interest
income of $1.0 million.
Net interest income increased $17.6 million, or by
7.6 percent, from the first quarter of 2016. The increase was
primarily due to a $12.8 million increase in non-PCI loan interest
income due to originated loan volume, a $6.7 million increase in
investment securities interest income and an $810 thousand increase
in interest income earned on excess cash held in overnight
investments. These increases in net interest income were offset by
a decline in PCI loan income of $2.6 million resulting from
continued PCI loan portfolio run-off and a $122 thousand increase
in interest expense.
The taxable-equivalent net interest margin was 3.25
percent for the first quarter of 2017, an increase of 11 basis
points from the fourth quarter of 2016 and an increase of 7 basis
points from the same quarter in the prior year. The margin
improvement for both periods was primarily due to improved
investment yields and higher investment portfolio balances.
NONINTEREST INCOME
Total noninterest income for the first quarter of
2017 was $127.3 million, an increase of $2.6 million from the
fourth quarter of 2016. The increase was driven primarily by the
$12.0 million gain on the acquisition of HCB, higher wealth
management services fees of $1.6 million and an increase in other
service charges and fees of $893 thousand. These increases were
partially offset by lower investment securities gains of $9.2
million and a $3.0 million decline in recoveries of PCI loans
previously charged-off.
Noninterest income, excluding acquisition gains,
increased by $11.7 million from the first quarter of 2016. This
increase was due to higher mortgage income of $6.3 million due
primarily to a favorable interest rate lock commitment position in
the current quarter and an impairment charge of $1.9 million on
mortgage servicing assets recognized in the first quarter of 2016.
Noninterest income also benefited from a $3.0 million increase in
merchant services as a result of higher sales volume, a $1.9
million increase in cardholder income due to higher sales volume
and a rewards product launch, a $2.3 million increase in recoveries
of PCI loans previously charged-off, a $1.3 million increase in
wealth management services fees and lower FDIC receivable
adjustments of $905 thousand. These favorable impacts were
partially offset by a $4.7 million decrease in securities
gains.
NONINTEREST EXPENSE
Noninterest expense decreased by $7.2 million to
$264.3 million compared to the fourth quarter of 2016. Occupancy
expense declined by $3.0 million due primarily to bank building
repairs related to Hurricane Matthew recognized in the fourth
quarter of 2016. Other favorable impacts included decreases in
consultant expense of $1.4 million and processing fees paid to
third parties of $1.0 million. Additionally, other expense declined
primarily as a result of a $1.2 million reversal of a repurchase
reserve on a Small Business Administration (SBA) guaranteed loan,
lower losses on asset sales of $528 thousand recognized in the
current quarter and an increase to the unfunded commitment reserve
of $754 thousand recorded in the fourth quarter of 2016. These
decreases in noninterest expense were partially offset by an
increase in personnel expense of $4.2 million as a result of higher
payroll taxes and healthcare costs.
Noninterest expense increased by $12.7 million from
the same quarter last year, primarily the result of a $10.3 million
increase in personnel expense due to merit increases, increased
headcount and higher payroll incentives, a $2.2 million increase in
equipment expense due to software maintenance projects and a $1.7
million increase in merchant processing expense related to higher
sales volume. These increases were partially offset by a $1.3
million decrease in collection expense associated with managing
fewer nonperforming assets.
INCOME TAXES
Income tax expense was $37.4 million, $28.4 million
and $29.4 million for the first quarter of 2017, fourth quarter of
2016, and first quarter of 2016, representing effective tax rates
of 35.6 percent, 35.0 percent and 36.1 percent during the
respective periods.
ABOUT FIRST CITIZENS
BANCSHARES
BancShares is the financial holding company for
Raleigh, North Carolina-headquartered First-Citizens Bank &
Trust Company (First Citizens Bank). First Citizens Bank provides a
broad range of financial services to individuals, businesses,
professionals and the medical community through branch offices in
21 states, including online banking, mobile banking, ATMs and
telephone banking. As of March 31, 2017, BancShares had total
assets of $34.02 billion.
For more information, visit First Citizens’ website
at firstcitizens.com. First Citizens Bank. Forever First®.
