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Carter Bankshares (CARE) Financials

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$19.48 +0.02 (+0.10%)
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Annual Income Statements for Carter Bankshares

Annual Income Statements for Carter Bankshares

This table shows Carter Bankshares' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2022 2023 2024
Period end date 12/31/2022 12/31/2023 12/31/2024
Net Income / (Loss) Attributable to Common Shareholders		 50 23 25
Consolidated Net Income / (Loss)		 50 23 25
Net Income / (Loss) Continuing Operations		 50 23 25
Total Pre-Tax Income 		62 29 31
Total Revenue		 162 141 136
Net Interest Income / (Expense)		 140 122 114
Total Interest Income		 160 196 222
Loans and Leases Interest Income		 139 163 191
Investment Securities Interest Income		 21 33 31
Deposits and Money Market Investments Interest Income		 0.03 0.06 0.09
Total Interest Expense		 20 74 107
Deposits Interest Expense		 19 53 95
Long-Term Debt Interest Expense		 1.45 21 12
Federal Funds Purchased and Securities Sold Interest Expense		 0.19 0.37 0.00
Total Non-Interest Income		 22 18 21
Trust Fees by Commissions		 1.96 1.95 3.69
Other Service Charges		 18 16 16
Net Realized & Unrealized Capital Gains on Investments		 0.05 -1.52 0.07
Other Non-Interest Income		 1.36 1.38 1.47
Provision for Credit Losses		 2.93 6.40 -5.05
Total Non-Interest Expense		 97 105 110
Salaries and Employee Benefits		 52 56 58
Net Occupancy & Equipment Expense		 18 18 21
Marketing Expense		 1.43 1.69 2.54
Property & Liability Insurance Claims		 2.02 4.90 6.20
Other Operating Expenses		 23 25 23
Amortization Expense		 0.62 0.00 0.00
Income Tax Expense		 12 5.34 6.35
Basic Earnings per Share		 $2.03 $1.00 $1.06
Weighted Average Basic Shares Outstanding		 24.60M 23.24M 22.82M
Diluted Earnings per Share		 $2.03 $1.00 $1.06
Weighted Average Diluted Shares Outstanding		 24.60M 23.24M 22.82M
Weighted Average Basic & Diluted Shares Outstanding		 23.92M 23.02M 23.13M

Quarterly Income Statements for Carter Bankshares

This table shows Carter Bankshares' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024
Period end date 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024
Net Income / (Loss) Attributable to Common Shareholders		 14 16 16 5.70 3.63 -1.89 5.81 4.80 5.63 8.28
Consolidated Net Income / (Loss)		 14 16 16 5.70 3.63 -1.89 5.81 4.80 5.63 8.28
Net Income / (Loss) Continuing Operations		 14 16 16 5.70 3.63 -1.89 5.81 4.80 5.63 8.28
Total Pre-Tax Income 		19 19 20 5.76 4.41 -1.89 7.23 5.92 7.03 11
Total Revenue		 43 47 46 32 33 31 33 34 34 35
Net Interest Income / (Expense)		 38 42 41 27 27 27 28 28 29 29
Total Interest Income		 42 48 52 44 49 52 54 55 57 57
Loans and Leases Interest Income		 37 41 44 36 41 43 46 46 49 50
Investment Securities Interest Income		 5.66 6.94 7.80 8.17 8.37 8.56 8.19 8.09 7.54 6.97
Deposits and Money Market Investments Interest Income		 0.00 0.00 0.02 0.01 0.01 0.03 0.01 0.03 0.04 0.01
Total Interest Expense		 4.60 6.69 11 17 21 24 26 26 28 27
Deposits Interest Expense		 4.47 5.34 7.52 12 15 18 21 23 26 26
Long-Term Debt Interest Expense		 0.11 1.20 3.48 5.15 6.06 6.43 4.91 3.77 2.28 0.88
Total Non-Interest Income		 5.24 5.54 4.74 5.03 5.27 3.25 5.05 5.53 5.42 5.37
Trust Fees by Commissions		 - - 0.17 0.51 0.87 0.40 0.61 0.93 1.06 1.07
Other Service Charges		 0.47 17 4.23 4.18 4.06 4.01 4.08 4.20 3.98 3.88
Net Realized & Unrealized Capital Gains on Investments		 -0.01 -0.34 -0.01 0.00 -0.00 -1.51 0.00 0.04 0.00 0.03
Other Non-Interest Income		 4.77 -13 0.34 0.34 0.35 0.35 0.35 0.37 0.38 0.39
Provision for Credit Losses		 0.08 0.37 1.42 0.45 0.98 3.57 0.02 0.26 -0.24 -5.08
Total Non-Interest Expense		 23 28 24 26 27 29 26 27 27 29
Salaries and Employee Benefits		 14 15 14 14 14 15 14 14 15 15
Net Occupancy & Equipment Expense		 4.25 5.00 4.12 4.66 4.62 4.55 4.64 5.03 5.28 5.58
Marketing Expense		 0.37 0.56 0.34 0.43 0.36 0.56 0.36 0.53 0.59 1.07
Property & Liability Insurance Claims		 0.54 0.48 0.64 0.70 1.37 2.19 1.69 1.57 1.53 1.42
Other Operating Expenses		 5.55 6.75 4.82 6.10 6.97 7.17 5.37 6.11 5.44 5.91
Income Tax Expense		 5.01 3.47 4.50 0.05 0.78 -0.00 1.42 1.12 1.40 2.40
Basic Earnings per Share		 $0.59 $0.64 $0.67 $0.24 $0.16 ($0.07) $0.25 $0.21 $0.24 $0.36
Weighted Average Basic Shares Outstanding		 24.27M 24.60M 23.77M 23.51M 22.95M 23.24M 22.77M 22.83M 22.83M 22.82M
Diluted Earnings per Share		 $0.59 $0.64 $0.67 $0.24 $0.16 ($0.07) $0.25 $0.21 $0.24 $0.36
Weighted Average Diluted Shares Outstanding		 24.27M 24.60M 23.77M 23.51M 22.95M 23.24M 22.77M 22.83M 22.83M 22.82M
Weighted Average Basic & Diluted Shares Outstanding		 24.11M 23.92M 23.94M 23.33M 22.96M 23.02M 23.02M 23.07M 23.07M 23.13M

