Carter Bankshares Inc.

11/05/2026 | Press release | Distributed by Public on 11/05/2026 10:49

Quarterly Report for Quarter Ending September 30, 2026 (Form 10-Q)

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS - (continued)
and applicable legal and regulatory requirements. The repurchase program may be modified or terminated by the Board at any time. The repurchase program does not obligate the Company to purchase any particular number of shares.
During the three and nine months ended September 30, 2026, the Company repurchased 74,151 and 182,752 shares of its common stock at a total cost of $2.2 million and $5.1 million, respectively, representing a weighted average cost per share of $29.85 and $27.86, respectively.
On May 20, 2025, the Company announced that its Board authorized a repurchase program to purchase up to $20.0 million of the Company's common stock in the aggregate through May 14, 2026 (the "2025 Program"). The program authorized 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 Securities Exchange Act of 1934, as amended.
The 2025 Program was fully utilized on October 30, 2025.
Contractual Obligations
As of September 30, 2026, there have been no material changes to the information about the Company's contractual obligations and cash commitments disclosed in Part II, Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations," under the heading "Contractual Obligations" in the Company's Annual Report on Form 10-K for the year ended December 31, 2025 ( the "2025 Annual Report"), except that the Company repaid the majority of its outstanding FHLB advances during the nine months ended September 30, 2026, reducing its contractual debt obligations.
Off-Balance Sheet Arrangements
As of September 30, 2026, there have been no material changes to the off-balance sheet arrangements disclosed in Part II, Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations," under the heading "Off-Balance Sheet Arrangements" in the Company's 2025 Annual Report.
CARTER BANKSHARES, INC. AND SUBSIDIARIES
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