First Citizens Bancshares, Inc. is a bank holding company based in Raleigh, North Carolina, and one of the largest banks in the United States. Its primary subsidiary is First Citizens Bank, which operates over 500 branches in 23 states. A second subsidiary is Silicon Valley Bank, which operates 39 offices in 15 states.3 Its shares trade on Nasdaq under the symbol FCNCA.1Wikipedia text CC BY-SA 4.0
$2,123.28up 26.08 (1.24%)Price as of Oct 16, 2026 at 19:58 UTC
First Citizens Bancshares, Inc. is a bank holding company based in Raleigh, North Carolina, and one of the largest banks in the United States. Its primary subsidiary is First Citizens Bank, which operates over 500 branches in 23 states. A second subsidiary is Silicon Valley Bank, which operates 39 offices in 15 states.3
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Where each dollar of operating cash went, fiscal 2025
Capital spendingShare buybacks
Capital spending18¢$710.0M
Dividends paid4¢$161.0M
Share buybacks78¢$3.0B
Out of $2.9B of cash from operations. Spending exceeded cash from operations; the rest came from savings or borrowing.6
Financial statements
Revenue116$9.5B in 2025+88% since 2022Net income12131415116$2.2B in 2025+451% since 2018
Revenue161718$2.4B in Q2 FY2026+2% since Q2 FY2025Net income161718$672.0M in Q2 FY2026+17% since Q2 FY2025
Every line of the income statement as filed: the last 3 fiscal years, latest first.6
Period ending
2025-12-31
2024-12-31
2023-12-31
Loans and leases
$9.1B
$9.5B
$8.2B
Investment securities
$1.7B
$1.3B
$648.0M
Deposits at banks
$992.0M
$1.5B
$1.6B
Total interest income
$11.8B
$12.4B
$10.4B
Deposits
$3.6B
$3.9B
$2.5B
Borrowings
$1.4B
$1.3B
$1.2B
Total interest expense
$5.0B
$5.2B
$3.7B
Net interest income
$6.8B
$7.1B
$6.7B
Provision for credit losses
$514.0M
$431.0M
$1.4B
Net interest income after provision for credit losses
$6.3B
$6.7B
$5.3B
Rental income on operating lease equipment
$1.1B
$1.0B
$971.0M
Realized gain (loss) on sale of investment securities, net
$3.0M
$6.0M
-$26.0M
Fair value adjustment on marketable equity securities, net
$22.0M
$13.0M
-$11.0M
Gain on sale of leasing equipment, net
$30.0M
$30.0M
$20.0M
Gain on acquisition
$0
$0
$9.8B
Loss on extinguishment of debt
-$9.0M
-$2.0M
$0
Other noninterest income
$160.0M
$148.0M
$136.0M
Total noninterest income
$2.7B
$2.6B
$12.1B
Depreciation on operating lease equipment
$398.0M
$394.0M
$371.0M
Maintenance and other operating lease expenses
$244.0M
$219.0M
$222.0M
Personnel cost
$3.3B
$3.1B
$2.6B
Net occupancy expense
$238.0M
$242.0M
$244.0M
Equipment expense
$555.0M
$504.0M
$422.0M
Professional fees
$115.0M
$121.0M
$71.0M
Third-party processing fees
$268.0M
$230.0M
$205.0M
FDIC insurance expense
$141.0M
$138.0M
$158.0M
Marketing expense
$142.0M
$76.0M
$102.0M
Acquisition-related expenses
$141.0M
$210.0M
$470.0M
Intangible asset amortization
$54.0M
$63.0M
$57.0M
Other noninterest expense
$466.0M
$460.0M
$377.0M
Total noninterest expense
$6.1B
$5.7B
$5.3B
Income before income taxes
$3.0B
$3.6B
$12.1B
Income tax expense
$765.0M
$815.0M
$611.0M
Net income
$2.2B
$2.8B
$11.5B
Preferred stock dividends
$57.0M
$61.0M
$59.0M
Net income available to common stockholders, basic
$2.1B
$2.7B
$11.4B
Net income available to common shareholders, diluted
$2.1B
$2.7B
$11.4B
Basic (in dollars per share)
$165.24
$189.42
$785.14
Diluted (in dollars per share)
$165.24
$189.41
$784.51
Basic (in shares)
13.0M shares
14.3M shares
14.5M shares
Diluted (in shares)
13.0M shares
14.3M shares
14.5M shares
No quarter-by-quarter statement was filed.
