Carter Bankshares, Inc. reported a net income of $5.4 million, or $0.24 per diluted share, for the third quarter of 2025, reflecting a slight decrease from $5.6 million, or $0.24 per diluted share, in the same period last year. For the nine months ended September 30, 2025, net income rose to $22.9 million, or $1.00 per diluted share, compared to $16.2 million, or $0.70 per diluted share, for the same period in 2024. The company’s net interest income increased by 17.1% to $33.7 million for the third quarter, and by 12.8% to $96.2 million for the nine months, driven by growth in the loan portfolio and a favorable interest rate environment.
Total assets for Carter Bankshares increased to $4.8 billion as of September 30, 2025, up from $4.7 billion at the end of 2024. The growth in assets was primarily attributed to a $210.8 million increase in total portfolio loans, which rose to $3.8 billion, reflecting strong demand in commercial real estate and residential mortgage sectors. The company also completed the acquisition of two branch facilities in North Carolina, adding approximately $55.9 million in deposits, which contributed to a total deposit increase of $56.9 million to $4.2 billion.
The company’s allowance for credit losses (ACL) decreased to $73.8 million, or 1.92% of total portfolio loans, from $75.6 million, or 2.09%, at the end of 2024. Nonperforming loans slightly decreased to $258.6 million, representing 6.74% of total portfolio loans, down from 7.15% at the end of the previous year. The company’s credit quality indicators showed improvements, with a reduction in special mention and substandard loans, reflecting effective management of credit risk.
Carter Bankshares continues to focus on strategic growth, emphasizing organic expansion while remaining open to opportunistic acquisitions. The company aims to enhance its brand presence and customer experience, aligning its operations with its new guiding principles introduced in 2023. Looking ahead, the company anticipates continued growth in its loan portfolio and a stable deposit base, while closely monitoring market conditions and credit quality to mitigate risks associated with its lending activities.
About Carter Bankshares, Inc.
Carter Bankshares, Inc. is a holding company for Carter Bank & Trust, a Virginia-chartered bank with 65 branches in Virginia and North Carolina. It offers retail and commercial banking services, including deposits, loans, and digital banking. The company focuses on organic growth, community engagement, and prudent risk management, serving individual and business customers with a competitive suite of financial products in its regional markets.
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