This Day On The Street
Continue to site right-arrow
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 BancShares Reports Earnings For First Quarter 2014

Stocks in this article: FCNCA

RALEIGH, N.C., April 30, 2014 (GLOBE NEWSWIRE) -- First Citizens BancShares Inc. (Nasdaq:FCNCA) reports earnings for the quarter ended March 31, 2014, of $22.4 million, compared to $27.2 million for the fourth quarter of 2013 and $55.6 million for the corresponding period of 2013, according to Frank B. Holding, Jr., chairman of the board.

Per share income for the first quarter of 2014 totaled $2.33, compared to $2.83 for the fourth quarter of 2013 and $5.78 for the same period a year ago. First quarter results generated an annualized return on average assets of 0.41 percent and an annualized return on average equity of 4.33 percent, compared to respective returns of 1.07 percent and 12.01 percent for the same period of 2013.

The decrease in earnings for the first quarter of 2014 compared to the same quarter in the prior year is driven by sustained runoff in the acquired loan portfolio and nonrecurring FDIC-assisted acquisition accounting adjustments recorded during the first quarter of 2013. The overall decrease in earnings was partially offset by improved investment yields and continued reduction of funding costs.


  • Asset quality remains strong. BancShares recorded a credit to the provision for loan and lease losses of $1.9 million during the first quarter of 2014, reflecting continued credit quality improvements. Net charge-offs totaled $8.5 million for the first quarter of 2014, compared to $27.4 million during the same period of 2013. Total nonperforming assets decreased by $87.8 million to $185.4 million as of March 31, 2014 compared to March 31, 2013.  
  • BancShares completed the merger of Hendersonville, N.C.-based 1 st Financial and its wholly-owned banking subsidiary Mountain 1 st Bank & Trust Company, providing additional earning assets and interest income during the quarter.  
  • Nonrecurring adjustments for loans acquired in FDIC-assisted transactions recognized in the first quarter of 2013 contribute to a majority of interest income differences when comparing to the current quarter.  
  • Acquired loan portfolio runoff continues as expected.  
  • Liquidity position is strong as our free liquidity position exceeded $3.94 billion. Average investment securities increased $409.8 million, or 7.9 percent, compared to the first quarter of 2013.  
  • BancShares remains well-capitalized with a tier 1 leverage capital ratio of 9.66 percent, tier 1 risk-based capital ratio of 14.56 percent and total risk-based capital ratio of 16.05 percent at March 31, 2014.


Total loans increased $337.3 million, or 2.6 percent, to $13.47 billion compared to December 31, 2013. Originated loans totaled $12.20 billion at March 31, 2014, an increase of $95.9 million, or 0.8 percent, from December 31, 2013, and an increase of $691.1 million, or 6.0 percent, from March 31, 2013. During the first quarter of 2014, originated loan demand was particularly strong for commercial and industrial loans.

1 of 5

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

Jim Cramer's protégé, 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
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, 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
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

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

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
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 17,191.37 -195.84 -1.13%
S&P 500 2,002.16 -27.39 -1.35%
NASDAQ 4,637.9940 -43.5030 -0.93%

Partners Compare Online Brokers

Free Reports

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