secwatch.observer — SEC 8-K summary
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Issuer:     Carter Bankshares, Inc. (CARE)
CIK:        0001829576
Form:       8-K
Filed at:   2023-07-27T23:59:59+00:00
Accession:  0001829576-23-000040
Event type: earnings
Sentiment:  negative
Materiality: 0.85
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1829576/000182957623000040/0001829576-23-000040-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1829576/000182957623000040/care-20230727.htm
  HTML page:      https://secwatch.observer/filing/0001829576-23-000040

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer