Company: FCNCB
Filing Date: 2025-08-08
Form Type: 10-Q
Source: 0000798941-25-000040
Chunk: 316

Company: FIRST CITIZENS BANCSHARES INC /DE/
Filing Date: 2025-08-08
Form: 10-Q
Item: Item 8
Chunk 316
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295 14,533,900 Stock-based awards— — — 1,572 Diluted shares outstanding13,237,226 14,534,499 13,405,295 14,535,472 Earnings per common shareBasic$42.36 $47.54 $76.73 $96.81 Diluted$42.36 $47.54 $76.73 $96.80 

NOTE 15 — INCOME TAXESBancShares’ global effective income tax rates (“ETRs”) were 24.1% and 27.8% for the three months ended June 30, 2025 and 2024, respectively, and 24.9% and 27.5% for the six months ended June 30, 2025 and 2024, respectively. The decrease in the ETR for the three and six months ended June 30, 2025 compared to 2024 was mostly 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.On July 4, 2025, President Trump signed into law H.R. 1, referred to as the One Big Beautiful Bill Act (“OBBBA”). The OBBBA contains several provisions that impact corporate taxation. BancShares is in the process of evaluating the impact of the OBBBA on its financial statements.  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 is more than likely to be realized.Deferred Tax Assets and Valuation Adjustments

BancShares’ ability to recognize deferred tax assets (“DTAs”) is evaluated on a quarterly basis to determine if there are any significant events that would