C
Carter Bankshares, Inc.
Period
FY 2025
Revenue
—
Net Income
$31.36M
Total Assets
$4.85B
Equity
$419.70M
Shares Out
22.22M
Op. Cash Flow
$39.86M
Business
Carter Bankshares, Inc. is a financial holding company and bank holding company that operates Carter Bank & Trust, a Virginia state-chartered bank with 64 branches in Virginia and North Carolina. The Bank provides commercial banking, consumer banking, mortgage lending, and deposit products to personal and business customers. The Company generates revenue primarily from interest on loans and investment securities, deposit fees, and other banking services including digital banking, treasury management, and title insurance.
Summary from 10-K filed 2026-03-05
Financials
Consolidated Statement of Income
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Taxable | 200 | 186 | 159 | 135 | 115 | |
| Non-Taxable | 2 | 3 | 3 | 4 | 5 | |
| Taxable | 26 | 30 | 31 | 20 | 12 | |
| Non-Taxable | 265,000 | 269,000 | 634,000 | 693,000 | 882,000 | |
| Federal Reserve Bank Excess Reserves | 3 | 2 | 1 | 312,000 | 169,000 | |
| Interest on Bank Deposits | 268,000 | 85,000 | 64,000 | 29,000 | 102,000 | |
| Dividend Income | 616,000 | 1 | 1 | 154,000 | 121,000 | |
| Total Interest Income | 232 | 222 | 196 | 160 | 134 | |
| Interest Expense on Deposits | 96 | 95 | 53 | 19 | 22 | |
| Interest Expense on Federal Funds Purchased | 0 | 0 | 368,000 | 188,000 | 0 | |
| Interest on Other Borrowings | 5 | 12 | 21 | 1 | 468,000 | |
| Total Interest Expense | 101 | 107 | 74 | 20 | — | |
| NET INTEREST INCOME | 131 | 114 | 122 | 140 | 111 | |
| (Recovery) Provision for Credit Losses | −4 | −5 | 6 | 2 | 3 | |
| (Recovery) Provision for Unfunded Commitments | −194,000 | −7,000 | 901,000 | 509,000 | −1 | |
| Net Interest Income After (Recovery) Provision for Credit Losses | 135 | 120 | 116 | 137 | 109 | |
| Gains (Losses) on Sales of Securities, net | 46,000 | 68,000 | −2 | 46,000 | 7 | |
| Service Charges, Commissions and Fees | 7 | 7 | 7 | 7 | 7 | |
| Debit Card Interchange Fees | 8 | 8 | 8 | 7 | 7 | |
| Insurance Commissions | 3 | 4 | 2 | 2 | 2 | |
| Bank Owned Life Insurance Income | 2 | 1 | 1 | 1 | 1 | |
| Commercial Loan Swap Fee Income | 0 | 0 | 139,000 | 774,000 | 2 | |
| Other | 3 | 906,000 | 1 | 3 | 2 | |
| Total Noninterest Income | 22 | 21 | 18 | 22 | 29 | |
| Salaries and Employee Benefits | 58 | 58 | 56 | 52 | 54 | |
| Occupancy Expense, net | 18 | 16 | 14 | 14 | 14 | |
| FDIC Insurance Expense | 6 | 6 | 5 | 2 | 2 | |
| Other Taxes | 4 | 4 | 3 | 3 | 3 | |
| Advertising Expense | 3 | 3 | 2 | 1 | 1 | |
| Telephone Expense | 1 | 1 | 2 | 2 | 2 | |
| Professional and Legal Fees | 7 | 6 | 6 | 6 | 5 | |
| Data Processing | 6 | 5 | 4 | 4 | 4 | |
| Debit Card Expense | 4 | 3 | 3 | 3 | 3 | |
| Other | 11 | 9 | 11 | 9 | 9 | |
| Total Noninterest Expense | 117 | 110 | 105 | 97 | 102 | |
| Income Before Income Taxes | 40 | 31 | 29 | 62 | 36 | |
| Income Tax Provision | 9 | 6 | 5 | 12 | 4 | |
| Net Income | 31 | 25 | 23 | 50 | 32 | |
| Basic Earnings per Common Share (in usd per share) | 1.38 | 1.06 | 1 | 2.03 | 1.19 | |
| Diluted Earnings per Common Share (in usd per share) | 1.38 | 1.06 | 1 | 2.03 | 1.19 | |
| Average Shares Outstanding - Basic (in shares) | 22 | 23 | 23 | 25 | 26 | |
| Average Shares Outstanding - Diluted (in shares) | 22 | 23 | 23 | 25 | 26 |
Consolidated Balance Sheet
