Company: FCNCB
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0000798941-25-000010
Chunk: 207

Company: FIRST CITIZENS BANCSHARES INC /DE/
Filing Date: 2025-02-21
Form: 10-K
Item: Item 8
Chunk 207
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Changes in fair value included in comprehensive income12 — — (8)— — Transfers in— — — — — 1 Maturity and settlements— (1)— (9)— — Ending balance$168 $17 $1 $157 $7 $1 Fair Value OptionThe following table summarizes the difference between the aggregate fair value and the UPB for residential mortgage loans originated for sale measured at fair value: Aggregate Fair Value and UPB - Residential Mortgage Loansdollars in millionsDecember 31, 2024December 31, 2023Fair ValueUnpaid Principal BalanceDifferenceFair ValueUnpaid Principal BalanceDifferenceOriginated loans held for sale$55 $54 $1 $38 $37 $1 BancShares has elected the fair value option for residential mortgage loans originated for sale. This election reduces certain timing differences in the Consolidated Statements of Income and better aligns with the management of the portfolio from a business perspective. The changes in fair value that were recorded as a component of mortgage income were insignificant for the year ended December 31, 2024 and 2023. Interest earned on loans held for sale is recorded within interest income on loans and leases in the Consolidated Statements of Income.No originated loans held for sale were 90 or more days past due or on nonaccrual status as of December 31, 2024 or December 31, 2023.

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Assets Measured at Estimated Fair Value on a Non-recurring BasisCertain assets or liabilities are required to be measured at estimated fair value on a non-recurring basis subsequent to initial recognition. Generally, these adjustments are the result of LOCOM or other impairment accounting. The following table presents carrying value of assets measured at estimated fair value on a non-recurring basis for which gains and losses have been recorded in the periods. The gains and losses reflect amounts recorded for the respective periods, regardless of whether the asset is still held at period end. Assets Measured at Fair Value - Non-recurring Basis dollars in millionsFair Value MeasurementsTotalLevel 1Level 2Level 3Total Gains (Losses)December 31, 2024Assets held for sale - loans$13 $— $— $13 $(7)Loans - collateral dependent loans388 — — 388 (171)Other real estate owned16 — — 16 6 Total$417