Carter Bankshares Q2 net income $28.9M ($1.31 EPS); completes insurance sale, securities repositioning

Carter Bankshares, Inc.

Net income $28.9M ($1.31 diluted EPS) vs $85.8M Q1 2026 and $8.5M Q2 2025; adjusted net income $11.6M.
Completed sale of Bearing Insurance Group, recognizing $35.9M pre-tax gain, accretive $1.30 to EPS, increased TBV by $1.28.
Repositioned securities portfolio: sold $139.4M (2.28% yield), purchased $88.5M (5.27% yield), resulting in $12.5M pre-tax loss.
Net interest margin expanded to 3.38% from 3.07% Q1 2026 and 2.80% Q2 2025; net interest income up 11.2% linked quarter.
Nonperforming loans increased to $37.6M (1.01% of loans) from $24.0M Q1 2026, driven by $13.4M commercial relationship.

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