Company: FCNCB
Filing Date: 2025-05-09
Form Type: 10-Q
Source: 0000798941-25-000024
Chunk: 147

Company: FIRST CITIZENS BANCSHARES INC /DE/
Filing Date: 2025-05-09
Form: 10-Q
Item: Item 8
Chunk 147
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 indicative of results for a full year.The consolidated financial statements of BancShares include the accounts of BancShares and its subsidiaries, certain partnership interests and variable interest entities (“VIEs”) where BancShares is the primary beneficiary, if applicable. All significant intercompany accounts and transactions are eliminated upon consolidation. Assets held in agency or fiduciary capacity are not included in the consolidated financial statements.Refer to Note 8—Variable Interest Entities for additional information regarding VIEs.ReclassificationsFinancial StatementsIn certain instances, amounts reported in the 2024 consolidated financial statements have been reclassified to conform to the current financial statement presentation. Such reclassifications had no effect on previously reported stockholders’ equity or net income. 

10

Changes to the Composition of Reportable SegmentsWe updated our segment reporting during the first quarter of 2025 (the “Segment Reporting Updates”) as we transferred certain  components from the SVB Commercial and General Bank segments to the Commercial Bank segment and modified our segment expense allocation methodology. The Segment Reporting Updates did not result in the addition or removal of any of our existing segments at December 31, 2024, and the global fund banking and investor dependent loan portfolios, as well as a substantial portion of the innovation commercial and industrial (“innovation C&I”) and cash flow dependent loan portfolios, remain in the SVB Commercial segment. Segment disclosures for 2024 periods included in this Form 10-Q were recast to conform with the above-described Segment Reporting Updates. Refer to Note 17—Segment Information for additional information.Use of Estimates in the Preparation of Financial StatementsThe preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions based on available information. These estimates and assumptions impact the amounts reported in the consolidated financial statements and accompanying notes and the disclosures provided, and actual results could differ from those estimates. The significant estimate related to the determination of the allowance for loan and lease losses (“ALLL”) is considered a critical accounting estimate.SIGNIFICANT ACCOUNTING POLICIESSignificant accounting policies are described in the 2024 Form 10-K. There were no material changes to these policies during the three months ended March 31, 2025.

NOTE 2 — BUSINESS COMBINATIONSSilicon Valley Bridge Bank AcquisitionOn March 27, 2023 (the “SVBB Acquisition Date”), FCB acquired substantially all loans and certain other assets and assumed all customer deposits and certain other liabilities of Silicon Valley Bridge Bank, N.A. (“SVBB”) from the Federal