Company: FCNCB
Filing Date: 2025-05-09
Form Type: 10-Q
Source: 0000798941-25-000024
Chunk: 51

Company: FIRST CITIZENS BANCSHARES INC /DE/
Filing Date: 2025-05-09
Form: 10-Q
Item: Item 1
Chunk 51
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$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, 2025December 31, 2024Fair ValueUnpaid Principal BalanceDifferenceFair ValueUnpaid Principal BalanceDifferenceOriginated loans held for sale (1)$93 $94 $(1)$55 $54 $1 (1) Originated loans held for sale include loans held for sale and loans originated for sale but transferred to portfolio and held for investment.BancShares has elected the fair value option for residential mortgage loans originated for sale. This election reduces certain timing differences in the Consolidated Statements of Income and better aligns with the management of the portfolio from a business perspective. The changes in fair value that were recorded as a component of other noninterest income were insignificant for the three months ended March 31, 2025 and 2024. Interest earned on originated loans held for sale is recorded within interest income on loans and leases in the Consolidated Statements of Income.No originated loans held for sale were 90 or more days past due or on nonaccrual status as of March 31, 2025 or December 31, 2024.

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Assets Measured at Estimated Fair Value on a Non-recurring BasisCertain assets or liabilities are required to be measured at estimated fair value on a non-recurring basis subsequent to initial recognition. Generally, these adjustments are the result of lower of cost or fair value (“LOCOM”) or other impairment accounting. The following table presents carrying value of assets measured at estimated fair value on a non-recurring basis for which gains and losses have been recorded in the periods. The gains and losses reflect amounts recorded for the respective periods, regardless of whether the asset is still held at period end. Assets Measured at Fair Value - Non-recurring Basis dollars in millionsFair Value MeasurementsTotalLevel