0001829576Q1202412/31falsehttp://cbtcares.com/20240331#AccountingStandardsUpdate202302Member00018295762024-01-012024-03-3100018295762024-04-30xbrli:shares00018295762024-03-31iso4217:USD00018295762023-12-31iso4217:USDxbrli:shares00018295762023-01-012023-03-310001829576us-gaap:CommonStockMember2023-12-310001829576us-gaap:AdditionalPaidInCapitalMember2023-12-310001829576us-gaap:RetainedEarningsMember2023-12-310001829576us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-12-310001829576us-gaap:RetainedEarningsMember2024-01-012024-03-310001829576us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-01-012024-03-310001829576us-gaap:CommonStockMember2024-01-012024-03-310001829576us-gaap:AdditionalPaidInCapitalMember2024-01-012024-03-310001829576us-gaap:CommonStockMember2024-03-310001829576us-gaap:AdditionalPaidInCapitalMember2024-03-310001829576us-gaap:RetainedEarningsMember2024-03-310001829576us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-03-310001829576us-gaap:CommonStockMember2022-12-310001829576us-gaap:AdditionalPaidInCapitalMember2022-12-310001829576us-gaap:RetainedEarningsMember2022-12-310001829576us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-12-3100018295762022-12-3100018295762022-01-012022-12-310001829576us-gaap:RetainedEarningsMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2022-12-310001829576srt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2022-12-310001829576srt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMemberus-gaap:CommonStockMember2022-12-310001829576srt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMemberus-gaap:AdditionalPaidInCapitalMember2022-12-310001829576srt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMemberus-gaap:RetainedEarningsMember2022-12-310001829576us-gaap:AccumulatedOtherComprehensiveIncomeMembersrt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMember2022-12-310001829576srt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMember2022-12-310001829576us-gaap:RetainedEarningsMember2023-01-012023-03-310001829576us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-01-012023-03-310001829576us-gaap:CommonStockMember2023-01-012023-03-310001829576us-gaap:AdditionalPaidInCapitalMember2023-01-012023-03-310001829576us-gaap:CommonStockMember2023-03-310001829576us-gaap:AdditionalPaidInCapitalMember2023-03-310001829576us-gaap:RetainedEarningsMember2023-03-310001829576us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-03-3100018295762023-03-31care:segment0001829576us-gaap:USGovernmentAgenciesDebtSecuritiesMember2024-03-310001829576us-gaap:ResidentialMortgageBackedSecuritiesMember2024-03-310001829576us-gaap:CommercialMortgageBackedSecuritiesMember2024-03-310001829576care:OtherCommercialMortgageBackedSecuritiesMember2024-03-310001829576us-gaap:AssetBackedSecuritiesMember2024-03-310001829576us-gaap:CollateralizedMortgageObligationsMember2024-03-310001829576us-gaap:USStatesAndPoliticalSubdivisionsMember2024-03-310001829576us-gaap:CorporateDebtSecuritiesMember2024-03-310001829576us-gaap:USGovernmentAgenciesDebtSecuritiesMember2023-12-310001829576us-gaap:ResidentialMortgageBackedSecuritiesMember2023-12-310001829576us-gaap:CommercialMortgageBackedSecuritiesMember2023-12-310001829576care:OtherCommercialMortgageBackedSecuritiesMember2023-12-310001829576us-gaap:AssetBackedSecuritiesMember2023-12-310001829576us-gaap:CollateralizedMortgageObligationsMember2023-12-310001829576us-gaap:USStatesAndPoliticalSubdivisionsMember2023-12-310001829576us-gaap:CorporateDebtSecuritiesMember2023-12-31care:security00018295762023-01-012023-12-310001829576us-gaap:CommercialRealEstatePortfolioSegmentMember2024-03-310001829576us-gaap:CommercialRealEstatePortfolioSegmentMember2023-12-310001829576care:CommercialAndIndustrialPortfolioSegmentMember2024-03-310001829576care:CommercialAndIndustrialPortfolioSegmentMember2023-12-310001829576us-gaap:CommercialPortfolioSegmentMember2024-03-310001829576us-gaap:CommercialPortfolioSegmentMember2023-12-310001829576us-gaap:ResidentialPortfolioSegmentMember2024-03-310001829576us-gaap:ResidentialPortfolioSegmentMember2023-12-310001829576care:OtherConsumerPortfolioSegmentMember2024-03-310001829576care:OtherConsumerPortfolioSegmentMember2023-12-310001829576us-gaap:ConsumerPortfolioSegmentMember2024-03-310001829576us-gaap:ConsumerPortfolioSegmentMember2023-12-310001829576care:ConstructionPortfolioSegmentMember2024-03-310001829576care:ConstructionPortfolioSegmentMember2023-12-310001829576care:OtherFinancingReceivablesPortfolioSegmentMember2024-03-310001829576care:OtherFinancingReceivablesPortfolioSegmentMember2023-12-310001829576us-gaap:ResidentialRealEstateMember2024-03-310001829576us-gaap:ResidentialRealEstateMember2023-12-31care:relationship0001829576us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:PassMember2024-03-310001829576us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:SpecialMentionMember2024-03-310001829576us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:SubstandardMember2024-03-310001829576us-gaap:CommercialRealEstatePortfolioSegmentMember2024-01-012024-03-310001829576care:CommercialAndIndustrialPortfolioSegmentMemberus-gaap:PassMember2024-03-310001829576care:CommercialAndIndustrialPortfolioSegmentMemberus-gaap:SpecialMentionMember2024-03-310001829576us-gaap:SubstandardMembercare:CommercialAndIndustrialPortfolioSegmentMember2024-03-310001829576care:CommercialAndIndustrialPortfolioSegmentMember2024-01-012024-03-310001829576us-gaap:PassMemberus-gaap:ResidentialPortfolioSegmentMember2024-03-310001829576us-gaap:ResidentialPortfolioSegmentMemberus-gaap:SpecialMentionMember2024-03-310001829576us-gaap:SubstandardMemberus-gaap:ResidentialPortfolioSegmentMember2024-03-310001829576us-gaap:ResidentialPortfolioSegmentMember2024-01-012024-03-310001829576care:OtherConsumerPortfolioSegmentMemberus-gaap:PassMember2024-03-310001829576care:OtherConsumerPortfolioSegmentMemberus-gaap:SpecialMentionMember2024-03-310001829576care:OtherConsumerPortfolioSegmentMemberus-gaap:SubstandardMember2024-03-310001829576care:OtherConsumerPortfolioSegmentMember2024-01-012024-03-310001829576care:ConstructionPortfolioSegmentMemberus-gaap:PassMember2024-03-310001829576care:ConstructionPortfolioSegmentMemberus-gaap:SpecialMentionMember2024-03-310001829576us-gaap:SubstandardMembercare:ConstructionPortfolioSegmentMember2024-03-310001829576care:ConstructionPortfolioSegmentMember2024-01-012024-03-310001829576care:OtherFinancingReceivablesPortfolioSegmentMemberus-gaap:PassMember2024-03-310001829576care:OtherFinancingReceivablesPortfolioSegmentMemberus-gaap:SpecialMentionMember2024-03-310001829576us-gaap:SubstandardMembercare:OtherFinancingReceivablesPortfolioSegmentMember2024-03-310001829576care:OtherFinancingReceivablesPortfolioSegmentMember2024-01-012024-03-310001829576us-gaap:PassMember2024-03-310001829576us-gaap:SpecialMentionMember2024-03-310001829576us-gaap:SubstandardMember2024-03-310001829576us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:PassMember2023-12-310001829576us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:SpecialMentionMember2023-12-310001829576us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:SubstandardMember2023-12-310001829576us-gaap:CommercialRealEstatePortfolioSegmentMember2023-01-012023-12-310001829576care:CommercialAndIndustrialPortfolioSegmentMemberus-gaap:PassMember2023-12-310001829576care:CommercialAndIndustrialPortfolioSegmentMemberus-gaap:SpecialMentionMember2023-12-310001829576us-gaap:SubstandardMembercare:CommercialAndIndustrialPortfolioSegmentMember2023-12-310001829576care:CommercialAndIndustrialPortfolioSegmentMember2023-01-012023-12-310001829576us-gaap:PassMemberus-gaap:ResidentialPortfolioSegmentMember2023-12-310001829576us-gaap:ResidentialPortfolioSegmentMemberus-gaap:SpecialMentionMember2023-12-310001829576us-gaap:SubstandardMemberus-gaap:ResidentialPortfolioSegmentMember2023-12-310001829576us-gaap:ResidentialPortfolioSegmentMember2023-01-012023-12-310001829576care:OtherConsumerPortfolioSegmentMemberus-gaap:PassMember2023-12-310001829576care:OtherConsumerPortfolioSegmentMemberus-gaap:SpecialMentionMember2023-12-310001829576care:OtherConsumerPortfolioSegmentMemberus-gaap:SubstandardMember2023-12-310001829576care:OtherConsumerPortfolioSegmentMember2023-01-012023-12-310001829576care:ConstructionPortfolioSegmentMemberus-gaap:PassMember2023-12-310001829576care:ConstructionPortfolioSegmentMemberus-gaap:SpecialMentionMember2023-12-310001829576us-gaap:SubstandardMembercare:ConstructionPortfolioSegmentMember2023-12-310001829576care:ConstructionPortfolioSegmentMember2023-01-012023-12-310001829576care:OtherFinancingReceivablesPortfolioSegmentMemberus-gaap:PassMember2023-12-310001829576care:OtherFinancingReceivablesPortfolioSegmentMemberus-gaap:SpecialMentionMember2023-12-310001829576us-gaap:SubstandardMembercare:OtherFinancingReceivablesPortfolioSegmentMember2023-12-310001829576care:OtherFinancingReceivablesPortfolioSegmentMember2023-01-012023-12-310001829576us-gaap:PassMember2023-12-310001829576us-gaap:SpecialMentionMember2023-12-310001829576us-gaap:SubstandardMember2023-12-310001829576us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:PerformingFinancingReceivableMember2024-03-310001829576us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:NonperformingFinancingReceivableMember2024-03-310001829576care:CommercialAndIndustrialPortfolioSegmentMemberus-gaap:PerformingFinancingReceivableMember2024-03-310001829576us-gaap:NonperformingFinancingReceivableMembercare:CommercialAndIndustrialPortfolioSegmentMember2024-03-310001829576us-gaap:ResidentialPortfolioSegmentMemberus-gaap:PerformingFinancingReceivableMember2024-03-310001829576us-gaap:NonperformingFinancingReceivableMemberus-gaap:ResidentialPortfolioSegmentMember2024-03-310001829576care:OtherConsumerPortfolioSegmentMemberus-gaap:PerformingFinancingReceivableMember2024-03-310001829576us-gaap:NonperformingFinancingReceivableMembercare:OtherConsumerPortfolioSegmentMember2024-03-310001829576care:ConstructionPortfolioSegmentMemberus-gaap:PerformingFinancingReceivableMember2024-03-310001829576us-gaap:NonperformingFinancingReceivableMembercare:ConstructionPortfolioSegmentMember2024-03-310001829576care:OtherFinancingReceivablesPortfolioSegmentMemberus-gaap:PerformingFinancingReceivableMember2024-03-310001829576us-gaap:NonperformingFinancingReceivableMembercare:OtherFinancingReceivablesPortfolioSegmentMember2024-03-310001829576us-gaap:PerformingFinancingReceivableMember2024-03-310001829576us-gaap:NonperformingFinancingReceivableMember2024-03-310001829576us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:PerformingFinancingReceivableMember2023-12-310001829576us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:NonperformingFinancingReceivableMember2023-12-310001829576care:CommercialAndIndustrialPortfolioSegmentMemberus-gaap:PerformingFinancingReceivableMember2023-12-310001829576us-gaap:NonperformingFinancingReceivableMembercare:CommercialAndIndustrialPortfolioSegmentMember2023-12-310001829576us-gaap:ResidentialPortfolioSegmentMemberus-gaap:PerformingFinancingReceivableMember2023-12-310001829576us-gaap:NonperformingFinancingReceivableMemberus-gaap:ResidentialPortfolioSegmentMember2023-12-310001829576care:OtherConsumerPortfolioSegmentMemberus-gaap:PerformingFinancingReceivableMember2023-12-310001829576us-gaap:NonperformingFinancingReceivableMembercare:OtherConsumerPortfolioSegmentMember2023-12-310001829576care:ConstructionPortfolioSegmentMemberus-gaap:PerformingFinancingReceivableMember2023-12-310001829576us-gaap:NonperformingFinancingReceivableMembercare:ConstructionPortfolioSegmentMember2023-12-310001829576care:OtherFinancingReceivablesPortfolioSegmentMemberus-gaap:PerformingFinancingReceivableMember2023-12-310001829576us-gaap:NonperformingFinancingReceivableMembercare:OtherFinancingReceivablesPortfolioSegmentMember2023-12-310001829576us-gaap:PerformingFinancingReceivableMember2023-12-310001829576us-gaap:NonperformingFinancingReceivableMember2023-12-310001829576us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMember2024-03-310001829576us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2024-03-310001829576us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2024-03-310001829576us-gaap:CommercialRealEstatePortfolioSegmentMembercare:FinancialAsset30To89DaysPastDueMember2024-03-310001829576us-gaap:FinancialAssetNotPastDueMembercare:CommercialAndIndustrialPortfolioSegmentMember2024-03-310001829576care:CommercialAndIndustrialPortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2024-03-310001829576care:CommercialAndIndustrialPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2024-03-310001829576care:CommercialAndIndustrialPortfolioSegmentMembercare:FinancialAsset30To89DaysPastDueMember2024-03-310001829576us-gaap:FinancialAssetNotPastDueMemberus-gaap:ResidentialPortfolioSegmentMember2024-03-310001829576us-gaap:ResidentialPortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2024-03-310001829576us-gaap:FinancingReceivables60To89DaysPastDueMemberus-gaap:ResidentialPortfolioSegmentMember2024-03-310001829576care:FinancialAsset30To89DaysPastDueMemberus-gaap:ResidentialPortfolioSegmentMember2024-03-310001829576us-gaap:FinancialAssetNotPastDueMembercare:OtherConsumerPortfolioSegmentMember2024-03-310001829576care:OtherConsumerPortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2024-03-310001829576care:OtherConsumerPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2024-03-310001829576care:OtherConsumerPortfolioSegmentMembercare:FinancialAsset30To89DaysPastDueMember2024-03-310001829576us-gaap:FinancialAssetNotPastDueMembercare:ConstructionPortfolioSegmentMember2024-03-310001829576care:ConstructionPortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2024-03-310001829576us-gaap:FinancingReceivables60To89DaysPastDueMembercare:ConstructionPortfolioSegmentMember2024-03-310001829576care:FinancialAsset30To89DaysPastDueMembercare:ConstructionPortfolioSegmentMember2024-03-310001829576us-gaap:FinancialAssetNotPastDueMembercare:OtherFinancingReceivablesPortfolioSegmentMember2024-03-310001829576care:OtherFinancingReceivablesPortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2024-03-310001829576us-gaap:FinancingReceivables60To89DaysPastDueMembercare:OtherFinancingReceivablesPortfolioSegmentMember2024-03-310001829576care:FinancialAsset30To89DaysPastDueMembercare:OtherFinancingReceivablesPortfolioSegmentMember2024-03-310001829576us-gaap:FinancialAssetNotPastDueMember2024-03-310001829576us-gaap:FinancingReceivables30To59DaysPastDueMember2024-03-310001829576us-gaap:FinancingReceivables60To89DaysPastDueMember2024-03-310001829576care:FinancialAsset30To89DaysPastDueMember2024-03-310001829576us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMember2023-12-310001829576us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2023-12-310001829576us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2023-12-310001829576us-gaap:CommercialRealEstatePortfolioSegmentMembercare:FinancialAsset30To89DaysPastDueMember2023-12-310001829576