Carter Bankshares, Inc.

Carter Bankshares, Inc. is the bank holding company for Carter Bank & Trust, offering a wide range of retail and commercial banking products and insurance services across the United States. Its deposit products include checking, savings, retirement, and money market accounts, as well as certificates of deposit. On the lending side, it provides commercial loans such as secured and unsecured loans, real estate construction and acquisition loans, and commercial and industrial loans. Consumer loan offerings include automobile loans, home improvement loans, education loans, overdraft protection, personal loans, residential mortgages, home equity lines of credit, and credit cards. The bank also originates and holds fixed and variable rate mortgage loans. Additional services include safe deposit boxes, direct deposit, debit cards, online and mobile banking, bill payment, electronic statements, mobile deposit, Zelle, credit monitoring tools, digital wallets, MoneyPass ATM services, title insurance, and treasury and corporate cash management services.

Carter Bankshares, Inc. is listed on the Nasdaq Global Select Market (NasdaqGS) under the ticker symbol CARE. The company operates in the United States and its financials are reported in US dollars (USD). As a US-based regional bank holding company, all its transactions, deposits, loans, and other financial instruments are denominated in US dollars. Investors trading CARE shares on Nasdaq will transact in USD, and the company's earnings, dividends, and balance sheet figures are all presented in US dollars.

Carter Bankshares, Inc. operates in the Financial Services sector, specifically within the Banks - Regional industry. This classification means the company is a regional bank holding company that provides traditional banking services to individuals and businesses in its geographic footprint. As a regional bank, it focuses on serving local communities and small to medium-sized businesses, offering a mix of retail and commercial banking products. The 'Banks - Regional' industry includes banks that operate in a limited geographic area, as opposed to large national or global banks. Carter Bankshares' primary subsidiary, Carter Bank & Trust, delivers these services primarily in Virginia and surrounding areas, with a strong emphasis on relationship banking and community involvement.

Carter Bankshares, Inc. is headquartered in Martinsville, Virginia, United States. Founded in 1974, the company has grown to serve customers primarily in Virginia and surrounding regions through its subsidiary, Carter Bank & Trust. The bank offers a full suite of retail and commercial banking products and insurance services to individuals, businesses, and institutions in these markets. Its physical presence includes branch locations and ATMs, complemented by digital banking services such as online and mobile banking, mobile deposit, and digital wallets, allowing customers to access their accounts remotely. While the company's operations are concentrated in the US, its services are tailored to the local communities it serves, emphasizing personalized customer service and community development.

Carter Bankshares generates revenue primarily through net interest income and non-interest income. Net interest income comes from the spread between interest earned on loans and investments and interest paid on deposits and borrowings. The bank's loan portfolio includes commercial loans (secured and unsecured, real estate construction and acquisition, commercial and industrial), consumer loans (automobiles, home improvements, education, personal, residential mortgages, home equity lines of credit, credit cards), and fixed and variable rate mortgage loans. Non-interest income is derived from service charges on deposit accounts, fees from treasury and cash management services, insurance commissions, title insurance services, and other banking services such as safe deposit boxes, debit card fees, and digital banking features like Zelle and credit monitoring tools. The bank also earns income from mortgage origination and servicing, as well as from investment securities.