CARE · Carter Bankshares, Inc.

Carter Bankshares, Inc. operates as the bank holding company for Carter Bank & Trust that provides various retail and commercial banking products and insurance services in the United States. It offers various deposit products, including checking, savings, retirement, and money market accounts, as well as certificates of deposit. The company also provides commercial loans, such as secured and unsecured, real estate construction and acquisition, and commercial and industrial loans; consumer loans, such as automobiles, home improvements, education, overdraft protection, and personal, and residential mortgages loans; home equity lines of credit; and credit cards, as well as originates and holds fixed and variable rate mortgage loans. In addition, it offers other banking services that include safe deposit boxes, direct deposit of payroll, social security checks, and debit cards; online banking products, including online and mobile banking, online account opening, bill payment, electronic statement, mobile deposit, Zelle, credit monitoring tools, digital wallet, MoneyPass, and ATM services; title insurance and other financial institution-related products and services; and treasury and corporate cash management services. Carter Bankshares, Inc. was founded in 1974 and is headquartered in Martinsville, Virginia.

Cap structure and valuation

Cap structure
SP	$26.42
SO	22.2M
Options	—
Warrants	—
FD SO	22.2M
MC	$587.1M

Cash	$228.3M
Total debt	—
EV	$358.8M

TTM Multiples
EV / Revenue	1.1x
EV / EBITDA	—
MC / Net Income	5.4x
EV / FCF	1.1x
MC / FCF	1.8x

MC = SP × FD SO. EV = MC + Debt − Cash. SP = previous yfinance close. Balance-sheet figures as of 2026-05-01. Multiples use TTM (sum of last 4 quarters); shown as "—" when the denominator is zero or negative.

Some dilution data missing — FD SO falls back to available figures.

Financial statements

	3/31/26	12/31/25	9/30/25	6/30/25
Total Revenue	130.16	64.52	64.54	62.66
Revenue YoY %	106.9%	4.3%	4.1%	4.2%

SG&A	31.01	31.00	28.70	29.30

Interest Expense	35.93	34.60	33.72	32.36
Pretax Income	110.03	11.08	7.15	10.63
Tax Provision	24.27	2.60	1.74	2.12
Net Income	85.76	8.48	5.42	8.51
Net Margin %	65.9%	13.1%	8.4%	13.6%

Diluted EPS	$3.88	$0.38	$0.24	$0.37
Basic EPS	$3.88	$0.38	$0.24	$0.37
Diluted Avg Shares	21.8	-0.2	22.3	22.8
Basic Avg Shares	21.8	-0.2	22.3	22.8

	LTM	12/31/25	12/31/24	12/31/23	12/31/22
Total Revenue	321.88	254.63	243.10	214.70	181.90
Revenue YoY %	26.4%	4.7%	13.2%	18.0%	—

SG&A	120.02	117.05	110.00	105.47	97.00

Interest Expense	136.62	130.82	114.46	74.11	20.25
Pretax Income	138.90	40.00	30.87	28.72	61.72
Tax Provision	30.73	8.64	6.35	5.34	11.60
Net Income	108.17	31.36	24.52	23.38	50.12
Net Margin %	33.6%	12.3%	10.1%	10.9%	27.6%

Diluted EPS	$4.87	$1.38	$1.06	$1.00	$2.03
Basic EPS	$4.87	$1.38	$1.06	$1.00	$2.03
Diluted Avg Shares	21.8	22.5	22.8	23.2	24.6
Basic Avg Shares	21.8	22.5	22.8	23.2	24.6

	3/31/26	12/31/25	9/30/25	6/30/25
Cash & Equivalents	228.32	105.16	106.95	99.91

Net PPE	70.97	72.50	71.65	72.11
Goodwill	1.19	1.19	1.19	1.19
Total Assets	4,799.27	4,851.92	4,840.12	4,784.09

Total Liabilities	4,294.37	4,432.23	4,427.28	4,378.46

Retained Earnings	450.73	364.97	356.49	351.07
Total Equity	504.90	419.70	412.84	405.63

