Company: FCNCB
Filing Date: 2025-05-09
Form Type: 10-Q
Source: 0000798941-25-000024
Chunk: 182

Company: FIRST CITIZENS BANCSHARES INC /DE/
Filing Date: 2025-05-09
Form: 10-Q
Item: Item 8
Chunk 182
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 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 $526 million and $435 million at March 31, 2025 and December 31, 2024, respectively.Long-term BorrowingsOn March 12, 2025, the Parent Company issued and sold $500 million aggregate principal amount of its 5.231% Fixed-to-Floating Rate Senior Notes due 2031 and $750 million aggregate principal amount of its 6.254% Fixed-to-Fixed Rate Subordinated Notes due 2040 in a public offering.The following table presents long-term borrowings, net of the respective unamortized purchase accounting adjustments and issuance costs: Long-term Borrowingsdollars in millionsMaturityMarch 31, 2025December 31, 2024Parent Company:Senior:Fixed-to-Floating Senior Notes at 5.231%(1)March 2031$497 $— Subordinated:Fixed-to-Floating subordinated notes at 3.375%(2)March 2030350 350 Fixed-to-Fixed Subordinated Notes at 6.254%(3)March 2040745 — Subsidiaries:Senior:Fixed senior unsecured notes at 6.00%April 203658 58 Subordinated:Fixed subordinated notes at 6.125%March 2028441 445 Secured:Purchase Money Note to FDIC fixed at 3.50%(4)March 202835,829 35,816 Capital lease obligationsMaturities through May 205736 15 Total long-term borrowings$37