Annual Cash Flow Statements for Carter Bankshares

This table details how cash moves in and out of Carter Bankshares' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2022 2023 2024
Period end date 12/31/2022 12/31/2023 12/31/2024
Net Change in Cash & Equivalents		 -231 7.66 77
Net Cash From Operating Activities		 71 47 37
Net Cash From Continuing Operating Activities		 71 47 37
Net Income / (Loss) Continuing Operations		 50 23 25
Consolidated Net Income / (Loss)		 50 23 25
Provision For Loan Losses		 2.93 6.40 -5.05
Depreciation Expense		 6.06 6.25 7.06
Amortization Expense		 6.37 8.46 4.11
Non-Cash Adjustments to Reconcile Net Income		 4.68 2.29 2.87
Changes in Operating Assets and Liabilities, net		 0.64 -0.05 3.43
Net Cash From Investing Activities		 -382 -307 -68
Net Cash From Continuing Investing Activities		 -382 -307 -68
Purchase of Property, Leasehold Improvements and Equipment		 -5.89 -9.80 -8.13
Purchase of Investment Securities		 -486 -396 -146
Sale of Property, Leasehold Improvements and Equipment		 0.41 0.00 0.00
Sale and/or Maturity of Investments		 109 99 86
Net Cash From Financing Activities		 80 268 108
Net Cash From Continuing Financing Activities		 80 268 108
Net Change in Deposits		 -68 89 432
Issuance of Debt		 301 3,442 1,870
Repayment of Debt		 -127 -3,229 -2,193
Repurchase of Common Equity		 -43 -16 0.00
Other Financing Activities, Net		 18 -18 0.00
Cash Interest Paid		 19 69 106
Cash Income Taxes Paid		 5.79 5.72 0.48

Quarterly Cash Flow Statements for Carter Bankshares

This table details how cash moves in and out of Carter Bankshares' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024
Period end date 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024
Net Change in Cash & Equivalents		 -4.53 -19 35 -28 2.12 -0.87 54 -46 43 26
Net Cash From Operating Activities		 21 23 22 7.16 9.26 7.88 18 -2.46 10 11
Net Cash From Continuing Operating Activities		 21 23 22 7.16 9.26 7.88 18 -2.46 10 11
Net Income / (Loss) Continuing Operations		 14 16 16 5.70 3.63 -1.89 5.81 4.80 5.63 8.28
Consolidated Net Income / (Loss)		 14 16 16 5.70 3.63 -1.89 5.81 4.80 5.63 8.28
Provision For Loan Losses		 0.08 0.37 1.50 0.45 0.98 3.48 -0.03 0.26 -0.24 -5.03
Depreciation Expense		 1.52 1.57 1.51 1.57 1.61 1.56 1.67 1.75 1.79 1.84
Amortization Expense		 0.62 1.36 1.88 1.60 1.65 3.32 1.21 0.99 0.89 1.02
Non-Cash Adjustments to Reconcile Net Income		 0.11 3.54 0.30 0.31 -0.30 1.97 0.27 -1.65 2.47 1.78
Changes in Operating Assets and Liabilities, net		 4.16 0.64 1.30 -2.48 1.70 -0.57 8.70 -8.61 -0.23 3.57
Net Cash From Investing Activities		 -20 -112 -125 -51 -79 -52 10 -22 -23 -34
Net Cash From Continuing Investing Activities		 -20 -112 -125 -51 -79 -52 10 -22 -23 -34
Purchase of Property, Leasehold Improvements and Equipment		 -1.66 -1.70 -1.93 -4.05 -2.00 -1.82 -1.31 -1.81 -1.88 -3.14
Purchase of Investment Securities		 -40 -125 -136 -71 -81 -107 -4.87 -54 -39 -48
Sale and/or Maturity of Investments		 21 14 13 24 4.18 58 16 34 18 17
Net Cash From Financing Activities		 -5.18 70 138 16 72 43 26 -22 56 48
Net Cash From Continuing Financing Activities		 -5.18 70 138 16 72 43 26 -22 56 48
Net Change in Deposits		 -27 -96 -97 44 -21 164 109 51 204 68
Issuance of Debt		 23 278 255 -28 107 3,108 0.00 - - 1,870
Repayment of Debt		 7.00 -127 0.00 - - -3,229 -83 -73 -148 -1,890
Cash Interest Paid		 4.66 5.64 9.10 15 21 24 25 26 28 27
Cash Income Taxes Paid		 2.92 2.54 0.03 5.53 0.11 0.06 0.03 0.24 0.19 0.02