us-gaap:FinancialAssetNotPastDueMembercare:CommercialAndIndustrialPortfolioSegmentMember2023-12-310001829576care:CommercialAndIndustrialPortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2023-12-310001829576care:CommercialAndIndustrialPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2023-12-310001829576care:CommercialAndIndustrialPortfolioSegmentMembercare:FinancialAsset30To89DaysPastDueMember2023-12-310001829576us-gaap:FinancialAssetNotPastDueMemberus-gaap:ResidentialPortfolioSegmentMember2023-12-310001829576us-gaap:ResidentialPortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2023-12-310001829576us-gaap:FinancingReceivables60To89DaysPastDueMemberus-gaap:ResidentialPortfolioSegmentMember2023-12-310001829576care:FinancialAsset30To89DaysPastDueMemberus-gaap:ResidentialPortfolioSegmentMember2023-12-310001829576us-gaap:FinancialAssetNotPastDueMembercare:OtherConsumerPortfolioSegmentMember2023-12-310001829576care:OtherConsumerPortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2023-12-310001829576care:OtherConsumerPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2023-12-310001829576care:OtherConsumerPortfolioSegmentMembercare:FinancialAsset30To89DaysPastDueMember2023-12-310001829576us-gaap:FinancialAssetNotPastDueMembercare:ConstructionPortfolioSegmentMember2023-12-310001829576care:ConstructionPortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2023-12-310001829576us-gaap:FinancingReceivables60To89DaysPastDueMembercare:ConstructionPortfolioSegmentMember2023-12-310001829576care:FinancialAsset30To89DaysPastDueMembercare:ConstructionPortfolioSegmentMember2023-12-310001829576us-gaap:FinancialAssetNotPastDueMembercare:OtherFinancingReceivablesPortfolioSegmentMember2023-12-310001829576care:OtherFinancingReceivablesPortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2023-12-310001829576us-gaap:FinancingReceivables60To89DaysPastDueMembercare:OtherFinancingReceivablesPortfolioSegmentMember2023-12-310001829576care:FinancialAsset30To89DaysPastDueMembercare:OtherFinancingReceivablesPortfolioSegmentMember2023-12-310001829576us-gaap:FinancialAssetNotPastDueMember2023-12-310001829576us-gaap:FinancingReceivables30To59DaysPastDueMember2023-12-310001829576us-gaap:FinancingReceivables60To89DaysPastDueMember2023-12-310001829576care:FinancialAsset30To89DaysPastDueMember2023-12-310001829576us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2024-01-012024-03-31care:loan0001829576us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2023-01-012023-12-310001829576care:FinancialAsset30To89DaysPastDueMember2024-01-012024-03-310001829576us-gaap:CommercialRealEstatePortfolioSegmentMembercare:FinancialAsset30To89DaysPastDueMember2024-01-012024-03-310001829576care:CommercialAndIndustrialPortfolioSegmentMembercare:FinancialAsset30To89DaysPastDueMember2024-01-012024-03-310001829576care:FinancialAsset30To89DaysPastDueMembercare:ConstructionPortfolioSegmentMember2024-01-012024-03-310001829576us-gaap:NonperformingFinancingReceivableMembercare:LargestLendingRelationshipLoansMember2023-12-310001829576us-gaap:NonperformingFinancingReceivableMembercare:LargestLendingRelationshipLoansMember2024-03-310001829576us-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMember2023-12-310001829576us-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMember2024-03-310001829576us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:RealEstateMember2024-03-310001829576us-gaap:CommercialRealEstatePortfolioSegmentMembercare:DiscountedCashFlowMember2024-03-310001829576us-gaap:CommercialRealEstatePortfolioSegmentMembercare:RealEstateInvetmentAndCashMember2024-03-310001829576us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:RealEstateMember2023-12-310001829576us-gaap:CommercialRealEstatePortfolioSegmentMembercare:DiscountedCashFlowMember2023-12-310001829576us-gaap:CommercialRealEstatePortfolioSegmentMembercare:RealEstateInvetmentAndCashMember2023-12-310001829576us-gaap:RealEstateMembercare:CommercialAndIndustrialPortfolioSegmentMember2024-03-310001829576care:DiscountedCashFlowMembercare:CommercialAndIndustrialPortfolioSegmentMember2024-03-310001829576care:CommercialAndIndustrialPortfolioSegmentMembercare:RealEstateInvetmentAndCashMember2024-03-310001829576us-gaap:RealEstateMembercare:CommercialAndIndustrialPortfolioSegmentMember2023-12-310001829576care:DiscountedCashFlowMembercare:CommercialAndIndustrialPortfolioSegmentMember2023-12-310001829576care:CommercialAndIndustrialPortfolioSegmentMembercare:RealEstateInvetmentAndCashMember2023-12-310001829576us-gaap:RealEstateMemberus-gaap:ResidentialPortfolioSegmentMember2024-03-310001829576care:DiscountedCashFlowMemberus-gaap:ResidentialPortfolioSegmentMember2024-03-310001829576care:RealEstateInvetmentAndCashMemberus-gaap:ResidentialPortfolioSegmentMember2024-03-310001829576us-gaap:RealEstateMemberus-gaap:ResidentialPortfolioSegmentMember2023-12-310001829576care:DiscountedCashFlowMemberus-gaap:ResidentialPortfolioSegmentMember2023-12-310001829576care:RealEstateInvetmentAndCashMemberus-gaap:ResidentialPortfolioSegmentMember2023-12-310001829576us-gaap:RealEstateMembercare:OtherConsumerPortfolioSegmentMember2024-03-310001829576care:DiscountedCashFlowMembercare:OtherConsumerPortfolioSegmentMember2024-03-310001829576care:OtherConsumerPortfolioSegmentMembercare:RealEstateInvetmentAndCashMember2024-03-310001829576us-gaap:RealEstateMembercare:OtherConsumerPortfolioSegmentMember2023-12-310001829576care:DiscountedCashFlowMembercare:OtherConsumerPortfolioSegmentMember2023-12-310001829576care:OtherConsumerPortfolioSegmentMembercare:RealEstateInvetmentAndCashMember2023-12-310001829576us-gaap:RealEstateMembercare:ConstructionPortfolioSegmentMember2024-03-310001829576care:DiscountedCashFlowMembercare:ConstructionPortfolioSegmentMember2024-03-310001829576care:ConstructionPortfolioSegmentMembercare:RealEstateInvetmentAndCashMember2024-03-310001829576us-gaap:RealEstateMembercare:ConstructionPortfolioSegmentMember2023-12-310001829576care:DiscountedCashFlowMembercare:ConstructionPortfolioSegmentMember2023-12-310001829576care:ConstructionPortfolioSegmentMembercare:RealEstateInvetmentAndCashMember2023-12-310001829576us-gaap:RealEstateMembercare:OtherFinancingReceivablesPortfolioSegmentMember2024-03-310001829576care:DiscountedCashFlowMembercare:OtherFinancingReceivablesPortfolioSegmentMember2024-03-310001829576care:OtherFinancingReceivablesPortfolioSegmentMembercare:RealEstateInvetmentAndCashMember2024-03-310001829576us-gaap:RealEstateMembercare:OtherFinancingReceivablesPortfolioSegmentMember2023-12-310001829576care:DiscountedCashFlowMembercare:OtherFinancingReceivablesPortfolioSegmentMember2023-12-310001829576care:OtherFinancingReceivablesPortfolioSegmentMembercare:RealEstateInvetmentAndCashMember2023-12-310001829576us-gaap:RealEstateMember2024-03-310001829576care:DiscountedCashFlowMember2024-03-310001829576care:RealEstateInvetmentAndCashMember2024-03-310001829576us-gaap:RealEstateMember2023-12-310001829576care:DiscountedCashFlowMember2023-12-310001829576care:RealEstateInvetmentAndCashMember2023-12-310001829576us-gaap:CommercialRealEstatePortfolioSegmentMember2022-12-310001829576care:CommercialAndIndustrialPortfolioSegmentMember2022-12-310001829576us-gaap:ResidentialPortfolioSegmentMember2022-12-310001829576care:OtherConsumerPortfolioSegmentMember2022-12-310001829576care:ConstructionPortfolioSegmentMember2022-12-310001829576care:OtherFinancingReceivablesPortfolioSegmentMember2022-12-310001829576us-gaap:CommercialRealEstatePortfolioSegmentMember