---
schema_version: "secwatch.filing_event.v1"
accession: "0001829576-24-000020"
form_type: "8-K"
ticker: "CARE"
cik: "0001829576"
company_name: "Carter Bankshares, Inc."
filed_at: "2024-04-25T23:59:59+00:00"
generated_at: "2026-06-03T08:12:35.375133+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001829576-24-000020
- form_type: 8-K
- ticker: CARE
- cik: 0001829576
- company_name: Carter Bankshares, Inc.
- filed_at: 2024-04-25T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1829576/000182957624000020/0001829576-24-000020-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1829576/000182957624000020/care-20240425.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001829576-24-000020
- JSON: https://secwatch.observer/filing/0001829576-24-000020.json
- Plain text: https://secwatch.observer/filing/0001829576-24-000020.txt

## Key facts
- Earnings Releases
  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
  source text: Carter Bankshares, Inc. announced by press release its financial results for the three months ended March 31, 2024
  evidence_url: https://www.sec.gov/Archives/edgar/data/1829576/000182957624000020/0001829576-24-000020-index.htm

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