Carter Bankshares Inc

For the period ended Dec 31, 2024. Filed Mar 7, 2025.

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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2024 · Filed Mar 7, 2025

CARE$29.48+0.3%Stored close · as of Nov 10, 2026

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Contents

Item 8. Consolidated Statements of Cash Flows

CONSOLIDATED STATEMENTS OF CASH FLOWS

	Years Ended December 31,
(Dollars in Thousands)	2024	2023	2022
OPERATING ACTIVITIES
Net Income	$24,523	$23,384	$50,118
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities
(Recovery) Provision for Credit Losses, including (Recovery) Provision for Unfunded Commitments	(5,046)	6,401	2,928
Origination of Loans Held-for-Sale	(8,953)	(6,758)	(8,047)
Proceeds From Loans Held-for-Sale	9,091	6,867	10,184
Depreciation/Amortization of Bank Premises and Equipment	7,055	6,248	6,063
Provision for Deferred Taxes	2,689	368	3,630
Net Amortization of Securities	3,592	6,354	5,749
Tax Credit Amortization	517	2,101	621
Gains on Sales of Loans Held-for-Sale	(138)	(109)	(396)
(Gains) Losses on Sales of Securities, net	(68)	1,521	(46)
Unrealized Gain on Equity Securities	(41)	—	—
Commercial Loan Swap Derivative Loss (Income)	12	219	(605)
Increase in the Value of Life Insurance Contracts	(1,473)	(1,381)	(1,357)
Balance Sheet Hedge Fair Value Adjustment	125	—	—
Recognition of Restricted Stock Compensation Expense	1,752	1,561	1,314
Decrease (Increase) in Other Assets	1,614	(3,849)	(2,914)
Increase in Other Liabilities	1,687	3,803	3,549
Net Cash Provided By Operating Activities	36,938	46,730	70,791
INVESTING ACTIVITIES
Securities Available-for-Sale:
Proceeds from Sales	17,953	43,323	19,777
Proceeds from Maturities, Redemptions, and Pay-downs	63,454	48,901	84,693
Purchases	(15,126)	(24,938)	(135,634)
Purchase of Equity Securities	(10,000)	—	—
Purchase of Bank Premises and Equipment, Net	(8,133)	(9,798)	(5,890)
Proceeds from Sales of Bank Premises and Equipment, net	—	—	408
Redemption (Purchase) of Federal Home Loan Bank Stock, net	15,139	(11,886)	(7,388)
Loan Originations, net	(135,888)	(359,407)	(342,877)
Proceeds from Sales and Payments of Other Real Estate Owned	4,199	6,794	4,840
Net Cash Used In Investing Activities	(68,402)	(307,011)	(382,071)
FINANCING ACTIVITIES
Net Change in Demand, Money Markets and Savings Accounts	93,787	(235,748)	14,649
Increase (Decrease) in Certificates of Deposits	337,719	325,125	(82,792)
Proceeds from Federal Home Loan Bank Borrowings	1,870,000	3,441,685	300,550
Repayments on Federal Home Loan Bank Borrowings	(2,193,400)	(3,228,835)	(127,000)
(Repayments) Proceeds from Federal Funds Purchased, net	—	(17,870)	17,870
Repurchase of Common Stock	—	(16,416)	(42,927)
Net Cash Provided By Financing Activities	108,106	267,941	80,350
Net Increase (Decrease) in Cash and Cash Equivalents	76,642	7,660	(230,930)
Cash and Cash Equivalents at Beginning of Period	54,529	46,869	277,799
Cash and Cash Equivalents at End of Period	$131,171	$54,529	$46,869

CONSOLIDATED STATEMENTS OF CASH FLOWS - (continued)

	Years Ended December 31,
(Dollars in Thousands)	2024	2023	2022
SUPPLEMENTARY DATA
Cash Interest Paid	$106,342	$69,116	$19,338
Cash Paid for Income Taxes	478	5,718	5,793
Transfer from Loans to Other Real Estate Owned	1,181	110	74
Transfer from Fixed Assets to Other Real Estate Owned	348	1,854	2,675
Right-of-use Asset Recorded in Exchange for Lease Liabilities	2,995	1,464	3,391
Stock Repurchase Excise Tax Settled in Subsequent Period	—	(153)	—
Loans Transferred to Held-for-Sale	—	—	1,513

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