As of · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Cash and Due From Banks, including Interest-Bearing Deposits of $68,227 at December 31, 2025 and $91,563 at December 31, 2024 | 105 | 131 | 55 | 47 | 278 | |
| Securities Available-for-Sale, at Fair Value (amortized cost of $745,366 and $800,741, respectively) | 692 | 718 | 779 | 836 | 922 | |
| Equity Securities | 10 | 10 | 0 | — | — | |
| Loans Held-for-Sale | 339,000 | 0 | — | — | 200,000 | |
| Portfolio Loans | 3,880 | 3,625 | 3,506 | 3,149 | 2,812 | |
| Allowance for Credit Losses | −71 | −76 | −97 | −94 | −96 | |
| Portfolio Loans, net | 3,808 | 3,549 | 3,409 | 3,055 | 2,716 | |
| Bank Premises and Equipment, net | 72 | 74 | 74 | 72 | 75 | |
| Goodwill | 1 | 0 | — | — | — | |
| Core Deposit Intangible | 900,000 | 0 | — | — | — | |
| Other Real Estate Owned, net | 100,000 | 700,000 | 2 | 8 | 11 | |
| Other Restricted Stock, at Cost | 17 | 6 | — | — | — | |
| Bank Owned Life Insurance | 45 | 60 | 58 | 57 | 55 | |
| Other Assets | 100 | 109 | 114 | 119 | 73 | |
| Total Assets | 4,852 | 4,659 | 4,513 | 4,205 | 4,134 | |
| Noninterest-Bearing Demand | 620 | 634 | 685 | 706 | 748 | |
| Interest-Bearing Demand | 808 | 727 | 482 | 497 | 453 | |
| Money Market | 554 | 512 | 514 | 484 | 463 | |
| Savings | 326 | 356 | 455 | 684 | 691 | |
| Certificates of Deposit | 1,902 | 1,924 | 1,587 | 1,262 | 1,344 | |
| Total Deposits | 4,211 | 4,153 | 3,722 | 3,633 | 3,698 | |
| Federal Home Loan Bank Borrowings | 179 | 70 | 393 | 181 | 7 | |
| Reserve for Unfunded Loan Commitments | 3 | 3 | 3 | 2 | 2 | |
| Other Liabilities | 40 | 48 | 43 | 43 | 21 | |
| Total Liabilities | 4,432 | 4,275 | 4,161 | 3,876 | 3,726 | |
| Commitment and Contingencies - see NOTE 20. | — | — | — | — | — | |
| Common Stock | 22 | 23 | 23 | 24 | 26 | |
| Additional Paid-in Capital | 75 | 92 | 91 | 105 | 144 | |
| Retained Earnings | 365 | 334 | 309 | 286 | 235 | |
| Accumulated Other Comprehensive Loss | −42 | −65 | −71 | −86 | 2 | |
| Total Shareholders Equity | 420 | 384 | 351 | 329 | 408 | |
| Total Liabilities and Shareholders Equity | 4,852 | 4,659 | 4,513 | 4,205 | 4,134 |
Consolidated Statement of Cash Flows
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| (Recovery) Provision for Credit Losses, including (Recovery) Provision for Unfunded Commitments | −4 | −5 | 6 | 3 | 2 | |
| Origination of Loans Held-for-Sale | −30 | −9 | −7 | −8 | −480 | |
| Proceeds From Loans Held-for-Sale | 29 | 9 | 7 | 10 | 506 | |
| Depreciation/Amortization of Bank Premises and Equipment | 8 | 7 | 6 | 6 | 6 | |
| Provision for Deferred Taxes | 2 | 3 | 368,000 | 4 | 3 | |
| Net Amortization of Securities | 3 | 4 | 6 | 6 | 5 | |
| Tax Credit Amortization | 649,000 | 517,000 | 2 | 621,000 | 2 | |
| Gains on Sales of Loans Held-for-Sale | −157,000 | −138,000 | −109,000 | −396,000 | −365,000 | |
| (Gains) Losses on Sales of Securities, net | −46,000 | −68,000 | 2 | −46,000 | −7 | |
| Unrealized Gain on Equity Securities | −300,000 | −41,000 | 0 | 0 | — | |
| Commercial Loan Swap Derivative Loss | 107,000 | 12,000 | 219,000 | −605,000 | −89,000 | |
| Gain on Bank Owned Life Insurance Death Benefit | −2 | 0 | 0 | — | — | |
| 1035 Exchange Fee on Bank Owned Life Insurance | 660,000 | 0 | 0 | — | — | |
| Balance Sheet Hedge Fair Value Adjustment | 140,000 | 125,000 | 0 | 0 | — | |
| Recognition of Restricted Stock Compensation Expense | 2 | 2 | 2 | 1 | 1 | |
| Decrease (Increase) in Other Assets | 2 | 2 | −4 | −3 | 9 | |
| (Decrease) Increase in Other Liabilities | −2 | 2 | 4 | 4 | −2 | |
