Form 8-K

8-K — First Carolina Financial Services, Inc.

Accession: 0001628280-26-050819

Filed: 2026-07-30

Period: 2026-07-30

CIK: 0001531193

SIC: 6022 (STATE COMMERCIAL BANKS)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — fcbm-20260730.htm (Primary)

EX-99.1 (exhibit991fcfsq2earningsre.htm)

GRAPHIC (picture1.jpg)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: fcbm-20260730.htm · Sequence: 1

fcbm-20260730

FALSE000153119300015311932026-07-302026-07-30

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

___________________________________

FORM 8-K

___________________________________

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): July 30, 2026

___________________________________

First Carolina Financial Services, Inc.

(Exact name of registrant as specified in its charter)

___________________________________

North Carolina

(State or other jurisdiction of incorporation)

001-43359

(Commission File Number)

27-2136973

(IRS Employer Identification Number)

2626 Glenwood Avenue, Suite 200

Raleigh, North Carolina, 27608

(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code: (252) 937-2152

___________________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common stock, par value $0.50 per share FCBM NYSE

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company x

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Item 2.02 Results of Operations and Financial Condition.

On July 30, 2026, First Carolina Financial Services, Inc. (the “Company”) issued a press release announcing its financial results for the three months ended June 30, 2026 (the “Earnings Release”). A copy of the Earnings Release is furnished as Exhibit 99.1 to this Current Report on Form 8-K (this “Report”).

The information contained in Item 2.02, including Exhibit 99.1 furnished herewith, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities under that section, nor shall it be deemed incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act.

Item 9.01 Financial Statements and Exhibits.

d) Exhibits.

Exhibit Number Description of Exhibit

99.1

Press release dated July 30, 2026

104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

First Carolina Financial Services, Inc.

Date: July 30, 2026 By: /s/ Steven G. Deaton

Steven G. Deaton Chief Financial Officer

EX-99.1

Filename: exhibit991fcfsq2earningsre.htm · Sequence: 2

Document

FOR IMMEDIATE RELEASE:

First Carolina Financial Services Reports Net Income of $5.1 Million, or $0.20 Per Diluted Share, for the Second Quarter of 2026

RALEIGH, N.C. (July 30, 2026) – First Carolina Financial Services, Inc. (NYSE: FCBM) (“First Carolina,” the “Company,” “we,” “our,” or “us”), today reported net income of $5.1 million, or $0.20 per diluted share, for the second quarter of 2026, compared to $4.6 million, or $0.18 per diluted share, for the second quarter of 2025, an 11.0% increase in net income. All per share data has been adjusted to reflect the two-for-one stock split completed on June 17, 2026.

The quarter marked a transformational milestone for First Carolina. On June 22, 2026, the Company successfully completed its initial public offering (the “IPO”) of 5,500,000 shares of common stock at a public offering price of $12.50 per share. First Carolina's common stock began trading on the New York Stock Exchange (“NYSE”) on June 18, 2026, under the ticker symbol “FCBM.” On June 29, 2026, the underwriters of the IPO exercised their option to purchase additional shares in full, resulting in the sale of an additional 825,000 shares of the Company’s common stock at the public offering price per share. Inclusive of the shares purchased pursuant to the underwriters' option, the Company received net proceeds of approximately $69.3 million, after deducting underwriting discounts and commissions and expenses of the offering.

“The first half of 2026 was a landmark period for First Carolina as we successfully completed our initial public offering while continuing to deliver solid financial performance,” said Ron Day, Chairman, President, and Chief Executive Officer. “Our results were driven by solid loan production and net loan growth, material deposit optimization activities, expanding year-over-year net interest margin, disciplined expense management, and exceptional execution across the organization. In particular, in our traditional banking business, for the first six months of 2026, brokered deposits declined $211 million and were replaced by $246 million in less expensive, non-brokered deposits.

“What continues to set First Carolina apart is the strength and diversity of our business model. Through our Commercial Banking, Payments, Consumer Banking, and Wealth Management businesses, we are well positioned to serve clients across every stage of their financial journey. Commercial loan production remains robust, with a focus on new variable-rate loan originations to replace maturing lower-yield legacy loans, and this has helped to improve the overall profitability of our balance sheet. At the same time, we are deepening relationships with commercial clients through treasury management solutions that enhance customer engagement and drive valuable operating deposit growth.”

Day added, “With respect to our Payments business, we continue to strengthen our competitive position by expanding our service offerings. For example, we are partnering with U.S. Bank, a leader in prepaid card solutions, to develop a prepaid card option, which we anticipate will allow us to expand the range of disbursement choices made available to our higher-education institution clients and their students. We have successfully integrated the Payments business into First Carolina and are now focused on the broader banking opportunity across higher education as a strategic growth vertical. Demonstrating this shift, as of June 30, 2026, we have successfully placed $37 million in loan facilities and secured over $37 million in deposits from our base of higher-education institution clients, since completing our acquisition of BM Technologies, Inc. in January 2025.

We believe our diversified model will be a true differentiator, and we see emerging tailwinds that give us great confidence in our team's ability to deliver strong shareholder returns while staying grounded in our core values.”

Second Quarter 2026 Performance Highlights:

•Net income of $5.1 million, an increase of 11.0% from the second quarter of 2025.

•Successfully completed the Company's IPO and NYSE listing, significantly enhancing capital flexibility and growth opportunities.

•Generated $58.1 million of loan growth, representing an annualized growth rate of 8.9%.

•Expanded net interest margin by 18 basis points on a year-over-year comparative-quarter basis to 3.23%.

•Increased second quarter net interest income by 8.8% year over year.

•Maintained exceptional credit quality with zero net loan charge-offs during the quarter.

•Reduced higher-cost certificates of deposit by 24.4% during the quarter and 53.5% over the past year, supporting funding cost improvements.

•Continued strong capital levels with average shareholders' equity representing 10.53% of average assets.

•Improved asset quality, with nonperforming assets declining to 0.65% of total assets compared to 0.89% a year ago.

•Ended the quarter with book value per share of $13.88 and tangible book value per share1 of $11.66.

•Return on average assets (“ROAA”) of 0.60%.

•Return on average equity (“ROAE”) of 5.71%; Return on average tangible common equity (“ROATCE”)1 of 7.09%.

(1)Considered non-GAAP financial measure - See "Non-GAAP Financial Measures" and reconciliation of GAAP to non-GAAP financial measures in the financial tables section of the press release.

Operating Highlights

Net interest income totaled $25.6 million for the second quarter of 2026, an increase of $2.1 million, or 8.8%, over the second quarter of 2025, reflecting continued balance sheet strength and revenue generation. The Company's net interest margin was 3.23% for the second quarter of 2026, representing an 18-basis point improvement over the prior year period, driven primarily by lower interest-bearing deposit costs. Net interest margin declined modestly by two basis points from the first quarter of 2026, largely attributable to the seasonality in deposits generated by the Company’s Payments business. Noninterest-bearing deposits in the Payments business regularly decline in the second quarter of each fiscal year from the preceding first quarter period, primarily due to the educational calendar. More broadly, the Company continues to benefit from ongoing deposit repricing initiatives and a favorable shift in earning asset yields.

The yield on average interest-earning assets was 5.92% for the second quarter of 2026, compared to 6.02% for the second quarter of 2025, a decrease of 10 basis points primarily reflecting lower yield on the securities portfolio and short-term, floating rate investments in a declining rate environment. The yield on average interest-earning assets increased from 5.82% in the first quarter of 2026 to 5.92% for the second quarter of 2026, primarily attributable to an improvement in loan yields, reflecting the strength of the Company's lending franchise and loan portfolio pricing, partially offset by a decline in the yield on securities available for sale. The Company delivered meaningful growth in net interest income and year-over-year expansion in net interest margin.

The Company’s total cost of funds was 2.84% for the second quarter of 2026, a decrease of 30 basis points compared to the second quarter of 2025. Deposit costs were 2.75% for the second quarter of 2026, compared to 3.05% for the second quarter of 2025, a decrease of 30 basis points, and compared to 2.63% for the first quarter of 2026, an increase of 12 basis points. The cost of interest-bearing liabilities was 3.58% for the second quarter of 2026, a decrease of 42 basis points compared to 4.00% for the second quarter of 2025, and a decrease of 1 basis point compared to 3.59% for the first quarter of 2026, reflecting the strategic shift of deposits from time deposits to money market and savings accounts. Management believes the declines in total cost of funds,

deposit costs, and cost of interest-bearing liabilities in the second quarter of 2026 versus the second quarter of 2025 are particularly instructive, as it eliminates the impact of the seasonality of the Payments business deposit flows, as compared to the linked-quarter comparisons.

Noninterest income totaled $6.7 million for the second quarter of 2026, a decrease of $6.5 million, or 49.5%, from the second quarter of 2025. The decrease primarily reflects the planned discontinuation in 2025 of a banking-as-a-service partnership inherited through the BM Technologies’ acquisition that was not consistent with the Company's long-term strategic focus. Accordingly, results for the second quarter of 2025 are not directly comparable to those for the second quarter of 2026. Noninterest expense totaled $25.5 million for the second quarter of 2026, a decrease of $5.2 million, or 17.1%, from the second quarter of 2025. The decline was primarily driven by right sizing the BM Technologies’ workforce post acquisition, which resulted in lower salaries and employee benefits expense, as well as by reduced consumer fraud and transaction losses and lower data processing expense, reflecting the Company's continued focus on disciplined expense management and operating efficiency.

