Company: FCNCB
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0000798941-25-000010
Chunk: 167

Company: FIRST CITIZENS BANCSHARES INC /DE/
Filing Date: 2025-02-21
Form: 10-K
Item: Item 8
Chunk 167
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12)$981 $(15)$4,772 $(27)Government agency— — 77 (2)77 (2)Residential mortgage-backed securities7,470 (61)3,575 (521)11,045 (582)Commercial mortgage-backed securities1,183 (8)1,342 (202)2,525 (210)Corporate bonds16 — 438 (22)454 (22)Total$12,460 $(81)$6,413 $(762)$18,873 $(843)December 31, 2023Less than 12 months12 months or moreTotalFair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized LossesInvestment securities available for saleU.S. Treasury$955 $— $1,919 $(80)$2,874 $(80)Government agency23 — 94 (3)117 (3)Residential mortgage-backed securities293 (3)4,073 (537)4,366 (540)Commercial mortgage-backed securities157 (1)1,386 (196)1,543 (197)Corporate bonds89 (9)393 (38)482 (47)Total$1,517 $(13)$7,865 $(854)$9,382 $(867)

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As of December 31, 2024, there were 486 investment securities available for sale with continuous unrealized losses for more than 12 months, of which 420 were government sponsored enterprise-issued mortgage-backed securities, government agency securities, or U.S. treasury securities and the remaining 66 were corporate bonds. BancShares has the ability and intent to retain these securities for a period of time sufficient to recover all unrealized losses. Given the consistently strong credit rating of the U.S. Treasury, and the long history of no credit losses on debt securities issued by government agencies and government sponsored entities, as of December 31, 2024, no allowance for credit loss was required. For corporate bonds, we analyzed the changes in interest rates relative to when the investment securities were purchased or acquired, and considered other factors including changes in credit ratings, delinquencies, and other macroeconomic factors. As a result of this analysis, we determined that no allowance for credit loss was required for investment securities available for sale as of December 31, 2024. BancShares’ portfolio