Company: FCNCB
Filing Date: 2025-11-07
Form Type: 10-Q
Source: 0000798941-25-000050
Chunk: 280

Company: FIRST CITIZENS BANCSHARES INC /DE/
Filing Date: 2025-11-07
Form: 10-Q
Item: Item 8
Chunk 280
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1 — 212 (6)213 (6)Total$1,001 $(2)$5,220 $(539)$6,221 $(541)December 31, 2024Less than 12 months12 months or moreTotalFair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized LossesInvestment securities available for saleU.S. Treasury$3,791 $(12)$981 $(15)$4,772 $(27)Government agency— — 77 (2)77 (2)Residential mortgage-backed securities7,470 (61)3,575 (521)11,045 (582)Commercial mortgage-backed securities1,183 (8)1,342 (202)2,525 (210)Corporate bonds16 — 438 (22)454 (22)Total$12,460 $(81)$6,413 $(762)$18,873 $(843)

16

As of September 30, 2025, there were 461 investment securities available for sale with continuous unrealized losses for more than 12 months, of which 427 were government sponsored enterprise-issued mortgage-backed securities, government agency securities, or U.S. Treasury securities and the remaining 34 were corporate bonds. BancShares has the ability and intent to retain these securities for a period of time sufficient to recover all unrealized losses. Given the consistently strong credit rating of the U.S. Treasury, and the long history of no credit losses on debt securities issued by government agencies and government sponsored entities, as of September 30, 2025, no allowance for credit loss was required. For corporate bonds, we analyzed the changes in interest rates relative to when the investment securities were purchased or acquired, and considered other factors including changes in 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 September 30, 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 and the Supranational Entities & Multilateral Development Banks, and the long history