Company: FCNCB
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0000798941-25-000010
Chunk: 40

Company: FIRST CITIZENS BANCSHARES INC /DE/
Filing Date: 2025-02-21
Form: 10-K
Item: Item 7
Chunk 40
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 We redeemed the 4.125% fixed-to-fixed rate subordinated notes due in November 2029 in November 2024 prior to incurring a higher cost upon rate reset. Additionally, the carrying amount of the Purchase Money Note decreased $30 million during the Current Year due to a net settlement with the FDIC of $80 million, partially offset by PAA of $50 million.

The following table presents borrowings, net of the respective unamortized purchase accounting adjustments and issuance costs:

Table 28

Borrowings

dollars in millionsDecember 31, 2024December 31, 2023December 31, 2022Securities sold under agreements to repurchase$367 $485 $436 Federal Home Loan Bank borrowings    Floating rate notes due through September 2025— — 4,250 Federal Deposit Insurance Corporation   3.500% fixed rate note due March 2028(1)35,816 35,846 — Senior Unsecured Borrowings   3.929% fixed-to-floating rate notes due June 2024— — 505    2.969% fixed-to-floating rate notes due September 2025(2)— 318 320    6.000% fixed rate notes due April 203658 59 59 Subordinated debt6.125% fixed rate notes due March 2028445 460 469 4.125% fixed-to-fixed rate notes due November 2029(3)— 101 102 3.375% fixed-to-floating rate notes due March 2030350 349 348 Macon Capital Trust I - floating rate debentures due March 2034— — 14 SCB Capital Trust I - floating rate debentures due April 2034(4)— 10 10 FCB/SC Capital Trust II - floating rate debentures due June 2034(4)— 18 18 FCB/NC Capital Trust III - floating rate debentures due June 2036— — 88 Other borrowings15 8 26 Total borrowings$37,051 $37,654 $6,645 

(1)    Issued in connection with the SVBB Acquisition and secured by collateral. Refer to Note 2—Business Combinations and Note 4—Loans and Leases. The unamortized discount related to this