Carter Bankshares, Inc. Announces Fourth Quarter and Full Year 2025 Financial Results
Rhea-AI Summary
Carter Bankshares (NASDAQ:CARE) reported Q4 2025 net income of $8.5M ($0.38 diluted EPS) and full-year 2025 net income of $31.4M ($1.38 diluted EPS), up from $24.5M in 2024. Net interest income was $34.6M in Q4 and $130.8M for 2025. Total loans grew to $3.9B (+7.0% YoY). Nonperforming loans fell to $244.0M (6.29% of loans) with the Bank's largest credit (Justice Entities) at $214.0M. Curtailment payments totaled $38.0M in 2025. Net interest margin expanded to 2.92% in Q4. Management highlighted margin expansion, loan growth, and continued resolution efforts on the largest nonperforming relationship.
Positive
- Full-year net income +28% to $31.4M (2025 vs 2024)
- Net interest income +14.3% to $130.8M for 2025
- Total portfolio loans +7.0% YoY to $3.9B
- NPLs declined from $301.9M to $214.0M for the largest relationship since June 30, 2023
Negative
- Large concentrated NPL relationship remains at $214.0M, 87.7% of total NPLs
- Interest income negatively impacted $26.1M in 2025 due to nonaccrual status
- Allowance for credit losses to loans declined to 1.84% at Dec 31, 2025
- Efficiency ratio elevated at 77.84% in Q4 2025
News Market Reaction – CARE
In the Jan 29 session, CARE gained 2.81%, reflecting a moderate positive market reaction. Our momentum scanner triggered 6 alerts that day, indicating moderate trading interest and price volatility.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Oct 23 | Q3 2025 earnings | Negative | -6.3% | Net income fell versus Q2 2025 while NPLs and credit concentration remained high. |
| Jul 24 | Q2 2025 earnings | Positive | +4.3% | Year-over-year net income and net interest income grew with loan and deposit expansion. |
| Apr 24 | Q1 2025 earnings | Positive | +2.3% | Higher net income and EPS with loan, deposit growth and improved net interest margin. |
| Jan 23 | Q4/FY 2024 earnings | Positive | +1.4% | Quarterly and full‑year net income increased as NPLs declined and loans grew. |
| Oct 24 | Q3 2024 earnings | Positive | -1.6% | Stronger earnings, loan and deposit growth, and lower NPLs despite ongoing large NPL. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Earnings releases have generally been received positively, with most showing price moves aligned with constructive fundamental trends, except for one divergence where positive metrics coincided with a mild price decline.
Across recent earnings since Oct 2024, Carter Bankshares has reported rising net income, improving net interest margin, and loan growth, while managing elevated nonperforming loans tied to the Justice Entities. Q4 2024, Q1–Q2 2025, and Q2 2025 highlighted stronger profitability and lower NPL balances, and most of these reports saw aligned positive price reactions. Q3 2025 showed weaker earnings and drew a negative reaction. Today’s Q4/FY 2025 figures extend that sequence with higher EPS and net interest income alongside still-elevated credit concentrations.
Key Terms
net interest margin financial
nonaccrual status financial
nonperforming loan financial
curtailment payments financial
FHLB financial
allowance for credit losses financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
MARTINSVILLE, VA / ACCESS Newswire / January 29, 2026 / Carter Bankshares, Inc. (the "Company") (NASDAQ:CARE), the holding company of Carter Bank (the "Bank") today announced quarterly net income of
For the year ended December 31, 2025, net income was
The Company's financial results continue to be significantly impacted by loans in the Bank's Other segment of the Company's loan portfolio, the significant majority of which have been on nonaccrual status since the second quarter of 2023. The Bank's loans, now reduced to judgments, relate to various entities in which James C. Justice, II has an interest (collectively, the "Justice Entities"), remain the Bank's largest credit relationship and comprise the significant majority of the Other segment with an aggregate principal balance of
As of December 31, 2025,
Fourth Quarter and Full Year 2025 Financial Highlights
Total portfolio loans increased
$43.9 million , or4.5% , on an annualized basis, to$3.9 billion at December 31, 2025 from September 30, 2025 and increased$254.7 million , or7.0% , from December 31, 2024;Net interest income totaled
$34.6 million in the fourth quarter of 2025, an increase of$0.9 million , or2.6% , from the prior quarter and an increase of$5.5 million , or18.7% , compared to the fourth quarter of 2024. Net interest income was$130.8 million for the year ended December 31, 2025, an increase of$16.4 million , or14.3% , compared to the year ended December 31, 2024;Net interest margin increased six basis points to
2.92% in the fourth quarter of 2025 compared to the prior quarter and increased 35 basis points compared to the year over year quarter. Net interest income and net interest margin continue to be significantly impacted by the Bank's largest lending relationship remaining on nonaccrual status since the second quarter of 2023;NPLs decreased by
$14.7 million to$244.0 million at December 31, 2025 compared to September 30, 2025. NPLs to total portfolio loans were6.29% at December 31, 2025,6.74% at September 30, 2025 and7.15% at December 31, 2024;The (recovery) for credit losses was
$2.2 million for the fourth quarter of 2025, compared to a provision of$2.9 million for the third quarter of 2025 and a (recovery) of$5.1 million for the fourth quarter of 2024. The (recovery) provision for credit losses continues to be significantly impacted by curtailment payments and related Other segment reserve release in connection with the Bank's largest lending relationship;The allowance for credit losses to total portfolio loans was
1.84% ,1.92% and2.09% at December 31, 2025, September 30, 2025 and December 31, 2024, respectively; andThe efficiency ratio was
77.84% ,73.43% and83.63% , and the adjusted efficiency ratio (non-GAAP)4 was76.85% ,73.37% , and82.76% for the quarters ended December 31, 2025, September 30, 2025 and December 31, 2024, respectively. The efficiency ratio for the fourth quarter of 2025 continues to be impacted by the Bank's largest lending relationship that was placed in nonaccrual status during the second quarter of 2023.
"We are pleased to report continued strong fundamentals and positive trends for the fourth quarter and for the full year 2025. During the quarter, we again realized margin expansion and solid loan growth throughout our footprint. Our annual loan growth of
Van Dyke concluded, "Although our large nonperforming credit relationship continues to have a negative impact on our financial and credit metrics, aside from this impact, our fundamentals, financial performance, and asset quality metrics all remain solid. We are committed to resolving this lending relationship in a manner that is most beneficial to our Company and our shareholders. We continue to believe we are well positioned for a strong 2026 and beyond."
