Company: FCNCB
Filing Date: 2025-05-09
Form Type: 10-Q
Source: 0000798941-25-000024
Chunk: 190

Company: FIRST CITIZENS BANCSHARES INC /DE/
Filing Date: 2025-05-09
Form: 10-Q
Item: Item 8
Chunk 190
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 similar assets and liabilities and model-based valuation techniques for which all significant assumptions are observable in the market. Refer to Note 10—Derivative Financial Instruments for notional amounts and fair values. 

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The following tables summarize information about significant unobservable inputs related to BancShares’ categories of Level 3 financial assets and liabilities measured on a recurring basis:Quantitative Information About Level 3 Fair Value Measurements - Recurring Basisdollars in millionsFinancial InstrumentEstimated Fair ValueValuation TechniqueSignificant Unobservable InputsMarch 31, 2025December 31, 2024AssetsCorporate bonds$168 $168 Indicative bid provided by brokerMultiple factors, including but not limited to, current operations, financial condition, cash flows, and recently executed financing transactions related to the issuer.Interest rate & other derivative — non-qualifying hedges$19 $17 Internal valuation modelMultiple factors, including but not limited to, private company valuation, illiquidity discount, and estimated life of the instrument.LiabilitiesInterest rate & other derivative — non-qualifying hedges$1 $1 Internal valuation modelNot materialThe following table summarizes the changes in estimated fair value for all assets and liabilities measured at estimated fair value on a recurring basis using significant unobservable inputs (Level 3): Changes in Estimated Fair Value of Level 3 Financial Assets and Liabilities - Recurring Basisdollars in millionsThree Months Ended March 31, 2025Three Months Ended March 31, 2024Corporate BondsOther Derivative Assets — Non-QualifyingOther Derivative Liabilities — Non-QualifyingCorporate BondsOther Derivative Assets — Non-QualifyingOther Derivative Liabilities — Non-QualifyingBeginning balance$168 $17 $1 $157 $7 $1 Purchases— 2 — — 3 — Changes in fair value included in earnings— 1 — — — — Changes in fair value included in comprehensive income— — — 4 — — Maturity and settlements— (1)— — (1)— Ending balance$168 $19 $1 $161 $9 $1 Fair Value OptionThe following table summarizes the difference between the aggregate fair value and the unpaid principal balance (“UPB”) for residential mortgage loans originated for sale measured at fair value: Aggregate Fair Value and UPB - Residential Mortgage Loansdollars in millionsMarch 31,