Company: FCNCB
Filing Date: 2025-05-09
Form Type: 10-Q
Source: 0000798941-25-000024
Chunk: 59

Company: FIRST CITIZENS BANCSHARES INC /DE/
Filing Date: 2025-05-09
Form: 10-Q
Item: Item 1
Chunk 59
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$12 $(2)$10 $— $— $— Amounts reclassified from AOCI to earnings(3)— (3)— — — Interest and fees on loansOther comprehensive income on cash flow hedge derivatives$9 $(2)$7 $— $— $— Total other comprehensive income (loss)$331 $(85)$246 $(124)$33 $(91)

NOTE 14 — EARNINGS PER COMMON SHAREThe following table sets forth the computation of the basic and diluted earnings per common share:Earnings per Common Share dollars in millions, except per share dataThree Months Ended March 31,20252024Net income$483 $731 Preferred stock dividends15 15 Net income available to common stockholders$468 $716 Weighted average common shares outstandingBasic shares outstanding13,575,231 14,533,302 Stock-based awards— 3,140 Diluted shares outstanding13,575,231 14,536,442 Earnings per common shareBasic$34.47 $49.27 Diluted$34.47 $49.26 

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NOTE 15 — INCOME TAXESBancShares’ global effective income tax rates (“ETRs”) were 25.8% and 27.2% for the three months ended March 31, 2025 and 2024, respectively. The decrease in the ETR for the three months ended March 31, 2025 compared to 2024 was primarily due to a reduction in the state and local income tax rate. The quarterly income tax expense is based on a projection of BancShares’ annual ETR. This annual ETR is applied to the year-to-date consolidated pretax income to determine the interim provision for income taxes before discrete items. The ETR each period is also impacted by a number of factors, including the relative mix of domestic and international earnings, effects of changes in enacted tax laws, adjustments to the valuation allowances, and discrete items. The currently forecasted ETR may vary from the actual year-end 2025 ETR due to the changes in these factors.Uncertain Tax BenefitsBancShares’ recognizes tax benefits when it is more likely than not that the position will prevail, based solely on the technical merits under the tax law of the relevant jurisdiction. BancShares will recognize the tax benefit if the position meets this recognition threshold determined based on the largest amount of the benefit that