8-KEarnings & ResultsLeadership ChangesCorporate Changes+2

FIRST CITIZENS BANCSHARES INC /DE/ 8-K Report, Financial Results (Jan 26, 2022)

Filed January 26, 2022For Securities:FCNCAFCNCPFCNCBFCNCOFCNCN

Summary

First Citizens BancShares, Inc. (FCNCA) filed an 8-K on January 26, 2022, to report on key corporate events. The filing primarily announces the company's financial results for the quarter ended December 31, 2021, which were detailed in an accompanying press release. Additionally, the company's Board of Directors adopted an amended and restated Long-Term Incentive Plan (LTIP) effective January 1, 2022, expanding eligibility to 'Executive' level employees of First-Citizens Bank & Trust Company and its affiliates, and increasing the maximum annual award to $10,000,000 per participant. Furthermore, the filing includes Certificates of Correction for previously filed Certificates of Designation for Series B and Series C Preferred Stock, clarifying the correct initial dividend commencement date as December 15, 2022. An investor conference call was scheduled for January 26, 2022, to discuss the fourth-quarter 2021 financial results, with supplementary investor presentation materials provided.

Key Highlights

  • 1Announcement of Q4 2021 financial results via press release and investor presentation.
  • 2Amendment and restatement of the Long-Term Incentive Plan (LTIP) effective January 1, 2022.
  • 3Expansion of LTIP eligibility to 'Executive' level employees of First-Citizens Bank & Trust Company and affiliates.
  • 4Increase in the maximum annual LTIP award to $10,000,000 per participant.
  • 5Correction of Certificates of Designation for Series B and Series C Preferred Stock to clarify the dividend commencement date.
  • 6Schedule of an investor conference call for January 26, 2022, to discuss Q4 2021 results.

Frequently Asked Questions

The 8-K filing indicates that First Citizens BancShares announced its financial results for the quarter ended December 31, 2021. A press release (Exhibit 99.1) and investor presentation (Exhibit 99.2) accompany the filing and contain these details. Investors should refer to these exhibits for specific financial performance data.

The LTIP was amended and restated, effective January 1, 2022. Key changes include expanding eligibility to employees classified at the 'Executive' Career Level within First-Citizens Bank & Trust Company and its affiliates. Additionally, the maximum award amount per participant in any fiscal year was increased to $10,000,000.

Certificates of Correction were filed to correct the initial dividend commencement date for Series B and Series C Preferred Stock. The correct date is December 15, 2022, which was stated incorrectly in the original Certificates of Designation.

The filing includes a 'Disclosures About Forward-Looking Statements' section that outlines potential risks and uncertainties. It also directs investors to consult the company's Form 10-K for the year ended December 31, 2020, and its subsequent Quarterly Reports (10-Q filings) for further details on factors that could affect future financial results.