FIRST CITIZENS BANCSHARES, INC. (PARENT COMPANY)

12 Months Ended

Dec. 31, 2011

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

First Citizens Bancshares, Inc. (Parent Company)

FIRST CITIZENS BANCSHARES, INC. (PARENT COMPANY)

First Citizens BancShares, Inc.’s principal assets are its investments in and receivables from its subsidiary. Its sources of income are dividends and interest income. The Parent Company’s condensed balance sheets as of December 31, 2011 and 2010, and the related condensed statements of income and cash flows for the years ended December 31, 2011, 2010 and 2009 are as follows:

CONDENSED BALANCE SHEETS

	December 31
	2011		2010
Assets
Cash	$	10,765	$	14,010
Investment securities	235,617		94,610
Investment in subsidiaries	2,031,229		1,935,692
Due from subsidiaries	120,836		267,299
Other assets	114,852		89,342
Total assets	$	2,513,299	$	2,400,953
Liabilities and Shareholders’ Equity
Short-term borrowings	$	375,396	$	371,350
Long-term obligations	251,697		273,197
Other liabilities	25,078		23,444
Shareholders’ equity	1,861,128		1,732,962
Total liabilities and shareholders’ equity	$	2,513,299	$	2,400,953

CONDENSED STATEMENTS OF INCOME

	Year Ended December 31
	2011			2010			2009
Interest income	$	1,345		$	1,524		$	5,285
Interest expense	21,512			22,633			22,786
Net interest income (loss)	(20,167		)	(21,109		)	(17,501		)
Dividends from subsidiaries	82,812			50,424			60,509
Other income (loss)	9,699			(314		)	(1,024		)
Other operating expense	5,298			2,343			3,430
Income before income tax benefit and equity in undistributed net income of subsidiaries	67,046			26,658			38,554
Income tax benefit	(5,531		)	(8,343		)	(7,741		)
Income before equity in undistributed net income of subsidiaries	72,577			35,001			46,295
Equity in undistributed net income of subsidiaries	122,451			158,043			70,036
Net income	$	195,028		$	193,044		$	116,331

CONDENSED STATEMENTS OF CASH FLOWS

	Year Ended December 31
	2011			2010			2009
OPERATING ACTIVITIES
Net income	$	195,028		$	193,044		$	116,331
Adjustments
Undistributed net income of subsidiaries	(122,451		)	(158,043		)	(70,036		)
Net amortization of premiums and discounts	203			(113		)	(246		)
Gain on retirement of long term obligations	(9,685		)	—			—
Securities gains	(36		)	377			615
Change in other assets	(20,951		)	(30,443		)	(1,924		)
Change in other liabilities	(1,925		)	1,409			(1,198		)
Net cash provided by operating activities	40,183			6,231			43,542
INVESTING ACTIVITIES
Net change in due from subsidiaries	146,463			59,249			(99,348		)
Purchases of investment securities	(220,387		)	(75,180		)	—
Maturities and sales of investment securities	75,151			65,991			184,010
Investment in subsidiaries	—			(14,000		)	(40,500		)
Net cash provided by investing activities	1,227			36,060			44,162
FINANCING ACTIVITIES
Net change in short-term borrowings	4,046			(24,227		)	(76,995		)
Retirement of long-term obligations	(11,815		)	—			—
Repurchase of common stock	(24,387		)	—			—
Cash dividends paid	(12,499		)	(12,521		)	(12,522		)
Net cash used by financing activities	(44,655		)	(36,748		)	(89,517		)
Net change in cash	(3,245		)	5,543			(1,813		)
Cash balance at beginning of year	14,010			8,467			10,280
Cash balance at end of year	$	10,765		$	14,010		$	8,467
Cash payments for
Interest	$	20,677		$	22,003		$	22,155
Income taxes	91,465			187,183			20,640