2023-01-012023-03-310001829576care:CommercialAndIndustrialPortfolioSegmentMember2023-01-012023-03-310001829576us-gaap:ResidentialPortfolioSegmentMember2023-01-012023-03-310001829576care:OtherConsumerPortfolioSegmentMember2023-01-012023-03-310001829576care:ConstructionPortfolioSegmentMember2023-01-012023-03-310001829576care:OtherFinancingReceivablesPortfolioSegmentMember2023-01-012023-03-310001829576us-gaap:CommercialRealEstatePortfolioSegmentMember2023-03-310001829576care:CommercialAndIndustrialPortfolioSegmentMember2023-03-310001829576us-gaap:ResidentialPortfolioSegmentMember2023-03-310001829576care:OtherConsumerPortfolioSegmentMember2023-03-310001829576care:ConstructionPortfolioSegmentMember2023-03-310001829576care:OtherFinancingReceivablesPortfolioSegmentMember2023-03-310001829576srt:MinimumMember2024-01-012024-03-310001829576srt:MaximumMember2024-01-012024-03-310001829576us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentAgenciesDebtSecuritiesMember2024-03-310001829576us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentAgenciesDebtSecuritiesMemberus-gaap:FairValueInputsLevel1Member2024-03-310001829576us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentAgenciesDebtSecuritiesMemberus-gaap:FairValueInputsLevel2Member2024-03-310001829576us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentAgenciesDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Member2024-03-310001829576us-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2024-03-310001829576us-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2024-03-310001829576us-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2024-03-310001829576us-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2024-03-310001829576us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialMortgageBackedSecuritiesMember2024-03-310001829576us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel1Member2024-03-310001829576us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel2Member2024-03-310001829576us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Member2024-03-310001829576us-gaap:FairValueMeasurementsRecurringMembercare:OtherCommercialMortgageBackedSecuritiesMember2024-03-310001829576us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Membercare:OtherCommercialMortgageBackedSecuritiesMember2024-03-310001829576us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Membercare:OtherCommercialMortgageBackedSecuritiesMember2024-03-310001829576us-gaap:FairValueMeasurementsRecurringMembercare:OtherCommercialMortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Member2024-03-310001829576us-gaap:FairValueMeasurementsRecurringMemberus-gaap:AssetBackedSecuritiesMember2024-03-310001829576us-gaap:FairValueMeasurementsRecurringMemberus-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueInputsLevel1Member2024-03-310001829576us-gaap:FairValueMeasurementsRecurringMemberus-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueInputsLevel2Member2024-03-310001829576us-gaap:FairValueMeasurementsRecurringMemberus-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Member2024-03-310001829576us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CollateralizedMortgageObligationsMember2024-03-310001829576us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:CollateralizedMortgageObligationsMember2024-03-310001829576us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:CollateralizedMortgageObligationsMember2024-03-310001829576us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CollateralizedMortgageObligationsMemberus-gaap:FairValueInputsLevel3Member2024-03-310001829576us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2024-03-310001829576us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:USStatesAndPoliticalSubdivisionsMember2024-03-310001829576us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:USStatesAndPoliticalSubdivisionsMember2024-03-310001829576us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:USStatesAndPoliticalSubdivisionsMember2024-03-310001829576us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMember2024-03-310001829576us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:CorporateDebtSecuritiesMember2024-03-310001829576us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:CorporateDebtSecuritiesMember2024-03-310001829576us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Member2024-03-310001829576us-gaap:FairValueMeasurementsRecurringMember2024-03-310001829576us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2024-03-310001829576us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2024-03-310001829576us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2024-03-310001829576us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentAgenciesDebtSecuritiesMember2023-12-310001829576us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentAgenciesDebtSecuritiesMemberus-gaap:FairValueInputsLevel1Member2023-12-310001829576us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentAgenciesDebtSecuritiesMemberus-gaap:FairValueInputsLevel2Member2023-12-310001829576us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentAgenciesDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Member2023-12-310001829576us-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001829576us-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2023-12-310001829576us-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2023-12-310001829576us-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2023-12-310001829576us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialMortgageBackedSecuritiesMember2023-12-310001829576us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel1Member2023-12-310001829576us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel2Member2023-12-310001829576us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Member2023-12-310001829576us-gaap:FairValueMeasurementsRecurringMembercare:OtherCommercialMortgageBackedSecuritiesMember2023-12-310001829576us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Membercare:OtherCommercialMortgageBackedSecuritiesMember2023-12-310001829576us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Membercare:OtherCommercialMortgageBackedSecuritiesMember2023-12-310001829576us-gaap:FairValueMeasurementsRecurringMembercare:OtherCommercialMortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Member2023-12-310001829576us-gaap:FairValueMeasurementsRecurringMemberus-gaap:AssetBackedSecuritiesMember2023-12-310001829576us-gaap:FairValueMeasurementsRecurringMemberus-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueInputsLevel1Member2023-12-310001829576us-gaap:FairValueMeasurementsRecurringMemberus-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueInputsLevel2Member2023-12-310001829576us-gaap:FairValueMeasurementsRecurringMemberus-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Member2023-12-310001829576us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CollateralizedMortgageObligationsMember2023-12-310001829576us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:CollateralizedMortgageObligationsMember2023-12-310001829576us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:CollateralizedMortgageObligationsMember2023-12-310001829576us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CollateralizedMortgageObligationsMemberus-gaap:FairValueInputsLevel3Member2023-12-310001829576us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2023-12-310001829576us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