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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q


☒						QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2025


☐						TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number: 001-39731

CARTER BANKSHARES, INC.

(Exact name of registrant as specified in its charter)

Virginia

85-3365661

(State or other jurisdiction of
incorporation or organization)

(I.R.S. Employer
Identification No.)

1300 Kings Mountain Road,

Martinsville,

Virginia

24112

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: (276) 656-1776


NA
(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $1 par value	CARE	Nasdaq Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer

Emerging growth company

Non-accelerated filer

Smaller reporting company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of October 29, 2025 there were 22,087,044 shares of the registrant’s common stock issued and outstanding.

Table of Contents

TABLE OF CONTENTS


Part I - Financial Information

Item 1.	Financial Statements	3
	Consolidated Balance Sheets - Se ptember 30, 2025 (unaudited) and December 31, 2024 (audited)	3
	Consolidated Statements of Income - Three and Nine Months Ended September 30, 2025 and 2024 (unaudited)	4
	Consolidated Statements of Comprehensive Income - Three and Nine Months Ended September 30, 2025 and 2024 (unaudited)	5
	Consolidated Statements of Changes in Shareholders’ Equity - Three and Nine Months Ended September 30, 2025 and 2024 (unaudited)	6
	Consolidated Statements of Cash Flows - Nine Months Ended September 30, 2025 and 2024 (unaudited)	7
	Notes to Unaudited Consolidated Financial Statements	9
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	41
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	69
Item 4.	Controls and Procedures	71

P art II - Other Information

Item 1.	Legal Proceedings	71
Item 1A.	Risk Factors	71
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	72
Item 3.	Defaults Upon Senior Securities	72
Item 4.	Mine Safety Disclosures	72
Item 5.	Other Information	73
Item 6.	Exhibits	73
	Signatures	74

Table of Contents

CARTER BANKSHARES, INC. AND SUBSIDIARIES

PART 1 - FINANCIAL INFORMATION

Item 1. FINANCIAL STATEMENTS

CONSOLIDATED BALANCE SHEETS


(Dollars in Thousands Except per Share Data)	September 30, 2025		December 31, 2024
	(unaudited)		(audited)
ASSETS
Cash and Due From Banks, including Interest-Bearing Deposits of $64,391 at September 30, 2025 and $91,563 at December 31, 2024	$	106,948	$	131,171




Securities Available-for-Sale, at Fair Value (amortized cost of $786,629 and $800,741, respectively)	727,903		718,400
Equity Securities	10,269		10,041
Loans Held-for-Sale	478		—

Portfolio Loans	3,835,653		3,624,826
Allowance for Credit Losses	(73,762)		(75,600)
Portfolio Loans, net	3,761,891		3,549,226

Bank Premises and Equipment, net	71,653		74,329
Goodwill	1,193		—
Core Deposit Intangible	1,007		—
Other Real Estate Owned, net	330		659
Federal Home Loan Bank Stock, at Cost	11,598		6,487
Bank Owned Life Insurance	51,649		59,588
Other Assets	95,200		109,288
Total Assets	$	4,840,119	$	4,659,189

LIABILITIES
Deposits:
Noninterest-Bearing Demand	$	606,203	$	634,436
Interest-Bearing Demand	809,527		726,947
Money Market	552,564		512,162
Savings	335,502		355,506
Certificates of Deposit	1,906,551		1,924,370

Total Deposits	4,210,347		4,153,421
Federal Home Loan Bank Borrowings	175,500		70,000

Reserve for Unfunded Loan Commitments	3,072		3,186
Other Liabilities	38,362		48,269
Total Liabilities	4,427,281		4,274,876

Commitment and Contingencies - see NOTE 10.

SHAREHOLDERS’ EQUITY
Common Stock, Par Value $1.00 Per Share, Authorized 100,000,000 Shares;
Outstanding - 22,406,406 shares at September 30, 2025, and 23,069,175 shares at December 31, 2024	22,406		23,069
Additional Paid-in Capital	79,997		92,159
Retained Earnings	356,488		333,606
Accumulated Other Comprehensive Loss	(46,053)		(64,521)
Total Shareholders’ Equity	412,838		384,313
Total Liabilities and Shareholders’ Equity	$	4,840,119	$	4,659,189

See accompanying notes to unaudited Consolidated Financial Statements.

Table of Contents

CARTER BANKSHARES, INC. AND SUBSIDIARIES

ITEM 1. FINANCIAL STATEMENTS - (continued)

CONSOLIDATED STATEMENTS OF INCOME (unaudited)


	Three Months Ended September 30,				Nine Months Ended September 30,
(Dollars in Thousands Except per Share Data)	2025		2024		2025		2024
INTEREST INCOME
Loans, including fees
Taxable	$	51,018	$	47,813	$	148,365	$	138,025
Non-Taxable	550		643		1,730		2,027
Investment Securities
Taxable	6,672		7,266		20,123		22,730
Non-Taxable	66		67		199		202
Federal Reserve Bank Excess Reserves	659		560		1,939		1,277
Interest on Bank Deposits	61		36		172		74
Dividend Income	144		210		396		892
Total Interest Income	59,170		56,595		172,924		165,227
Interest Expense
Interest Expense on Deposits	24,025		25,518		73,107		68,958

Interest on Other Borrowings	1,426		2,279		3,601		10,960
Total Interest Expense	25,451		27,797		76,708		79,918
NET INTEREST INCOME	33,719		28,798		96,216		85,309
Provision (Recovery) for Credit Losses	2,896		(432)		(1,459)		75
Provision (Recovery) for Unfunded Commitments	335		191		(114)		(88)
Net Interest Income After Provision (Recovery) for Credit Losses	30,488		29,039		97,789		85,322
NONINTEREST INCOME
Gains on Sales of Securities, net	—		—		—		36
Service Charges, Commissions and Fees	1,860		1,820		5,499		5,547
Debit Card Interchange Fees	1,942		1,907		5,988		5,926
Insurance Commissions	1,004		1,063		2,062		2,611
Bank Owned Life Insurance Income	357		375		1,055		1,088



Other	207		257		2,575		792
Total Noninterest Income	5,370		5,422		17,179		16,000
NONINTEREST EXPENSE
Salaries and Employee Benefits	14,023		14,603		41,762		43,019
Occupancy Expense, net	4,582		3,944		13,284		11,485
FDIC Insurance Expense	1,450		1,529		4,316		4,782
Other Taxes	867		878		2,736		2,680
Advertising Expense	669		585		2,288		1,470
Telephone Expense	312		324		923		1,083
Professional and Legal Fees	1,852		1,193		5,003		4,248
Data Processing	1,367		1,337		4,206		3,462


Debit Card Expense	959		889		2,942		2,453




Other	2,623		2,151		8,590		6,454
Total Noninterest Expense	28,704		27,433		86,050		81,136
Income Before Income Taxes	7,154		7,028		28,918		20,186
Income Tax Provision	1,735		1,399		6,036		3,943
Net Income	$	5,419	$	5,629	$	22,882	$	16,243

Earnings per Common Share:
Basic Earnings per Common Share	$	0.24	$	0.24	$	1.00	$	0.70
Diluted Earnings per Common Share	$	0.24	$	0.24	$	1.00	$	0.70
Average Shares Outstanding-Basic & Diluted	22,294,228		22,832,619		22,655,931		22,810,114

See accompanying notes to unaudited Consolidated Financial Statements.

