Carter Bankshares, Inc. ( (CARE) ) has released its Q1 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, VA, operates as a holding company for Carter Bank, providing a range of commercial and consumer banking services across Virginia and North Carolina. In its first quarter of 2025 financial results, Carter Bankshares reported a net income of $9.0 million, marking an improvement from both the previous quarter and the same period last year. The company’s performance was notably impacted by its largest credit relationship, which remains on nonaccrual status, affecting interest income. Despite this, the company saw growth in total portfolio loans and deposits, alongside a decrease in Federal Home Loan Bank borrowings. Key financial highlights include a 7.0% annualized increase in total portfolio loans, a 4.6% annualized increase in total deposits, and a net interest income rise driven by favorable interest rate conditions. The company also recorded gains from a bank-owned life insurance policy and made strategic moves to optimize its balance sheet. Looking forward, Carter Bankshares remains focused on resolving its nonperforming credit relationship while maintaining strong capital and liquidity positions. The management anticipates continued growth through core deposit acquisition and diversified loan growth, with a positive outlook for the remainder of 2025.