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First Citizens BancShares Inc. reports developments for a U.S. super-regional banking company operating through First Citizens Bank, with business banking, branch banking, commercial lending, treasury and liquidity management, wealth-related services, and railcar leasing. News commonly covers earnings, loan and deposit trends, credit quality, capital returns, dividends on common and preferred stock, and debt or equity capital activity.
Company updates also follow First Citizens Bank’s commercial banking expansion, regional leadership appointments, and specialized lending through Silicon Valley Bank, a division serving technology, life science and healthcare, private equity, and venture capital clients. Recurring customer-finance announcements include warehouse credit, energy finance, and sector-focused banking services.
First Citizens BancShares reported significant financial impacts from the COVID-19 pandemic in its first quarter of 2020. The bank's net income fell to $57.2 million, a 48.7% year-over-year decline, while earnings per share dropped to $5.46 from $9.67. A significant factor was a $51.4 million decline in the fair value of equity securities and an additional $21.5 million reserve for potential COVID-19 impacts. Despite this, net interest income rose by 5.6% to $338.4 million, driven primarily by loan growth. The bank's total loans increased to $29.24 billion, and total deposits grew to $35.35 billion, indicating strong liquidity with a capital ratio of 13.7%.