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First Carolina Bank Reports 55% Increase in Q3 Net Income
Reports Q3 annualized net charge-offs to average loans held for investment ratio was 0.01%, 0.00% for the preceding quarter, and 0.07% one year prior. Nonperforming assets declined to 0.60% of total assets compared to 0.63% a year ago. "This was a pivotal quarter for First Carolina," said Ron Day, Chairman, President, and CEO. "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 $2.8M, 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."
First Carolina Financial Services CFO Steven Deaton Plans to Retire on January 1, 2027
First Carolina Financial Services announced that Steven Deaton, CFO and Chief Risk Officer of the company and the Bank, plans to retire, effective January 1, 2027.
First Carolina Successfully IPOs, Solid Performance in H1 2026
"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."
First Bancorp to Acquire First Carolina for $166M
First Bancorp (FBNC) and First Carolina (FCBM) signed a definitive merger agreement under which First Bancorp will acquire First Carolina in a stock and cash transaction with an aggregate value of $166M, based on First Bancorp's stock price of $64.22 as of July 13. The consideration payable to First Carolina shareholders consists of 1,967,017 shares of First Bancorp common stock and $40M in cash. The merger agreement is expected to close in 4Q26 or early in 1Q27, subject to customary closing conditions, including First Carolina shareholder approval and regulatory approval. Carolina Bank is a privately held community bank headquartered in Florence, South Carolina with approximately $831M in assets. Founded in 1936, the Bank has had a presence in the Pee Dee region of South Carolina and operates 14 branches across six counties in the state. Carolina Bank is one of the top-performing community banks based in the Carolinas with an LTM return on average assets of 1.60% for the twelve months ended March 31, 2026.
Kardigan Raises $400M in Initial Public Offering
Kardigan shares jumped on Thursday after the heart-health focused biotech raised $400M in an initial public offering. The stock opened at $16.25 and closed its first day of trade near $22 per share.LATEST IPOS AND DIRECT LISTINGS:Kardigan, a clinical-stage precision therapeutics company developing medicines that target cardiovascular diseases, opened at $16.25 on June 18 after having priced its upsized initial public offering of 25M ordinary shares at a public offering price of $16 per share. The deal size was increased to 25M from 23.3M shares and priced at the high end of the $14-$16 range.Deep Fissionopened at $16 on June 18 after the advanced nuclear energy company priced 2.5M shares at $16.00. The deal range was $16.00-$18.00. Deep Fission is developing small modular pressurized water reactors installed one mile underground.First Carolinaopened at $13.25 on June 18 after having priced 5.5M shares at $12.50. The deal priced below the $14.00-$16.00 target range. First Carolina Financial Services, the holding company for First Carolina Bank, intends to use the net proceeds from the offering for general corporate purposes, which may include supporting organic growth, potential acquisitions, refinancing of outstanding indebtedness, and working capital.PERFORMANCE:Prices as of 1:30 pm ET on Monday, June 22 -Kardigan - up $1.30 to $23.30Deep Fission - down $1.12 to $13.44First Carolina Financial Services - down 5c to $12.56RECENT IPOS TO WATCH:SpaceXand Conexeu Scienceshave already seen some coverage roll out, while AMASS Brandsand Optimi Healthare among stocks that could see new coverage shortly as the quiet periods for banks that underwrote the companies' IPOs expire.UPCOMING IPOS:Upcoming IPO and direct listings expected include Bending Spoons, Inspire Brands, and Tarsier Pharma. Clickto see the upcoming IPO calendar on TipRanks.Bending Spoons, a technology company whose main businesses include AOL, Brightcove, Eventbrite, Evernote, Harvest, komoot, Remini, StreamYard, Vimeo, and WeTransfer, announces that it has publicly filed a registration statement on Form F-1 with the U.S. Securities and Exchange Commission relating to a proposed initial public offering of its ordinary shares. The timing of the offering, number of shares to be offered, and the price range for the proposed offering have not yet been determined. Bending Spoons has applied to list its ordinary shares on the Nasdaq Global Select Market under the ticker symbol "BSP."Inspire Brandsannounced that it has confidentially submitted a draft registration statement on Form S-1 with the Securities and Exchange Commission relating to the proposed initial public offering of its common stock. Inspire Brands expects to use the net proceeds of the proposed offering to repay outstanding indebtedness under its existing term loan facility and pay offering fees and expenses.Tarsier Pharma Ltd.filed for an initial public offering of its ordinary shares and applied to list its ordinary shares on the NYSE American under the symbol "TARX". Tarsier is developing TRS01 and TRS02, novel product candidates based on dazdotuftide, a new molecule with a new mechanism of action for uveitis and uveitic glaucoma.Opening Day" is The Fly's recurring series of stories on the latest initial public offerings, their performance, and upcoming IPOs.
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