Carter Bankshares, Inc. (CARE) Financial Statements (2024 and earlier)

Company Profile

Business Address 1300 KINGS MOUNTAIN ROAD
MARTINSVILLE, VA 24112
State of Incorp. VA
Fiscal Year End December 31
Industry (SIC) 6021 - National Commercial Banks (benchmarking)
More info Complete Financial Analysis Financial Benchmarking

Balance Sheet (Statement of Financial Position) ($ in thousands)

9/30/2023
MRQ
12/31/2022
12/31/2021
ASSETS
Current Assets
Cash, cash equivalents, and short-term investments51,374277,799
Cash and cash equivalents51,374277,799
Total current assets:51,374277,799
Noncurrent Assets
Operating lease, right-of-use asset 6,3003,300
Property, plant and equipment72,11475,297
Total noncurrent assets:78,41478,597
Other undisclosed assets4,074,7313,777,350
TOTAL ASSETS:4,204,5194,133,746
LIABILITIES AND EQUITY
Liabilities
Current Liabilities
Noncurrent Liabilities
Other undisclosed liabilities3,875,8923,726,150
Total liabilities:3,875,8923,726,150
Equity
Equity, attributable to parent328,627407,596
Common stock23,95726,431
Additional paid in capital104,693143,988
Accumulated other comprehensive income (loss)(85,616)1,702
Retained earnings285,593235,475
Total equity:328,627407,596
TOTAL LIABILITIES AND EQUITY:4,204,5194,133,746

Income Statement (P&L) ($ in thousands)

9/30/2023
TTM
12/31/2022
12/31/2021
Revenues19,10620,416
Gain (loss) on disposition of assets for financial service operations 6,869
Net investment income18313,547
Cost of revenue
(Provision for Loan, Lease, and Other Losses)
(2,928)(2,081)
Gross profit:16,17818,335
Operating expenses(29,930)(28,858)
Operating income (loss):(13,752)(10,523)
Nonoperating income
(Bank Owned Life Insurance Income)
 1,380
Interest and debt expense(20,254)(22,714)
Loss from continuing operations before equity method investments, income taxes:(34,006)(31,857)
Other undisclosed income from continuing operations before income taxes95,72367,555
Income from continuing operations before income taxes:61,71735,698
Income tax expense(11,599)(4,108)
Income from continuing operations:50,11831,590
Income before gain (loss) on sale of properties:31,590
Net income attributable to parent:50,11831,590
Undistributed earnings (loss) allocated to participating securities, basic(295)(127)
Net income available to common stockholders, diluted:49,82331,463

Comprehensive Income ($ in thousands)

9/30/2023
TTM
12/31/2022
12/31/2021
Net income:50,11831,590
Comprehensive income:50,11831,590
Other undisclosed comprehensive loss, net of tax, attributable to parent(87,318)(14,019)
Comprehensive income (loss), net of tax, attributable to parent:(37,200)17,571

Statements Sources

The financial statements are based on the Company's filings with the U.S. Securities and Exchange Commission (SEC) through the Electronic Data Gathering, Analysis, and Retrieval system (EDGAR). The information is derived from the 10-K and 10-Q reports submitted to the SEC in XBRL (eXtensible Business Reporting Language) format and presented according to the US GAAP Taxonomy. Please review the original filings for a more detailed information.

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