Carter Bankshares Q3 net income drops 75% YoY to $3.6M; NPL ratio hits 9.04% on $302M nonaccrual

Carter Bankshares, Inc.

2023-Q3 EPS reported $1.07

Diluted EPS $0.16 vs $0.59 in Q3 2022; pre-tax pre-provision income falls to $5.4M from $19.5M.
Large lending relationship ($301.9M) remains on nonaccrual; represents 97.9% of total NPLs and 8.9% of loans.
Net interest margin narrows to 2.52% (-120 bps YoY) due to 194 bps rise in funding costs.
Total deposits decline $169.7M (-4.6%) YoY; CDs now 42.5% of deposits, up from 33.5%.
Loan growth of 9.6% annualized QoQ, but efficiency ratio worsens to 83.5% from 54.6% a year ago.

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 nine months ended September 30, 2023 results: net income $25.3 million, EPS $1.07 diluted EPS.

Period: nine months ended September 30, 2023
Net income: $25.3 million
EPS: $1.07 diluted EPS
Result: reported results

Exact text from the filing

For the nine months ended September 30, 2023, net income was $25.3 million, or $1.07 diluted EPS, compared to net income of $34.5 million, or $1.38 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 third quarter of 2023 results: revenue $27.4 million, net income $3.6 million, EPS $0.16 diluted earnings per share.

Period: third quarter of 2023
Revenue: $27.4 million
Net income: $3.6 million
EPS: $0.16 diluted earnings per share
Result: reported results

Exact text from the filing

return on average equity (“ROE”) of 4.19% and annualized year-to-date ROA and ROE of 0.78% and 9.71%, respectively; • Net interest income, increased $0.7 million, or 2.6%, to $27.4 million compared to the second quarter of 2023 primarily due to a 38 basis point increase in the yield on earning assets, offset by a 46 basis point increase in funding costs and

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Source: SEC EDGAR

accession 0001829576-23-000051

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