Carter Bankshares Q1 net income $5.8M ($0.25 EPS); NPL drag persists

Carter Bankshares, Inc.

2024-Q1 EPS reported $0.25

Net income $5.8M vs Q4 loss $1.9M, but down 63% from $15.9M in Q1 2023.
Net interest margin (FTE) 2.60%; net interest income $28.4M, down $12.4M YoY.
Large NPL relationship $301.9M on nonaccrual; specific reserves $54.3M; lost $9.3M interest income in Q1.
Nonperforming loans / total loans 8.76%; efficiency ratio improved to 78.5% from 94.8% in Q4.
Total deposits up $108.6M to $3.8B; FHLB borrowings down $82.9M; capital ratios well capitalized.

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 the three months ended March 31, 2024 results: net income $5.8 million, EPS $0.25 diluted earnings per share.

Period: the three months ended March 31, 2024
Net income: $5.8 million
EPS: $0.25 diluted earnings per share
Result: reported results

Exact text from the filing

Carter Bankshares, Inc. announced by press release its financial results for the three months ended March 31, 2024

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Source: SEC EDGAR

accession 0001829576-24-000020

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