Company: FCNCB
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0000798941-25-000010
Chunk: 199

Company: FIRST CITIZENS BANCSHARES INC /DE/
Filing Date: 2025-02-21
Form: 10-K
Item: Item 8
Chunk 199
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36,684 $37,169 (1)    The borrowings were called during the first quarter of 2024, resulting in a $2 million loss on extinguishment of debt for the year ended December 31, 2024.(2) Included a callable feature one year prior to maturity and the debt was redeemed in September 2024.(3) Included an optional redemption feature five years prior to maturity which was exercised in November 2024.(4) Issued in connection with the SVBB Acquisition and secured by collateral. Refer to Note 2—Business Combinations and Note 4—Loans and Leases.

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Contractual maturities of long-term borrowings (borrowings with original maturities of more than one year) at December 31, 2024 are included in the following table. Long-term Borrowings Maturitiesdollars in millionsYear Ended December 31, (1)2025$(36)2026(39)2027(39)202836,380 20291 Thereafter417 Total long-term borrowings$36,684 (1)    Amounts in this table include amortization and accretion of purchase accounting adjustments based on the scheduled periods of recognition.Pledged Assets 

Refer to the “Loans Pledged” section in Note 4—Loans and Leases for information on loans pledged as collateral to secure borrowings. 

NOTE 13 — DERIVATIVE FINANCIAL INSTRUMENTSOur derivatives designated as hedging instruments include interest rate swap contracts utilized to manage our interest rate exposure for items on our Consolidated Balance Sheets. This includes floating-rate loan portfolio cash flow hedges and fair value hedges of our fixed-rate borrowings and deposits.Our derivatives not designated as hedging instruments mainly include interest rate and foreign exchange contracts that our customers utilized for their risk management needs. We typically manage our exposure to these customer derivatives by entering into offsetting or “back-to-back” interest rate and foreign exchange contracts with third-party dealers. Derivative instruments that are cleared through certain central counterparty clearing houses are settled-to-market and reported net of collateral positions.For further information on accounting for derivatives and hedging, refer to Note 1—Significant Accounting Policies and Basis of Presentation.

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The following table presents notional amounts and fair values of derivative financial instruments:  Notional Amount and Fair Value of Derivative Financial Instrumentsdollars in millionsDecember 31, 2024December 31, 202