Form 8-K

8-K — First Carolina Financial Services, Inc.

Accession: 0001628280-26-067640

Filed: 2026-10-27

Period: 2026-10-27

CIK: 0001531193

SIC: 6022 (STATE COMMERCIAL BANKS)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — fcbm-20261027.htm (Primary)

EX-99.1 (exhibit991fcfsq32026earnin.htm)

GRAPHIC (picture1a.jpg)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: fcbm-20261027.htm · Sequence: 1

fcbm-20261027

FALSE000153119300015311932026-10-272026-10-27

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): October 27, 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 520

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 October 27, 2026, First Carolina Financial Services, Inc. (the “Company”) issued a press release announcing its financial results for the three months ended September 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 October 27, 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: October 27, 2026 By: /s/ Steven G. Deaton

Steven G. Deaton Chief Financial Officer

EX-99.1

Filename: exhibit991fcfsq32026earnin.htm · Sequence: 2

Document

FOR IMMEDIATE RELEASE:

First Carolina Financial Services Reports Net Income of $7.9 Million, or $0.26 Per Diluted Share, for the Third Quarter of 2026

RALEIGH, N.C. (October 27, 2026) – First Carolina Financial Services, Inc. (NYSE: FCBM) (“First Carolina,” the “Company,” “we,” “our,” or “us”), today reported net income of $7.9 million, or $0.26 per diluted share, for the third quarter of 2026, compared to a loss of $2.0 million, or a loss of $0.08 per diluted share, for the third quarter of 2025. These results reflect a $9.9 million increase in net income compared to the third quarter of 2025. All per share data has been adjusted to reflect the two-for-one stock split completed on June 17, 2026.

“This was a pivotal quarter for First Carolina,” said Ron Day, Chairman, President, and Chief Executive Officer. “Last quarter we strengthened our core funding base, and this quarter we demonstrated what that foundation makes possible. On a linked-quarter basis, net income was up $2.8 million, or 55%. Our net interest margin expanded to 3.38% for the quarter, driven by continued loan repricing, higher yields on new originations, and well-managed funding costs even as rates have risen. Deepening treasury management relationships with our commercial clients continues to drive valuable operating deposit growth, which supports our discipline on funding costs. We also redeemed our 2019 subordinated debt issuance in early September, which should positively impact interest expense in coming periods. Most importantly, we have done all of this while keeping our eye on credit quality, and nonperforming assets held steady.”

“In payments, we are making significant progress in expanding our service offerings. At the end of the quarter, we began offering prepaid cards as a payment modality for universities participating in our pilot program, which gives our higher-education clients and their students a broader set of disbursement options. We continue penetrating the broader banking opportunity in higher education, which remains a strategic growth vertical for us. More broadly, we feel demand for First Carolina has never been higher. Customers have responded well to our becoming a public company, and the strength and range of our Commercial Banking, Payments, Consumer Banking and Wealth Management businesses position us to meet that demand across every stage of our clients’ financial journeys. We are very pleased with these accomplishments and believe they reflect the durable earnings power of our franchise as we head into the remainder of the year.”

Third Quarter 2026 Performance Highlights:

•Net income of $7.9 million, an increase of $9.9 million from the third quarter of 2025.

•Generated $154.1 million of loan growth in the quarter, representing an annualized growth rate of 22.3%.

•Expanded net interest margin by 32 basis points on a year-over-year comparative-quarter basis to 3.38%.

•Increased third quarter net interest income by 10.0% compared to the third quarter of 2025.

•Decreased third quarter non-interest expense by 19.6%, or $6.3 million compared to the third quarter of 2025.

•Reduced higher-cost certificates of deposit by 15.7% during the quarter and 58.8% over the past year, supporting funding cost improvements.

•Brokered deposits declined to 14.3% of total deposits at September 30, 2026 compared to 31.0% of total deposits a year ago.

•Continued strong capital levels with average shareholders' equity representing 12.33% of average assets.

•Nonperforming assets declined to 0.60% of total assets compared to 0.63% a year ago.

•Ended the quarter with book value per share of $13.93 and tangible book value per share1 of $11.73.

