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 25, 2005

First Citizens BancShares, Inc.

(Exact name of registrant as specified in its charter)

Delaware	0-16471	56-1528994
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification Number)

3128 Smoketree Court; Raleigh, North Carolina	27604
(Address of principal executive offices)	(Zip Code)

Registrant’s phone number including area code: 919/716-7000

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 UCT 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4c))

Item 2.02. Results of Operations and Financial Condition

Item 7.01. Regulation FD Disclosure

On April 25, 2005, Registrant announced its results of operations for the three month period ended March 31, 2005. 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.

Item 9.01. 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 25, 2005

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)
	By:	/s/ KENNETH A. BLACK
Date: April 25, 2005		Kenneth A. Black, Vice President

EX-99

Exhibit 99

For Immediate Release	Contact:	Barbara Thompson
April 25, 2005		First Citizens Bank (919) 716-2716

FIRST CITIZENS REPORTS EARNINGS FOR FIRST QUARTER 2005

RALEIGH, N.C. – First Citizens BancShares Inc. (Nasdaq: FCNCA) reports earnings for the quarter ending March 31, 2005, of $25.0 million compared to $17.3 million for the corresponding period of 2004, an increase of 44.2 percent, according to Lewis R. Holding, chairman of the board. The significant increase resulted from an improved level of net interest income and lower charge-offs.

Per share income for the first quarter 2005 totaled $2.40 compared to $1.66 for the same period a year ago. First Citizens’ current quarter results generated an annualized return on average assets of 0.76 percent and an annualized return on average equity of 9.26 percent, compared to respective returns of 0.56 percent and 6.72 percent for the same period of 2004.

First quarter net interest income increased $13.2 million or 14.3 percent from the same period a year ago. The increase is attributed to loan growth in early 2004 and an improved interest rate spread. Loans outstanding increased $787.8 million or 9.1 percent since March 31, 2004, with the commercial and business portfolios accounting for much of the growth. The taxable-equivalent yield on interest-earning assets increased from 4.47 percent during the first quarter of 2004 to 5.04 percent during the first quarter of 2005, a 57 basis point increase. The higher asset yields resulted from loan growth displacing lower-yielding, interest-earning assets and continued repricing of variable-rate loans to current market rates.

The rate on total interest-bearing liabilities increased from 1.36 percent during the first quarter of 2004 to 1.79 percent during the same period of 2005, a 43 basis point increase. The taxable-equivalent net yield on interest-earning assets increased 25 basis points to 3.60 percent as the Federal Reserve continued to steadily increase short-term interest rates.

The provision for loan losses equaled $5.3 million during the first quarter of 2005, a decrease of $2.5 million or 32.1 percent from the same period of 2004. The lower provision for loan losses resulted principally from lower net charge-offs. Net charge-offs during the first quarter of 2005 totaled $3.5 million compared to $5.2 million during the first quarter of 2004, as recoveries increased by $1.6 million. Net charge-offs for the first quarter of 2005 represented 0.15 percent of average loans compared to 0.25 percent for the same period of 2004.

Noninterest expense was $121.3 million during the first quarter of 2005, an increase of $2.4 million or 2.1 percent. The continued growth and expansion of the IronStone Bank branch network contributed to the increase in noninterest expenses. Cardholder processing expenses increased $731,000 or 10.7 percent as compared to the same period of 2004, while net losses arising from the sale of other real estate increased due to a $2.1 million gain that occurred in the first quarter of 2004. Personnel costs increased marginally, up $604,000 or 0.9 percent over the same period of 2004.

Noninterest income was $61.2 million during the first quarter of 2005, a $320,000 or 0.5 percent decrease from the same period of 2004. The reduction in 2005 resulted from the absence of $1.8 million in gains from securities transactions and a $678,000 decrease in service charge income. Partially offsetting these unfavorable variances was a $2.1 million increase in cardholder and merchant services income and a $754,000 increase in other service charges and fees.

