Carter Bankshares Inc Stock Price, News & Analysis

Carter Bank (Nasdaq: CARE) has expanded its presence in North Carolina by opening a new Loan Production Office in Gastonia. This expansion follows recent openings in Winston-Salem, Raleigh, and Mooresville, demonstrating the bank's continued growth strategy in the region.

The bank has assembled an experienced local banking team led by Brad Wilson as Senior Vice President and Commercial Market Executive, Jayson Philbeck as Senior Vice President of Commercial Banking, and Christie Dellinger as Commercial Support Specialist. The team brings combined experience of over 68 years in banking, particularly in Gaston and Cleveland County markets.

The new office, located at 6640 Wilkinson Boulevard, Suite 100, Belmont, NC, will offer commercial banking solutions, including business banking, lending, and cash management services.

Carter Bank (NASDAQ: CARE) has announced key leadership promotions, strengthening its executive team. Andy Meece has been elevated to Senior Vice President, Director of Strategy and Finance, bringing nearly 20 years of experience at the bank. Additionally, Charlie Sword has been promoted to Senior Vice President, Controller, after serving as Director of Internal Audit since 2020.

The promotions come less than a year after Carter Bank's rebranding initiative, highlighting the company's commitment to growth and internal talent development. Both executives will play crucial roles in driving strategic initiatives and financial operations at the community bank.

Carter Bankshares (NASDAQ:CARE) reported Q2 2025 net income of $8.5 million ($0.37 EPS), compared to $9.0 million ($0.39 EPS) in Q1 2025 and $4.8 million ($0.21 EPS) in Q2 2024. Net interest income rose to $32.4 million, up 7.4% from Q1 2025.

Key developments include the completion of a Branch Purchase from First Reliance Bank, acquiring $55.9 million in deposits and two North Carolina branches. The company also initiated a $20 million stock repurchase program, with $9.1 million already utilized.

Portfolio loans increased 6.5% annualized to $3.7 billion, while deposits grew 2.0% annualized. The company continues to manage its largest nonperforming credit relationship with the Justice Entities, which decreased to $235.5 million from $301.9 million in June 2023 through curtailment payments.

[ "Net interest income increased 15.2% year-over-year to $32.4 million", "Portfolio loans grew 6.5% annualized to $3.7 billion", "Total deposits increased 8.8% year-over-year", "Net interest margin improved by 26 basis points year-over-year to 2.82%", "Successfully acquired two branches with $55.9 million in deposits", "NPLs decreased by $10.9 million during Q2 2025" ]

Carter Bank (NASDAQ:CARE) has completed the acquisition of two First Reliance Bank branches in North Carolina. The transaction includes $55.9 million in deposits and adds 10 new employees to Carter Bank's team, with no loans included in the deal. The acquisition marks Carter Bank's first entry into Winston-Salem, expanding its presence in the Triad region where it already operates in Greensboro, Reidsville, Eden, and Mt. Airy. The second branch in Mooresville strengthens the bank's footprint in the Charlotte area. This strategic expansion demonstrates Carter Bank's commitment to growth in North Carolina markets, following recent expansions into Charlotte and Raleigh.

Carter Bankshares (NASDAQ:CARE) reported Q1 2025 net income of $9.0 million, or $0.39 diluted EPS, compared to $8.3 million ($0.36 EPS) in Q4 2024 and $5.8 million ($0.25 EPS) in Q1 2024.

Key highlights include:

• Total portfolio loans increased $62.7 million (7.0% annualized) to $3.7 billion
• Total deposits grew $47.5 million (4.6% annualized) quarter-over-quarter
• Net interest margin improved to 2.70%, up 12 basis points from Q4 2024
• Nonperforming loans (NPLs) increased $2.1 million to $261.4 million

The company continues to be impacted by its largest credit relationship with Justice Entities ($245.1 million in loans) remaining on nonaccrual status, negatively affecting interest income by $6.8 million in Q1 2025. The bank received $6.9 million in curtailment payments during the quarter, reducing the total NPL balance from $301.9 million to $245.1 million year-over-year.

Carter Bankshares (NASDAQ:CARE) reported Q4 2024 net income of $8.3 million ($0.36 EPS), up from $5.6 million ($0.24 EPS) in Q3 2024. Full-year 2024 net income reached $24.5 million ($1.06 EPS), compared to $23.4 million in 2023.

Key Q4 highlights include: nonperforming loans declined by $28.4 million to $259.3 million, portfolio loans increased 3.2% to $3.6 billion, and total deposits grew 6.7% to $4.2 billion. Net interest income rose to $29.1 million, up 1.2% from Q3.

The company's performance continues to be impacted by its largest credit relationship (Justice Entities) on nonaccrual status, which negatively affected interest income by $7.9 million in Q4. The bank received $28.9 million in curtailment payments during Q4, reducing the nonperforming loan balance to $252.0 million.

Carter Bank (NASDAQ:CARE) has announced a strategic acquisition of two North Carolina branches from First Reliance Bank. The transaction involves Carter Bank acquiring deposits and assets from First Reliance's branches in Mooresville and Winston-Salem, including the Winston-Salem facility. Carter Bank will pay a 4.6% deposit premium on the average closing balance of transaction accounts but will not acquire any loans.

Following the transaction's completion, expected in the first half of 2025, Carter Bank will operate 66 locations across Virginia and North Carolina. The Mooresville deposits will be transferred to Carter Bank's existing branch. This move strengthens Carter Bank's presence in North Carolina, particularly between Greensboro and Charlotte, while allowing First Reliance to focus on its core South Carolina markets.

Carter Bank (NASDAQ:CARE) has unveiled a new brand identity coinciding with its 50th anniversary. The comprehensive rebranding includes a simplified name change from 'Carter Bank & Trust' to 'Carter Bank', along with a new logo, color palette, and tagline 'Life Lived Full'.

The brand refresh, developed by Strum, will begin digital rollout on November 4, 2024, starting with website, online banking, and social media platforms. The new Bassett-Stanleytown branch, opening November 12, will be the first location to showcase the new branding, with other branches following in subsequent months.

Carter Bankshares (NASDAQ:CARE) reported Q3 2024 net income of $5.6 million, or $0.24 diluted EPS, compared to $4.8 million in Q2 2024 and $3.6 million in Q3 2023. The company achieved significant legal progress with the dismissal of the GLAS Trust Lawsuit. Total portfolio loans increased $46.3 million to $3.6 billion, while total deposits grew $203.8 million to $4.1 billion. Nonperforming loans declined by $12.5 million to $287.7 million. Net interest income totaled $28.8 million, up 2.5% from the previous quarter. The company's largest lending relationship remains on nonaccrual status, significantly impacting financial results.