Company: FCNCB
Filing Date: 2025-05-09
Form Type: 10-Q
Source: 0000798941-25-000024
Chunk: 248

Company: FIRST CITIZENS BANCSHARES INC /DE/
Filing Date: 2025-05-09
Form: 10-Q
Item: Item 8
Chunk 248
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 the respective unamortized purchase accounting adjustments and issuance costs:

Table 28

Borrowings

dollars in millionsMarch 31, 2025December 31, 2024Securities sold under agreements to repurchase$450 $367 Federal Deposit Insurance Corporation   3.500% fixed rate note due March 2028(1)35,829 35,816 Senior Unsecured Borrowings   5.231% fixed-to-floating rate notes due March 2031(2)497 —    6.000% fixed rate notes due April 203658 58 Subordinated debt3.375% fixed-to-floating rate notes due March 2030(3)350 350 6.125% fixed rate notes due March 2028441 445 6.254% fixed-to-fixed rate notes due March 2040(4)745 — Capital lease obligations36 15 Total borrowings$38,406 $37,051 

(1) Issued in connection with the SVBB Acquisition and secured by collateral. Refer to Note 2—Business Combinations and Note 4—Loans and Leases. The unamortized discount related to this borrowing was $163 million and $176 million at March 31, 2025 and December 31, 2024, respectively. 

(2) The fixed rate period will end on March 12, 2030, and the notes will thereafter bear a floating interest rate equal to a benchmark rate based on the Compounded Secured Overnight Financing Rate (“SOFR”) Index Rate plus 141 bps per annum until the maturity date (or date of earlier redemption).

(3) The fixed rate period ended on March 15, 2025, and the notes now bear a floating interest rate equal to Three-Month Term SOFR plus 246.5 bps per annum.

(4) The interest rate will reset on March 12, 2035, and the notes will thereafter bear a fixed interest rate equal to the Five-year U.S. Treasury Rate plus 197 bps per annum until the maturity date (or date of earlier redemption).

We continually monitor our capital needs and market conditions in an effort to diversify our borrowing base when appropriate. Additionally, we continue to monitor the status of the notice of proposed rulemaking (“NPR”) issued by the federal banking agencies discussing, among other items, the proposed requirement to maintain a certain level of long