Total assets19121315116$229.7B in 2025+549% since 2018Total liabilities1912131415116$207.5B in 2025+550% since 2018Shareholders’ equity131415116$22.2B in 2025+537% since 2018Cash19136$801.0M in 2025+145% since 2018Long-term debt1912131415116$35.8B in 2025+11087% since 2018
Total assets20171816$236.8B in Q2 FY2026+3% since Q2 FY2025Total liabilities20171816$214.9B in Q2 FY2026+4% since Q2 FY2025Shareholders’ equity161718$21.9B in Q2 FY2026−2% since Q2 FY2025Cash161718$1.5B in Q2 FY2026+71% since Q2 FY2025Long-term debt20171816$32.0B in Q2 FY2026−15% since Q2 FY2025
Every line of the balance sheet as filed: the last 4 fiscal years (annual) or 4 quarters (quarterly), latest first.6
Period ending
2025-12-31
2024-12-31
2023-12-31
2022-12-31
Cash and due from banks
$801.0M
$814.0M
Interest-earning deposits at banks
$19.8B
$21.4B
Securities purchased under agreements to resell
$232.0M
$158.0M
Investment in marketable equity securities (cost of $83 at December 31, 2025 and $79 at December 31, 2024)
$127.0M
$101.0M
Investment securities available for sale (cost of $31,952 at December 31, 2025 and $34,512 at December 31, 2024)
$31.8B
$33.8B
Investment securities held to maturity (fair value of $8,491 at December 31, 2025 and $8,702 at December 31, 2024)
$9.6B
$10.2B
Assets held for sale
$804.0M
$85.0M
Loans and leases
$147.9B
$140.2B
$133.3B
Allowance for loan and lease losses
-$1.6B
-$1.7B
-$1.7B
-$922.0M
Loans and leases, net of allowance for loan and lease losses
$146.4B
$138.5B
Operating lease equipment, net
$9.6B
$9.3B
$8.7B
Premises and equipment, net
$2.4B
$2.0B
Goodwill
$346.0M
$346.0M
Other intangible assets, net
$195.0M
$249.0M
Other assets
$7.5B
$6.7B
Total assets
$229.7B
$223.7B
Noninterest-bearing
$40.7B
$38.6B
Interest-bearing
$120.9B
$116.6B
Total deposits
$161.6B
$155.2B
$145.9B
Credit balances of factoring clients
$1.1B
$1.0B
Short-term borrowings
$224.0M
$367.0M
Long-term borrowings
$35.8B
$36.7B
Total borrowings
$36.0B
$37.1B
Other liabilities
$8.7B
$8.2B
Total liabilities
$207.5B
$201.5B
Preferred stock - $0.01 par value (20,000,000 shares authorized at December 31, 2025 and December 31, 2024)
$1.4B
$881.0M
Additional paid in capital
$0
$2.4B
Retained earnings
$20.8B
$19.4B
Accumulated other comprehensive income (loss)
$83.0M
-$445.0M
Total stockholders equity
$22.2B
$22.2B
$21.3B
$9.7B
Total liabilities and stockholders equity
$229.7B
$223.7B
Investment in marketable equity securities, at cost
$83.0M
$79.0M
Investment securities available for sale, at cost
$32.0B
$34.5B
Investment securities held to maturity, at fair value
$8.5B
$8.7B
Preferred stock, par value (in dollars per share)
$0.01
$0.01
Preferred stock, shares authorized (in shares)
20.0M shares
20.0M shares
Period ending
2025-12-31
2024-12-31
2023-12-31
2022-12-31
Cash and due from banks
$801.0M
$814.0M
Interest-earning deposits at banks
$19.8B
$21.4B
Securities purchased under agreements to resell
$232.0M
$158.0M
Investment in marketable equity securities (cost of $83 at December 31, 2025 and $79 at December 31, 2024)
$127.0M
$101.0M