Annual Balance Sheets for Carter Bankshares

This table presents Carter Bankshares' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2022 2023 2024
Period end date 12/31/2022 12/31/2023 12/31/2024
Total Assets		 4,205 4,513 4,659
Cash and Due from Banks		 47 55 131
Trading Account Securities		 836 779 718
Loans and Leases, Net of Allowance		 3,055 3,409 3,549
Loans and Leases		 3,149 3,506 3,625
Allowance for Loan and Lease Losses		 94 97 76
Premises and Equipment, Net		 72 74 74
Other Assets		 194 196 176
Total Liabilities & Shareholders' Equity		 4,205 4,513 4,659
Total Liabilities		 3,876 4,161 4,275
Non-Interest Bearing Deposits		 706 685 634
Interest Bearing Deposits		 2,927 3,037 3,519
Long-Term Debt		 181 393 70
Other Long-Term Liabilities		 43 43 48
Commitments & Contingencies		 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 329 351 384
Total Preferred & Common Equity		 329 351 384
Total Common Equity		 329 351 384
Common Stock		 129 114 115
Retained Earnings		 286 309 334
Accumulated Other Comprehensive Income / (Loss)		 -86 -71 -65

Quarterly Balance Sheets for Carter Bankshares

This table presents Carter Bankshares' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024
Period end date 9/30/2022 3/31/2023 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024
Total Assets		 4,114 4,366 4,384 4,452 4,555 4,533 4,613
Cash and Due from Banks		 61 81 53 55 108 62 105
Trading Account Securities		 853 863 822 793 769 746 743
Loans and Leases, Net of Allowance		 2,937 3,154 3,236 3,316 3,413 3,453 3,515
Loans and Leases		 3,031 3,249 3,330 3,411 3,509 3,550 3,596
Allowance for Loan and Lease Losses		 94 95 94 94 97 97 81
Premises and Equipment, Net		 73 72 75 74 73 73 73
Other Assets		 185 194 198 213 192 193 172
Total Liabilities & Shareholders' Equity		 4,114 4,366 4,384 4,452 4,555 4,533 4,613
Total Liabilities		 3,799 4,011 4,040 4,122 4,196 4,168 4,227
Non-Interest Bearing Deposits		 719 687 686 661 672 653 629
Interest Bearing Deposits		 3,007 2,846 2,891 2,895 3,159 3,228 3,456
Long-Term Debt		 30 435 407 514 311 238 90
Other Long-Term Liabilities		 44 42 48 51 52 46 48
Total Equity & Noncontrolling Interests		 315 355 344 331 359 364 387
Total Preferred & Common Equity		 315 355 344 331 359 364 387
Total Common Equity		 315 355 344 331 359 364 387
Common Stock		 131 127 119 113 114 114 115
Retained Earnings		 270 302 307 311 315 320 325
Accumulated Other Comprehensive Income / (Loss)		 -86 -73 -82 -94 -70 -70 -53

Annual Metrics And Ratios for Carter Bankshares

This table displays calculated financial ratios and metrics derived from Carter Bankshares' official financial filings.

