Business
Carter Bank & Trust Announces Second Quarter 2020 Financial Results
MARTINSVILLE, VA / ACCESSWIRE / July 23, 2020 / Carter Bank & Trust (the "Bank") (NASDAQ:CARE) today announced net income of $4.5 million, or $0.17 diluted
About this update from Carter Bankshares, Inc.
[{"type":"text","content":"MARTINSVILLE, VA / ACCESSWIRE / July 23, 2020 / Carter Bank & Trust (the \"Bank\") (NASDAQ:CARE) today announced net income of $4.5 million, or $0.17 diluted earnings per share, for the second quarter of 2020, as compared to net income of $4.4 million, or $0.17 diluted earnings per share, in the first quarter of 2020 and net income of $7.8 million, or $0.30 diluted earnings per share, for the second quarter of 2019. Pre-tax pre-provision earnings1 were $9.4 million, $9.5 million and $9.7 million for the quarters ended June 30, 2020, March 31, 2020 and June 30, 2019, respectively.For the six months ended June 30, 2020, net income was $8.9 million, or $0.34 diluted earnings per share, as compared to net income of $15.4 million, or $0.58 diluted earnings per share in the first six months of 2019. Pre-tax pre-provision earnings were $18.9 million and $19.3 million for the six months ended June 30, 2020 and 2019, respectively.Second Quarter 2020 Financial HighlightsNet interest income declined $1.0 million, or 3.7%, to $26.3 million as compared to the linked quarter primarily due to balance sheet repricing driven by the impact of the lower interest rate environment, offset by a 17 basis point decrease in funding costs compared to the first quarter of 2020, and decreased $1.7 million, or 6.1%, over the same quarter in 2019;Net interest margin, on a fully taxable equivalent basis, declined 18 basis points to 2.79% over the linked quarter and decreased 23 basis points over the same quarter last year;Portfolio loan growth of $17.4 million, or 2.4% on an annualized basis, as compared to the linked quarter, and growth of $91.9 million, or 3.2%, as compared to June 30, 2019;Total deposits increased $133.7 million, or 15.4% on an annualized basis, to $3.6 billion as of June 30, 2020 as compared to the linked quarter. Noninterest-bearing and interest bearing demand deposits, money market accounts and savings, increased by $195.6 million, or 12.3%, as compared to linked quarter;The provision for loan losses totaled $5.5 million for the quarter ended June 30, 2020, $4.8 million for the quarter ending March 31, 2020 and $1.4 million for the same quarter of 2019. Included is the impact of a reserve build of $3.4 million, or $(0.10) per share, and $2.6 million, or $(0.08) per share, driven by economic and market conditions as a result of COVID-19 ...