Carter Bankshares, Inc.

Carter Bankshares, Inc. reported strong financial results for the second quarter of 2026, with net income significantly increasing to $28.9 million and diluted EPS rising to $1.31. The company also made strategic moves, including the sale of its largest nonperforming loan relationship and the sale of its insurance group membership. Asset quality improved substantially, with nonperforming loans to total portfolio loans decreasing to 1.01%.

Carter Bankshares, Inc. announced strong financial results for Q2 2026, with net income of $28.9 million and diluted EPS of $1.31. The quarter benefited from a $35.9 million net gain from the sale of its insurance interest, which significantly increased tangible book value. The company also completed a strategic repositioning of its securities portfolio and reported expanded net interest margin and improved capital ratios, positioning it for future growth.

Carter Bankshares, Inc. and Carter Bank & Trust entered into amended and restated employment agreements and a change of control agreement with several key officers, including CEO Litz H. Van Dyke, President Bradford N. Langs, CFO Wendy S. Bell, COO Matthew M. Speare, and Chief Credit Officer Tony E. Kallsen. These updates reflect current positions and salaries, expand clawback provisions, clarify 'Cause' definitions, and ensure compliance with new Virginia law impacting noncompetition clauses. The changes aim to align agreements with current best practices and regulatory requirements.

Carter Bankshares, Inc. completed a strategic repositioning of its available-for-sale securities portfolio. The company sold $139.4 million in securities with a 2.28% yield and purchased $88.5 million in higher-yielding securities at 5.27%. This move is expected to result in an estimated pre-tax loss of $12.5 million in Q2 2026, which is projected to be recovered over approximately 2.98 years, improving annual interest income by $4.2 million. Remaining proceeds will fund organic loan growth.

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.

Carter Bankshares reported strong first-quarter 2026 results, with diluted EPS of $3.88, significantly up from the prior quarter and year, primarily driven by the successful resolution and sale of its largest nonperforming credit relationship. This transaction resulted in a gain of $80 million and a reserve release of $18 million, contributing $77.4 million to net income after tax. The company also reinstated its quarterly cash dividend and demonstrated improved asset quality and robust capital and liquidity positions.

Carter Bankshares, Inc. announced that its Board of Directors declared a quarterly cash dividend of $0.10 per share. The dividend is scheduled to be paid on May 25, 2026, to shareholders who are on record as of May 11, 2026. This declaration results in an annualized dividend yield of 1.64%, calculated based on the closing stock price of $24.44 on April 21, 2026.

Carter Bankshares, Inc. announced its financial results for the first quarter ended March 31, 2026. The company disclosed these results through a press release issued on April 23, 2026. This filing serves to formally report the release of these quarterly financial statements.