Table of Contents

CARTER BANKSHARES, INC. AND SUBSIDIARIES

ITEM 1. FINANCIAL STATEMENTS - (continued)

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited)


	Three Months Ended September 30,				Nine Months Ended September 30,
(Dollars in Thousands)	2025		2024		2025		2024
Net Income	$	5,419	$	5,629	$	22,882	$	16,243
Other Comprehensive Income:
Net Unrealized Gains on Securities Available-for-Sale:
Net Unrealized Gains Arising during the Period	7,968		20,910		23,615		23,279
Reclassification Adjustment for Gains included in Net Income	—		—		—		(36)
Tax Effect	(1,771)		(4,582)		(5,147)		(5,109)
Net Unrealized Gains Recognized in Other Comprehensive Income	6,197		16,328		18,468		18,134
Other Comprehensive Income:	6,197		16,328		18,468		18,134
Comprehensive Income	$	11,616	$	21,957	$	41,350	$	34,377

See accompanying notes to unaudited Consolidated Financial Statements.

Table of Contents

CARTER BANKSHARES, INC. AND SUBSIDIARIES

ITEM 1. FINANCIAL STATEMENTS - (continued)

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (unaudited)


	Three Months Ended September 30, 2025
(Dollars in Thousands)	Common Stock		Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Loss		Total Shareholders’ Equity


Balance at June 30, 2025	$	22,670	$	84,146	$	351,069	$	(52,250)	$	405,635
Net Income	—		—		5,419		—		5,419
Other Comprehensive Income, Net of Tax	—		—		—		6,197		6,197
1% Excise Tax on Stock Buybacks	—		(47)		—		—		(47)
Repurchase of Common Stock (262,269 shares)	(263)		(4,641)		—		—		(4,904)
Forfeiture of Restricted Stock (1,159 shares)	(1)		—		—		—		(1)

Recognition of Restricted Stock Compensation Expense	—		539		—		—		539
Balance at September 30, 2025	$	22,406	$	79,997	$	356,488	$	(46,053)	$	412,838


	Three Months Ended September 30, 2024
(Dollars in Thousands)	Common Stock		Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Loss		Total Shareholders’ Equity


Balance at June 30, 2024	$	23,073	$	91,274	$	319,697	$	(69,633)	$	364,411
Net Income	—		—		5,629		—		5,629
Other Comprehensive Income, Net of Tax	—		—		—		16,328		16,328


Forfeitures of Restricted Stock (736 shares)	(1)		—		—		—		(1)

Recognition of Restricted Stock Compensation Expense	—		458		—		—		458
Balance at September 30, 2024	$	23,072	$	91,732	$	325,326	$	(53,305)	$	386,825


	Nine Months Ended September 30, 2025
(Dollars in Thousands)	Common Stock		Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Loss		Total Shareholders’ Equity


Balance at December 31, 2024	$	23,069	$	92,159	$	333,606	$	(64,521)	$	384,313
Net Income	—		—		22,882		—		22,882
Other Comprehensive Income, Net of Tax	—		—		—		18,468		18,468

1% Excise Tax on Stock Buybacks	—		(122)		—		—		(122)
Repurchase of Common Stock (809,601 shares)	(810)		(13,232)		—		—		(14,042)
Forfeiture of Restricted Stock (15,360 shares)	(15)		(195)		—		—		(210)
Issuance of Restricted Stock (162,192 shares)	162		(162)		—		—		—
Recognition of Restricted Stock Compensation Expense	—		1,549		—		—		1,549
Balance at September 30, 2025	$	22,406	$	79,997	$	356,488	$	(46,053)	$	412,838


	Nine Months Ended September 30, 2024
(Dollars in Thousands)	Common Stock		Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Loss		Total Shareholders’ Equity


Balance at December 31, 2023	$	22,957	$	90,642	$	309,083	$	(71,439)	$	351,243
Net Income	—		—		16,243		—		16,243
Other Comprehensive Income, Net of Tax	—		—		—		18,134		18,134


Forfeitures of Restricted Stock (12,405 shares)	(13)		(106)		—		—		(119)
Issuance of Restricted Stock (128,115 shares)	128		(128)		—		—		—
Recognition of Restricted Stock Compensation Expense	—		1,324		—		—		1,324
Balance at September 30, 2024	$	23,072	$	91,732	$	325,326	$	(53,305)	$	386,825

See accompanying notes to unaudited Consolidated Financial Statements.

Table of Contents

CARTER BANKSHARES, INC. AND SUBSIDIARIES

ITEM 1. FINANCIAL STATEMENTS - (continued)

CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)


	Nine Months Ended September 30,
(Dollars in Thousands)	2025		2024
OPERATING ACTIVITIES
Net Income	$	22,882	$	16,243
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities
Recovery for Credit Losses, including Recovery for Unfunded Commitments	(1,573)		(13)

Origination of Loans Held-for-Sale	(11,021)		(6,233)
Proceeds From Loans Held-for-Sale	10,662		5,932
Depreciation/Amortization of Bank Premises and Equipment	5,815		5,216
Provision for Deferred Taxes	976		1,377
Net Amortization of Securities	2,491		2,735
Tax Credit Amortization	487		354
Gains on Sales of Loans Held-for-Sale	(119)		(89)
Gains on Sales of Securities, net	—		(36)
Unrealized Gain on Equity Securities	(228)		(207)



Commercial Loan Swap Derivative Loss	107		112

Increase in the Value of Life Insurance Contracts	(1,055)		(1,088)
Gain on Bank Owned Life Insurance Death Benefit	(1,882)		—
1035 Exchange Fee on Bank Owned Life Insurance	527		—
Balance Sheet Hedge Fair Value Adjustment	140		(103)
Recognition of Restricted Stock Compensation Expense	1,549		1,324
Decrease in Other Assets	2,561		1,754
Decrease in Other Liabilities	(4,529)		(1,791)
Net Cash Provided By Operating Activities	27,790		25,487
INVESTING ACTIVITIES
Securities Available-for-Sale:
Proceeds from Sales	—		10,617
Proceeds from Maturities, Redemptions, and Paydowns	70,245		54,910
Purchases	(58,624)		(8,615)
Purchase of Equity Securities	—		(5,000)
Purchase of Bank Premises and Equipment, Net	(4,979)		(4,996)

Net Cash Acquired from Branch Purchase	53,573		—

(Purchase) Redemption of Federal Home Loan Bank Stock, net	(5,111)		14,189
Loan Originations, net	(211,303)		(98,866)
Proceeds from Death Benefit on Bank Owned Life Insurance	3,077		—
Proceeds from Surrender of BOLI Policies	7,273		—


Proceeds from Sales and Payments of Other Real Estate Owned	1,379		2,984
Net Cash Used In Investing Activities	(144,470)		(34,777)
FINANCING ACTIVITIES
Net Change in Demand, Money Markets and Savings Accounts	24,817		19,729
(Decrease) Increase in Certificates of Deposits	(23,818)		343,424
Proceeds from Federal Home Loan Bank Borrowings	462,000		1,870,000
Repayments on Federal Home Loan Bank Borrowings	(356,500)		(2,173,400)

Repurchase of Common Stock	(14,042)		—

Net Cash Provided By Financing Activities	92,457		59,753
Net (Decrease) Increase in Cash and Cash Equivalents	(24,223)		50,463
Cash and Cash Equivalents at Beginning of Period	131,171		54,529
Cash and Cash Equivalents at End of Period	$	106,948	$	104,992

See accompanying notes to unaudited Consolidated Financial Statements.

Table of Contents

CARTER BANKSHARES, INC. AND SUBSIDIARIES

ITEM 1. FINANCIAL STATEMENTS - (continued)

CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - (continued)


	Nine Months Ended September 30,
(Dollars in Thousands)	2025		2024
SUPPLEMENTARY DATA
Cash Interest Paid	$	77,861	$	79,122
Cash Paid for Income Taxes	3,140		457
Transfer from Loans to Other Real Estate Owned	—		1,181
Loans Financed to Purchase Other Real Estate Owned	525		—

Transfer from Fixed Assets to Other Real Estate Owned	1,829		—
Right-of-use Asset Recorded in Exchange for Lease Liabilities	1,041		2,511
Stock Repurchase Excise Tax Settled in Subsequent Period	(122)		—
Stock Repurchases Settled in Subsequent Period	(371)		—

See accompanying notes to unaudited Consolidated Financial Statements.

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CARTER BANKSHARES, INC. AND SUBSIDIARIES

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

NOTE 1 – BASIS OF PRESENTATION

Principles of Consolidation: The interim Consolidated Financial Statements include the accounts of Carter Bankshares, Inc. (the “Company”) and its wholly owned subsidiary, Carter Bank & Trust (the “Bank”). CB&T Investment Company (the “Investment Company”) is a subsidiary of the Bank. All significant intercompany transactions have been eliminated in consolidation.

Basis of Presentation: The accompanying unaudited Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles (“GAAP”) in the United States for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with the audited Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the Securities and Exchange Commission (“SEC”), on March 7, 2025. In management’s opinion, the accompanying interim financial information reflects all adjustments, consisting of normal recurring adjustments, necessary to present fairly our financial position and the results of operations for each of the interim periods presented. Results of operations for interim periods are not necessarily indicative to the results of operations that may be expected for a full year or any future period.

Reclassification: Amounts in prior periods financial statements and footnotes are reclassified whenever necessary to conform to the current period presentation. Reclassifications had no material effect on prior periods net income or shareholders’ equity.

Use of Estimates: To prepare financial statements in conformity with GAAP, management makes estimates and assumptions based on available information. These estimates and assumptions affect the amounts reported in the Consolidated Financial Statements and the disclosures provided, and actual results could differ from those estimates. Information available which could affect these judgments include, but are not limited to, changes in interest rates, changes in the performance of the economy, and changes in the financial condition of borrowers.

Accounting Standard Adopted in 2025

On March 29, 2024 the Financial Accounting Standards Board, (“FASB”) issued Accounting Standards Update, (“ASU”) 2024-02, Codification Improvements— Amendments to Remove References to the Concepts Statements, which amends the Codification to remove references to various concepts statements and impacts a variety of topics in the Codification. The amendments apply to all reporting entities within the scope of the affected accounting guidance, but in most instances the references removed are extraneous and not required to understand or apply the guidance. Generally, the amendments in ASU 2024-02 are not intended to result in significant accounting changes for most entities. The adoption of this ASU 2024-02 was effective January 1, 2025 and did not have a material impact to the Company’s Consolidated Financial Statements.

Accounting Standards Issued but Not Yet Adopted

ASU 2023-09 – Income Taxes — (Topic 740) Improvements to Income Tax Disclosures

On December 14, 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which enhances the required disclosures primarily related to the income tax rate reconciliation and income taxes paid. The ASU requires an entity’s income tax rate reconciliation to provide additional information for reconciling items meeting a quantitative threshold, and to disclose certain selected categories within the income tax rate reconciliation. The ASU also requires entities to disclose the amount of income taxes paid, disaggregated by federal, state and foreign taxes. The ASU is effective in the annual period beginning on January 1, 2025, though early adoption is permitted. The Company is currently evaluating the impact of this guidance on its Consolidated Financial Statements.

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CARTER BANKSHARES, INC. AND SUBSIDIARIES

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS - (continued)

ASU 2024-04 – Debt — Debt with Conversion and Other Options (Subtopic 470-20) Induced Conversions of Convertible Debt Instruments

Accounting Standards Update 2024-04 “Debt - Debt with Conversion and Other Options (Subtopic 470-20)” (“ASU 2024-04”) clarifies wither the settlement of convertible debt, including debt containing cash conversion features at terms that are different from the terms included in the existing debt instrument, should be accounted for as an induced conversion or a debt extinguishment. Updates permit an entity to apply the new guidance on either a prospective or a retrospective basis. ASU 2024-04 is effective for public business entities January 1, 2026 and is not expected to have a significant impact on the Company’s financial statements.

ASU 2025-01 & 2024-03 – Income Statement — Reporting Comprehensive Income –Expense Disaggregation Disclosures (Subtopic 220-40)

In November 2024, the FASB issued ASU 2024-03, “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures” (“ASU 2024-03”). The amendments in ASU 2024-03 improve financial reporting by requiring that public business entities disclose additional information about specific expense categories in the notes to the financial statements at interim and annual reporting periods. This information is generally not presented in the financial statements today. In January 2025, the FASB issued ASU 2025-01, “Income Statement — Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40).” The amendment in this Update amends the effective date of ASU 2024-03 to clarify that all public business entities are required to adopt the guidance in annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. The adoption of this pronouncement is not expected to have a material impact on the Consolidated Financial Statements, but is expected to result in additional disclosures and potential changes to the line items on the Consolidated Statement of Income.

Acquisitions

On May 23, 2025, Carter Bankshares, Inc. the holding company for Carter Bank (“the Bank”) completed the acquisition of two leased branch facilities and the deposits associated therewith, located in Mooresville, North Carolina and Winston-Salem, North Carolina from First Reliance Bankshares, Inc., the holding company for First Reliance Bank (the “Branch Purchase”). The Branch Purchase included approximately $57 thousand in premises and equipment, $517 thousand in cash and other assets, as well as approximately $55.9 million in deposits. The Branch Purchase did not include any loans. This expansion is part of our strategy to expand our footprint in growth markets throughout North Carolina.

The following table summarizes the estimated fair value of the assets acquired, liabilities assumed and consideration transferred in connection with the acquisition:


(Dollars in Thousands)	September 30, 2025

Total Cash Received From Seller	$	53,077
Fair Value of Total Cash Received From Seller	$	53,077

Recognized Amounts of Identifiable Assets Acquired and Liabilities Assumed:
Cash and Cash Equivalents	$	496
Premises and Equipment	57
Core Deposit Intangible	1,101
Accrued Interest Receivable and Other Assets	21
Total Assets Acquired	1,675
Deposits	55,945
Total Liabilities Assumed	55,945

Net Identifiable Assets / (Liabilities)	(54,270)

Goodwill Recognized	1,193
	$	(53,077)

Table of Contents

CARTER BANKSHARES, INC. AND SUBSIDIARIES

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS - (continued)

Acquired Deposits

The fair values of core deposits, such as noninterest and interest-bearing transaction accounts, savings and money market accounts approximated their carrying value at the acquisition date. For certificates of deposit, the fair values were estimated based on discounted cash flows, using interest rates that were being offered at the time of acquisition compared to the contractual interest rates.