	LTM	12/31/25	12/31/24	12/31/23	12/31/22
Cash & Equivalents	228.32	105.16	131.17	54.53	46.87

Net PPE	70.97	72.50	74.33	73.71	72.11
Goodwill	1.19	1.19	0.00	—	—
Total Assets	4,799.27	4,851.92	4,659.19	4,512.54	4,204.52

Total Liabilities	4,294.37	4,432.23	4,274.88	4,161.30	3,875.89

Retained Earnings	450.73	364.97	333.61	309.08	285.59
Total Equity	504.90	419.70	384.31	351.24	328.63

	3/31/26	12/31/25	9/30/25	6/30/25
Net Income	85.76	8.48	5.42	8.51
D&A	2.13	2.04	1.97	1.94
Stock-Based Comp	0.52	0.52	0.54	0.53
Operating Cash Flow	303.92	12.07	11.81	9.60

CapEx	(1.54)	(3.08)	(1.54)	(1.92)
Investing Cash Flow	(26.62)	(11.44)	(49.98)	(13.44)

Stock Buyback	—	(5.96)	(4.90)	—
Financing Cash Flow	(154.14)	(2.42)	45.20	14.75

Free Cash Flow	302.38	9.00	10.28	7.68

	LTM	12/31/25	12/31/24	12/31/23	12/31/22
Net Income	108.17	31.36	24.52	23.38	50.12
D&A	8.08	7.86	7.05	6.25	6.06
Stock-Based Comp	2.11	2.07	1.75	1.56	1.31
Operating Cash Flow	337.40	39.86	36.94	46.73	70.79

CapEx	(8.07)	(8.05)	(8.13)	(9.80)	(5.89)
Investing Cash Flow	(101.48)	(155.91)	(68.40)	(307.01)	(382.07)

Stock Buyback	—	(20.00)	0.00	(16.42)	(42.93)
Dividends Paid	—	—	—	—	0.00
Financing Cash Flow	(96.60)	90.04	108.11	267.94	80.35

Free Cash Flow	329.33	31.81	28.80	36.93	64.90

	3/31/26	12/31/25	9/30/25	6/30/25
Current Ratio	—	—	—	—
Quick Ratio	—	—	—	—
Debt / Equity	8.51	10.56	10.72	10.79
EBITDA Margin %	—	—	—	—
Working Capital	—	—	—	—
Net Debt	—	—	—	—
ROE %	17.0%	2.0%	1.3%	2.1%
ROA %	1.8%	0.2%	0.1%	0.2%

	LTM	12/31/25	12/31/24	12/31/23	12/31/22
Current Ratio	—	—	—	—	—
Quick Ratio	—	—	—	—	—
Debt / Equity	8.51	10.56	11.12	11.85	11.79
EBITDA Margin %	—	—	—	—	—
Working Capital	—	—	—	—	—
Net Debt	—	—	—	—	—
ROE %	21.4%	7.5%	6.4%	6.7%	15.3%
ROA %	2.3%	0.6%	0.5%	0.5%	1.2%

Insider activity (last 2 years)