The Company's effective tax rate was 21.5% for the second quarter of 2026, compared to 25.4% for the second quarter of 2025 and 19.4% for the first quarter of 2026. The lower effective tax rate compared to the prior-year quarter was primarily attributable to state income tax, non-taxable income resulting from the change in cash surrender value of bank-owned life insurance, a decrease in non-deductible expenses, and a tax credit for research and development.

Balance Sheet Trends

Total assets were $3.41 billion at June 30, 2026, reflecting an increase of $19.4 million, or 0.6%, compared to June 30, 2025. Gross loans were $2.74 billion at June 30, 2026, an increase of $45.7 million, or 1.7%, compared to June 30, 2025, and an increase of $58.1 million, or 2.2% from $2.68 billion at March 31, 2026.

Total deposits were $2.83 billion at June 30, 2026, reflecting a decrease of $107.5 million, or 3.7%, compared to June 30, 2025. The Company continues to shift its deposit mix away from higher-cost certificates of deposit (brokered and non-brokered) and toward lower-cost core deposits. Certificates of deposit were $678.3 million at June 30, 2026, a $780.8 million, or 53.5%, decrease compared to June 30, 2025, and a $219.3 million, or 24.4%, decrease compared to March 31, 2026.

Credit Quality

During the second quarter of 2026, the Company recorded a provision for credit losses of $273 thousand, compared to a recovery for credit losses of $169 thousand in the second quarter of 2025, and a recovery for credit losses of $398 thousand during the first quarter of 2026. The provision recorded during the second quarter of 2026 was primarily due to strong loan growth, offset by positive changes in economic factors and no net loan charge-offs for the period. The Company's annualized net charge-offs to average loans held for investment ratio remained steady at 0.00% across the second quarter of 2026, the preceding quarter, and one year prior.

Nonperforming assets totaled $22.3 million, or 0.65% of total assets, at June 30, 2026, compared to $30 million, or 0.89% of total assets, at June 30, 2025, and $22.3 million, or 0.65% of total assets at March 31, 2026.

About First Carolina Financial Services, Inc.

First Carolina Financial Services, Inc. (NYSE: FCBM) operates as a bank holding company for First Carolina Bank that provides financial services for businesses, higher education institutions, and individuals. First Carolina offers a range of deposit and loan products and trust services. First Carolina is headquartered in Raleigh, North Carolina with full-service banking offices in Rocky Mount, Raleigh, Wilmington, Cary, and Reidsville, North Carolina; Virginia Beach, Virginia; Columbia and Greenville, South Carolina; and Atlanta, Georgia. For more information, please visit firstcarolinabank.com. The information contained in, or that can be accessed through, our website is not incorporated by reference in, and is not part of, this press release. The inclusion of our website address in this press release is only as an inactive textual reference.

Company Note Regarding Forward-Looking Statements

This press release contains, and future oral and written statements by us and our management may contain, forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements include discussion of plans, estimates, objectives, goals, guidelines, expectations, intentions, projections, and statements of the Company’s beliefs concerning future events, business plans, objectives, expected operating results and the assumptions upon which those statements are based. Forward-looking statements include, without limitation, statements that may predict, forecast, indicate or imply future results, performance or achievements, and are typically identified with words such as “see,” “may,” “could,” “should,” “will,” “would,” “believe,” “anticipate,” “estimate,” “expect,” “aim,” “intend,” “plan” or words or phases of similar meaning. We caution that the forward-looking statements are based largely on our expectations and are subject to a number of known and unknown risks and uncertainties that are subject to change based on factors which are, in many instances, beyond our control and could cause actual results to differ materially from those currently anticipated. Such risks and uncertainties include, but are not limited to: adverse developments in our borrowers’ industries and, in particular, declines in real estate values; our ability to maintain compliance with federal and state laws that regulate our business and capital levels; our ability to raise capital as needed by our business; our ability to manage growth; the loss of any of our key employees; changes in the interest rates affecting our deposits, loans, and securities portfolio; our ability to maintain adequate liquidity and control our cost of funds; the strength of the economy in our current and future market areas, as well as general economic, market, or business conditions; negative developments in the financial industry and credit markets; an insufficient allowance for credit losses as a result of inaccurate assumptions or otherwise; the ability of our current and any future markets to weather a downturn in the economy; our potential growth, including loans, deposits, and our entrance or expansion into new markets, the opportunities that may be presented to and pursued by us and the need for sufficient capital to support that growth; changes in our competitive position, competitive actions by other financial institutions and the competitive nature of the financial services industry and our ability to compete effectively against other financial institutions in our banking markets; changes in laws, regulations and the policies of federal or state regulators and agencies or interpretations thereof; governmental monetary and fiscal policies, including the policies of the Federal Reserve; our ability to maintain internal control over financial reporting and an effective risk management framework; our effective use of technology or an interruption or breach in security of our information systems; our reliance on secondary sources, such as FHLB advances, sales of securities and loans, federal funds lines of credit from correspondent banks and out-of-market time deposits, to meet our liquidity needs; inaccurate or incomplete information about our clients; our ability to assess and manage our asset quality; natural disasters, pandemics or other public health crises, war, terrorist activities or civil unrest and their effects on the economic and business environments in which we operate; risks associated with unauthorized access, cyber-crime and other threats to data security; and other risks and uncertainties described under “Risk Factors” of our Registration Statement on Form S-1 and subsequent filings with the U.S. Securities and Exchange Commission. We assume no obligation and do not intend to update these forward-looking statements, except as required by law.

