FIRST CITIZENS BANCSHARES INC DE
For the period ended Aug 14, 2024. Filed Aug 14, 2024.
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Aug 14, 2024 · Filed Aug 14, 2024
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Contents
EX-99.1 · Commitments
Commitments
To meet the financing needs of its customers, BancShares and its subsidiaries have financial instruments with off-balance sheet risk. These financial instruments involve elements of credit, interest rate or liquidity risk and include commitments to extend credit and standby letters of credit. December 31, 2023 includes balances related to the SVBB Acquisition and are included in financing commitments and letters of credit.
The accompanying table summarizes credit-related commitments and other purchase and funding commitments:
| dollars in millions | December 31, 2023 | December 31, 2022 |
|---|---|---|
| Financing Commitments | ||
| Financing assets (excluding leases) | $57,567 | $23,452 |
| Letters of Credit | ||
| Standby letters of credit | 2,412 | 436 |
| Other letters of credit | 103 | 44 |
| Deferred Purchase Agreements | 2,076 | 2,039 |
| Purchase and Funding Commitments (1) | 685 | 941 |
(1)BancShares’ purchase and funding commitments relate to the equipment leasing businesses’ commitments to fund Rail’s railcar manufacturer purchase and upgrade commitments.
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