-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Ngya6etUUaagQhBtJ5bSJtf0NxXNDNcJEV0LWT5ndA58beqm1c2sYmKRugKnEkJ0 /6PzZjTdq++nt9xt/NnAyw== 0000798941-04-000002.txt : 20040427 0000798941-04-000002.hdr.sgml : 20040427 20040426174313 ACCESSION NUMBER: 0000798941-04-000002 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20040331 ITEM INFORMATION: Financial statements and exhibits ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20040427 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FIRST CITIZENS BANCSHARES INC /DE/ CENTRAL INDEX KEY: 0000798941 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 561528994 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-16715 FILM NUMBER: 04755124 BUSINESS ADDRESS: STREET 1: 239 FAYETTEVILLE STREET MALL CITY: RALEIGH STATE: NC ZIP: 27601 BUSINESS PHONE: 9197557000 MAIL ADDRESS: STREET 1: PO BOX 27131 STREET 2: CTWO7 CITY: RALEIGH STATE: NC ZIP: 27611-7131 8-K 1 mar04_8k.txt APRIL 26 2004 FORM 8-K SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): April 26, 2004 First Citizens BancShares, Inc. ------------------------------- (Exact name of registrant as specified in its charter) Delaware 0-16471 56-1528994 - ------------------------------------------------------------------------------- (State or other jurisdiction (Commission (IRS Employer Identification of incorporation) File Number) Number) 3128 Smoketree Court; Raleigh, North Carolina 27604 - ------------------------------------------------------------------------------- (Addreess of principal exectuive offices) (Zip Code) Registrant's phone number including area code: 919-716-7000 ------------------------------ Item 7. Financial Statements and Exhibits. (c) Exhibits. The following exhibit is being filed with this Report: Exhibit No. Exhibit Description - ----------- ------------------- 99 Copy of press release dated April 26, 2004 Item 9. Regulation FD Disclosure (Being furnished under both Item 9 and Item 12). On April 26, 2004, Registrant announced its results of operations for the quarter ended March 31, 2004. A copy of Registrant's press release issued this date is attached as Exhibit 99 to this Report and is incorporated by reference into this Report. Disclosures About Forward Looking Statements The discussions included in this Report and its exhibits may contain forward looking statements within the meaning of the Private Securities Litigation Act of 1995, including Section 21E of the Securities Exchange Act of 1934 and Section 27A of the Securities Act of 1933. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results to differ materially. For the purposes of these discussions, any statements that are not statements of historical fact may be deemed to be forward looking statements. Such statements are often characterized by the use of qualifying words such as "expects," "anticipates," "believes," "estimates," "plans," "projects," or other statements concerning opinions or judgments of the Registrant and its management about future events. The accuracy of such forward looking statements could be affected by such factors as, including but not limited to, the financial success or changing conditions or strategies of the Registrant's customers or vendors, fluctuations in interest rates, actions of government regulators, the availability of capital and personnel or general economic conditions. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, Registrant has duly caused this Report to be signed on its behalf by the undersigned thereunto duly authorized. First Citizens BancShares, Inc. ------------------------------- (Registrant) Date: April 26, 2004 By: /S/Kenneth A. Black --------------------------- Kenneth A.Black Vice President Exhibit 99 4/26/2004 For Immediate Release Contact: Barbara Thompson April 26, 2004 First Citizens Bank (919) 716-2716 FIRST CITIZENS REPORTS EARNINGS FOR FIRST QUARTER 2004 RALEIGH, N.C. - First Citizens BancShares Inc. (Nasdaq: FCNCA) reports earnings for the quarter ending March 31, 2004, of $17.3 million compared to $18.3 million for the corresponding period of 2003, a decrease of 5.3 percent, according to Lewis R. Holding, chairman of the board. Per share income for the first quarter 2004 totaled $1.66 compared to $1.75 for the same period a year ago. First Citizens' current quarter results generated an annualized return on average assets of 0.56 percent and an annualized return on average equity of 6.72 percent, compared to respective returns of 0.62 percent and 7.61 percent for the same period of 2003. The decline in net income for the first quarter resulted from higher noninterest expense and provision for loan losses, partially offset by increases in net interest and noninterest income. Noninterest expense was $118.9 million during the first quarter of 2004, an increase of $8.0 million or 7.2 percent. The continued growth and expansion of the IronStone Bank branch network significantly impacted the rate of increase in noninterest expenses. Salary expense increased $2.9 million or 6.1 percent over the same period of 2003, while occupancy expense grew $1.1 million or 10.7 percent over 2003. Other expenses increased $2.1 million or 7.3 percent as compared to the same period of 2003, due primarily to higher cardholder processing costs. Net interest income increased $3.6 million or 4.0 percent from the same period of 2003, due to strong growth in loan demand throughout First Citizens' markets. Gross loans increased $290.4 million or 3.5 percent during the first quarter of 2004 and $912.5 million or 11.8 percent since March 31, 2003. Average interest-earning assets increased $397.7 million or 3.7 percent from the first quarter of 2003 to the first quarter of 2004. The taxable-equivalent yield on interest earning assets fell from 4.95 percent during the first quarter of 2003 to 4.47 percent during the first quarter of 2004, a 48 basis point reduction. The lower asset yields resulted from continued repricing of loans to current market rates. Offsetting the yield reduction, the rate on total interest-bearing liabilities fell from 1.86 percent during the first quarter of 2003 to 1.36 percent during the same period of 2004, a 50 basis point reduction. The taxable-equivalent net yield stabilized during the past two quarters due to renewed loan growth. Noninterest income was $61.5 million during the first quarter of 2004, a $5.5 million or 9.8 percent increase over the same period of 2003. The 2004 increase includes a $2.8 million increase in gains on securities transactions. Cardholder and merchant services income increased $1.7 million or 14.1 percent during 2004. Growth was also noted in service-charge and trust income. The provision for loan losses was $7.8 million during the first quarter of 2004, an increase of $2.3 million or 41.1 percent over the same period of 2003. The higher provision for loan losses resulted from reserves established due to growth in the loan portfolio and higher net charge-offs. Net charge-offs during the first quarter of 2004 totaled $5.2 million compared to $4.7 million during the first quarter of 2003. Net charge-offs in both periods represent 0.25 percent of average loans. As of March 31, 2004, First Citizens had total assets of $12.71 billion. Two of BancShares' major subsidiaries are First Citizens Bank with 337 branches in North Carolina, Virginia and West Virginia, and IronStone Bank with 45 branches in Florida, Georgia, Texas, Arizona and California. For more information, visit the First Citizens web site at firstcitizens.com. ### This news release may contain forward-looking statements. A discussion of factors that could cause First Citizens' actual results to differ materially from those expressed in such forward-looking statements is included in First Citizens' filings with the SEC.
