FCNCA First Citizens Bancshares, Inc (NC)

First Citizens BancShares, Inc. is a bank holding company, which engages in the provision of retail and commercial banking services through its subsidiary. It operates through the following business lines: Card Holder and Merchant Services; Services Charges on Deposit Accounts; Wealth Management Services; Other Service Charges and Fees; Insurance Commissions; ATM Income; and Other. The Card Holder and Merchant Services business lines include interchange fees from customer debut and credit card transactions. The Services Charges on Deposit Accounts business line represent monthly account maintenance and transaction-based service fees. The Wealth Management Services business line comprises sales commissions on various product offerings, transaction fees, and trust and asset management fees. The Other Service Charges and Fees business line encompasses check cashing fees, international banking fees, internet banking fees, wire transfer fees and safe deposit fees. The Insurance Commissions business line focuses in the commissions earned on the issuance of insurance products and services. The ATM income covers customers and non-customers for engaging in an ATM transaction. The Other business line composes several forms of recurring revenue such as FHLB dividends and income earned on changes in the cash surrender value of bank-owned life insurance. The company was founded on August 7, 1986 and is headquartered in Raleigh, NC.

Company profile

Ticker

FCNCA, FCNCB, FCNCP

Exchange

NASDAQ

Website

www.firstcitizens.com

CEO

Frank B. Holding

Incorporated

Delaware

Location

North Carolina

Fiscal year end

Dec 31

Sector

Finance > Regional Banks

Industry (SIC)

State Commercial Banks

Bank Of New York Mellon • State Street • Citizens Financial • Fifth Third Bancorp • Northern Trust • M & T Bank • Popular • Associated Banc-Corp. • Commerce Bancshares • First Hawaiian ...

SEC CIK

0000798941

Corporate docs

Articles of Incorporation & Bylaws

IRS number

561528994

FCNCA stock data

S&P 500

1M 1Y 2Y 5Y

Calendar

3 Nov 20

17 Jan 21

31 Dec 21

News

Financial summary

Financial statements Chart FCNCA financial data

Quarter (USD)	Sep 20	Jun 20	Mar 20	Sep 19
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS

Annual (USD)	Dec 19	Dec 18	Dec 17	Dec 16
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS

Financial data from company earnings reports.

Cash burn rate (estimated)	Burn method: Change in cash		Burn method: Operating income/loss		Burn method: FCF (opex + capex)
	Last Q	Avg 4Q	Last Q	Avg 4Q	Last Q	Avg 4Q
Cash on hand (at last report)	352.42M	352.42M	352.42M	352.42M	352.42M	352.42M
Cash burn (monthly)	12.27M	(positive/no burn)	(positive/no burn)	(positive/no burn)	(positive/no burn)	(positive/no burn)
Cash used (since last report)	44.09M	n/a	n/a	n/a	n/a	n/a
Cash remaining	308.33M	n/a	n/a	n/a	n/a	n/a
Runway (months of cash)	25.1	n/a	n/a	n/a	n/a	n/a

Beta Read what these cash burn values mean

Recent insider trades

FCNCA insider ownership history Insider history

Date	Owner	Security	Transaction	Code	10b5-1	#Shares	#Remaining
21 Oct 20	Carson H Brice	Class A Common	Gift	Aquire G	No	5,000	84,508
21 Oct 20	Bristow Claire H	Class A Common	Gift	Aquire G	No	2,500	15,060
21 Oct 20	Frank B Holding JR	Class A Common Stock	Gift	Aquire G	No	1,250	1,250
21 Oct 20	Frank B Holding JR	Class A Common Stock	Gift	Aquire G	No	1,250	3,078
21 Oct 20	Bristow Peter M	Class A Common	Gift	Aquire G	No	2,500	15,060
8 Jul 20	Holding Olivia Britton	Class A Common	Gift	Aquire G	No	6,000	6,080

Data from 3, 4 and 5 filings. Stock values as filed, not updated for current price.

Financial report summary

Management Discussion

The year-to-date taxable-equivalent net interest margin for 2019 was 3.77%, compared to 3.69% during 2018. The margin increase was primarily due to improved yields on loans and investments. This increase was partially offset by higher deposit costs. During 2019, yields on loans, investment securities and overnight investments increased 19 basis points to 4.58%, 19 basis points to 2.33% and 32 basis points to 2.03%, respectively.
Net interest income was $1.31 billion for the year ended December 31, 2019, an increase of $102.7 million, or 8.5%, compared to 2018. Interest income increased $158.4 million primarily due to increased average loans, coupled with increased yields on loans and investments. Interest expense increased by $55.8 million primarily due to an increase in rates paid on deposit accounts.
Interest income from loans and leases was $1.22 billion during 2019, an increase of $144.1 million compared to 2018. The increase was primarily due to increased average loans in the commercial, business and residential loan portfolios as well as increased yields, primarily on commercial and business loans and equity lines.

Content analysis ?

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Constraining
Legalese
Litigous
Readability	H.S. sophomore Bad

New words: abandon, abandoned, absence, accurately, Alemany, announced, assumption, calibrated, Chairwoman, CIT, Code, Commissioner, counsel, decree, defend, desire, Ellen, encounter, encountered, fail, FC, foreign, fractional, frame, illegal, imposition, injunction, IX, lieu, merge, momentum, mutually, Nasdaq, notice, official, parent, prevent, preventing, proxy, reached, registration, relationship, reorganization, requisite, restraint, reward, risen, scale, settle, shareholder, successful, suffer, surviving, System, top, unanimously, wholly

Removed: book

From filing 10-Q 2020 Q3