First Carolina Financial Services FCBM

First Carolina Financial Services, Inc. is a financial services company providing banking solutions and financial services through a focused banking footprint and national financial services business. The company delivers innovative banking solutions to a diverse client base including small and medium-sized businesses, individuals, professionals, and institutions of higher education. As of March 31, 2026, the company had total assets of $3.4 billion, total loans of $2.7 billion, total deposits of $3.0 billion, and total shareholders’ equity of $353.4 million.

The company generates revenue through interest income from its loan portfolio and noninterest income from fees and services. Primary revenue sources include commercial banking, payments processing, consumer banking, and wealth management. The company monetizes its Payments business through institutional fees, interchange and account fees from the BankMobile Platform deposit account offering, and low-cost deposits derived from processing over $13.5 billion annually in student disbursements.

The company operates through the following segments: Commercial Banking, Payments, Consumer Banking, and Wealth Management.

• Commercial Banking: This segment delivers term and construction financing solutions for commercial real estate properties and provides commercial and industrial banking solutions including loans on owner-occupied CRE properties and lines of credit to closely held companies. The segment includes Real Estate Banking and Commercial & Industrial Banking divisions. The Real Estate Banking division provides financing for CRE purchases, rehabilitation/repositioning, and refinancings using local market expertise.
• Payments: This segment provides financial aid and student refund disbursement services to higher education institutions through a partnership with BM Tech, which was acquired in 2025. The segment offers students flexible options to receive funds from federal grants and scholarships through its refund management disbursement platform. As a competitive differentiator, the Payments business also offers students the option to deposit funds into its BankMobile Platform deposit account offering.
• Consumer Banking: This segment is primarily driven by the BankMobile Platform, which provides digital-first checking and savings accounts through its app with features such as peer-to-peer transfers and reward programs. The BankMobile Platform provides an evergreen pipeline for new accounts with an inherent opportunity to graduate these accounts into long-term, franchise banking relationships. The segment also includes a retail banking division serving the personal day-to-day banking needs of commercial clients, business owners, and high-net-worth professionals in core Southeast markets.
• Wealth Management: This segment delivers a full suite of wealth management services through First Carolina Wealth, building strong partnership relationships with clients to offer superior wealth management, trusts, and financial planning solutions. The segment personalizes services based on each client’s resources, needs, and goals to best achieve their priorities in pursuit of an abundant and fulfilled life. The segment serves clients throughout their respective life cycles with a focus on long-term relationships.

First Carolina Financial Services, Inc. holds a dominant market share in the higher education funds disbursement sector, with a 73% market share based on active accounts and relationships as indicated by the CFPB’s December 2024 annual report to Congress. The company competes with large regional and nationwide banking organizations, other federally and state-chartered financial institutions, savings and loan institutions, credit unions, mortgage companies, and other lenders engaged in extending commercial credit. Key competitive advantages include its technology-forward platform, personalized relationship-driven service, and expertise in serving higher education institution customers.

The company serves over 524,000 customer deposit accounts as of March 31, 2026, including small and medium-sized businesses, individuals, professionals, and institutions of higher education. The Payments business serves over 750 higher education campuses across 46 states. The Consumer Banking business serves approximately 514,000 customers across the nation through the BankMobile Platform and online presence, supplemented by retail banking divisions in core Southeast markets. The Commercial Banking business primarily serves core Southeast markets, including North Carolina, Georgia, Virginia, and South Carolina.