Core Deposit Intangible

The Company believes that the customer relationships with the deposits acquired have an intangible value. In connection with the acquisition, the Company recorded a core deposit intangible asset of $1.1 million, with a carrying value of $1.0 million as of September 30, 2025. The core deposit intangible asset represents the value that the Bank’s core deposits had with their deposit customers. The fair value was estimated based on a discounted cash flow methodology based on assumptions that considered the type of deposit, deposit retention and the cost of the deposit base. The core deposit intangible is being amortized over ten years on an accelerated basis.

Goodwill

Goodwill is the excess of the consideration transferred over the fair value of the identifiable net assets acquired and liabilities assumed and is the result of the expected operation synergies and other factors. Goodwill of $1.2 million has been recorded. The Bank will monitor valuation inputs for up to one year after the acquisition date according to GAAP. Adjustments will be made to provisional amounts if new information becomes available about facts and circumstances that existed as of the acquisition date.

Merger Related Costs

During the nine months ended September 30, 2025, the Company incurred $419 thousand of merger-related costs in connection with the Branch Purchase, primarily for professional fees. These expenses are recorded in professional and legal fees on the Consolidated Statements of Income.

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CARTER BANKSHARES, INC. AND SUBSIDIARIES

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS - (continued)

NOTE 2 – EARNINGS PER COMMON SHARE

Basic earnings per common share is calculated by dividing net income allocated to common shareholders by the weighted average number of shares of common stock outstanding, less average participating shares during the period. Diluted earnings per common share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the entity.

The following table reconciles the numerators and denominators of basic and diluted earnings per common share calculations for the periods presented:


	Three Months Ended September 30,				Nine Months Ended September 30,
(Dollars in Thousands, except share and per share data)	2025		2024		2025		2024
Numerator for Earnings per Common Share – Basic and Diluted
Net Income	$	5,419	$	5,629	$	22,882	$	16,243
Less: Income allocated to participating shares	68		58		261		165
Net Income Allocated to Common Shareholders - Basic & Diluted	$	5,351	$	5,571	$	22,621	$	16,078

Denominator:
Weighted Average Shares Outstanding, including Shares Considered Participating Securities	22,574,579		23,072,376		22,916,907		23,043,705
Less: Average Participating Securities	280,351		239,757		260,976		233,591
Weighted Average Common Shares Outstanding - Basic & Diluted	22,294,228		22,832,619		22,655,931		22,810,114

Earnings per Common Share – Basic	$	0.24	$	0.24	$	1.00	$	0.70
Earnings per Common Share – Diluted	$	0.24	$	0.24	$	1.00	$	0.70

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CARTER BANKSHARES, INC. AND SUBSIDIARIES

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS - (continued)

NOTE 3 - INVESTMENT SECURITIES

The following tables present the amortized cost and fair value of available-for-sale securities at the dates presented:


	September 30, 2025
(Dollars in Thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
U.S. Government Agency Securities	$	21,600	$	15	$	(515)	$	21,100
Residential Mortgage-Backed Securities	103,888		65		(7,777)		96,176
Commercial Mortgage-Backed Securities	23,777		83		(467)		23,393
Other Commercial Mortgage-Backed Securities	27,453		93		(1,272)		26,274
Asset Backed Securities	104,215		7		(6,410)		97,812
Collateralized Mortgage Obligations	174,560		121		(7,883)		166,798
States and Political Subdivisions	262,386		—		(29,640)		232,746
Corporate Notes	68,750		—		(5,146)		63,604
Total	$	786,629	$	384	$	(59,110)	$	727,903


	December 31, 2024
(Dollars in Thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value

U.S. Government Agency Securities	$	27,634	$	36	$	(720)	$	26,950
Residential Mortgage-Backed Securities	106,593		3		(10,443)		96,153
Commercial Mortgage-Backed Securities	22,233		30		(676)		21,587
Other Commercial Mortgage-Backed Securities	24,064		—		(2,094)		21,970
Asset Backed Securities	127,978		14		(9,471)		118,521
Collateralized Mortgage Obligations	158,610		8		(10,030)		148,588
States and Political Subdivisions	262,879		—		(41,698)		221,181
Corporate Notes	70,750		—		(7,300)		63,450
Total	$	800,741	$	91	$	(82,432)	$	718,400

The Company did not have securities classified as held-to-maturity at September 30, 2025 or December 31, 2024.

The following table shows the composition of gross and net realized gains and losses for the periods presented:


	Three Months Ended September 30,				Nine Months Ended September 30,
(Dollars in Thousands)	2025		2024		2025		2024

Proceeds from Sales of Securities Available-for-Sale	$	—	$	—	$	—	$	10,617

Gross Realized Gains	$	—	$	—	$	—	$	36
Gross Realized Losses	—		—		—		—
Net Realized Gains	$	—	$	—	$	—	$	36
Tax Impact	$	—	$	—	$	—	$	8

For the three and nine months ended September 30, 2025, the Company had no gross or net realized gains and losses. Gains or losses are recognized in earnings on the trade date using the amortized cost of the specific security sold. The net realized gains reflect reclassification adjustments in the calculation of Other Comprehensive Income. The net realized gains are included in noninterest income as gains on sales of securities, net in the Consolidated Statements of Income. The tax impact is included in income tax provision in the Consolidated Statements of Income.

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CARTER BANKSHARES, INC. AND SUBSIDIARIES

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS - (continued)

The amortized cost and fair value of available-for-sale debt securities are shown below by contractual maturity at the date presented. Expected maturities may differ from contractual maturities if borrowers have the right to call or prepay obligations with or without call or prepayment penalties. Securities not due at a single maturity date are shown separately.


	September 30, 2025
(Dollars in Thousands)	Amortized Cost		Fair Value
Due in One Year or Less	$	753	$	742
Due after One Year through Five Years	59,684		56,722
Due after Five Years through Ten Years	269,509		240,655
Due after Ten Years	22,790		19,331
Residential Mortgage-Backed Securities	103,888		96,176
Commercial Mortgage-Backed Securities	23,777		23,393
Other Commercial Mortgage-Backed Securities	27,453		26,274
Collateralized Mortgage Obligations	174,560		166,798
Asset Backed Securities	104,215		97,812
Total	$	786,629	$	727,903

At September 30, 2025 and December 31, 2024, there were no holdings of securities of any one issuer, other than those securities issued by or collateralized by the U.S. Government and its Agencies, in an amount greater than 10% of shareholders’ equity. The carrying value of securities pledged for various regulatory and legal requirements was $311.8 million at September 30, 2025 and $300.1 million at December 31, 2024.

