8-KEarnings & ResultsLeadership ChangesRegulation FD+1

FIRST CITIZENS BANCSHARES INC /DE/ 8-K Report, Financial Results (Oct 30, 2019)

Filed October 30, 2019For Securities:FCNCAFCNCPFCNCBFCNCOFCNCN

Summary

First Citizens BancShares, Inc. (FCNCA) filed an 8-K on October 30, 2019, primarily detailing an amendment to its Long-Term Incentive Plan (LTIP) and announcing its third-quarter 2019 results. The amended and restated LTIP, effective January 1, 2019, updates the previous plan approved in 2014. Key changes include the removal of terms related to the repealed Section 162(m) of the Internal Revenue Code, an increase in the maximum annual award per participant to $7,000,000, and the explicit inclusion that awards are subject to clawback policies. In addition to the LTIP update, the filing incorporates by reference a press release announcing the company's operational and financial results for the quarter ended September 30, 2019. Investors should note that this report may contain forward-looking statements concerning potential mergers and integration efforts, which are subject to various risks and uncertainties that could materially affect actual outcomes.

Key Highlights

  • 1Amendment and restatement of the First-Citizens Bank & Trust Company Long-Term Incentive Plan (LTIP) effective January 1, 2019.
  • 2Removal of certain terms related to the repealed Section 162(m) of the Internal Revenue Code from the LTIP.
  • 3Increase in the maximum annual award amount under the LTIP to any single participant to $7,000,000.
  • 4Inclusion of a provision confirming that awards paid under the LTIP are subject to existing clawback policies.
  • 5Announcement of third-quarter 2019 results of operations, referenced via an attached press release.
  • 6Incorporation of forward-looking statements regarding potential mergers and integration, highlighting associated risks and uncertainties.

Frequently Asked Questions

The primary changes to the LTIP include the removal of provisions related to the repealed Section 162(m) of the Internal Revenue Code, an increase in the maximum annual award per participant to $7,000,000, and explicit confirmation that awards are subject to the company's clawback policies.

The Amended LTIP is effective as of January 1, 2019, and it amends and restates in its entirety the Prior Plan that was approved by shareholders on April 29, 2014.

The results of operations for the quarter ended September 30, 2019, are announced in a press release filed as Exhibit 99.1 to this Form 8-K. This press release is incorporated by reference into the report.

Yes, the filing contains forward-looking statements that mention potential mergers and the integration of businesses. However, it also emphasizes the inherent risks and uncertainties associated with such transactions, including regulatory approvals, satisfaction of conditions, potential litigation, and integration challenges.