Metric 2022 2023 2024
Period end date 12/31/2022 12/31/2023 12/31/2024
Growth Metrics		 - - -
Revenue Growth		 15.41% -13.03% -3.39%
EBITDA Growth		 53.10% -41.44% -3.20%
EBIT Growth		 72.89% -53.46% 7.48%
NOPAT Growth		 58.65% -53.34% 4.87%
Net Income Growth		 58.65% -53.34% 4.87%
EPS Growth		 70.59% -50.74% 6.00%
Operating Cash Flow Growth		 -8.70% -33.99% -20.95%
Free Cash Flow Firm Growth		 -148.24% -376.99% 248.46%
Invested Capital Growth		 22.81% 46.24% -38.99%
Revenue Q/Q Growth		 8.92% -10.45% 2.92%
EBITDA Q/Q Growth		 18.02% -31.11% 34.06%
EBIT Q/Q Growth		 24.24% -42.88% 69.89%
NOPAT Q/Q Growth		 24.92% -42.80% 70.83%
Net Income Q/Q Growth		 24.92% -42.80% 70.83%
EPS Q/Q Growth		 27.67% -41.52% 68.25%
Operating Cash Flow Q/Q Growth		 8.55% -24.57% 10.72%
Free Cash Flow Firm Q/Q Growth		 -133.90% 53.80% -17.64%
Invested Capital Q/Q Growth		 47.67% -11.85% -4.72%
Profitability Metrics		 - - -
EBITDA Margin		 45.87% 30.89% 30.95%
EBIT Margin		 38.18% 20.43% 22.73%
Profit (Net Income) Margin		 31.00% 16.63% 18.05%
Tax Burden Percent		 81.21% 81.42% 79.44%
Interest Burden Percent		 100.00% 100.00% 100.00%
Effective Tax Rate		 18.79% 18.58% 20.56%
Return on Invested Capital (ROIC)		 10.85% 3.73% 4.09%
ROIC Less NNEP Spread (ROIC-NNEP)		 10.85% 3.73% 4.09%
Return on Net Nonoperating Assets (RNNOA)		 2.76% 3.15% 2.58%
Return on Equity (ROE)		 13.61% 6.88% 6.67%
Cash Return on Invested Capital (CROIC)		 -9.63% -33.83% 52.52%
Operating Return on Assets (OROA)		 1.48% 0.66% 0.67%
Return on Assets (ROA)		 1.20% 0.54% 0.53%
Return on Common Equity (ROCE)		 13.61% 6.88% 6.67%
Return on Equity Simple (ROE_SIMPLE)		 15.25% 6.66% 6.38%
Net Operating Profit after Tax (NOPAT)		 50 23 25
NOPAT Margin		 31.00% 16.63% 18.05%
Net Nonoperating Expense Percent (NNEP)		 0.00% 0.00% 0.00%
SG&A Expenses to Revenue		 44.18% 53.70% 59.62%
Operating Expenses to Revenue		 60.01% 75.02% 80.99%
Earnings before Interest and Taxes (EBIT)		 62 29 31
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 74 43 42
Valuation Ratios		 - - -
Price to Book Value (P/BV)		 1.22 0.98 1.06
Price to Tangible Book Value (P/TBV)		 1.22 0.98 1.06
Price to Revenue (P/Rev)		 2.47 2.44 2.99
Price to Earnings (P/E)		 7.98 14.70 16.55
Dividend Yield		 0.00% 0.00% 0.00%
Earnings Yield		 12.53% 6.80% 6.04%
Enterprise Value to Invested Capital (EV/IC)		 1.05 0.92 0.76
Enterprise Value to Revenue (EV/Rev)		 3.30 4.85 2.54
Enterprise Value to EBITDA (EV/EBITDA)		 7.20 15.72 8.20
Enterprise Value to EBIT (EV/EBIT)		 8.65 23.76 11.17
Enterprise Value to NOPAT (EV/NOPAT)		 10.65 29.19 14.05
Enterprise Value to Operating Cash Flow (EV/OCF)		 7.54 14.61 9.33
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 1.09
Leverage & Solvency		 - - -
Debt to Equity		 0.55 1.12 0.18
Long-Term Debt to Equity		 0.55 1.12 0.18
Financial Leverage		 0.25 0.84 0.63
Leverage Ratio		 11.33 12.82 12.47
Compound Leverage Factor		 11.33 12.82 12.47
Debt to Total Capital		 35.46% 52.83% 15.41%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 35.46% 52.83% 15.41%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00%
Common Equity to Total Capital		 64.54% 47.17% 84.59%
Debt to EBITDA		 2.43 9.06 1.67
Net Debt to EBITDA		 1.80 7.80 -1.46
Long-Term Debt to EBITDA		 2.43 9.06 1.67
Debt to NOPAT		 3.60 16.82 2.85
Net Debt to NOPAT		 2.67 14.49 -2.49
Long-Term Debt to NOPAT		 3.60 16.82 2.85
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00%
Liquidity Ratios		 - - -
Cash Flow Metrics		 - - -
Free Cash Flow to Firm (FCFF)		 -44 -212 315
Operating Cash Flow to CapEx		 1,291.34% 476.93% 454.17%
Free Cash Flow to Firm to Interest Expense		 -2.20 -2.86 2.94
Operating Cash Flow to Interest Expense		 3.50 0.63 0.34
Operating Cash Flow Less CapEx to Interest Expense		 3.22 0.50 0.27
Efficiency Ratios		 - - -
Asset Turnover		 0.04 0.03 0.03
Fixed Asset Turnover		 2.19 1.93 1.84
Capital & Investment Metrics		 - - -
Invested Capital		 509 745 454
Invested Capital Turnover		 0.35 0.22 0.23
Increase / (Decrease) in Invested Capital		 95 235 -290
Enterprise Value (EV)		 534 683 345
Market Capitalization		 400 344 406
Book Value per Share		 $13.63 $15.30 $16.66
Tangible Book Value per Share		 $13.63 $15.30 $16.66
Total Capital		 509 745 454
Total Debt		 181 393 70
Total Long-Term Debt		 181 393 70
Net Debt		 134 339 -61
Capital Expenditures (CapEx)		 5.48 9.80 8.13
Net Nonoperating Expense (NNE)		 0.00 0.00 0.00
Net Nonoperating Obligations (NNO)		 181 393 70
Total Depreciation and Amortization (D&A)		 12 15 11
Earnings Adjustments		 - - -
Adjusted Basic Earnings per Share		 $2.03 $1.00 $1.06
Adjusted Weighted Average Basic Shares Outstanding		 24.60M 23.24M 22.82M
Adjusted Diluted Earnings per Share		 $2.03 $1.00 $1.06
Adjusted Weighted Average Diluted Shares Outstanding		 24.60M 23.24M 22.82M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 23.92M 23.02M 23.13M
Normalized Net Operating Profit after Tax (NOPAT)		 50 23 25
Normalized NOPAT Margin		 31.00% 16.63% 18.05%
Pre Tax Income Margin		 38.18% 20.43% 22.73%
Debt Service Ratios		 - - -
EBIT to Interest Expense		 3.05 0.39 0.29
NOPAT to Interest Expense		 2.47 0.32 0.23
EBIT Less CapEx to Interest Expense		 2.78 0.26 0.21
NOPAT Less CapEx to Interest Expense		 2.20 0.18 0.15
Payout Ratios		 - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00%
Augmented Payout Ratio		 85.65% 70.20% 0.00%

