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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 (NASDAQ:CARE) reported a net income of $5.4 million, or $0.21 diluted EPS, for Q2 2021, down from $9.4 million in Q1 2021. The company's core pre-tax earnings were $7.9 million, an increase from $7.0 million YoY. Notably, nonperforming loans fell by 70.1% to $9.6 million, reflecting asset quality improvements. Net interest income rose 2.5% to $27.2 million, while total deposits decreased to $3.7 billion. The Tier 1 Capital ratio stood at 13.40%. The company is focused on enhancing operational efficiency and growing targeted markets.
Carter Bank & Trust has donated over $32,470 to 23 non-profit organizations during the second quarter of 2021 as part of its CARE Forward campaign. Each new business and personal checking account opened contributes $10 to local charities. The initiative, emphasizing community action, aligns with the bank's brand promise to enrich lives. Notable recipients include Everhart Primary Healthcare, Piedmont Community Services, and Cokesbury Volunteer Fire Department, all working to improve community welfare.
Carter Bankshares, Inc. (CARE) reported a net income of $9.4 million or $0.36 diluted EPS for Q1 2021, a significant increase compared to $2.9 million in Q4 2020 and $4.4 million in Q1 2020. Net interest income rose to $26.5 million, a 1.4% increase from the previous quarter. The company adopted CECL, leading to an ACL adjustment of $64.5 million. Total deposits grew by $6.9 million to $3.7 billion, reflecting a solid deposit mix. Despite challenges from COVID-19, management expressed optimism about future growth and asset quality improvements.
Carter Bank & Trust has donated over $23,000 to 35 local non-profit organizations through its Magical Moments of CARE campaign. This initiative, active from October to December 2020, contributed $10 for every new checking account opened. The bank aimed to support organizations serving vulnerable populations amidst the pandemic. Notable donations included 200 face shields for the Bread Basket. The campaign's success has led to its expansion in 2021, indicating a strong commitment to community service and engagement.
Carter Bankshares, Inc. (NASDAQ:CARE) reported a net income of $2.9 million, or $0.11 per share, for Q4 2020, rebounding from a significant loss of $57.7 million in Q3 due to a one-time goodwill impairment charge. For the year, the company posted a net loss of $45.9 million, but excluding this charge, net income was $16.3 million, down from $26.6 million in 2019. Total deposits increased to $3.7 billion, while nonperforming loans fell by 20.9%. The company anticipates continued improvement in financial performance with branch optimization and enhanced asset management efforts.
Carter Bankshares, Inc. (NASDAQ:CARE) has announced the sale of its Waynesboro, VA branch to F&M Bank Corp. This agreement aligns with Carter Bank's ongoing reorganization and network optimization strategy. CEO Litz Van Dyke stated that the sale will enhance their ability to invest in new markets while efficiently serving core areas. Regulatory approvals are pending, with completion expected in the second quarter of 2021. The move will retain existing customers and employees, ensuring continuity of service.
Carter Bankshares (NASDAQ:CARE) has announced the sale of three branches of Carter Bank & Trust to Pendleton Community Bank, expanding Pendleton's footprint in Virginia's Shenandoah Valley.
The transaction, aimed at realigning Carter's branch network to better serve core markets, is expected to conclude in Q2 2021, pending regulatory approvals. Carter Bank & Trust operates with $4.1 billion in assets, while Pendleton Community Bank holds $515 million. Both banks emphasize a commitment to community service and customer care throughout this transition.
Carter Bankshares, Inc. (NASDAQ: CARE) announced the completion of its statutory merger with Carter Bank & Trust, effective November 20, 2020. Following the reorganization, each share of the Bank's common stock converted to a share of the Company’s common stock at a one-for-one exchange rate. The Board believes this new structure enhances financial flexibility for the Bank amidst COVID-19 challenges. The Company will continue to trade under the ticker CARE on the Nasdaq Global Select Market. Carter Bankshares has assets totaling $4.1 billion and operates 92 branches in Virginia and North Carolina.
Carter Bank & Trust (NASDAQ:CARE) reported a net loss of $57.7 million, or $2.19 per share, for Q3 2020, mainly due to a one-time goodwill impairment charge of $62.2 million. Excluding this charge, net income stood at $4.5 million, flat compared to Q2 2020. The bank's net interest income fell by 3.1% to $25.4 million quarter-over-quarter. Total deposits increased by $7.1 million to $3.6 billion. For the nine months ending September 30, 2020, the bank recorded a net loss of $48.8 million but highlighted growth in portfolio loans by 3.9% and overall deposits by 2.6% year-over-year.
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