First Citizens Bancshares Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2018; Announces Total Net Charge-Offs for the Fourth Quarter Ended December 31, 2018
January 30, 2019 at 09:33 pm IST
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First Citizens Bancshares Inc. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2018. For the quarter, the company's net interest income was $320,882,000 compared to $274,769,000 a year ago. Net income was $89,473,000 compared to $54,407,000 a year ago. Net income per share was $7.62 compared to $4.53 a year ago.
For the year, the company's net interest income was $1,208,900,000 compared to $1,059,896,000 a year ago. Net income was $400,313,000 compared to $323,752,000 a year ago. Net income per share was $33.53 compared to $26.96 a year ago.
For the quarter, the company's total net charge-offs was $7,070,000 compared with $7,140,000 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. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2018; Announces Total Net Charge-Offs for the Fourth Quarter Ended December 31, 2018