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) 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.
Carter Bank & Trust (NASDAQ:CARE) reported a net loss of $57.7 million, or $2.19 per share, for Q3 2020, mainly due to a one-time goodwill impairment charge of $62.2 million. Excluding this charge, net income stood at $4.5 million, flat compared to Q2 2020. The bank's net interest income fell by 3.1% to $25.4 million quarter-over-quarter. Total deposits increased by $7.1 million to $3.6 billion. For the nine months ending September 30, 2020, the bank recorded a net loss of $48.8 million but highlighted growth in portfolio loans by 3.9% and overall deposits by 2.6% year-over-year.