Available-for-sale securities with unrealized losses at September 30, 2025 and December 31, 2024, aggregated by investment category and length of time the individual securities have been in a continuous unrealized loss position, were as follows:


	September 30, 2025
	Less Than 12 Months					12 Months or More					Total
(Dollars in Thousands)	Number of Securities	Fair Value		Unrealized Losses		Number of Securities	Fair Value		Unrealized Losses		Number of Securities	Fair Value		Unrealized Losses
U.S. Government Agency Securities	11	$	5,102	$	(19)	22	$	14,237	$	(496)	33	$	19,339	$	(515)
Residential Mortgage-Backed Securities	—	—		—		31	69,917		(7,777)		31	69,917		(7,777)
Commercial Mortgage-Backed Securities	15	3,557		(16)		36	10,864		(451)		51	14,421		(467)
Other Commercial Mortgage-Backed Securities	—	—		—		8	19,126		(1,272)		8	19,126		(1,272)
Asset Backed Securities	2	6,082		(4)		27	77,723		(6,406)		29	83,805		(6,410)
Collateralized Mortgage Obligations	15	19,673		(37)		64	118,260		(7,846)		79	137,933		(7,883)
States and Political Subdivisions	4	4,829		(476)		151	227,917		(29,164)		155	232,746		(29,640)
Corporate Notes	—	—		—		19	58,604		(5,146)		19	58,604		(5,146)
Total Debt Securities	47	$	39,243	$	(552)	358	$	596,648	$	(58,558)	405	$	635,891	$	(59,110)

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	December 31, 2024
	Less Than 12 Months					12 Months or More					Total
(Dollars in Thousands)	Number of Securities	Fair Value		Unrealized Losses		Number of Securities	Fair Value		Unrealized Losses		Number of Securities	Fair Value		Unrealized Losses

U.S. Government Agency Securities	12	$	6,574	$	(60)	18	$	14,558	$	(660)	30	$	21,132	$	(720)
Residential Mortgage-Backed Securities	1	7		—		40	95,326		(10,443)		41	95,333		(10,443)
Commercial Mortgage-Backed Securities	10	2,743		(8)		42	13,780		(668)		52	16,523		(676)
Other Commercial Mortgage-Backed Securities	—	—		—		8	21,970		(2,094)		8	21,970		(2,094)
Asset Backed Securities	1	1,176		(5)		27	76,333		(9,466)		28	77,509		(9,471)
Collateralized Mortgage Obligations	2	2,339		(2)		74	132,902		(10,028)		76	135,241		(10,030)
States and Political Subdivisions	—	—		—		153	221,181		(41,698)		153	221,181		(41,698)
Corporate Notes	—	—		—		21	63,450		(7,300)		21	63,450		(7,300)
Total Debt Securities	26	$	12,839	$	(75)	383	$	639,500	$	(82,357)	409	$	652,339	$	(82,432)

The Company did not record an allowance for credit losses, (“ACL”), on its investment securities during the three or nine months ended September 30, 2025 or the year ended December 31, 2024 as the Company did not have any related impairment. The Company regularly reviews debt securities for expected credit loss using both qualitative and quantitative criteria, as necessary, based on the composition of the portfolio at period end.

As of September 30, 2025, management does not intend to sell any security in an unrealized loss position and it is not more than likely that it will be required to sell any such security before the recovery of its amortized cost basis. The unrealized losses on debt securities are primarily the result of interest rate changes, credit spread fluctuations, general financial market uncertainty and market volatility. These conditions should not prohibit the Company from receiving its contractual principal and interest payments on its debt securities. The fair value is expected to recover as the securities approach their maturity date or repricing date. It should be noted that we may occasionally sell securities to take advantage of market opportunities or as part of a strategic initiative.

The Company determined the unrealized losses detailed in the table above are not related to credit; therefore, no ACL has been recognized on the Company’s investment securities. Should the impairment of any of these securities become credit related, the impairment will be recognized by establishing an ACL through provision (recovery) for credit losses in the period the credit related impairment is identified, while any non-credit loss will be recognized in accumulated other comprehensive loss, net of applicable taxes. During the three and nine months ended September 30, 2025 and September 30, 2024, the Company had no credit related net investment impairment losses.

Equity Securities

During 2024, the Company purchased $10.0 million of equity securities. These securities are separately reported as “equity securities” on the Company’s Consolidated Balance Sheets. The equity securities consist of our investment in a market-rate, NASDAQ listed mutual fund that invests in high quality fixed income bonds, mainly government agency securities whose proceeds are designed to positively impact community development throughout the United States. The mutual fund mainly focuses on providing affordable housing to low-income and moderate-income borrowers and renters, including those in Majority Minority Census Tracts. The fund invests nationally, but individual bonds are designated to our bank that align with our current footprint. The Company’s investment in the mutual fund is eligible for investment credit under the Community Reinvestment Act.

During the three and nine months ended September 30, 2025, the Company recognized an unrealized fair value gain of $69 thousand and $228 thousand on these equity securities. During the three and nine months ended September 30, 2024 the Company purchased $5.0 million of equity securities with a carrying value totaling $5.2 million and recognized an unrealized

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fair value gain of $181.5 thousand and $207.1 thousand, respectively, on these equity securities. This unrealized fair value gain is recorded in other noninterest income on the Consolidated Statements of Income.

NOTE 4 – LOANS AND LOANS HELD-FOR-SALE

The composition of the loan portfolio by dollar amount is shown in the table below at the dates presented:


(Dollars in Thousands)	September 30, 2025		December 31, 2024
Commercial
Commercial Real Estate	$	2,063,181	$	1,869,831
Commercial and Industrial	218,038		230,483
Total Commercial Loans	2,281,219		2,100,314
Consumer
Residential Mortgages	826,944		777,471
Other Consumer	29,077		28,908
Total Consumer Loans	856,021		806,379
Construction	466,701		462,930
Other	231,712		255,203
Total Portfolio Loans	3,835,653		3,624,826
Loans Held-for-Sale	478		—

Total Loans	$	3,836,131	$	3,624,826

Loan Restructurings

The following table shows the amortized cost basis as of September 30, 2025 and September 30, 2024 for the loans restructured during the three and nine months ended September 30, 2025 and September 30, 2024 to borrowers experiencing financial difficulty, disaggregated by portfolio segment. The Company had no restructured loans to borrowers experiencing financial difficulty during the three months ended September 30, 2025:


	Restructured Loans
	Three Months Ended September 30, 2025					Nine Months Ended September 30, 2025
(Dollars in Thousands)	Number of Contracts	Amortized Cost Basis		% of Total Class of Financing Receivable		Number of Contracts	Amortized Cost Basis		% of Total Class of Financing Receivable
Accruing Restructured Loans
Commercial Real Estate	—	$	—	—	%	—	$	—	—	%
Commercial and Industrial	—	—		—	%	—	—		—	%
Residential Mortgages	—	—		—	%	—	—		—	%
Other Consumer	—	—		—	%	—	—		—	%
Construction	—	—		—	%	1	5,121		1.10	%
Other	—	—		—	%	—	—		—	%
Total Accruing Restructured Loans	—	$	—	—	%	1	$	5,121	0.13	%

Nonaccrual Restructured Loans
Commercial Real Estate	—	$	—	—	%	—	$	—	—	%
Commercial and Industrial	—	—		—	%	2	966		0.44	%
Residential Mortgages	—	—		—	%	—	—		—	%
Other Consumer	—	—		—	%	—	—		—	%
Construction	—	—		—	%	—	—		—	%
Other	—	—		—	%	9	228,554		98.64	%
Total Nonaccrual Restructured Loans	—	$	—	—	%	11	$	229,520	5.98	%
Total Restructured Loans	—	$	—	—	%	12	$	234,641	6.12	%

