Company: FCNCB
Filing Date: 2025-05-09
Form Type: 10-Q
Source: 0000798941-25-000024
Chunk: 108

Company: FIRST CITIZENS BANCSHARES INC /DE/
Filing Date: 2025-05-09
Form: 10-Q
Item: Item 1
Chunk 108
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its In Excess of $250,000 

dollars in millionsMarch 31, 2025Time deposits maturing in:Three months or less$888 Over three months through six months394 Over six months through 12 months244 More than 12 months14 Total$1,540 

Borrowings

Total borrowings at March 31, 2025 were $38.41 billion, an increase of $1.36 billion from $37.05 billion at December 31, 2024. The increase from December 31, 2024 primarily related to the Current Quarter Debt Issuances (refer to the table below), as well as higher securities sold under agreements to repurchase.

The following table presents borrowings, net of the respective unamortized purchase accounting adjustments and issuance costs:

Table 28

Borrowings

dollars in millionsMarch 31, 2025December 31, 2024Securities sold under agreements to repurchase$450 $367 Federal Deposit Insurance Corporation   3.500% fixed rate note due March 2028(1)35,829 35,816 Senior Unsecured Borrowings   5.231% fixed-to-floating rate notes due March 2031(2)497 —    6.000% fixed rate notes due April 203658 58 Subordinated debt3.375% fixed-to-floating rate notes due March 2030(3)350 350 6.125% fixed rate notes due March 2028441 445 6.254% fixed-to-fixed rate notes due March 2040(4)745 — Capital lease obligations36 15 Total borrowings$38,406 $37,051 

(1) Issued in connection with the SVBB Acquisition and secured by collateral. Refer to Note 2—Business Combinations and Note 4—Loans and Leases. The unamortized discount related to this borrowing was $163 million and $176 million at March 31, 2025 and December 31, 2024, respectively. 

(2) The fixed rate period will end on March 12, 2030, and the notes will thereafter bear a floating interest rate equal to a benchmark rate based on the Compounded Secured Overnight Financing Rate (“SOFR”) Index Rate plus 141 bps per annum until the maturity date (or date of earlier redemption).

(3)