CONSOLIDATED FINANCIAL
HIGHLIGHTS |
|
|
|
Three months ended |
(Dollars
in thousands, except share data; unaudited) |
March 31, 2017 |
|
December 31, 2016 |
|
March 31, 2016 |
SUMMARY OF
OPERATIONS |
|
|
|
|
|
Interest
income |
$ |
260,857 |
|
|
$ |
254,782 |
|
|
$ |
243,112 |
|
Interest
expense |
10,514 |
|
|
10,865 |
|
|
10,392 |
|
Net
interest income |
250,343 |
|
|
243,917 |
|
|
232,720 |
|
Provision
for loan and lease losses |
8,231 |
|
|
16,029 |
|
|
4,843 |
|
Net
interest income after provision for loan and lease losses |
242,112 |
|
|
227,888 |
|
|
227,877 |
|
Gain on
acquisitions |
12,017 |
|
|
— |
|
|
1,704 |
|
Noninterest income excluding gain on acquisitions |
115,275 |
|
|
124,698 |
|
|
103,578 |
|
Noninterest expense |
264,345 |
|
|
271,531 |
|
|
251,671 |
|
Income
before income taxes |
105,059 |
|
|
81,055 |
|
|
81,488 |
|
Income
taxes |
37,438 |
|
|
28,365 |
|
|
29,416 |
|
Net
income |
$ |
67,621 |
|
|
$ |
52,690 |
|
|
$ |
52,072 |
|
Taxable-equivalent net interest income |
$ |
251,593 |
|
|
$ |
245,330 |
|
|
$ |
234,187 |
|
PER SHARE
DATA |
|
|
|
|
|
Net
income |
$ |
5.63 |
|
|
$ |
4.39 |
|
|
$ |
4.34 |
|
Cash
dividends |
0.30 |
|
|
0.30 |
|
|
0.30 |
|
Book value at period-end |
258.17 |
|
|
250.82 |
|
|
246.55 |
|
CONDENSED
BALANCE SHEET |
|
|
|
|
|
Cash and
due from banks |
$ |
502,273 |
|
|
$ |
539,741 |
|
|
$ |
457,758 |
|
Overnight
investments |
2,736,514 |
|
|
1,872,594 |
|
|
2,871,105 |
|
Investment securities |
7,119,944 |
|
|
7,006,678 |
|
|
6,687,483 |
|
Loans and
leases |
21,906,449 |
|
|
21,737,878 |
|
|
20,417,689 |
|
Less
allowance for loan and lease losses |
(220,943 |
) |
|
(218,795 |
) |
|
(206,783 |
) |
Other
assets |
1,974,168 |
|
|
2,052,740 |
|
|
1,968,405 |
|
Total
assets |
$ |
34,018,405 |
|
|
$ |
32,990,836 |
|
|
$ |
32,195,657 |
|
Deposits |
$ |
29,002,768 |
|
|
$ |
28,161,343 |
|
|
$ |
27,365,245 |
|
Other
liabilities |
1,914,941 |
|
|
1,817,066 |
|
|
1,869,218 |
|
Shareholders’ equity |
3,100,696 |
|
|
3,012,427 |
|
|
2,961,194 |
|
Total liabilities and shareholders’ equity |
$ |
34,018,405 |
|
|
$ |
32,990,836 |
|
|
$ |
32,195,657 |
|
SELECTED PERIOD
AVERAGE BALANCES |
|
|
|
|
|
Total
assets |
$ |
33,494,500 |
|
|
$ |
33,223,995 |
|
|
$ |
31,705,658 |
|
Investment securities |
7,084,986 |
|
|
6,716,873 |
|
|
6,510,248 |
|
Loans and
leases |
21,951,444 |
|
|
21,548,313 |
|
|
20,349,091 |
|
Interest-earning assets |
31,298,970 |
|
|
31,078,428 |
|
|
29,558,629 |
|
Deposits |
28,531,166 |
|
|
28,231,477 |
|
|
26,998,026 |
|
Interest-bearing liabilities |
19,669,075 |
|
|
19,357,282 |
|
|
19,067,251 |
|
Shareholders’ equity |
$ |
3,061,099 |
|
|
$ |
3,056,426 |
|
|
$ |
2,920,611 |
|
Shares outstanding |
12,010,405 |
|
|
12,010,405 |
|
|
12,010,405 |
|
SELECTED
RATIOS |
|
|
|
|
|
Annualized return on average assets |
0.82 |
% |
|
0.63 |
% |
|
0.66 |
% |
Annualized return on average equity |
8.96 |
|
|
6.86 |
|
|
7.17 |
