First Citizens Reports 30 Percent Rise in Third Quarter Earnings

10/25/17

First Citizens BancShares Inc. reported a 30 percent rise in third quarter earnings due to an increase in loans and interest income, according to a filing Wednesday with the Securities and Exchange Commission.

The bank holding company reported earnings of $67.1 million, or $5.58 per share, up from $51.4 million, or $4.28 per share, for the third quarter in 2016.

The Raleigh-based company’s third quarter results generated an annualized return on average assets of 0.77 percent and an annualized return on average equity of 8.1 percent.

Loans rose 4.8 percent during the third quarter to $23.15 billion and nearly 8.7 percent since Dec. 31, 2016.

Net interest income increased $11.6 million, or by 4.4 percent, to $273.2 million from the second quarter of 2017.

First Citizens is the financial holding company for First Citizens Bank, headquartered in Raleigh, North Carolina.

First Citizens Bank provides financial services to individuals, businesses, professionals and the medical community with branch offices in 21 states.

Its stock closed Wednesday at $391.37, up $5.55, or 1.44 percent for the day.

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