Quarterly ResultAug 6, 2026, 01:35 PM
Carter Bankshares YTD Net Income Jumps 557% to $114.7M; EPS $5.18
AI Summary
Carter Bankshares, Inc. reported a substantial increase in net income for the six months ended June 30, 2026, reaching $114.7 million, a 557% rise from the prior year, with diluted EPS of $5.18. This significant growth was primarily driven by a $65.0 million gain from a loan sale transaction and a $35.9 million gain from an insurance transaction. Net interest income also increased by 21.4% year-over-year, contributing to the strong financial performance.
Key Highlights
- Net income for six months ended June 30, 2026, was $114.7 million, up 556.6% YoY.
- Diluted EPS for six months ended June 30, 2026, was $5.18, up 581.6% YoY.
- Net interest income for six months ended June 30, 2026, increased 21.4% to $75.9 million.
- Noninterest income for six months ended June 30, 2026, surged to $99.7 million, including a $65.0 million gain from a loan sale and a $35.9 million gain from an insurance transaction.
- Total assets decreased slightly to $4.80 billion as of June 30, 2026, from $4.85 billion at December 31, 2025.
- Total shareholders' equity increased 28.5% to $539.1 million as of June 30, 2026.
- The company declared cash dividends of $0.10 per share for the six months ended June 30, 2026.
- Allowance for Credit Losses decreased to $55.17 million at June 30, 2026, from $71.49 million at December 31, 2025.
Price Impact
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