# FIRST CITIZENS INVESTOR SERVICES, INC. X-17A-5 (2026-03-26) — Broker-dealer annual report - Company: FIRST CITIZENS INVESTOR SERVICES, INC. - Form: X-17A-5 - Filed: 2026-03-26 - Period: 2025-12-31 - Accession: 0001051487-26-000005 - CIK: 1051487 - File #: 8-50696 - Type: Broker-dealer - Material weakness: No - Auditor: Cherry Bekaert, LLP - Auditor location: Raleigh, NC - Contact: Ben Wagland - Phone: 919-716-7391 - Email: ben.wagland@firstcitizens.com - Website: firstcitizens.com - Signed by: David Biliter (President) Original filing: https://www.sec.gov/Archives/edgar/data/1051487/000105148726000005/FCISAnnualAudit.2025.pdf --- {0}------------------------------------------------ # (A WHOLLY OWNED SUBSIDIARY OF FIRST-CITIZENS BANK & TRUST COMPANY) Financial Statements and Supplemental Schedules December 31, 2025 (With Report of Independent Registered Public Accounting Firm) {1}------------------------------------------------ ![](_page_1_Picture_0.jpeg) #### **Report of Independent Registered Public Accounting Firm** To the Stockholder and the Board of Directors First Citizens Investor Services, Inc. Raleigh, North Carolina #### **Opinion on the Financial Statements** We have audited the accompanying statement of financial condition of First Citizens Investor Services, Inc. (the "Company") as of December 31, 2025, the related statements of income, changes in stockholder's equity, and cash flows for the year then ended, and the related notes. In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025, and the results of its operations and its cash flows for the year then ended in conformity with accounting principles generally accepted in the United States of America. #### **Basis for Opinion** These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe our audit provides a reasonable basis for our opinion. #### **Auditor's Report on Supplemental Information** The supplemental information contained in Schedule 1, Computation of Net Capital and Net Capital Ratio under Rule 15c31, has been subjected to audit procedures performed in conjunction with the audit of the Company's financial statements. The supplemental information is the responsibility of the Company's management. Our audit procedures included determining whether the supplemental information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental information. In forming our opinion on the supplemental information, we evaluated whether the supplemental information, including its form and content, is presented in conformity with 17 C.F.R. §240.17a-5. In our opinion, the supplemental information is fairly stated, in all material respects, in relation to the financial statements as a whole. We have served as First Citizens Investor Services, Inc.'s auditor since 2022. Rockville, Maryland March 2, 2026 {2}------------------------------------------------ UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 OMB APPROVAL OMB Number: 3235-0123 Expires: Nov. 30, 2026 Estimated average burden hours per response: 12 # ANNUAL REPORTS FORM X-17A-5 PART III | SEC FILE NUMBER | | |-----------------|--| | 8-50696 | | FACING PAGE Information Required Pursuant to Rules 17a-5, 17a-12, and 18a-7 under the Securities Exchange Act of 1934 FILING FOR THE PERIOD BEGINNING 01/01/25 \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ MM/DD/YY MM/DD/YY A. REGISTRANT IDENTIFICATION NAME OF FIRM: First Citizens Investor Services, Inc TYPE OF REGISTRANT (check all applicable boxes): ® Broker-dealer Security-based swap dealer 0 Check here if respondent is also an OTC derivatives dealer ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use a P.O. box no.) 8540 Colonnade Center Drive (No. and Street) Raleigh 27615 NC (City) (State) (Zip Code) PERSON TO CONTACT WITH REGARD TO THIS FILING 919-716-7391 Ben Wagland Ben.Wagland@firstcitizens.com (Area Code – Telephone Number) (Email Address) (Name) B. ACCOUNTANT IDENTIFICATION INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing\* | Cherry Bekaert, LLP | | | | | | | | |------------------------------------------------------------|--------------------------------------------|---------|------------|--|--|--|--| | (Name - if individual, state last, first, and middle name) | | | | | | | | | 3800 Glenwood Avenue Raleigh | | NC | 2/612 | | | | | | (Address) | (City) | (State) | (Zip Code) | | | | | | 10/20/2003 | | 677 | | | | | | | (Date of Registration with PCAOB)(if applicable) | (PCAOB Registration Number, if applicable) | | | | | | | | | FOR OFFICIAL USE ONLY | | | | | | | | | | | | | | | | \* Claims for exemption from the requirement that the annual reports of an independent public accountant must be supported by a statement of facts and circumstances relied on as the basis of the exemption. See 17 CFR 240.17a-5(e)(1)(ii), if applicable. 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jŕ 9%Q ŕ - ŕ 7âŕr3 aŕ5ŕ-\*6ŕ dŕĞ ŕ2<2 L9ŕŕ£ f - ŕŕ ŕ%-Q.ŕ¥ŕ¥ -ŕ? 80 ŕ - ćŕ 7W:ŕÂŕ ŕ-5^ŕ+ ŕ&\*? -\*ŕRŕ¸ŕ!\$ŕ;Iîm&-Z·ŕŕ!\$ŕ4'@An--eæŕvŕnŕ!~qŕe'ïo--·ŕjŕ\*-=6 ŕ - ŕ 7 :ŕ»Ñ-C£ŕ ŕŕ-\* ŕR"ŕŕ!\$ŕe' öŕŁŕŕ!\$ŕ;I p&-m/ŕ-×ŕ-6?-<@ŕ - Ćŕ N%ŕĀ.KÏŕLł#ŕ"CŕÅÉ1 S ŕ°Qŕŕ¼\$ŕ;I ø-÷ŕŕnŕ¼\$ŕ4'@lp-/ŕ¬ŕ6Ę=T Yŕ - ŕ 7EŕB ŕV<ŕ-S&B³%ŕXŕ=-% ŕ0ŕŕ9-H-#+ ŕ5ŕ ŕ#-MK ]ŕU)ŕ5+?-6ŕ\*D @ŕ - Àŕ 73:ŕ .ŕ<ŕ-É3h#ß%ŕ1ŕ=Å%. ŕ]ŕŕ`-ŕU)ŕMġ9ŕ5h?tŕLD ŕDŕ--6ŕjd d%ŕg8Lŕŕ b¾ ŕ4I@-|/ŕAŕb\$ŕ'@ĭO>/ŕÒŕŕb\$qŕI@AnÆ>l4/ŕO¬ŕÆ?&=T9 ŕ - NŊ:ŕhě «¯ŕÙÇ6"?ŕOSÒ]®à%ŕ¤V1ŕ=% ŕDŕO]ŕ `&Kŕ5ŕ9+ŕ2&#ª9d2ŕ+ŕ® ŕSKt? ŕX #ŕ3 vŕ !\$ŕ;ôY>|ŕD ŕŕ!\$ŕ4' Ao->{ŕ-2ŕOVV+-ÇY - ŕ 7°:ŕh C #ŕV=ęŕ&Oh¯²2ŕ 0ŕĖ%.8ŕgŕŕ x\ Rŕ0ŕ#9ऱ9K+UgŕX9Vŕň8 ÖŕAmŕ!\$ŕ4'@->|ŕ0Öŕŕ !Ăŕ4I p--m/ŕ-%ŕt"<.@ŕ - 7`Eŕ¡fK.#6ŕ1M%ŕCŕ-Va GŕG .83ŕD 3 /ŕŕ&?L8&«ŕŌ"#ŕŕ!~ŕ;'ðZF- ŕ0 ŕŕ!~ŕ;' -l4/ -%ŕ--< - ŏEŕ ŕ L1ssued and outstanding) | S | 50,000 | | Additional paid-in capital | | 1,197,292 | | Retained earnings | | 42,616,807 | | Total stockholders' equity | | 43,864,099 | \$ 50,296,223 {5}------------------------------------------------ (A Wholly Owned Subsidiary of First-Citizens Bank & Trust Company) Statement of Income Year Ended December 31, 2025 | Revenues: | | | |------------------------------------|---|-------------| | Commissions, net | S | 83,589,301 | | Investment advisory fees, net | | 27,713,526 | | Other income | | 2,480,433 | | Total revenues | | 113,783,260 | | Expenses: | | | | Employee compensation and benefits | | 63,630,058 | | Fees paid to related parties | | 13,088,576 | | Fees to clearing broker | | 3,126,134 | | Occupancy expense | | 2,782,534 | | Third party processing | | 5,632,102 | | Travel expense | | 831,728 | | Professional fees | | 212,981 | | Printing and office supplies | | 239,489 | | Equipment expense | | 218,575 | | Other expenses | | 1,196,020 | | Total expenses | | 90,958,197 | | Income before income taxes | | 22,825,063 | | Income taxes | | 6,354,178 | | Net income | S | 16,470,885 | See accompanying notes to the financial statements. {6}------------------------------------------------ (A Wholly Owned Subsidiary of First-Citizens Bank & Trust Company) Statement of Changes in Stockholder's Equity Year Ended December 31, 2025 | | | | | | Additional | | | | Total | |----------------------------------|--------------|---------|--------|--------|------------|---|-------------|--------|---------------| | | Common Stock | | | | Paid-In | | Retained | | Stockholder's | | | Shares | | Amount | | Capital | | Earnings | Equity | | | Balance at December 31, 2024 | 50,000 | ಲ್ಲಿ ನಿ | 50,000 | ಕೆ | 1,197,292 | A | 34,645,922 | ಕೆ | 35,893,214 | | Net income | | | | | | | 16,470,885 | | 16,470,885 | | Cash dividends (\$170 per share) | | | | | | | (8,500,000) | | (8,500,000) | | Balance at December 31, 2025 | 50,000 | | 50,000 | ಲ್ಲಿ ನ | 1,197,292 | | 42,616,807 | S | 43,864,099 | See accompanying notes to the financial statements. {7}------------------------------------------------ (A Wholly Owned Subsidiary of First-Citizens Bank & Trust Company) Statement of Cash Flows Year Ended December 31, 2025 #### Operating Activities | Net income | ਉ | 16,470,885 | |------------------------------------------------------------------------------------------------------------------------------------------------|------|-------------| | Adjustments to reconcile net income to cash provided by operating activities: | | | | Depreciation | | 190,294 | | Increase in commissions receivable | | (185,700) | | Increase in prepaid expenses | | (69,965) | | Net change in due from/to related parties | | (4,317,946) | | Deferred tax expense | | 11,900 | | Increase in accrued personnel cost | | 835,873 | | Decrease in income tax receivable | | 2,484,176 | | Decrease in income tax payable | | (941,698) | | Increase in deposit with clearing organization | | (158,278) | | Transfer of premises and equipment to related parties | | 100,000 | | Increase in other liabilities | | 821,326 | | Net cash provided by operating activities | | 15,240,867 | | Financing Activities | | | | Cash dividends paid | | (8,500,000) | | Net cash used in financing activities | | (8,500,000) | | Change in cash | ਉ | 6,740,867 | | Cash at beginning of year | | 35,946,613 | | Cash at end of year | S | 42,687,480 | | Supplemental cash flow information: | | | | Income taxes paid to Parent | ਉ | 4,736,659 | | Income taxes paid to taxing authorities | | 63,140 | | Reconciliation of cash and cash equivalents on the Statement of Financial
Condition to that presented in the above Statement of Cash Flows: | | | | Cash, noninterest-bearing | ಕ್ಕಾ | 26,538,287 | | Cash, interest-bearing | | 16,000,000 | | Cash included in commission receivable | | 149,193 | | Total cash and cash equivalents shown in Statement of Cash Flows | S | 42,687,480 | {8}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| | (A.A2 |
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| \$2A 1232??21 A.E .@@2A@ <3 - 0<;@6@A =?6:.?69F <3 0<:=2;@.A6<; ?29.A21 A2:=B2;A 2C2;A@DB2;A2C2;A@A<16@09<@2 {15}------------------------------------------------ (A Wholly Owned Subsidiary of First-Citizens Bank & Trust Company) Computation of Net Capital Pursuant to Rule 15c3-1 of the Securities Exchange Act of 1934 December 31, 2025 | Net capital: | | | |-------------------------------------------------------------------------------------------------------------------------------|-------|------------| | Total stockholder's equity | ತಿ | 43,864,099 | | Less non-allowable assets | | | | Non-allowable cash | | 19.768.547 | | Due from related parties | | 3,460,744 | | Premises and equipment, net | | 301,298 | | Other receivables | | 710,344 | | Income taxes receivable | | 1,356,188 | | Deferred tax assets, net | | 863,377 | | Prepaid expenses | | 625,876 | | Total non-allowable assets | | 27,086,374 | | Net capital before haircuts on securities | | 16,777,725 | | Haircuts on securities | | 320,000 | | Net capital | S | 16,457,725 | | Computation of basis net capital requirements:
