The Surge in Profits Fueled by Acquisition
The windfall significantly increased the company's profit to $9.50 billion, or $653.64 per share, in the quarter ending March 31, compared to $264 million, or $16.70 per share, in the same period the previous year.
First-Quarter Deposits Reach $140.05 Billion
The Raleigh-based lender's Q1 deposits skyrocketed, reaching $140.05 billion, a 57% increase from the end of the previous year.
Silicon Valley Bank's Contribution to First Citizens' Growth
Over a third of the deposits came from the recently acquired Silicon Valley Bank, which First Citizens purchased with the support of U.S. regulators.