Carter Bankshares Inc Stock Price, News & Analysis

Carter Bankshares, Inc. (CARE) reported record net income of $15.6 million or $0.65 diluted EPS for Q4 2022, up from $14.4 million or $0.59 in Q3 2022, and $5.6 million or $0.21 in Q4 2021. Total portfolio loans increased 15.4% to $3.1 billion, while net interest margin rose to 4.07%.

Full-year net income reached $50.1 million, or $2.03 diluted EPS, compared to $31.6 million in 2021. However, total deposits fell 2.6% to $3.6 billion. The company remains well capitalized with a Tier 1 Capital ratio of 12.61%.

Carter Bank & Trust (NASDAQ:CARE) announced the promotion of three executives to Senior Executive Vice Presidents: Matt Speare, Rich Spiker, and Tony Kallsen, effective January 24, 2023. Speare transitions from Chief Information Officer to Chief Operations Officer, overseeing both IT and operational functions. Spiker has played a crucial role in expanding the Commercial Banking Team and the Treasury Services department, boosting the bank's commercial loan portfolio. Kallsen has successfully established a Credit Risk Management infrastructure and reduced criticized assets since joining in 2017. CEO Litz Van Dyke hailed their contributions as vital for future success.

Carter Bankshares (NASDAQ:CARE) reported a record net income of $14.4 million or $0.59 diluted EPS for Q3 2022, up from $10.8 million in Q2 2022. Year-to-date net income reached $34.5 million with an EPS of $1.38, compared to $26.0 million and $0.98 EPS in 2021. Key metrics included a return on average assets of 1.38% and a return on average equity of 16.75%. Despite a decrease in core deposits by $15.7 million since June, nonperforming loans dropped 41.7%, indicating improved asset quality.

Carter Bank & Trust (NASDAQ:CARE) has partnered with Innovation Refunds to assist businesses in claiming payroll tax refunds through the Employee Retention Credit (ERC). This collaboration aims to help companies recover up to $26,000 per employee retained during the COVID-19 pandemic. With over $1 billion refunded and an average refund of $375,000 secured, this initiative simplifies the process for businesses, even those that received PPP funds. The partnership addresses the challenges faced by small businesses in accessing federal relief.

Carter Bankshares, Inc. (NASDAQ:CARE) reported a net income of $10.8 million or $0.44 diluted earnings per share for Q2 2022, up from $9.3 million in Q1 2022 and $5.4 million in Q2 2021. Net interest income rose 15.0% to $32.5 million, driven by a 36 basis point increase in earning assets. However, nonperforming loans increased 64.8% from Q1 2022 to $12 million. The company also authorized a 750,000 share repurchase program, continuing its strategy to enhance shareholder value.

Carter Bank & Trust (NASDAQ:CARE) has launched a limited-time Take Your Pick savings promotion for individuals and businesses, offering two attractive interest rate savings options. Customers can choose between an 11-month Certificate of Deposit (CD) at 1.25% interest or a 23-month CD at 1.50%. The promotion requires new funds not associated with existing accounts and emphasizes the safety of FDIC insurance up to $250,000. President Brad Langs noted the bank's strong capital position, allowing them to provide these savings solutions.

Carter Bankshares, Inc. (NASDAQ:CARE) reported a net income of $9.3 million for Q1 2022, or $0.36 diluted earnings per share, marking a rise from $5.6 million in Q4 2021 but stable compared to $9.4 million in Q1 2021. Net interest income increased by 0.6% to $28.2 million, alongside an annualized loan growth of 11.8% to $2.9 billion. However, total noninterest income fell 40.4% year-over-year to $5.3 million. The company repurchased 1,523,157 shares, completing 78% of its two million share program.

Carter Bank & Trust (NASDAQ:CARE) is set to enhance its presence in the Charlotte market by opening a new regional banking hub at 500 East Morehead St. in early May. This second North Carolina location will serve as a flagship for the $4.1 billion community bank, featuring a full-service retail center and a commercial banking team targeting small to mid-sized businesses. The 5,000 square foot facility emphasizes energy efficiency and sustainable practices, incorporating advanced technologies to improve customer experience.

Carter Bank & Trust has promoted Richard Owen to Executive Vice President - Mortgage Banking & Corporate Sales Director, recognizing his contributions in building the mortgage portfolio to over $400 million. Owen, who has over 25 years in the financial services sector, joined the bank in 2017 and previously held the title of Senior Vice President. His leadership has expanded services across Virginia and North Carolina, introducing innovative tools like Mortgage2Go. The bank, headquartered in Martinsville, VA, operates with $4.1 billion in assets.