•Return on average assets (“ROAA”) of 0.89%.

•Return on average equity (“ROAE”) of 7.24%; Return on average tangible common equity (“ROATCE”)1 of 8.61%.

(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 $28.1 million for the third quarter of 2026, an increase of $2.6 million, or 10.0%, over the third quarter of 2025, reflecting continued balance sheet strength and revenue generation. The Company's net interest margin was 3.38% for the third quarter of 2026, representing a 32 basis point improvement over the prior year period, driven primarily by lower interest-bearing deposit costs. Net interest margin increased by 15 basis points from the second 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 increase in the third quarter of each fiscal year from the preceding second quarter period, primarily due to the educational calendar. Beyond these areas, deposit repricing initiatives and stronger yields on loans remain meaningful drivers of the Company’s performance.

The yield on average interest-earning assets was 5.97% for the third quarter of 2026, compared to 6.02% for the third quarter of 2025, a decrease of 5 basis points, primarily reflecting lower yield on the securities portfolio and short-term, floating rate investments. The yield on average interest-earning assets increased to 5.97% in the third quarter of 2026, from 5.92% in the second quarter of 2026, primarily driven by higher loan yields. The improvement reflects the strength of the Company's lending franchise and its disciplined approach to loan pricing, and it more than offset the decline in the yield on securities available for sale. As a result, 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 2.81% for the third quarter of 2026, a decrease of 31 basis points compared to the third quarter of 2025. Deposit costs were 2.71% for the third quarter of 2026, compared to 3.04% for the third quarter of 2025, a decrease of 33 basis points, and compared to 2.75% for the second quarter of 2026, a decrease of 4 basis points. The cost of interest-bearing liabilities was 3.58% for the third quarter of 2026, a decrease of 39 basis points compared to 3.97% for the third quarter of 2025, and no change compared to 3.58% for the second quarter of 2026, reflecting the strategic shift of deposits from time deposits to money market and savings accounts. Management believes the year-over-year decrease in total cost of funds, deposit costs, and cost of interest-bearing liabilities in the third quarter of 2026 versus the third quarter of 2025 are particularly meaningful, as this comparison eliminates the impact of the seasonal deposit flows in the Payments business that affect linked-quarter comparisons.

Noninterest income totaled $6.7 million for the third quarter of 2026, a decrease of $6.2 million, or 48.0%, from the third quarter of 2025. The decrease primarily reflects the planned discontinuation 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 and accounts for $3.6 million of the decrease from the third quarter of 2025. The decrease also reflects the non-recurring nature of the $1.7 million in net gains on sale of securities in the third quarter of 2025. Accordingly, results for the third quarter of 2026 are not directly comparable to those for the third quarter of 2025. Noninterest expense totaled $25.8 million for the third quarter of 2026, a decrease of $6.3 million, or 19.6%, from the third quarter of 2025. The decrease reflects lower salaries and employee benefits expense following the post-acquisition realignment of BM Technologies’ workforce, along with lower data processing costs and other professional fees. These results demonstrate the Company's ongoing commitment to disciplined cost control and operational efficiency.

The Company's effective tax rate was 20.7% for the third quarter of 2026, compared to 18.6% for the third quarter of 2025 and 21.5% for the second quarter of 2026. The higher effective tax rate compared to the prior-year quarter was primarily attributable to a higher state income effective tax rate due to a change in allocation of income before taxes between the Company, the Bank, and BM Technologies.

Balance Sheet Trends

Total assets were $3.67 billion at September 30, 2026, reflecting an increase of $154.1 million, or 4.4%, compared to September 30, 2025. Gross loans were $2.90 billion at September 30, 2026, an increase of $201.3 million, or 7.5%, compared to September 30, 2025, and an increase of $154.1 million, or 5.6%, from $2.74 billion at June 30, 2026.

Total deposits were $3.16 billion at September 30, 2026, reflecting an increase of $92.6 million, or 3.0%, compared to September 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 $571.7 million at September 30, 2026, a $815.3 million, or 58.8%, decrease compared to September 30, 2025, and a $106.6 million, or 15.7%, decrease compared to June 30, 2026.

