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 (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.