First Citizens Reports Q4 EPS $2.88 vs. $3.37
First Citizens BancShares Inc. (Nasdaq: FCNCA) reports earnings for the quarter ending December 31, 2010, of $30.1 million, compared to $19.0 million for the corresponding period of 2009, according to Frank B. Holding Jr., chairman of the board. Net income for the fourth quarter of 2010 increased $11.1 million, or 58.3 percent, from the same quarter of 2009.
Per share income for the fourth quarter 2010 totaled $2.88, compared to $1.82 for the same period a year ago. First Citizens' current quarter results generated an annualized return on average assets of 0.56 percent and an annualized return on average equity of 6.91 percent, compared to respective returns of 0.41 percent and 4.92 percent for the same period of 2009. The increase in net income as well as return on average assets and equity during 2010 reflects the favorable impact of the four FDIC-assisted transactions completed during 2010 and 2009.
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