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Carter Bankshares, Inc. (NASDAQ: CARE) is a bank holding company for Carter Bank & Trust, headquartered in Martinsville, VA. Known for offering a comprehensive suite of commercial and consumer banking services, the bank provides products such as checking, savings, retirement, and money market accounts, alongside longer-term certificates of deposits (CDs). The bank also extends a wide variety of loan services including commercial, consumer, real estate construction, acquisition loans, home equity lines of credit, and fixed and variable rate mortgage loans.
As of its latest reports, Carter Bankshares operates 65 branches across Virginia and North Carolina, managing assets worth approximately $4.6 billion. The company generates revenue from interest on loans and securities, as well as fees from various financial services provided to customers.
Recently, the company has faced challenges regarding a substantial non-performing loan (NPL) with a principal value of $301.9 million, significantly impacting its interest income. Despite this, the bank continues to focus on strong asset quality and has initiated all possible measures to resolve the NPL issue. CEO Litz H. Van Dyke has assured that aside from this setback, the bank's financial performance remains solid, and it's well-prepared for future industry challenges.
In terms of financial highlights, the bank reported a net income of $5.8 million, or $0.25 EPS, for the first quarter of 2024, reversing a net loss in the previous quarter. The company remains well capitalized, with strong liquidity levels and a balanced loan growth strategy. The bank continues to invest in strong markets within its footprint, having recently opened a new flagship branch in Charlottesville, VA, and a commercial office in Raleigh, NC.
Looking ahead, the bank aims to navigate through challenges posed by the high-interest rate environment and rising funding costs. The company expects its net interest margin to normalize once the NPL is resolved and remains optimistic about its future growth and profitability.
Carter Bank (NASDAQ:CARE) has announced a strategic acquisition of two North Carolina branches from First Reliance Bank. The transaction involves Carter Bank acquiring deposits and assets from First Reliance's branches in Mooresville and Winston-Salem, including the Winston-Salem facility. Carter Bank will pay a 4.6% deposit premium on the average closing balance of transaction accounts but will not acquire any loans.
Following the transaction's completion, expected in the first half of 2025, Carter Bank will operate 66 locations across Virginia and North Carolina. The Mooresville deposits will be transferred to Carter Bank's existing branch. This move strengthens Carter Bank's presence in North Carolina, particularly between Greensboro and Charlotte, while allowing First Reliance to focus on its core South Carolina markets.
Carter Bank (NASDAQ:CARE) has unveiled a new brand identity coinciding with its 50th anniversary. The comprehensive rebranding includes a simplified name change from 'Carter Bank & Trust' to 'Carter Bank', along with a new logo, color palette, and tagline 'Life Lived Full'.
The brand refresh, developed by Strum, will begin digital rollout on November 4, 2024, starting with website, online banking, and social media platforms. The new Bassett-Stanleytown branch, opening November 12, will be the first location to showcase the new branding, with other branches following in subsequent months.
Carter Bankshares (NASDAQ:CARE) reported Q3 2024 net income of $5.6 million, or $0.24 diluted EPS, compared to $4.8 million in Q2 2024 and $3.6 million in Q3 2023. The company achieved significant legal progress with the dismissal of the GLAS Trust Lawsuit. Total portfolio loans increased $46.3 million to $3.6 billion, while total deposits grew $203.8 million to $4.1 billion. Nonperforming loans declined by $12.5 million to $287.7 million. Net interest income totaled $28.8 million, up 2.5% from the previous quarter. The company's largest lending relationship remains on nonaccrual status, significantly impacting financial results.
Carter Bankshares (NASDAQ: CARE) announced Q2 2024 results. Net income was $4.8M, or $0.21 EPS, down from $5.8M, or $0.25 EPS, in Q1 2024, and $5.7M, or $0.24 EPS, in Q2 2023. For H1 2024, net income was $10.6M compared to $21.6M in H1 2023. The Justice Entities’ lawsuit was dismissed, reducing nonperforming loans (NPLs) by $7.8M. NPLs totaled $300.2M, 8.46% of portfolio loans. Net interest income fell by 1.2% QoQ to $28.1M and faced a significant impact from nonaccrual loans, which reduced interest income by $9.1M in Q2 2024. Deposits increased by $50.8M QoQ, and total portfolio loans increased by $40.5M. Total assets decreased by $22.4M to $4.5B. Capital ratios remained robust, with the Tier 1 Capital ratio at 10.95%. The company's efficiency ratio increased to 81.62% in Q2 2024, partly due to the large nonaccrual relationship. Despite challenges, positive asset quality and strong capital levels were noted.
Carter Bank (NASDAQ:CARE) opened its first retail branch in Raleigh, offering a comprehensive suite of financial services to small to large businesses. With a seasoned commercial banking team and a focus on relationship banking, the bank aims to provide personalized solutions to meet the unique needs of its customers. Carter Bank remains committed to fostering economic growth and prosperity in the Raleigh area while maintaining a personal touch in all its interactions.
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