First Citizens post lower profit

The corporate parent of First Citizens Bank reported a lower profit in the third quarter.

Raleigh-based First Citizens BancShares posted net income of $39.5 million, or $3.85 per share, down from $81.4 million a year ago. The year-ago numbers were bolstered by an $86.9 million gain stemming from its acquisition of Colorado Capital Bank, a seven-branch bank in Colorado that was taken over by the Federal Deposit Insurance Corp.

Net interest income totaled $215.4 million, down 0.8 percent, primarily as a result of a decrease in loans outstanding.

The bank's loans and leases fell 5.1 percent, or $722.1 million. Of that decrease, $584.5 million  of those loans and leases were covered by loss-share agreements between the FDIC and First Citizens. Those agreements provide First Citizens protection against losses arising from banks acquired after they were taken over by the FDIC.

First Citizens has assets of $21.17 billion and 415 branches.

First Citizens shares were trading at $173.04, up $5.15, Friday afternoon. The company's shares have fallen 1 percent this year.