Company: FCNCB
Filing Date: 2025-05-09
Form Type: 10-Q
Source: 0000798941-25-000024
Chunk: 199

Company: FIRST CITIZENS BANCSHARES INC /DE/
Filing Date: 2025-05-09
Form: 10-Q
Item: Item 8
Chunk 199
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 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 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 affect our ability to utilize existing DTAs. If events are identified that affect our ability to utilize its DTAs, adjustments to the valuation allowance adjustments may be required. 

NOTE 16 — EMPLOYEE BENEFIT PLANSBancShares sponsors non-contributory defined benefit pension plans for its qualifying employees. The service cost component of net periodic benefit cost is included in salaries and wages, while all other non-service cost components are included in other noninterest expense.The components of net periodic benefit cost are as follows:Three Months Ended March 31,202520