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Carter Bankshares, Inc. (NASDAQ: CARE) is a bank holding company for Carter Bank & Trust, headquartered in Martinsville, VA. Known for offering a comprehensive suite of commercial and consumer banking services, the bank provides products such as checking, savings, retirement, and money market accounts, alongside longer-term certificates of deposits (CDs). The bank also extends a wide variety of loan services including commercial, consumer, real estate construction, acquisition loans, home equity lines of credit, and fixed and variable rate mortgage loans.
As of its latest reports, Carter Bankshares operates 65 branches across Virginia and North Carolina, managing assets worth approximately $4.6 billion. The company generates revenue from interest on loans and securities, as well as fees from various financial services provided to customers.
Recently, the company has faced challenges regarding a substantial non-performing loan (NPL) with a principal value of $301.9 million, significantly impacting its interest income. Despite this, the bank continues to focus on strong asset quality and has initiated all possible measures to resolve the NPL issue. CEO Litz H. Van Dyke has assured that aside from this setback, the bank's financial performance remains solid, and it's well-prepared for future industry challenges.
In terms of financial highlights, the bank reported a net income of $5.8 million, or $0.25 EPS, for the first quarter of 2024, reversing a net loss in the previous quarter. The company remains well capitalized, with strong liquidity levels and a balanced loan growth strategy. The bank continues to invest in strong markets within its footprint, having recently opened a new flagship branch in Charlottesville, VA, and a commercial office in Raleigh, NC.
Looking ahead, the bank aims to navigate through challenges posed by the high-interest rate environment and rising funding costs. The company expects its net interest margin to normalize once the NPL is resolved and remains optimistic about its future growth and profitability.
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.
Carter Bankshares, Inc. (NASDAQ:CARE) reported a net income of $11.2 million or $0.42 diluted EPS for Q3 2021, up from $5.4 million or $0.21 EPS in Q2 2021 and a loss of $57.7 million in Q3 2020. For the first nine months of 2021, net income reached $26.0 million, a significant improvement from a loss of $48.8 million last year. Notably, nonperforming loans dropped by 78.1% year-over-year, and net interest income increased 8.1% quarter-over-quarter. Total deposits grew to $3.7 billion, although total capital decreased by $34.3 million since December 2020.
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