secwatch.observer — SEC 8-K summary
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Issuer:     Carter Bankshares, Inc. (CARE)
CIK:        0001829576
Form:       8-K
Filed at:   2024-01-25T23:59:59+00:00
Accession:  0001829576-24-000005
Event type: earnings
Sentiment:  negative
Materiality: 0.80
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1829576/000182957624000005/0001829576-24-000005-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1829576/000182957624000005/care-20240125.htm
  HTML page:      https://secwatch.observer/filing/0001829576-24-000005

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