Company: FCNCB
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0000798941-25-000010
Chunk: 198

Company: FIRST CITIZENS BANCSHARES INC /DE/
Filing Date: 2025-02-21
Form: 10-K
Item: Item 8
Chunk 198
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 commercial customers and secure wholesale funding needs. Repurchase agreements are transactions whereby BancShares offers to sell to a counterparty an undivided interest in an eligible security at an agreed upon purchase price, and which obligates BancShares to repurchase the security at an agreed upon date, repurchase price and interest rate. These agreements are recorded at the amount of cash received in connection with the transactions and are reflected as securities sold under customer repurchase agreements.BancShares monitors collateral levels on a continuous basis and maintains records of each transaction specifically describing the applicable security and the counterparty’s fractional interest in that security, and segregates the security from general assets in accordance with regulations governing custodial holdings of securities. The primary risk with repurchase agreements is market risk associated with the investments securing the transactions, as additional collateral may be required based on fair value changes of the underlying investments. Securities pledged as collateral under repurchase agreements are maintained with safekeeping agents. The carrying value of investment securities pledged as collateral under repurchase agreements was $435 million and $502 million at December 31, 2024 and 2023, respectively.Long-term BorrowingsThe following table presents long-term borrowings, net of the respective unamortized purchase accounting adjustments and issuance costs, at December 31, 2024 and 2023: Long-term Borrowingsdollars in millionsMaturityDecember 31, 2024December 31, 2023Parent Company:Subordinated:Fixed-to-Floating subordinated notes at 3.375%March 2030$350 $349 Junior subordinated debentures (FCB/SC Capital Trust II)(1)June 2034— 18 Subsidiaries:Senior:Senior unsecured fixed-to-floating rate notes at 2.969%(2)   September 2025— 318 Fixed senior unsecured notes at 6.00%April 203658 59 Subordinated:Fixed subordinated notes at 6.125%March 2028445 460 Fixed-to-Fixed subordinated notes at 4.125%(3)November 2029— 101 Junior subordinated debentures (SCB Capital Trust I)(1)April 2034— 10 Secured:Purchase Money Note to FDIC fixed at 3.50% (4)March 202835,816 35,846 Capital lease obligationsMaturities through May 205715 8 Total long-term borrowings$