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. reports news as the financial holding company for Carter Bank, a community bank offering deposit accounts, commercial and consumer loans, mortgage lending, and home equity lines of credit. Updates commonly cover earnings, net interest income, portfolio loan trends, credit quality, and nonperforming loan levels.
Company announcements also include product launches such as youth savings and checking accounts, market expansion across Virginia and the Carolinas, cash dividends, leadership and talent matters, regulatory status, and completed asset transactions that affect the bank’s balance sheet and loan portfolio.
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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Carter Bankshares, Inc. (NASDAQ:CARE) reported a record quarterly net income of $15.9 million, or $0.67 diluted EPS, for Q1 2023, marking an increase from $15.6 million in Q4 2022 and $9.3 million in Q1 2022. The return on average assets (ROA) was 1.51% and the return on average equity (ROE) was 18.89%. Total loans increased 12.9% annualized to $3.2 billion, while total deposits fell by $96.9 million. Despite a 1.8% decline in net interest income to $40.8 million, the company maintains a strong capital position. The provision for credit losses rose to $1.4 million due to loan growth, and the stock repurchase program announced aims to enhance shareholder value.