Carter Bankshares, Inc.

Listed Company

CARECIK 0001829576NasdaqAcceleratedNational Commercial BanksVirginiaFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$31.36M

Total Assets

$4.85B

Equity

$419.70M

Shares Out

22.16M

Op. Cash Flow

$39.86M

Business

Carter Bankshares, Inc. is a bank holding company that conducts its operations through its wholly owned subsidiary, Carter Bank & Trust, providing commercial and retail banking services. The Bank offers deposit products, consumer and commercial loans, mortgage origination and servicing, home equity products, digital and mobile banking, debit and payment services, treasury and cash management, title insurance and select insurance and investment products. The Company operates through the Bank and a small investment subsidiary, organized into retail and commercial banking, mortgage and treasury services. Distribution occurs through branch locations in Virginia and North Carolina, a network of ATMs and comprehensive online and mobile channels.

Summary from filing dated 2025-03-07

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	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	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	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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