The corporate parent of First Citizens Bank reported a 32 percent decline in net income in the fourth quarter yet still reported improved results for the full year.
The Raleigh-based bank reported Wednesday that it posted fourth-quarter net income of $42.7 million, or $3.56 per share, down from $62.9 million a year ago.
Net interest income for the quarter rose to $230.7 million, versus $217.2 million a year ago. But noninterest income fell to $99.1 million, compared to $135.7 million a year ago.
Loans during the quarter rose 1.9 percent to $20.24 billion. Deposits totaled $26.93 billion as of Dec. 31, up 0.8 percent during the quarter.
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For all of 2015, however, First Citizens reported net income of $210.4 million, or $17.52 per share, up 52 percent from 2014. The 2015 results were helped considerably by the October 2014 merger with the similarly named First Citizens Bank and Trust, which had 175 branches in South Carolina and Georgia. The acquisition last February of Atlanta-based Capitol City Bank & Trust, a failed community bank with eight branches, also factored into the results.
First Citizens is the nation’s largest family-controlled bank with 559 branches in 18 states and the District of Columbia.
Shares of First Citizens were trading at $237, up $2.11, Thursday afternoon. Shares have fallen 8 percent this month but have risen overall since September from their 52-week low of $213.74.