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, Inc. (NASDAQ:CARE) reported a net income of $11.2 million or $0.42 diluted EPS for Q3 2021, up from $5.4 million or $0.21 EPS in Q2 2021 and a loss of $57.7 million in Q3 2020. For the first nine months of 2021, net income reached $26.0 million, a significant improvement from a loss of $48.8 million last year. Notably, nonperforming loans dropped by 78.1% year-over-year, and net interest income increased 8.1% quarter-over-quarter. Total deposits grew to $3.7 billion, although total capital decreased by $34.3 million since December 2020.
Carter Bankshares (NASDAQ:CARE) reported a net income of $5.4 million, or $0.21 diluted EPS, for Q2 2021, down from $9.4 million in Q1 2021. The company's core pre-tax earnings were $7.9 million, an increase from $7.0 million YoY. Notably, nonperforming loans fell by 70.1% to $9.6 million, reflecting asset quality improvements. Net interest income rose 2.5% to $27.2 million, while total deposits decreased to $3.7 billion. The Tier 1 Capital ratio stood at 13.40%. The company is focused on enhancing operational efficiency and growing targeted markets.
Carter Bank & Trust has donated over $32,470 to 23 non-profit organizations during the second quarter of 2021 as part of its CARE Forward campaign. Each new business and personal checking account opened contributes $10 to local charities. The initiative, emphasizing community action, aligns with the bank's brand promise to enrich lives. Notable recipients include Everhart Primary Healthcare, Piedmont Community Services, and Cokesbury Volunteer Fire Department, all working to improve community welfare.
Carter Bankshares, Inc. (CARE) reported a net income of $9.4 million or $0.36 diluted EPS for Q1 2021, a significant increase compared to $2.9 million in Q4 2020 and $4.4 million in Q1 2020. Net interest income rose to $26.5 million, a 1.4% increase from the previous quarter. The company adopted CECL, leading to an ACL adjustment of $64.5 million. Total deposits grew by $6.9 million to $3.7 billion, reflecting a solid deposit mix. Despite challenges from COVID-19, management expressed optimism about future growth and asset quality improvements.
Carter Bank & Trust has donated over $23,000 to 35 local non-profit organizations through its Magical Moments of CARE campaign. This initiative, active from October to December 2020, contributed $10 for every new checking account opened. The bank aimed to support organizations serving vulnerable populations amidst the pandemic. Notable donations included 200 face shields for the Bread Basket. The campaign's success has led to its expansion in 2021, indicating a strong commitment to community service and engagement.
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Carter Bankshares, Inc. (NASDAQ:CARE) reported a net income of $2.9 million, or $0.11 per share, for Q4 2020, rebounding from a significant loss of $57.7 million in Q3 due to a one-time goodwill impairment charge. For the year, the company posted a net loss of $45.9 million, but excluding this charge, net income was $16.3 million, down from $26.6 million in 2019. Total deposits increased to $3.7 billion, while nonperforming loans fell by 20.9%. The company anticipates continued improvement in financial performance with branch optimization and enhanced asset management efforts.
Carter Bankshares, Inc. (NASDAQ:CARE) has announced the sale of its Waynesboro, VA branch to F&M Bank Corp. This agreement aligns with Carter Bank's ongoing reorganization and network optimization strategy. CEO Litz Van Dyke stated that the sale will enhance their ability to invest in new markets while efficiently serving core areas. Regulatory approvals are pending, with completion expected in the second quarter of 2021. The move will retain existing customers and employees, ensuring continuity of service.
Carter Bankshares (NASDAQ:CARE) has announced the sale of three branches of Carter Bank & Trust to Pendleton Community Bank, expanding Pendleton's footprint in Virginia's Shenandoah Valley.
The transaction, aimed at realigning Carter's branch network to better serve core markets, is expected to conclude in Q2 2021, pending regulatory approvals. Carter Bank & Trust operates with $4.1 billion in assets, while Pendleton Community Bank holds $515 million. Both banks emphasize a commitment to community service and customer care throughout this transition.
Carter Bankshares, Inc. (NASDAQ: CARE) announced the completion of its statutory merger with Carter Bank & Trust, effective November 20, 2020. Following the reorganization, each share of the Bank's common stock converted to a share of the Company’s common stock at a one-for-one exchange rate. The Board believes this new structure enhances financial flexibility for the Bank amidst COVID-19 challenges. The Company will continue to trade under the ticker CARE on the Nasdaq Global Select Market. Carter Bankshares has assets totaling $4.1 billion and operates 92 branches in Virginia and North Carolina.
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