---
schema_version: "secwatch.filing_event.v1"
accession: "0001829576-24-000005"
form_type: "8-K"
ticker: "CARE"
cik: "0001829576"
company_name: "Carter Bankshares, Inc."
filed_at: "2024-01-25T23:59:59+00:00"
generated_at: "2026-06-06T18:28:41.253173+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001829576-24-000005
- form_type: 8-K
- ticker: CARE
- cik: 0001829576
- company_name: Carter Bankshares, Inc.
- filed_at: 2024-01-25T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1829576/000182957624000005/0001829576-24-000005-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1829576/000182957624000005/care-20240125.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001829576-24-000005
- JSON: https://secwatch.observer/filing/0001829576-24-000005.json
- Plain text: https://secwatch.observer/filing/0001829576-24-000005.txt

## Key facts
- Earnings Releases
  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
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1829576/000182957624000005/0001829576-24-000005-index.htm
- Earnings Releases
  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
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1829576/000182957624000005/0001829576-24-000005-index.htm

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