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 Bank & Trust (NASDAQ:CARE) has launched a limited-time Take Your Pick savings promotion for individuals and businesses, offering two attractive interest rate savings options. Customers can choose between an 11-month Certificate of Deposit (CD) at 1.25% interest or a 23-month CD at 1.50%. The promotion requires new funds not associated with existing accounts and emphasizes the safety of FDIC insurance up to $250,000. President Brad Langs noted the bank's strong capital position, allowing them to provide these savings solutions.
Carter Bankshares, Inc. (NASDAQ:CARE) reported a net income of $9.3 million for Q1 2022, or $0.36 diluted earnings per share, marking a rise from $5.6 million in Q4 2021 but stable compared to $9.4 million in Q1 2021. Net interest income increased by 0.6% to $28.2 million, alongside an annualized loan growth of 11.8% to $2.9 billion. However, total noninterest income fell 40.4% year-over-year to $5.3 million. The company repurchased 1,523,157 shares, completing 78% of its two million share program.
Carter Bank & Trust (NASDAQ:CARE) is set to enhance its presence in the Charlotte market by opening a new regional banking hub at 500 East Morehead St. in early May. This second North Carolina location will serve as a flagship for the $4.1 billion community bank, featuring a full-service retail center and a commercial banking team targeting small to mid-sized businesses. The 5,000 square foot facility emphasizes energy efficiency and sustainable practices, incorporating advanced technologies to improve customer experience.
Carter Bank & Trust has promoted Richard Owen to Executive Vice President - Mortgage Banking & Corporate Sales Director, recognizing his contributions in building the mortgage portfolio to over $400 million. Owen, who has over 25 years in the financial services sector, joined the bank in 2017 and previously held the title of Senior Vice President. His leadership has expanded services across Virginia and North Carolina, introducing innovative tools like Mortgage2Go. The bank, headquartered in Martinsville, VA, operates with $4.1 billion in assets.
Carter Bankshares, Inc. (NASDAQ:CARE) has appointed Jacob A. Lutz, III and Curtis E. Stephens to its Board of Directors, effective March 23, 2022. Lutz, a retired partner from Troutman Pepper, brings over 20 years of financial services expertise, focusing on regulations and compliance. Meanwhile, Stephens offers a diverse background across various industries, enhancing the board's governance and strategic capabilities. This leadership change aims to foster continued growth and innovation in the company.
Carter Bank & Trust (NASDAQ: CARE) has appointed Chrystal Parnell as its first Chief Marketing and Communications Officer to enhance connections with shareholders and customers. This role aims to boost brand awareness and support market expansion into North Carolina. Parnell, with over 20 years in financial services marketing, previously served at Allegacy Federal Credit Union. CEO Litz Van Dyke emphasized her expertise in digital marketing and brand repositioning as vital for the bank's growth strategy during this pivotal time.
Carter Bankshares reported a net income of $5.6 million, or $0.21 diluted EPS, for Q4 2021, down from $11.2 million, or $0.42 EPS, in Q3 2021. The provision for credit losses rose to $0.9 million from a negative $0.4 million. Nonperforming loans dropped 16.6% to $7.4 million. Total deposits increased $32 million to $3.7 billion, driven by core deposits. For the full year, net income was $31.6 million, reversing a $45.9 million loss in 2020. The bank remains well-capitalized with a Tier 1 Capital ratio of 14.21%.
Carter Bank & Trust (NASDAQ:CARE) has announced a partnership with HBCU Heroes, committing $10,000 in scholarship funds for students at North Carolina Agricultural & Technical State University. This initiative aims to support HBCU students in various sectors, enhancing their opportunities in corporate America and other fields. President Brad Langs emphasized the importance of investing in future leaders, while HBCU Heroes co-founder George Lynch highlighted this collaboration's role in promoting diversity and leveling the playing field for HBCU students.
Carter Bank & Trust (NASDAQ:CARE) has donated $31,370 to 23 non-profit organizations during Q3 2021 as part of its CARE Forward Program. The initiative contributes $10 to local non-profits for each new checking account opened. Donations are also made to the American Red Cross for online accounts. The bank highlighted three non-profits it supports, including Family Service of the Piedmont, Southern Virginia Child Advocacy Center, and The Wesley Shelter. The program aims to address critical community needs and support vulnerable populations.
FAQ
What is the current stock price of Carter Bankshares (CARE)?
What is the market cap of Carter Bankshares (CARE)?
What services does Carter Bankshares Inc provide?
How does Carter Bankshares generate its revenue?
What are the core business areas of Carter Bankshares Inc?
In which markets does Carter Bankshares operate?
What differentiates Carter Bankshares from other financial institutions?
How does Carter Bankshares address risk and credit quality?
