Company: FCNCB
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0000798941-25-000010
Chunk: 226

Company: FIRST CITIZENS BANCSHARES INC /DE/
Filing Date: 2025-02-21
Form: 10-K
Item: Item 8
Chunk 226
---
)— Current year amortization of prior service cost— — — 27 Amortization of prior service cost— — — (27)Net (gain) loss recognized in other comprehensive income(60)(109)21 — Total recognized in net periodic benefit cost and other comprehensive income$(82)$(124)$3 $(27)The actuarial gain in 2024 was primarily due to return on assets greater than expected and increased discount rates, partially offset by higher interest crediting rate. The actuarial gain in 2023 was primarily due to return on assets greater than expected, partially offset by the impact of a decreased discount rate. Service costs and the amortization of prior service costs are recorded in personnel expense, while interest cost, expected return on assets and the amortization of actuarial gains or losses are recorded in other noninterest expense.The assumptions used to determine the benefit obligations at December 31, 2024 and 2023 are as follows:Weighted Average AssumptionsRetirement Plans20242023Discount rate5.69 %5.17 %Rate of compensation increase4.60 5.60 Interest crediting rate (1)4.50 4.00 (1) Specific to cash investments in the CIT Pension Plan.The assumptions used to determine the net periodic benefit cost for the years ended December 31, 2024, 2023 and 2022, are as follows:Weighted Average AssumptionsRetirement PlansPostretirement Plans2024202320222022Discount rate5.17 %5.57 %3.03 %3.02 %Rate of compensation increase5.60 5.60 5.60 N/AExpected long-term return on plan assets6.18 6.14 5.87 N/AInterest crediting rate (1)4.00 4.25 1.50 N/A(1) Specific to cash investments in the CIT Pension Plan.The estimated discount rate, which represents the interest rate that could be obtained for a suitable investment used to fund the benefit obligations, is based on a yield curve developed from high-quality corporate bonds across a full maturity spectrum. The projected cash flows of the Pension Plans are discounted based on this yield curve and a single discount rate is calculated to achieve the same present value. The increase in discount rate from the prior year is reflective of the current market conditions.

173

The weighted average expected long-term