Quarterly Metrics And Ratios for Carter Bankshares

This table displays calculated financial ratios and metrics derived from Carter Bankshares' official financial filings.

Metric Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024
Period end date 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024
Growth Metrics		 - - - - - - - - - -
Revenue Growth		 18.30% 39.14% 35.65% -16.61% -23.97% -34.85% -26.49% 5.94% 4.76% 12.56%
EBITDA Growth		 41.10% 105.86% 66.37% -44.90% -64.44% -86.79% -57.91% -2.97% 26.73% 367.32%
EBIT Growth		 61.22% 171.19% 92.72% -54.19% -77.30% -110.34% -64.97% 2.88% 59.47% 643.64%
NOPAT Growth		 28.95% 178.24% 70.99% -47.08% -74.83% -108.47% -63.55% -15.80% 55.20% 726.18%
Net Income Growth		 28.95% 178.24% 70.99% -47.08% -74.83% -112.10% -63.55% -15.80% 55.20% 538.56%
EPS Growth		 40.48% 220.00% 86.11% -45.45% -72.88% -110.94% -62.69% -12.50% 50.00% 614.29%
Operating Cash Flow Growth		 -42.87% 31.83% 79.91% -50.05% -55.68% -65.90% -21.40% -134.36% 11.32% 45.41%
Free Cash Flow Firm Growth		 124.83% -219.31% -705.22% -489.17% -570.61% -199.84% 130.39% 137.36% 175.27% 226.11%
Invested Capital Growth		 -20.89% 22.81% 120.33% 124.87% 144.99% 46.24% -15.25% -19.83% -43.55% -38.99%
Revenue Q/Q Growth		 12.87% 9.56% -3.28% -30.27% 2.91% -6.12% 9.13% 0.48% 1.77% 0.87%
EBITDA Q/Q Growth		 33.00% 2.12% 6.23% -62.68% -14.16% -62.07% 246.41% -13.96% 12.12% 39.85%
EBIT Q/Q Growth		 54.47% -1.75% 4.81% -71.95% -23.46% -144.77% 464.47% -17.62% 18.64% 52.62%
NOPAT Q/Q Growth		 33.68% 8.34% 2.13% -64.22% -36.41% -136.46% 539.46% -17.35% 17.20% 47.10%
Net Income Q/Q Growth		 33.68% 8.34% 2.13% -64.22% -36.41% -152.05% 407.79% -17.35% 17.20% 47.10%
EPS Q/Q Growth		 34.09% 8.47% 4.69% -64.18% -33.33% -143.75% 457.14% -16.00% 14.29% 50.00%
Operating Cash Flow Q/Q Growth		 45.87% 10.49% -2.85% -68.10% 29.43% -14.98% 123.92% -113.94% 519.36% 11.05%
Free Cash Flow Firm Q/Q Growth		 -0.27% -174.88% -426.16% 0.96% -20.60% 52.29% 153.32% 21.78% 142.94% -20.06%
Invested Capital Q/Q Growth		 3.19% 47.67% 55.16% -4.89% 12.43% -11.85% -10.08% -10.03% -20.85% -4.72%
Profitability Metrics		 - - - - - - - - - -
EBITDA Margin		 50.17% 46.77% 52.55% 28.13% 23.47% 9.48% 30.09% 25.77% 28.39% 39.36%
EBIT Margin		 45.20% 40.53% 45.10% 18.14% 13.49% -6.43% 21.49% 17.62% 20.54% 31.08%
Profit (Net Income) Margin		 33.54% 33.16% 35.02% 17.97% 11.10% -6.16% 17.36% 14.28% 16.45% 23.99%
Tax Burden Percent		 74.20% 81.82% 77.97% 99.06% 82.30% 99.95% 80.33% 81.08% 80.09% 77.51%
Interest Burden Percent		 100.00% 100.00% 99.59% 100.00% 100.00% 95.74% 100.60% 100.00% 100.00% 99.60%
Effective Tax Rate		 25.80% 18.18% 22.03% 0.94% 17.70% 0.00% 19.67% 18.92% 19.91% 22.49%
Return on Invested Capital (ROIC)		 12.75% 11.61% 10.59% 5.54% 2.93% -0.97% 3.06% 2.75% 3.29% 5.44%
ROIC Less NNEP Spread (ROIC-NNEP)		 12.75% 11.61% 10.59% 5.54% 2.93% -1.16% 3.06% 2.75% 3.29% 5.44%
Return on Net Nonoperating Assets (RNNOA)		 1.06% 2.96% 6.46% 3.32% 2.47% -0.98% 3.19% 2.51% 2.77% 3.42%
Return on Equity (ROE)		 13.81% 14.56% 17.04% 8.86% 5.40% -1.95% 6.25% 5.26% 6.05% 8.86%
Cash Return on Invested Capital (CROIC)		 33.60% -9.63% -65.25% -67.35% -77.18% -33.83% 18.32% 23.83% 57.85% 52.52%
Operating Return on Assets (OROA)		 1.63% 1.57% 1.84% 0.71% 0.49% -0.21% 0.62% 0.52% 0.60% 0.92%
