First Citizens Bancshares Inc. Announces Unaudited Condensed Earnings Results for the Fourth Quarter and Year Ended December 31, 2013; Reports Impairment Charges for the Quarter
January 31, 2014 at 12:09 am IST
Share
First Citizens Bancshares Inc. announced unaudited condensed earnings results for the fourth quarter and year ended December 31, 2013. For the quarter, Interest income was $189,640,000 against $280,891,000 a year ago. Income before income taxes was $42,179,000 against $32,559,000 a year ago. Net income was $27,226,000 against $21,746,000 a year ago. Net income per share was $2.83 against $2.15 a year ago. Return on average assets was 0.50% against 0.41% a year ago. Return on average equity was 5.37% against 4.43% a year ago.
For the year, Interest income was $796,804,000 against $1,004,836,000 a year ago. Income before income taxes was $264,664,000 against $194,170,000 a year ago. Net income was $167,699,000 against $134,348,000 a year ago. Net income per share was $17.43 against $13.11 a year ago. Return on average assets was 0.79% against 0.64% a year ago. Return on average equity was 8.63% against 7.01% a year ago. Book value per share as on December 31, 2013 was $215.89 against $193.75 a year ago.
For the quarter, total net charge-offs were $11,681 against $22,416 a year ago.
First Citizens BancShares, Inc. is a holding company of First-Citizens Bank & Trust Company. The Company has four segments. General Banking segment delivers products and services to consumers and businesses through its network of branches and various digital channels. Commercial Banking segment provides a range of lending, leasing, capital markets, asset management and other financial and advisory services, primarily to small and middle market companies in a range of industries, including energy, healthcare, tech media and telecom, asset-backed lending, capital finance, maritime, corporate banking, aerospace and defense, and sponsor finance. Silicon Valley Banking segment offers products and services to commercial clients in key innovation markets, such as the healthcare and technology industries, as well as to private equity and venture capital firms. Rail segment offers customized leasing and financing solutions on a fleet of railcars and locomotives to railroads and shippers.
First Citizens Bancshares Inc. Announces Unaudited Condensed Earnings Results for the Fourth Quarter and Year Ended December 31, 2013; Reports Impairment Charges for the Quarter