10-KPeriod: FY2007

FIRST CITIZENS BANCSHARES INC /DE/ Annual Report, Year Ended Dec 31, 2007

Filed February 28, 2008For Securities:FCNCAFCNCPFCNCBFCNCOFCNCN

Summary

First Citizens BancShares, Inc. (FCNCA) filed its 2007 Form 10-K on February 28, 2008, reporting on its financial performance for the fiscal year ended December 31, 2007. As a large accelerated filer, the company presented a comprehensive overview of its business operations, financial condition, and risk factors. The filing indicates a company with established operations, as evidenced by its significant market capitalization and the inclusion of both Class A and Class B common stock. Investors reviewing this report would find information on the company's business segments, its market for registrant's common equity, selected financial data, and detailed Management's Discussion and Analysis of Financial Condition and Results of Operations. The report also includes the independent auditor's report on both the financial statements and internal controls over financial reporting, alongside the company's own report on internal controls. The extensive exhibit index suggests a complex corporate structure and various agreements, including executive consultation agreements and trust indentures.

Key Highlights

  • 1The company is a large accelerated filer, indicating a substantial market capitalization and a history of timely SEC filings.
  • 2The filing covers the fiscal year ending December 31, 2007, providing insights into performance during that period.
  • 3First Citizens BancShares has two classes of common stock registered: Class A and Class B.
  • 4The report includes Management's Discussion and Analysis (MD&A) of Financial Condition and Results of Operations, crucial for understanding business performance and outlook.
  • 5Independent auditor reports on both financial statements and internal controls over financial reporting are included, providing assurance on financial accuracy and control effectiveness.
  • 6The extensive exhibit list points to a complex corporate structure, significant financing arrangements, and detailed executive agreements.

Frequently Asked Questions

The 10-K filing from February 28, 2008, provides the financial results for the year ended December 31, 2007. A detailed assessment of the company's financial health would require a thorough review of the Consolidated Financial Statements (Item 8), including the Balance Sheets, Statements of Income, and Statements of Cash Flows, as well as the accompanying Notes to the Consolidated Financial Statements. The Management's Discussion and Analysis (Item 7) is also a key section for understanding financial condition and trends.

The 'Business' section (Item 1) of the 10-K filing would detail the company's primary business activities. As a BancShares entity, it is likely involved in banking and financial services, but the specific services, geographic focus, and strategic initiatives would be elaborated upon in this section.

The 'Risk Factors' section (Item 1A) of the 10-K report is dedicated to outlining the potential risks and uncertainties that could affect the company's business, financial condition, or results of operations. Investors should carefully review this section to understand the challenges and potential headwinds the company faces.

The Consolidated Financial Statements for the fiscal year ended December 31, 2007, are presented in Item 8 of the 10-K report. This includes the Consolidated Balance Sheets, Statements of Income, Statements of Changes in Shareholders' Equity, and Statements of Cash Flows, along with the accompanying Notes to these statements.