Investor Relations Contact:

Kristen Brabble

Chief Operating Officer

252-451-2964

investorrelations@firstcarolinabank.com

FIRST CAROLINA FINANCIAL SERVICES, INC.

QUARTER END BALANCE SHEETS

(dollars in thousands) June 30,

2026 March 31,

2026 December 31,

2025 June 30,

2025

(unaudited) (unaudited) (audited) (unaudited)

Assets

Cash and cash equivalents $ 118,821 $ 190,323 $ 134,116 $ 151,910

Investment securities, available for sale 325,341 331,641 312,090 284,608

Investment securities, held to maturity - - - 37,421

Federal Home Loan Bank stock, at cost 4,739 2,364 5,732 2,143

Loans receivable 2,742,549 2,684,469 2,648,174 2,696,875

Allowance for credit losses (22,064) (21,121) (20,893) (21,760)

Net loans 2,720,485 2,663,348 2,627,281 2,675,115

Premises and equipment, net 42,077 43,531 44,707 46,331

Goodwill and intangible assets, net 69,009 69,702 70,395 67,870

Deferred tax asset 24,055 24,092 25,142 31,366

Bank-owned life insurance 68,577 58,910 58,356 57,239

Prepaid expenses and other assets 32,825 34,466 39,689 32,492

Total assets $ 3,405,929 $ 3,418,377 $ 3,317,508 $ 3,386,495

Liabilities and shareholders' equity

Liabilities

Deposits

Noninterest bearing DDA $ 563,008 $ 658,707 $ 533,232 $ 577,066

Interest bearing DDA 572,971 479,032 376,537 284,266

Savings and money market 1,016,471 931,271 759,197 617,869

Certificates of deposit 678,265 897,584 1,126,707 1,459,023

Total deposits 2,830,715 2,966,594 2,795,673 2,938,224

Federal Home Loan Bank advances 50,000 - 75,000 -

Subordinated debt, net 63,489 63,463 63,436 63,383

Allowance for credit losses

on off-balance sheet credit exposures 2,493 3,164 3,794 3,289

Accrued expenses and other liabilities 28,028 31,802 32,680 32,054

Total liabilities 2,974,725 3,065,023 2,970,583 3,036,950

Shareholders' equity

Common stock 15,535 12,307 12,261 12,483

Additional paid-in capital 309,745 240,684 239,903 243,631

Retained earnings 106,254 101,160 95,249 93,665

Accumulated other comprehensive loss (330) (797) (488) (234)

Total shareholders' equity 431,204 353,354 346,925 349,545

Total liabilities and shareholders' equity $ 3,405,929 $ 3,418,377 $ 3,317,508 $ 3,386,495

FIRST CAROLINA FINANCIAL SERVICES, INC.

STATEMENTS OF OPERATIONS (unaudited)

As of and for the Three Months Ended As of and for the Six Months Ended

(dollars in thousands) June 30,

2026 March 31,

2026 June 30,

2025 June 30,

2026 June 30,

2025

Interest income

Interest on cash and due from banks $ 1,424 $ 1,940 $ 2,136 $ 3,364 $ 4,277

Loans, including fees 41,592 40,063 41,174 81,655 81,112

Investment securities 3,786 3,693 3,001 7,479 5,255

Other interest and dividends 44 45 47 89 123

Total interest income 46,846 45,741 46,358 92,587 90,767

Interest expense

Deposits 19,951 19,076 21,439 39,027 40,878

Borrowings 1,307 1,138 1,390 2,445 2,574

Total interest expense 21,258 20,214 22,829 41,472 43,452

Net interest income 25,588 25,527 23,529 51,115 47,315

Provision (recovery) for credit losses 273 (398) (169) (125) 363

Net interest income after provision for credit losses 25,315 25,925 23,698 51,240 46,952

