Driven largely by the impact of its merger plus an acquisition, First Citizens Bank’s net income rose 67 percent in the second quarter.
The Raleigh-based bank’s net income totaled $44.5 million, or $3.71 per share, versus $26.7 million, or $2.77 per share, a year ago.
In October First Citizens merged with the similarly named First Citizens Bank and Trust, which had 175 branches in South Carolina and Georgia. And in February it acquired the assets of Atlanta-based Capitol City Bank and Trust, a failed community bank with eight branches.
The bank credited the impact of the acquistions as the primary driver of the improved second-quarter earnings compared to a year ago.
However, net income was one-third lower than the $67.2 million reported in the first quarter.
Loans totaled $19.5 billion, up 2.2 percent from the first quarter.
First Citizens, the nation’s largest family-controlled bank with more than 560 branches in 18 states and the District of Columbia, reported its quarterly results Wednesday.
First Citizens shares were trading at $252.70, down $1.30, Wednesday afternoon. Its share price is flat for the year.