First Citizens posts lower profit

The corporate parent of First Citizens Bank reported lower net income for the fourth quarter and for all of 2012.

Raleigh-based First Citizens BancShares attributed the decline to adjustments of the value of assets it received when it acquired failed banks that had been taken over by the Federal Deposit Insurance Corp. Those adjustments affected noninterest income.

Net income for the fourth quarter totaled $21.7 million, or $2.15 per share, down from $30.5 million a year earlier. Net income for all of 2012 totaled $134.3 million, down from $195 million.

Net interest income in the fourth quarter rose 8.5 percent to $262.9 million. The provision for loan losses totaled $64.9 million in the fourth quarter, versus $89.3 million a year earlier.

Noninterest income fell 68.4 percent to $33.2 million.

First Citizens has a network of 414 branches and more than $21 billion in assets.