First Carolina Q2 Net Income Rises 11% to $5.1M, Margin Expands 18 bps
FCBM is trading near its 52-week low of $12.3 (0.5% above the low).
Summary
First Carolina reported Q2 net income of $5.1M, up 11% YoY, with EPS of $0.20. Net interest margin expanded 18 bps to 3.23%, driven by deposit optimization—brokered deposits fell $211M while non-brokered deposits grew $246M. Loan growth was strong at $58.1M (8.9% annualized), and credit quality remained pristine with zero net charge-offs. The quarter also marked the full exercise of the IPO overallotment, bringing total net proceeds to $69.3M. Book value per share stands at $13.88, tangible book at $11.66. The payments business is gaining traction with $37M in loan facilities and deposits from higher-ed clients, and a new prepaid card partnership with U.S. Bank adds a growth vector. This is the first earnings report since the June IPO, and the clean, improving metrics support the post-IPO thesis.
At the time of this announcement, FCBM was trading at $12.36 on NYSE in the Finance sector, with a market capitalization of approximately $373.8M. The 52-week trading range was $12.30 to $13.40. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: Dow Jones Newswires.