Carter Bankshares, Inc. (CARE) Form 10-Q — Aug 6, 2026
Carter Bankshares reported Q2 2026 net income of $28.9 million, or $1.31 per diluted share, up from $8.5 million, or $0.37 per share, a year earlier, with first-half net income of $114.7 million versus $17.5 million in 1H 2025. The improvement reflects a balance-sheet transformation: the March 26, 2026 sale of its largest lending relationship (loans previously reduced to judgments) generated a $65.0 million gain and released $18.0 million of specific reserves, cutting nonaccrual loans from $244.0 million at year-end 2025 to $37.6 million and reducing the allowance for credit losses to $55.2 million from $71.5 million.
Key figures
- Eps
- Q2 2026: $1.31 basic and diluted (vs $0.37 Q2 2025); 1H 2026: $5.18 (vs $0.76)
- Net Income
- Q2 2026: $28.9 million (vs $8.5 million Q2 2025); 1H 2026: $114.7 million (vs $17.5 million 1H 2025)
- Total Assets
- 4801883000
- Cash Position
- 276535000
- Shares Outstanding
- 22163931
- Loan sale gain
- $65.0 million gain on the Loan Sale Transaction (sale of the Judgments, largest lending relationship, completed March 26, 2026)
- Portfolio loans
- $3.73 billion at June 30, 2026
- Nonaccrual loans
- $37.6 million at June 30, 2026, down from $244.0 million at December 31, 2025
- Pre tax income q2
- $37.2 million vs $10.6 million year-ago
- Dividend per share
- $0.10 declared in Q2 2026 ($2.2 million)
- Shareholders equity
- $539.1 million at June 30, 2026, up from $419.7 million at December 31, 2025
- Q2 share repurchases
- 108,601 shares for $2.9 million
- Fhlb activity 1h 2026
- $299.0 million proceeds, $477.5 million repayments
- Litigation damages sought
- $500 million minimum direct damages, plus consequential and punitive damages
- Insurance transaction gain
- $35.9 million gain on the Insurance Transaction in 1H 2026
- Specific reserves released
- $18.0 million of reserves on the Judgments released in connection with the loan sale
- Allowance for credit losses
- $55.2 million at June 30, 2026, down from $71.5 million at December 31, 2025
- Total noninterest expense q2
- $30.0 million vs $29.3 million year-ago
- Unrealized losses afs securities
- $43.6 million at June 30, 2026 (vs $54.2 million at December 31, 2025)
Price after filing
Close on the filing date to close N calendar days later (from $33.90). Historical, not a forecast.
AI analysis
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