Minimum net capital required (the greater of the minimum dollar net capital | | | | requirement of \$250,000 or 6-2/3% of aggregate indebtedness) | ਦਿੱਤੇ | 428,808 | | Excess net capital | | 16,028,917 | | | ಕಾ | | | Aggregate indebtedness | | 6,432,124 | | Ratio of aggregate indebtedness to net capital | | () 39 | The above computations do not differ materially from the Computations, as shown in its FOCUS Report Form X- 17A-5, Part II-A, dated December 31, 2025, which was filed on January 16, 2026. {16}------------------------------------------------ (A Wholly Owned Subsidiary of First-Citizens Bank & Trust Company) Computation for Determination of Reserve Requirements and Information Relating to Possession or Control Requirements Under Rule 15c3-3 of the Securities and Exchange Commission December 31, 2025 The Company is exempt from the provisions of Rule 15c3-3 under the Securities and Exchange Act of 1934, as of December 31, 2025 in that the Company's activited to those set forth in the conditions for exemption appearing in paragraphs (k)(2)(i) and the Company's other business activities contemplated in Footnote 74 of the SEC Release No. 34-70073 adopting amendments to 17 C.F. R. \$240.17a-5 are limited to effecting securities transactions via subscriptions on a subscription way basis where the funds are payable to the issuer or its agent and not to the Company, and the Company (1) did not directly receive, hold, or otherwise owe funds or securities for or to customers, other than funds received and promptly transmitted for effecting transactions via subscriptions; (2) did not carry accounts of or for customers; and (3) did not carry PAB accounts (as defined in Rule 15c3-3) throughout the most recent fiscal year without exception. {17}------------------------------------------------ ![](_page_17_Picture_0.jpeg) #### **Report of Independent Registered Public Accounting Firm** To the Stockholder and the Board of Directors First Citizens Investor Services, Inc. Raleigh, North Carolina We have reviewed management's statements, included in the accompanying Exemption Report, in which (1) First Citizens Investor Services, Inc. (the "Company"), identified the following provision of 17 C.F.R. §15c3-3(k) under which the Company claimed an exemption from 17 C.F.R. §240.15c3-3(k)(2)(ii) (the "exemption provision") and (2) the Company stated the Company met the identified exemption provision throughout the most recent fiscal year without exception. The Company's management is responsible for compliance with the exemption provision and its statements. The Company is also filing this Exemption Report because the Company's other business activities contemplated by Footnote 74 of the Securities and Exchange Commission ("SEC") Release No. 34-70073 adopting amendments to 17 C.F.R. Section 240.17a-5 are limited to effecting securities transactions via subscriptions on a subscription way basis where the funds are payable to the issuer or its agent and not to the Company. In addition, the Company did not directly or indirectly receive, hold, or otherwise owe funds or securities for or to customers, other than money or other consideration received and promptly transmitted in compliance with paragraph (a) or (b)(2) of Rule 15c2-4 and/or funds received and promptly transmitted for effecting transactions via subscriptions on a subscription way basis where the funds are payable to the issuer or its agent and not to the Company; did not carry accounts of or for customers; and did not carry PAB accounts (as defined in Rule 15c3-3) throughout the most recent fiscal year without exception. The Company's management is responsible for compliance with the exemption provisions and its statements. Our review was conducted in accordance with the standards of the Public Company Accounting Oversight Board (United States) and, accordingly, included inquiries and other required