Noninterest income

Service charges on deposit accounts 5,538 6,825 12,095 12,363 19,929

Gain on sale of securities, net - 108 - 108 -

Bank-owned life insurance 636 554 348 1,190 692

Other noninterest income 501 154 763 655 2,273

Total noninterest income 6,675 7,641 13,206 14,316 22,894

Noninterest expense

Salaries and employee benefits 11,662 12,399 15,215 24,061 27,596

Occupancy and equipment 4,013 4,325 3,902 8,338 6,901

Data processing 1,738 1,952 2,302 3,690 4,146

Other professional fees 3,183 2,506 2,198 5,689 3,569

Service fees 95 75 75 170 1,853

Federal deposit insurance premiums 650 1,050 795 1,700 1,590

Consumer fraud and transaction losses 1,432 1,338 3,522 2,770 7,039

Other noninterest expense 2,729 2,587 2,737 5,316 5,170

Total noninterest expense 25,502 26,232 30,746 51,734 57,864

Net income before taxes 6,488 7,334 6,158 13,822 11,982

Income tax expense 1,392 1,423 1,567 2,815 2,686

Net income $ 5,096 $ 5,911 $ 4,591 $ 11,007 $ 9,296

FIRST CAROLINA FINANCIAL SERVICES, INC.

FINANCIAL TABLES

Financial Highlights (unaudited)

As of and for the Three Months Ended As of and for the Six Months Ended

(dollars in thousands except per share amounts) June 30,

2026 March 31,

2026 June 30,

2025 June 30,

2026 June 30,

2025

Selected Operating Data:

Interest income $ 46,846 $ 45,741 $ 46,358 $ 92,587 $ 90,767

Interest expense 21,258 20,214 22,829 41,472 43,452

Net interest income 25,588 25,527 23,529 51,115 47,315

Provision (recovery) for credit losses 273 (398) (169) (125) 363

Noninterest income 6,675 7,641 13,206 14,316 22,894

Noninterest expense 25,502 26,232 30,746 51,734 57,864

Income tax expense 1,392 1,423 1,567 2,815 2,686

Net income 5,096 5,911 4,591 11,007 9,296

Share and Per Share Data:

Basic earnings per share $ 0.16 $ 0.24 $ 0.18 $ 0.35 $ 0.37

Diluted earnings per share $ 0.20 $ 0.24 $ 0.18 $ 0.44 $ 0.37

Book value per share (at period end) $ 13.88 $ 14.36 $ 14.00 $ 13.88 $ 14.00

Tangible book value per share1 $ 11.66 $ 11.52 $ 11.28 $ 11.66 $ 11.28

Shares of common stock outstanding 31,068,852 24,614,852 24,965,054 31,068,852 24,965,054

Weighted average diluted shares outstanding 25,235,701 24,610,368 24,955,621 24,924,762 24,946,966

Selected Balance Sheet Data:

Total assets $ 3,405,929 $ 3,418,377 $ 3,386,495 $ 3,405,929 $ 3,386,495

Securities available-for-sale, at fair value 325,341 331,641 284,608 325,341 284,608

Securities held-to-maturity, at fair value - - 37,421 - 37,421

Gross loans held for investment (LHFI) 2,742,549 2,684,469 2,696,875 2,742,549 2,696,875

Allowance for credit losses 22,064 21,121 21,760 22,064 21,760

Goodwill and other intangible assets 69,009 69,702 67,870 69,009 67,870

Deposits 2,830,715 2,966,594 2,938,224 2,830,715 2,938,224

Sub debt 63,489 63,463 63,383 63,489 63,383

Other borrowings 50,000 - - 50,000 -

Total shareholders' equity 431,204 353,354 349,545 431,204 349,545

1 Considered non-GAAP financial measure - See "Non-GAAP Financial Measures.”

FIRST CAROLINA FINANCIAL SERVICES, INC.

FINANCIAL TABLES

Financial Highlights - continued (unaudited)

As of and for the Three Months Ended As of and for the Six Months Ended

(dollars in thousands) June 30,

2026 March 31,

2026 June 30,

2025 June 30,

2026 June 30,

2025

Performance Ratios:

Pre-tax pre-provision net revenue (PPNR)1 $ 6,761 $ 6,936 $ 5,989 $ 13,697 $ 12,345

Return on average assets (ROAA)2

0.60 % 0.70 % 0.56 % 0.65 % 0.58 %

Return on average equity2 5.71 6.80 5.36 6.25 5.46

Return on average tangible common equity (ROATCE)1

7.09 8.50 6.69 7.78 6.55

Net interest margin 3.23 3.25 3.05 3.24 3.14

Efficiency ratio1

79.05 79.35 83.70 79.20 82.42

Noninterest income to average total assets 0.79 0.91 1.61 0.85 1.43

Noninterest income to total revenue 20.69 23.04 35.95 21.88 32.61

Noninterest expense to average total assets 3.01 3.12 3.74 3.07 3.60

Average interest-earning assets to average interest-bearing liabilities 133.15 139.47 135.03 136.22 139.63

Average equity to average total assets 10.53 10.34 10.41 10.43 10.61

Asset Quality Data:

