RALEIGH, N.C. (AP) — RALEIGH, N.C. (AP) — First Citizens BancShares Inc. (FCNCA) on Friday reported fourth-quarter profit of $700 million.

The bank, based in Raleigh, North Carolina, said it had earnings of $49.21 per share. Earnings, adjusted for non-recurring gains, were $45.10 per share.

The results surpassed Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of $39.46 per share.

The bank posted revenue of $3.7 billion in the period. Its revenue net of interest expense was $2.41 billion, also topping Street forecasts. Six analysts surveyed by Zacks expected $2.25 billion.

For the year, the company reported profit of $2.78 billion, or $189.41 per share. Revenue was reported as $9.76 billion.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on FCNCA at https://www.zacks.com/ap/FCNCA