Business
Carter Bankshares, Inc. Announces Third Quarter 2025 Financial Results
MARTINSVILLE, VA / ACCESS Newswire / October 23, 2025 / Carter Bankshares, Inc. (the "Company") (NASDAQ:CARE), the holding company of Carter Bank (the "Bank") today announced quarterly net income of $5.4 million, or $0.24 diluted earnings per share ...
About this update from Carter Bankshares, Inc.
[{"type":"text","content":"MARTINSVILLE, VA / ACCESS Newswire / October 23, 2025 / Carter Bankshares, Inc. (the "Company") (NASDAQ:CARE), the holding company of Carter Bank (the "Bank") today announced quarterly net income of $5.4 million, or $0.24 diluted earnings per share ("EPS"), for the third quarter of 2025 compared to net income of $8.5 million, or $0.37 diluted EPS, for the second quarter of 2025 and net income of $5.6 million, or $0.24 diluted EPS, for the third quarter of 2024. Net interest income was $33.7 million for the third quarter of 2025, $32.4 million for the second quarter of 2025, and $28.8 million for the third quarter of 2024. Pre-tax pre-provision income1 was $10.4 million for the third quarter of 2025, $8.0 million for the second quarter of 2025 and $6.8 million for the third quarter of 2024.","length":830,"tagName":"p"},{"type":"text","content":"For the nine months ended September 30, 2025, net income was $22.9 million, or $1.00 diluted EPS, compared to net income of $16.2 million, or $0.70 diluted EPS for the same period in 2024. Net interest income was $96.2 million for the nine months ended September 30, 2025, and $85.3 million for the nine months ended September 30, 2024. Pre-tax pre-provision income1 was $27.3 million and $20.2 million for the nine months ended September 30, 2025 and 2024, respectively.","length":471,"tagName":"p"},{"type":"text","content":"The Company's financial results continue to be significantly impacted by loans in the Bank's Other segment of the Company's loan portfolio, the significant majority of which have been on nonaccrual status since the second quarter of 2023. The Bank's loans, now reduced to judgments, relate to various entities in which James C. Justice, II has an interest (collectively, the "Justice Entities"), remain the Bank's largest credit relationship and comprise the significant majority of the Other segment with an aggregate principal balance of $228.6 million as of September 30, 2025. Interest income was negatively impacted by $6.5 million during the third quarter of 2025, $6.7 million during the second quarter of 2025, and $8.8 million during the third quarter of 2024, due to these credits being on nonaccrual status. Interest income has been negatively impacted by $85.2 million in the aggregate since placement of these cred...