First Citizens net income up slightly in fourth quarter

First Citizens Bancshares reported after the market closed today that its net come increased 1.5 percent in the fourth quarter.

The Raleigh-based parent of First Citizens Bank had net income of $30.1 million, or $2.97 per share. A year ago its net income totaled $29.6 million.

For the full year, the bank had net income of $195 million, or $18.80 per share, compared to $193 million, or $18.50 per share, in 2010.

The bank has boosted its results in recent quarters through the acquisition of six failed lenders that were taken over by the Federal Deposit Insurance Corp. The bank reported a $150.4 million gain on FDIC acquisitions in 2011.

First Citizens has 435 branches nationwide. The bank had $20.88 billion in assets as of Dec. 31.

The bank's stock closed today up $3.07 at $168.96. Shares are down 3 percent this year.