Return on Assets (ROA)		 1.21% 1.29% 1.43% 0.71% 0.41% -0.20% 0.50% 0.42% 0.48% 0.71%
Return on Common Equity (ROCE)		 13.81% 14.56% 17.04% 8.86% 5.40% -1.95% 6.25% 5.26% 6.05% 8.86%
Return on Equity Simple (ROE_SIMPLE)		 12.74% 0.00% 15.99% 15.01% 12.36% 0.00% 3.69% 3.39% 3.71% 0.00%
Net Operating Profit after Tax (NOPAT)		 14 16 16 5.70 3.63 -1.32 5.81 4.80 5.63 8.28
NOPAT Margin		 33.54% 33.16% 35.02% 17.97% 11.10% -4.31% 17.36% 14.28% 16.45% 23.99%
Net Nonoperating Expense Percent (NNEP)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.20% 0.00% 0.00% 0.00% 0.00%
SG&A Expenses to Revenue		 42.21% 43.00% 39.79% 59.04% 57.99% 64.26% 57.36% 58.80% 59.82% 62.40%
Operating Expenses to Revenue		 54.62% 58.68% 51.79% 80.46% 83.52% 94.81% 78.46% 81.62% 80.17% 83.63%
Earnings before Interest and Taxes (EBIT)		 19 19 21 5.76 4.41 -1.97 7.19 5.92 7.03 11
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 22 22 24 8.93 7.67 2.91 10 8.66 9.71 14
Valuation Ratios		 - - - - - - - - - -
Price to Book Value (P/BV)		 1.26 1.22 0.94 1.03 0.88 0.98 0.81 0.95 1.04 1.06
Price to Tangible Book Value (P/TBV)		 1.26 1.22 0.94 1.03 0.88 0.98 0.81 0.95 1.04 1.06
Price to Revenue (P/Rev)		 2.67 2.47 1.93 2.12 1.86 2.44 2.26 2.67 3.04 2.99
Price to Earnings (P/E)		 9.86 7.98 5.90 6.85 7.15 14.70 21.96 28.17 27.95 16.55
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 10.14% 12.53% 16.94% 14.59% 13.99% 6.80% 4.55% 3.55% 3.58% 6.04%
Enterprise Value to Invested Capital (EV/IC)		 1.04 1.05 0.87 0.94 0.89 0.92 0.74 0.87 0.81 0.76
Enterprise Value to Revenue (EV/Rev)		 2.43 3.30 3.97 4.23 4.78 4.85 3.84 4.02 2.93 2.54
Enterprise Value to EBITDA (EV/EBITDA)		 5.73 7.20 8.18 9.20 11.91 15.72 16.69 17.89 12.32 8.20
Enterprise Value to EBIT (EV/EBIT)		 7.25 8.65 9.55 10.84 14.94 23.76 32.07 33.72 21.26 11.17
Enterprise Value to NOPAT (EV/NOPAT)		 8.97 10.65 12.14 13.70 18.37 29.19 37.23 42.44 26.91 14.05
Enterprise Value to Operating Cash Flow (EV/OCF)		 5.52 7.54 8.53 9.62 12.12 14.61 11.77 16.22 11.58 9.33
Enterprise Value to Free Cash Flow (EV/FCFF)		 2.74 0.00 0.00 0.00 0.00 0.00 3.69 3.25 1.01 1.09
Leverage & Solvency		 - - - - - - - - - -
Debt to Equity		 0.10 0.55 1.23 1.18 1.56 1.12 0.86 0.65 0.23 0.18
Long-Term Debt to Equity		 0.10 0.55 1.23 1.18 1.56 1.12 0.86 0.65 0.23 0.18
Financial Leverage		 0.08 0.25 0.61 0.60 0.84 0.84 1.04 0.91 0.84 0.63
Leverage Ratio		 11.45 11.33 11.90 12.54 13.27 12.82 12.49 12.58 12.64 12.47
Compound Leverage Factor		 11.45 11.33 11.85 12.54 13.27 12.28 12.57 12.58 12.64 12.42
Debt to Total Capital		 8.70% 35.46% 55.08% 54.19% 60.86% 52.83% 46.37% 39.51% 18.87% 15.41%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 8.70% 35.46% 55.08% 54.19% 60.86% 52.83% 46.37% 39.51% 18.87% 15.41%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 91.30% 64.54% 44.92% 45.81% 39.14% 47.17% 53.63% 60.49% 81.13% 84.59%
Debt to EBITDA		 0.48 2.43 5.17 5.29 8.16 9.06 10.50 8.12 2.87 1.67
Net Debt to EBITDA		 -0.57 1.80 4.20 4.60 7.28 7.80 6.84 6.01 -0.48 -1.46
Long-Term Debt to EBITDA		 0.48 2.43 5.17 5.29 8.16 9.06 10.50 8.12 2.87 1.67
Debt to NOPAT		 0.75 3.60 7.67 7.88 12.58 16.82 23.43 19.27 6.27 2.85
Net Debt to NOPAT		 -0.89 2.67 6.24 6.85 11.22 14.49 15.27 14.27 -1.04 -2.49
Long-Term Debt to NOPAT		 0.75 3.60 7.67 7.88 12.58 16.82 23.43 19.27 6.27 2.85
