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, Inc. (NASDAQ:CARE) reported a net income of $10.8 million or $0.44 diluted earnings per share for Q2 2022, up from $9.3 million in Q1 2022 and $5.4 million in Q2 2021. Net interest income rose 15.0% to $32.5 million, driven by a 36 basis point increase in earning assets. However, nonperforming loans increased 64.8% from Q1 2022 to $12 million. The company also authorized a 750,000 share repurchase program, continuing its strategy to enhance shareholder value.
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.