Date Filed	Reporter	Relationship	Trans. Date	Code	Shares	Price	Total Value
2026-05-07	Walsh Elizabeth L.	Director	2026-05-06	P	4,575	$26.20	$119,865
2026-05-06	Haskins James W.	Director	2026-05-05	S	(1,000)	$26.04	-$26,040
2026-04-29	Davis Jane Ann	Officer (EVP, CHIEF ADMIN. OFFICER)	2026-04-27	A	1,850	—	$0
2026-04-29	Adams Arthur Loran	Officer (EVP, DIRECTOR OF REG RISK MNGT)	2026-04-27	A	1,650	—	$0
2026-04-21	Davis Jane Ann	Officer (EVP, CHIEF ADMIN. OFFICER)	2026-04-20	F	(296)	$24.24	-$7,175
2026-03-13	Van Dyke Litz H	Director, Officer (CHIEF EXECUTIVE OFFICER)	2026-03-04	F	(819)	$20.98	-$17,183
2026-03-13	Langs Bradford N.	Officer (PRESIDENT, CHIEF STRATEGY OFCR)	2026-03-04	F	(638)	$20.98	-$13,385
2026-03-13	Speare Matthew M.	Officer (SEVP, CHIEF OPERATING OFFICER)	2026-03-04	F	(411)	$20.98	-$8,623
2026-03-13	Bell Wendy S.	Officer (SENIOR EXECUTIVE VP, CFO)	2026-03-04	F	(435)	$20.98	-$9,126
2026-03-13	Davis Jane Ann	Officer (EVP, CHIEF ADMIN. OFFICER)	2026-03-04	F	(309)	$20.98	-$6,483
2026-02-27	Kallsen Tony E	Officer (SEVP, CHIEF CREDIT OFFICER)	2026-02-25	A	2,023	—	$0
2026-02-27	Kallsen Tony E	Officer (SEVP, CHIEF CREDIT OFFICER)	2026-02-25	A	2,335	—	$0
2026-02-27	Bell Wendy S.	Officer (SENIOR EXECUTIVE VP, CFO)	2026-02-25	A	2,513	—	$0
2026-02-27	Bell Wendy S.	Officer (SENIOR EXECUTIVE VP, CFO)	2026-02-25	A	3,292	—	$0
2026-02-27	Davis Jane Ann	Officer (EVP, CHIEF ADMIN. OFFICER)	2026-02-25	A	1,230	—	$0
2026-02-27	Langs Bradford N.	Officer (PRESIDENT, CHIEF STRATEGY OFCR)	2026-02-25	A	3,689	—	$0
2026-02-27	Langs Bradford N.	Officer (PRESIDENT, CHIEF STRATEGY OFCR)	2026-02-25	A	4,428	—	$0
2026-02-27	Van Dyke Litz H	Director, Officer (CHIEF EXECUTIVE OFFICER)	2026-02-25	A	4,870	—	$0
2026-02-27	Van Dyke Litz H	Director, Officer (CHIEF EXECUTIVE OFFICER)	2026-02-25	A	7,198	—	$0
2026-02-27	Adams Arthur Loran	Officer (EVP, DIRECTOR OF REG RISK MNGT)	2026-02-25	A	1,002	—	$0
2026-02-27	Speare Matthew M.	Officer (SEVP, CHIEF OPERATING OFFICER)	2026-02-25	A	2,220	—	$0
2026-02-27	Speare Matthew M.	Officer (SEVP, CHIEF OPERATING OFFICER)	2026-02-25	A	3,075	—	$0
2026-02-27	Kallsen Tony E	Officer (SEVP, CHIEF CREDIT OFFICER)	2026-02-14	F	(351)	$22.01	-$7,726
2026-02-27	Bell Wendy S.	Officer (SENIOR EXECUTIVE VP, CFO)	2026-02-14	F	(554)	$22.01	-$12,194
2026-02-27	Davis Jane Ann	Officer (EVP, CHIEF ADMIN. OFFICER)	2026-02-14	F	(291)	$22.01	-$6,405
2026-02-27	Langs Bradford N.	Officer (PRESIDENT, CHIEF STRATEGY OFCR)	2026-02-14	F	(781)	$22.01	-$17,190
2026-02-27	Van Dyke Litz H	Director, Officer (CHIEF EXECUTIVE OFFICER)	2026-02-14	F	(1,158)	$22.01	-$25,488