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 105 -79 -416 -412 -496 -237 126 154 374 299
Operating Cash Flow to CapEx		 1,256.76% 1,359.21% 1,165.45% 176.63% 462.69% 432.93% 1,351.26% -135.78% 548.51% 365.03%
Free Cash Flow to Firm to Interest Expense		 22.92 -11.80 -37.20 -24.20 -23.09 -9.69 4.93 5.80 13.44 10.92
Operating Cash Flow to Interest Expense		 4.54 3.45 2.01 0.42 0.43 0.32 0.69 -0.09 0.37 0.42
Operating Cash Flow Less CapEx to Interest Expense		 4.18 3.20 1.84 0.18 0.34 0.25 0.64 -0.16 0.30 0.30
Efficiency Ratios		 - - - - - - - - - -
Asset Turnover		 0.04 0.04 0.04 0.04 0.04 0.03 0.03 0.03 0.03 0.03
Fixed Asset Turnover		 2.00 2.19 2.38 2.26 2.13 1.93 1.76 1.76 1.79 1.84
Capital & Investment Metrics		 - - - - - - - - - -
Invested Capital		 345 509 790 751 845 745 670 602 477 454
Invested Capital Turnover		 0.38 0.35 0.30 0.31 0.26 0.22 0.18 0.19 0.20 0.23
Increase / (Decrease) in Invested Capital		 -91 95 431 417 500 235 -120 -149 -368 -290
Enterprise Value (EV)		 360 534 689 708 751 683 493 524 386 345
Market Capitalization		 396 400 335 354 292 344 291 348 401 406
Book Value per Share		 $12.81 $13.63 $14.83 $14.38 $14.17 $15.30 $15.60 $15.83 $16.77 $16.66
Tangible Book Value per Share		 $12.81 $13.63 $14.83 $14.38 $14.17 $15.30 $15.60 $15.83 $16.77 $16.66
Total Capital		 345 509 790 751 845 745 670 602 477 454
Total Debt		 30 181 435 407 514 393 311 238 90 70
Total Long-Term Debt		 30 181 435 407 514 393 311 238 90 70
Net Debt		 -36 134 354 354 459 339 202 176 -15 -61
Capital Expenditures (CapEx)		 1.66 1.70 1.93 4.05 2.00 1.82 1.31 1.81 1.88 3.14
Net Nonoperating Expense (NNE)		 0.00 0.00 0.00 0.00 0.00 0.57 0.00 0.00 0.00 0.00
Net Nonoperating Obligations (NNO)		 30 181 435 407 514 393 311 238 90 70
Total Depreciation and Amortization (D&A)		 2.14 2.93 3.39 3.17 3.26 4.88 2.88 2.74 2.69 2.86
Earnings Adjustments		 - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.59 $0.64 $0.67 $0.24 $0.16 ($0.07) $0.25 $0.21 $0.24 $0.36
Adjusted Weighted Average Basic Shares Outstanding		 24.27M 24.60M 23.77M 23.51M 22.95M 23.24M 22.77M 22.83M 22.83M 22.82M
Adjusted Diluted Earnings per Share		 $0.59 $0.64 $0.67 $0.24 $0.16 ($0.07) $0.25 $0.21 $0.24 $0.36
Adjusted Weighted Average Diluted Shares Outstanding		 24.27M 24.60M 23.77M 23.51M 22.95M 23.24M 22.77M 22.83M 22.83M 22.82M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 24.11M 23.92M 23.94M 23.33M 22.96M 23.02M 23.02M 23.07M 23.07M 23.13M
Normalized Net Operating Profit after Tax (NOPAT)		 14 16 16 5.70 3.63 -1.32 5.81 4.80 5.63 8.28
Normalized NOPAT Margin		 33.54% 33.16% 35.02% 17.97% 11.10% -4.31% 17.36% 14.28% 16.45% 23.99%
Pre Tax Income Margin		 45.20% 40.53% 44.91% 18.14% 13.49% -6.16% 21.62% 17.62% 20.54% 30.95%
Debt Service Ratios		 - - - - - - - - - -
EBIT to Interest Expense		 4.22 2.85 1.84 0.34 0.21 -0.08 0.28 0.22 0.25 0.39
NOPAT to Interest Expense		 3.13 2.33 1.43 0.34 0.17 -0.05 0.23 0.18 0.20 0.30
EBIT Less CapEx to Interest Expense		 3.86 2.60 1.67 0.10 0.11 -0.16 0.23 0.16 0.19 0.28
NOPAT Less CapEx to Interest Expense		 2.77 2.08 1.25 0.10 0.08 -0.13 0.18 0.11 0.13 0.19
Payout Ratios		 - - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 100.42% 85.65% 38.46% 39.87% 46.99% 70.20% 106.81% 51.25% 0.00% 0.00%

