Business
Carter Bankshares, Inc. Announces Second Quarter 2022 Financial Results
MARTINSVILLE, VA / ACCESSWIRE / July 28, 2022 / Carter Bankshares, Inc. (the "Company") (NASDAQ:CARE), the holding company of Carter Bank & Trust (the "Bank")
About this update from Carter Bankshares, Inc.
[{"type":"text","content":"MARTINSVILLE, VA / ACCESSWIRE / July 28, 2022 / Carter Bankshares, Inc. (the \"Company\") (NASDAQ:CARE), the holding company of Carter Bank & Trust (the \"Bank\") today announced net income of $10.8 million, or $0.44 diluted earnings per share, for the second quarter of 2022 compared to net income of $9.3 million, or $0.36 diluted earnings per share, in the first quarter of 2022 and net income of $5.4 million, or $0.21 diluted earnings per share, for the second quarter of 2021. The pre-tax pre-provision income 1 was $14.7 million for the quarter ended June 30, 2022, $11.0 million for the quarter ended March 31, 2022 and $6.7 million for the quarter ended June 30, 2021.For the six months ended June 30, 2022, net income was $20.1 million, or $0.80 diluted earnings per share, compared to net income of $14.8 million, or $0.56 diluted earnings per share for the same period in 2021. Pre-tax pre-provision earnings 1 were $25.7 million and $18.6 million for the six months ended June 30, 2022 and 2021, respectively.Second Quarter 2022 Financial HighlightsNet interest income increased $4.2 million, or 15.0%, to $32.5 million compared to the first quarter of 2022 primarily due to a 36 basis point increase in earning assets and a one basis point decrease in funding costs;Net interest margin, on a fully taxable equivalent basis (\"FTE\"), increased 36 basis points to 3.27% compared to the first quarter of 2022 and increased 48 basis points compared to the second quarter of 2021;Total portfolio loans increased $103.9 million, or 14.4% on an annualized basis, to $3.0 billion at June 30, 2022 compared to March 31, 2022;Total deposits increased $25.1 million, or 2.7% on an annualized basis, to $3.8 billion at June 30, 2022 compared to March 31, 2022, and increased $94.1 million, or 2.7% on an annualized basis, compared to June 30, 2021. The increases from March 31, 2022 and June 30, 2021 were primarily due to increased core deposits, offset by the intentional runoff of certificates of deposits (\"CDs\");Core deposits, including noninterest-bearing and interest-bearing demand deposits, money market and savings accounts increased $49.1 million compared to March 31, 2022 and increased $290.8 million compared to June 30, 2021;During the second quarter of 2022, the Company's Board of Directors authorized an additional common share repurchase program ...