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 (Nasdaq: CARE) has expanded its presence in North Carolina by opening a new Loan Production Office in Gastonia. This expansion follows recent openings in Winston-Salem, Raleigh, and Mooresville, demonstrating the bank's continued growth strategy in the region.
The bank has assembled an experienced local banking team led by Brad Wilson as Senior Vice President and Commercial Market Executive, Jayson Philbeck as Senior Vice President of Commercial Banking, and Christie Dellinger as Commercial Support Specialist. The team brings combined experience of over 68 years in banking, particularly in Gaston and Cleveland County markets.
The new office, located at 6640 Wilkinson Boulevard, Suite 100, Belmont, NC, will offer commercial banking solutions, including business banking, lending, and cash management services.
Carter Bank (NASDAQ: CARE) has announced key leadership promotions, strengthening its executive team. Andy Meece has been elevated to Senior Vice President, Director of Strategy and Finance, bringing nearly 20 years of experience at the bank. Additionally, Charlie Sword has been promoted to Senior Vice President, Controller, after serving as Director of Internal Audit since 2020.
The promotions come less than a year after Carter Bank's rebranding initiative, highlighting the company's commitment to growth and internal talent development. Both executives will play crucial roles in driving strategic initiatives and financial operations at the community bank.
Carter Bankshares (NASDAQ:CARE) reported Q2 2025 net income of $8.5 million ($0.37 EPS), compared to $9.0 million ($0.39 EPS) in Q1 2025 and $4.8 million ($0.21 EPS) in Q2 2024. Net interest income rose to $32.4 million, up 7.4% from Q1 2025.
Key developments include the completion of a Branch Purchase from First Reliance Bank, acquiring $55.9 million in deposits and two North Carolina branches. The company also initiated a $20 million stock repurchase program, with $9.1 million already utilized.
Portfolio loans increased 6.5% annualized to $3.7 billion, while deposits grew 2.0% annualized. The company continues to manage its largest nonperforming credit relationship with the Justice Entities, which decreased to $235.5 million from $301.9 million in June 2023 through curtailment payments.
[ "Net interest income increased 15.2% year-over-year to $32.4 million", "Portfolio loans grew 6.5% annualized to $3.7 billion", "Total deposits increased 8.8% year-over-year", "Net interest margin improved by 26 basis points year-over-year to 2.82%", "Successfully acquired two branches with $55.9 million in deposits", "NPLs decreased by $10.9 million during Q2 2025" ]Carter Bankshares (NASDAQ:CARE) reported Q1 2025 net income of $9.0 million, or $0.39 diluted EPS, compared to $8.3 million ($0.36 EPS) in Q4 2024 and $5.8 million ($0.25 EPS) in Q1 2024.
Key highlights include:
- Total portfolio loans increased $62.7 million (7.0% annualized) to $3.7 billion
- Total deposits grew $47.5 million (4.6% annualized) quarter-over-quarter
- Net interest margin improved to 2.70%, up 12 basis points from Q4 2024
- Nonperforming loans (NPLs) increased $2.1 million to $261.4 million
The company continues to be impacted by its largest credit relationship with Justice Entities ($245.1 million in loans) remaining on nonaccrual status, negatively affecting interest income by $6.8 million in Q1 2025. The bank received $6.9 million in curtailment payments during the quarter, reducing the total NPL balance from $301.9 million to $245.1 million year-over-year.
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.