Carter Bankshares, Inc. (NASDAQ:CARE) shares began Thursday with only marginal gains. The holding company of Carter Bank & Trust today announced quarterly net income of $5.6 million, or $0.24 diluted earnings per share, for the third quarter of 2024 compared to net income of $4.8 million, or $0.21 diluted EPS, for the second quarter of 2024 and net income of $3.6 million, or $0.16 diluted EPS, for the third quarter of 2023.
The pre-tax pre-provision income1 was $6.8 million for the third quarter of 2024, $6.2 million for the second quarter of 2024 and $5.4 million for the third quarter of 2023.
For the nine months ended September 30, 2024, net income was $16.2 million, or $0.70 diluted EPS, compared to net income of $25.3 million, or $1.07 diluted EPS for the same period in 2023. Pre-tax pre-provision income1 was $20.2 million and $33.5 million for the nine months ended September 30, 2024 and 2023, respectively.
During the third quarter of 2024, the Company obtained a voluntary stipulation of dismissal of the lawsuit filed against the Bank in the United States District Court for the Western District of Virginia (Danville Division) on February 10, 2024 by GLAS Trust Company, LLC, in its capacity as Note Trustee "with prejudice." Accordingly, GLAS Trust may not bring any future legal action in any court based on the facts alleged in the GLAS Trust Lawsuit. Moreover, in connection with the dismissal of the GLAS Trust Lawsuit, GLAS Trust and certain affiliates and parties on whose behalf it is acting have executed a release that waives any and all causes of action of any kind that they might claim to have against the Bank.
CARE shares eked higher six cents to $18.65.
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