What First Citizens BancShares, Inc. told the SEC could break it.

Commercial Bank deposits include large-dollar PE/VC accounts in technology, life-science and healthcare; deposit accounts over $50 million totaled ~$7.09 billion, concentrating funding in a volatile, largely-uninsured client base.

“Deposits in the Commercial Bank segment include large dollar accounts with private equity and venture capital clients, primarily in the technology, life science and healthcare industries. Deposit accounts with balances in excess of $50 million totaled approximately $7.09 billion as of December 31, 2025, compared to approximately $8.01 billion as of December 31, 2024.”

Deposits are geographically concentrated by branch location, with North Carolina at ~25.7% of total deposits (South Carolina 7.7%, California 6.9%); adverse conditions in core markets could materially affect results.

“Based on branch location, our top state deposit concentrations as of December 31, 2025 were in North Carolina, South Carolina, and California, which represented approximately 25.7%, 7.7%, and 6.9%, respectively, of total deposits.”

2025 IEEPA tariffs (struck down by the Supreme Court in Feb 2026, with refund uncertainty) and potential replacement trade measures could raise borrowers' input costs and impair their ability to service debt, feeding credit risk.

“Increased tariffs and trade restrictions may cause the prices of our customers' products to increase, which could reduce demand for such products, or reduce our customers' margins, and adversely impact their revenues, financial results, and ability to service debt, which in turn, could adversely impact our business, financial condition and results of operations.”