Credit Quality

During the third quarter of 2026, the Company recorded a net release of the provision for credit losses of $1.0 million, compared to a provision for credit losses of $9.4 million in the third quarter of 2025, and a provision for credit losses of $273 thousand during the second quarter of 2026. The release recorded during the third quarter of 2026 was primarily attributable to the migration of construction loans to permanent financing, which carry lower expected loss rates, the reduction in unfunded commitments, an improvement in economic factors, and limited loan charge-offs for the period. The provision for credit losses in the third quarter of 2025 was impacted by the charge-off of a held-to-maturity security with an amortized cost basis of $5.8 million and a $1.9 million charge-off on a commercial loan. The Company's annualized net charge-offs to average loans held for investment ratio was 0.01% for the third quarter of 2026, 0.00% for the preceding quarter, and 0.07% one year prior.

Nonperforming assets totaled $21.9 million, or 0.60% of total assets, at September 30, 2026, compared to $22.3 million, or 0.63% of total assets, at September 30, 2025, and $22.3 million, or 0.65% of total assets at June 30, 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 phrases 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 or products, including our prepaid card offering being piloted at certain universities; 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) September 30,

2026 June 30,

2026 March 31,

2026 December 31,

2025 September 30,

2025

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

Assets

Cash and cash equivalents $ 237,374 $ 118,821 $ 190,323 $ 134,116 $ 297,177

Investment securities, available for sale 319,145 325,341 331,641 312,090 310,833

Investment securities, held to maturity - - - - 250

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

Loans receivable 2,896,606 2,742,549 2,684,469 2,648,174 2,695,350

Allowance for credit losses (21,280) (22,064) (21,121) (20,893) (23,492)

Net loans 2,875,326 2,720,485 2,663,348 2,627,281 2,671,858

Premises and equipment, net 41,059 42,077 43,531 44,707 45,086

Goodwill and intangible assets, net 68,318 69,009 69,702 70,395 68,080

Deferred tax asset 25,740 24,055 24,092 25,142 27,706

Bank-owned life insurance 69,258 68,577 58,910 58,356 57,798

Prepaid expenses and other assets 32,038 32,825 34,466 39,689 35,591

Total assets $ 3,670,622 $ 3,405,929 $ 3,418,377 $ 3,317,508 $ 3,516,522

Liabilities and shareholders' equity

Liabilities

Deposits

Noninterest bearing DDA $ 805,226 $ 563,008 $ 658,707 $ 533,232 $ 792,736

Interest bearing DDA 509,985 572,971 479,032 376,537 313,754

Savings and money market 1,276,158 1,016,471 931,271 759,197 576,962

Certificates of deposit 571,661 678,265 897,584 1,126,707 1,387,002

Total deposits 3,163,030 2,830,715 2,966,594 2,795,673 3,070,454

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

Subordinated debt, net 31,654 63,489 63,463 63,436 63,409

Allowance for credit losses

on off-balance sheet credit exposures 2,234 2,494 3,164 3,794 3,249

Accrued expenses and other liabilities 41,034 29,577 31,802 32,680 39,796

Total liabilities 3,237,952 2,976,275 3,065,023 2,970,583 3,176,908

Shareholders' equity

Common stock

15,535 15,535 12,307 12,261 12,261

Additional paid-in capital 309,186 308,195 240,684 239,903 239,014

Retained earnings 114,151 106,254 101,160 95,249 90,346

Accumulated other comprehensive loss (6,202) (330) (797) (488) (2,007)

Total shareholders' equity 432,670 429,654 353,354 346,925 339,614

Total liabilities and shareholders' equity $ 3,670,622 $ 3,405,929 $ 3,418,377 $ 3,317,508 $ 3,516,522

FIRST CAROLINA FINANCIAL SERVICES, INC.

