First Citizens BancShares Inc. filed SEC Form 8-K: Other Events, Financial Statements and Exhibits

8/14/24 4:01:44 PM ET

$FCNCA

Major Banks

Finance

Get the next $FCNCA alert in real time by email

fcnca-20240814

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of

The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 14, 2024

_________________________________________________________________

First Citizens BancShares, Inc.

(Exact name of registrant as specified in its charter)


Delaware	001-16715	56-1528994
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)


4300 Six Forks Road	Raleigh	North Carolina	27609
(Address of principal executive offices)			(Zip Code)

Registrant’s telephone number, including area code: (919) 716-7000

________________________________________________________________________________

(Former name or former address, if changed since last report)


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 CFR 240.14d-2(b))
☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities Registered Pursuant to Section 12(b) of the Securities Exchange Act of 1934:


Title of each class	Trading Symbol	Name of each exchange on which registered
Class A Common Stock, Par Value $1	FCNCA	Nasdaq Global Select Market
Depositary Shares, Each Representing a 1/40th Interest in a Share of 5.375% Non-Cumulative Perpetual Preferred Stock, Series A	FCNCP	Nasdaq Global Select Market
5.625% Non-Cumulative Perpetual Preferred Stock, Series C	FCNCO	Nasdaq Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 8.01. Other Events.

First Citizens BancShares, Inc. (“we,” “our,” or “BancShares”) is filing this Current Report on Form 8-K (this “Report”) to retrospectively revise certain historical financial information and related disclosures included in our Annual Report on Form 10-K for the year ended December 31, 2023, filed with the Securities and Exchange Commission (the “SEC”) on February 23, 2024 (our “2023 Form 10-K”), to conform with the segment reporting changes described below.

The segment disclosures in our 2023 Form 10-K included financial results for the General Bank, Commercial Bank, Silicon Valley Banking, and Rail segments and Corporate. As disclosed in our Quarterly Report on Form 10-Q (“Form 10-Q”) for the quarter ended March 31, 2024 filed with the SEC on May 9, 2024, we made the following changes to our segment reporting during the first quarter of 2024:

•the private banking and wealth management components of the Silicon Valley Banking (“SVB”) segment were integrated into the General Bank segment which already included other wealth management activities;

•the SVB segment was renamed SVB Commercial as its customers primarily include commercial clients in key innovation markets, as well as private equity and venture capital clients; and

•the Direct Bank (a nationwide digital banking platform that delivers deposit products to consumers) previously allocated to the General Bank segment was transitioned to Corporate which already included borrowings and brokered deposits.

Segment disclosures and related information for all quarterly periods included in our Form 10-Qs for the quarters ended June 30 and March 31, 2024 conformed with the above described changes to our reportable segments.

In Exhibit 99.1 attached hereto and incorporated by reference into Item 9.01 of this Report, the following items from our 2023 Form 10-K have been retrospectively revised to conform with the above described changes to our reportable segments:

•Part I, Item 1. Business,

•Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations, and

•Part II, Item 8. Financial Statements and Supplementary Data.

This Report, including Exhibit 99.1, does not reflect activities or events occurring after we filed our 2023 Form 10-K and does not modify or update information or disclosures in our 2023 Form 10-K, other than to reflect the above described changes in segment reporting. The information in this Report, including Exhibit 99.1, should be read in conjunction with our 2023 Form 10-K, our Form 10-Qs for the quarters ended June 30 and March 31, 2024, and our other subsequent filings with the SEC.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits. The following exhibits accompany this Report:


Exhibit No.			Description
23.1			Consent of Independent Registered Public Accounting Firm, KPMG LLP (filed herewith)
99.1			Excerpts from BancShares’ Annual Report on Form 10-K for the year ended December 31, 2023 reflecting revisions to the following items for changes in segments: Part I, Item 1. Business; Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations; and Part II, Item 8. Financial Statements and Supplementary Data.
104			Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.

First Citizens BancShares, Inc.

