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First Carolina Financial Services reported second-quarter 2026 net income of $5.1 million, or $0.20 per diluted share, up from $4.6 million, or $0.18, a year earlier, an 11.0% increase in net income. Return on average assets was 0.60%, with return on average equity of 5.71% and return on average tangible common equity of 7.09%. Net interest income rose to $25.6 million, an 8.8% year-over-year increase, and net interest margin expanded to 3.23%, 18 basis points higher than the prior-year quarter as deposit and funding costs declined.
Total assets were $3.41 billion at June 30, 2026. Gross loans reached $2.74 billion, up $45.7 million year over year and $58.1 million from March 31, representing an annualized growth rate of 8.9%. The company continued shifting its funding mix by reducing higher-cost certificates of deposit by 53.5% year over year, helping lower the total cost of funds to 2.84%. Credit quality remained strong, with zero net loan charge-offs and nonperforming assets declining to 0.65% of total assets from 0.89% a year earlier.
During the quarter, First Carolina completed an initial public offering of 5,500,000 shares at $12.50 per share, followed by the underwriters’ full exercise of an option for 825,000 additional shares, generating approximately $69.3 million in net proceeds. Shareholders’ equity increased to $431.2 million, and the tangible common equity to tangible assets ratio improved to 10.85%. Noninterest income fell to $6.7 million, down 49.5% from a year earlier, primarily due to the planned discontinuation of a banking-as-a-service partnership, while noninterest expense decreased 17.1% as the company right-sized the acquired BM Technologies workforce and reduced fraud and processing costs.
First Carolina Financial Services, Inc. reported the initial equity holdings of Chief Rev. & Strategy Officer Douglas Andrew Mathieson. He holds 19,000 shares of common stock directly, including 15,000 restricted stock awards granted on February 1, 2026 that vest in five equal installments starting January 1, 2027 and on each anniversary thereafter.
First Carolina Financial Services, Inc. reported that its CFO and Chief Risk Officer, Steven G. Deaton, bought additional company stock. On June 18, 2026, he made an open-market purchase of 4,000 shares of common stock at $12.50 per share, increasing his direct holdings to 79,000 shares. A footnote explains these shares were purchased through a directed share program connected to the company’s initial public offering.
First Carolina Financial Services, Inc. director Sandra Bell Boone reported an open-market purchase of 7,000 shares of common stock at $12.50 per share. Following this transaction, she directly holds 304,782 shares. The shares were purchased through a directed share program connected to the company’s initial public offering.
First Carolina Financial Services, Inc. director Shannon Kevin Meek reported an open-market purchase of 4,000 shares of common stock at $12.50 per share on June 18, 2026. Following this transaction, Meek directly holds 23,000 shares. The purchase was made through a directed share program connected to the company’s initial public offering.
First Carolina Financial Services director Charles Austin Robbins Jr. reported buying additional common stock. He purchased 14,000 shares of common stock at $12.50 per share in an open-market or private transaction, described as part of a directed share program connected to the company’s initial public offering.
After this purchase, Robbins directly owns 369,492 shares of common stock. The filing also shows an indirect holding of 16,000 shares held by his spouse, giving investors a clearer view of his combined direct and family-related ownership in the newly public company.
First Carolina Financial Services, Inc. director Paul Charles Albert III reported an indirect purchase of common stock through Harbor Island Capital, LLC. The LLC bought 7,000 shares on June 18, 2026 at $12.50 per share, described as an open‑market or private transaction and noted as part of a directed share program in connection with the company’s initial public offering.
Following this transaction, Harbor Island Capital, LLC held 103,000 shares indirectly attributable to Albert, while he also reported 113,576 shares held directly in a separate entry classified as a holding.
First Carolina Financial Services director James A. Lucas Jr reported multiple insider purchases tied to the company’s initial public offering. On June 18, 2026, entities associated with him bought a total of 19,180 shares of common stock at $12.50 per share in open-market transactions.
The purchases were made indirectly through the James A. Lucas Sr Testamentary Trusts C-1, C-2 and C-3, as well as through his direct holdings. Following these trades, direct ownership rose to 439,884 shares, while the three trusts together held more than 76,000 shares. The filing also updates other indirect holdings through The Brother’s Fund LLC, Springfield Development Corp, and his spouse, which are reported as existing positions.
A footnote explains that the reported shares were purchased under a directed share program connected to the company’s initial public offering, indicating participation in the IPO allocation rather than a discretionary trading plan.
First Carolina Financial Services director John Walter Gussenhoven bought 16,000 shares of common stock at $12.50 per share in an open-market purchase on June 18, 2026. The shares were purchased through a directed share program connected to the company’s initial public offering, and he now directly holds 334,016 shares in total.
First Carolina Financial Services director-related entities increased their stake through open-market buying. On June 18, 2026, entities associated with director Floyd Gregory Everette purchased a total of 28,625 shares of First Carolina Financial Services common stock at $12.50 per share, in a series of open-market transactions that were part of a directed share program connected to the company’s initial public offering.
Following these purchases, Everette’s direct holdings stood at 152,990 shares. Indirect holdings reported included 35,600 shares held by S&F Family Office, Inc., 62,632 shares held by Dexter E. Floyd ILIT, 3,375 shares held by his son, 3,125 shares held by his spouse, and 43,375 shares held as custodian for his children.