|
Taxable-equivalent net interest margin |
3.25 |
|
|
3.14 |
|
|
3.18 |
|
Efficiency ratio (1) |
72.29 |
|
|
75.54 |
|
|
75.88 |
|
Tier 1
risk-based capital ratio |
12.57 |
|
|
12.42 |
|
|
12.58 |
|
Common
equity Tier 1 ratio |
12.57 |
|
|
12.42 |
|
|
12.58 |
|
Total
risk-based capital ratio |
13.99 |
|
|
13.85 |
|
|
14.09 |
|
Leverage capital ratio |
9.15 |
|
|
9.05 |
|
|
9.00 |
|
|
(1) The efficiency ratio is a non-GAAP financial
measure which measures productivity and is generally calculated as
noninterest expense divided by total revenue (net interest income
and noninterest income). The efficiency ratio removes the impact of
BancShares’ securities gains, acquisition gains and FDIC
shared-loss termination from the calculation. Management uses this
ratio to monitor performance and believes this measure provides
meaningful information to investors. |
ALLOWANCE FOR LOAN AND LEASE LOSSES AND ASSET
QUALITY DISCLOSURES |
|
|
|
Three months ended |
(Dollars
in thousands, unaudited) |
March 31, 2017 |
|
December 31, 2016 |
|
March 31, 2016 |
ALLOWANCE FOR
LOAN AND LEASE LOSSES (ALLL) |
|
|
|
|
|
ALLL at
beginning of period |
$ |
218,795 |
|
|
$ |
211,950 |
|
|
$ |
206,216 |
|
(Credit)
provision for loan and lease losses: |
|
|
|
|
|
PCI loans
(1) |
(2,845 |
) |
|
2,137 |
|
|
(1,997 |
) |
Non-PCI
loans (1) |
11,076 |
|
|
13,892 |
|
|
6,840 |
|
Net
charge-offs of loans and leases: |
|
|
|
|
|
Charge-offs |
(8,709 |
) |
|
(11,314 |
) |
|
(6,780 |
) |
Recoveries |
2,626 |
|
|
2,130 |
|
|
2,504 |
|
Net
charge-offs of loans and leases |
(6,083 |
) |
|
(9,184 |
) |
|
(4,276 |
) |
ALLL at
end of period |
$ |
220,943 |
|
|
$ |
218,795 |
|
|
$ |
206,783 |
|
ALLL at
end of period allocated to loans and leases: |
|
|
|
|
|
PCI |
$ |
10,924 |
|
|
$ |
13,769 |
|
|
$ |
13,757 |
|
Non-PCI |
210,019 |
|
|
205,026 |
|
|
193,026 |
|
ALLL at
end of period |
$ |
220,943 |
|
|
$ |
218,795 |
|
|
$ |
206,783 |
|
Net
charge-offs of loans and leases: |
|
|
|
|
|
PCI |
$ |
— |
|
|
$ |
— |
|
|
$ |
558 |
|
Non-PCI |
6,083 |
|
|
9,184 |
|
|
3,718 |
|
Total net
charge-offs |
$ |
6,083 |
|
|
$ |
9,184 |
|
|
$ |
4,276 |
|
Reserve for unfunded commitments |
$ |
1,198 |
|
|
$ |
1,133 |
|
|
$ |
407 |
|
SELECTED LOAN
DATA |
|
|
|
|
|
Average
loans and leases: |
|
|
|
|
|
PCI |
$ |
857,501 |
|
|
$ |
831,858 |
|
|
$ |
939,839 |
|
Non-PCI |
21,093,943 |
|
|
20,716,455 |
|
|
19,409,252 |
|
Loans and
leases at period-end: |
|
|
|
|
|
PCI |
848,816 |
|
|
809,169 |
|
|
945,887 |
|
Non-PCI |
21,057,633 |
|
|
20,928,709 |
|
|
19,471,802 |
|
RISK
ELEMENTS |
|
|
|
|
|
Nonaccrual loans and leases: |
|
|
|
|
|
PCI |
$ |
1,458 |
|
|
$ |
3,451 |
|
|
$ |
7,319 |
|
Non-PCI |
86,086 |
|
|
82,307 |
|
|
90,455 |
|
Other
real estate |
56,491 |
|
|
61,231 |
|
|
65,068 |
|
Total
nonperforming assets |
$ |
144,035 |
|
|
$ |
146,989 |
|
|
$ |
162,842 |
|
Accruing loans and leases 90 days or more past due |
$ |
78,558 |
|
