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NPAs dip at First Citizens BancShares

Raleigh, N.C.-based First Citizens BancShares Inc. on April 27 reported netincome of $52.1 million for the first quarter, or $4.34 per share, compared to$67.2 million, or $5.59 per share, for the first quarter of 2015.

The company's first-quarter earnings included an acquisitiongain of $1.7 million recognized in connection with the FDIC-assisted of assets andliabilities from failed NorthMilwaukee State Bank in March. Also, the earnings for the firstquarter of 2015 included a $42.9 million gain related to the of

The allowance for loan losses was $206.8 million, comparedto $206.2 million in the fourth quarter of 2015, and $205.6 million in the samequarter a year ago.

The company's taxable-equivalent net interest margin for thefirst quarter was 3.18%, compared to 3.12% in the linked quarter and 3.18% inthe first quarter of 2015.

The company's nonperforming assets, including nonaccrualloans and other real estate owned, were $162.8 million for March 31, down from$169.0 million at Dec. 31, 2015, and $183.0 million at March 31, 2015. The $6.2million, or 3.6%, decrease from the prior quarter represented a $5.7 milliondecrease in nonaccrual loans, primarily in the commercial non-purchasedcredit-impaired loan portfolio and a $491,000 decline in other real estateowned due to problem asset resolutions.

Net loans charged off were $4.3 million for the firstquarter, compared to $6.3 million for the prior quarter and $4.7 million forthe first quarter of 2015.