Carter Bankshares reports record Q1 net income $15.9M ($0.67 EPS); loans grow 12.9% annualized

Carter Bankshares, Inc.

2023-Q1 EPS reported $0.67

Record quarterly net income of $15.9M ($0.67 diluted EPS) vs $9.3M ($0.36) in Q1 2022.
Net interest margin 3.95% (down 9bp from Q4 2022 but up 107bp YoY); net interest income $40.8M.
Total portfolio loans grew $100M (12.9% annualized) to $3.2B; total deposits decreased $96.9M to $3.5B.
Nonperforming loans 0.26% of total loans; provision for credit losses $1.4M vs $0.1M in Q4 2022.
Stock repurchase program authorized for up to 1M shares; Federal Reserve non-objection received Apr 24.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Carter Bankshares, Inc. reported first quarter of 2023 results: net income $15.9 million, EPS $0.67 diluted earnings per share.

Period: first quarter of 2023
Net income: $15.9 million
EPS: $0.67 diluted earnings per share
Result: reported results

Exact text from the filing

record quarterly net income of $15.9 million, or $0.67 diluted earnings per share (“EPS”), for the first quarter of 2023

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Source: SEC EDGAR

accession 0001829576-23-000024

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