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.
Overview of Carter Bankshares Inc
Carter Bankshares Inc (CARE) is a well-established bank holding company that operates exclusively through its subsidiary, Carter Bank. The company offers a comprehensive suite of banking services, including a wide range of deposit products and diverse financing solutions. With a strong presence in Virginia and North Carolina, Carter Bankshares is recognized for its diverse portfolio which covers commercial lending, consumer loans, and mortgage products that cater to both individual and business needs.
Banking Services and Deposit Products
The company provides an extensive array of deposit services that include checking and interest checking accounts, savings and retirement accounts, money market accounts, and longer-term certificates of deposit. These products are designed to meet the varied financial needs of its customers, offering flexibility, security, and competitive terms. Carter Bankshares places a strong emphasis on customer accessibility by integrating digital banking tools such as online banking, mobile banking, and automated draft services alongside traditional branch-based services.
Lending and Financial Solutions
Carter Bankshares Inc delivers a full range of lending products that span commercial loans, consumer financing, and mortgage solutions. Its loan portfolio includes secured and unsecured loans for financing automobiles, home improvements, educational pursuits, and personal investments. Additionally, the Bank originates and holds both fixed and variable rate mortgage loans and provides home equity lines of credit, ensuring its customers have access to financing options that meet their unique financial situations.
Operational Excellence and Market Position
The company is distinguished by its commitment to operational excellence and strong regional market expertise. Its business model capitalizes on both interest income from loans and fee-based income from a variety of financial services. With a focus on comprehensive service delivery, Carter Bankshares continually refines its product offerings to meet evolving customer demands and maintains a robust infrastructure that integrates both traditional branch services and modern digital banking solutions.
Community Focus and Strategic Services
Beyond its core banking operations, Carter Bankshares extends additional financial services such as safe deposit boxes, treasury services, and insurance products. This diversified approach not only supports the needs of individual consumers but also bolsters its relationships with commercial clients. The company’s strategic focus on community banking is evident in its long history of serving local markets, fostering trust, and offering reliable, accessible financial solutions.
Expert Insights and Industry Terminology
In the competitive landscape of regional banking, Carter Bankshares leverages industry-specific expertise to address challenges such as credit quality and evolving market conditions. Terms like net interest margin and liability sensitivity underscore the analytical approach used in managing its financial products and risk profiles. This detailed portfolio management, combined with a commitment to banking innovation and customer service excellence, reflects the company's authoritative stance within the regional financial sector.
Summary
- Extensive Deposit Services: Offers checking, savings, retirement accounts, and CDs.
- Diverse Loan Portfolio: Provides commercial, consumer, and mortgage financing solutions.
- Digital and Traditional Banking: Combines branch operations with modern online and mobile services.
- Regional Expertise: Focuses on the Virginia and North Carolina markets with deep community ties.
- Financial and Operational Rigor: Employs detailed financial analysis and risk management strategies.
This comprehensive description establishes Carter Bankshares Inc as a multifaceted financial institution with robust operational capabilities and a clear commitment to excellence in banking. Investors and analysts can find in-depth insights into its business model, market position, and the strategic integration of its service offerings throughout this overview.
Carter Bankshares (NASDAQ:CARE) reported Q4 2024 net income of $8.3 million ($0.36 EPS), up from $5.6 million ($0.24 EPS) in Q3 2024. Full-year 2024 net income reached $24.5 million ($1.06 EPS), compared to $23.4 million in 2023.
Key Q4 highlights include: nonperforming loans declined by $28.4 million to $259.3 million, portfolio loans increased 3.2% to $3.6 billion, and total deposits grew 6.7% to $4.2 billion. Net interest income rose to $29.1 million, up 1.2% from Q3.
The company's performance continues to be impacted by its largest credit relationship (Justice Entities) on nonaccrual status, which negatively affected interest income by $7.9 million in Q4. The bank received $28.9 million in curtailment payments during Q4, reducing the nonperforming loan balance to $252.0 million.
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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