Nonperforming assets to total assets 0.65 % 0.65 % 0.89 % 0.65 % 0.89 %

Nonperforming loans to gross LHFI 0.81 0.83 0.90 0.81 0.90

Total allowance for credit losses to nonperforming loans 99.07 94.54 89.75 99.07 89.75

Total allowance for credit losses to total LHFI 0.80 0.79 0.81 0.80 0.81

Net charge-offs to average LHFI 0.00 0.00 0.00 0.00 0.00

Balance Sheet and Capital Ratios:

Loan-to-deposit ratio 96.89 % 90.49 % 91.79 % 96.89 % 91.79 %

Noninterest bearing deposits to total deposits 19.89 22.20 19.64 19.89 19.64

Total shareholders' equity to total assets 12.66 10.34 10.32 12.66 10.32

Tangible common equity to tangible assets1

10.85 8.47 8.49 10.85 8.49

Other:

Number of branches 9 9 9 9 9

Number of full-time equivalent employees 269 269 312 275 312

1 Considered non-GAAP financial measure - See "Non-GAAP Financial Measures.”

2 Annualized calculations shown for quarterly periods presented.

FIRST CAROLINA FINANCIAL SERVICES, INC.

FINANCIAL TABLES

QTD Average Balances and Yields/Rates (unaudited)

As of and for the Three Months Ended

June 30, 2026 March 31, 2026 June 30, 2025

(dollars in thousands) Average balance Interest income/expense Average yields earned/rates paid Average balance Interest income/expense Average yields earned/rates paid Average balance Interest income/expense Average yields earned/rates paid

Assets:

Loans $ 2,688,901 $ 41,592 6.20 % $ 2,656,562 $ 40,063 6.12 % $ 2,671,797 $ 41,174 6.18 %

Securities, available for sale 328,941 3,786 4.62 % 319,900 3,693 4.68 % 194,246 2,448 5.05 %

Securities, held to maturity - - 0.00 % - - 0.00 % 40,360 553 5.50 %

Deposits in banks and short-term investments 156,891 1,468 3.75 % 210,574 1,985 3.82 % 184,541 2,183 4.74 %

Total interest earning assets 3,174,733 46,846 5.92 % 3,187,036 45,741 5.82 % 3,090,944 46,358 6.02 %

Noninterest-earning assets 223,606 221,340 207,726

Total assets $ 3,398,339 $ 3,408,376 $ 3,298,670

Liabilities and shareholders’ equity

Transaction accounts $ 517,257 $ 4,373 3.39 % $ 389,712 $ 3,138 3.27 % $ 295,503 $ 2,843 3.86 %

Money market and savings 972,528 7,654 3.16 % 847,186 6,294 3.01 % 614,315 5,326 3.48 %

Time deposits 799,742 7,924 3.97 % 972,238 9,644 4.02 % 1,291,002 13,270 4.12 %

Total interest-bearing deposits 2,289,527 19,951 3.50 % 2,209,136 19,076 3.50 % 2,200,820 21,439 3.91 %

Sub debt 63,480 1,014 6.41 % 63,453 1,019 6.51 % 63,374 1,158 7.33 %

Borrowings 31,348 293 3.75 % 12,534 119 3.85 % 24,801 232 3.75 %

Total interest-bearing liabilities 2,384,355 21,258 3.58 % 2,285,123 20,214 3.59 % 2,288,995 22,829 4.00 %

Noninterest-bearing demand deposits 620,825 731,313 623,172

Other liabilities 35,442 39,646 43,011

Shareholders’ equity 357,717 352,294 343,492

Total liabilities and shareholders’ equity $ 3,398,339 $ 3,408,376 $ 3,298,670

Net interest spread 2.34 % 2.23 % 2.02 %

Net interest income and spread $ 25,588 $ 25,527 $ 23,529

Net interest income/margin 3.23 % 3.25 % 3.05 %

Cost of total deposits 2.75 % 2.63 % 3.05 %

Cost of total funding 2.84 % 2.72 % 3.14 %

FIRST CAROLINA FINANCIAL SERVICES, INC.

FINANCIAL TABLES

YTD Average Balances and Yields/Rates (unaudited)

As of and for the Six Months Ended

June 30, 2026 June 30, 2025

(dollars in thousands) Average balance Interest

income/

expense Average yields earned/rates paid Average balance Interest

income/

expense Average yields earned/rates paid

Assets:

Loans $ 2,672,821 $ 81,655 6.16 % $ 2,654,768 $ 81,112 6.16 %

Securities, available for sale 324,446 7,478 4.65 % 153,968 4,047 5.30 %

Securities, held to maturity - - 0.00 % 44,833 1,208 5.43 %

Deposits in banks and short-term investments 183,584 3,454 3.79 % 189,171 4,400 4.69 %

