Carter Bankshares Inc Stock Price, News & Analysis

Carter Bankshares, Inc. (NASDAQ:CARE) reported a record quarterly net income of $15.9 million, or $0.67 diluted EPS, for Q1 2023, marking an increase from $15.6 million in Q4 2022 and $9.3 million in Q1 2022. The return on average assets (ROA) was 1.51% and the return on average equity (ROE) was 18.89%. Total loans increased 12.9% annualized to $3.2 billion, while total deposits fell by $96.9 million. Despite a 1.8% decline in net interest income to $40.8 million, the company maintains a strong capital position. The provision for credit losses rose to $1.4 million due to loan growth, and the stock repurchase program announced aims to enhance shareholder value.

Carter Bankshares, Inc. (CARE) reported record net income of $15.6 million or $0.65 diluted EPS for Q4 2022, up from $14.4 million or $0.59 in Q3 2022, and $5.6 million or $0.21 in Q4 2021. Total portfolio loans increased 15.4% to $3.1 billion, while net interest margin rose to 4.07%.

Full-year net income reached $50.1 million, or $2.03 diluted EPS, compared to $31.6 million in 2021. However, total deposits fell 2.6% to $3.6 billion. The company remains well capitalized with a Tier 1 Capital ratio of 12.61%.

Carter Bank & Trust (NASDAQ:CARE) announced the promotion of three executives to Senior Executive Vice Presidents: Matt Speare, Rich Spiker, and Tony Kallsen, effective January 24, 2023. Speare transitions from Chief Information Officer to Chief Operations Officer, overseeing both IT and operational functions. Spiker has played a crucial role in expanding the Commercial Banking Team and the Treasury Services department, boosting the bank's commercial loan portfolio. Kallsen has successfully established a Credit Risk Management infrastructure and reduced criticized assets since joining in 2017. CEO Litz Van Dyke hailed their contributions as vital for future success.

Carter Bankshares (NASDAQ:CARE) reported a record net income of $14.4 million or $0.59 diluted EPS for Q3 2022, up from $10.8 million in Q2 2022. Year-to-date net income reached $34.5 million with an EPS of $1.38, compared to $26.0 million and $0.98 EPS in 2021. Key metrics included a return on average assets of 1.38% and a return on average equity of 16.75%. Despite a decrease in core deposits by $15.7 million since June, nonperforming loans dropped 41.7%, indicating improved asset quality.

Carter Bank & Trust (NASDAQ:CARE) has partnered with Innovation Refunds to assist businesses in claiming payroll tax refunds through the Employee Retention Credit (ERC). This collaboration aims to help companies recover up to $26,000 per employee retained during the COVID-19 pandemic. With over $1 billion refunded and an average refund of $375,000 secured, this initiative simplifies the process for businesses, even those that received PPP funds. The partnership addresses the challenges faced by small businesses in accessing federal relief.