Company: FCNCB
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0000798941-25-000010
Chunk: 38

Company: FIRST CITIZENS BANCSHARES INC /DE/
Filing Date: 2025-02-21
Form: 10-K
Item: Item 7
Chunk 38
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 $155.23 billion, an increase of $9.38 billion or 6% from $145.85 billion at December 31, 2023. The increase from December 31, 2023 was mainly attributable to:

•growth in money market and time deposit accounts in the Branch Network, 

•higher savings deposits, partially offset by lower time deposits in the Direct Bank, and 

•growth in money market deposits in the SVB Commercial segment. 

The following table summarizes the types of deposits:

Table 26

Deposits 

dollars in millionsDecember 31, 2024December 31, 2023December 31, 2022Noninterest-bearing demand$38,633 $39,799 $24,922 Checking with interest25,343 23,754 16,202 Money market35,722 30,625 21,047 Savings42,278 35,244 16,827 Time13,253 16,432 10,410 Interest-bearing deposits116,596 106,055 64,486 Total deposits$155,229 $145,854 $89,408 Noninterest-bearing deposits to total deposits24.9 %27.3 %27.9 %

We strive to maintain a strong liquidity position, and therefore, deposit retention remains a key business objective. We believe traditional bank deposit products remain an attractive option for many customers. As economic conditions change, we recognize that our liquidity position could be adversely affected if bank deposits are withdrawn. Our ability to fund future loan growth is significantly dependent on our success in retaining existing deposits and generating new deposits at a reasonable cost. 

Deposit Concentrations 

BancShares operates a network of branches and offices, predominantly located in the Southeast, Mid-Atlantic, Midwest and Western United States, providing a broad range of financial services to individuals, businesses and professionals. Based on branch location, our top state deposit concentrations as of December 31, 2024 were in North Carolina, California, and South Carolina, which represented approximately 26.1%, 8.5%, and 7.8%, respectively, of total deposits. 

The Direct Bank had $41.09 billion or 26.5% of our total deposits as of December 31, 2024. The Direct Bank deposits mainly consist of savings deposit accounts. 

SVB Commercial segment deposits as of December 31, 202