Carter Bankshares sells $209.5M Justice-related nonperforming loans for $289.5M cash

Carter Bankshares, Inc.

Sold all loans tied to James C. Justice II entities for $289.48M cash; principal was $209.48M, all nonperforming.
Pro forma: nonperforming loans drop from 6.29% (Dec 2025) to 0.82% of total loans; allowance for credit losses falls from 1.84% to 1.46%.
Transaction expected to increase tangible book value per share by ~$3.49; specific reserve of $18.04M reversed.
Total assets rise from $4.85B to ~$4.95B; loans decline from $3.88B to ~$3.67B on a pro forma basis.

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