A charge for losses from distressed banks weighed against the fourth-quarter earnings at First Citizens BancShares (FCNCA) in Raleigh, N.C.
Earnings at the $21.2 billion-asset company fell 28% from a year earlier, to $21.7 million.
Noninterest income fell 68% from a year earlier, to $33.2 million, primarily because of adjustments to an estimated disbursement from the Federal Deposit Insurance Corp. in connection with loss sharing on six banks First Citizens bought with the FDIC's assistance.
Net interest income rose 8.5% from a year earlier, to $262.9 million, because of higher yields and lower deposit costs. Noninterest expense fell 6% from a year earlier, to $198.7 million.
