Company: FCNCB
Filing Date: 2025-05-09
Form Type: 10-Q
Source: 0000798941-25-000024
Chunk: 129

Company: FIRST CITIZENS BANCSHARES INC /DE/
Filing Date: 2025-05-09
Form: 10-Q
Item: Item 1
Chunk 129
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 regarding commitments. Financing commitments, letters of credit and deferred purchase commitments are presented at contractual amounts and do not necessarily reflect future cash outflows, as many are expected to expire unused or partially used. 

Table 48

Contractual Obligations and Commitments

dollars in millionsPayments Due by PeriodLess than 1 year1-3 years4-5 yearsThereafterTotalContractual obligations:Time deposits (1)$11,641 $308 $46 $— $11,995 Short-term borrowings450 — — — 450 Long-term borrowings (1)(2)(39)36,310 349 1,336 37,956 Total contractual obligations$12,052 $36,618 $395 $1,336 $50,401 Commitments:Financing commitments$29,703 $14,719 $1,529 $6,563 $52,514 Letters of credit1,752 619 23 10 2,404 Deferred purchase agreements1,602 — — — 1,602 Purchase and funding commitments119 — — — 119 Affordable housing partnerships (1)599 549 34 52 1,234 Total commitments$33,775 $15,887 $1,586 $6,625 $57,873 

(1)    Time deposits and long-term borrowings are presented net of purchase accounting adjustments of $1 million and $116 million, respectively. On-balance sheet commitments for affordable housing partnerships are included in other liabilities and presented net of a purchase accounting adjustment of $28 million.

(2)    Balance in parenthesis represents the estimated amortization of the purchase accounting adjustment and deferred costs in excess of any principal balance.

Long-term Borrowings

As displayed above in Table 48, we do not have any significant long-term debt obligations due until the Purchase Money Note matures. While scheduled principal payments are not required until maturity in March 2028, FCB may voluntarily prepay principal without a premium or penalty. We will continue to monitor the interest rate environment and assess whether any voluntary prepayments are prudent considering the fixed rate of 3.50%. Potential sources that could fund voluntary prepayments or the amount due at maturity include excess liquidity (primarily comprised of interest-earning deposits at banks and proceeds from maturities and paydowns of investment