First Citizens Bancshares, the Raleigh-based holding company that operates First Citizens Bank, reported third-quarter earnings on Friday.

Net income for the third quarter of 2020 totaled $142.7 million, an increase of $17.9 million, or 14.3 percent, compared to the reported net income of $142.7 million in the same quarter a year ago. Net income per share came in at $14.03, versus $11.27 per share a year ago.

As of Sept. 30, the bank set aside $223.9 million in loan loss provisions bracing for any impact related to the COVID-19 pandemic, compared to $225.1 million in loan loss reserves as of Dec. 31.

In the earnings release, First Citizens said it “remains in a very strong capital and liquidity position providing stability in navigating the COVID-19 crisis.”

“Our leadership team continues to ensure appropriate measures are in place to protect the welfare of our employees and soundness of the organization, while continuing to support our customers,” the release stated.

Elsewhere, total loans and deposits also grew by 18 and 30 percent, respectively, on an annualized basis since Dec. 31.

The bank originated more than 23,000 loans under the Small Business Administration Paycheck Protection Program, for a total outstanding balance of $3.11 billion as of the end of the quarter. The firm also noted that over 94 percent of COVID-19 related loans have begun repayment and delinquency trends with those entering repayment are “in line with the remainder of the portfolio.”

“We have not seen significant declines in overall credit quality, though the impacts of the SBA-PPP and payment extensions could be delaying signs of credit deterioration,” the report said.

The earnings report comes after First Citizens announced Friday the merger with CIT group in an all-stock deal, forming the 19th largest bank in the United States.

First Citizens Bancshares (FCNCA) stock rose 11 percent to last trade near $392.45 on Friday.