Carter Bankshares Inc

For the period ended Dec 31, 2024. Filed Mar 7, 2025.

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.

FY2024 · Filed Mar 7, 2025

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

Consolidated Statements of Income

	Years Ended December 31,
(Dollars in Thousands Except per Share Data)	2024	2023	2022
INTEREST INCOME
Loans, including fees
Taxable	$186,001	$159,317	$135,055
Non-Taxable	2,648	3,143	3,609
Investment Securities
Taxable	29,510	30,804	20,330
Non-Taxable	269	634	693
Federal Reserve Bank Excess Reserves	2,204	1,002	312
Interest on Bank Deposits	85	64	29
Dividend Income	1,012	1,456	154
Total Interest Income	221,729	196,420	160,182
Interest Expense
Interest Expense on Deposits	95,431	52,628	18,616
Interest Expense on Federal Funds Purchased	—	368	188
Interest on Other Borrowings	11,841	21,114	1,450
Total Interest Expense	107,272	74,110	20,254
NET INTEREST INCOME	114,457	122,310	139,928
(Recovery) Provision for Credit Losses	(5,039)	5,500	2,419
(Recovery) Provision for Unfunded Commitments	(7)	901	509
Net Interest Income After (Recovery) Provision for Credit Losses	119,503	115,909	137,000
NONINTEREST INCOME
Gains (Losses) on Sales of Securities, net	68	(1,521)	46
Service Charges, Commissions and Fees	7,393	7,155	7,168
Debit Card Interchange Fees	7,843	7,828	7,427
Insurance Commissions	3,685	1,945	1,961
Bank Owned Life Insurance Income	1,473	1,381	1,357
Commercial Loan Swap Fee Income	—	139	774
Other	906	1,351	2,985
Total Noninterest Income	21,368	18,278	21,718
NONINTEREST EXPENSE
Salaries and Employee Benefits	57,908	55,856	52,399
Occupancy Expense, net	15,608	14,028	13,527
FDIC Insurance Expense	6,200	4,904	2,015
Other Taxes	3,559	3,292	3,319
Advertising Expense	2,540	1,693	1,434
Telephone Expense	1,393	1,842	1,781
Professional and Legal Fees	5,675	6,210	5,818
Data Processing	4,919	3,920	4,051
Debit Card Expense	3,423	2,875	2,750
Tax Credit Amortization	—	—	621
Other	8,777	10,846	9,286
Total Noninterest Expense	110,002	105,466	97,001
Income Before Income Taxes	30,869	28,721	61,717
Income Tax Provision	6,346	5,337	11,599
Net Income	$24,523	$23,384	$50,118
Earnings per Common Share:
Basic Earnings per Common Share	$1.06	$1.00	$2.03
Diluted Earnings per Common Share	$1.06	$1.00	$2.03
Average Shares Outstanding-Basic	22,817,149	23,240,543	24,595,789
Average Shares Outstanding-Diluted	22,817,149	23,240,543	24,595,789

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.