What changed in this filing

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Item 2. Properties

2022-03-11 compared with 2021-03-12 · 7 added, 56 removed, 0 unchanged (100% of the section changed)

The Company’s principal executive

office is located at 1300 Kings Mountain Road in Martinsville, Virginia.

There are also two other corporate administrative locations

that house its operations center and various other corporate functions.

We offer our community banking services through 92 combined

depository locations in Virginia and North Carolina at December 31, 2020.

Seventy offices are located in Virginia and twenty-two

are located in North Carolina.

Two of these depository banking locations are held under lease contracts, one of which is held-for-sale

in connection with sale of Bank branches.

The branch sale is expected to occur in the second quarter of 2021.

In addition, the

Bank leases a loan production office and a commercial banking office.

Management believes the terms of the various leases are

consistent with market standards and were arrived at through arm’s length bargaining.

The leases are described in Note 8

of the Notes to Consolidated Financial Statements.

LEGAL PROCEEDINGS

As of December 31, 2020, no material

legal proceedings were pending or threatened against the Company.

MINE SAFETY DISCLOSURES

Not applicable.

CARTER BANKSHARES, INC.

AND SUBSIDIARIES

MARKET FOR REGISTRANT’S

COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

Market for Common Stock and Dividends

The Company’s common stock trades

on NASDAQ, under the ticker symbol “CARE.”

As of the close of business on March 5, 2021, we had 2,437 shareholders

On October 14, 2016, prior to the

Reorganization, the board of directors of the Bank (the "Bank Board") determined that it was prudent not to declare

a quarterly cash dividend on the Bank's common stock beginning in the fourth quarter of 2016.

Given the Bank’s history of

paying a quarterly cash dividend on its common stock, this decision was an extremely difficult one and one that the Bank Board

did not take lightly.

However, the Bank Board believed this decision was necessary and appropriate as the Bank committed, and

now the Company commits additional resources to assist with regulatory compliance, preserve capital during the COVID-19 pandemic,

and makes significant investments in new technology and human resources.

While recognizing the importance of dividends to its

shareholders, the Board of Directors of the Company (the “Board”) has determined that preservation of capital is of

paramount importance at this time.

The Bank Board announced on February 11,

2020 the declaration of a special one-time cash dividend of $0.14 per share.

This dividend was paid on March 3, 2020 to shareholders

of record as of February 18, 2020.

The Bank Board emphasized that this was a one-time dividend and there are no immediate

plans to reinstate a quarterly dividend.

The amount and timing of future dividends, if any, remain subject to the discretion of

the Company’s Board and will depend upon a number of factors, including future earnings, financial condition, liquidity

and capital requirements of the Company, applicable governmental regulations and other factors deemed relevant by the Board.

respect to the special one-time cash dividend, the Bank Board believed that it was appropriate to return some of our excess capital

to our shareholders since our recent strategy of capital retention has resulted in capital levels that are well above the well-capitalized

levels of federal banking regulatory agencies.

CARTER BANKSHARES, INC.

AND SUBSIDIARIES

The Company’s principal executive office is located at 1300 Kings Mountain Road in Martinsville, Virginia.

There are also two other corporate administrative locations that house its operations center and various other corporate functions.

We offer our community banking services through 69 combined depository locations in Virginia and North Carolina at December 31, 2021, 56 offices are located in Virginia and 13 are located in North Carolina.

Two of these depository banking locations are held under lease contracts.

In addition, the Bank leases a loan production office and a commercial banking office.

Management believes the terms of the various leases are consistent with market standards and were arrived at through arm’s length bargaining.

The leases are described in Note 8, Premises and Equipment, of the Notes to Consolidated Financial Statements in Item 8 of this Annual Report on Form 10-K.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 2. Properties