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 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.
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.