This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

First Citizens Reports Earnings For Second Quarter 2010

RALEIGH, N.C., July 26, 2010 (GLOBE NEWSWIRE) -- First Citizens BancShares Inc. (Nasdaq:FCNCA) reports earnings for the quarter ending June 30, 2010, of $28.6 million, compared to $6.2 million for the corresponding period of 2009, according to Frank B. Holding, Jr., chairman of the board. The increase in net income during 2010 was the result of higher net interest income and noninterest income, offset by a higher provision for loan and lease losses and noninterest expense. 

Per share income for the second quarter 2010 totaled $2.74, compared to $0.59 for the same period a year ago. First Citizens' current quarter results generated an annualized return on average assets of 0.54 percent and an annualized return on average equity of 6.83 percent, compared to respective returns of 0.14 percent and 1.73 percent for the same period of 2009.

Second quarter net interest income increased $47.8 million, or 40.9 percent, from the same period of 2009, due to a 52 basis point increase in the net yield on interest-earning assets and significantly higher average interest-earning assets. The taxable-equivalent net yield on interest-earning assets improved in each of the past four quarters, primarily due to favorable changes in deposit costs and the positive impact of acquired loans and assumed deposits from FDIC-assisted transactions. 

Interest-earning assets averaged $18.8 billion during the second quarter of 2010, an increase of $3.05 billion over the second quarter of 2009, due to growth in loans and investment securities. Average loans outstanding increased $2.58 billion, or 22.2 percent, since the second quarter of 2009. As a result of higher loan yields, the taxable-equivalent yield on interest-earning assets grew 7 basis points from 4.59 percent during the second quarter of 2009 to 4.66 percent during the second quarter of 2010.  

Average interest-bearing liabilities increased by $2.76 billion, or 21.5 percent, during the second quarter of 2010, due to higher levels of deposits, partially offset by lower short-term borrowings. The large deposit increase was caused by strong growth in legacy markets as well as the impact of assumed deposits. The rate on interest-bearing liabilities decreased 52 basis points from 1.87 percent during the second quarter of 2009 to 1.35 percent during the same period of 2010.

1 of 4

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,051.57 -46.88 -0.27%
S&P 500 2,000.01 -3.36 -0.17%
NASDAQ 4,589.2520 +8.9810 0.20%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs