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 (CARE) provides essential financial services through its Carter Bank subsidiary, offering commercial banking solutions and consumer lending across Virginia and North Carolina. This news hub delivers timely updates about CARE's financial performance, strategic decisions, and market positioning.
Investors and analysts will find comprehensive coverage of earnings reports, regulatory filings, and leadership updates, alongside developments in digital banking initiatives and community-focused programs. The curated collection includes press releases about loan portfolio expansions, interest rate strategies, and compliance milestones.
Key updates span quarterly financial disclosures, SEC filings, branch network changes, and innovations in consumer deposit products. Regular monitoring of this page ensures awareness of CARE's responses to economic trends and its competitive actions within regional banking markets.
Bookmark this resource for structured access to Carter Bankshares' material developments. Combine these updates with the company's SEC filings and investor relations materials for complete financial analysis.
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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