Company: FCNCB
Filing Date: 2025-05-09
Form Type: 10-Q
Source: 0000798941-25-000024
Chunk: 72

Company: FIRST CITIZENS BANCSHARES INC /DE/
Filing Date: 2025-05-09
Form: 10-Q
Item: Item 1
Chunk 72
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 a share repurchase plan (the “SRP”), which allows BancShares to repurchase shares of its Class A common stock in an aggregate amount up to $3.50 billion through 2025. 

During the first quarter of 2025, we repurchased 302,683 shares of our Class A common stock for approximately $613 million. Shares repurchased during the first quarter of 2025 represented 2.38% of Class A common shares and 2.21% of total Class A and Class B common shares outstanding at December 31, 2024. From inception of the SRP through March 31, 2025, we have repurchased 1,117,324 shares of our Class A common stock for approximately $2.28 billion, representing 8.26% of Class A common shares and 7.69% of total Class A and Class B common shares outstanding as of June 30, 2024. The total capacity remaining under the SRP was $1.22 billion  as of March 31, 2025. Subsequent to March 31, 2025, BancShares purchased an additional 120,558 shares of Class A common stock through April 30, 2025. 

Refer to Part II, Item 2. Unregistered Sales of Equity Securities and Use of Proceeds for additional information regarding monthly repurchase activity during the first quarter of 2025.

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Changes to the Composition of Reportable Segments

We updated our segment reporting during the first quarter of 2025 as further discussed in Note 1—Significant Accounting Policies and Basis of Presentation. We transferred certain components from the SVB Commercial and General Bank segments to the Commercial Bank segment and modified our segment expense allocation methodology. Segment disclosures for 2024 periods included in this Form 10-Q were recast to reflect the segment reporting updates. Refer to Note 17—Segment Information for descriptions of segment products and services and “Results by Segment” in this MD&A.

Recent Economic, Industry and Regulatory Developments

Entering 2025, the Federal Open Market Committee (“FOMC”) had reduced the benchmark federal funds rate to a range between 4.25% - 4.50% and cautioned that reductions in 2025 may be fewer than initially expected due to continued inflation pressure. As such, the FOMC maintained the range for the benchmark federal funds rate at its January and March 2025 meetings. 

The Trump administration has imposed, modified and