Total interest earning assets 3,180,851 92,587 5.87 % 3,042,740 90,767 6.02 %

Noninterest-earning assets 222,479 193,504

Total assets $ 3,403,330 $ 3,236,244

Liabilities and shareholders’ equity

Transaction accounts 453,837 7,511 3.34 % 299,450 5,761 3.88 %

Money market and savings 910,203 13,948 3.09 % 601,652 10,333 3.46 %

Time deposits 885,513 17,568 4.00 % 1,193,282 24,785 4.19 %

Total interest-bearing deposits 2,249,553 39,027 3.50 % 2,094,384 40,878 3.94 %

Sub debt 63,467 2,033 6.46 % 63,360 2,140 6.81 %

Borrowings 21,993 412 3.78 % 21,456 434 4.08 %

Total interest-bearing liabilities 2,335,013 41,472 3.58 % 2,179,200 43,452 4.02 %

Non-interest-bearing demand deposits 675,764 668,783

Other liabilities 37,532 45,912

Shareholders’ equity 355,021 342,349

Total liabilities and shareholders’ equity $ 3,403,330 $ 3,236,244

Net interest spread 2.29 % 1.99 %

Net interest income and spread $ 51,115 $ 47,315

Net interest income/margin 3.24 % 3.14 %

Cost of total deposits 2.69 % 2.98 %

Cost of total funding 2.78 % 3.08 %

FIRST CAROLINA FINANCIAL SERVICES, INC.

FINANCIAL TABLES

Loan Data (unaudited)

As of the Quarter Ended

June 30,

2026 March 31,

2026 June 30,

2025

(dollars in thousands) Amount % of

Loans Amount % of

Loans

Construction, land & land development $ 325,384 11.9 % $ 283,894 10.6 % $ 330,465 12.3 %

Other commercial real estate 1,475,934 53.8 % 1,449,799 54.0 % 1,493,746 55.4 %

Owner-occupied real estate 270,838 9.9 % 268,905 10.0 % 283,528 10.5 %

Commercial, industrial & agricultural 313,056 11.4 % 327,404 12.2 % 297,347 11.0 %

Residential real estate 355,291 13.0 % 352,532 13.1 % 289,823 10.7 %

Consumer 2,046 0.1 % 1,935 0.1 % 1,966 0.1 %

Gross loans held for investment $ 2,742,549 $ 2,684,469 $ 2,696,875

Allowance for credit losses on LHFI (22,064) (21,121) (21,760)

Net loans held for investment $ 2,720,485 $ 2,663,348 $ 2,675,115

Nonperforming Assets (unaudited)

As of the Quarter Ended

(dollars in thousands) June 30,

2026 March 31,

2026 June 30,

2025

Nonaccrual loans $ 22,272 $ 22,340 $ 24,245

Past due loans 90 days and still accruing - - -

Total nonperforming loans $ 22,272 $ 22,340 $ 24,245

Other nonperforming assets - - 5,780

Other real estate owned - - -

Total nonperforming assets $ 22,272 $ 22,340 $ 30,025

Nonperforming loans to gross loans 0.81 % 0.83 % 0.90 %

Nonaccrual loans to gross loans 0.81 % 0.83 % 0.90 %

Nonaccrual loans to total assets 0.65 % 0.65 % 0.72 %

Nonperforming assets to total assets 0.65 % 0.65 % 0.89 %

Non-GAAP Financial Measures

Some of the financial measures discussed or presented in this press release or the accompanying financial tables are non-GAAP financial measures. In accordance with SEC rules, we classify a financial measure as being a non-GAAP financial measure if that financial measure excludes or includes amounts, or is subject to adjustments that have the effect of excluding or including amounts, that are included or excluded, as the case may be, in the most directly comparable measure calculated and presented in accordance with U.S. generally accepted accounting principles (“GAAP”).

Our accounting and reporting policies conform to GAAP and the prevailing practices in the banking industry. However, we also evaluate our performance based on certain additional non-GAAP financial measures. Management uses these non-GAAP financial measures because it believes they may provide useful supplemental information for evaluating our operations and performance over periods of time, as well as in managing and evaluating our business and in discussions about our operations and performance. Management believes these non-GAAP financial measures may also provide users of our financial information with a meaningful measure for assessing our financial results and credit trends, as well as a comparison to financial results for prior periods. These non-GAAP financial measures should be viewed in addition to, and not as an alternative to or substitute for, measures determined in accordance with GAAP and are not necessarily comparable to other similarly titled measures used by other companies.

Tangible common equity is defined as total shareholders’ equity less goodwill and other intangible assets.

Tangible book value per share is defined as tangible common equity divided by total common shares outstanding. We believe this measure is important because it shows changes from period to period in book value per share exclusive of changes in intangible assets.

Tangible common equity to tangible assets is defined as the ratio of tangible common equity divided by total tangible assets. We believe this measure is important because it shows relative changes from period to period in equity and total assets, each exclusive of changes in intangible assets.

Return on average tangible common equity (ROATCE) is defined as the ratio of net income to average tangible common equity (as defined above).

