Company: FCNCB
Filing Date: 2025-05-09
Form Type: 10-Q
Source: 0000798941-25-000024
Chunk: 6

Company: FIRST CITIZENS BANCSHARES INC /DE/
Filing Date: 2025-05-09
Form: 10-Q
Item: Item 1
Chunk 6
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 due from banks(2)(210)Cash and due from banks at beginning of period814 908 Cash and due from banks at end of period$812 $698 

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Three Months Ended March 31,dollars in millions20252024SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATIONCash paid during the period for:Interest$1,224 $1,294 Income taxes40 53 Significant non-cash investing and financing activities:Transfers of loans to other real estate52 — Transfer of assets from held for investment to held for sale139 131 Commitments extended during the period on affordable housing investment credits108 120 

See accompanying Notes to the Unaudited Consolidated Financial Statements.

9

First Citizens BancShares, Inc. and Subsidiaries

Notes to Unaudited Consolidated Financial Statements

NOTE 1 — SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATIONNature of OperationsFirst Citizens BancShares, Inc. (the “Parent Company” and, when including all of its subsidiaries on a consolidated basis, “we,” “us,” “our,” “BancShares”) is a financial holding company organized under the laws of Delaware that conducts operations through its banking subsidiary, First-Citizens Bank & Trust Company (“FCB”), which is headquartered in Raleigh, North Carolina. BancShares operates a network of branches and offices, predominantly located in the Southeast, Mid-Atlantic, Midwest and Western United States. BancShares provides various types of commercial and consumer banking services, including lending, leasing, and wealth management services. Deposit services include checking, savings, money market, and time deposit accounts.   Business CombinationsBancShares accounts for business combinations using the acquisition method of accounting. Under this method, acquired assets and assumed liabilities are included with the acquirer’s accounts at their estimated fair value as of the date of acquisition, with any excess of purchase price over the fair values of the net assets acquired and any finite-lived intangible assets established in connection with the business combination recognized as goodwill. To the extent the fair value of identifiable net assets acquired exceeds the purchase price, a gain on acquisition is recognized. Acquisition-related costs are recognized as period expenses as incurred. Refer to Note 2—Business Combinations for additional information.BASIS OF PRESENTATION Principles of Consolidation and Basis of PresentationThese consolidated financial statements and notes thereto are presented in accordance with instructions for Form 10-Q and Article 10 of Regulation