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Carter Bankshares Inc - CARE STOCK NEWS

Welcome to our dedicated news page for Carter Bankshares (Ticker: CARE), a resource for investors and traders seeking the latest updates and insights on Carter Bankshares.

Our selection of high-quality news articles is accompanied by an expert summary from Rhea-AI, detailing the impact and sentiment surrounding the news at the time of release, providing a deeper understanding of how each news could potentially affect Carter Bankshares's stock performance. The page also features a concise end-of-day stock performance summary, highlighting the actual market reaction to each news event. The list of tags makes it easy to classify and navigate through different types of news, whether you're interested in earnings reports, stock offerings, stock splits, clinical trials, fda approvals, dividends or buybacks.

Designed with both novice traders and seasoned investors in mind, our page aims to simplify the complex world of stock market news. By combining real-time updates, Rhea-AI's analytical insights, and historical stock performance data, we provide a holistic view of Carter Bankshares's position in the market.

Rhea-AI Summary
Carter Bankshares, Inc. announced its first quarter 2024 financial results, with a quarterly net income of $5.8 million and $0.25 diluted EPS. The pre-tax pre-provision income was $7.2 million compared to a net loss in the previous quarter. The company's financial results were impacted by placing loans on nonaccrual status, affecting interest income. Despite challenges, net interest income increased, total portfolio loans grew, and deposits saw a significant rise. Nonperforming loans increased due to the largest lending relationship on nonaccrual status. The efficiency ratio was impacted by this relationship as well.
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End-of-Day
1.47%
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Rhea-AI Summary
Carter Bank (NASDAQ:CARE) has announced the launch of Carter ZEscrow, a digital banking solution designed to help businesses improve efficiencies with escrow and subaccount management. Developed by ZSuite Tech, the platform streamlines the escrow process, providing customers with a secure and reliable way to handle their transactions. The solution offers benefits such as 24/7 availability, real-time tracking of transactions, and reduced transaction costs, making it an ideal solution for a wide range of organizations.
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End-of-Day
-0.14%
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Rhea-AI Summary
Carter Bankshares, Inc. announced a net loss of $1.9 million for Q4 2023, compared to net income of $3.6 million in Q3 2023 and $15.6 million in Q4 2022. The full year 2023 net income was $23.4 million, compared to $50.1 million in 2022. The company's financial results were impacted by placing loans on nonaccrual status, resulting in a negative impact on interest income. The net interest margin decreased, and nonperforming loans increased. The efficiency ratio was also impacted. The CEO expressed disappointment over the negative impact on financial results, but remained positive about the overall financial performance.
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6%
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Carter Bank (CARE) is celebrating its 50th anniversary in 2024, marking 50 years of growth from a single branch in Rocky Mount, VA to over 60 locations across Virginia and North Carolina. CEO Litz Van Dyke emphasizes the bank's commitment to building meaningful relationships with the community and plans to celebrate with various events and activities throughout the year.
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-3.36%
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Carter Bank (NASDAQ:CARE) opens a new regional banking hub in Charlottesville, marking its third location in the area. The hub includes a commercial banking center and a retail branch, aiming to serve businesses of all sizes. The branch is led by an experienced team, with plans for further expansion in 2024.
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Rhea-AI Sentiment
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4.46%
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Rhea-AI Summary
Carter Bankshares, Inc. announces quarterly net income of $3.6 million, compared to $5.7 million in the previous quarter and $14.4 million in the same quarter last year. Pre-tax pre-provision income was $5.4 million for the quarter. Total portfolio loans increased by $80.5 million. Total deposits decreased by $20.8 million. Nonperforming loans were 9.04% of total portfolio loans.
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4.32%
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Carter Bank becomes the Preferred Community Bank of Liberty Flames Athletics, aiming to elevate the athletic department and build relationships with fans.
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0.92%
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-5.01%
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2.12%
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Rhea-AI Sentiment
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0.87%
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Carter Bankshares Inc

Nasdaq:CARE

CARE Rankings

CARE Stock Data

263.83M
22.13M
2.42%
42.74%
1.09%
Commercial Banking
Finance and Insurance
Link
US
Martinsville

About CARE

carter bankshares, inc. operates as the bank holding company for carter bank & trust that provides various banking products and services. it accepts various deposit products, including checking, savings, retirement, and money market accounts, as well as longer-term certificates of deposits. the company also offers commercial loans comprising secured and unsecured loans; consumer loans, such as secured and unsecured loans for financing automobiles, home improvements, education, and personal investment; real estate construction and acquisition loans; and home equity lines of credit, as well as originates and holds fixed and variable rate mortgage loans. in addition, it provides other banking services that include safe deposit boxes, direct deposit of payroll and social security checks, online banking, bill pay, mobile banking, debit cards, e-statements, and automated drafts for various accounts; insurance products; and treasury services. as of november 23, 2020, the company had 92 branch