secwatch.observer — SEC 8-K summary
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Issuer:     Carter Bankshares, Inc. (CARE)
CIK:        0001829576
Form:       8-K
Filed at:   2024-04-25T23:59:59+00:00
Accession:  0001829576-24-000020
Event type: earnings
Sentiment:  negative
Materiality: 0.85
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1829576/000182957624000020/0001829576-24-000020-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1829576/000182957624000020/care-20240425.htm
  HTML page:      https://secwatch.observer/filing/0001829576-24-000020

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer