Company: FCNCB
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0000798941-25-000010
Chunk: 203

Company: FIRST CITIZENS BANCSHARES INC /DE/
Filing Date: 2025-02-21
Form: 10-K
Item: Item 8
Chunk 203
---
 liabilities: Other Liabilitiesdollars in millionsDecember 31, 2024December 31, 2023Deferred taxes (1)$3,534 $3,579 Commitments to fund tax credit investments1,214 947 Accrued personnel cost1,024 924 Fair value of derivative financial instruments625 636 Lease liabilities357 396 Reserve for off-balance sheet credit exposure278 316 Accrued interest payable134 137 Accounts payable and other1,030 971 Total other liabilities$8,196 $7,906 (1) Primarily includes deferred taxes associated with the SVBB Acquisition as further discussed in Note 2—Business Combinations. Also includes UTB accruals as further discussed in Note 20—Income Taxes.

NOTE 15 — FAIR VALUE Fair Value HierarchyBancShares measures certain financial assets and liabilities at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. GAAP also establishes a fair value hierarchy, which prioritizes the inputs to valuation techniques used to measure fair value into three levels. Assets and liabilities are recorded at fair value according to a fair value hierarchy comprised of three levels. The levels are based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value. The level within the fair value hierarchy for an asset or liability is based on the lowest level of input significant to the fair value measurement with Level 1 inputs considered highest and Level 3 inputs considered lowest. A brief description of each input level follows:•Level 1 inputs are quoted prices in active markets for identical assets and liabilities.•Level 2 inputs are quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active and inputs other than quoted prices observable for the assets or liabilities and market corroborated inputs.•Level 3 inputs are unobservable inputs for the asset or liability. These unobservable inputs and assumptions reflect the estimates market participants would use in pricing the asset or liability. 

157

Assets and Liabilities Measured at Fair Value - Recurring Basisdollars in millionsDecember 31, 2024TotalLevel 1Level 2Level 3AssetsInvestment securities available for saleU.S. Treasury$13,903 $— $13,903 $— Government agency