(Registrant)

Date:

August 14, 2024

By:

/s/ Craig L. Nix

Name: Craig L. Nix

Title: Chief Financial Officer

Get the next $FCNCA alert in real time by email

Recent Analyst Ratings for

$FCNCA

Date	Price Target	Rating	Analyst
9/24/2024	$2450.00 → $2150.00	Outperform → Neutral	Wedbush
7/9/2024	$2005.00	Buy	Jefferies
7/2/2024	$1900.00	Mkt Perform → Outperform	Raymond James
4/26/2024	$1850.00 → $1950.00	Overweight → Neutral	Piper Sandler
4/11/2024	$1850.00	Equal Weight	Barclays
3/21/2024	$1950.00	Buy	Goldman
11/28/2023		Mkt Perform	Raymond James
10/5/2023	$1700.00	Outperform	Wedbush

More analyst ratings

First Citizens BancShares Inc. filed SEC Form 8-K: Other Events, Financial Statements and Exhibits

Chat with this insight

Recent Analyst Ratings for $FCNCA

$FCNCA Press Releases

Fastest customizable press release news feed in the world

Pivot Energy Secures Over $450 Million in Major Financing of Distributed Generation Portfolios from First Citizens, ATLAS SP, and HASI

Squire Secures $35 Million in Debt Financing from Silicon Valley Bank

Bugcrowd Secures $50 Million Growth Capital Facility from Silicon Valley Bank

$FCNCA Insider Purchases

Insider purchases reveal critical bullish sentiment about the company from key stakeholders. See them live in this feed.

Holding Frank B Jr bought $817,930 worth of Class B Common (622 units at $1,315.00), increasing direct ownership by 0.64% to 97,609 units (SEC Form 4)

Holding Olivia Britton bought $831,080 worth of Class B Common (632 units at $1,315.00) (SEC Form 4)

Bryant Hope Holding gifted 45 units of Class B Common, gifted 145 units of Class A Common and bought $1,007,267 worth of Class B Common (766 units at $1,314.97) (SEC Form 4)

$FCNCA Leadership Updates

Live Leadership Updates

First Citizens Bank Names Chief Marketing Officer

First Citizens BancShares Debuts on Fortune 500

Bennett Named Executive Director of External Affairs at First Citizens Bank

$FCNCA SEC Filings

SEC Form 10-Q filed by First Citizens BancShares Inc.

First Citizens BancShares Inc. filed SEC Form 8-K: Results of Operations and Financial Condition, Regulation FD Disclosure, Financial Statements and Exhibits

SEC Form S-3ASR filed by First Citizens BancShares Inc.

$FCNCA Large Ownership Changes

This live feed shows all institutional transactions in real time.

SEC Form SC 13G filed by First Citizens BancShares Inc.

Amendment: SEC Form SC 13D/A filed by First Citizens BancShares Inc.

SEC Form SC 13G/A filed by First Citizens BancShares Inc. (Amendment)

$FCNCA Market Insights

Live Market Insights

First Citizens shares are trading higher after the company reported better-than-expected earnings.

First Citizens BancShares Q2 2024 Adj EPS $50.87 Beats $44.78 Estimate, Sales $2.300B Miss $2.328B Estimate

Here's How Much $1000 Invested In First Citizens BancShares 5 Years Ago Would Be Worth Today

$FCNCA Analyst Ratings

Analyst ratings in real time. Analyst ratings have a very high impact on the underlying stock. See them live in this feed.

$FCNCA Insider Trading

Insider transactions reveal critical sentiment about the company from key stakeholders. See them live in this feed.

$FCNCA Financials

Live finance-specific insights

First Citizens BancShares downgraded by Wedbush with a new price target

Jefferies initiated coverage on First Citizens BancShares with a new price target

First Citizens BancShares upgraded by Raymond James with a new price target

Large owner Brice Carson H gifted 210,578 units of Class A Common, received a gift of 210,578 units of Class A Common, gifted 8,949 units of Class B Common and received a gift of 8,949 units of Class B Common (SEC Form 4)

Large owner Brice Carson H gifted 61 units of Class A Common and received a gift of 51 units of Class A Common (SEC Form 4)

Vice Chairwoman Bryant Hope Holding gifted 69,427 units of Class A Common and gifted 7,040 units of Class B Common (SEC Form 4)

First Citizens BancShares Reports Third Quarter 2024 Earnings

First Citizens BancShares Declares Dividends

First Citizens BancShares, Inc. Announces Date of 2024 Third Quarter Earnings Call

Recent Analyst Ratings for
$FCNCA

$FCNCA
Press Releases

$FCNCA
Insider Purchases

$FCNCA
Leadership Updates

$FCNCA
SEC Filings

$FCNCA
Large Ownership Changes

$FCNCA
Market Insights

$FCNCA
Analyst Ratings

$FCNCA
Insider Trading

$FCNCA
Financials