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 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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