Company: FCNCB
Filing Date: 2025-08-08
Form Type: 10-Q
Source: 0000798941-25-000040
Chunk: 77

Company: FIRST CITIZENS BANCSHARES INC /DE/
Filing Date: 2025-08-08
Form: 10-Q
Item: Item 2
Chunk 77
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 or partially used. 

Table 51

Contractual Obligations and Commitments

dollars in millionsPayments Due by PeriodLess than 1 year1-3 years4-5 yearsThereafterTotalContractual obligations:Time deposits$10,962 $229 $51 $— $11,242 Short-term borrowings471 — — — 471 Long-term borrowings (1)(2)(40)36,320 (1)1,362 37,641 Total contractual obligations$11,393 $36,549 $50 $1,362 $49,354 Commitments:Financing commitments$29,986 $14,373 $1,839 $6,608 $52,806 Letters of credit1,764 530 13 17 2,324 Deferred purchase agreements1,463 — — — 1,463 Purchase and funding commitments57 — — — 57 Affordable housing partnerships (1)554 525 35 49 1,163 Total commitments$33,824 $15,428 $1,887 $6,674 $57,813 

(1)    Long-term borrowings are presented net of purchase accounting adjustments of $107 million. On-balance sheet commitments for affordable housing partnerships are included in other liabilities and presented net of a purchase accounting adjustment of $22 million.

(2)    Balance in parenthesis represents the estimated amortization of the purchase accounting adjustment and deferred costs in excess of any principal balance.

99

Long-term Borrowings

As displayed above in Table 51, we do not have any significant long-term debt obligations due until the Purchase Money Note matures. While scheduled principal payments are not required until maturity in March 2028, FCB may voluntarily prepay principal without a premium or penalty. We will continue to monitor the interest rate environment and assess whether any voluntary prepayments are prudent considering the fixed rate of 3.50%. Potential sources that could fund voluntary prepayments or the amount due at maturity include excess liquidity (primarily comprised of interest-earning deposits at banks and proceeds from maturities and paydowns of investment securities), FHLB advances, deposit growth, and issuance of unsecured debt or other borrowings. At the time of voluntary prepayment or maturity, the interest rates for the potential interest-bearing sources of repayment could be