|
$ |
68,241 |
|
|
$ |
75,280 |
|
RATIOS |
|
|
|
|
|
Net
charge-offs (annualized) to average loans and leases: |
|
|
|
|
|
PCI |
— |
% |
|
— |
% |
|
0.24 |
% |
Non-PCI |
0.12 |
|
|
0.18 |
|
|
0.08 |
|
Total |
0.11 |
|
|
0.17 |
|
|
0.08 |
|
ALLL to
total loans and leases: |
|
|
|
|
|
PCI |
1.29 |
|
|
1.70 |
|
|
1.45 |
|
Non-PCI |
1.00 |
|
|
0.98 |
|
|
0.99 |
|
Total |
1.01 |
|
|
1.01 |
|
|
1.01 |
|
Ratio of
nonperforming assets to total loans, leases and other real estate
owned: |
|
|
|
|
|
Covered |
0.59 |
|
|
0.66 |
|
|
4.74 |
|
Noncovered |
0.66 |
|
|
0.67 |
|
|
0.74 |
|
Total |
0.66 |
|
|
0.67 |
|
|
0.80 |
|
|
(1) Loans
and leases are evaluated at acquisition and where a discount is
noted at least in part due to credit quality, the loans are
accounted for under the guidance in ASC Topic 310-30, Loans and
Debt Securities Acquired with Deteriorated Credit Quality. Loans
for which it is probable at acquisition that all required payments
will not be collected in accordance with the contractual terms are
considered purchased credit-impaired (PCI) loans. PCI loans and
leases are recorded at fair value at the date of acquisition. No
allowance for loan and lease losses is recorded on the acquisition
date as the fair value of the acquired assets incorporates
assumptions regarding credit risk. An allowance is recorded if
there is additional credit deterioration after the acquisition
date. Conversely, Non-PCI loans include originated and purchased
non-impaired loans. |
AVERAGE BALANCE AND NET INTEREST MARGIN
SUMMARY |
|
|
|
|
|
Three months ended |
|
|
March 31, 2017 |
|
December 31, 2016 |
|
March 31, 2016 |
|
|
Average |
|
|
|
Yield/ |
|
Average |
|
|
|
Yield/ |
|
Average |
|
|
|
Yield/ |
|
(Dollars in thousands,
unaudited) |
Balance |
|
Interest |
|
Rate |
|
Balance |
|
Interest |
|
Rate |
|
Balance |
|
Interest |
|
Rate |
|
INTEREST-EARNING ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans and leases |
$ |
21,951,444 |
|
|
$ |
227,792 |
|
|
4.20 |
|
% |
$ |
21,548,313 |
|
|
$ |
226,651 |
|
|
4.19 |
|
% |
$ |
20,349,091 |
|
|
$ |
217,732 |
|
|
4.30 |
|
% |
Investment
securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U. S.
Treasury |
1,644,598 |
|
|
4,199 |
|
|
1.04 |
|
|
1,593,610 |
|
|
3,328 |
|
|
0.83 |
|
|
1,533,028 |
|
|
2,880 |
|
|
0.76 |
|
|
Government agency |
53,545 |
|
|
205 |
|
|
1.53 |
|
|
172,037 |
|
|
396 |
|
|
0.92 |
|
|
463,597 |
|
|
1,031 |
|
|
0.89 |
|
|
Mortgage-backed securities |
5,241,296 |
|
|
24,322 |
|
|
1.86 |
|
|
4,802,198 |
|
|
20,937 |
|
|
1.74 |
|
|
4,467,186 |
|
|
19,012 |
|
|
1.70 |
|
|
Corporate
bonds |
57,104 |
|
|
980 |
|
|
6.87 |
|
|
54,255 |
|
|
772 |
|
|
5.69 |
|
|
10,659 |
|
|
166 |
|
|
6.23 |
|
|
State,
county and municipal |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
196 |
|
|
1 |
|
|
2.73 |
|
|
Other |
88,443 |
|
|
133 |
|
|
0.61 |
|
|
94,773 |
|
|
253 |
|
|
1.06 |
|
|
35,582 |
|
|
91 |
|
|
1.02 |