Operating Highlights
Credit Quality
NPLs as a percentage of total portfolio loans declined to
Since the Bank's largest lending relationship was transferred to nonaccrual status, in the second quarter of 2023 due to loan maturities and failure to pay in full, this relationship's NPL balance has decreased from
The specific reserves with respect to the Bank's largest NPL credit relationship were
The (recovery) for credit losses was
During the fourth quarter of 2025, the (recovery) for unfunded commitments was a (recovery) of
Net Interest Income
Net interest income for the fourth quarter of 2025 increased
On an FTE basis,3 net interest income totaled
Net interest margin was
During 2025, interest-bearing funding costs benefited from the Federal Reserve's prior 100 basis point reduction in the federal funds target rate during the third and fourth quarters of 2024. In addition, the Federal Reserve's most recent 75 basis point reduction in the federal funds target rate during the third and fourth quarters of 2025 continues to allow the Company to lower interest-bearing funding costs.
Noninterest Income
Noninterest income was
For the full year 2025, noninterest income was
Noninterest Expense
Noninterest expense totaled
Compared to the fourth quarter of 2024, noninterest expense increased by
For the year ended December 31, 2025, noninterest expense was
The increase in other noninterest expense was primarily attributable to
Data processing expenses increased primarily due to inflationary cost increases related to existing and new service agreements. Debit card expenses increased during the year driven by higher miscellaneous fees and elevated costs associated with ATM and debit card fraud activity. Advertising expense increased primarily due to higher spending related to rebranding initiatives and expanded new account promotions and advertising campaigns. The decline in FDIC insurance expense reflected reduced loan balances associated with the Company's largest nonperforming lending relationship.
Financial Condition
Total assets increased
Available-for-sale securities decreased
Total portfolio loans increased
Total deposits increased slightly by
As of December 31, 2025, approximately
Capitalization and Liquidity
The Company remained well capitalized at December 31, 2025. The Company's Tier 1 Capital ratio was
During the three months and year ended December 31, 2025, the Company repurchased 315,089 and 1,124,690 shares of its common stock at a total cost of
At December 31, 2025, funding sources accessible to the Company include borrowing availability at the FHLB, equal to
About Carter Bankshares, Inc.
Headquartered in Martinsville, VA, Carter Bankshares, Inc. (NASDAQ:CARE) provides a full range of commercial banking, consumer banking, mortgage and services through its subsidiary Carter Bank. The Company has
Important Note Regarding Non-GAAP Financial Measures
In addition to the results of operations presented in accordance with generally accepted accounting principles in the United States ("GAAP"), our management uses, and this press release contains or references, certain non-GAAP financial measures and should be read along with the accompanying tables in our definitions and reconciliations of GAAP to non-GAAP financial measures. This press release and the accompanying tables discuss financial measures that we believe are useful because they enhance the ability of investors and management to evaluate and compare the Company's operating results from period to period in a meaningful manner. Management also believes these measures provide information useful to investors in understanding our underlying business, operational performance and performance trends as these measures facilitate comparisons with the performance of other companies in the financial services industry. The Company also believes the presentation of interest and dividend income, yield on interest-earning assets, net interest income and net interest margin on an FTE basis ensures the comparability of interest and dividend income, yield on interest earning assets, net interest income and net interest margin arising from both taxable and tax-exempt sources and is consistent with industry practice.
Although management believes that these non-GAAP financial measures enhance investors' understanding of its business and performance, these non-GAAP measures should not be considered as an alternative to GAAP or considered to be more relevant than financial results determined in accordance with GAAP, nor are they necessarily comparable with similar non-GAAP measures that may be presented by other companies. Investors should consider the Company's performance and financial condition as reported under GAAP and all other relevant information when assessing the performance or financial condition of the Company. Non-GAAP measures have limitations as analytical tools, and investors should not consider them in isolation or as a substitute for analysis of the Company's results or financial condition as reported under GAAP.
Important Note Regarding Forward-Looking Statements
This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements made in Mr. Van Dyke's quotations and may include statements relating to our financial condition, market conditions, results of operations, plans, including our strategic plan, brand strategy, and guiding principles and the anticipated results of the foregoing, objectives, outlook for earnings, revenues, expenses, capital and liquidity levels and ratios, asset levels, asset quality, loan pipeline and nonaccrual and nonperforming loans. Forward looking statements are typically identified by words or phrases such as "will likely result," "expect," "anticipate," "estimate," "forecast," "project," "intend," "believe," "assume," "strategy," "trend," "plan," "outlook," "outcome," "continue," "remain," "potential," "opportunity," "comfortable," "current," "position," "maintain," "sustain," "seek," "achieve" and variations of such words and similar expressions, or future or conditional verbs such as will, would, should, could or may.
