Company: FCNCB
Filing Date: 2025-05-09
Form Type: 10-Q
Source: 0000798941-25-000024
Chunk: 102

Company: FIRST CITIZENS BANCSHARES INC /DE/
Filing Date: 2025-05-09
Form: 10-Q
Item: Item 1
Chunk 102
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 2025.

Our portfolio of investment securities held to maturity consists of similar mortgage-backed securities, U.S. Treasury securities and government agency securities described above, as well as securities issued by the Supranational Entities & Multilateral Development Banks and FDIC guaranteed certificates of deposit with other financial institutions. Given the consistently strong credit rating of the U.S. Treasury and the Supranational Entities & Multilateral Development Banks, and the long history of no credit losses on debt securities issued by government agencies and government sponsored entities, we determined that no allowance for credit loss was required for investment securities held to maturity at March 31, 2025.

The following table presents the investment securities portfolio, segregated by major category:  

Table 21

Investment Securities 

dollars in millionsMarch 31, 2025December 31, 2024Amortized CostFair ValueComposition(1)Amortized CostFair ValueComposition(1)Investment securities available for sale:U.S. Treasury$13,105 $13,150 30.6 %$13,897 $13,903 32.7 %Government agency71 69 0.2 79 77 0.2 Residential mortgage-backed securities16,905 16,605 38.6 16,161 15,620 36.7 Commercial mortgage-backed securities3,759 3,594 8.4 3,869 3,666 8.6 Corporate bonds483 465 1.1 489 467 1.1 Municipal bonds17 17 — 17 17 — Total investment securities available for sale$34,340 $33,900 78.9 %$34,512 $33,750 79.3 %Investment in marketable equity securities$78 $95 0.2 %$79 $101 0.2 %Investment securities held to maturity:U.S. Treasury$484 $459 1.1 %$483 $452 1.1 %Government agency1,491 1,400 3.3 1,489 1,374 3.2 Residential mortgage-backed securities4,668 4,090 9.5 4,558 3,878 9.1 Commercial mortgage-backed securities3,378 2,748 6.4 3,407