Welcome to our dedicated page for Carter Bankshares news (Ticker: CARE), a resource for investors and traders seeking the latest updates and insights on Carter Bankshares stock.
Carter Bankshares, Inc. (NASDAQ: CARE) is the parent company of Carter Bank, a state‑chartered community bank headquartered in Martinsville, Virginia with branches in Virginia and North Carolina. This news page aggregates press releases, market announcements and other public updates related to Carter Bankshares, Inc. and its banking subsidiary.
Visitors can review earnings announcements detailing quarterly and annual financial results, including net income, net interest income, net interest margin, loan and deposit growth, allowance for credit losses and efficiency ratios. These releases also provide context on asset quality, such as nonperforming loans and the impact of the bank’s largest credit relationship in the "Other" segment of the loan portfolio.
The feed includes strategic and operational news such as branch acquisitions, market entries and expansions. Recent examples include the purchase of deposits and a branch facility in Mooresville and Winston‑Salem, the opening of a loan production office in Gastonia, and an expansion into Greenville, South Carolina. These updates describe how Carter Bank is extending its footprint across Virginia and the Carolinas and adding experienced commercial bankers in key markets.
Regulatory and corporate developments are also covered, including Carter Bank’s approval to become a state member bank of the Federal Reserve System, its conversion to a financial holding company and the launch of stock repurchase programs. Leadership and organizational updates, such as promotions within the finance and accounting teams, appear in dedicated press releases.
By following this page, readers can monitor how Carter Bankshares, Inc. reports its performance, manages credit quality, executes branch transactions and communicates strategic priorities through official news and SEC‑related disclosures.
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.
Carter Bankshares (NASDAQ: CARE) announced Q2 2024 results. Net income was $4.8M, or $0.21 EPS, down from $5.8M, or $0.25 EPS, in Q1 2024, and $5.7M, or $0.24 EPS, in Q2 2023. For H1 2024, net income was $10.6M compared to $21.6M in H1 2023. The Justice Entities’ lawsuit was dismissed, reducing nonperforming loans (NPLs) by $7.8M. NPLs totaled $300.2M, 8.46% of portfolio loans. Net interest income fell by 1.2% QoQ to $28.1M and faced a significant impact from nonaccrual loans, which reduced interest income by $9.1M in Q2 2024. Deposits increased by $50.8M QoQ, and total portfolio loans increased by $40.5M. Total assets decreased by $22.4M to $4.5B. Capital ratios remained robust, with the Tier 1 Capital ratio at 10.95%. The company's efficiency ratio increased to 81.62% in Q2 2024, partly due to the large nonaccrual relationship. Despite challenges, positive asset quality and strong capital levels were noted.
Carter Bank (NASDAQ:CARE) opened its first retail branch in Raleigh, offering a comprehensive suite of financial services to small to large businesses. With a seasoned commercial banking team and a focus on relationship banking, the bank aims to provide personalized solutions to meet the unique needs of its customers. Carter Bank remains committed to fostering economic growth and prosperity in the Raleigh area while maintaining a personal touch in all its interactions.
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