Carter Bankshares Inc

For the period ended Dec 31, 2023. Filed Mar 8, 2024.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2023 · Filed Mar 8, 2024

CARE$29.48+0.3%Stored close · as of Nov 10, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

Item 8. Consolidated Statements of Income

	Years Ended December 31,
(Dollars in Thousands Except per Share Data)	2023	2022	2021
INTEREST INCOME
Loans, including fees
Taxable	$159,317	$135,055	$115,448
Non-Taxable	3,143	3,609	4,733
Investment Securities
Taxable	30,804	20,330	12,442
Non-Taxable	634	693	882
Federal Reserve Bank Excess Reserves	1,002	312	169
Interest on Bank Deposits	64	29	102
Dividend Income	1,456	154	121
Total Interest Income	196,420	160,182	133,897
Interest Expense
Interest Expense on Deposits	52,628	18,616	22,246
Interest Expense on Federal Funds Purchased	368	188	—
Interest on Other Borrowings	21,114	1,450	468
Total Interest Expense	74,110	20,254	22,714
NET INTEREST INCOME	122,310	139,928	111,183
Provision for Credit Losses	5,500	2,419	3,350
Provision (Recovery) for Unfunded Commitments	901	509	(1,269)
Net Interest Income After Provision (Recovery) for Credit Losses	115,909	137,000	109,102
NONINTEREST INCOME
(Losses) Gains on Sales of Securities, net	(1,521)	46	6,869
Service Charges, Commissions and Fees	7,155	7,168	6,662
Debit Card Interchange Fees	7,828	7,427	7,226
Insurance Commissions	1,945	1,961	1,901
Bank Owned Life Insurance Income	1,381	1,357	1,380
Gains on Sales and Write-downs of Bank Premises, net	—	73	—
Commercial Loan Swap Fee Income	139	774	2,416
Other	1,351	2,912	2,427
Total Noninterest Income	18,278	21,718	28,881
NONINTEREST EXPENSE
Salaries and Employee Benefits	55,856	52,399	54,157
Occupancy Expense, net	14,028	13,527	13,556
FDIC Insurance Expense	4,904	2,015	2,157
Other Taxes	3,282	3,319	3,129
Advertising Expense	1,693	1,434	952
Telephone Expense	1,842	1,781	2,208
Professional and Legal Fees	6,210	5,818	5,255
Data Processing	3,920	4,051	3,758
Losses on Sales and Write-downs of Other Real Estate Owned, net	1,100	432	3,622
Debit Card Expense	2,875	2,750	2,777
Tax Credit Amortization	—	621	1,708
Other	9,756	8,854	9,006
Total Noninterest Expense	105,466	97,001	102,285
Income Before Income Taxes	28,721	61,717	35,698
Income Tax Provision	5,337	11,599	4,108
Net Income	$23,384	$50,118	$31,590
Earnings per Common Share:
Basic Earnings per Common Share	$1.00	$2.03	$1.19
Diluted Earnings per Common Share	$1.00	$2.03	$1.19
Average Shares Outstanding-Basic	23,240,543	24,595,789	26,342,729
Average Shares Outstanding-Diluted	23,240,543	24,595,789	26,342,729

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.