:USStatesAndPoliticalSubdivisionsMember2023-12-310001829576us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:USStatesAndPoliticalSubdivisionsMember2023-12-310001829576us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:USStatesAndPoliticalSubdivisionsMember2023-12-310001829576us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMember2023-12-310001829576us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:CorporateDebtSecuritiesMember2023-12-310001829576us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:CorporateDebtSecuritiesMember2023-12-310001829576us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Member2023-12-310001829576us-gaap:FairValueMeasurementsRecurringMember2023-12-310001829576us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2023-12-310001829576us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2023-12-310001829576us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2023-12-310001829576us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Member2024-01-012024-03-310001829576us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsNonrecurringMember2024-03-310001829576us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsNonrecurringMember2024-03-310001829576us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel3Member2024-03-310001829576us-gaap:FairValueMeasurementsNonrecurringMember2024-03-310001829576us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsNonrecurringMember2023-12-310001829576us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsNonrecurringMember2023-12-310001829576us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel3Member2023-12-310001829576us-gaap:FairValueMeasurementsNonrecurringMember2023-12-310001829576care:OtherRealEstateOwnedOneMemberus-gaap:FairValueMeasurementsNonrecurringMember2024-03-310001829576care:OtherRealEstateOwnedOneMemberus-gaap:MeasurementInputCostToSellMembercare:ValuationTechniqueAppraisalMember2024-03-31xbrli:pure0001829576care:OtherRealEstateOwnedOneMemberus-gaap:MeasurementInputCostToSellMembercare:ValuationTechniqueAppraisalMembersrt:WeightedAverageMember2024-03-310001829576us-gaap:FairValueMeasurementsNonrecurringMembercare:OtherRealEstateOwnedTwoMember2024-03-310001829576care:ValuationTechniqueDiscountedInternalValuationsMembersrt:MinimumMembercare:MeasurementInputManagementsSubjectDiscountMembercare:OtherRealEstateOwnedTwoMember2024-03-310001829576care:ValuationTechniqueDiscountedInternalValuationsMembercare:MeasurementInputManagementsSubjectDiscountMembersrt:MaximumMembercare:OtherRealEstateOwnedTwoMember2024-03-310001829576care:ValuationTechniqueDiscountedInternalValuationsMembercare:MeasurementInputManagementsSubjectDiscountMembercare:OtherRealEstateOwnedTwoMembersrt:WeightedAverageMember2024-03-310001829576care:OtherRealEstateOwnedThreeMemberus-gaap:FairValueMeasurementsNonrecurringMember2024-03-310001829576care:ValuationTechniqueInternalValuationsMembercare:OtherRealEstateOwnedThreeMemberus-gaap:MeasurementInputCostToSellMember2024-03-310001829576care:ValuationTechniqueInternalValuationsMembercare:OtherRealEstateOwnedThreeMemberus-gaap:MeasurementInputCostToSellMembersrt:WeightedAverageMember2024-03-310001829576care:OtherRealEstateOwnedOneMemberus-gaap:FairValueMeasurementsNonrecurringMember2023-12-310001829576care:OtherRealEstateOwnedOneMemberus-gaap:MeasurementInputCostToSellMembercare:ValuationTechniqueAppraisalMember2023-12-310001829576care:OtherRealEstateOwnedOneMemberus-gaap:MeasurementInputCostToSellMembercare:ValuationTechniqueAppraisalMembersrt:WeightedAverageMember2023-12-310001829576us-gaap:FairValueMeasurementsNonrecurringMembercare:OtherRealEstateOwnedTwoMember2023-12-310001829576care:ValuationTechniqueInternalValuationsMemberus-gaap:MeasurementInputCostToSellMembercare:OtherRealEstateOwnedTwoMember2023-12-310001829576care:ValuationTechniqueInternalValuationsMemberus-gaap:MeasurementInputCostToSellMembercare:OtherRealEstateOwnedTwoMembersrt:WeightedAverageMember2023-12-310001829576care:OtherRealEstateOwnedThreeMemberus-gaap:FairValueMeasurementsNonrecurringMember2023-12-310001829576care:ValuationTechniqueDiscountedInternalValuationsMembercare:OtherRealEstateOwnedThreeMembersrt:MinimumMembercare:MeasurementInputManagementsSubjectDiscountMember2023-12-310001829576care:ValuationTechniqueDiscountedInternalValuationsMembercare:OtherRealEstateOwnedThreeMembercare:MeasurementInputManagementsSubjectDiscountMembersrt:MaximumMember2023-12-310001829576care:ValuationTechniqueDiscountedInternalValuationsMembercare:OtherRealEstateOwnedThreeMembercare:MeasurementInputManagementsSubjectDiscountMembersrt:WeightedAverageMember2023-12-310001829576us-gaap:CarryingReportedAmountFairValueDisclosureMember2024-03-310001829576us-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-03-310001829576us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-03-310001829576us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel3Member2024-03-310001829576us-gaap:EstimateOfFairValueFairValueDisclosureMember2024-03-310001829576us-gaap:CarryingReportedAmountFairValueDisclosureMember2023-12-310001829576us-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-12-310001829576us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-12-310001829576us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel3Member2023-12-310001829576us-gaap:EstimateOfFairValueFairValueDisclosureMember2023-12-310001829576us-gaap:InterestRateLockCommitmentsMemberus-gaap:NondesignatedMember2024-03-31care:transaction0001829576us-gaap:InterestRateLockCommitmentsMemberus-gaap:NondesignatedMember2023-12-310001829576us-gaap:NondesignatedMemberus-gaap:InterestRateSwapMember2024-03-310001829576us-gaap:NondesignatedMemberus-gaap:InterestRateSwapMember2023-12-310001829576us-gaap:NondesignatedMember2024-03-310001829576us-gaap:NondesignatedMember2023-12-310001829576us-gaap:NondesignatedMemberus-gaap:ForwardContractsMember2024-03-310001829576us-gaap:NondesignatedMemberus-gaap:ForwardContractsMember2023-12-310001829576us-gaap:InterestRateLockCommitmentsMember2024-01-012024-03-310001829576us-gaap:InterestRateLockCommitmentsMember2023-01-012023-03-310001829576us-gaap:ForwardContractsMember2024-01-012024-03-310001829576us-gaap:ForwardContractsMember2023-01-012023-03-310001829576us-gaap:InterestRateSwapMember2024-01-012024-03-310001829576us-gaap:InterestRateSwapMember2023-01-012023-03-310001829576us-gaap:LoansReceivableMember2023-12-310001829576us-gaap:LoansReceivableMember2024-03-310001829576care:DebtSecuritiesAvailableForSaleMember2023-12-310001829576care:DebtSecuritiesAvailableForSaleMember2024-03-31care:financialInstitution0001829576us-gaap:ConstructionLoansMember2024-03-310001829576us-gaap:ConstructionLoansMember2023-12-310001829576us-gaap:FinancialStandbyLetterOfCreditMember2024-03-310001829576us-gaap:FinancialStandbyLetterOfCreditMember2023-12-310001829576us-gaap:UnfundedLoanCommitmentMember2024-01-012024-03-310001829576us-gaap:UnfundedLoanCommitmentMember2023-01-012023-03-310001829576care:BankVsJusticeEntitiesMember2023-05-152023-05-150001829576care:BankVsCollectionDefendantsMembersrt:MinimumMembercare:CollectionDefendantsMember2023-11-102023-11-100001829576care:BankVsGLASTrustCompanyLLCMembercare:GLASTrustCompanyLLCMember2024-02-122024-02-120001829576us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2024-01-012024-03-310001829576us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2023-01-012023-03-3100018295762023-03-290001829576care:HistoricTaxCreditMember2024-03-31

