Carter Bankshares, Inc. announced its financial results for the third quarter of 2026 on October 29, 2026. The company reported quarterly net income of $7.8 million, or $0.35 in diluted earnings per share (EPS). This figure represents a decrease from the second quarter of 2026, when net income was $28.9 million ($1.31 diluted EPS), and a significant increase compared to the third quarter of 2025, which saw net income of $5.4 million ($0.24 diluted EPS).
For the nine months ended September 30, 2026, the company reported net income of $122.4 million, or $5.53 diluted EPS. This compares to net income of $22.9 million, or $1.00 diluted EPS, for the same period in 2025.
Net interest income for the third quarter of 2026 was $41.2 million, an increase of $1.3 million, or 3.2%, compared to the prior quarter. The company’s net interest margin increased by 13 basis points to 3.51% for the third quarter of 2026, compared to 3.38% in the prior quarter and 2.86% in the prior year quarter.
The company highlighted several strategic developments during the quarter. It established a Dividend Reinvestment and Stock Purchase Plan (DRIP), offering up to 1.0 million shares of common stock to existing shareholders. Additionally, Carter Bankshares launched a dedicated Small Business Administration (SBA) lending team focused on SBA 7(a) financing to support small businesses nationwide.
Regarding credit quality, nonperforming loans totaled $27.9 million at September 30, 2026, a decrease of $9.6 million from the previous quarter. The allowance for credit losses on loans was $53.6 million, or 1.42% of total portfolio loans.
