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Mar 31, 2023
Carter Bankshares Q1 2023 Earnings Report
Announced record first quarter financial results.
Key Takeaways
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%.
Record quarterly net income of $15.9 million, or $0.67 diluted EPS.
Return on average assets (ROA) of 1.51% and return on average equity (ROE) of 18.89%.
Total portfolio loans increased $100.0 million, or 12.9%, on an annualized basis, to $3.2 billion.
Efficiency ratio of 53.1% and a core efficiency ratio of 52.5%.
Carter Bankshares
Carter Bankshares
Forward Guidance
Carter Bankshares expects mounting pressure on funding costs will impact their margin in coming quarters. They believe that continued positive trends in loan growth and expense control will help support earnings in the near term. The Company continues to be financially sound with strong capital and liquidity levels.
Positive Outlook
- Continued positive trends in loan growth
- Expense control will help support earnings in the near term
- Company continues to be financially sound
- Strong capital levels
- Strong liquidity levels
Challenges Ahead
- Mounting pressure on funding costs
- Expect impact on margin in coming quarters
- Monitoring asset quality very closely
- Potential industry challenges
- Potential economic challenges