Business
Carter Bankshares, Inc. Announces Record First Quarter 2023 Financial Results
MARTINSVILLE, VA / ACCESSWIRE / April 27, 2023 / Carter Bankshares, Inc. (the "Company") (NASDAQ:CARE), the holding company of Carter Bank & Trust (the
About this update from Carter Bankshares, Inc.
[{"type":"text","content":"MARTINSVILLE, VA / ACCESSWIRE / April 27, 2023 / Carter Bankshares, Inc. (the \"Company\") (NASDAQ:CARE), the holding company of Carter Bank & Trust (the \"Bank\") today announced record quarterly net income of $15.9 million, or $0.67 diluted earnings per share (\"EPS\"), for the first quarter of 2023 compared to net income of $15.6 million, or $0.65 diluted EPS, in the fourth quarter of 2022 and net income of $9.3 million, or $0.36 diluted EPS, for the first quarter of 2022. The pre-tax pre-provision income1 was $21.3 million for the quarter ended March 31, 2023, $19.4 million for the quarter ended December 31, 2022 and $11.0 million for the quarter ended March 31, 2022.First Quarter 2023 Financial HighlightsRecord quarterly net income of $15.9 million, or $0.67 diluted EPS;Annualized quarterly performance metrics were strong with return on average assets (\"ROA\") of 1.51% and return on average equity (\"ROE\") of 18.89%;Net interest margin decreased nine basis points to 3.95% compared to the fourth quarter of 2022 and increased 107 basis points compared to the first quarter of 2022. Net interest income, decreased $0.7 million, or 1.8%, to $40.8 million compared to the fourth quarter of 2022 primarily due to a 33 basis point increase in earning assets, offset by 56 basis point increase in funding costs;Net interest margin, on a fully taxable equivalent basis (\"FTE\"), decreased nine basis points to 3.98% compared to the fourth quarter of 2022 and increased 107 basis points compared to the first quarter of 2022;Total portfolio loans increased $100.0 million, or 12.9%, on an annualized basis, to $3.2 billion at March 31, 2023 compared to December 31, 2022;Total deposits decreased $96.9 million compared to December 31, 2022 and decreased $194.9 million compared to March 31, 2022;Nonperforming loans to total portfolio loans were 0.26%, 0.21% and 0.25% for the quarters ended March 31, 2023, December 31, 2022 and March 31, 2022, respectively;Total shareholders' equity increased $26.3 million from December 31, 2022;The provision for credit losses totaled $1.4 million for the quarter ended March 31, 2023 compared to $0.1 million for the quarter ended December 31, 2022;Expenses continue to be well controlled with an efficiency ratio of 53.1%, 58.7% and 67.1%, and a core efficiency ratio4 of 52.5%, 59.5%, and 66.3% for the quarters end...