2026-02-02	Walsh Elizabeth L.	Director	2026-01-30	G	(900)	—	$-0
2026-01-29	Walsh Elizabeth L.	Director	2026-01-29	G	(835)	—	$-0
2026-01-05	FELDMANN GREGORY W	Director	2026-01-02	A	1,802	—	$0
2026-01-05	BIRD MICHAEL R	Director	2026-01-02	A	1,802	—	$0
2026-01-05	Haskins James W.	Director	2026-01-02	A	1,802	—	$0
2026-01-05	Midkiff Catharine L.	Director	2026-01-02	A	1,802	—	$0
2026-01-05	Stephens Curtis E	Director	2026-01-02	A	1,802	—	$0
2026-01-05	Walsh Elizabeth L.	Director	2026-01-02	A	1,802	—	$0
2026-01-05	Lutz Jacob A III	Director	2026-01-02	A	1,802	—	$0
2026-01-05	Bloomfield Kevin S.	Director	2026-01-02	A	1,802	—	$0
2026-01-05	Bolton Robert M.	Director	2026-01-02	A	1,802	—	$0
2026-01-05	Karavatakis Phyllis Q.	Director	2026-01-02	A	1,802	—	$0
2025-12-16	Walsh Elizabeth L.	Director	2025-12-16	G	(950)	—	$-0
2025-11-03	Bolton Robert M.	Director	2025-10-30	S	(1,901)	$17.23	-$32,754
2025-09-11	Speare Matthew M.	Officer (SEVP, CHIEF OPERATING OFFICER)	2025-09-10	S	(13,550)	$19.83	-$268,752
2025-08-26	Bell Wendy S.	Officer (SENIOR EXECUTIVE VP, CFO)	2025-08-26	S	(250)	$19.54	-$4,885
2025-08-26	Bell Wendy S.	Officer (SENIOR EXECUTIVE VP, CFO)	2025-08-26	J	(100)	—	$-0
2025-08-13	Midkiff Catharine L.	Director	2025-07-30	S	(2,000)	$17.76	-$35,520
2025-07-30	Midkiff Catharine L.	Director	2025-07-30	S	(2,000)	$17.76	-$35,520
2025-07-28	Haskins James W.	Director	2025-07-28	S	(2,000)	$17.84	-$35,680
2025-06-13	Bloomfield Kevin S.	Director	2025-06-12	S	(1,629)	$16.81	-$27,377
2025-06-13	Bloomfield Kevin S.	Director	2025-06-11	S	(1,629)	$16.81	-$27,377
2025-06-13	Bloomfield Kevin S.	Director	2025-06-11	S	(4,509)	$16.71	-$75,367
2025-06-13	Bloomfield Kevin S.	Director	2025-06-10	S	(4,509)	$16.71	-$75,367
2025-06-13	Bloomfield Kevin S.	Director	2025-06-09	S	(1,000)	$16.52	-$16,521
2025-06-13	Bloomfield Kevin S.	Director	2025-06-06	S	(1,000)	$16.52	-$16,521
2025-06-05	Davis Jane Ann	Officer (EVP, CHIEF ADMIN. OFFICER)	2025-06-05	S	(2,500)	$16.39	-$40,986
2025-06-03	Midkiff Catharine L.	Director	2025-06-02	P	200	$16.47	$3,294
2025-05-22	Davis Jane Ann	Officer (EVP, CHIEF ADMIN. OFFICER)	2025-05-21	A	1,808	—	$0
2025-05-22	Adams Arthur Loran	Officer (EVP, DIRECTOR OF REG RISK MNGT)	2025-05-21	A	1,473	—	$0
2025-05-02	Walsh Elizabeth L.	Director	2025-05-01	W	19,648	—	$0
2025-03-28	Walsh Elizabeth L.	Director	2025-03-27	W	3,129	—	$0
2025-03-21	Walsh Elizabeth L.	Director	2025-03-20	W	9,386	—	$0
2025-03-06	Davis Jane Ann	Officer (EVP, CHIEF ADMIN. OFFICER)	2025-03-04	A	1,913	—	$0
