Company: FCNCB
Filing Date: 2025-05-09
Form Type: 10-Q
Source: 0000798941-25-000024
Chunk: 246

Company: FIRST CITIZENS BANCSHARES INC /DE/
Filing Date: 2025-05-09
Form: 10-Q
Item: Item 8
Chunk 246
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2024, mainly due to deposit growth as well as the Current Quarter Debt Issuances, as further discussed below. 

78

Deposits

Total deposits at March 31, 2025 were $159.33 billion, an increase of $4.10 billion or 3% from $155.23 billion at December 31, 2024. The increase from December 31, 2024 was mainly attributable to:

•growth in savings deposits, partially offset by lower time deposits in the Direct Bank, 

•higher noninterest-bearing demand, partially offset by a decline in interest-bearing checking deposits in the SVB Commercial segment,

•growth in money market deposits, partially offset by lower time deposit accounts in the Branch Network, and

•lower noninterest-bearing demand deposits in the Commercial Bank.

The following table summarizes the types of deposits:

Table 26

Deposits 

dollars in millionsMarch 31, 2025December 31, 2024Noninterest-bearing demand$40,767 $38,633 Checking with interest23,041 25,343 Money market37,705 35,722 Savings45,817 42,278 Time11,995 13,253 Interest-bearing deposits118,558 116,596 Total deposits$159,325 $155,229 Noninterest-bearing deposits to total deposits25.6 %24.9 %

We strive to maintain a strong liquidity position, and therefore, deposit retention remains a key business objective. We believe traditional bank deposit products remain an attractive option for many customers. As economic conditions change, we recognize that our liquidity position could be adversely affected if bank deposits are withdrawn. Our ability to fund future loan growth is significantly dependent on our success in retaining existing deposits and generating new deposits at a reasonable cost. 

Deposit Concentrations 

BancShares operates a network of branches and offices, predominantly located in the Southeast, Mid-Atlantic, Midwest and Western United States, providing a broad range of financial services to individuals, businesses and professionals. Based on branch location, our top state deposit concentrations as of March 31, 2025 were in North Carolina, California, and South Carolina, which represented approximately 25.6%, 8.4%, and 7.8%, respectively, of total deposits. 

The Direct Bank had $44.17 billion or 27.7% of our total deposits as of March 31,