Carter Bankshares Q2 net income beats estimates at $8.5 mln
Overview
Carter Bankshares Q2 net income rises to $8.5 mln, beating analyst expectations
Diluted EPS for Q2 exceeds estimates at $0.37, per LSEG data
Co completes acquisition of two branches, adding $55.9 mln in deposits
Outlook
Company expects loan growth from commercial lending and construction projects
Carter Bankshares anticipates benefits from potential Fed rate cuts
Company sees modest deposit growth with declining costs
Result Drivers
LOAN GROWTH - Annualized loan growth of 6.5% driven by commercial lending platform expansion
DEPOSIT INCREASE - Acquisition of two branches added $55.9 mln in deposits
NONACCRUAL IMPACT - Largest lending relationship on nonaccrual status negatively impacted interest income
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q2 EPS | Beat | $0.37 | $0.32 (3 Analysts) |
Q2 Net Income | Beat | $8.51 mln | $7.69 mln (2 Analysts) |
Q2 Net Interest Income |
| $32.36 mln |
|
Q2 Pretax Profit | Beat | $10.63 mln | $7.38 mln (2 Analysts) |
Q2 Basic EPS |
| $0.37 |
|
Press Release: ID:nACSjYFKza
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