First Citizens Bank reports 30 percent jump in earnings
First Citizens Bank reported a 30 percent jump in net income in the first quarter with the help of a recent acquisition.
The Raleigh-based bank’s corporate parent, First Citizens Bank, reported Wednesday that its net income in the first quarter totaled $67.6 million, up from $52.1 million a year ago.
Its earnings were bolstered by a pre-tax gain of $12 million from the acquisition in January of Harvest Community Bank, which had four branches in New Jersey. The year-ago results included $4.6 million in investment gains and a $1.7 million gain stemming from the acquisition of a Milwaukee bank.
Loans grew by $168.6 million, or 3.2 percent, over the past three months to $21.9 billion. That growth included $82.5 million in loans from the Harvest acquisition.
Net interest income rose by $6.4 million, or 2.6 percent, compared to the previous quarter.