The corporate parent of First Citizens Bank reported a 22 percent decline in profit in the first quarter.
Raleigh-based First Citizens BancShares reported Wednesday that its first-quarter net income totaled $52.1 million, or $4.34 per share, down from $67.2 million a year ago. The year-ago quarter included a $42.9 million gain from the acquisition of Atlanta-based Capitol City Bank & Trust.
Net interest income totaled $232.7 million, up from $220.2 million. Noninterest income, excluding a gain from acquisitions, fell to $103.6 million from $107.8 million a year ago.
Loans rose by $177.7 million in the quarter to $20.42 billion. Deposits rose $434.5 million to $27.37 billion during the quarter.
Net charge-offs totaled $4.3 million, down from $6.3 million during the fourth quarter of 2015.
Last month First Citizens expanded into Wisconsin by acquiring the assets of a failed community bank with two branches in Milwaukee. Today First Citizens has about 560 branches overall in 19 states and the District of Columbia.
First Citizens shares were trading Thursday at $254.25, down $4.60. Its shares have fallen 2 percent this year.