2025-03-06	Adams Arthur Loran	Officer (EVP, DIRECTOR OF REG RISK MNGT)	2025-03-04	A	1,559	—	$0
2025-03-06	Kallsen Tony E	Officer (SEVP, CHIEF CREDIT OFFICER)	2025-03-04	A	2,824	—	$0
2025-03-06	Langs Bradford N.	Officer (PRESIDENT, CHIEF STRATEGY OFCR)	2025-03-04	A	4,464	—	$0
2025-03-06	Van Dyke Litz H	Director, Officer (CHIEF EXECUTIVE OFFICER)	2025-03-04	A	5,442	—	$0
2025-03-06	Bell Wendy S.	Officer (SENIOR EXECUTIVE VP, CFO)	2025-03-04	A	3,325	—	$0
2025-03-06	Speare Matthew M.	Officer (SEVP, CHIEF OPERATING OFFICER)	2025-03-04	A	3,100	—	$0
2025-03-06	Davis Jane Ann	Officer (EVP, CHIEF ADMIN. OFFICER)	2024-03-17	F	(202)	$12.27	-$2,479
2025-02-28	Langs Bradford N.	Officer (PRESIDENT, CHIEF STRATEGY OFCR)	2025-02-27	A	4,416	—	$0
2025-02-28	Bell Wendy S.	Officer (SENIOR EXECUTIVE VP, CFO)	2025-02-27	A	3,367	—	$0
2025-02-28	Speare Matthew M.	Officer (SEVP, CHIEF OPERATING OFFICER)	2025-02-27	A	3,257	—	$0
2025-02-28	Kallsen Tony E	Officer (SEVP, CHIEF CREDIT OFFICER)	2025-02-27	A	2,208	—	$0
2025-02-28	Van Dyke Litz H	Director, Officer (CHIEF EXECUTIVE OFFICER)	2025-02-27	A	8,279	—	$0
2025-02-28	Langs Bradford N.	Officer (PRESIDENT, CHIEF STRATEGY OFCR)	2025-02-14	F	(558)	$17.99	-$10,038
2025-02-28	Bell Wendy S.	Officer (SENIOR EXECUTIVE VP, CFO)	2025-02-14	F	(421)	$17.99	-$7,574
2025-02-28	Van Dyke Litz H	Director, Officer (CHIEF EXECUTIVE OFFICER)	2025-02-14	F	(838)	$17.99	-$15,076
2025-02-28	Langs Bradford N.	Officer (PRESIDENT, CHIEF STRATEGY OFCR)	2024-02-20	F	(130)	$13.83	-$1,798
2025-02-28	Van Dyke Litz H	Director, Officer (CHIEF EXECUTIVE OFFICER)	2024-02-20	F	(249)	$13.83	-$3,444
2025-02-28	Langs Bradford N.	Officer (PRESIDENT, CHIEF STRATEGY OFCR)	2024-02-14	F	(465)	$13.78	-$6,408
2025-02-28	Van Dyke Litz H	Director, Officer (CHIEF EXECUTIVE OFFICER)	2024-02-14	F	(716)	$13.78	-$9,866
2025-01-06	Haskins James W.	Director	2025-01-02	A	1,827	—	$0
2025-01-06	FELDMANN GREGORY W	Director	2025-01-02	A	1,827	—	$0
2025-01-06	BIRD MICHAEL R	Director	2025-01-02	A	1,827	—	$0
2025-01-06	Bloomfield Kevin S.	Director	2025-01-02	A	1,827	—	$0
2025-01-06	Bolton Robert M.	Director	2025-01-02	A	1,827	—	$0
2025-01-06	Lutz Jacob A III	Director	2025-01-02	A	1,827	—	$0
2025-01-06	Matthews Edward Warren	Director	2025-01-02	A	1,827	—	$0
2025-01-06	Midkiff Catharine L.	Director	2025-01-02	A	1,827	—	$0
2025-01-06	Stephens Curtis E	Director	2025-01-02	A	1,827	—	$0
2025-01-06	Walsh Elizabeth L.	Director	2025-01-02	A	1,827	—	$0
2025-01-06	Karavatakis Phyllis Q.	Director	2025-01-02	A	1,827	—	$0
2024-06-18	Walsh Elizabeth L.	Director	2024-06-14	W	11,300	—	$0