Investment securities available for sale (cost of $31,952 at December 31, 2025 and $34,512 at December 31, 2024)
$31.8B
$33.8B
Investment securities held to maturity (fair value of $8,491 at December 31, 2025 and $8,702 at December 31, 2024)
$9.6B
$10.2B
Assets held for sale
$804.0M
$85.0M
Loans and leases
$147.9B
$140.2B
$133.3B
Allowance for loan and lease losses
-$1.6B
-$1.7B
-$1.7B
-$922.0M
Loans and leases, net of allowance for loan and lease losses
$146.4B
$138.5B
Operating lease equipment, net
$9.6B
$9.3B
$8.7B
Premises and equipment, net
$2.4B
$2.0B
Goodwill
$346.0M
$346.0M
Other intangible assets, net
$195.0M
$249.0M
Other assets
$7.5B
$6.7B
Total assets
$229.7B
$223.7B
Noninterest-bearing
$40.7B
$38.6B
Interest-bearing
$120.9B
$116.6B
Total deposits
$161.6B
$155.2B
$145.9B
Credit balances of factoring clients
$1.1B
$1.0B
Short-term borrowings
$224.0M
$367.0M
Long-term borrowings
$35.8B
$36.7B
Total borrowings
$36.0B
$37.1B
Other liabilities
$8.7B
$8.2B
Total liabilities
$207.5B
$201.5B
Preferred stock - $0.01 par value (20,000,000 shares authorized at December 31, 2025 and December 31, 2024)
$1.4B
$881.0M
Additional paid in capital
$0
$2.4B
Retained earnings
$20.8B
$19.4B
Accumulated other comprehensive income (loss)
$83.0M
-$445.0M
Total stockholders equity
$22.2B
$22.2B
$21.3B
$9.7B
Total liabilities and stockholders equity
$229.7B
$223.7B
Investment in marketable equity securities, at cost
$83.0M
$79.0M
Investment securities available for sale, at cost
$32.0B
$34.5B
Investment securities held to maturity, at fair value
$8.5B
$8.7B
Preferred stock, par value (in dollars per share)
$0.01
$0.01
Preferred stock, shares authorized (in shares)
20.0M shares
20.0M shares
Cash from operations12131415116$2.9B in 2025+544% since 2018Capital spending12131415116$710.0M in 2025+406% since 2018Free cash flow12131415116$2.2B in 2025+606% since 2018Dividends paid12131415116$161.0M in 2025+860% since 2018Share buybacks12131415116$3.0B in 2025+1756% since 2018
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 3 fiscal years, latest first.6
Period ending
2025-12-31
2024-12-31
2023-12-31
Net income
$2.2B
$2.8B
$11.5B
Provision for credit losses
$514.0M
$431.0M
$1.4B
Deferred tax (benefit) expense
-$111.0M
$6.0M
-$165.0M
Depreciation, amortization, and accretion, net
$405.0M
$130.0M
-$57.0M
Stock based compensation expense
$0
$0
$5.0M
Realized (gain) loss on sale of investment securities, net
-$3.0M
-$6.0M
$26.0M
Fair value adjustment on marketable equity securities, net
-$22.0M
-$13.0M
$11.0M
(Gain) loss on sale of loans, net
-$21.0M
-$7.0M
$2.0M
Gain on sale of operating lease equipment, net
-$30.0M
-$30.0M
-$20.0M
Gain on other real estate owned, net
-$2.0M
-$7.0M
-$4.0M
Gain on acquisition
$0
$0
-$9.8B
Loss on extinguishment of debt
$9.0M
$2.0M
$0
Origination of loans held for sale
-$1.4B
-$1.1B
-$740.0M
Proceeds from sale of loans held for sale
$1.6B
$1.3B
$693.0M
Impairment of premises and equipment and other assets
$6.0M
$22.0M
$70.0M
Net change in other assets
-$282.0M
-$495.0M
$206.0M
Net change in other liabilities
$170.0M
-$34.0M
