First Carolina Swings to $7.9M Q3 Profit From Year-Ago Loss as Margin Widens
FCBM is trading near its 52-week low of $12.17 (6.6% above the low).
Summary
First Carolina posted Q3 net income of $7.9M, or $0.26 per diluted share, reversing a $2.0M loss a year ago. Net interest margin climbed to 3.38%, up 32 bps, and net interest income rose 10% to $28.1M, while noninterest income came in at $6.7M. Noninterest expense fell 19.6% to $25.8M, reflecting cost cuts after the BMT realignment, and CDs dropped 58.8% to $571.7M as deposits shifted into lower-cost core accounts. A $1.0M provision release also helped, though that credit tailwind may not repeat, and the company ended the quarter with book value per share of $13.93. This follows the Q2 report of $5.1M net income ($0.20 EPS) and the September 8-K disclosing CFO/CRO Steven Deaton's retirement effective January 1, 2027. The stock is trading near its 52-week high, so the beat needs to hold to justify the level.
At the time of this announcement, FCBM was trading at $12.97 on NYSE in the Finance sector, with a market capitalization of approximately $403M. The 52-week trading range was $12.17 to $13.40. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: Wiseek News.