First Citizens Bank's profit falls

The corporate parent of First Citizens Bank reported sharply lower first-quarter profit.

Raleigh-based First Citizens BancShares posted net income of $22.4 million, or $2.33 per share, down from $55.6 million a year ago.

The decline stemmed from a $54.1 million decline in net interest income stemming from loans First Citizens acquired when it purchased failed banks that had been taken over by the Federal Deposit Insurance.

First Citizens has more than 400 branches in 17 states and the District of Columbia.

First Citizens had $18.76 billion in deposits as of March 31, up $889.5 million compared to Dec. 31. The recently completed acquisition of the corporate parent of Mountain 1st Bank & Trust, a 12-branch bank based in Hendersonville, added $593.3 million in deposits.

First Citizens share closed Wednesday at $224.89, down $2.53. Shares are up 1 percent since the beginning of the year.