-$379.0M
Other operating activities
-$68.0M
$1.0M
-$21.0M
Net cash provided by operating activities
$2.9B
$3.0B
$2.7B
Net decrease in interest-earning deposits at banks
$1.6B
$12.2B
$5.4B
Purchases of marketable equity securities
-$5.0M
-$6.0M
$0
Proceeds from sales of investments in marketable equity securities
$1.0M
$15.0M
$0
Purchases of investment securities available for sale
-$14.0B
-$22.5B
-$12.8B
Proceeds from maturities of investment securities available for sale
$13.0B
$7.4B
$2.1B
Proceeds from sales of investment securities available for sale
$3.8B
$1.5B
$495.0M
Purchases of investment securities held to maturity
-$389.0M
-$792.0M
-$213.0M
Proceeds from maturities of investment securities held to maturity
$1.0B
$562.0M
$545.0M
Net (increase) decrease in securities purchased under agreements to resell
-$74.0M
$315.0M
-$473.0M
Net (increase) decrease in loans
-$9.1B
-$7.5B
$6.1B
Proceeds from sales of loans
$399.0M
$354.0M
$317.0M
Net decrease (increase) in credit balances of factoring clients
$212.0M
-$73.0M
$94.0M
Purchases of operating lease equipment
-$852.0M
-$1.1B
-$1.0B
Proceeds from sales of operating lease equipment
$285.0M
$250.0M
$243.0M
Purchases of premises and equipment
-$710.0M
-$429.0M
-$405.0M
Proceeds from sales of other real estate owned
$29.0M
$19.0M
$19.0M
Cash acquired, net of cash paid as consideration for acquisition
$0
$0
$810.0M
Proceeds from surrender of bank-owned life insurance policies
$0
$0
$1.1B
Other investing activities
-$806.0M
-$473.0M
$208.0M
Net cash (used in) provided by investing activities
-$5.6B
-$10.2B
$2.4B
Net (decrease) increase in time deposits
-$2.0B
-$3.2B
$5.6B
Net increase (decrease) in demand and other interest-bearing deposits
$8.5B
$12.6B
-$5.4B
Net (decrease) increase in securities sold under agreements to repurchase
-$143.0M
-$118.0M
$39.0M
Repayment of short-term borrowings
$0
$0
-$2.2B
Proceeds from issuance of short-term borrowings
$0
$0
$500.0M
Repayment of long-term borrowings
-$2.9B
-$450.0M
-$13.1B
Net proceeds from issuance of long-term borrowings
$1.8B
$0
$10.0B
Net proceeds from issuance of preferred stock
$494.0M
$0
$0
Repurchase of Class A common stock
-$3.0B
-$1.6B
$0
Cash dividends paid
-$161.0M
-$158.0M
-$117.0M
Other financing activities
$0
-$14.0M
-$7.0M
Net cash provided by (used in) financing activities
$2.7B
$7.1B
-$4.7B
Change in cash and due from banks
-$13.0M
-$94.0M
$390.0M
Interest
$4.8B
$5.1B
$3.7B
Income taxes
$315.0M
$763.0M
$514.0M
Transfers of loans to other real estate
$86.0M
$0
$0
Net settlement with FDIC for Purchase Money Note
$0
$80.0M
$0
Transfer of assets from held for investment to held for sale
$1.3B
$606.0M
$336.0M
Transfer of assets from held for sale to held for investment
$31.0M
$0
$0
Commitments extended during the period on affordable housing investment credits
$648.0M
$710.0M
$224.0M
Purchase Money Note as consideration for SVBB Acquisition
First Citizens BancShares sits at the top of its group. 11 entities, 2 countries on record. Switch between the flow chart and the network, and select any entity to see its details.