As of March 31, 2005, First Citizens had total assets of $13.59 billion. Two of BancShares’ major subsidiaries are First Citizens Bank with 340 branches in North Carolina, Virginia and West Virginia, and IronStone Bank with 48 offices in Georgia, Florida, Texas, New Mexico, Colorado, Arizona, California, Oregon and Washington. For more information, visit the First Citizens web site at firstcitizens.com.

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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

(thousands, except share data; unaudited)		Three Months Ended March 31
	2005			2004
Interest income	$	148,245		$	123,694
Interest expense		42,578			31,227
Net interest income		105,667			92,467
Provision for loan and lease losses		5,326			7,847
Net interest income after provision for loan and lease losses		100,341			84,620
Noninterest income		61,223			61,543
Noninterest expense		121,345			118,896
Income before income taxes		40,219			27,267
Income taxes		15,222			9,936
Net income	$	24,997		$	17,331
Taxable-equivalent net interest income	$	106,014		$	92,792
Net income per share	$	2.40		$	1.66
Cash dividends per share		0.275			0.275
Profitability Information (annualized)
Return on average assets		0.76	%		0.56	%
Return on average equity		9.26			6.72
Taxable-equivalent net yield on interest-earning assets		3.60			3.35

CONDENSED BALANCE SHEETS

(thousands, except share data; unaudited)	March 31 2005			December 31 2004			March 31 2004
Cash and due from banks	$	599,358		$	679,683		$	639,658
Investment securities		2,187,374			2,125,524			2,150,738
Loans		9,404,742			9,354,387			8,616,987
Allowance for loan and lease losses		(125,710	)		(130,832	)		(121,957	)
Other assets		1,526,911			1,229,978			1,421,529
Total assets	$	13,592,675		$	13,258,740		$	12,706,955
Deposits	$	11,629,382		$	11,350,798		$	10,795,536
Other liabilities		860,725			821,632			864,336
Shareholders’ equity		1,102,568			1,086,310			1,047,083
Total liabilities and shareholders’ equity	$	13,592,675		$	13,258,740		$	12,706,955
Book value per share	$	105.67		$	104.11		$	100.33
Tangible book value per share		94.66			93.12			89.25

SELECTED AVERAGE BALANCES

(thousands, except shares outstanding; unaudited)	Three Months Ended March 31
	2005		2004
Total assets	$	13,309,802	$	12,508,227
Investment securities		2,072,316		2,340,956
Loans		9,357,480		8,454,599
Interest-earning assets		11,929,086		11,138,812
Deposits		11,379,079		10,634,865
Interest-bearing liabilities		9,640,417		9,210,244
Shareholders’ equity	$	1,094,213	$	1,037,260
Shares outstanding		10,434,453		10,436,345

ASSET QUALITY

(dollars in thousands; unaudited)	March 31 2005			December 31 2004			March 31 2004
Nonaccrual loans	$	15,344		$	14,266		$	13,969
Other real estate		7,533			9,020			6,202
Total nonperforming assets	$	22,877		$	23,286		$	20,171
Accruing loans 90 days or more past due	$	7,479		$	12,192		$	16,220
Net charge-offs (year-to-date)		3,476			22,998			5,247
Nonperforming assets to gross loans plus other real estate		0.24	%		0.25	%		0.25	%
Allowance for loan and lease losses and reserve for unfunded commitments to gross loans		1.41			1.40			1.42
Net charge-offs to average total loans (annualized)		0.15			0.26			0.23
CAPITAL INFORMATION
(dollars in thousands; unaudited)	March 31 2005			December 31 2004			March 31 2004
Tier 1 capital	$	1,239,068		$	1,217,149		$	1,167,526
Total capital		1,375,558			1,351,535			1,292,265
Risk-weighted assets		10,197,287			10,023,469			9,257,813
Tier 1 capital ratio		12.15	%		12.14	%		12.61	%
Total capital ratio		13.49			13.48			13.96
Leverage capital ratio		9.39			9.26			9.42