| Net Cash Provided By Operating Activities | 40 | 37 | 47 | 71 | 78 | |
| Proceeds from Sales | 19 | 18 | 43 | 20 | 197 | |
| Proceeds from Maturities, Redemptions, and Paydowns | 97 | 63 | 49 | 85 | 110 | |
| Purchases | −64 | −15 | −25 | −136 | −467 | |
| Purchase of Equity Securities | 0 | −10 | 0 | 0 | — | |
| Purchase of Bank Premises and Equipment, Net | −8 | −8 | −10 | −6 | −8 | |
| Net Cash Acquired from Branch Purchase | 54 | 0 | 0 | — | — | |
| (Purchase) Redemption of Other Restricted Stock, net | −10 | 15 | −12 | — | — | |
| Loan Originations, net | −255 | −136 | −359 | −343 | — | |
| Proceeds from Death Benefit on Bank Owned Life Insurance | 3 | 0 | 0 | — | — | |
| Proceeds from Surrender of BOLI Policies | 7 | 0 | 0 | — | — | |
| Proceeds from Sales and Payments of Other Real Estate Owned | 2 | 4 | 7 | 5 | 13 | |
| Net Cash Used In Investing Activities | −156 | −68 | −307 | −382 | −106 | |
| Net Change in Demand, Money Markets and Savings Accounts | 30 | 94 | −236 | 15 | 370 | |
| (Decrease) Increase in Certificates of Deposits | −28 | 338 | 325 | −83 | −277 | |
| Proceeds from Federal Home Loan Bank Borrowings | 610 | 1,870 | 3,442 | 301 | — | |
| Repayments on Federal Home Loan Bank Borrowings | −502 | −2,193 | −3,229 | −127 | −28 | |
| Repayments from Federal Funds Purchased, net | 0 | 0 | −18 | 18 | 0 | |
| Repurchase of Common Stock | −20 | 0 | −16 | −43 | −157,000 | |
| Net Cash Provided By Financing Activities | 90 | 108 | 268 | 80 | 65 | |
| Net (Decrease) Increase in Cash and Cash Equivalents | −26 | 77 | 8 | −231 | 36 | |
| Cash Interest Paid | 103 | 106 | 69 | 19 | 23 | |
| Cash Paid for Income Taxes, net of Refunds | 4 | 303,000 | 6 | 6 | 3 | |
| Transfer from Loans to Other Real Estate Owned | 0 | 1 | 110,000 | 74,000 | 59,000 | |
| Loans Financed to Purchase Other Real Estate Owned | 525,000 | 0 | 0 | — | — | |
| Transfer from Fixed Assets to Other Real Estate Owned | 2 | 348,000 | 2 | 3 | 12 | |
| Right-of-use Asset Recorded in Exchange for Lease Liabilities | 1 | 0 | — | 3 | 2 | |
| Right-of-use Asset Recorded in Exchange for Lease Liabilities | 0 | 3 | 1 | 3 | 2 | |
| Stock Repurchase Excise Tax Settled in Subsequent Period | −181,000 | 0 | −153,000 | 0 | — |
Filings
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Frequently asked questions
What is Carter Bankshares, Inc.'s CIK number?
Carter Bankshares, Inc.'s SEC CIK number is 0001829576 (1829576). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.
Where can I find Carter Bankshares, Inc.'s SEC filings?
All of Carter Bankshares, Inc.'s EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.
When did Carter Bankshares, Inc. last report earnings?
Carter Bankshares, Inc. (CARE) most recently filed an earnings 8-K with the SEC on Apr 23, 2026, furnishing its results under Item 2.02 (Results of Operations and Financial Condition). The earnings press release is attached to that filing (accession 0001829576-26-000036). This is Carter Bankshares, Inc.'s most recent earnings filing of record — not a forecast of its next earnings date.
What is Carter Bankshares, Inc.'s most recent earnings 8-K?
Carter Bankshares, Inc.'s latest earnings 8-K (Item 2.02) was filed Apr 23, 2026 under accession 0001829576-26-000036. It carries the quarterly or annual earnings press release — the earliest official, SEC-filed version of the results.
View Carter Bankshares, Inc.'s latest earnings 8-K →
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