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	Restructured Loans
	Three Months Ended September 30, 2024					Nine Months Ended September 30, 2024
(Dollars in Thousands)	Number of Contracts	Amortized Cost Basis		% of Total Class of Financing Receivable		Number of Contracts	Amortized Cost Basis		% of Total Class of Financing Receivable
Accruing Restructured Loans
Commercial Real Estate	—	$	—	—	%	—	$	—	—	%
Commercial and Industrial	2	13,604		5.63	%	2	13,604		5.63	%
Residential Mortgages	—	—		—	%	—	—		—	%
Other Consumer	—	—		—	%	—	—		—	%
Construction	—	—		—	%	—	—		—	%
Other	—	—		—	%	—	—		—	%
Total Accruing Restructured Loans	2	$	13,604	5.63	%	2	$	13,604	5.63	%

Nonaccrual Restructured Loans
Commercial Real Estate	—	$	—	—	%	1	$	434	0.02	%
Commercial and Industrial	—	—		—	%	—	—		—	%
Residential Mortgages	1	2,106		0.27	%	1	2,106		0.27	%
Other Consumer	—	—		—	%	—	—		—	%
Construction	—	—		—	%	—	—		—	%
Other	—	—		—	%	11	280,905		98.86	%
Total Nonaccrual Restructured Loans	1	$	2,106	0.27	%	13	$	283,445	97.98	%
Total Restructured Loans	3	$	15,710	4.91	%	15	$	297,049	93.75	%

The Bank closely monitors the performance of the loans that are modified to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. The following table shows the performance of loans that were modified during the nine months ended September 30, 2025 and 2024:


	As of September 30, 2025								As of September 30, 2024
	Payment Status (Amortized Cost Basis)
(Dollars in Thousands)	Current		30-89 Days Past Due		90+ Days Past Due		Total		Current		30-89 Days Past Due		90+ Days Past Due		Total
Accruing Restructured Loans
Commercial Real Estate	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Commercial and Industrial	—		—		—		—		13,604		—		—		13,604
Residential Mortgages	—		—		—		—		—		—		—		—
Other Consumer	—		—		—		—		—		—		—		—
Construction	5,121		—		—		5,121		—		—		—		—
Other	—		—		—		—		—		—		—		—
Total Accruing Restructured Loans	$	5,121	$	—	$	—	$	5,121	$	13,604	$	—	$	—	$	13,604
							—								—
Nonaccrual Restructured Loans							—								—
Commercial Real Estate	$	—	$	—	$	—	$	—	$	434	$	—	$	—	$	434
Commercial and Industrial	966		—		—		966		—		—		—		—
Residential Mortgages	—		—		—		—		2,106		—		—		2,106
Other Consumer	—		—		—		—		—		—		—		—
Construction	—		—		—		—		—		—		—		—
Other	228,554		—		—		228,554		280,905		—		—		280,905
Total Nonaccrual Restructured Loans	$	229,520	$	—	$	—	$	229,520	$	283,445	$	—	$	—	$	283,445
Total Restructured Loans	$	234,641	$	—	$	—	$	234,641	$	297,049	$	—	$	—	$	297,049

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The following table presents the amortized cost of modified loans to borrowers experiencing financial difficulty by portfolio segment and type of modification during the periods presented. The Company had no restructured loans to borrowers experiencing financial difficulty during the three months ended September 30, 2025.


	Nine Months Ended September 30, 2025
(Dollars in Thousands)	Payment Delay		Short-term Extension / Modified Rate		Total		% of Total Class of Financing Receivable
Commercial Real Estate	$	—	$	—	$	—	—	%
Commercial and Industrial	—		966		966		0.44	%
Residential Mortgages	—		—		—		—	%
Other Consumer	—		—		—		—	%
Construction	5,121		—		5,121		1.10	%
Other	—		228,554		228,554		98.64	%
Total	$	5,121	$	229,520	$	234,641	6.12	%


	Three Months Ended September 30, 2024
(Dollars in Thousands)	Principal Deferral		Accelerated Maturity Date/Modified Rate		Total		% of Total Class of Financing Receivable
Commercial Real Estate	$	—	$	—	$	—	—	%
Commercial and Industrial	13,604		—		13,604		5.63	%
Residential Mortgages	—		2,106		2,106		0.27	%
Other Consumer	—		—		—		—	%
Construction	—		—		—		—	%
Other	—		—		—		—	%
Total	$	13,604	$	2,106	$	15,710	4.91	%


	Nine Months Ended September 30, 2024
(Dollars in Thousands)	Principal Deferral		Accelerated Maturity Date/Modified Rate		Term Extension/Payment Delay		Term Extension/Payment Delay/Interest Rate Reduction		Total		% of Total Class of Financing Receivable
Commercial Real Estate	$	—	$	—	$	434	$	—	$	434	0.02	%
Commercial and Industrial	13,604		—		—		—		13,604		5.63	%
Residential Mortgages	—		2,106		—		—		2,106		0.27	%
Other Consumer	—		—		—		—		—		—	%
Construction	—		—		—		—		—		—	%
Other	—		—		—		280,905		280,905		98.86	%
Total	$	13,604	$	2,106	$	434	$	280,905	$	297,049	93.75	%

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The following table describes the effect of loan modifications made to borrowers experiencing financial difficulty during the periods presented:


	Nine Months Ended September 30, 2025
	Weighted-Average Payment Delay	Weighted-Average Modified Rate		Weighted-Average Short-term Extension	Weighted-Average Interest Rate Reduction

Commercial and Industrial	—	2.29	%	0.59 years	—	%
Residential Mortgages	—	—	%	—	—	%
Other Consumer	—	—	%	—	—	%
Construction	0.32 years	—	%	—	—	%
Other	—	—	%	0.86 years	0.04	%


	Three Months Ended September 30, 2024
	Weighted-Average Principal Deferral	Weighted-Average Accelerated Maturity Date	Weighted-Average Modified Rate
Commercial Real Estate	—	—	—	%
Commercial and Industrial	0.58 years	—	—	%
Residential Mortgages	—	19.26 years	4.63	%
Other Consumer	—	—	—	%
Construction	—	—	—	%
Other	—	—	—	%


	Nine Months Ended September 30, 2024
	Weighted-Average Principal Deferral	Weighted-Average Accelerated Maturity Date	Weighted-Average Modified Rate		Weighted-Average Term Extension/Payment Delay	Weighted-Average Interest Rate Reduction
Commercial Real Estate	—	—	—	%	4.91 years	—	%
Commercial and Industrial	0.58 years	—	—	%	—	—	%
Residential Mortgages	—	19.26 years	4.63	%	—	—	%


Other	—	—	—	%	2.58 years	0.66	%

Commitments to lend additional funds on one restructured loan as of September 30, 2025 totaled $4.1 million. As of December 31, 2024, the Bank had no commitments to lend any additional funds on restructured loans. As of September 30, 2025 and September 30, 2024 the Bank had no loans that defaulted during the period and had been modified preceding the payment default when the borrower was experiencing financial difficulty at the time of modification. For purposes of this disclosure, a default occurs when, within 12 months of the original modification, either a full or partial charge-off occurs or the loan becomes 90 days or more past due.

As of September 30, 2025 and December 31, 2024, the Company had $2.0 million and $0.4 million, respectively, of residential real estate in the process of foreclosure. We had no residential real estate included in other real estate owned (“OREO”) at September 30, 2025 or at December 31, 2024, respectively.

