Company: FCNCB
Filing Date: 2025-11-07
Form Type: 10-Q
Source: 0000798941-25-000050
Chunk: 199

Company: FIRST CITIZENS BANCSHARES INC /DE/
Filing Date: 2025-11-07
Form: 10-Q
Item: Item 1
Chunk 199
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Table 13Acquisition-related Expenses

dollars in millionsThree Months EndedNine Months EndedSeptember 30, 2025June 30,2025September 30, 2024September 30, 2025September 30, 2024Personnel cost$12 $15 $16 $42 $57 Professional fees15 20 28 61 77 Other acquisition-related expense1 3 2 5 14 Total acquisition-related expense$28 $38 $46 $108 $148 

Acquisition-related personnel cost primarily includes severance and retention costs for employees associated with business combinations. These amounts are recognized over the requisite service period, if any.

Acquisition-related professional fees mainly include consulting, legal and accounting costs associated with business combinations and the related integration, optimization, and business process reengineering, including enhancements to technology. These amounts are expensed as incurred. 

Income Taxes

Table 14Income Tax Data

dollars in millionsThree Months EndedNine Months EndedSeptember 30, 2025June 30,2025September 30, 2024September 30, 2025September 30, 2024Income before income taxes$751 $758 $873 $2,160 $2,856 Income tax expense$183 $183 $234 $534 $779 Effective income tax rate24.4 %24.1 %26.8 %24.7 %27.3 %

The ETR was 24.4% for the current quarter compared to 24.1% for the linked quarter. The modestly higher ETR for the current quarter was mostly due to the revaluation of the deferred tax liability as a result of a change in state law enacted in the linked quarter. The ETR was 24.7% for the current YTD compared to 27.3% for the prior YTD. The decrease for the current YTD ETR compared to the prior YTD was primarily due to increased tax credits and a reduction in the state and local income tax rate.  

The ETR is impacted by a number of factors, including the relative mix of domestic and international earnings, effects of changes in enacted tax laws, adjustments to valuation allowances, and discrete items. The ETR in future periods may vary from the current quarter ETR due to changes in these factors.

BancShares monitors and evaluates the potential impact of current events