These statements are not guarantees of future results or performance and involve certain risks, uncertainties and assumptions that are difficult to predict and often are beyond the Company's control. Although we believe the assumptions upon which these forward-looking statements are based are reasonable, any of these assumptions could prove to be inaccurate and the forward-looking statements based on these assumptions could be incorrect. Actual results may differ significantly from those expressed in or implied by these forward-looking statements. The matters discussed in these forward-looking statements are subject to various risks, uncertainties and other factors that could cause actual results and trends to differ materially from those made, projected, or implied in or by the forward-looking statements including, but not limited to the effects of:
market interest rates and the impacts of market interest rates on economic conditions, customer behavior, and the Company's net interest margin, net interest income, funding costs and its deposit, loan and securities portfolios;
inflation, market and monetary fluctuations;
changes in trade policies, tariffs, monetary and fiscal policies and laws of the U.S. government and the related impacts on economic conditions and financial markets, and changes in policies of the Federal Reserve, FDIC and U.S. Department of the Treasury;
changes in accounting policies, practices, or guidance, for example, our adoption of Current Expected Credit Losses ("CECL") methodology, including potential volatility in the Company's operating results due to application of the CECL methodology;
cyber-security threats, attacks or events;
rapid technological developments and changes;
our ability to resolve our nonperforming assets and our ability to secure collateral on loans that have entered nonaccrual status due to loan maturities and failure to pay in full;
changes in the Company's liquidity and capital positions;
concentrations of loans secured by real estate, particularly CRE loans, and the potential impacts of changes in market conditions on the value of real estate collateral;
increased delinquency and foreclosure rates on CRE loans;
an insufficient allowance for credit losses;
the potential adverse effects of unusual and infrequently occurring events, such as weather-related disasters, terrorist acts, war and other geopolitical conflicts or public health events (such as pandemics), and of any governmental and societal responses thereto; these potential adverse effects may include, without limitation, adverse effects on the ability of the Company's borrowers to satisfy their obligations to the Company, on the value of collateral securing loans, on the demand for the Company's loans or its other products and services, on incidents of cyberattack and fraud, on the Company's liquidity or capital positions, on risks posed by reliance on third-party service providers, on other aspects of the Company's business operations and on financial markets and economic growth;
a change in spreads on interest-earning assets and interest-bearing liabilities;
regulatory supervision and oversight, including our relationship with regulators and any actions that may be initiated by our regulators;
legislation affecting the financial services industry as a whole, and the Company and the Bank, in particular and changes impacting the rulemaking, supervision, examination and enforcement priorities of the federal banking agencies;
the outcome of pending and future litigation and/or governmental proceedings;
increasing price and product/service competition;
the ability to continue to introduce competitive new products and services on a timely, cost-effective basis;
managing our internal growth and acquisitions;
the possibility that the anticipated benefits from acquisitions cannot be fully realized in a timely manner or at all, or that integrating acquired operations will be more difficult, disruptive or more costly than anticipated;
the soundness of other financial institutions and any indirect exposure related to large bank failures and their impact on the broader market through other customers, suppliers and partners or that the conditions which resulted in the liquidity concerns with those failed banks may also adversely impact, directly or indirectly, other financial institutions and market participants with which the Company has commercial or deposit relationships with;
material increases in costs and expenses;
reliance on significant customer relationships;
general economic or business conditions, including unemployment levels, supply chain disruptions, slowdowns in economic growth, government shutdowns and geopolitical instability and tensions;
significant weakening of the local economies in which we operate;
changes in customer behaviors, including consumer spending, borrowing and saving habits;
changes in deposit flows and loan demand;
our failure to attract or retain key associates;
expansions or consolidations in the Company's branch network, including that the anticipated benefits of the Company's branch acquisitions or the Company's branch network optimization project are not fully realized in a timely manner or at all;
deterioration of the housing market and reduced demand for mortgages; and
re-emergence of turbulence in significant portions of the global financial and real estate markets that could impact our performance, both directly, by affecting our revenues and the value of our assets and liabilities, and indirectly, by affecting the economy generally and access to capital in the amounts, at the times and on the terms required to support our future businesses.
Many of these factors, as well as other factors, are described in our filings with the Securities and Exchange Commission, including in the "Risk Factors" section of the Company's Annual Report on Form 10-K for the year ended December 31, 2024. All risk factors and uncertainties described herein and therein should be considered in evaluating the Company's forward-looking statements. Forward-looking statements are based on beliefs and assumptions using information available at the time the statements are made. We caution you not to unduly rely on forward-looking statements because the assumptions, beliefs, expectations and projections about future events are expressed in or implied by a forward-looking statement may, and often do, differ materially from actual results. Any forward-looking statement speaks only as to the date on which it is made, and we undertake no obligation to update, revise or clarify any forward-looking statement to reflect developments occurring after the statement is made, except as required by law.
Carter Bankshares, Inc.
investorrelations@CBTCares.com
CARTER BANKSHARES, INC.
CONSOLIDATED SELECTED FINANCIAL DATA
BALANCE SHEETS
December 31, | September 30, | December 31, | ||||||||||
(Dollars in Thousands, except share data) | (unaudited) | (unaudited) | (audited) | |||||||||
ASSETS | ||||||||||||
Cash and Due From Banks, including Interest-Bearing Deposits of | $ | 105,163 | $ | 106,948 | $ | 131,171 | ||||||
Securities Available-for-Sale, at Fair Value (amortized cost of | 691,612 | 727,903 | 718,400 | |||||||||
Equity Securities | 10,291 | 10,269 | 10,041 | |||||||||
Loans Held-for-Sale | 339 | 478 | - | |||||||||
Portfolio Loans | 3,879,560 | 3,835,653 | 3,624,826 | |||||||||
Allowance for Credit Losses | (71,491 | ) | (73,762 | ) | (75,600 | ) | ||||||
Portfolio Loans, net | 3,808,069 | 3,761,891 | 3,549,226 | |||||||||
Bank Premises and Equipment, net | 72,497 | 71,653 | 74,329 | |||||||||
Goodwill | 1,193 | 1,193 | - | |||||||||
Core Deposit Intangible | 940 | 1,007 | - | |||||||||
Other Real Estate Owned, net | 142 | 330 | 659 | |||||||||
Other Restricted Stock, at Cost | 16,830 | 11,598 | 6,487 | |||||||||
Bank Owned Life Insurance | 44,811 | 51,649 | 59,588 | |||||||||
Other Assets | 100,035 | 95,200 | 109,288 | |||||||||
Total Assets | $ | 4,851,922 | $ | 4,840,119 | $ | 4,659,189 | ||||||
LIABILITIES | ||||||||||||
Deposits: | ||||||||||||
Noninterest-Bearing Demand | $ | 620,473 | $ | 606,203 | $ | 634,436 | ||||||
Interest-Bearing Demand | 808,171 | 809,527 | 726,947 | |||||||||
Money Market | 553,964 | 552,564 | 512,162 | |||||||||
Savings | 326,182 | 335,502 | 355,506 | |||||||||
Certificates of Deposit | 1,902,099 | 1,906,551 | 1,924,370 | |||||||||
Total Deposits | 4,210,889 | 4,210,347 | 4,153,421 | |||||||||
Federal Home Loan Bank Borrowings | 178,500 | 175,500 | 70,000 | |||||||||
Reserve for Unfunded Loan Commitments | 2,992 | 3,072 | 3,186 | |||||||||
Other Liabilities | 39,844 | 38,362 | 48,269 | |||||||||
Total Liabilities | $ | 4,432,225 | $ | 4,427,281 | $ | 4,274,876 | ||||||
SHAREHOLDERS' EQUITY | ||||||||||||
Common Stock, Par Value | ||||||||||||
Outstanding- 22,083,007 shares at December 31, 2025, 22,406,406 shares at September 30, 2025 and 23,069,175 shares at December 31, 2024 | 22,083 | 22,406 | 23,069 | |||||||||
Additional Paid-in Capital | 74,806 | 79,997 | 92,159 | |||||||||
Retained Earnings | 364,968 | 356,488 | 333,606 | |||||||||
Accumulated Other Comprehensive Loss | (42,160 | ) | (46,053 | ) | (64,521 | ) | ||||||
Total Shareholders' Equity | 419,697 | 412,838 | 384,313 | |||||||||
Total Liabilities and Shareholders' Equity | $ | 4,851,922 | $ | 4,840,119 | $ | 4,659,189 | ||||||
PERFORMANCE RATIOS | ||||||||||||
Return on Average Assets (QTD Annualized) | 0.70 | % | 0.45 | % | 0.71 | % | ||||||
Return on Average Assets (YTD Annualized) | 0.66 | % | 0.64 | % | 0.54 | % | ||||||
Return on Average Shareholders' Equity (QTD Annualized) | 8.12 | % | 5.24 | % | 8.58 | % | ||||||
Return on Average Shareholders' Equity (YTD Annualized) | 7.74 | % | 7.61 | % | 6.67 | % | ||||||
Portfolio Loans to Deposit Ratio | 92.13 | % | 91.10 | % | 87.27 | % | ||||||
Allowance for Credit Losses to Total Portfolio Loans | 1.84 | % | 1.92 | % | 2.09 | % | ||||||
CAPITALIZATION RATIOS | ||||||||||||
Shareholders' Equity to Assets | 8.65 | % | 8.53 | % | 8.25 | % | ||||||
Tier 1 Leverage Ratio | 9.43 | % | 9.41 | % | 9.56 | % | ||||||
Risk-Based Capital - Tier 1 | 10.70 | % | 10.66 | % | 10.88 | % | ||||||
Risk-Based Capital - Total | 11.95 | % | 11.91 | % | 12.13 | % | ||||||
CARTER BANKSHARES, INC.