Major holders of First Citizens BancShares
HOLDING FRANK B JRFiled SCHEDULE 13D/A on First Citizens BancShares, latest Aug 11, 2026 (8 filings since Jan 14, 2022)
BlackRockFiled SCHEDULE 13G/A on First Citizens BancShares, latest Jul 28, 2026 (11 filings since Feb 4, 2022)
First Citizens Capital Securities, LLC Subsidiary · Delaware, United States
First Citizens Equity Investments, LLC Subsidiary · Delaware, United States
First Citizens Global I, Inc. Subsidiary · Delaware, United States
First Citizens Global II, Inc. Subsidiary · Delaware, United States
First Citizens Hibernia Limited Subsidiary · Ireland
First-Citizens Bank & Trust Company Subsidiary · North Carolina, United States
The CIT Group Business Credit, LLC Subsidiary · Delaware, United States
Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; subsidiaries, stakes and holdings from Wikidata (CC0); major holders from Schedules 13D and 13G. Each entity in the chart links to its source.
What it owns
What First Citizens BancShares reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
We are headquartered in a nine-story building with approximately 163,000 square feet that is located in Raleigh, North Carolina, which is owned by FCB. FCB also owns and occupies two separate facilities in Raleigh as well as a facility in Columbia, South Carolina, which serve as data or operations centers. As of December 31, 2025, FCB operated more than 500 branches and offices throughout the United States. FCB owns many of our branch buildings and leases other facilities from third parties. We believe that these properties are in good condition, are well maintained, and are suitable and adequate for our business needs.
Additional information relating to leased office space is set forth in Note 7—Leases and additional information relating to premises and equipment is set forth in Note 8—Premises and Equipment of the Notes to Consolidated Financial Statements contained in Item 8. Financial Statements and Supplementary Data.
Things Wikidata records the company as owning, with the share when stated.1
The story
The bank opened on March 1, 1898, as Bank of Smithfield. It evolved into First National Bank of Smithfield and merged with Citizens National Bank to become First and Citizens National Bank. In 1929, it changed its name to First Citizens Bank and Trust Company. In 1986, it reorganized as a holding company, First Citizens BancShares, Inc. As of 2024, it is the 15th largest bank in the United States, with $221 billion in assets and $152 billion in deposits and $88 billion in liquidity.
First Citizens Bancshares made its debut on the Fortune 500 list in 2024, ranking 182nd overall. The bank was also named by American Banker in 2024 as the top-performing large bank, among banks with at least $50 billion of assets.
Oct 23, 2026 · Before the openReports results for the quarter ending Sep/2026 A year earlier it reported $44.62 a share, on Oct 23, 2025.85
When it reported results
Jul 23, 2026Reported quarterly or annual results75
Apr 23, 2026Reported quarterly or annual results77
Jan 23, 2026Reported quarterly or annual results80
Oct 23, 2025Reported quarterly or annual results83
Jul 25, 2025Reported quarterly or annual results86
Apr 24, 2025Reported quarterly or annual results87
Jan 24, 2025Reported quarterly or annual results88
Oct 24, 2024Reported quarterly or annual results89
Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar
Filings
359 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 52 major events, 199 insider forms, 37 large holders, 51 other. The latest 20:
69 open-market trades by officers, directors and large owners since October 2021: 54 buys and 15 sales. Grants, option exercises and gifts are left out.
What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.
Year
Executive
Age
Salary
Total pay
2025
Frank B. Holding, Jr.Chairman and Chief Executive Officer
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.
Members report amounts as ranges, not exact figures. Returns are price-only (no dividends).
SEC filer profile
How First Citizens BancShares is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.