For the quarterly period ended March 31, 2024

For the transition period from to     

Commission File Number: 001-39731

(Exact name of registrant as specified in its charter)

Securities registered pursuant to Section 12(b) of the Act:

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232-405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of April 30, 2024 there were 23,015,086 shares of the registrant’s common stock issued and outstanding.

Principles of Consolidation: The interim Consolidated Financial Statements include the accounts of Carter Bankshares, Inc. (the “Company”) and its wholly owned subsidiary, Carter Bank & Trust (the “Bank”). CB&T Investment Company (the “Investment Company”) is a subsidiary of the Bank. All significant intercompany transactions have been eliminated in consolidation.

Basis of Presentation: The accompanying unaudited Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles (“GAAP”) in the United States for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with the audited Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ended December 31, 2023, filed with the Securities and Exchange Commission (“SEC”), on March 8, 2024. In management’s opinion, the accompanying interim financial information reflects all adjustments, consisting of normal recurring adjustments, necessary to present fairly our financial position and the results of operations for each of the interim periods presented. Results of operations for interim periods are not necessarily indicative to the results of operations that may be expected for a full year or any future period.

Reclassification: Amounts in prior periods financial statements and footnotes are reclassified whenever necessary to conform to the current period presentation. Reclassifications had no material effect on prior periods net income or shareholders’ equity.

Use of Estimates: To prepare financial statements in conformity with GAAP, management makes estimates and assumptions based on available information. These estimates and assumptions affect the amounts reported in the Consolidated Financial Statements and the disclosures provided, and actual results could differ from those estimates.

The Company did not adopt any Accounting Standards Updates (“ASU”) during the three months ended March 31, 2024.

On March 29, 2024 the FASB issued ASU 2024-02, Codification Improvements— Amendments to Remove References to the Concepts Statements, which amends the Codification to remove references to various concepts statements and impacts a variety of topics in the Codification. The amendments apply to all reporting entities within the scope of the affected accounting guidance, but in most instances the references removed are extraneous and not required to understand or apply the guidance. Generally, the amendments in ASU 2024-02 are not intended to result in significant accounting changes for most entities. The ASU is effective January 1, 2025 and is not expected to have a significant impact on the Company’s financial statements.

On December 14, 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which enhances the required disclosures primarily related to the income tax rate reconciliation and income taxes paid. The ASU requires an entity’s income tax rate reconciliation to provide additional information for reconciling items meeting a quantitative threshold, and to disclose certain selected categories within the income tax rate reconciliation. The ASU also requires entities to disclose the amount of income taxes paid, disaggregated by federal, state and foreign taxes. The ASU is effective for annual periods beginning after December 15, 2024, though early adoption is permitted. The Company is currently evaluating the impact of this guidance on its Consolidated Financial Statements.