CONSOLIDATED SELECTED FINANCIAL DATA
INCOME STATEMENTS
Quarter-to-Date | Years Ended | |||||||||||||||||||
December 31, | September 30, | December 31, | December 31, | December 31, | ||||||||||||||||
(Dollars in Thousands, except per share data) | (unaudited) | (unaudited) | (audited) | (unaudited) | (audited) | |||||||||||||||
Interest Income | $ | 59,298 | $ | 59,170 | $ | 56,502 | $ | 232,222 | $ | 221,729 | ||||||||||
Interest Expense | 24,694 | 25,451 | 27,354 | 101,402 | 107,272 | |||||||||||||||
NET INTEREST INCOME | 34,604 | 33,719 | 29,148 | 130,820 | 114,457 | |||||||||||||||
(Recovery) Provision for Credit Losses | (2,178 | ) | 2,896 | (5,114 | ) | (3,637 | ) | (5,039 | ) | |||||||||||
(Recovery) Provision for Unfunded Commitments | (80 | ) | 335 | 81 | (194 | ) | (7 | ) | ||||||||||||
NET INTEREST INCOME AFTER (RECOVERY) PROVISION FOR CREDIT LOSSES | 36,862 | 30,488 | 34,181 | 134,651 | 119,503 | |||||||||||||||
NONINTEREST INCOME | ||||||||||||||||||||
Gains on Sales of Securities, net | 46 | - | 32 | 46 | 68 | |||||||||||||||
Service Charges, Commissions and Fees | 1,813 | 1,860 | 1,846 | 7,312 | 7,393 | |||||||||||||||
Debit Card Interchange Fees | 1,947 | 1,942 | 1,917 | 7,935 | 7,843 | |||||||||||||||
Insurance Commissions | 666 | 1,004 | 1,074 | 2,728 | 3,685 | |||||||||||||||
Bank Owned Life Insurance Income | 456 | 357 | 385 | 1,511 | 1,473 | |||||||||||||||
Other | 297 | 207 | 114 | 2,872 | 906 | |||||||||||||||
Total Noninterest Income | 5,225 | 5,370 | 5,368 | 22,404 | 21,368 | |||||||||||||||
NONINTEREST EXPENSE | ||||||||||||||||||||
Salaries and Employee Benefits | 15,981 | 14,023 | 14,889 | 57,743 | 57,908 | |||||||||||||||
Occupancy Expense, net | 4,336 | 4,582 | 4,123 | 17,620 | 15,608 | |||||||||||||||
FDIC Insurance Expense | 1,527 | 1,450 | 1,418 | 5,843 | 6,200 | |||||||||||||||
Other Taxes | 876 | 867 | 879 | 3,612 | 3,559 | |||||||||||||||
Advertising Expense | 883 | 669 | 1,070 | 3,171 | 2,540 | |||||||||||||||
Telephone Expense | 293 | 312 | 310 | 1,216 | 1,393 | |||||||||||||||
Professional and Legal Fees | 1,874 | 1,852 | 1,427 | 6,877 | 5,675 | |||||||||||||||
Data Processing | 1,492 | 1,367 | 1,457 | 5,698 | 4,919 | |||||||||||||||
Debit Card Expense | 1,250 | 959 | 970 | 4,192 | 3,423 | |||||||||||||||
Other | 2,492 | 2,623 | 2,323 | 11,082 | 8,777 | |||||||||||||||
Total Noninterest Expense | 31,004 | 28,704 | 28,866 | 117,054 | 110,002 | |||||||||||||||
Income Before Income Taxes | 11,083 | 7,154 | 10,683 | 40,001 | 30,869 | |||||||||||||||
Income Tax Provision | 2,603 | 1,735 | 2,403 | 8,639 | 6,346 | |||||||||||||||
Net Income | $ | 8,480 | $ | 5,419 | $ | 8,280 | $ | 31,362 | $ | 24,523 | ||||||||||
Shares Outstanding, at End of Period | 22,083,007 | 22,406,406 | 23,069,175 | 22,083,007 | 23,069,175 | |||||||||||||||
Average Shares Outstanding-Basic & Diluted | 21,857,904 | 22,294,228 | 22,834,975 | 22,456,705 | 22,817,149 | |||||||||||||||
PER SHARE DATA | ||||||||||||||||||||
Basic Earnings Per Common Share* | $ | 0.38 | $ | 0.24 | $ | 0.36 | $ | 1.38 | $ | 1.06 | ||||||||||
Diluted Earnings Per Common Share* | $ | 0.38 | $ | 0.24 | $ | 0.36 | $ | 1.38 | $ | 1.06 | ||||||||||
Book Value | $ | 19.01 | $ | 18.42 | $ | 16.66 | $ | 19.01 | $ | 16.66 | ||||||||||
Market Value | $ | 19.66 | $ | 19.41 | $ | 17.59 | $ | 19.66 | $ | 17.59 | ||||||||||
PROFITABILITY RATIOS (GAAP) | ||||||||||||||||||||
Net Interest Margin | 2.92 | % | 2.86 | % | 2.57 | % | 2.82 | % | 2.57 | % | ||||||||||
Efficiency Ratio | 77.84 | % | 73.43 | % | 83.63 | % | 76.39 | % | 80.99 | % | ||||||||||
PROFITABILITY RATIOS (Non-GAAP) | ||||||||||||||||||||
Net Interest Margin (FTE)3 | 2.93 | % | 2.87 | % | 2.58 | % | 2.83 | % | 2.58 | % | ||||||||||
Adjusted Efficiency Ratio (Non-GAAP)4 | 76.85 | % | 73.37 | % | 82.76 | % | 76.05 | % | 80.95 | % | ||||||||||
*All outstanding unvested restricted stock awards are considered participating securities for the earnings per share calculation. As such, these shares have been allocated to a portion of net income (
CARTER BANKSHARES, INC.
