Justice lawsuits dismissed with prejudice; Justice Entities release all claims; NPL reduced to ~$294M

Carter Bankshares, Inc.

Federal lawsuit voluntarily dismissed with prejudice; WV lawsuit expected to be dismissed similarly.
Justice Entities executed a release waiving all potential causes of action against Carter Bank.
Justice Entities agreed to a pathway of curtailment and payoff; NPL balance fell from $301.9M (Q1 2024) to $294.1M as of June 20, 2024.
Collateral position enhanced via cross-collateralizations, cross-guarantees, and reaffirmation of loan documents.

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