NOTE 5 - ALLOWANCE FOR CREDIT LOSSES

The Company maintains an ACL at a level determined to be adequate to absorb expected credit losses associated with the Company’s financial instruments over the life of those instruments as of the balance sheet date. The Company develops and documents a systematic ACL methodology based on the following portfolio segments: 1) Commercial Real Estate (“CRE”), 2) Commercial and Industrial, (“C&I”), 3) Residential Mortgages, 4) Other Consumer, 5) Construction and 6) Other. The Company’s loan portfolio is segmented by homogeneous loan types that behave similarly to economic cycles. The following is a discussion of the key risks by portfolio segment that management assesses in preparing the ACL.

CRE loans are secured by commercial purpose real estate, including both owner occupied properties and investment properties, for various purposes such as hotels, strip malls and apartments. Operations of the individual projects as well as global cash

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flows of the debtors are the primary sources of repayment for these loans. The condition of the local economy is an important indicator of risk, but there are also more specific risks depending on the collateral type as well as the business.

C&I loans are made to operating companies or manufacturers for the purpose of production, operating capacity, accounts receivable, inventory or equipment financing. Cash flow from the operations of the borrower is the primary source of repayment for these loans. The condition of the local economy is an important indicator of risk, but there are also more specific risks depending on the industry of the borrower. Collateral for these types of loans often do not have sufficient value in a distressed or liquidation scenario to satisfy the outstanding debt. These loans are also made to local and state municipalities for various purposes including refinancing existing obligations, infrastructure up-fit and expansion, or to purchase new equipment. These loans may be secured by general obligations from the municipal authority or revenues generated by infrastructure and equipment financed by the Company. The primary repayment sources for these loans include the tax base of the municipality, specific revenue streams related to the infrastructure financed, and other business operations of the municipal authority. The health and stability of state and local economies directly impact each municipality’s tax basis and are important indicators of risk for this segment. The ability of each municipality to increase taxes and fees to offset debt service requirements give this type of loan a very low risk profile in the continuum of the Company’s loan portfolio.

Residential Mortgages are loans secured by first and second liens such as home equity loans, home equity lines of credit and 1-4 family residential mortgages, including purchased money mortgages. The primary source of repayment for these loans is the income of the borrower. The condition of the local economy, in particular the unemployment rate, is an important indicator of risk for this segment. The state of the local housing market can also have a significant impact on this segment because low demand and/or declining home values can limit the ability of borrowers to sell a property and satisfy the debt.

Other Consumer loans are made to individuals and may be either secured by assets other than 1-4 family residences or unsecured. This segment includes auto loans and unsecured loans and lines. The primary source of repayment for these loans is the income and assets of the borrower. The condition of the local economy, in particular the unemployment rate, is an important indicator of risk for this segment. The value of the collateral, if there is any, is less likely to be a source of repayment due to less certain collateral values.

Construction loans include both commercial and consumer. Commercial loans are made to finance construction of buildings or other structures, as well as to finance the acquisition and development of raw land for various purposes. While the risk of these loans is generally confined to the construction period, if there are problems, the project may not be completed, and as such, may not provide sufficient cash flow on its own to service the debt or have sufficient value in a liquidation to cover the outstanding principal. The condition of the local economy is an important indicator of risk, but there are also more specific risks depending on the type of project and the experience and resources of the developer. Consumer loans are made for the construction of residential homes for which a binding sales contract exists and generally are for a period of time sufficient to complete construction. Residential construction loans to individuals generally provide for the payment of interest only during the construction phase. Credit risk for residential real estate construction loans can arise from construction delays, cost overruns, failure of the contractor to complete the project to specifications and economic conditions that could impact demand for or supply of the property being constructed.

Other loans, which includes the Company’s largest lending relationship, has unique risk attributes considered inconsistent with our current underwriting standards. The ACL reserve for the Other segment is based on models based on projected discounted cash flows and supportable loan amount and reserves will fluctuate based on expected cash flow changes and curtailments in the future. These inconsistencies may include, but are not limited to i) transaction and/or relationship sizes that exceed limits established in 2018, ii) overreliance on secondary, tertiary or guarantor cash flow, iii) land acquisition loans without a defined source of amortization, iv) loan structures on operating lines of credit dependent on the value of real estate rather than trading assets, and v) indirect liabilities of certain guarantees resulting from the nonpayment of financial obligations. Management continuously assesses underwriting standards, but significantly enhanced these standards in 2018.

Current Expected Credit Losses (“CECL”) Model

The CECL model is based on our best estimate of facts known with the most current information. Certain portions of the CECL model are inherently subjective and include, but are not limited to estimates with respect to: prepayment speeds, the timing of prepayments, potential losses given default, discount rates and the timing of future cash flows. Management utilizes widely published economic forecasts as the basis for the regression analysis used to estimate the probability of default in the baseline model. The peaks and troughs of these forecasts serve as guardrails for potential subjective adjustments. In addition to

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considering the outcomes based on the range of forecasts, management recognizes that the assumptions used in economic forecasts may not perfectly align with our market area, risk profile or unique attributes of our portfolio along with other important considerations. Severe changes in forecasts can also create significant variability and management must assess not only the absolute balance of reserves but also consider the appropriateness of the velocity of change. Therefore, management developed a framework to assess the tolerance and reasonableness of the CECL modeling process by challenging certain elements of the forecasts, when appropriate. These outcomes, known as “challenger models,” provide opportunities to examine and subjectively adjust the CECL model output and are designed to be counter cyclical, thereby reducing variability.

Credit Quality Indicators:

The Company’s portfolio grading analysis estimates the capability of the borrower to repay the contractual obligations of the loan agreements as scheduled or at all. The Company’s internal credit risk grading system is based on debt service coverage, collateral values and other subjective factors. Mortgage and consumer loans are defaulted to a pass grade until a loan migrates to past due status.

The Company has a loan review policy and annual scope report that details the level of loan review for loans in a given year. The annual loan review provides the Credit Risk Committee with an independent analysis of the following: 1) credit quality of the loan portfolio, 2) compliance with the loan policy, 3) adequacy of documentation in credit files and 4) validity of risk ratings. Since 2020 and continuing through 2025, the Company used a four step approach for loan review in the following categories:

•Individual reviews of the top twenty large loan relationships (“LLRs”), which are defined as any individual commercial loan or aggregate commercial relationship totaling $2.0 million or more;

•A sampling of small LLRs, which are defined as individual commercial loans or relationships with aggregate exposure of $2.0 million or more but not included in the top twenty LLRs;

•A sampling review of commercial loans up to $10 million in commitment; and

•Focus reviews of micro commercial loans defined as $2.0 million or less, to evaluate emerging risk rather than individual loan risk. Focus reviews are performed annually on a rotational basis.

The Company’s internally assigned grades are as follows:

Pass – The Company uses six grades of pass, including its watch rating. Generally, a pass rating indicates that the loan is currently performing and is of high quality.

Special Mention – Assets with potential weaknesses that warrant management’s close attention and if left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the asset or in the institution’s credit position at some future date.

Substandard – Assets that are inadequately protected by the current sound worth and paying capacity of the obligor or by the collateral pledged, if any. Assets so classified have a well-defined weakness, or weaknesses that jeopardize the liquidation of the debt. Such assets are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected.

Doubtful – Assets with all the weaknesses inherent in one classified substandard with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently known facts, conditions, and values, highly questionable and improbable.

