Carter Bankshares Inc. has reported its financial results for the first quarter of 2025, highlighting a strong deposit growth of 9.7% compared to the first quarter of 2024. The bank's assets were reported to be $4.7 billion, with loans totaling $3.7 billion and deposits at $4.2 billion. The company also noted that 72.2% of loan production was funded at a weighted average rate of 6.92% during this period, with construction loans of approximately $450 million expected to be funded over the next 12 to 18 months. In addition, Carter Bankshares announced its intent to acquire First Reliance Bank's two North Carolina branches, expanding its branch network into strategic growth markets like Charlottesville and Raleigh. This expansion includes commercial and retail teams to bolster their presence. These updates reflect Carter Bankshares' ongoing efforts to enhance its market position and pursue growth opportunities.
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