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Mar 31, 2022
Carter Bankshares Q1 2022 Earnings Report
Carter Bankshares' financial performance improved with increased net income and strategic balance sheet management
Key Takeaways
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.
Net income was $9.3 million, or $0.36 diluted earnings per share.
Total portfolio loans increased by $81.9 million, or 11.8% annualized.
Total deposits increased by $29.8 million, or 3.3% annualized.
Nonperforming loans decreased by $0.1 million, or 1.4%.
Forward Guidance
Carter Bankshares is focused on improving its financial performance by growing loans and deposits, reducing nonperforming assets, and optimizing its branch network. The bank's balance sheet is positioned to benefit from potential interest rate hikes by the Federal Reserve.
Positive Outlook
- Continued positive momentum from 2021.
- Strong loan growth in commercial and residential mortgage portfolios.
- Improvement in deposit mix.
- Reduction in cost of funds.
- Continued decline in problem assets.
Challenges Ahead
- Potential adverse effects of weather-related disasters, terrorist acts or public health events.
- Sensitivity to the interest rate environment including a prolonged period of low interest rates, a rapid increase in interest rates or a change in the shape of the yield curve.
- Regulatory supervision and oversight.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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