Quarterly ResultMay 7, 2026, 01:38 PM
Carter Bankshares Q1 Net Income $85.76M; Loan Sale Boosts EPS to $3.88
AI Summary
Carter Bankshares, Inc. reported a significant increase in net income and earnings per share for the first quarter of 2026, primarily driven by a $65.0 million gain from the sale of loans previously reduced to judgments. Net income soared to $85.76 million, with basic EPS reaching $3.88. The company also recorded a substantial recovery for credit losses and saw an increase in net interest income and total deposits, while reducing Federal Home Loan Bank borrowings to zero.
Key Highlights
- Net income surged to $85.76 million, up from $8.95 million in Q1 2025.
- Basic earnings per common share increased to $3.88 from $0.39 year-over-year.
- Recognized a $65.0 million gain from the sale of specific loans (Judgments).
- Reported a recovery for credit losses of $33.92 million, compared to $2.03 million in Q1 2025.
- Net interest income rose 19.2% to $35.93 million from $30.14 million in Q1 2025.
- Total deposits increased to $4.24 billion as of March 31, 2026.
- Federal Home Loan Bank borrowings were reduced to zero from $178.5 million.
- Portfolio loans, net, decreased to $3.68 billion from $3.81 billion at year-end 2025.
Price Impact
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