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 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.
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.
