Company: FCNCB
Filing Date: 2025-08-08
Form Type: 10-Q
Source: 0000798941-25-000040
Chunk: 193

Company: FIRST CITIZENS BANCSHARES INC /DE/
Filing Date: 2025-08-08
Form: 10-Q
Item: Item 1
Chunk 193
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 was mostly due to higher software-related costs, including accelerated depreciation.

•The increase in depreciation on operating lease equipment of $4 million and the increase of $8 million in maintenance and other operating lease expenses are discussed in the “Results by Segment” section of this MD&A. 

•The decrease in acquisition-related expenses of $22 million is summarized in Table 13  below. 

72

Table 13

Acquisition-related Expenses

dollars in millionsThree Months EndedSix Months EndedJune 30, 2025March 31, 2025June 30, 2024June 30, 2025June 30, 2024Personnel cost$15 $15 $12 $30 $41 Professional fees20 26 23 46 49 Other acquisition-related expense3 1 9 4 12 Total acquisition-related expense$38 $42 $44 $80 $102 

Acquisition-related personnel cost primarily includes severance and retention costs for employees associated with business combinations. These amounts are recognized over the requisite service period, if any.

Acquisition-related professional fees mainly include consulting, legal and accounting costs associated with business combinations and the related integration, optimization, and business process reengineering, including enhancements to technology. These amounts are expensed as incurred. 

Income Taxes

Table 14

Income Tax Data

dollars in millionsThree Months EndedIncrease (Decrease) from Linked QuarterSix Months EndedIncrease (Decrease)Year to DateJune 30, 2025March 31, 2025June 30, 2024June 30, 2025June 30, 2024Income before income taxes$758 $651 $979 $107 17 %$1,409 $1,983 $(574)(29)%Income tax expense$183 $168 $272 $15 9 %$351 $545 $(194)(36)%Effective income tax rate24.1 %25.8 %27.8 %24.9 %27.5 %

The ETR was 24.1% for the Current Quarter compared to 25.8% for the Linked Quarter. The lower ETR for the Current Quarter was mostly due to the revaluation of the deferred tax liability due to a change in state law enacted in the Current Quarter. The ETR was 24.9% for the Current YTD compared to