First Citizens Bancshares Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2015; Announces Net Charge-Offs for the Fourth Quarter of 2015
January 27, 2016 at 10:15 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, 2015. For the quarter, the company's interest income was $241,861,000 compared to $232,122,000 a year ago. Net interest income was $230,719,000 compared to $217,246,000 a year ago. Net interest income after provision for loan and lease losses was $223,673,000 compared to $208,941,000 a year ago. Income before income taxes was $66,922,000 compared to $87,436,000 a year ago. Net income was $42,748,000 compared to $62,896,000 a year ago. Net income per share was $3.56 compared to $5.24 a year ago. Annualized return on average assets was 0.53% compared to 0.82% a year ago. Annualized return on average equity was 5.92% compared to 9.20% a year ago. Book value per share was $239.14 compared to $223.77 a year ago.
For the year, the company's interest income was $969,209,000 compared to $760,448,000 a year ago. Net interest income was $924,905,000 compared to $710,097,000 a year ago. Net interest income after provision for loan and lease losses was $904,241,000 compared to $709,457,000 a year ago. Income before income taxes was $332,414,000 compared to $203,594,000 a year ago. Net income was $210,386,000 compared to $138,562,000 a year ago. When comparing net income for the year ended December 31, 2015, to the prior year, the increases were primarily driven by the impacts of the October 1, 2014, First Citizens Bancorporation Inc. merger and the $42.9 million gain on the FDIC-assisted acquisition of Capitol City Bank & Trust (CCBT) of Atlanta, Ga., which occurred February 13, 2015. Net income per share was $17.52 compared to $13.56 a year ago. Annualized return on average assets was 0.68% compared to 0.57% a year ago. Annualized return on average equity was 7.52% compared to 6.14% a year ago.
The company also announced total net charge-offs of $6,293,000 for the fourth quarter of 2015 compared to $4,744,000 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, 2015; Announces Net Charge-Offs for the Fourth Quarter of 2015