Company: FCNCB
Filing Date: 2025-11-07
Form Type: 10-Q
Source: 0000798941-25-000050
Chunk: 307

Company: FIRST CITIZENS BANCSHARES INC /DE/
Filing Date: 2025-11-07
Form: 10-Q
Item: Item 8
Chunk 307
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% Fixed-to-Fixed Rate Subordinated Notes due in 2040 in a public offering. On June 15, 2025, the Parent Company redeemed all $350 million aggregate principal amount of its 3.375% Fixed-to-Floating Rate Subordinated Notes due in 2030.The following table presents long-term borrowings, net of the respective unamortized purchase accounting adjustments and issuance costs: Long-term Borrowingsdollars in millionsMaturitySeptember 30, 2025December 31, 2024Parent Company:Senior:Fixed-to-Floating Senior Notes at 5.231% (1)March 2031$497 $— Subordinated:Fixed-to-Floating Subordinated Notes at 3.375% (2)March 2030— 350 Fixed Rate Reset Subordinated Notes at 5.600% (3)September 2035597 — Fixed-to-Fixed Subordinated Notes at 6.254% (4)March 2040745 — Subsidiaries:Senior:Fixed Senior Unsecured Notes at 6.000%April 203658 58 Subordinated:Fixed Subordinated Notes at 6.125%March 2028434 445 Secured:Purchase Money Note to FDIC fixed at 3.500% (5)March 202835,854 35,816 Capital lease obligationsMaturities through May 205767 15 Total long-term borrowings$38,252 $36,684 (1) The fixed rate period will end March 12, 2030, and the notes will thereafter bear a floating interest rate equal to a benchmark rate based on the Compounded Secured Overnight Financing Rate (“SOFR”) Index Rate plus 141 basis points (“bps”) per annum until the maturity date (or date of earlier redemption).(2) The fixed rate period ended on March 15, 2025, and the notes converted to a floating interest rate equal to Three-Month Term SOFR plus 246.5 bps per annum. The notes included a callable feature and were redeemed on June 15, 2025.(3) The interest rate will reset on September 5, 2030, and the notes will thereafter bear a fixed interest rate equal to the Five-year U.S. Treasury Rate as of the day falling two business days prior to the notes reset date plus 185 bps per annum until the maturity date (or date of earlier