Bolstered by its recently completed merger, the corporate parent of Raleigh-based First Citizens Bank reported that its profit more than doubled in the fourth quarter.
First Citizens BancShares reported Wednesday that its net income totaled $62.9 million, or $5.24 per share, versus $26.5 million a year earlier.
On Oct. 1 First Citizens completed its merger with the similarly named First Citizens Bank and Trust, which had 175 branches in South Carolina and Georgia. That deal made First Citizens the nation’s largest family-controlled bank with more than 560 branches in 18 states and the District of Columbia.
Loans increased $4.97 billion to $18.7 billion in the quarter. Of that increase, $4.49 billion in loans resulted from the merger.
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For all of 2014, First Citizens posted net income of $138.6 million, or $13.56 per share, down from $166.9 million in 2013.
As of Dec. 31, First Citizens had $25.68 billion in deposits and total assets of $30.1 billion.
Earlier this month, First Citizens announced it was expanding its presence in Georgia by acquiring the assets of Atlanta-based Capitol City Bank & Trust, which was taken over by the Federal Deposit Insurance Corp. Capitol City had eight branches.
First Citizens shares were trading at $254.50, up 73 cents, Wednesday afternoon. Its shares hit their 52-week low of $210.31 in October when the merger was completed.