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.
- 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.