STATEMENTS OF OPERATIONS (unaudited)

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

(dollars in thousands) September 30,

2026 June 30,

2026 September 30,

2025 September 30,

2026 September 30,

2025

Interest income

Interest on cash and due from banks $ 1,525 $ 1,424 $ 3,337 $ 4,890 $ 7,614

Loans, including fees 44,156 41,592 42,781 125,810 123,893

Investment securities 3,822 3,786 4,017 11,300 9,272

Other interest and dividends 59 44 55 148 178

Total interest income 49,562 46,846 50,190 142,148 140,957

Interest expense

Deposits 20,076 19,951 23,606 59,103 64,484

Borrowings 1,423 1,307 1,071 3,867 3,645

Total interest expense 21,499 21,258 24,677 62,970 68,129

Net interest income 28,063 25,588 25,513 79,178 72,828

Provision (recovery) for credit losses (1,029) 273 9,350 (1,155) 9,713

Net interest income after provision for credit losses 29,092 25,315 16,163 80,333 63,115

Noninterest income

Service charges on deposit accounts 5,875 5,538 10,540 18,237 30,470

Gain on sale of securities, net - - 1,721 108 1,721

Bank-owned life insurance 681 636 559 1,871 1,250

Other noninterest income 161 501 110 816 2,382

Total noninterest income 6,717 6,675 12,930 21,032 35,823

Noninterest expense

Salaries and employee benefits 12,376 11,662 14,456 36,436 42,052

Occupancy and equipment 4,125 4,013 4,442 12,463 11,343

Data processing 1,651 1,738 2,179 5,342 6,325

Other professional fees 3,300 3,183 6,025 8,989 9,594

Service fees 82 95 74 252 1,928

Federal deposit insurance premiums 450 650 795 2,150 2,385

Consumer fraud and transaction losses 1,226 1,432 1,717 3,996 8,754

Other noninterest expense 2,597 2,729 2,421 7,913 7,592

Total noninterest expense 25,807 25,502 32,109 77,541 89,973

Net income before taxes 10,002 6,488 (3,016) 23,824 8,965

Income tax expense 2,106 1,392 (1,016) 4,921 1,669

Net income (loss) $ 7,896 $ 5,096 $ (2,000) $ 18,903 $ 7,296

FIRST CAROLINA FINANCIAL SERVICES, INC.

FINANCIAL TABLES

Financial Highlights (unaudited)

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

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

2026 June 30,

2026 September 30,

2025 September 30,

2026 September 30,

2025

Selected Operating Data:

Interest income $ 49,562 $ 46,846 $ 50,190 $ 142,148 $ 140,957

Interest expense 21,499 21,258 24,677 62,970 68,129

Net interest income 28,063 25,588 25,513 79,178 72,828

Provision (recovery) for credit losses (1,029) 273 9,350 (1,155) 9,713

Noninterest income 6,717 6,675 12,930 21,032 35,823

Noninterest expense 25,807 25,502 32,109 77,541 89,973

Income tax expense 2,106 1,392 (1,016) 4,921 1,669

Net income (loss) 7,896 5,096 (2,000) 18,903 7,296

Share and Per Share Data:

Basic earnings per share $ 0.26 $ 0.21 $ (0.08) $ 0.71 $ 0.29

Diluted earnings per share $ 0.26 $ 0.20 $ (0.08) $ 0.71 $ 0.29

Book value per share (at period end) $ 13.93 $ 13.83 $ 13.85 $ 13.93 $ 13.85

Tangible book value per share1 $ 11.73 $ 11.61 $ 11.07 $ 11.73 $ 11.07

Shares of common stock outstanding 31,069,852 31,068,852 24,521,854 31,069,852 24,521,854

Weighted average basic shares outstanding 30,838,326 24,802,799 24,537,037 26,810,808 24,808,766

Weighted average diluted shares outstanding 30,838,326 25,235,701 24,537,037 26,810,808 24,808,766

Selected Balance Sheet Data:

Total assets $ 3,670,622 $ 3,405,929 $ 3,516,522 $ 3,670,622 $ 3,516,522

Securities available-for-sale, at fair value 319,145 325,341 310,833 319,145 310,833

Securities held-to-maturity, at fair value - - 250 - 250

Gross loans held for investment (LHFI) 2,896,606 2,742,549 2,695,350 2,896,606 2,695,350