procedures to obtain evidence about the Company's compliance with the exemption provision. A review is substantially less in scope than an examination, the objective of which is the expression of an opinion on management's statements. Accordingly, we do not express such an opinion. Based on our review, we are not aware of any material modifications that should be made to management's statements referred to above for them to be fairly stated, in all material respects, based on the provision set forth in paragraph(s) (k)(2)(ii) of Rule 15c3-3 under the Securities Exchange Act of 1934 and the Company's other business activities contemplated by Footnote 74 of the SEC Release No. 34-70073 adopting amendments to 17 C.F.R. Section 240.17a-5, and related SEC Staff Frequently Asked Questions. Rockville, Maryland March {18}------------------------------------------------ First Citizens Wealth ... First Citizens Investor Services, Inc.'s Exemption Report First Citizens Investor Services, Inc. (the "Company") is a registered broker-dealer subject to Rule 17a-5 promulgated by the Securities and Exchange Commission (17 C.F.R. § 240.17a-5, "Reports to be made by certain brokers and dealers".) This Exemption Report was prepared as required by 17 C.F.R. § 240.17a-5, (d)(1) and (4). To the best of its knowledge and belief, the Company states the following: - 1. The Company claimed an exemption from 17 C.F.R. § 240.15c3-3 under the following provisions of 17 C.F.R. § 240.15c3-3: (k)(2)(ii) during the period January 1, 2025, to December 31, 2025. - 2. The Company met the identified exemption provisions in 17 C.F.R. § 240.15c3-3(k) throughout the most recent fiscal year without exception. - 3. The Company is also filing this Exemption Report because the Company's other business activities contemplated by Footnote 74 of the SEC Release No. 34-70073 adopting amendments to 17 C.F.R. § 240.17a-5 are limited to effecting securities transactions via subscriptions on a subscriptions way basis where the funds are payable to the issuer or its agent and not to the Company, and the Company (1) did not directly or indirectly receive, hold, or otherwise owe funds or securities for or to customers, other than funds received and promptly transmitted for effecting transactions via subscriptions; (2) did not carry accounts of or for customers; and (3) did not carry PAB accounts (as defined in Rule 15c3-3) throughout the most recent fiscal year without exception. First Citizens Investor Services, Inc. I, David Biliter, swear (or affirm) that, to the best of my knowledge and belief, this Exemption Report is true and correct. By: Title: President #### December 31, 2025 First Citizens Wealth 14 products and services are offered by: First-Citizens Bank & Trust Company, Member FDIC; First Citizens Investor Services, Inc., Member FINRASIPC, an SEC-registered broker/dealer and investment adviser, and a licensed insurance agency; First Citizens Assel Management, Inc. and SVB Wealth LLC, SEC-registered investment advisers. Investments in securities, annuities and insured by the FDIC or any federal government agency, may lose value; are not a deposit or other obligation of, or guaranteed by any bank affiliate; and are subject to investment risks, including possible loss of the principal amount invested. Brokerage and some investment advisory services are offered through First Citizens Investor Services, Inc. Member FINRA/SIPC. First Citizens Assel Management, Inc. and SVB Wealth LLC provide investment advisory services. First Citizens Investor Services, Inc. 8540 Colonnade Center Dr. Raleigh, NC . 27615 (800) 229-0205 Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.