On November 27, 2023, the FASB issued ASU 2023-07. Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which changes disclosures relating to reportable segments. The ASU expands the disclosure requirements relating to reportable segments, including requiring entities to disclose information about a reportable segment’s significant expenses, among other changes. The ASU does not change how an entity identifies reportable segments or the accounting for segments. The ASU is effective for annual periods beginning after December 15, 2023, and interim periods within annual periods beginning after December 15, 2024, with early adoption permitted. The Company has one reporting segment therefore, will not impact our Consolidated Financial Statements; however, this ASU requires disclosure of the title and position of the chief operating decision maker and an explanation of how resources are allocated.

In March 2024, the U.S. Securities and Exchange Commission ("SEC") adopted final rules under SEC Release No. 33-11275, “The Enhancement and Standardization of Climate-Related Disclosures for Investors”. This rule will require registrants to disclose certain climate-related information in registration statements and annual reports. The disclosure requirements will start to phase-in commencing with the Company's fiscal year beginning January 1, 2026.

Basic earnings per common share is calculated by dividing net income allocated to common shareholders by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per common share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the entity.

The following table reconciles the numerators and denominators of basic and diluted earnings per common share calculations for the periods presented:

All outstanding unvested restricted stock awards are considered participating securities for the earnings per share calculation. As such, these shares have been allocated to a portion of net income and are excluded from the diluted earnings per common share calculation.

The following tables present the amortized cost and fair value of available-for-sale securities as of the dates presented:

The Company did not have securities classified as held-to-maturity at March 31, 2024 or December 31, 2023.

The following table shows the composition of gross and net realized gains and losses for the periods presented:

Gains or losses are recognized in earnings on the trade date using the amortized cost of the specific security sold. The net realized (losses) gains above reflect reclassification adjustments in the calculation of Other Comprehensive Income (Loss). The net realized (losses) gains are included in noninterest income as (losses) gains on sales of securities, net in the Consolidated Statements of Income. The tax impact is included in income tax provision in the Consolidated Statements of Income.

The amortized cost and fair value of available-for-sale debt securities are shown below by contractual maturity as of the date presented. Expected maturities may differ from contractual maturities if borrowers have the right to call or prepay obligations with or without call or prepayment penalties. Securities not due at a single maturity date are shown separately.

At March 31, 2024 and December 31, 2023, there were no holdings of securities of any one issuer, other than those securities issued by the U.S. Government and its Agencies, in an amount greater than 10% of shareholders’ equity. The carrying value of securities pledged for various regulatory and legal requirements was $303.4 million at March 31, 2024 and $215.5 million at December 31, 2023.

Available-for-sale securities with unrealized losses at March 31, 2024 and December 31, 2023, aggregated by investment category and length of time the individual securities have been in a continuous unrealized loss position, were as follows:

The Company adopted Topic 326, Financial Instruments—Credit Losses (Topic 326) on January 1, 2021 and did not record an allowance for credit losses, (“ACL”), on its investment securities during the quarter ended March 31, 2024 or the year ended December 31, 2023 as the Company did not have any related impairment. The Company regularly reviews debt securities for expected credit loss using both qualitative and quantitative criteria, as necessary, based on the composition of the portfolio at period end.

As of March 31, 2024, management does not intend to sell any security in an unrealized loss position and it is not more than likely that it will be required to sell any such security before the recovery of its amortized cost basis. The unrealized losses on debt securities are primarily the result of interest rate changes, credit spread fluctuations, general financial market uncertainty and market volatility. These conditions should not prohibit the Company from receiving its contractual principal and interest payments on its debt securities. The fair value is expected to recover as the securities approach their maturity date or repricing date. It should be noted that we may occasionally sell securities to take advantage of market opportunities or as part of a strategic initiative.

As of March 31, 2024, the Company determined the unrealized losses detailed in the table above are not related to credit; therefore, no ACL has been recognized on the Company’s securities. Should the impairment of any of these securities become credit related, the impairment will be recognized by establishing an ACL through provision for credit losses in the period the credit related impairment is identified, while any non-credit loss will be recognized in accumulated other comprehensive loss, net of applicable taxes. During the three months ended March 31, 2024 and March 31, 2023, the Company had no credit related net investment impairment losses.

The composition of the loan portfolio by dollar amount is shown in the table below:

The Company evaluates all loan restructurings according to the accounting guidance for loan modifications to determine if the restructuring results in a new loan or a continuation of the existing loan. Loan modifications to borrowers experiencing financial difficulty that result in a direct change in the timing or amount of contractual cash flows include situations where there is principal forgiveness, interest rate reductions, other-than-insignificant payment delays, term extensions, and combinations of the listed modifications. Therefore, the disclosures related to loan restructurings are only for modifications that directly affect cash flows.

A loan that is considered a restructured loan may be subject to the individually evaluated loan analysis if the commitment is $1.0 million or greater and/or based on management’s discretion; otherwise, the restructured loan remains in the appropriate segment in the ACL model. For a discussion with respect to reserve calculations regarding individually evaluated loans refer to the “Nonrecurring Basis” section in Note 6, Fair Value Measurements, in the Notes to Consolidated Financial Statements in Item 1 of this Quarterly Report on Form 10-Q.

There were no loans to borrowers experiencing financial difficulty restructured during the three months ended March 31, 2024 or March 31, 2023.

The Company closely monitors the performance of the loans that are modified to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. During the three months ended March 31, 2024 and March 31, 2023, respectively, the Company had no modifications to borrowers experiencing financial difficulty to report.

At March 31, 2024 and December 31, 2023, the Bank had no commitments to lend any additional funds on restructured loans. At March 31, 2024 and March 31, 2023, the Bank had no loans that defaulted during the period and had been modified preceding the payment default when the borrower was experiencing financial difficulty at the time of modification. For purposes of this disclosure, a default occurs when, within 12 months of the original modification, either a full or partial charge-off occurs or the loan becomes 90 days or more past due.

As of March 31, 2024 and December 31, 2023, the Bank had $0.9 million and $2.0 million, respectively, of residential real estate loans in the process of foreclosure. The Company also had $37 thousand at March 31, 2024 and $62 thousand at December 31, 2023 in residential real estate loans included in other real estate owned (“OREO”).

The Company maintains an ACL at a level determined to be adequate to absorb expected credit losses associated with the Company’s financial instruments over the life of those instruments as of the balance sheet date. The Company develops and documents a systematic ACL methodology based on the following portfolio segments: 1) CRE, 2) Commercial and Industrial, (“C&I”), 3) Residential Mortgages, 4) Other Consumer, 5) Construction and 6) Other. The Company’s loan portfolio is segmented by homogeneous loan types that behave similarly to economic cycles. The following is a discussion of the key risks by portfolio segment that management assesses in preparing the ACL.

CRE loans are secured by commercial purpose real estate, including both owner occupied properties and investment properties, for various purposes such as hotels, strip malls and apartments. Operations of the individual projects as well as global cash flows of the debtors are the primary sources of repayment for these loans. The condition of the local economy is an important indicator of risk, but there are also more specific risks depending on the collateral type as well as the business.

