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.
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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.
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.