Carter Bankshares Q2 EPS $0.21, down from Q1 $0.25 and YoY $0.24; NPL drag continues

Carter Bankshares, Inc.

2024-Q2 EPS reported $0.46

Net income $4.8M ($0.21 diluted EPS) vs $5.8M ($0.25) Q1 2024 and $5.7M ($0.24) Q2 2023.
Justice Entities lawsuit dismissed; NPL balance reduced to $294.1M from $301.9M at Q1 2024.
Net interest income $28.1M, NIM (FTE) 2.56%, down 4bp QoQ; up 2bp YoY.
Nonperforming loans/total loans 8.46% (8.76% Q1); allowance for credit losses 2.72%.
Efficiency ratio worsened to 81.62% from 78.46% Q1; pre-tax pre-provision income $6.2M.

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