Company: FCNCB
Filing Date: 2025-05-09
Form Type: 10-Q
Source: 0000798941-25-000024
Chunk: 17

Company: FIRST CITIZENS BANCSHARES INC /DE/
Filing Date: 2025-05-09
Form: 10-Q
Item: Item 1
Chunk 17
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 credit ratings, delinquencies, and other macroeconomic factors. As a result of this analysis, we determined that no allowance for credit loss was required for investment securities available for sale as of March 31, 2025. BancShares’ portfolio of held to maturity debt securities consists of mortgage-backed securities issued by government agencies and government sponsored entities, U.S. Treasury notes, unsecured bonds issued by government agencies and government sponsored entities, and securities issued by the Supranational Entities & Multilateral Development Banks. Given the consistently strong credit rating of the U.S. Treasury, the Supranational Entities & Multilateral Development Banks and the long history of no credit losses on debt securities issued by government agencies and government sponsored entities, no allowance for credit loss was required for debt securities held to maturity as of March 31, 2025. There were no debt securities on nonaccrual status as of March 31, 2025 or December 31, 2024.Investment securities having an aggregate carrying value of $4.07 billion at March 31, 2025, and $3.94 billion at December 31, 2024, were pledged as collateral to secure public funds on deposit and certain short-term borrowings, and for other purposes as required by law.

Certain investments held by BancShares are reported in other assets, including FHLB stock and nonmarketable securities without readily determinable fair values that are recorded at cost, and investments in qualified affordable housing projects, all of which are accounted for under the proportional amortization method (“PAM”). 

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NOTE 4 — LOANS AND LEASESUnless otherwise noted, loans held for sale are not included in the following tables. Leases in the following tables include finance leases, but exclude operating lease equipment. Loans by Class dollars in millionsMarch 31, 2025December 31, 2024CommercialCommercial construction$5,529 $5,109 Owner occupied commercial mortgage16,951 16,842 Non-owner occupied commercial mortgage16,139 16,194 Commercial and industrial31,899 31,640 Leases2,022 2,014 Total commercial72,540 71,799 ConsumerResidential mortgage23,060 23,152 Revolving mortgage2,635 2,567 Consumer auto1,487 1,523 Consumer other965 986 Total consumer28,147 28,228 SVBGlobal fund banking28,572