Allowance for credit losses 21,280 22,064 23,492 21,280 23,492

Goodwill and other intangible assets 68,318 69,009 68,080 68,318 68,080

Deposits 3,163,030 2,830,715 3,070,454 3,163,030 3,070,454

Sub debt 31,654 63,489 63,409 31,654 63,409

Other borrowings - 50,000 - - -

Total shareholders' equity 432,670 429,654 339,614 432,670 339,614

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 Nine Months Ended

(dollars in thousands) September 30,

2026 June 30,

2026 September 30,

2025 September 30,

2026 September 30,

2025

Performance Ratios:

Pre-tax pre-provision return (PPR)1 $ 8,973 $ 6,761 $ 6,334 $ 22,669 $ 18,678

Return on average assets (ROAA)2

0.89 % 0.60 % (0.22) % 0.73 % 0.29 %

Return on average equity2 7.24 5.71 (2.29) 6.63 2.84

Return on average tangible common equity (ROATCE)1

8.61 7.09 (2.85) 8.11 3.45

Net interest margin 3.38 3.23 3.06 3.29 3.11

Efficiency ratio1

74.20 79.04 87.44 77.46 84.14

Noninterest income to average total assets 0.76 0.79 1.45 0.82 1.44

Noninterest income to total revenue 19.31 20.69 33.63 20.99 32.97

Noninterest expense to average total assets 2.92 3.01 3.61 3.01 3.61

Average interest-earning assets to average interest-bearing liabilities 138.02 133.15 134.14 136.84 137.62

Average equity to average total assets 12.33 10.53 9.79 11.09 10.30

Asset Quality Data:

Nonperforming assets to total assets 0.60 % 0.65 % 0.63 % 0.60 % 0.63 %

Nonperforming loans to gross LHFI 0.76 0.81 0.83 0.76 0.83

Total allowance for credit losses to nonperforming loans 97.15 99.07 105.26 97.15 105.26

Total allowance for credit losses to total LHFI 0.73 0.80 0.87 0.73 0.87

Net charge-offs to average LHFI 0.01 0.00 0.07 0.01 0.07

Balance Sheet and Capital Ratios:

Loan-to-deposit ratio 91.58 % 96.89 % 87.78 % 91.58 % 87.78 %

Noninterest bearing deposits to total deposits 25.46 19.89 25.82 25.46 25.82

Total shareholders' equity to total assets 11.79 12.61 9.66 11.79 9.66

Tangible common equity to tangible assets1

10.11 10.81 7.87 10.11 7.87

Other:

Number of branches 9 9 9 9 9

Number of full-time equivalent employees 271 269 297 271 297

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

September 30, 2026 June 30, 2026 September 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 $ 2,805,567 $ 44,156 6.24 % $ 2,688,901 $ 41,592 6.20 % $ 2,701,520 $ 42,781 6.28 %

Securities, available for sale 325,152 3,822 4.66 % 328,941 3,786 4.62 % 273,130 3,656 5.31 %

Securities, held to maturity - - 0.00 % - - 0.00 % 29,304 361 4.89 %

Deposits in banks and short-term investments 160,902 1,584 3.91 % 156,891 1,468 3.75 % 302,170 3,392 4.45 %

Total interest earning assets 3,291,621 49,562 5.97 % 3,174,733 46,846 5.92 % 3,306,124 50,190 6.02 %

Noninterest-earning assets 219,303 223,606 225,782

Total assets $ 3,510,924 $ 3,398,339 $ 3,531,906

Liabilities and shareholders’ equity

Transaction accounts $ 536,191 $ 4,798 3.55 % $ 517,257 $ 4,373 3.39 % $ 300,417 $ 2,863 3.78 %

Money market and savings 1,149,202 9,603 3.32 % 972,528 7,654 3.16 % 620,330 5,447 3.48 %

Time deposits 599,421 5,675 3.76 % 799,742 7,924 3.97 % 1,480,550 15,296 4.10 %

Total interest-bearing deposits 2,284,814 20,076 3.49 % 2,289,527 19,951 3.50 % 2,401,297 23,606 3.90 %

Sub debt 56,234 993 7.01 % 63,480 1,014 6.41 % 63,400 1,070 6.70 %

Borrowings 43,777 430 3.90 % 31,348 293 3.75 % 61 1 6.50 %

Total interest-bearing liabilities 2,384,825 21,499 3.58 % 2,384,355 21,258 3.58 % 2,464,758 24,677 3.97 %

