Carter Bankshares Q3 profit and EPS miss analyst estimates
CARE•Carter Bankshares reported Q3 net income of $7.76 million and EPS of $0.35, below analyst estimates of $11.55 million and $0.53. Net interest income rose 22% year over year to $41.23 million.
1. Earnings results
Carter Bankshares’ Q3 net income was $7.76 million, missing the $11.55 million analyst estimate. EPS of $0.35 also fell short of the $0.53 estimate, while net interest income increased 22% year over year to $41.23 million.
2. Lending and outlook
The company said commercial real estate, construction and residential mortgage originations drove loan growth despite elevated payoffs. It expects construction lending commitments to fund over the next 12 to 18 months and reported a healthy lending pipeline, with growing momentum in small business and commercial lending.
3. Other developments
Carter Bankshares said sales of lower-yielding securities and purchases of higher-yielding securities boosted Q3 net interest income and margin. It launched an SBA lending team and a dividend reinvestment and stock purchase plan during the quarter.
