Company: FCNCB
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0000798941-25-000010
Chunk: 219

Company: FIRST CITIZENS BANCSHARES INC /DE/
Filing Date: 2025-02-21
Form: 10-K
Item: Item 8
Chunk 219
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,592 $754 21.0 %$12,077 $2,536 21.0 %1,362 $286 21.0 %Increase (decrease) due to:State and local income taxes, net of federal income tax benefit118 3.3 %804 6.7 %53 3.9 %Gain on acquisition— — %(2,703)(22.4)%(105)(7.7)%Tax credits(44)(1.2)%(26)(0.2)%(20)(1.5)%Effect of BOLI surrender— — %— — %48 3.5 %Adjustment to unrecognized tax benefits44 1.2 %2 — %— — %Deferred tax liability adjustment(78)(2.2)%11 0.1 %(8)(0.6)%Difference in tax rates applicable to non-U.S. earnings1 — %1 — %1 0.1 %Valuation allowances(11)(0.3)%(40)(0.3)%(5)(0.4)%Other31 0.9 %26 0.2 %14 1.1 %Provision for income taxes and effective income tax rate$815 22.7 %$611 5.1 %$264 19.4 %BancShares permanently reinvested eligible earnings of certain foreign subsidiaries and, accordingly, does not accrue any U.S. or foreign taxes that would be due if those earnings were repatriated. As of December 31, 2024, this assertion resulted in an unrecognized net deferred tax liability of approximately $20 million on reinvested earnings of $698 million.

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The tax effects of temporary differences that give rise to deferred income tax assets and liabilities at December 31, 2024 and 2023 are presented below:Components of Deferred Income Tax Assets and Liabilitiesdollars in millions20242023Deferred Tax Assets:Allowance for loan and lease losses$500 $542 Net unrealized loss on investment securities available for sale226 235 Deferred compensation128 152 Capitalized costs110 75 Lease liabilities84 115 Tax credits79 21 Net operating loss carry forwards76 118 Accrued liabilities and reserves53 104 Other59 63 Total gross deferred tax