Depositary Shares, Each Representing a 1/40th Interest in a Share of 5.375% Non-Cumulative Perpetual Preferred Stock, Series A
FCNCP
Nasdaq Global Select Market
5.625% Non-Cumulative Perpetual Preferred Stock, Series C
FCNCO
Nasdaq Global Select Market
Depository Shares, Each Representing 1/40th Interest in a Share of 6.625% Non-Cumulative Perpetual Preferred Stock, Series E
FCNCN
Nasdaq Global Select Market
From the cover page of the 10-K filed Feb 24, 2026 (Section 12(b) of the Exchange Act).21
Risk factors and legal proceedings
The risks First Citizens BancShares names in Item 1A of its 10-K filed Feb 24, 2026: 48 risks under these headings, as written.21
Strategic Risks
Operational Risks
Credit Risks
Market Risks
Liquidity Risks
Capital Adequacy Risks
Compliance Risks
Financial Reporting Risks
We may be adversely affected by risks associated with previous and future acquisitions, and any future acquisitions may be subject to increased regulatory scrutiny.
We encounter significant competition that may reduce our market share and profitability and our financial performance depends upon our ability to attract and retain customers for our products and services.
Consumers may increasingly decide not to use banks to complete their financial transactions, which could have a material adverse impact on our financial condition and operations.
Certain provisions in our Certificate of Incorporation, Bylaws and certain statutes and regulations and the current composition of our stockholders may make it more difficult for a third party to change our management or acquire control of us, even if stockholders might consider the change in management or change in control to be in their best interests.
The other 44 risks
Our Bylaws provide that, unless we consent in writing to the selection of an alternative forum, the Court of Chancery of the State of Delaware, or, if such court lacks jurisdiction, the federal district court of the District of Delaware, will be the sole and exclusive forum for substantially all disputes between us and our stockholders. This could limit our stockholders’ ability to obtain a favorable judicial forum for disputes with us or our directors, officers, or employees or stockholders.
The Parent Company relies on dividends from FCB for returning capital to stockholders, paying dividends on its common and preferred stock and servicing its debt obligations, and FCB’s ability to pay the Parent Company dividends may be restricted.
Failure to adopt new technologies that match consumer preferences or to keep pace with or effectively implement technological changes could adversely affect our results of operations and financial condition.
We are subject to reputational risks that could harm our business and prospects. If we were subject to reputational harm, it could have a material adverse impact on our business, financial condition and results of operations.
The Trump administration has proposed or implemented significant changes to the size and scope of the federal government, including reductions in program or agency funding or workforce, and may continue to do so.
We face significant operational risks in our businesses and may fail to maintain appropriate operational infrastructure and oversight.
A cyberattack, information or security breach, or a technology outage of ours or of a third-party could adversely affect our ability to conduct our business, manage our exposure to risk or result in the disclosure or misuse of confidential customer or employee data or proprietary information, and increase our costs to maintain and enhance our operational and security systems and infrastructure. Such an event or resource expenditures could adversely impact our results of operations, liquidity and financial condition.
We depend on the effectiveness and integrity of employees, and the systems and controls for which they are responsible, to manage operational risks.
We are subject to litigation and other legal liability risks, and our expenses related to such risks may adversely affect our results.
We depend on qualified personnel for our success and may not be able to retain or attract such personnel.
We are exposed to losses related to fraud.
Our business and financial performance could be impacted by natural or man-made disasters, global pandemics, civil unrest, acts of war, terrorist activities, climate change or other adverse external events.
We rely on third-parties to provide key components of our business infrastructure, and our third-parties may be responsible for or contribute to failures that adversely affect our operations.
Data quality and completeness may not be adequate and could cause financial or reputational harm to FCB.
Deposit insurance premiums levied on banks, including FCB, may increase if there is an increase in the number of bank failures, the cost of resolving failed banks, or the FDIC deposit insurance coverage limit.
