Driven by the merger it completed in October, First Citizens Bank nearly tripled its net income in the first quarter.
First Citizens BancShares reported Thursday that its first-quarter net income totaled $63.8 million, or $5.31 per share, up from $22.5 million a year ago.
The Raleigh-based bank reported that the improvement was primarily due to last year’s merger with the similarly named First Citizens Bank and Trust, which had 175 branches in South Carolina and Georgia. The February acquisition of Atlanta-based Capitol City Bank & Trust, a failed community bank with eight branches, also figured into the quarter.
First Citizens’ quarterly performance was slightly ahead of the $62.9 million it registered in the fourth quarter. The fourth-quarter numbers also benefited from last year’s merger.
First Citizens is the nation’s largest family-controlled bank with more than 560 branches in 18 states and the District of Columbia.
Loans during the quarter rose $322.3 million from the fourth quarter to $19.09 billion.
First Citizens shares closed Thursday at $240.96, up 64 cents. Its shares have slipped 5 percent this year.