Company: FCNCB
Filing Date: 2025-05-09
Form Type: 10-Q
Source: 0000798941-25-000024
Chunk: 219

Company: FIRST CITIZENS BANCSHARES INC /DE/
Filing Date: 2025-05-09
Form: 10-Q
Item: Item 8
Chunk 219
---
 36,524 Corporate and Rail segment45,002 42,247 Total deposits$159,325 $155,229 

From December 31, 2024 to March 31, 2025, deposits in Corporate and the General Bank segment increased, primarily due to deposit growth in the Direct Bank and our Branch Network, respectively. SVB Commercial segment deposits increased despite the strategic decision to move $2.4 billion in select cash sweep deposits to off-balance sheet client funds during the Current Quarter. The net increase in SVB Commercial segment deposits was mainly due to growth in savings, noninterest-bearing, and money market deposits, partially offset by declines in interest-bearing checking and time deposits. Deposits in the Commercial Bank segment decreased, mostly due to a decline in noninterest-bearing deposits. Refer to the “Interest-bearing Liabilities—Deposits” section in this MD&A for additional information on deposits.

Liquidity Position

We strive to maintain a strong liquidity position and our risk appetite for liquidity is low. At March 31, 2025, we had $62.79 billion in high-quality liquid assets consisting of $23.77 billion in cash and interest-earning deposits at banks (primarily held at the Federal Reserve Bank (“FRB”)) and $39.02 billion in high-quality liquid securities (“HQLS”). HQLS is mainly composed of U.S. agency mortgage-backed and U.S. Treasury investment securities. Additionally, we have unused borrowing capacity with the Federal Home Loan Bank (“FHLB”) and FRB of $16.54 billion and $5.61 billion, respectively.

In connection with the SVBB Acquisition, FCB and the FDIC, as lender and as collateral agent, entered into the Advance Facility Agreement (as defined and described in Note 2—Business Combinations). The draw period under the Advance Facility Agreement ended March 27, 2025, as of which date, FCB had no outstanding amounts under the facility. We are actively working to increase our borrowing capacity under agreements with the FRB through expansion of the eligible loan population to targeted loans historically not pledged to the FRB. Refer to the “Liquidity Risk” section of this MD&A for further discussion.

In connection with the SVBB Acquisition, FCB issued a five-year, 3.50% fixed rate Purchase Money Note (as defined in Note 2—Business Combinations), which had a carrying value