|
|
Total investment
securities |
7,084,986 |
|
|
29,839 |
|
|
1.69 |
|
|
6,716,873 |
|
|
25,686 |
|
|
1.53 |
|
|
6,510,248 |
|
|
23,181 |
|
|
1.43 |
|
|
Overnight
investments |
2,262,540 |
|
|
4,476 |
|
|
0.80 |
|
|
2,813,242 |
|
|
3,858 |
|
|
0.55 |
|
|
2,699,290 |
|
|
3,666 |
|
|
0.54 |
|
|
Total interest-earning
assets |
$ |
31,298,970 |
|
|
$ |
262,107 |
|
|
3.39 |
|
% |
$ |
31,078,428 |
|
|
$ |
256,195 |
|
|
3.28 |
|
% |
$ |
29,558,629 |
|
|
$ |
244,579 |
|
|
3.32 |
|
% |
INTEREST-BEARING LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Checking
with interest |
$ |
4,834,779 |
|
|
$ |
252 |
|
|
0.02 |
|
% |
$ |
4,696,279 |
|
|
$ |
261 |
|
|
0.02 |
|
% |
$ |
4,317,299 |
|
|
$ |
200 |
|
|
0.02 |
|
% |
Savings |
2,160,689 |
|
|
184 |
|
|
0.03 |
|
|
2,080,598 |
|
|
161 |
|
|
0.03 |
|
|
1,944,805 |
|
|
145 |
|
|
0.03 |
|
|
Money
market accounts |
8,343,092 |
|
|
1,859 |
|
|
0.09 |
|
|
8,113,686 |
|
|
1,619 |
|
|
0.08 |
|
|
8,335,030 |
|
|
1,642 |
|
|
0.08 |
|
|
Time
deposits |
2,815,682 |
|
|
2,141 |
|
|
0.31 |
|
|
2,892,143 |
|
|
2,411 |
|
|
0.33 |
|
|
3,061,333 |
|
|
2,672 |
|
|
0.35 |
|
|
Total interest-bearing
deposits |
18,154,242 |
|
|
4,436 |
|
|
0.10 |
|
|
17,782,706 |
|
|
4,452 |
|
|
0.10 |
|
|
17,658,467 |
|
|
4,659 |
|
|
0.11 |
|
|
Repurchase
agreements |
669,923 |
|
|
404 |
|
|
0.24 |
|
|
726,318 |
|
|
485 |
|
|
0.27 |
|
|
655,787 |
|
|
433 |
|
|
0.27 |
|
|
Other short-term
borrowings |
27,957 |
|
|
176 |
|
|
2.51 |
|
|
12,749 |
|
|
52 |
|
|
1.63 |
|
|
2,551 |
|
|
1 |
|
|
0.12 |
|
|
Long-term
obligations |
816,953 |
|
|
5,498 |
|
|
2.69 |
|
|
835,509 |
|
|
5,876 |
|
|
2.81 |
|
|
750,446 |
|
|
5,299 |
|
|
2.82 |
|
|
Total interest-bearing
liabilities |
$ |
19,669,075 |
|
|
$ |
10,514 |
|
|
0.22 |
|
|
$ |
19,357,282 |
|
|
$ |
10,865 |
|
|
0.22 |
|
|
$ |
19,067,251 |
|
|
$ |
10,392 |
|
|
0.22 |
|
|
Interest rate
spread |
|
|
|
|
3.17 |
|
% |
|
|
|
|
3.06 |
|
% |
|
|
|
|
3.10 |
|
% |
Net interest income and
net yield on interest-earning assets |
|
|
$ |
251,593 |
|
|
3.25 |
|
% |
|
|
$ |
245,330 |
|
|
3.14 |
|
% |
|
|
$ |
234,187 |
|
|
3.18 |
|
% |
|
Loans and
leases include PCI loans, non-PCI loans, nonaccrual loans and loans
held for sale. Yields related to loans, leases and securities
exempt from both federal and state income taxes, federal income
taxes only, or state income taxes only are stated on a
taxable-equivalent basis assuming statutory federal income tax
rates of 35.0 percent for each period and state income tax rates of
3.1 percent, 3.1 percent and 5.5 percent for the three months ended
March 31, 2017, December 31, 2016 and March 31, 2016,
respectively. The taxable-equivalent adjustment was $1,250, $1,413
and $1,467 for the three months ended March 31, 2017,
December 31, 2016 and March 31, 2016, respectively. |
Contact:
Barbara Thompson
First Citizens BancShares
(919) 716-2716
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