secwatch.observer — SEC 8-K summary
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Issuer:     Carter Bankshares, Inc. (CARE)
CIK:        0001829576
Form:       8-K
Filed at:   2024-10-24T23:59:59+00:00
Accession:  0001829576-24-000062
Event type: earnings
Sentiment:  positive
Materiality: 0.70
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1829576/000182957624000062/0001829576-24-000062-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1829576/000182957624000062/care-20241024.htm
  HTML page:      https://secwatch.observer/filing/0001829576-24-000062

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