Business
Carter Bank & Trust Announces Fourth Quarter 2019 Financial Results
MARTINSVILLE, VA / ACCESSWIRE / January 28, 2020 / Carter Bank & Trust (the "Bank") (NASDAQ:CARE) today announced net income of $3.6 million, or $0.14 diluted
About this update from Carter Bankshares, Inc.
[{"type":"text","content":"MARTINSVILLE, VA / ACCESSWIRE / January 28, 2020 / Carter Bank & Trust (the \"Bank\") (NASDAQ:CARE) today announced net income of $3.6 million, or $0.14 diluted earnings per share, for the fourth quarter of 2019, as compared to net income of $7.6 million, or $0.29 diluted earnings per share, in the third quarter of 2019 and net income of $3.4 million, or $0.13 diluted earnings per share, for the fourth quarter of 2018. Pre-tax pre-provision earnings were $2.4 million, $9.4 million and $3.2 million for the quarters ended December 31, 2019, September 30, 2019 and December 31, 2018, respectively.For the year ended December 31, 2019, net income was $26.6 million, or $1.01 diluted earnings per share, as compared to net income of $11.9 million, or $0.45 diluted earnings per share in 2018. Pre-tax pre-provision earnings were $31.2 million for the years ended December 31, 2019 and 2018.Fourth Quarter 2019 Financial HighlightsNet interest margin, on a fully taxable equivalent basis, increased five basis points to 3.06% over the linked quarter, but declined 10 basis points over the same quarter last year;Net interest income increased $0.4 million, or 1.3%, over the linked quarter, but decreased $0.7 million, or 2.3%, over the same quarter last year;Securities gains of $0.6 million were realized in the fourth quarter of 2019 to take advantage of market opportunities and reposition and diversify holdings in the securities portfolio, as compared to securities gains of $0.7 million in the linked quarter and $0.1 million in the same period of 2018;Loans were essentially flat as compared to the linked quarter due to several large commercial real estate loan pay-offs during the fourth quarter, but loans grew $198.1 million, or 7.3%, as compared to December 31, 2018;Provision for loan losses declined $2.4 million as compared to linked quarter due to loan growth muted by large commercial real estate pay-offs during the fourth quarter of 2019, continued improvement in asset quality and tightened underwriting standards and decreased $0.9 million as compared to the same quarter of 2018;Noninterest expense increased $7.7 million, or 33.8%, compared to linked quarter primarily due to one-time charges of $3.1 million of a write-down of legacy other real estate owned (\"OREO\") and $1.0 million of write-downs on retail branch offices marketed for sale. O...