CONSOLIDATED SELECTED FINANCIAL DATA
NET INTEREST MARGIN (FTE) (QTD AVERAGES)
(Unaudited)
December 31, 2025 | September 30, 2025 | December 31, 2024 | ||||||||||||||||||||||||||||||||||
(Dollars in Thousands) | Average Balance | Income/ Expense | Rate | Average Balance | Income/ Expense | Rate | Average Balance | Income/ Expense | Rate | |||||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||||||||||||
Interest-Bearing Deposits with Banks | $ | 67,998 | $ | 697 | 4.07 | % | $ | 64,407 | $ | 720 | 4.44 | % | $ | 77,608 | $ | 937 | 4.80 | % | ||||||||||||||||||
Tax-Free Investment Securities3 | 11,543 | 83 | 2.85 | % | 11,583 | 84 | 2.88 | % | 11,701 | 85 | 2.89 | % | ||||||||||||||||||||||||
Taxable Investment Securities | 767,913 | 6,165 | 3.19 | % | 802,184 | 6,672 | 3.30 | % | 802,953 | 6,780 | 3.36 | % | ||||||||||||||||||||||||
Total Securities | 779,456 | 6,248 | 3.18 | % | 813,767 | 6,756 | 3.29 | % | 814,654 | 6,865 | 3.35 | % | ||||||||||||||||||||||||
Commercial Real Estate | 2,088,480 | 31,822 | 6.05 | % | 2,038,930 | 31,595 | 6.15 | % | 1,855,999 | 29,108 | 6.24 | % | ||||||||||||||||||||||||
Commercial & Industrial | 208,819 | 3,122 | 5.93 | % | 193,609 | 3,205 | 6.57 | % | 213,130 | 3,533 | 6.59 | % | ||||||||||||||||||||||||
Residential Mortgages | 828,866 | 9,076 | 4.34 | % | 826,413 | 8,832 | 4.24 | % | 808,567 | 8,567 | 4.22 | % | ||||||||||||||||||||||||
Other Consumer | 28,468 | 349 | 4.86 | % | 27,886 | 365 | 5.19 | % | 29,038 | 428 | 5.86 | % | ||||||||||||||||||||||||
Construction | 450,531 | 7,923 | 6.98 | % | 441,945 | 7,716 | 6.93 | % | 421,979 | 7,126 | 6.72 | % | ||||||||||||||||||||||||
Other | 240,527 | - | - | % | 264,755 | - | - | % | 292,751 | - | - | % | ||||||||||||||||||||||||
Total Loans1 | 3,845,691 | 52,292 | 5.39 | % | 3,793,538 | 51,713 | 5.41 | % | 3,621,464 | 48,762 | 5.36 | % | ||||||||||||||||||||||||
Other Restricted Stock, at Cost | 13,772 | 220 | 6.34 | % | 8,956 | 144 | 6.38 | % | 6,569 | 120 | 7.27 | % | ||||||||||||||||||||||||
Total Interest-Earning Assets | 4,706,917 | 59,457 | 5.01 | % | 4,680,668 | 59,333 | 5.03 | % | 4,520,295 | 56,684 | 4.99 | % | ||||||||||||||||||||||||
Noninterest Earning Assets | 125,545 | 123,748 | 117,145 | |||||||||||||||||||||||||||||||||
Total Assets | $ | 4,832,462 | $ | 4,804,416 | $ | 4,637,440 | ||||||||||||||||||||||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||||||||||||||||||||||||||||
Interest-Bearing Demand | $ | 817,489 | $ | 3,046 | 1.48 | % | $ | 809,318 | $ | 3,509 | 1.72 | % | $ | 700,049 | $ | 3,341 | 1.90 | % | ||||||||||||||||||
Money Market | 547,874 | 3,198 | 2.32 | % | 554,903 | 3,614 | 2.58 | % | 507,778 | 3,544 | 2.78 | % | ||||||||||||||||||||||||
Savings | 329,663 | 107 | 0.13 | % | 341,123 | 141 | 0.16 | % | 361,624 | 113 | 0.12 | % | ||||||||||||||||||||||||
Certificates of Deposit | 1,907,556 | 16,726 | 3.48 | % | 1,899,939 | 16,761 | 3.50 | % | 1,925,634 | 19,475 | 4.02 | % | ||||||||||||||||||||||||
Total Interest-Bearing Deposits | 3,602,582 | 23,077 | 2.54 | % | 3,605,283 | 24,025 | 2.64 | % | 3,495,085 | 26,473 | 3.01 | % | ||||||||||||||||||||||||
Federal Home Loan Bank Borrowings | 144,402 | 1,476 | 4.06 | % | 119,870 | 1,284 | 4.25 | % | 71,739 | 742 | 4.11 | % | ||||||||||||||||||||||||
Federal Funds Purchased | 1 | - | - | % | - | - | - | % | 1 | - | - | % | ||||||||||||||||||||||||
Other Borrowings | 11,033 | 141 | 5.07 | % | 11,145 | 142 | 5.05 | % | 10,247 | 139 | 5.40 | % | ||||||||||||||||||||||||
Total Borrowings | 155,436 | 1,617 | 4.13 | % | 131,015 | 1,426 | 4.32 | % | 81,987 | 881 | 4.27 | % | ||||||||||||||||||||||||
Total Interest-Bearing Liabilities | 3,758,018 | 24,694 | 2.61 | % | 3,736,298 | 25,451 | 2.70 | % | 3,577,072 | 27,354 | 3.04 | % | ||||||||||||||||||||||||
Noninterest-Bearing Liabilities | 660,217 | 658,178 | 676,506 | |||||||||||||||||||||||||||||||||
Shareholders' Equity | 414,227 | 409,940 | 383,862 | |||||||||||||||||||||||||||||||||
Total Liabilities and Shareholders' Equity | $ | 4,832,462 | $ | 4,804,416 | $ | 4,637,440 | ||||||||||||||||||||||||||||||
Net Interest Income3 | $ | 34,763 | $ | 33,882 | $ | 29,330 | ||||||||||||||||||||||||||||||
Net Interest Margin3 | 2.93 | % | 2.87 | % | 2.58 | % | ||||||||||||||||||||||||||||||
CARTER BANKSHARES, INC.
CONSOLIDATED SELECTED FINANCIAL DATA
NET INTEREST MARGIN (FTE) (YTD AVERAGES)
(Unaudited)
December 31, 2025 | December 31, 2024 | |||||||||||||||||||||||
(Dollars in Thousands) | Average Balance | Income/ Expense | Rate | Average Balance | Income/ Expense | Rate | ||||||||||||||||||
ASSETS | ||||||||||||||||||||||||
Interest-Bearing Deposits with Banks | $ | 64,451 | $ | 2,808 | 4.36 | % | $ | 44,250 | $ | 2,289 | 5.17 | % | ||||||||||||
Tax-Free Investment Securities3 | 11,602 | 336 | 2.90 | % | 11,759 | 340 | 2.89 | % | ||||||||||||||||
Taxable Investment Securities | 799,043 | 26,288 | 3.29 | % | 828,437 | 29,510 | 3.56 | % | ||||||||||||||||
Total Securities | 810,645 | 26,624 | 3.28 | % | 840,196 | 29,850 | 3.55 | % | ||||||||||||||||
Commercial Real Estate | 2,006,830 | 123,119 | 6.13 | % | 1,786,092 | 111,505 | 6.24 | % | ||||||||||||||||
Commercial & Industrial | 216,288 | 12,951 | 5.99 | % | 221,032 | 14,660 | 6.63 | % | ||||||||||||||||
Residential Mortgages | 819,697 | 34,988 | 4.27 | % | 809,085 | 34,196 | 4.23 | % | ||||||||||||||||
Other Consumer | 28,141 | 1,522 | 5.41 | % | 30,820 | 2,128 | 6.90 | % | ||||||||||||||||
Construction | 449,842 | 30,265 | 6.73 | % | 421,167 | 26,864 | 6.38 | % | ||||||||||||||||
Other | 239,273 | - | - | % | 292,264 | - | - | % | ||||||||||||||||
Total Loans | 3,760,071 | 202,845 | 5.39 | % | 3,560,460 | 189,353 | 5.32 | % | ||||||||||||||||
Other Restricted Stock, at Cost | 9,432 | 616 | 6.53 | % | 13,696 | 1,012 | 7.39 | % | ||||||||||||||||
Total Interest-Earning Assets | 4,644,599 | 232,893 | 5.01 | % | 4,458,602 | 222,504 | 4.99 | % | ||||||||||||||||
Noninterest Earning Assets | 124,350 | 102,239 | ||||||||||||||||||||||
Total Assets | $ | 4,768,949 | $ | 4,560,841 | ||||||||||||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||||||||||||||||
Interest-Bearing Demand | $ | 794,603 | $ | 13,602 | 1.71 | % | $ | 583,735 | $ | 8,980 | 1.54 | % | ||||||||||||
Money Market | 541,250 | 13,641 | 2.52 | % | 511,342 | 15,478 | 3.03 | % | ||||||||||||||||
Savings | 343,367 | 490 | 0.14 | % | 399,748 | 548 | 0.14 | % | ||||||||||||||||
Certificates of Deposit | 1,902,757 | 68,451 | 3.60 | % | 1,782,573 | 70,425 | 3.95 | % | ||||||||||||||||
Total Interest-Bearing Deposits | 3,581,977 | 96,184 | 2.69 | % | 3,277,398 | 95,431 | 2.91 | % | ||||||||||||||||
Federal Home Loan Bank Borrowings | 110,944 | 4,648 | 4.19 | % | 222,719 | 11,379 | 5.11 | % | ||||||||||||||||
Federal Funds Purchased | - | - | - | % | - | - | - | % | ||||||||||||||||
Other Borrowings | 10,830 | 570 | 5.26 | % | 9,126 | 462 | 5.06 | % | ||||||||||||||||
Total Borrowings | 121,774 | 5,218 | 4.28 | % | 231,845 | 11,841 | 5.11 | % | ||||||||||||||||
Total Interest-Bearing Liabilities | 3,703,751 | 101,402 | 2.74 | % | 3,509,243 | 107,272 | 3.06 | % | ||||||||||||||||
Noninterest-Bearing Liabilities | 660,244 | 684,033 | ||||||||||||||||||||||
Shareholders' Equity | 404,954 | 367,565 | ||||||||||||||||||||||
Total Liabilities and Shareholders' Equity | $ | 4,768,949 | $ | 4,560,841 | ||||||||||||||||||||
Net Interest Income3 | $ | 131,491 | $ | 115,232 | ||||||||||||||||||||
Net Interest Margin3 | 2.83 | % | 2.58 | % | ||||||||||||||||||||
CARTER BANKSHARES, INC.
