Carter Bankshares, Inc. ( (CARE) ) has released its Q4 earnings. Here is a breakdown of the information Carter Bankshares, Inc. presented to its investors.
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Carter Bankshares, Inc., headquartered in Martinsville, Virginia, operates as a full-service commercial and consumer banking institution, offering a variety of financial services primarily within Virginia and North Carolina through its subsidiary, Carter Bank.
Carter Bankshares, Inc. reported a robust financial performance for the fourth quarter and full year of 2024, with notable improvements in net income and earnings per share. The company achieved a net income of $8.3 million for the fourth quarter, marking a significant recovery compared to the same period last year. This recovery was aided by a strategic focus on loan and deposit growth, alongside efforts to manage nonperforming loans.
The bank saw a decrease in nonperforming loans, a boost in total deposits, and a strategic acquisition of branches in North Carolina to enhance its market presence. Despite challenges from a large nonperforming credit relationship, the company’s net interest income increased, driven by Federal Reserve rate cuts and effective cost management. Additionally, Carter Bankshares’ recent brand refresh and branch acquisitions are expected to strengthen market share and profitability.
Looking ahead, Carter Bankshares remains optimistic about its financial health and operational strategies. The company is focused on resolving its largest nonperforming credit relationship and expects continued growth in loan production and deposit inflows. With a well-capitalized balance sheet and strategic expansion plans, Carter Bankshares is positioned for a strong performance in 2025.
