First Carolina Financial Services (NYSE: FCBM) reported third-quarter 2026 net income of $7.9 million, reversing a loss a year earlier. Diluted earnings were $0.26 per share, versus a loss of $0.08 in third-quarter 2025. Net interest income rose 10.0% to $28.1 million, and net interest margin expanded 32 basis points year over year to 3.38%.
Noninterest income fell 48.0% to $6.7 million, partly reflecting a discontinued banking-as-a-service partnership. Noninterest expense declined 19.6% to $25.8 million. A $1.0 million credit-loss provision release compared with a $9.4 million provision a year earlier. Gross loans reached $2.90 billion, up 7.5% year over year, while deposits increased 3.0% to $3.16 billion. Nonperforming assets were $21.9 million, or 0.60% of assets. Book value per share was $13.93; non-GAAP tangible book value, which excludes intangible assets, was $11.73.
First Carolina Financial Services (FCBM) announced that Chief Financial Officer and Chief Risk Officer Steven Deaton plans to retire effective January 1, 2027.
Deaton serves as CFO and Chief Risk Officer for both the holding company and First Carolina Bank. The company credits him with leadership through several milestones, including recent periods of expansion, the acquisition of BM Technologies and the company’s initial public offering. First Carolina states that Deaton is retiring from his banking career to focus on family and personal pursuits.
Deaton is described as a seasoned banking executive with more than 40 years of experience at regional and community banks, where he has held senior roles such as President, CEO, CFO, Chief Credit Officer and Chief Risk Officer.
First Carolina Financial Services (NYSE: FCBM) reported second quarter 2026 net income of $5.1 million, or $0.20 per diluted share, up 11.0% from $4.6 million, or $0.18 per share, a year earlier. All per-share data reflects a two-for-one stock split completed June 17, 2026.
The company completed its IPO, selling 5,500,000 shares at $12.50 per share, with underwriters later exercising their option for an additional 825,000 shares, resulting in net proceeds of approximately $69.3 million. Second quarter highlights included net interest income of $25.6 million (up 8.8% year over year), net interest margin of 3.23% (up 18 basis points year over year), and loan growth of $58.1 million, an 8.9% annualized rate.
First Carolina reported zero net loan charge-offs, nonperforming assets of 0.65% of total assets, and reduced certificates of deposit by 53.5% year over year. Total assets were $3.41 billion, gross loans $2.74 billion, and deposits $2.83 billion at June 30, 2026. ROAA was 0.60%, ROAE 5.71%, and ROATCE (non-GAAP) 7.09%.
First Carolina Financial Services (NYSE: FCBM) announced a realignment of executive roles at First Carolina Bank. Pat Pritchard has been appointed to the newly created position of Chief Retail Banking and Chief Information Officer for the Bank, while Andrew Mathieson becomes Chief Revenue and Strategy Officer for both the Company and the Bank.
According to First Carolina, Pritchard’s expanded role adds responsibility for people, market and revenue development across the branch network. Mathieson will now lead the Bank’s payments business, continue overseeing corporate financial planning and analysis and business intelligence, assume procurement, and guide corporate strategy, including further integration of BM Technologies and the BankMobile platforms.
First Carolina Financial Services (NYSE: FCBM), holding company for First Carolina Bank, celebrated its initial public offering by ringing the NYSE opening and closing bells. The company is now listed on the NYSE under ticker FCBM.
Headquartered in Raleigh, it offers deposit, loan, and trust services to businesses, higher education institutions, and individuals across North Carolina, Virginia, South Carolina, and Georgia. The announcement includes forward-looking statements outlining numerous credit, regulatory, economic, technology, and cybersecurity risks.
First Carolina Financial Services (NYSE: FCBM) priced its initial public offering at $12.50 per share for 5,500,000 common shares. Trading is expected to begin June 18, 2026, with closing targeted for June 22, 2026, subject to customary conditions.
Underwriters have a 30-day option for up to 825,000 additional shares. Net proceeds are intended for general corporate purposes, including organic growth, potential acquisitions, refinancing debt, and working capital.