First Citizens’ profit jumps
01/30/2014 3:25 PM
01/30/2014 3:26 PM
The corporate parent of First Citizens Bank reported a 25 percent increase in profit in the fourth quarter, which it attributed to a lower provision for loan losses and improved noninterest income.
Raleigh-based First Citizens BancShares reported net income of $27.2 million, or $2.83 per share, in the fourth quarter. A year ago its profit was $21.7 million, or $2.15 per share.
The bank’s provision for loan losses totaled $7.3 million in the fourth quarter, down from $64.9 million a year ago. Noninterest income totaled $69.2 million, more than double that of a year ago.
Those improvements were partially offset by a 33 percent decline in net interest income to $176.6 million.
First Citizens has more than 400 branches in 17 states and the District of Columbia. It had $17.87 billion in deposits as of Dec. 31, down $212 million from a year earlier.
For all of 2013, net income totaled $167.7 million, or $17.43 per share, versus $134.3 million, or $13.11 per share, in 2012.
First Citizen shares closed Thursday at $223, up $3.90. The stock is up 29 percent over the past year.
Join the Discussion
News & Observer is pleased to provide this opportunity to share information, experiences and observations about what's in the news. Some of the comments may be reprinted elsewhere on the site or in the newspaper. We encourage lively, open debate on the issues of the day, and ask that you refrain from profanity, hate speech, personal comments and remarks that are off point. Thank you for taking the time to offer your thoughts.