Company: FCNCB
Filing Date: 2025-08-08
Form Type: 10-Q
Source: 0000798941-25-000040
Chunk: 132

Company: FIRST CITIZENS BANCSHARES INC /DE/
Filing Date: 2025-08-08
Form: 10-Q
Item: Item 1
Chunk 132
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 to the tax credits and other tax benefits received, and the net investment performance is recognized on the Consolidated Statements of Income as a component of income tax expense.

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The table below summarizes the amortization of our affordable housing tax credit investments and the related tax credits and other tax benefits that are recognized in income tax expense on the Consolidated Statements of Income.Tax Credit Investments Recognized in Income Tax Expensedollars in millionsThree Months Ended June 30,Six Months Ended June 30,2025202420252024Amortization of affordable housing tax credit investments (1) $70 $59 $134 $118 Tax credits from affordable housing tax credit investments  (67)(58)(135)(115)Other tax benefits from affordable housing tax credit investments  (16)(10)(23)(21)Net income tax benefit from affordable housing tax credit investments (2)$(13)$(9)$(24)$(18)(1) Amortization is included in depreciation, amortization, and accretion, net as an adjustment to reconcile net income to net cash provided by operating activities on the Consolidated Statements of Cash Flows. 

(2) Net income tax benefit impact is included in net income in cash flows from operating activities on the Consolidated Statements of Cash Flows. Changes in income taxes payable are reported in the net change in other liabilities as an adjustment to reconcile net income to net cash provided by operating activities. 

NOTE 9 — BORROWINGSShort-term BorrowingsSecurities Sold under Agreements to RepurchaseBancShares held $471 million and $367 million at June 30, 2025 and December 31, 2024, respectively, of securities sold under agreements to repurchase that have overnight contractual maturities and are collateralized by government agency securities. The weighted average interest rate for securities sold under agreements to repurchase was 0.52% and 0.59% at June 30, 2025 and December 31, 2024, respectively.BancShares utilizes securities sold under agreements to repurchase to facilitate the needs for collateralization of commercial customers and secure wholesale funding needs. Repurchase agreements are transactions whereby BancShares offers to sell to a counterparty an undivided interest in an eligible security at an agreed upon purchase price, and which obligates BancShares to repurchase the security at an agreed upon date, repurchase price and interest rate. These agreements are recorded at the amount of cash received in connection with the transactions