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Carter Bankshares, Inc. operates as the bank holding company for Carter Bank & Trust that provides various retail and commercial banking products and insurance services in the United States. It offers various deposit products, including checking, savings, retirement, and money market accounts, as well as certificates of deposit. The company also provides commercial loans, such as secured and unsecured, real estate construction and acquisition, and commercial and industrial loans; consumer loans, such as automobiles, home improvements, education, overdraft protection, and personal, and residential mortgages loans; home equity lines of credit; and credit cards, as well as originates and holds fixed and variable rate mortgage loans. In addition, it offers other banking services that include safe deposit boxes, direct deposit of payroll, social security checks, and debit cards; online banking products, including online and mobile banking, online account opening, bill payment, electronic statement, mobile deposit, Zelle, credit monitoring tools, digital wallet, MoneyPass, and ATM services; title insurance and other financial institution-related products and services; and treasury and corporate cash management services. Carter Bankshares, Inc. was founded in 1974 and is headquartered in Martinsville, Virginia.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $149M | - | $31M | $32M | 7.5% | 12.6% | 27.9% |
| 2024 | $132M | - | $25M | $29M | 6.4% | -3.9% | 4.9% |
| 2023 | $138M | - | $23M | $37M | 6.7% | -13.3% | -53.3% |
| 2022 | $159M | - | $50M | $65M | 15.3% | - | - |
| 2021 | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 158.90 | 137.71 | 132.40 | 149.03 |
| Operating Revenue | - | 158.90 | 137.71 | 132.40 | 149.03 |
| Selling General And Administration | - | 55.85 | 62.45 | 66.65 | 66.76 |
| Interest Income | - | 160.03 | 194.96 | 220.72 | 231.61 |
| Interest Expense | - | 20.25 | 74.11 | 107.27 | 101.40 |
| Net Interest Income | - | 139.77 | 120.85 | 113.44 | 130.20 |
| Pretax Income | - | 61.72 | 28.72 | 30.87 | 40 |
| Tax Provision | - | 11.60 | 5.34 | 6.35 | 8.64 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0 | 0 | 0 | 0 |
| Net Income Continuous Operations | - | 50.12 | 23.38 | 24.52 | 31.36 |
| Net Income From Continuing And Discontinued Operation | - | 50.12 | 23.38 | 24.52 | 31.36 |
| Net Income From Continuing Operation Net Minority Interest | - | 50.12 | 23.38 | 24.52 | 31.36 |
| Net Income | - | 50.12 | 23.38 | 24.52 | 31.36 |
| Net Income Common Stockholders | - | 50.12 | 23.38 | 24.52 | 31.36 |
| Net Income Including Noncontrolling Interests | - | 50.12 | 23.38 | 24.52 | 31.36 |
| Normalized Income | - | 50.12 | 23.38 | 24.52 | 31.36 |
| Diluted NI Availto Com Stockholders | - | 50.12 | 23.38 | 24.52 | 31.36 |
| Basic Average Shares | - | 24.60 | 23.24 | 23.24 | 22.46 |
| Diluted Average Shares | - | 24.60 | 23.24 | 23.24 | 22.46 |
| Reconciled Depreciation | - | 6.06 | 6.25 | 7.06 | 7.86 |
| Total Unusual Items | -3.62 | -0.36 | -1.10 | - | - |
| Total Unusual Items Excluding Goodwill | -3.62 | -0.36 | -1.10 | - | - |
| Special Income Charges | 0 | 0.07 | 0 | - | - |
| Other Special Charges | 0.23 | -0.07 | - | - | - |
| Impairment Of Capital Assets | 0 | 0 | - | - | - |
| Gain On Sale Of Security | - | 0.05 | -1.52 | 0.07 | 0.05 |
| General And Administrative Expense | - | 54.41 | 60.76 | 64.11 | 63.59 |
| Other Gand A | 5.97 | - | - | - | - |
| Salaries And Wages | - | 52.40 | 55.86 | 57.91 | 57.74 |
| Insurance And Claims | - | 2.02 | 4.90 | 6.20 | 5.84 |
| Selling And Marketing Expense | - | 1.43 | 1.69 | 2.54 | 3.17 |
| Occupancy And Equipment | - | 13.53 | 14.03 | 15.61 | 17.62 |
| Professional Expense And Contract Services Expense | - | 5.82 | 6.21 | 5.68 | 6.88 |
| Other Non Interest Expense | - | 19.06 | 19.90 | 18.65 | 21.61 |
Financial Services sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Carter Bankshares, Inc.this co. | CARE | $631M | 20.12↑ premium | 1.50 | 7.5% | - |
| Bit Digital, Inc. | BTBT | $646M | -8.04 | 0.90 | -11.2% | -14.07 |
| GCM Grosvenor Inc. | GCMG | $644M | 14.19 | 23.85 | 168.1% | 4.84 |
| Heritage Insurance Holdings, Inc. | HRTG | $642M | 3.28 | 1.27 | 38.7% | - |
| Hippo Holdings Inc. | HIPO | $635M |
| - |
| - |
| - |
| - |
| - |
| 11.01 |
| 1.46 |
| 13.2% |
| - |
| Hingham Institution for Savings | HIFS | $634M | 11.62 | 1.32 | 11.4% | - |
| Washington Trust Bancorp, Inc. | WASH | $633M | 12.12 | 1.17 | 9.6% | - |
| California BanCorp | BCAL | $621M | 9.84 | 1.08 | 10.9% | - |
| Donegal Group Inc. | DGICA | $619M | 7.81 | 0.97 | 12.4% | - |
| Peer Median | - | 10.43 | 1.22 | 11.9% | -4.62 | |