First Citizens BancShares Files 8-K on Financials

Ticker: FCNCN · Form: 8-K · Filed: Jul 25, 2024 · CIK: 798941

First Citizens Bancshares Inc /De/ 8-K Filing Summary
FieldDetail
CompanyFirst Citizens Bancshares Inc /De/ (FCNCN)
Form Type8-K
Filed DateJul 25, 2024
Risk Levellow
Pages5
Reading Time6 min
Key Dollar Amounts$1, $3.5 billion
Sentimentneutral

Sentiment: neutral

Topics: financial-results, 8-K, disclosure

Related Tickers: FCBC

TL;DR

FCBC dropped an 8-K on July 25th detailing financial results and other events.

AI Summary

On July 25, 2024, First Citizens BancShares, Inc. filed an 8-K report detailing its results of operations and financial condition. The filing also included a Regulation FD disclosure and other events, along with financial statements and exhibits. The company is incorporated in Delaware and its principal executive offices are located in Raleigh, North Carolina.

Why It Matters

This filing provides investors with crucial updates on the financial health and operational performance of First Citizens BancShares, Inc.

Risk Assessment

Risk Level: low — The filing is a standard 8-K report for financial results and does not indicate any unusual or high-risk events.

Key Players & Entities

  • First Citizens BancShares, Inc. (company) — Registrant
  • Delaware (jurisdiction) — State of incorporation
  • Raleigh, North Carolina (location) — Principal executive offices
  • July 25, 2024 (date) — Date of earliest event reported

FAQ

What is the primary purpose of this 8-K filing?

The primary purpose of this 8-K filing is to report on the Results of Operations and Financial Condition of First Citizens BancShares, Inc., along with Regulation FD Disclosure and Other Events.

When was the earliest event reported in this filing?

The earliest event reported in this filing occurred on July 25, 2024.

Where are the principal executive offices of First Citizens BancShares, Inc. located?

The principal executive offices of First Citizens BancShares, Inc. are located at 4300 Six Forks Road, Raleigh, North Carolina 27609.

What is the state of incorporation for First Citizens BancShares, Inc.?

First Citizens BancShares, Inc. is incorporated in Delaware.

What is the IRS Employer Identification Number for First Citizens BancShares, Inc.?

The IRS Employer Identification Number for First Citizens BancShares, Inc. is 56-1528994.

Filing Stats: 1,458 words · 6 min read · ~5 pages · Grade level 13.1 · Accepted 2024-07-25 06:33:35

Key Financial Figures

  • $1 — stered Class A Common Stock, Par Value $1 FCNCA Nasdaq Global Select Market Depo
  • $3.5 billion — mmon stock in an aggregate amount up to $3.5 billion through 2025. Under the newly authori

Filing Documents

02. Results of Operations and Financial Condition

Item 2.02. Results of Operations and Financial Condition. On July 25, 2024, First Citizens BancShares, Inc. ("BancShares") announced its results of operations for the quarter ended June 30, 2024. Copies of BancShares' press release and financial supplement containing this information are attached to this Current Report on Form 8-K (this "Report") as Exhibit 99.1 and Exhibit 99.3, respectively, and are incorporated into this Item 2.02 by reference. The press release and financial supplement are available on BancShares' Internet site at http://www.ir.firstcitizens.com.

01. Regulation FD Disclosure

Item 7.01. Regulation FD Disclosure. As previously announced, BancShares will host a conference call at 9 a.m. Eastern time on Thursday, July 25, 2024, to discuss its financial results for the quarter ended June 30, 2024. The slides that will be made available in connection with the presentation are attached as Exhibit 99.2 hereto and incorporated into this Item 7.01 by reference. In accordance with General Instruction B.2 of Form 8-K, the information presented herein pursuant to Item 2.02, "Results of Operations and Financial Condition" and Item 7.01, "Regulation FD Disclosure," including Exhibits 99.1, 99.2 and 99.3, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liability of that section, nor shall the information be deemed incorporated by reference in any filing under the Exchange Act or the Securities Act of 1933, as amended, regardless of any general incorporation language in such filing, except as expressly set forth by specific reference in such filing.

01. Other Events

Item 8.01. Other Events. On July 25, 2024, BancShares announced that its Board of Directors (the "Board") had authorized a share repurchase program, which will allow BancShares to repurchase shares of its Class A common stock in an aggregate amount up to $3.5 billion through 2025. Under the newly authorized share repurchase program, shares of BancShares' Class A common stock may be purchased from time to time on the open market or in privately negotiated transactions, including through a Rule 10b5-1 plan, but the Board's action does not obligate BancShares to repurchase any minimum or particular number of shares, and repurchases may be suspended or discontinued at any time (subject to the terms of any Rule 10b5-1 plan in effect) without prior notice. The authorization to repurchase Class A common stock will be utilized at management's discretion. The actual timing and amount of Class A common stock that may be repurchased under the new authorization will depend on a number of factors, including the terms of any Rule 10b5-1 plan then in effect, price, general business and market conditions, regulatory requirements, and alternative investment opportunities or capital needs. Information regarding share repurchases will be available in BancShares' periodic reports on Form 10-Q and Form 10-K filed with the Securities and Exchange Commission (the "Commission") as required by the applicable rules of the Exchange Act.

01. Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits. (d) Exhibits . The following exhibits accompany this Report. Exhibit No. Description 99.1 Earnings Release Second Quarter 2024 99.2 Investor Presentation Second Quarter 2024 99.3 Financial Supplement Second Quarter 2024 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) Disclosures About Forward-Looking Statements This Report contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 regarding the financial condition, results of operations, business plans, asset quality, future performance, and other strategic goals of BancShares. Words such as "anticipates," "believes," "estimates," "expects," "predicts," "forecasts," "intends," "plans," "projects," "targets," "designed," "could," "may," "should," "will," "potential," "continue", "aims" or other similar words and expressions are intended to identify these forward-looking statements. These forward-looking statements are based on BancShares' current expectations and assumptions regarding BancShares' business, the economy, and other future conditions. Because forward-looking statements relate to future results and occurrences, they are subject to inherent risks, uncertainties, changes in circumstances and other factors that are difficult to predict. Many possible events or factors could affect BancShares' future financial results and performance and could cause actual results, performance or achievements of BancShares to differ materially from any anticipated results expressed or implied by such forward-looking statements. Such risks and uncertainties include, among others, general competitive, economic, political (including the upcoming U.S. election), geopolitical events (including conflicts in Ukraine and the Middle East) and market conditions, including changes in competitive pressures among financial institutions and the impacts related to or resulting from recent bank

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