Carter Bankshares, Inc. Announces First Quarter 2021 Financial Results
MARTINSVILLE, VA / ACCESSWIRE / April 29, 2021 / Carter Bankshares, Inc. (the Company ) (NASDAQ:CARE) today announced net income of $9.4 million, or $0.36 diluted earnings per share, for the first quarter of 2021 compared to net income of $2.9 million, or $0.11 diluted earnings per share, in the fourth quarter of 2020 and net income of $4.4 million, or $0.17 diluted earnings per share, for the first quarter of 2020. Pre-tax pre-provision earnings
1 were $11.9 million, $7.9 million and $9.5 million for the quarters ended March 31, 2021, December 31, 2020 and March 31, 2020, respectively.
First Quarter 2021 Financial Highlights
Net interest income increased $0.4 million, or 1.4%, to $26.5 million as compared to the fourth quarter of 2020 primarily due to an 11 basis point decrease in funding costs;
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On January 4, the Office of the Comptroller of the Currency (OCC) issued a proposed rule (Proposal) that would amend the requirements applicable to ownership of real property by national banks and federal savings associations (together, banks ). The Proposal would modify and clarify the current requirements for bank premises. The Proposal was published in the
Federal Register on February 3, 2021, and the deadline for comments is March 20, 2021.
Background
The National Bank Act restricts banks from owning real estate except in connection with the transaction of business, in part, to restrict ownership of real property for speculative purposes by banks. While the OCC has published rules regarding banks ownership of real estate, it has in many areas not defined specific limitations, instead incorporating court decisions and interpretive releases to create a flexible approach to regulation, allowing for certain ambiguiti
(1)
FAIRFAX, VA / ACCESSWIRE / January 29, 2021 / The Freedom Bank of Virginia (OTCQX:FDVA), (the Bank or Freedom ) today announced net income of $2,413,775, or $0.33 per diluted share, for the three months ended December 31, 2020. This compares to net income of $2,575,370 or $0.35 per diluted share, for the prior quarter and net income of $747,808 or $0.10 per diluted share for the three months ending December 31, 2019. The Bank reported net income of $7,364,476 or $1.01 per diluted share for the full year 2020 compared to net income of $2,705,217 or $0.37 per diluted share for the full year 2019.
Joseph J. Thomas, President and CEO, commented, I am very proud of my colleagues at Freedom who delivered exceptional outcomes for clients in 2020 during the challenging national health and economic environment crisis and in the process enabled our company to produce record financial results. The Bank increased full year 2020 net income by 172.23% to $7.36 million, increased resident
Provided by Accesswire
Jan 29, 2021 1:30 PM UTC
FAIRFAX, VA / ACCESSWIRE / January 29, 2021 / The Freedom Bank of Virginia (OTCQX:FDVA), (the Bank or Freedom ) today announced net income of $2,413,775, or $0.33 per diluted share, for the three months ended December 31, 2020. This compares to net income of $2,575,370 or $0.35 per diluted share, for the prior quarter and net income of $747,808 or $0.10 per diluted share for the three months ending December 31, 2019. The Bank reported net income of $7,364,476 or $1.01 per diluted share for the full year 2020 compared to net income of $2,705,217 or $0.37 per diluted share for the full year 2019.
Joseph J. Thomas, President and CEO, commented, I am very proud of my colleagues at Freedom who delivered exceptional outcomes for clients in 2020 during the challenging national health and economic environment crisis and in the process enabled our company to produce record financial results. The Bank increased full yea
Carter Bankshares, Inc. Announces Fourth Quarter 2020 Financial Results
MARTINSVILLE, VA / ACCESSWIRE / January 28, 2021 / Carter Bankshares, Inc. (the Company ) (NASDAQ:CARE) today announced net income of $2.9 million, or $0.11 diluted earnings per share, for the fourth quarter of 2020 as compared to a net loss of $57.7 million, or $2.19 per share, in the third quarter of 2020 due to a one-time goodwill impairment charge of $62.2 million that was recorded in the third quarter of 2020. Excluding this one-time charge, net income in the third quarter of 2020 was $4.5 million as compared to net income of $3.6 million, or $0.14 diluted earnings per share, for the fourth quarter of 2019. Pre-tax pre-provision earnings