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First Citizens reports earnings

First Citizens BancShares Inc. reports earnings for the quarter ending June 30 of $37.6 million, compared to $21.3 million for the corresponding period of 2011, according to Frank B. Holding Jr., chairman of the board.
The increase in net income in 2012 resulted from
higher net interest income and a reduction in provision for loan and lease losses, partially offset by lower noninterest income and an increase in noninterest expense.
Per share income for the second quarter 2012 totaled $3.66, compared to $2.04 for the same period a year ago.
First Citizens’ current quarter results generated an annualized return on average assets of 0.71 percent and an annualized return on average equity of 7.80 percent,
compared to respective returns of 0.42 percent and 4.94 percent for the same period of 2011.
For the six-month period ending June 30, net income equaled $73.1 million, compared to $83.1 million for the corresponding period of 2011.
Per share income for the six-month period ending June 30 totaled $7.11, compared to $7.96 for the same period a year ago.
First Citizens’ year-to-date results generated an annualized return on average assets of 0.69 percent and an annualized return on average equity of 7.70 percent, compared to respective returns of 0.79 percent and 9.43 percent for the same period of 2011.