8-KOther EventsExhibits & Filings

FIRST CITIZENS BANCSHARES INC /DE/ 8-K Report, Corporate Update (Aug 14, 2024)

Filed August 14, 2024For Securities:FCNCAFCNCPFCNCBFCNCOFCNCN

Summary

First Citizens BancShares, Inc. (FCNCA) has filed a Form 8-K to retrospectively revise certain historical financial information and related disclosures originally presented in its 2023 Annual Report on Form 10-K. These revisions are specifically to conform the financial reporting to new segment reporting structures implemented during the first quarter of 2024. The changes involve reclassifications and renaming of business segments, aimed at providing a more accurate representation of the company's operational structure following integration activities, particularly concerning the Silicon Valley Bank (SVB) acquisition. Investors should note that this filing does not introduce new operational or financial events that occurred after the 2023 Form 10-K filing date. Instead, it corrects how past financial data is categorized across business segments. The key takeaway is that the company is adjusting its internal reporting segments to better reflect its current business organization, specifically integrating SVB's private banking and wealth management into the General Bank segment and rebranding the remainder of SVB to SVB Commercial, while shifting the Direct Bank to Corporate. This revised segment presentation will be reflected in future filings and should be considered alongside prior and subsequent reports for a complete understanding of the company's financial performance.

Key Highlights

  • 1Retrospective revision of historical financial information from the 2023 Form 10-K to align with updated segment reporting.
  • 2Changes to segment reporting were implemented starting in the first quarter of 2024.
  • 3Private banking and wealth management from the SVB segment are now integrated into the General Bank segment.
  • 4The former SVB segment has been renamed SVB Commercial, focusing on innovation market clients and PE/VC.
  • 5The Direct Bank, previously under General Bank, is now allocated to the Corporate segment.
  • 6Exhibit 99.1 contains the revised sections of the 2023 Form 10-K, including Business, MD&A, and Financial Statements.
  • 7This filing updates segment presentation only and does not modify or update other information or events from the 2023 Form 10-K.

Frequently Asked Questions

The primary purpose of this 8-K filing is to retrospectively revise and update the segment reporting disclosures in First Citizens BancShares' 2023 Form 10-K to reflect changes in how the company categorizes its business segments, as implemented in the first quarter of 2024.

No, this filing does not introduce new financial results or disclose events that occurred after the filing date of the 2023 Form 10-K. It solely revises the classification of historical data across business segments.

Key changes include: integrating SVB's private banking and wealth management into the General Bank segment; renaming the remaining SVB segment to SVB Commercial to focus on innovation clients and PE/VC; and moving the Direct Bank from the General Bank segment to the Corporate segment.

The revised segment reporting information is presented in Exhibit 99.1 attached to this Form 8-K. This exhibit contains excerpts from the 2023 Form 10-K that have been updated to conform with the new segment structure.