CONSOLIDATED SELECTED FINANCIAL DATA
LOANS AND LOANS HELD-FOR-SALE
(Unaudited)
(Dollars in Thousands) | December 31, | September 30, | December 31, | |||||||||
Commercial | ||||||||||||
Commercial Real Estate | $ | 2,114,314 | $ | 2,063,181 | $ | 1,869,831 | ||||||
Commercial and Industrial | 231,921 | 218,038 | 230,483 | |||||||||
Total Commercial Loans | 2,346,235 | 2,281,219 | 2,100,314 | |||||||||
Consumer | ||||||||||||
Residential Mortgages | 822,141 | 826,944 | 777,471 | |||||||||
Other Consumer | 28,416 | 29,077 | 28,908 | |||||||||
Total Consumer Loans | 850,557 | 856,021 | 806,379 | |||||||||
Construction | 465,613 | 466,701 | 462,930 | |||||||||
Other | 217,155 | 231,712 | 255,203 | |||||||||
Total Portfolio Loans | 3,879,560 | 3,835,653 | 3,624,826 | |||||||||
Loans Held-for-Sale | 339 | 478 | - | |||||||||
Total Loans | $ | 3,879,899 | $ | 3,836,131 | $ | 3,624,826 | ||||||
ASSET QUALITY DATA
(Unaudited)
For the Periods Ended | ||||||||||||
(Dollars in Thousands) | December 31, | September 30, | December 31, | |||||||||
Nonaccrual Loans | ||||||||||||
Commercial Real Estate | $ | 23,861 | $ | 24,124 | $ | 1,176 | ||||||
Commercial and Industrial | 1,013 | 1,072 | 1,078 | |||||||||
Residential Mortgages | 4,623 | 4,822 | 4,865 | |||||||||
Other Consumer | 25 | 26 | 20 | |||||||||
Construction | 440 | 39 | 228 | |||||||||
Other | 214,020 | 228,554 | 251,982 | |||||||||
Total Nonperforming Loans | 243,982 | 258,637 | 259,349 | |||||||||
Other Real Estate Owned | 142 | 330 | 659 | |||||||||
Total Nonperforming Assets | $ | 244,124 | $ | 258,967 | $ | 260,008 | ||||||
Nonperforming Loans to Total Portfolio Loans | 6.29 | % | 6.74 | % | 7.15 | % | ||||||
Nonperforming Assets to Total Portfolio Loans plus Other Real Estate Owned | 6.29 | % | 6.75 | % | 7.17 | % | ||||||
Allowance for Credit Losses to Total Portfolio Loans | 1.84 | % | 1.92 | % | 2.09 | % | ||||||
Allowance for Credit Losses to Nonperforming Loans | 29.30 | % | 28.52 | % | 29.15 | % | ||||||
Net Loan Charge-offs QTD | $ | 93 | $ | 157 | $ | 195 | ||||||
Net Loan Charge-offs YTD | $ | 472 | $ | 379 | $ | 16,413 | ||||||
Net Loan Charge-offs (Annualized) to Average Portfolio Loans QTD | 0.01 | % | 0.02 | % | 0.02 | % | ||||||
Net Loan Charge-offs (Annualized) to Average Portfolio Loans YTD | 0.01 | % | 0.01 | % | 0.46 | % |
CARTER BANKSHARES, INC.
CONSOLIDATED SELECTED FINANCIAL DATA
ALLOWANCE FOR CREDIT LOSSES
(Unaudited)
Quarter-to-Date | Years Ended | |||||||||||||||||||
(Dollars in Thousands) | December 31, | September 30, | December 31, | December 31, | December 31, | |||||||||||||||
Balance Beginning of Period | $ | 73,762 | $ | 71,023 | $ | 80,909 | $ | 75,600 | $ | 97,052 | ||||||||||
(Recovery) Provision for Credit Losses | (2,178 | ) | 2,896 | (5,114 | ) | (3,637 | ) | (5,039 | ) | |||||||||||
Charge-offs: | ||||||||||||||||||||
Commercial Real Estate | - | - | - | - | - | |||||||||||||||
Commercial and Industrial | - | - | - | 7 | 40 | |||||||||||||||
Residential Mortgages | - | - | - | - | 32 | |||||||||||||||
Other Consumer | 164 | 256 | 370 | 879 | 1,759 | |||||||||||||||
Construction | - | - | - | 1 | 157 | |||||||||||||||
Other | - | - | - | - | 15,000 | |||||||||||||||
Total Charge-offs | 164 | 256 | 370 | 887 | 16,988 | |||||||||||||||
Recoveries: | ||||||||||||||||||||
Commercial Real Estate | - | - | - | - | - | |||||||||||||||
Commercial and Industrial | - | 1 | 46 | 6 | 49 | |||||||||||||||
Residential Mortgages | 2 | 2 | 2 | 14 | 31 | |||||||||||||||
Other Consumer | 69 | 96 | 127 | 394 | 495 | |||||||||||||||
Construction | - | - | - | 1 | - | |||||||||||||||
Other | - | - | - | - | - | |||||||||||||||
Total Recoveries | 71 | 99 | 175 | 415 | 575 | |||||||||||||||
Total Net Charge-offs | 93 | 157 | 195 | 472 | 16,413 | |||||||||||||||
Balance End of Period | $ | 71,491 | $ | 73,762 | $ | 75,600 | $ | 71,491 | $ | 75,600 | ||||||||||
DEFINITIONS AND RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES:
(Unaudited)
1 Pre-tax Pre-provision Income (Non-GAAP) | Quarter-to-Date | Years Ended | ||||||||||||||||||
(Dollars in Thousands) | December 31, | September 30, | December 31, | December 31, | December 31, | |||||||||||||||
Net Interest Income | $ | 34,604 | $ | 33,719 | $ | 29,148 | $ | 130,820 | $ | 114,457 | ||||||||||
Noninterest Income | 5,225 | 5,370 | 5,368 | 22,404 | 21,368 | |||||||||||||||
Noninterest Expense | 31,004 | 28,704 | 28,866 | 117,054 | 110,002 | |||||||||||||||
Pre-tax Pre-provision Income (Non-GAAP) | $ | 8,825 | $ | 10,385 | $ | 5,650 | $ | 36,170 | $ | 25,823 | ||||||||||
CARTER BANKSHARES, INC.
CONSOLIDATED SELECTED FINANCIAL DATA
2 Adjusted Net Income (Non-GAAP) | Quarter-to-Date | Years Ended | ||||||||||||||||||
(Dollars in Thousands, except per share data) | December 31, | September 30, | December 31, | December 31, | December 31, | |||||||||||||||
Net Income | $ | 8,480 | $ | 5,419 | $ | 8,280 | $ | 31,362 | $ | 24,523 | ||||||||||
Gains on Sales of Securities, net | (46 | ) | - | (32 | ) | (46 | ) | (68 | ) | |||||||||||
Equity Security Unrealized Fair Value (Gain) Loss | (22 | ) | (69 | ) | 166 | (250 | ) | (41 | ) | |||||||||||
Losses on Sales and Write-downs of Bank Premises, net | 188 | 11 | 54 | 256 | 108 | |||||||||||||||
(Gains) Losses on Sales and Write-downs of OREO, net | (51 | ) | (89 | ) | (14 | ) | 203 | (866 | ) | |||||||||||
1035 Exchange fee on BOLI | 133 | - | - | 660 | - | |||||||||||||||
Acquisition Costs | - | 33 | - | 419 | - | |||||||||||||||
Gain on BOLI death benefit5 | - | - | - | (1,882 | ) | - | ||||||||||||||
OREO Income | - | - | (2 | ) | - | (46 | ) | |||||||||||||
Severance Pay | 55 | - | - | 95 | - | |||||||||||||||
Contingent Liability | - | - | - | 38 | 303 | |||||||||||||||
Total Tax Effect | (54 | ) | 24 | (36 | ) | (289 | ) | 128 | ||||||||||||
Modified Endowment Contract (MEC) | 121 | 123 | - | 244 | - | |||||||||||||||
Tax Effect on BOLI Surrender | 254 | 259 | - | 513 | - | |||||||||||||||
Adjusted Net Income (Non-GAAP) | $ | 9,058 | $ | 5,711 | $ | 8,416 | $ | 31,323 | $ | 24,041 | ||||||||||
Average Shares Outstanding - diluted | 21,857,904 | 22,294,228 | 22,834,975 | 22,456,705 | 22,817,149 | |||||||||||||||
Adjusted Earnings Per Common Share (diluted) (Non-GAAP) | $ | 0.41 | $ | 0.26 | $ | 0.37 | $ | 1.39 | $ | 1.05 | ||||||||||
3 Net interest income has been computed on a fully taxable equivalent basis ("FTE") using
Net Interest Income (FTE) (Non-GAAP) | Quarter-to-Date | Years Ended | ||||||||||||||||||
(Dollars in Thousands) | December 31, | September 30, | December 31, | December 31, | December 31, | |||||||||||||||
Interest and Dividend Income (GAAP) | $ | 59,298 | $ | 59,170 | $ | 56,502 | $ | 232,222 | $ | 221,729 | ||||||||||
Tax Equivalent Adjustment3 | 159 | 163 | 182 | 671 | 775 | |||||||||||||||
Interest and Dividend Income (FTE) (Non-GAAP) | 59,457 | 59,333 | 56,684 | 232,893 | 222,504 | |||||||||||||||
Average Earning Assets | 4,706,917 | 4,680,668 | 4,520,295 | 4,644,599 | 4,458,601 | |||||||||||||||
Yield on Interest-earning Assets (GAAP) | 5.00 | % | 5.02 | % | 4.97 | % | 5.00 | % | 4.97 | % | ||||||||||
Yield on Interest-earning Assets (FTE) (Non-GAAP) | 5.01 | % | 5.03 | % | 4.99 | % | 5.01 | % | 4.99 | % | ||||||||||
Net Interest Income (GAAP) | 34,604 | 33,719 | 29,148 | 130,820 | 114,457 | |||||||||||||||
Tax Equivalent Adjustment3 | 159 | 163 | 182 | 671 | 775 | |||||||||||||||
Net Interest Income (FTE) (Non-GAAP) | $ | 34,763 | $ | 33,882 | $ | 29,330 | $ | 131,491 | $ | 115,232 | ||||||||||
Average Earning Assets | 4,706,917 | 4,680,668 | 4,520,295 | 4,644,599 | 4,458,601 | |||||||||||||||
Net Interest Margin (GAAP) | 2.92 | % | 2.86 | % | 2.57 | % | 2.82 | % | 2.57 | % | ||||||||||
Net Interest Margin (FTE) (Non-GAAP) | 2.93 | % | 2.87 | % | 2.58 | % | 2.83 | % | 2.58 | % | ||||||||||
CARTER BANKSHARES, INC.
CONSOLIDATED SELECTED FINANCIAL DATA
4 Adjusted Efficiency Ratio (Non-GAAP) | Quarter-to-Date | Years Ended | ||||||||||||||||||
(Dollars in Thousands) | December 31, | September 30, | December 31, | December 31, | December 31, | |||||||||||||||
Noninterest Expense | $ | 31,004 | $ | 28,704 | $ | 28,866 | $ | 117,054 | $ | 110,002 | ||||||||||
Less: Losses on sales and write-downs of Branch Premises, net | (188 | ) | (11 | ) | (54 | ) | (256 | ) | (108 | ) | ||||||||||
Less: Gains (Losses) on Sales and write-downs of OREO, net | 51 | 89 | 14 | (203 | ) | 866 | ||||||||||||||
Less: 1035 Exchange fee on BOLI | (133 | ) | - | - | (660 | ) | - | |||||||||||||
Less: Acquisition Costs | - | (33 | ) | - | (419 | ) | - | |||||||||||||
Less: Severance Pay | (55 | ) | - | - | (95 | ) | - | |||||||||||||
Less: Contingent Liability | - | - | - | (38 | ) | (303 | ) | |||||||||||||
Adjusted Noninterest Expense (Non-GAAP) | $ | 30,679 | $ | 28,749 | $ | 28,826 | $ | 115,383 | $ | 110,457 | ||||||||||
Net Interest Income | $ | 34,604 | $ | 33,719 | $ | 29,148 | $ | 130,820 | $ | 114,457 | ||||||||||
Plus: Taxable Equivalent Adjustment | 159 | 163 | 182 | 671 | 775 | |||||||||||||||
Net Interest Income (FTE) (Non-GAAP) | $ | 34,763 | $ | 33,882 | $ | 29,330 | $ | 131,491 | $ | 115,232 | ||||||||||
Less: Gains on Sales of Securities, net | (46 | ) | - | (32 | ) | (46 | ) | (68 | ) | |||||||||||
Less: Equity Security Unrealized Fair Value (Gain) Loss | (22 | ) | (69 | ) | 166 | (250 | ) | (41 | ) | |||||||||||
Less: Gain on BOLI death benefit | - | - | - | (1,882 | ) | - | ||||||||||||||
Less: OREO Income | - | - | (2 | ) | - | (46 | ) | |||||||||||||
Plus: Noninterest Income | 5,225 | 5,370 | 5,368 | 22,404 | 21,368 | |||||||||||||||
Net Interest Income (FTE) (Non-GAAP) plus Adjusted Noninterest Income | $ | 39,920 | $ | 39,183 | $ | 34,830 | $ | 151,717 | $ | 136,445 | ||||||||||
Efficiency Ratio (GAAP) | 77.84 | % | 73.43 | % | 83.63 | % | 76.39 | % | 80.99 | % | ||||||||||
Adjusted Efficiency Ratio (Non-GAAP) | 76.85 | % | 73.37 | % | 82.76 | % | 76.05 | % | 80.95 | % | ||||||||||
SOURCE: Carter Bankshares, Inc.
View the original press release on ACCESS Newswire