Efficiency ratio is defined as total noninterest expense divided by the sum of net interest income and noninterest income, excluding only gains from securities transactions. We believe this measure is important as an indicator of productivity because it shows the amount of revenue generated for each dollar spent.

Pretax pre-provision return (PPNR) is defined as net income plus income tax expense plus provision (minus recovery) for credit losses.

We believe that these non-GAAP financial measures provide useful information to management and investors that is supplementary to our financial condition, results of operations and cash flows computed in accordance with GAAP. However, we acknowledge that our non-GAAP financial measures have a number of limitations. As such, these disclosures should not be considered as a substitute for results determined in accordance with GAAP, and they are not necessarily comparable to non-GAAP financial measures that other banking companies use. Other banking companies may use names similar to those we disclose for the non-GAAP financial measures, but may calculate them differently.

FIRST CAROLINA FINANCIAL SERVICES, INC.

NON-GAAP RECONCILIATION

Tangible Book Value per Share / Tangible Common Equity to Tangible Assets (unaudited)

As of and for the Three Months Ended As of and for the Six Months Ended

(dollars in thousands, except per share data) June 30,

2026 March 31,

2026 June 30,

2025 June 30,

2026 June 30,

2025

Total shareholders' equity (GAAP) $ 431,204 $ 353,354 $ 349,545 $ 431,204 $ 349,545

Less: goodwill and intangibles (69,009) (69,702) (67,870) (69,009) (67,870)

Tangible common equity (Non-GAAP) $ 362,195 $ 283,652 $ 281,675 $ 362,195 $ 281,675

Common shares outstanding 31,068,852 24,614,852 24,965,054 31,068,852 24,965,054

Book value per common share (GAAP) 13.88 14.36 14.00 13.88 14.00

Tangible book value per common share (Non-GAAP) 11.66 11.52 11.28 11.66 11.28

Total assets (GAAP) $ 3,405,929 $ 3,418,377 $ 3,386,495 $ 3,405,929 $ 3,386,495

Less: goodwill and intangibles (69,009) (69,702) (67,870) (69,009) (67,870)

Tangible assets $ 3,336,920 $ 3,348,675 $ 3,318,625 $ 3,336,920 $ 3,318,625

Tangible common equity to tangible assets (Non-GAAP) 10.85 % 8.47 % 8.49 % 10.85 % 8.49 %

Return on Average Tangible Common Equity (unaudited)

As of and for the Three Months Ended As of and for the Six Months Ended

(dollars in thousands) June 30,

2026 March 31,

2026 June 30,

2025 June 30,

2026 June 30,

2025

Net income (GAAP) $ 5,096 $ 5,911 $ 4,591 $ 11,007 $ 9,296

Average shareholders' equity 357,717 352,294 343,492 355,020 343,575

Return on average equity 5.71 % 6.80 % 5.36 % 6.25 % 5.46 %

Average shareholders' equity $ 357,717 $ 352,294 $ 343,492 $ 355,020 $ 343,575

Less: average goodwill and intangibles (69,463) (70,156) (68,398) (69,807) (57,167)

Average tangible common equity (Non-GAAP) 288,254 282,138 275,094 285,213 286,408

Return on average tangible common equity (Non-GAAP) 7.09 % 8.50 % 6.69 % 7.78 % 6.55 %

Efficiency Ratio (unaudited)

As of and for the Three Months Ended As of and for the Six Months Ended

(dollars in thousands) June 30,

2026 March 31,

2026 June 30,

2025 June 30,

2026 June 30,

2025

Net interest income $ 25,588 $ 25,527 $ 23,529 $ 51,115 $ 47,315

Noninterest income (loss) 6,675 7,641 13,206 14,316 22,894

Adjusted for:

Gain (loss) on sale of securities - 108 - 108 -

Adjusted revenue $ 32,263 $ 33,060 $ 36,735 $ 65,323 $ 70,209

Total noninterest expense 25,502 26,232 30,746 51,734 57,864

GAAP-based efficiency ratio 79.04 % 79.35 % 83.70 % 79.20 % 82.42 %

FIRST CAROLINA FINANCIAL SERVICES, INC.

NON-GAAP RECONCILIATION

Pretax pre-provision return (unaudited)

As of and for the Three Months Ended As of and for the Six Months Ended

(dollars in thousands) June 30,

2026 March 31,

2026 June 30,

2025 June 30,

2026 June 30,

2025

Net income (GAAP-based) $ 5,096 $ 5,911 $ 4,591 $ 11,007 $ 9,296

Plus:

Income tax expense 1,392 1,423 1,567 2,815 $ 2,686

Provision (recovery) for credit losses 273 (398) (169) (125) $ 363

Pre-tax, pre-provision return $ 6,761 $ 6,936 $ 5,989 $ 13,697 $ 12,345

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