secwatch.observer — SEC 8-K summary
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Issuer:     Carter Bankshares, Inc. (CARE)
CIK:        0001829576
Form:       8-K
Filed at:   2023-10-26T23:59:59+00:00
Accession:  0001829576-23-000051
Event type: earnings
Sentiment:  negative
Materiality: 0.85
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1829576/000182957623000051/0001829576-23-000051-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1829576/000182957623000051/care-20231026.htm
  HTML page:      https://secwatch.observer/filing/0001829576-23-000051

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