Noninterest-bearing demand deposits 655,744 620,825 675,808

Other liabilities 37,542 35,442 45,509

Shareholders’ equity 432,813 357,717 345,831

Total liabilities and shareholders’ equity $ 3,510,924 $ 3,398,339 $ 3,531,906

Net interest spread 2.40 % 2.34 % 2.05 %

Net interest income and spread $ 28,063 $ 25,588 $ 25,513

Net interest income/margin 3.38 % 3.23 % 3.06 %

Cost of total deposits 2.71 % 2.75 % 3.04 %

Cost of total funding 2.81 % 2.84 % 3.12 %

FIRST CAROLINA FINANCIAL SERVICES, INC.

FINANCIAL TABLES

YTD Average Balances and Yields/Rates (unaudited)

As of and for the Nine Months Ended

September 30, 2026 September 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 $ 2,717,556 $ 125,810 6.19 % $ 2,670,523 $ 123,893 6.20 %

Securities, available for sale 324,684 11,300 4.65 % 194,069 7,703 5.31 %

Securities, held to maturity - - 0.00 % 39,656 1,569 5.29 %

Deposits in banks and short-term investments 175,940 5,038 3.83 % 227,251 7,792 4.58 %

Total interest earning assets 3,218,180 142,148 5.91 % 3,131,499 140,957 6.02 %

Noninterest-earning assets 220,975 204,382

Total assets $ 3,439,155 $ 3,335,881

Liabilities and shareholders’ equity

Transaction accounts $ 481,590 $ 12,310 3.42 % $ 299,776 $ 8,624 3.85 %

Money market and savings 990,745 23,550 3.18 % 607,946 15,780 3.47 %

Time deposits 789,101 23,243 3.94 % 1,290,090 40,080 4.15 %

Total interest-bearing deposits 2,261,436 59,103 3.49 % 2,197,812 64,484 3.92 %

Sub debt 61,029 3,025 6.63 % 63,374 3,209 6.77 %

Borrowings 29,334 842 3.84 % 14,246 436 4.09 %

Total interest-bearing liabilities 2,351,799 62,970 3.58 % 2,275,432 68,129 4.00 %

Non-interest-bearing demand deposits 669,017 671,150

Other liabilities 37,108 45,777

Shareholders’ equity 381,231 343,522

Total liabilities and shareholders’ equity $ 3,439,155 $ 3,335,881

Net interest spread 2.33 % 2.02 %

Net interest income and spread $ 79,178 $ 72,828

Net interest income/margin 3.29 % 3.11 %

Cost of total deposits 2.70 % 3.01 %

Cost of total funding 2.79 % 3.09 %

FIRST CAROLINA FINANCIAL SERVICES, INC.

FINANCIAL TABLES

Loan Data (unaudited)

As of the Quarter Ended

September 30,

2026 June 30,

2026 September 30,

2025

(dollars in thousands) Amount % of

Loans Amount % of

Loans

Construction, land & land development $ 249,744 8.6 % $ 325,384 11.9 % $ 315,488 11.7 %

Other commercial real estate 1,640,357 56.6 % 1,475,934 53.8 % 1,448,761 53.8 %

Owner-occupied real estate 317,752 11.0 % 270,838 9.9 % 296,887 11.0 %

Commercial, industrial & agricultural 314,855 10.9 % 313,056 11.4 % 322,688 12.0 %

Residential real estate 372,783 12.9 % 355,291 13.0 % 309,869 11.5 %

Consumer 1,115 0.0 % 2,046 0.1 % 1,657 0.1 %

Gross loans held for investment $ 2,896,606 $ 2,742,549 $ 2,695,350

Allowance for credit losses on LHFI (21,280) (22,064) (23,492)

Net loans held for investment $ 2,875,326 $ 2,720,485 $ 2,671,858

Nonperforming Assets (unaudited)

