---
schema_version: "secwatch.filing_event.v1"
accession: "0001829576-23-000024"
form_type: "8-K"
ticker: "CARE"
cik: "0001829576"
company_name: "Carter Bankshares, Inc."
filed_at: "2023-04-27T23:59:59+00:00"
generated_at: "2026-06-16T09:21:07.954978+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001829576-23-000024
- form_type: 8-K
- ticker: CARE
- cik: 0001829576
- company_name: Carter Bankshares, Inc.
- filed_at: 2023-04-27T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1829576/000182957623000024/0001829576-23-000024-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1829576/000182957623000024/care-20230427.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001829576-23-000024
- JSON: https://secwatch.observer/filing/0001829576-23-000024.json
- Plain text: https://secwatch.observer/filing/0001829576-23-000024.txt

## Key facts
- Earnings Releases
  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
  source text: record quarterly net income of $15.9 million, or $0.67 diluted earnings per share (“EPS”), for the first quarter of 2023
  evidence_url: https://www.sec.gov/Archives/edgar/data/1829576/000182957623000024/0001829576-23-000024-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.