First Citizens reports Q1 earnings; acquired $106.6B SVB Bridge Bank assets at discount

FIRST CITIZENS BANCSHARES INC /DE/

2023-Q1 EPS reported $653.64

Acquired $106.6B total assets (including $68.5B loans) and assumed $55.96B deposits from FDIC on March 27, 2023.
Assets acquired at a $16.45B discount; issued $35.15B 5-year Purchase Money Note to FDIC at 3.50% interest.
Paid $500M cash to FDIC in April 2023 for value appreciation instrument granted in connection with acquisition.
Established new SVB business segment for acquired operations; Chairman cites solid financial performance and capital/liquidity.

item 2.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

FIRST CITIZENS BANCSHARES INC /DE/ reported financial results for the quarter ended March 31, 2023.

Period: the quarter ended March 31, 2023
Result: reported results

Exact text from the filing

On May 10, 2023, First Citizens BancShares, Inc. (“BancShares”) announced its results of operations for the quarter ended March 31, 2023.

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8 earnings releases filed in the last 30 days. Browse all earnings releases →

FIRST CITIZENS BANCSHARES INC /DE/ filing history →

Source: SEC EDGAR

accession 0000798941-23-000028

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