As of the Quarter Ended

(dollars in thousands) September 30,

2026 June 30,

2026 September 30,

2025

Nonaccrual loans $ 21,905 $ 22,272 $ 22,318

Past due loans 90 days and still accruing - - -

Total nonperforming loans $ 21,905 $ 22,272 $ 22,318

Other nonperforming assets - - -

Other real estate owned - - -

Total nonperforming assets $ 21,905 $ 22,272 $ 22,318

Nonperforming loans to gross loans 0.76 % 0.81 % 0.83 %

Nonaccrual loans to gross loans 0.76 % 0.81 % 0.83 %

Nonaccrual loans to total assets 0.60 % 0.65 % 0.63 %

Nonperforming assets to total assets 0.60 % 0.65 % 0.63 %

Non-GAAP Financial Measures

Some of the financial measures discussed or presented in this press release or the accompanying financial tables are not measures recognized under accounting principles generally accepted in the United States of America (“GAAP”) and therefore are considered 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 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.

Pre-tax pre-provision return (PPR) 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 the Quarter Ended

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

2026 June 30,

2026 September 30,

2025

Total shareholders' equity (GAAP) $ 432,670 $ 429,654 $ 339,614

Less: goodwill and intangibles (68,318) (69,009) (68,080)

Tangible common equity (Non-GAAP) $ 364,352 $ 360,645 $ 271,534

Common shares outstanding 31,069,852 31,068,852 24,521,854

Book value per common share (GAAP) 13.93 13.83 13.85

Tangible book value per common share (Non-GAAP) 11.73 11.61 11.07

Total assets (GAAP) $ 3,670,622 $ 3,405,929 $ 3,516,522

Less: goodwill and intangibles (68,318) (69,009) (68,080)

Tangible assets $ 3,602,304 $ 3,336,920 $ 3,448,442

Tangible common equity to tangible assets (Non-GAAP) 10.11 % 10.81 % 7.87 %

Return on Average Tangible Common Equity (unaudited)

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

(dollars in thousands) September 30,

2026 June 30,

2026 September 30,

2025 September 30,

2026 September 30,

2025

Net income (GAAP) $ 7,896 $ 5,096 $ (2,000) $ 18,903 $ 7,296

Average shareholders' equity 432,813 357,717 345,831 381,231 343,522

Return on average equity 7.24 % 5.71 % (2.29) % 6.63 % 2.84 %

Average shareholders' equity $ 432,813 $ 357,717 $ 345,831 $ 381,231 $ 343,522

Less: average goodwill and intangibles (68,774) (69,463) (67,606) (69,459) (60,685)

Average tangible common equity (Non-GAAP) 364,039 288,254 278,225 311,772 282,837

Return on average tangible common equity (Non-GAAP) 8.61 % 7.09 % (2.85) % 8.11 % 3.45 %

Efficiency Ratio (unaudited)

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

(dollars in thousands) September 30,

2026 June 30,

2026 September 30,

2025 September 30,

2026 September 30,

2025

Net interest income $ 28,063 $ 25,588 $ 25,513 $ 79,178 $ 72,828

Noninterest income 6,717 6,675 12,930 21,032 35,823

Adjusted for:

Gain on sale of securities - - 1,721 108 1,721

Adjusted revenue $ 34,780 $ 32,263 $ 36,722 $ 100,102 $ 106,930

Total noninterest expense 25,807 25,502 32,109 77,541 89,973

Efficiency ratio (Non-GAAP) 74.20 % 79.04 % 87.44 % 77.46 % 84.14 %

FIRST CAROLINA FINANCIAL SERVICES, INC.

NON-GAAP RECONCILIATION

Pre-tax pre-provision return (unaudited)

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

(dollars in thousands) September 30,

2026 June 30,

2026 September 30,

2025 September 30,

2026 September 30,

2025

Net income (GAAP) $ 7,896 $ 5,096 $ (2,000) $ 18,903 $ 7,296

Plus:

Income tax expense 2,106 1,392 (1,016) 4,921 1,669

Provision (recovery) for credit losses (1,029) 273 9,350 (1,155) 9,713

Pre-tax, pre-provision return (Non-GAAP) $ 8,973 $ 6,761 $ 6,334 $ 22,669 $ 18,678

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