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First Citizens BancShares Inc. Reports Operating Results (10-K)

March 01, 2011 | About:

10qk

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First Citizens BancShares Inc. (FCNCA) filed Annual Report for the period ended 2010-12-31.

First Citizens Bancshares Inc. has a market cap of $2.11 billion; its shares were traded at around $202 with a P/E ratio of 19.1 and P/S ratio of 1.7. The dividend yield of First Citizens Bancshares Inc. stocks is 0.6%. First Citizens Bancshares Inc. had an annual average earning growth of 9.5% over the past 10 years.Hedge Fund Gurus that owns FCNCA: Jim Simons of Renaissance Technologies LLC. Mutual Fund and Other Gurus that owns FCNCA: Chuck Royce of Royce& Associates, Jeremy Grantham of GMO LLC.

Highlight of Business Operations:

During 2010 FCB purchased substantially all the assets and assumed substantially all the liabilities of First Regional Bank (First Regional) and Sun American Bank (SAB) from the Federal Deposit Insurance Corporation (FDIC), as Receiver of those two banks, under agreements which included loss share arrangements which protect FCB from losses on covered loans and other real estate owned up to stated limits. First Regional operated eight banking branches in southern California. SAB operated 12 banking branches in Florida. Those branches now operate as banking branches of FCB. In connection with its acquisitions of First Regional and SAB, FCB measured all assets and liabilities at fair value, and recorded loans of $1.26 billion and $290.9 million, total assets of $1.76 billion and $499.3 million, deposits of $1.29 billion and $420.0 million, and total liabilities of $1.65 billion and $503.5 million, respectively. The two transactions resulted in bargain purchase gains in 2010 of $107.7 million and $27.8 million, respectively. Additional information regarding the two 2010 FDIC-assisted transactions is contained in Managements Discussion and Analysis of Financial Condition and Results of Operations and Note B to BancShares audited consolidated financial statements.

During 2009 FCB purchased substantially all the assets and assumed substantially all the liabilities of Temecula Valley Bank (TVB) and Venture Bank (VB) from the FDIC, as Receiver of those two banks, under agreements which included loss share arrangements which protect FCB from losses on covered loans and other real estate owned up to stated limits. TVB operated 11 banking branches in California, primarily within the San Diego, California area and the Temecula Valley area east of San Diego. Venture operated 18 banking branches in the Seattle/Olympia, Washington area. In connection with its acquisitions of TVB and VB, FCB measured all assets and liabilities at fair value, and recorded loans of $855.6 million and $457.0 million, total assets of $1.11 billion and $795.2 million, deposits of $965.4 million and $709.1 million, and total liabilities of $1.05 billion and $766.5 million, respectively. The TVB and VB transactions resulted in bargain purchase gains in 2009 of $56.4 million and $48.0 million, respectively.

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