Company: FCNCB
Filing Date: 2025-08-08
Form Type: 10-Q
Source: 0000798941-25-000040
Chunk: 298

Company: FIRST CITIZENS BANCSHARES INC /DE/
Filing Date: 2025-08-08
Form: 10-Q
Item: Item 8
Chunk 298
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 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 $553 million and $435 million at June 30, 2025 and December 31, 2024, respectively.

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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 in 2031 and $750 million aggregate principal amount of its 6.254% Fixed-to-Fixed Rate Subordinated Notes due in 2040 in a public offering. On June 15, 2025, the Parent Company redeemed all $350 million aggregate principal amount of its 3.375% Fixed-to-Floating Rate Subordinated Notes due in 2030.The following table presents long-term borrowings, net of the respective unamortized purchase accounting adjustments and issuance costs: Long-term Borrowingsdollars in millionsMaturityJune 30, 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 2030— 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 2028437 445 Secured:Purchase Money Note to FDIC fixed at 3.50%(4)March 202835,841 35,816 Capital lease obligationsMaturities through May 205763 15 Total long-term borrowings$37,641 $36,