Financials Breakdown Chart

Key Financial Trends

Carter Bankshares (NASDAQ:CARE) has demonstrated steady financial performance through the recent years, with key trends noted from quarterly income statements, cash flow statements, and balance sheets spanning from Q3 2022 through Q4 2024.

Positive Developments:

  • Net Interest Income has generally increased from approximately $37.7 million in Q3 2022 to nearly $29.1 million in Q4 2024, reflecting growth in core banking revenue, driven primarily by increasing loans and leases interest income.
  • Net Income attributable to common shareholders has improved notably from $3.6 million in Q3 2023 to $8.3 million in Q4 2024, showing strong profitability recovery and growth.
  • Quarterly diluted earnings per share (EPS) increased from $0.16 in Q3 2023 to $0.36 in Q4 2024, indicating improving earnings on a per-share basis.
  • Provision for credit losses improved from a charge of $3.6 million in Q4 2023 to a benefit of $5.1 million in Q4 2024, suggesting enhanced credit quality and fewer loan losses.
  • The company consistently generated positive net cash from operating activities—$11.4 million in Q4 2024—supporting operational strength.
  • Growth in deposits is significant; net change in deposits was $68.4 million in Q4 2024, supporting asset growth and liquidity.
  • Total common equity increased over time, reaching approximately $387 million by Q3 2024, indicating a solid equity base relative to liabilities.
  • Capital expenditures remain controlled, with purchases of property and equipment ranging moderately around $1.3 million to $3.2 million per quarter, supporting sustainable infrastructure growth.
  • Reduction in non-interest expense from about $29.1 million in Q4 2023 to $28.9 million in Q4 2024, despite revenue growth, suggesting improved expense management.

Neutral Observations:

  • Long-term debt interest expense fluctuated, peaking at $4.9 million (Q1 2024) and falling to $0.9 million (Q4 2024), likely impacted by debt restructuring or refinancing activities.
  • Net cash used in investing activities remains high, with large-scale purchases and sales of investment securities, reflecting ongoing portfolio management rather than operational weaknesses.
  • Accumulated other comprehensive income (AOCI) remains negative but relatively stable around -$53 million to -$69 million, a factor to monitor but not an immediate concern.
  • Total assets grew modestly to over $4.6 billion by Q3 2024, reflecting gradual expansion but requiring continuous watch for asset quality.
  • Weighted average shares outstanding have been stable around 22.8 to 23.1 million, indicating minimal dilution in recent periods.

Negative Factors:

  • The company experienced a net loss in Q4 2023 of approximately $1.9 million, one of the few quarterly losses over the period analyzed.
  • Interest expense on deposits has risen significantly, from $5.3 million in Q4 2022 to $26.5 million in Q4 2024, suggesting rising funding costs that could pressure net interest margins.
  • Non-interest income fell sharply in Q4 2023 to approximately $3.2 million from prior quarters, impacted by realized and unrealized capital losses on investments, which could indicate portfolio volatility risks.
  • Other operating expenses increased substantially in Q4 2023 to about $7.2 million, which may reflect higher operational costs or one-time charges.
  • Cash interest paid has increased steadily up to $27.2 million in Q4 2024, underscoring increasing financing costs that require careful management.

Overall, Carter Bankshares is showing positive signs of recovery and growth, particularly in profitability and credit quality. However, rising interest and operating expenses and past capital loss impacts suggest that expenses and investment portfolio risks should be monitored closely going forward.

10/08/25 11:40 AM ETAI Generated. May Contain Errors.

Frequently Asked Questions About Carter Bankshares' Financials

When does Carter Bankshares' fiscal year end?

According to the most recent income statement we have on file, Carter Bankshares' financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has Carter Bankshares' net income changed over the last 2 years?

Carter Bankshares' net income appears to be on a downward trend, with a most recent value of $24.52 million in 2024, falling from $50.12 million in 2022. The previous period was $23.38 million in 2023. Find out what analysts predict for Carter Bankshares in the coming months.

How has Carter Bankshares' revenue changed over the last 2 years?

Over the last 2 years, Carter Bankshares' total revenue changed from $161.65 million in 2022 to $135.83 million in 2024, a change of -16.0%.

How much debt does Carter Bankshares have?

Carter Bankshares' total liabilities were at $4.27 billion at the end of 2024, a 2.7% increase from 2023, and a 10.3% increase since 2022.

How much cash does Carter Bankshares have?

In the past 2 years, Carter Bankshares' cash and equivalents has ranged from $46.87 million in 2022 to $131.17 million in 2024, and is currently $131.17 million as of their latest financial filing in 2024.

How has Carter Bankshares' book value per share changed over the last 2 years?

Over the last 2 years, Carter Bankshares' book value per share changed from 13.63 in 2022 to 16.66 in 2024, a change of 22.2%.


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This page (NASDAQ:CARE) was last updated on 10/8/2025 by MarketBeat.com Staff
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