C&I loans are made to operating companies or manufacturers for the purpose of production, operating capacity, accounts receivable, inventory or equipment financing. Cash flow from the operations of the borrower is the primary source of repayment for these loans. The condition of the local economy is an important indicator of risk, but there are also more specific risks depending on the industry of the borrower. Collateral for these types of loans often do not have sufficient value in a distressed or liquidation scenario to satisfy the outstanding debt. These loans are also made to local and state municipalities for various purposes including refinancing existing obligations, infrastructure up-fit and expansion, or to purchase new equipment. These loans may be secured by general obligations from the municipal authority or revenues generated by infrastructure and equipment financed by the Company. The primary repayment source for these loans include the tax base of the municipality, specific revenue streams related to the infrastructure financed, and other business operations of the municipal authority. The health and stability of state and local economies directly impacts each municipality’s tax basis and are important indicators of risk for this segment. The ability of each municipality to increase taxes and fees to offset debt service requirements give this type of loan a very low risk profile in the continuum of the Company’s loan portfolio.

Residential Mortgages are loans secured by first and second liens such as home equity loans, home equity lines of credit and 1-4 family residential mortgages, including purchased money mortgages. The primary source of repayment for these loans is the income of the borrower. The condition of the local economy, in particular the unemployment rate, is an important indicator of risk for this segment. The state of the local housing market can also have a significant impact on this segment because low demand and/or declining home values can limit the ability of borrowers to sell a property and satisfy the debt.

Other Consumer loans are made to individuals and may be either secured by assets other than 1-4 family residences or unsecured. This segment includes auto loans and unsecured loans and lines. The primary source of repayment for these loans is the income and assets of the borrower. The condition of the local economy, in particular the unemployment rate, is an important indicator of risk for this segment. The value of the collateral, if there is any, is less likely to be a source of repayment due to less certain collateral values.

Construction loans include both commercial and consumer. Commercial loans are made to finance construction of buildings or other structures, as well as to finance the acquisition and development of raw land for various purposes. While the risk of these loans is generally confined to the construction period, if there are problems, the project may not be completed, and as such, may not provide sufficient cash flow on its own to service the debt or have sufficient value in a liquidation to cover the outstanding principal. The condition of the local economy is an important indicator of risk, but there are also more specific risks depending on the type of project and the experience and resources of the developer. Consumer loans are made for the construction of residential homes for which a binding sales contract exists and generally are for a period of time sufficient to complete construction. Residential construction loans to individuals generally provide for the payment of interest only during the construction phase. Credit risk for residential real estate construction loans can arise from construction delays, cost overruns, failure of the contractor to complete the project to specifications and economic conditions that could impact demand for or supply of the property being constructed.

Other loans include unique risk attributes considered inconsistent with our current underwriting standards. The ACL reserve for the Other segment is based on a discounted cash flow methodology and reserves will fluctuate based on expected cash flow changes in the future. These inconsistencies may include, but are not limited to i) transaction and/or relationship sizes that exceed limits established in 2018, ii) overreliance on secondary, tertiary or guarantor cash flow, iii) land acquisition loans without a defined source of amortization, iv) loan structures on operating lines of credit dependent on the value of real estate rather than trading assets, and v) indirect liabilities of certain guarantees resulting from the nonpayment of financial obligations.

Management continuously assesses underwriting standards, but significantly enhanced these standards in 2018.

The CECL model is based on our best estimate of facts known with the most current information. Certain portions of the CECL model are inherently subjective and include, but are not limited to estimates with respect to: prepayment speeds, the timing of prepayments, potential losses given default, discount rates and the timing of future cash flows. Management utilizes widely published economic forecasts as the basis for the regression analysis used to estimate the probability of default in the baseline model. The peaks and troughs of these forecasts serve as guardrails for potential subjective adjustments. In addition to considering the outcomes based on the range of forecasts, management recognizes that the assumptions used in economic forecasts may not perfectly align with our market area, risk profile or unique attributes of our portfolio along with other important considerations. Severe changes in forecasts can also create significant variability and management must assess not only the absolute balance of reserves but also consider the appropriateness of the velocity of change. Therefore, management developed a framework to assess the tolerance and reasonableness of the CECL modeling process by challenging certain elements of the forecasts, when appropriate. These outcomes, known as “challenger models,” provide opportunities to examine and subjectively adjust the CECL model output and are designed to be counter cyclical, thereby reducing variability.

The Company’s portfolio grading analysis estimates the capability of the borrower to repay the contractual obligations of the loan agreements as scheduled or at all. The Company’s internal credit risk grading system is based on debt service coverage, collateral values and other subjective factors. Mortgage and consumer loans are defaulted to a pass grade until a loan migrates to past due status.

The Company has a loan review policy and annual scope report that details the level of loan review for loans in a given year. The annual loan review provides the Credit Risk Committee with an independent analysis of the following: 1) credit quality of the loan portfolio, 2) compliance with the loan policy, 3) adequacy of documentation in credit files and 4) validity of risk ratings. Since 2020 and continuing through 2024, the Company used a five step approach for loan review in the following categories:

•Individual reviews of the top twenty large loan relationships (“LLRs”), which are defined as any individual commercial loan or aggregate commercial relationship totaling $2.0 million or more;

•A sampling of small LLRs, which are defined as individual commercial loans or relationships with aggregate exposure of $2.0 million or more but not included in the top twenty LLRs;

•A sampling review of Executive Loan Committee modifications, including new and existing loans to provide perspective on the appropriateness of the modification in relation to established policies and procedures;

•A sampling review of non-organic commercial loans and those commercial loans approved outside of the Executive Loan Committee; and

•Focus reviews of various segments to evaluate emerging risk rather than individual loan risk. Focus reviews are performed annually on a rotational basis.

The Company’s internally assigned grades are as follows:

Pass – The Company uses six grades of pass, including its watch rating. Generally, a pass rating indicates that the loan is currently performing and is of high quality.

Special Mention – Assets with potential weaknesses that warrant management’s close attention and if left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the asset or in the institution’s credit position at some future date.

Substandard – Assets that are inadequately protected by the current sound worth and paying capacity of the obligor or by the collateral pledged, if any. Assets so classified have a well-defined weakness, or weaknesses that jeopardize the liquidation of the debt. Such assets are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected.

Doubtful – Assets with all the weaknesses inherent in one classified substandard with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently known facts, conditions, and values, highly questionable and improbable.

Loss – Assets considered of such little value that its continuance on the books is not warranted. This classification does not mean that the asset has absolutely no recovery or salvage value, but rather it is not practical or desirable to defer writing off this basically worthless asset even though partial recovery may be affected in the future.

The following table presents loan balances by year of origination and internally assigned risk rating for our portfolio segments as of the periods presented: