CARE - Carter Bank & Trust  GAAP EPS of $0.65 revenue of $47.06M

• Carter Bank & Trust press release ( NASDAQ: CARE ): Q4 GAAP EPS of $0.65.
• Revenue of $47.06M (+39.1% Y/Y).
• Net interest margin, on a fully taxable equivalent basis ("FTE"), increased 32 basis points to 4.07% compared to 3.75% for the third quarter of 2022 and increased 125 basis points compared to 2.82% for the fourth quarter of 2021;
• Total portfolio loans increased $117.6 million, or 15.4%, on an annualized basis, to $3.1 billion at December 31, 2022 compared to $3.0 billion at September 30, 2022;
• Total deposits decreased $95.6 million, or 2.6%, to $3.6 billion at December 31, 2022 compared to September 30, 2022 primarily due to decreased core deposits. Core deposits, including noninterest-bearing and interest-bearing demand deposits, money market accounts and savings accounts, decreased by $108.5 million, or 4.4%, compared to September 30, 2022;
• Total borrowings increased $168.4 million from the third quarter of 2022 to support loan growth;
• Nonperforming loans ("NPL") declined $0.4 million, or 5.2%, to $6.6 million at December 31, 2022 compared to September 30, 2022. NPLs as a percentage of total portfolio loans were 0.21% at December 31, 2022 compared to 0.23% at September 30, 2022;
• The provision for credit losses totaled $0.1 million for the quarter ended December 31, 2022, compared to $(0.1) million for the quarter ended September 30, 2022;
• Expenses increased $4.2 million primarily due to the reversal of the tax credit amortization in the third quarter of 2022 and seasonal costs as discussed below. The efficiency ratio was 59.5% for the quarter ended December 31, 2022 compared to 57.1% for the quarter ended September 30, 2022.

For further details see: