Company: FCNCB
Filing Date: 2025-05-09
Form Type: 10-Q
Source: 0000798941-25-000024
Chunk: 196

Company: FIRST CITIZENS BANCSHARES INC /DE/
Filing Date: 2025-05-09
Form: 10-Q
Item: Item 8
Chunk 196
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 to the contractual maturity.Credit balances of factoring clients. The impact of the time value of money from the unobservable discount rate for credit balances of factoring clients is inconsequential due to the short term nature of these balances, therefore, the fair value approximated carrying value, and the credit balances are classified as Level 3.Short-term borrowed funds. The fair value of short-term borrowed funds, which includes repurchase agreements, approximates carrying value and are classified as Level 2. Long-term borrowings. For certain long-term senior and subordinated unsecured borrowings, the fair values are sourced from a third-party pricing service. The fair values of other long-term borrowings are determined by discounting future cash flows using current interest rates for similar financial instruments. The inputs used in the fair value measurement for FHLB borrowings, senior and subordinated debentures, and other borrowings are classified as Level 2.  For all other financial assets and financial liabilities, the carrying value is a reasonable estimate of the fair value as of March 31, 2025 and December 31, 2024. The carrying value and fair value for these assets and liabilities are equivalent because they are relatively short-term in nature and there is no interest rate or credit risk that would cause the fair value to differ from the carrying value. Cash and due from banks is classified as Level 1. Accrued interest receivable and accrued interest payable are classified as Level 2.

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NOTE 12 — STOCKHOLDERS' EQUITYA roll forward of common stock activity is presented in the following table:Number of Shares of Common StockCommon Stock OutstandingClass AClass BCommon stock - December 31, 202412,712,436 1,005,185 Shares repurchased under authorized repurchase plan(302,683)— Common stock - March 31, 202512,409,753 1,005,185 Common StockThe Parent Company has Class A common stock and Class B common stock, each with a par value of $1. Class A common stockholders have one vote per share while Class B common stockholders have 16 votes per share. Non-Cumulative Perpetual Preferred Stock The following table summarizes BancShares’ non-cumulative perpetual preferred stock: Preferred Stockdollars in millions, except per share and par value dataPreferred StockIssuance DateEarliest Redemption DatePar ValueShares Authorized, Issued and OutstandingLiquidation Preference Per ShareTotal Liquidation PreferenceDividendSeries