Loss – Assets considered of such little value that its continuance on the books is not warranted. This classification does not mean that the asset has absolutely no recovery or salvage value, but rather it is not practical or desirable to defer writing off this basically worthless asset even though partial recovery may be affected in the future.

The ability of borrowers to repay commercial loans is dependent upon the success of their business and general economic conditions. Due to the greater potential for loss within our commercial portfolio, we monitor the commercial loan portfolio through an internal risk rating system. Loan risk ratings are assigned based upon the creditworthiness of the borrower and are

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reviewed on an ongoing basis according to our internal policies. Loans rated special mention or substandard have potential or well-defined weaknesses not generally found in high quality, performing loans, and require attention from management to limit loss. The loan portfolio has not yet been significantly impacted by tariffs or other actual or potential changes in trade policies, but potential supply chain disruption and commodity price volatility present addition risk to the loan portfolio.

The following table presents loan balances by year of origination and internally assigned risk rating for our portfolio segments as of September 30:


	Risk Rating
(Dollars in Thousands)	2025		2024		2023		2022		2021		2020 and Prior		Revolving		Total Portfolio Loans
Commercial Real Estate
Pass	$	252,718	$	186,190	$	319,236	$	426,600	$	235,768	$	574,896	$	43,600	$	2,039,008
Special Mention	—		—		—		—		—		49		—		49
Substandard	—		9,495		—		14,579		—		50		—		24,124

Total Commercial Real Estate	$	252,718	$	195,685	$	319,236	$	441,179	$	235,768	$	574,995	$	43,600	$	2,063,181
YTD Gross Charge-offs	—		—		—		—		—		—		—		—

Commercial and Industrial
Pass	$	5,403	$	884	$	29,295	$	19,850	$	9,768	$	110,721	$	41,035	$	216,956
Special Mention	10		—		—		—		—		—		—		10
Substandard	—		—		—		14		966		25		67		1,072

Total Commercial and Industrial	$	5,413	$	884	$	29,295	$	19,864	$	10,734	$	110,746	$	41,102	$	218,038
YTD Gross Charge-offs	—		—		—		7		—		—		—		7

Residential Mortgages
Pass	$	89,152	$	21,648	$	61,779	$	267,498	$	150,413	$	169,290	$	62,253	$	822,033
Special Mention	—		—		—		—		—		89		—		89
Substandard	—		—		—		—		826		3,416		580		4,822

Total Residential Mortgages	$	89,152	$	21,648	$	61,779	$	267,498	$	151,239	$	172,795	$	62,833	$	826,944
YTD Gross Charge-offs	—		—		—		—		—		—		—		—

Other Consumer
Pass	$	13,429	$	7,489	$	2,900	$	1,364	$	359	$	3,510	$	—	$	29,051
Special Mention	—		—		—		—		—		—		—		—
Substandard	—		20		—		3		3		—		—		26

Total Other Consumer	$	13,429	$	7,509	$	2,900	$	1,367	$	362	$	3,510	$	—	$	29,077
YTD Gross Charge-offs	149		131		63		287		75		10		—		715

Construction
Pass	$	51,079	$	148,846	$	152,745	$	82,551	$	2,035	$	8,047	$	15,133	$	460,436
Special Mention	—		660		—		—		—		43		—		703
Substandard	—		—		402		5,121		—		39		—		5,562

Total Construction	$	51,079	$	149,506	$	153,147	$	87,672	$	2,035	$	8,129	$	15,133	$	466,701
YTD Gross Charge-offs	—		—		—		1		—		—		—		1

Other
Pass	$	—	$	—	$	—	$	—	$	—	$	3,158	$	—	$	3,158
Special Mention	—		—		—		—		—		—		—		—
Substandard	228,554		—		—		—		—		—		—		228,554

Total Other Loans	$	228,554	$	—	$	—	$	—	$	—	$	3,158	$	—	$	231,712
YTD Gross Charge-offs	—		—		—		—		—		—		—		—

Total Portfolio Loans
Pass	$	411,781	$	365,057	$	565,955	$	797,863	$	398,343	$	869,622	$	162,021	$	3,570,642
Special Mention	10		660		—		—		—		181		—		851
Substandard	228,554		9,515		402		19,717		1,795		3,530		647		264,160

Total Portfolio Loans	$	640,345	$	375,232	$	566,357	$	817,580	$	400,138	$	873,333	$	162,668	$	3,835,653
Current YTD Period:
YTD Gross Charge-offs	$	149	$	131	$	63	$	295	$	75	$	10	$	—	$	723

Table of Contents

CARTER BANKSHARES, INC. AND SUBSIDIARIES

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS - (continued)

The following table presents loan balances by year of origination and internally assigned risk rating for our portfolio segments as of December 31:


	Risk Rating
(Dollars in Thousands)	2024		2023		2022		2021		2020		2019 and Prior		Revolving		Total Portfolio Loans
Commercial Real Estate
Pass	$	184,228	$	279,983	$	424,195	$	241,233	$	132,329	$	552,439	$	45,906	$	1,860,313
Special Mention	2,400		—		—		—		—		60		—		2,460
Substandard	—		—		6,182		109		—		615		152		7,058

Total Commercial Real Estate	$	186,628	$	279,983	$	430,377	$	241,342	$	132,329	$	553,114	$	46,058	$	1,869,831
YTD Gross Charge-offs	—		—		—		—		—		—		—		—

Commercial and Industrial
Pass	$	1,130	$	23,676	$	24,645	$	12,843	$	19,261	$	116,868	$	28,989	$	227,412
Special Mention	—		—		—		—		—		—		—		—
Substandard	—		—		685		1,026		33		—		1,327		3,071

Total Commercial and Industrial	$	1,130	$	23,676	$	25,330	$	13,869	$	19,294	$	116,868	$	30,316	$	230,483
YTD Gross Charge-offs	—		—		—		21		18		1		—		40

Residential Mortgages
Pass	$	31,766	$	68,926	$	278,320	$	155,637	$	69,417	$	115,181	$	53,267	$	772,514
Special Mention	—		—		—		—		—		92		—		92
Substandard	—		—		527		—		2,053		1,597		688		4,865

Total Residential Mortgages	$	31,766	$	68,926	$	278,847	$	155,637	$	71,470	$	116,870	$	53,955	$	777,471
YTD Gross Charge-offs	—		1		—		—		—		31		—		32

Other Consumer
Pass	$	17,896	$	5,042	$	2,456	$	905	$	2,433	$	124	$	32	$	28,888
Special Mention	—		—		—		—		—		—		—		—
Substandard	—		1		8		11		—		—		—		20

Total Other Consumer	$	17,896	$	5,043	$	2,464	$	916	$	2,433	$	124	$	32	$	28,908
YTD Gross Charge-offs	250		119		965		378		27		20		—		1,759

Construction
Pass	$	99,592	$	192,593	$	138,982	$	11,479	$	2,408	$	6,779	$	6,390	$	458,223
Special Mention	—		—		—		—		4,429		50		—		4,479
Substandard	—		—		—		185		43		—		—		228

Total Construction	$	99,592	$	192,593	$	138,982	$	11,664	$	6,880	$	6,829	$	6,390	$	462,930
YTD Gross Charge-offs	—		—		1		—		—		156		—		157

Carter Bankshares, Inc. 10-Q