Carter Bankshares Q2 net income falls to $5.7M on $301.9M nonaccrual loan placement

Carter Bankshares, Inc.

2023-Q2 EPS reported $0.91

Diluted EPS $0.24 vs $0.67 in Q1 2023; net income $5.7M vs $15.9M.
Placed $301.9M loans on nonaccrual; $11.3M negative impact on interest income.
Nonperforming loans to total loans surged to 9.33% from 0.26% prior quarter.
Net interest margin dropped 144 bps to 2.51%; efficiency ratio rose to 80.5%.
Tier 1 capital ratio 11.46%; repurchased $8.2M in common stock during quarter.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

Carter Bankshares, Inc. reported six months ended June 30, 2023 results: net income $21.6 million, EPS $0.91 diluted EPS.

Period: six months ended June 30, 2023
Net income: $21.6 million
EPS: $0.91 diluted EPS
Result: reported results

Exact text from the filing

For the six months ended June 30, 2023, net income was $21.6 million, or $0.91 diluted EPS, compared to net income of $20.1 million, or $0.80 diluted EPS for the same period in 2022.

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

Carter Bankshares, Inc. reported second quarter of 2023 results: net income $5.7 million, EPS $0.24 diluted earnings per share.

Period: second quarter of 2023
Net income: $5.7 million
EPS: $0.24 diluted earnings per share
Result: reported results

Exact text from the filing

Carter Bankshares, Inc. (the “Company”) (NASDAQ:CARE), the holding company of Carter Bank & Trust (the “Bank”) today announced quarterly net income of $5.7 million, or $0.24 diluted earnings per share (“EPS”), for the second quarter of 2023

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Source: SEC EDGAR

accession 0001829576-23-000040

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