Carter Bankshares Q4 net loss $1.9M; NPL ratio 8.83% on $301.9M nonaccrual loan

Carter Bankshares, Inc.

2023-FY EPS reported $1.00 revenue$17,267,000

Net loss $1.9M ($0.08 diluted EPS) vs $3.6M income ($0.16) in Q3 2023 and $15.6M ($0.65) in Q4 2022.
Net interest margin fell to 2.47% from 4.04% a year ago; interest income hurt $9.4M by large NPL.
Nonperforming loans 8.83% of portfolio; $301.9M lending relationship on nonaccrual; specific reserve $54.3M.
Provision for credit losses rose to $2.9M from $1.1M in Q3; efficiency ratio hit 94.8%.
Sold $30M in securities for $1.5M loss to reposition portfolio; loan growth 11% annualized.

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 0.9

Carter Bankshares, Inc. reported the year ended December 31, 2023 results: net income net income was $23.4 million, EPS $1.00 diluted EPS.

Period: the year ended December 31, 2023
Net income: net income was $23.4 million
EPS: $1.00 diluted EPS
Result: reported results

Exact text from the filing

For the year ended December 31, 2023, net income was $23.4 million, or $1.00 diluted EPS, compared to $50.1 million, or $2.03 diluted EPS for the year ended December 31, 2022.

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Carter Bankshares, Inc. reported the fourth quarter of 2023 results: net income net loss of $1.9 million, EPS $(0.08) earnings per share.

Period: the fourth quarter of 2023
Net income: net loss of $1.9 million
EPS: $(0.08) 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 a net loss of $1.9 million, or $(0.08) earnings per share (“EPS”), for the fourth quarter of 2023 compared to net income of $3.6 million, or $0.16 diluted EPS, in the third quarter of 2023 and $15.6 million, or $0.65 diluted EPS, for the fourth quarter of 2022.

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Carter Bankshares, Inc. filing history →

Source: SEC EDGAR

accession 0001829576-24-000005

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