Business
Carter Bankshares, Inc. Announces First Quarter 2026 Financial Results
MARTINSVILLE, VA / ACCESS Newswire / April 23, 2026 / Carter Bankshares, Inc. (the "Company") (NASDAQ:CARE), the holding company of Carter Bank (the "Bank") today announced quarterly net income of $85.8 million, or $3.88 diluted earnings per share ...
About this update from Carter Bankshares, Inc.
[{"type":"text","content":"MARTINSVILLE, VA / ACCESS Newswire / April 23, 2026 / Carter Bankshares, Inc. (the "Company") (NASDAQ:CARE), the holding company of Carter Bank (the "Bank") today announced quarterly net income of $85.8 million, or $3.88 diluted earnings per share ("EPS"), for the first quarter of 2026 compared to net income of $8.5 million, or $0.38 diluted EPS, for the fourth quarter of 2025 and net income of $9.0 million, or $0.39 diluted EPS, for the first quarter of 2025. Net interest income was $35.9 million for the first quarter of 2026, $34.6 million for the fourth quarter of 2025, and $30.1 million for the first quarter of 2025. Pre-tax pre-provision income1 was $75.9 million for the first quarter of 2026, $8.8 million for the fourth quarter of 2025 and $9.0 million for the first quarter of 2025.","length":829,"tagName":"p"},{"type":"text","content":"On March 26, 2026, the Bank completed the sale (the "Transaction") of all loans, subsequently reduced to judgments related to various entities in which James C. Justice, II has an interest (such loans, subsequently reduced to judgments, the "Loans"). The Transaction was completed as an absolute, "as-is, where-is" sale to an unaffiliated third party.","length":381,"tagName":"p"},{"type":"text","content":"The Company received consideration of $289.5 million in cash in the Transaction. Immediately prior to the Transaction, the Loans had an outstanding aggregate principal amount of $209.5 million, all of the Loans were nonperforming and on nonaccrual status, and the Company had recorded a specific reserve with respect to the Loans of $18.0 million as of December 31, 2025.","length":371,"tagName":"p"},{"type":"text","content":"Transaction Highlights","length":22,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"Received consideration of $289.5 million in cash in the Transaction during the quarter;","length":87,"tagName":"p"}]},{"val":[{"type":"text","content":"Recognized a net gain on the Transaction of $80.0 million, comprised of:","length":72,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"$65.0 million gain on the Transaction; and","length":42,"tagName":"p"}]},{"val":[{"type":"text","content":"$15.0 million net recovery;","length":27,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,...