Carter Bankshares Q3 net income $5.6M ($0.24 EPS); NPLs decline, lawsuit dismissed

Carter Bankshares, Inc.

2024-Q3 EPS reported $0.70

Q3 net income $5.6M ($0.24 diluted EPS), up from $4.8M ($0.21) in Q2 and $3.6M ($0.16) in year-ago quarter.
GLAS Trust lawsuit voluntarily dismissed with prejudice; $15M charge-off taken related to settlement payment and Justice Entities promissory note.
Nonperforming loans fell $12.5M to $287.7M (8.00% of loans); largest relationship received $13.2M curtailment payments in Q3.
Specific reserves on largest nonperforming relationship reduced to $36.9M from $52.9M at June 30, 2024, reflecting updated cash flow analysis.
Net interest margin improved to 2.59% (FTE), up 3 bps QoQ, but still pressured by $280.9M nonaccrual relationship; deposits grew $203.8M QoQ.

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