Carter Bankshares, Inc.

On May 20, 2025, the Company announced that its Board had authorized, effective May 1, 2025, a common share repurchase program to purchase up to $20.0 million of the Company’s common stock in the aggregate through May 1, 2026 (the “2025 Program”) subject to receipt of non-objection from the Federal Reserve Bank of Richmond, which was received on May 19, 2025. The 2025 Program authorizes the purchase of the Company’s common stock in open market transactions or privately negotiated transactions, including pursuant to a trading plan in accordance with Rule 10b5-1 and/or Rule 10b-18 promulgated under the Exchange Act. The authorization permits management to repurchase shares of the Company’s common stock from time to time at management’s discretion. The actual means and timing of any shares purchased under the 2025 Program, and the number of shares actually purchased under the 2025 Program, will depend on a variety of factors, including the market price of the Company’s common stock, general market and economic conditions, management’s evaluation of the Company’s financial condition and liquidity position and applicable legal and regulatory requirements. The 2025 Program does not obligate the Company to purchase any particular number of shares and may be modified of terminated by the Board at any time. As of June 30, 2025, the Company repurchased 547,332 shares of its common stock at a total cost of $9.1 million and a weighted average cost per share of $16.70.

The following table provides information regarding the Company’s purchases of its common stock during the quarter ended June 30, 2025:

1 Reflects 5,219 shares that were withheld upon vesting of restricted shares granted to employees of the Company in order to satisfy tax withholding obligations and 547,332 shares repurchased during the period under the 2025 Program.

2 The number shown represents, as of the end of each period, the approximate dollar value of Common Stock shares that may yet be purchased under the 2025 Program, which was announced on May 20, 2025 and authorizes the purchase of up to $20.0 million of the Company’s common stock in the aggregate through May 1, 2026. The shares may be purchased, from time-to-time, depending on a variety of factors.