Moody's on Oct. 17 affirmed First-Citizens Bank & Trust Co.'s issuer rating of Baa1 and its short- and long-term deposit ratings at P-1 and A1, respectively.

The outlook is stable.

The rating agency said the action reflects the Raleigh, N.C.-based bank's "consistently strong asset quality," as well as its "improving" but still below-peer profitability, the inherent risks of its acquisitiveness and the heightened expense of having a footprint spanning non-contiguous markets.

First-Citizens is a subsidiary of First Citizens BancShares Inc.