---
schema_version: "secwatch.filing_event.v1"
accession: "0001829576-23-000040"
form_type: "8-K"
ticker: "CARE"
cik: "0001829576"
company_name: "Carter Bankshares, Inc."
filed_at: "2023-07-27T23:59:59+00:00"
generated_at: "2026-06-13T00:52:36.974542+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001829576-23-000040
- form_type: 8-K
- ticker: CARE
- cik: 0001829576
- company_name: Carter Bankshares, Inc.
- filed_at: 2023-07-27T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1829576/000182957623000040/0001829576-23-000040-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1829576/000182957623000040/care-20230727.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001829576-23-000040
- JSON: https://secwatch.observer/filing/0001829576-23-000040.json
- Plain text: https://secwatch.observer/filing/0001829576-23-000040.txt

## Key facts
- Earnings Releases
  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
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1829576/000182957623000040/0001829576-23-000040-index.htm
- Earnings Releases
  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
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/1829576/000182957623000040/0001829576-23-000040-index.htm

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