Carter Bankshares Earnings Reports

Carter Bankshares, Inc. reported a net income of $9.0 million and diluted EPS of $0.39 for the first quarter of 2025. This represents an increase from $8.3 million net income and $0.36 diluted EPS in Q4 2024, and $5.8 million net income and $0.25 diluted EPS in Q1 2024. The company's total portfolio loans grew by $62.7 million, or 7.0% annualized, to $3.7 billion. Net interest income increased to $30.1 million, and total deposits rose by $47.5 million. A significant non-recurring gain of $1.9 million from a bank-owned life insurance death benefit contributed to the noninterest income.

Carter Bankshares, Inc. reported a strong fourth quarter with a net income of $8.3 million, or $0.36 diluted earnings per share. The company launched a brand refresh, celebrated its 50th anniversary, and announced the acquisition of two branches in Winston-Salem and Mooresville, North Carolina.

Carter Bankshares, Inc. reported a net income of $5.6 million, or $0.24 diluted earnings per share, for the third quarter of 2024. The company saw increases in total portfolio loans and total deposits. The lawsuit filed by GLAS Trust Company, LLC was voluntarily dismissed with prejudice during the third quarter of 2024.

Carter Bankshares, Inc. reported a net income of $4.8 million, or $0.21 diluted earnings per share, for the second quarter of 2024. The company's financial results continue to be significantly impacted by nonperforming loans, particularly those related to the Bank's Other segment. However, a lawsuit filed against the Company and the Bank by West Virginia Governor James C. Justice II, his wife Cathy L. Justice, his son James C. Justice, III, and related entities that he and/or they own (collectively, the “Justice Entities”) was dismissed with prejudice.

Carter Bankshares, Inc. reported a net income of $5.8 million for Q1 2024, a significant improvement from the net loss in the previous quarter but lower than the net income in Q1 2023. The results were impacted by placing a significant loan relationship on nonaccrual status. The company is pursuing remedies to resolve these loans.

Carter Bankshares, Inc. reported a net loss of $1.9 million, or $(0.08) earnings per share (“EPS”), for the fourth quarter of 2023 compared to net income of $3.6 million in the third quarter of 2023. The results were significantly impacted by placing loans with an aggregate principal value of $301.9 million on nonaccrual status during the second quarter of 2023.

Carter Bankshares reported a net income of $3.6 million, or $0.16 diluted earnings per share, for the third quarter of 2023, which was impacted by placing loans with an aggregate principal value of $301.9 million on nonaccrual status.

Carter Bankshares, Inc. reported a net income of $5.7 million, or $0.24 diluted earnings per share, for the second quarter of 2023. The results were significantly impacted by placing $301.9 million in loans on nonaccrual status, which negatively affected interest income by $11.3 million.

Carter Bankshares, Inc. reported a record quarterly net income of $15.9 million, or $0.67 diluted earnings per share, for the first quarter of 2023. The company's annualized quarterly performance metrics were strong with a return on average assets of 1.51% and a return on average equity of 18.89%.

Carter Bankshares, Inc. reported a record net income of $15.6 million, or $0.65 diluted earnings per share, for the fourth quarter of 2022. The company saw positive trends in net interest income expansion, loan growth and asset quality. Loans grew by an annualized rate of 15.4% since September 30, 2022, with production primarily in commercial real estate and residential mortgage loan portfolios.

Carter Bankshares, Inc. reported a record net income of $14.4 million, or $0.59 diluted earnings per share, for the third quarter of 2022. The company saw positive trends in net interest income expansion, loan growth, asset quality and expense control.

Carter Bankshares, Inc. reported a solid second quarter with net income of $10.8 million, or $0.44 diluted earnings per share. The company saw positive trends in net interest income expansion, loan growth, and expense control. Loans grew by an annualized rate of 14.4% since March 31, 2022.

Carter Bankshares reported a net income of $9.3 million, or $0.36 diluted earnings per share, for the first quarter of 2022. The company saw growth in loans and deposits, along with a decrease in nonperforming loans. The bank's balance sheet is positioned to benefit from potential interest rate hikes by the Federal Reserve.

Carter Bankshares, Inc. reported a net income of $5.6 million, or $0.21 diluted earnings per share, for the fourth quarter of 2021, compared to $2.9 million, or $0.11 diluted earnings per share, for the fourth quarter of 2020. The company's NPLs decreased and total deposits increased.

Carter Bankshares, Inc. reported a net income of $11.2 million, or $0.42 diluted earnings per share, for Q3 2021, a significant improvement compared to the net loss of $57.7 million, or $2.19 per share, for Q3 2020. The results reflect improvements in asset quality, net interest income, and a better deposit mix.

Carter Bankshares, Inc. reported a net income of $5.4 million, or $0.21 diluted earnings per share, for the second quarter of 2021. The company saw a decline in nonperforming loans and an increase in net interest income. They also completed their branch optimization initiative.

Carter Bankshares reported a strong first quarter in 2021, with net income significantly increasing to $9.4 million, or $0.36 diluted earnings per share, compared to both the previous and prior year's quarters. The company saw improvements in net interest income and made strides in its branch optimization initiative.

Carter Bankshares, Inc. reported a net income of $2.9 million, or $0.11 diluted earnings per share, for the fourth quarter of 2020. The company faced challenges due to the COVID-19 pandemic but remained profitable and well-capitalized.