Company: FCNCB
Filing Date: 2025-11-07
Form Type: 10-Q
Source: 0000798941-25-000050
Chunk: 140

Company: FIRST CITIZENS BANCSHARES INC /DE/
Filing Date: 2025-11-07
Form: 10-Q
Item: Item 1
Chunk 140
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 and $0 million, respectively, as of September 30, 2025, and $177 million and $0 million, respectively, as of December 31, 2024.(4)     Other derivative contracts not designated as hedging instruments include risk participation agreements and equity warrants.The following table presents the impact of variation margin netting (form of collateral payment when the underlying fair value changes) on derivative assets and liabilities: Variation Margin Paymentsdollars in millionsSeptember 30, 2025December 31, 2024Asset Fair ValueLiability Fair ValueAsset Fair ValueLiability Fair ValueDerivatives designated as hedging instruments (Qualifying hedges)Gross fair value$18 $— $15 $— Cleared trades, variation margin netting(18)— (14)— Total derivatives designated as hedging instruments$— $— $1 $— Derivatives not designated as hedging instruments (Non-qualifying hedges)Gross fair value$625 $(563)$742 $(647)Cleared trades, variation margin netting(55)43 (83)22 Total derivatives not designated as hedging instruments$570 $(520)$659 $(625)Gross derivatives fair values presented in the Consolidated Balance Sheets$570 $(520)$660 $(625)Amounts subject to master netting agreements (1)(116)116 (48)48 Cash collateral pledged (received) subject to master netting agreements (2)(218)75 (539)2 Total net derivative fair value$236 $(329)$73 $(575)(1)    BancShares’ derivative transactions are governed by International Swaps and Derivatives Association (“ISDA”) agreements that allow for net settlements of certain payments as well as offsetting of all contracts with a given counterparty in the event of bankruptcy or default of one of the two parties to the transaction. BancShares believes its ISDA agreements meet the definition of a master netting arrangement or similar agreement for purposes of the above disclosure.(2)    In conjunction with the ISDA agreements described above, BancShares has entered into collateral arrangements with its counterparties, which provide for the exchange of cash depending on the change in the market valuation of the derivative contracts outstanding. Such collateral is available to be applied in settlement of the net balances upon an event of default of one of the counterparties. Collateral pledged or received is included in other assets or deposits