Business
Carter Bankshares, Inc. Announces Second Quarter 2021 Financial Results
MARTINSVILLE, VA / ACCESSWIRE / July 29, 2021 / Carter Bankshares, Inc. (the "Company") (NASDAQ:CARE) today announced net income of $5.4 million, or $0.21
About this update from Carter Bankshares, Inc.
[{"type":"text","content":"MARTINSVILLE, VA / ACCESSWIRE / July 29, 2021 / Carter Bankshares, Inc. (the \"Company\") (NASDAQ:CARE) today announced net income of $5.4 million, or $0.21 diluted earnings per share, for the second quarter of 2021 compared to net income of $9.4 million, or $0.36 diluted earnings per share, in the first quarter of 2021 and net income of $4.5 million, or $0.17 diluted earnings per share, for the second quarter of 2020. Core pre-tax pre-provision earnings 1 were $7.9 million, $8.5 million and $7.0 million for the quarters ended June 30, 2021, March 31, 2021 and June 30, 2020, respectively.For the six months ended June 30, 2021, net income was $14.8 million, or $0.56 diluted earnings per share, compared to net income of $8.9 million, or $0.34 diluted earnings per share in the six months of 2020. Core pre-tax pre-provision earnings 1 were $16.3 million and $15.3 million for the six months ended June 30, 2021 and 2020, respectively.Second Quarter 2021 Financial HighlightsNonperforming loans declined $22.4 million, or 70.1% to $9.6 million at June 30, 2021 as compared to December 31, 2020 and decreased $31.0 million, or 76.4%, from June 30, 2020. The decline is due to the resolution of our two largest nonperforming credits during the second quarter of 2021. The resolution included charge-offs of $6.3 million and $1.9 million. These loans had $13.1 million specifically reserved at the time of the charge-off. Nonperforming loans as a percentage of total portfolio loans were 0.33%, 1.09% and 1.37% as of June 30, 2021, December 31, 2020 and June 30, 2020, respectively;The provision for credit losses totaled $1.0 million for the quarter ended June 30, 2021, as compared to $1.9 million for the quarter ended March 31, 2021;Net interest income increased $0.7 million, or 2.5%, to $27.2 million compared to the first quarter of 2021 primarily due to a seven basis point decrease in funding costs;Net interest margin, on a fully taxable equivalent basis (\"FTE\"), increased one basis point to 2.79% compared to the first quarter of 2021 and decreased four basis points compared to the second quarter of 2020;Total deposits decreased $32.2 million to $3.7 billion at June 30, 2021 compared to March 31, 2021 and increased $52.6 million, or 1.5%, compared to June 30, 2020. The decline from March 31, 2021 was impacted by $81.6 million of deposits held-for...