CONDENSED STATEMENTS OF INCOME Three Months Ended March 31 (thousands, except share data; unaudited) 2004 2003 - ------------------------------------------------------------------------------------------------------------------------- Interest income $ 123,694 $ 131,074 Interest expense 31,227 42,158 - ------------------------------------------------------------------------------------------------------------------------- Net interest income 92,467 88,916 Provision for loan losses 7,847 5,563 - ------------------------------------------------------------------------------------------------------------------------- Net interest income after provision for loan losses 84,620 83,353 Noninterest income 61,543 56,049 Noninterest expense 118,896 110,944 - ------------------------------------------------------------------------------------------------------------------------- Income before income taxes 27,267 28,458 Income taxes 9,936 10,164 ========================================================================================================================= Net income $ 17,331 $ 18,294 ========================================================================================================================= Taxable-equivalent net interest income $ 92,758 $ 89,200 ========================================================================================================================= Net income per share $ 1.66 $ 1.75 Cash dividends per share 0.275 0.275 - ------------------------------------------------------------------------------------------------------------------------- Profitability Information (annualized) Return on average assets 0.56 % 0.62 % Return on average equity 6.72 7.61 Taxable-equivalent net yield on interest-earning assets 3.35 3.37 - -------------------------------------------------------------------------------------------------------------------------
CONDENSED BALANCE SHEETS March 31 December 31 March 31 (thousands, except share data; unaudited) 2004 2003 2003 - ------------------------------------------------------------------------------------------------------------------------- Cash and due from banks $ 639,658 $ 790,168 $ 753,578 Investment securities 2,150,738 2,469,447 2,362,130 Loans 8,616,987 8,326,598 7,704,492 Reserve for loan losses (121,957) (119,357) (113,382) Other assets 1,421,529 1,093,052 1,681,923 - ------------------------------------------------------------------------------------------------------------------------- Total assets $12,706,955 $12,559,908 $12,388,741 ========================================================================================================================= Deposits $10,795,536 $10,711,332 $10,594,380 Other liabilities 864,336 819,271 810,726 Shareholders' equity 1,047,083 1,029,305 983,635 - ------------------------------------------------------------------------------------------------------------------------- Total liabilities and shareholders' equity $12,706,955 $12,559,908 $12,388,741 ========================================================================================================================= Book value per share $ 100.33 $ 98.63 $ 93.95 Tangible book value per share 89.25 87.56 83.39 - -------------------------------------------------------------------------------------------------------------------------
SELECTED AVERAGE BALANCES Three Months Ended March 31 (thousands, except shares outstanding; unaudited) 2004 2003 - ------------------------------------------------------------------------------------------------------------------------- Total assets $12,508,227 $12,054,717 Investment securities 2,340,956 2,476,426 Loans 8,454,599 7,642,673 Interest-earning assets 11,138,812 10,741,160 Deposits 10,634,865 10,283,143 Interest-bearing liabilities 9,210,244 9,173,567 Shareholders' equity 1,037,260 974,900 Shares outstanding 10,436,345 10,472,065 - -------------------------------------------------------------------------------------------------------------------------
ASSET QUALITY March 31 December 31 March 31 (dollars in thousands; unaudited) 2004 2003 2003 - ------------------------------------------------------------------------------------------------------------------------- Nonaccrual loans $ 13,969 $ 18,190 $ 16,988 Other real estate 6,202 5,949 8,155 ========================================================================================================================= Total nonperforming assets $ 20,171 $ 24,139 $ 25,143 ========================================================================================================================= Accruing loans 90 days or more past due $ 16,220 $ 11,492 $ 7,349 Nonperforming assets to gross loans plus other real estate 0.23% 0.29% 0.33% Reserve for loan losses to gross loans 1.42 1.43 1.47 Net charge-offs to average total loans (annualized) 0.25 0.23 0.25 - -------------------------------------------------------------------------------------------------------------------------
CAPITAL INFORMATION March 31 December 31 March 31 (dollars in thousands; unaudited) 2004 2003 2003 - ------------------------------------------------------------------------------------------------------------------------- Tier 1 capital $ 1,167,526 $ 1,152,309 $ 1,112,607 Total capital 1,292,265 1,273,657 1,222,490 Risk-weighted assets 9,257,813 8,951,402 8,275,456 Tier 1 capital ratio 12.61% 12.87% 13.44% Total capital ratio 13.96 14.23 14.77 Leverage capital ratio 9.42 9.34 9.30 - -------------------------------------------------------------------------------------------------------------------------
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