First Carolina Financial files for IPO as bank listings gain momentum

First Carolina Financial Services stepped into the public market with a filing that does more than outline a stock sale. It shows a Raleigh, North Carolina lender posting better earnings as it seeks to ride a wider revival in bank listings, a sharp contrast with the caution that gripped regional banks after the 2023 crisis.

The company reported first-quarter net income of $5.9 million for the three months ended March 31, up from $4.7 million a year earlier. Net interest income rose to $25.5 million from $23.8 million over the same period. For a bank preparing an initial public offering, that combination matters: rising core lending revenue and improving profit give investors a cleaner story than a balance sheet still struggling to regain traction.

First Carolina said it plans to list on the New York Stock Exchange under the ticker FCBM. Keefe, Bruyette & Woods is serving as sole bookrunner, with Raymond James and Hovde Group as co-managers. The filing did not disclose how many shares the company intends to sell or what valuation it is seeking, but the move itself signals that smaller lenders believe the market is willing to listen again.

That sentiment has been building. U.S. bank IPOs have mounted a strong comeback over the past year after a lull following the regional banking stress of 2023. Last year’s group of bank listings included Northpointe Bancshares, Avidbank, Commercial Bancgroup and Central Bancompany. Forbright, founded by former U.S. Representative John Delaney, also unveiled its IPO filing the week before First Carolina moved.

Broader capital-markets data points in the same direction. PwC said 22 traditional U.S. IPOs had raised more than $9.4 billion through March 31, the strongest first quarter in five years. Renaissance Capital said the first quarter ended with 35 IPOs raising $9.9 billion before volatility slowed the rebound. Against that backdrop, First Carolina’s filing suggests investors are still willing to make a distinction between banks with durable earnings and those that only looked promising on paper.

For regional lenders, that is the real test of the reopened window. First Carolina is not just entering an IPO market with improving numbers; it is also offering evidence that confidence in smaller U.S. banks has recovered enough to support fresh equity sales, even as rates, regulation and economic uncertainty remain in the background.