First Citizens BancShares Inc. reported net income of $28.6 million, or $2.74 per share, in the second quarter of 2010. The company earned net income of $6.2 million, or $0.59 per share, for the same period in 2009.

First Citizens BancShares Inc. said that the large increase in net income on a year over year basis was the result of higher interest income due to a higher yield on interest earning assets. The company said that non-interest income also increased due mostly to higher cardholder and merchant services income.

First Citizens BancShares Inc. also increased tangible book value per share on a year over year basis and over the last six months. The company reported tangible book value per share of $151.21 at the end of the second quarter of 2010, compared to $138.98 per share at the end of 2009, and $127.32 at 6/30/2009.

First Citizens BancShares Inc. also reported an improved capital situation at the end of the second quarter of 2010. The company ended the quarter with a Tier 1 capital ratio of 14.3% compared to 13.3% a year earlier.

First Citizens BancShares Inc. is a bank holding company that owns First Citizens Bank and IronStone Bank. The two banks have a combined 445 branches and assets of $21.1 billion.

For more information on the company, go to www.firstcitizens.com