secwatch.observer — SEC 8-K summary
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Issuer:     Carter Bankshares, Inc. (CARE)
CIK:        0001829576
Form:       8-K
Filed at:   2023-04-27T23:59:59+00:00
Accession:  0001829576-23-000024
Event type: earnings
Sentiment:  positive
Materiality: 0.80
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1829576/000182957623000024/0001829576-23-000024-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1829576/000182957623000024/care-20230427.htm
  HTML page:      https://secwatch.observer/filing/0001829576-23-000024

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