If we fail to effectively manage credit risk, our business and financial condition will suffer.
Our allowance for credit losses and reserve related to off-balance sheet credit exposure may prove to be insufficient to cover actual credit losses in our credit portfolios.
Our concentration of loans and leases in certain industries increases the risk of losses and could impair our earnings if these industries experience economic difficulties.
Deteriorating collateral values, credit quality, or our reliance on junior liens may adversely impact our business and our results of operations.
The financial system is highly interrelated, and the default or threatened default of even a single financial institution could result in significant market-wide liquidity and credit problems, losses or defaults, lead to significant regulatory reform, or result in credit losses through potential counterparty default, any of which may adversely impact our financial condition and results of operations.
Changes in domestic and foreign trade policies, including the imposition of tariffs and retaliatory tariffs, may adversely impact our business, financial condition, and results of operations.
We may not be able to realize our entire investment in the equipment that we lease to our customers.
Accounting for acquired assets may result in earnings volatility.
Failure to effectively manage our interest rate sensitivity within our defined risk appetite could adversely affect our earnings.
Unfavorable economic conditions, as considered through a range of metrics, have and could continue to adversely affect our financial condition, results of operations and cash flows.
U.S. debt ceiling and budget deficit concerns have and could continue to adversely affect our business.
The value of our goodwill may decline in the future.
The market price of our common stock may be volatile.
If our current level of balance sheet liquidity were to experience significant pressure, it could affect our ability to pay withdrawals by depositors, repay the Purchase Money Note and other creditors, and fund our operations.
We are subject to enhanced liquidity risk management and other requirements, and failure to meet these requirements could result in regulatory and compliance risks, including possible restrictions on our activities, and inadequate liquidity.
Our ability to grow is contingent upon access to capital, which may not be readily available to us as a result of credit rating reductions.
If we fail to meet regulatory requirements, including enhanced capital adequacy, liquidity, stress testing, and capital planning requirements, or are subject to certain other legal limitations, our financial condition and ability to pay dividends or make other payments could be adversely affected.
Increases to our level of indebtedness could adversely affect our ability to raise additional capital and to meet our obligations.
We operate in a highly regulated industry, and the laws and regulations that impact our operations, taxes, corporate governance, executive compensation and financial accounting and reporting, including changes in them or our failure to comply with them, may adversely affect us.
Failure to meet regulatory requirements related to information security and data privacy may subject us to fines, litigation, or regulatory enforcement actions.
We face heightened compliance risks related to certain specialty commercial business lines.
We are subject to enhanced prudential standards, and failure to comply with these standards could have a material adverse effect on our business, financial condition or results of operations.
We are subject to certain laws and regulations designed to protect consumers in transactions with financial institutions against unfair, deceptive and abusive business practices and compliance with such laws and regulations and related enforcement actions may impact our business operations and profitability.
We may be adversely affected by changes in United States and foreign tax laws and other tax laws and regulations.
We are subject to ESG risks, which may adversely affect our reputation and ability to retain employees and customers, and failure to comply with applicable regulations could have an adverse affect on our business, financial condition or results of operations.
Accounting standards may change and increase our operating costs or otherwise adversely affect our results.
Our accounting policies and processes require management to make judgments, assumptions or estimates about matters, which may result in us reporting materially different results or amounts than would have been reported using different judgments, assumptions or estimates.
Our business is highly quantitative and requires widespread use of financial models for day-to-day operations; these models may produce inaccurate predictions that significantly vary from actual results, and we may rely on them in making decisions that adversely affect our business or the information we provide to our investors and regulators.
We may fail to maintain an effective system of internal control over financial reporting, which, among other things, could hinder our ability to prevent fraud and provide reliable financial reports to key stakeholders.
Legal proceedings
Information relating to legal proceedings is set forth in Note 22—Commitments and Contingencies of the Notes to Consolidated Financial Statements contained in Item 8. Financial Statements and Supplementary Data, and is incorporated herein by reference.
