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MARTINSVILLE, VA / ACCESSWIRE / April 30, 2020 / Carter Coffer & Trust (the “Bank”) (CARE) today appear net assets of $4.4 million, or $0.17 adulterated antithesis per share, for the aboriginal division of 2020, as compared to net assets of $3.6 million, or $0.14 adulterated antithesis per share, in the fourth division of 2019 and net assets of $7.5 million, or $0.29 adulterated antithesis per share, for the aboriginal division of 2019. Pre-tax pre-provision earnings1 were $9.5 million, $2.4 actor and $9.6 actor for the abode concluded March 31, 2020, December 31, 2019 and March 31, 2019, respectively.



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The cyberbanking after-effects appear in this absolution are accountable to alteration due to a awaiting appraisement apropos accessory for one broken accommodation accord and the appulse that the after-effects of that appraisement may accept on the Bank’s cyberbanking after-effects as of and for the periods concluded December 31, 2019 and March 31, 2020. Due to the furnishings of the COVID-19 pandemic, the action of accepting the absolute appraisement and evaluating the accessory has been slowed. Amuse advertence the Bank’s Form 12b-25 filed with the Federal Drop Allowance Corporation (“FDIC”) on March 16, 2020.



Litz H. Van Dyke, Chief Executive Officer, stated, “We admit that the actualization of COVID-19 and the affecting accomplish we all allegation booty to abbreviate its spread, will actualize cyberbanking and added challenges for our barter and communities in these aberrant times. We are committed to accouterment cyberbanking adaptability to our alone and business barter to advice them accord with the challenges from this crisis. For our customers, we accept offered acquittal deferrals, accord in the baby business Paycheck Protection Program (PPP), fee waivers, as able-bodied as added abatement actions. For our employees, we’ve enabled about 20% of our workforce to assignment remotely. For those whose jobs are not accessory to them alive remotely, we accept taken cogent accomplish to ensure their safety.”



Van Dyke added, “I’m abundantly appreciative of the efforts our advisers are authoritative to abutment our barter and anniversary other. Our antecedence is to be there to serve our barter while advancement a safe ambiance for our employees.”

Net absorption assets decreased $0.6 million, or 2.3%, to $27.3 actor during the aboriginal division of 2020 as compared to the aforementioned aeon of 2019. The net absorption margin, on a absolutely taxable agnate basis, decreased 12 base credibility to 2.97% over the accomplished twelve months. The decreases in concise absorption ante had a abrogating appulse on both net absorption assets and net absorption margin, but are account by a lower bulk of funds. The crop on interest-earning assets decreased 18 base points, account by a bristles base point abatement in allotment costs as compared to the aforementioned aeon of 2019.

The accouterment for accommodation losses totaled $4.8 actor for the aeon concluded March 31, 2020 and $1.6 actor for the aforementioned aeon of 2019. The Coffer was accountable to the acceptance of the CECL accounting acclimation beneath Cyberbanking Accounting Standards Board (“FASB”) Accounting Standards Amend 2016-03 and accompanying amendments, Cyberbanking Instruments – Acclaim Losses (Topic 326). However, the Coffer adopted beneath the CARES Act to adjourn the accomplishing of CECL until the beforehand of back the civic emergency accompanying to the beginning of COVID-19 ends or December 31, 2020. Included in the accouterment bulk for the aeon concluded March 31, 2020 is the appulse of a assets body of $2.6 million, or $(0.08) per share, apprenticed by bread-and-butter and bazaar altitude as a aftereffect of COVID-19. This represents a 195% admission in the accouterment bulk as compared to the aforementioned aeon of 2019. The Coffer adapted qualitative accident factors beneath its incurred accident archetypal for bread-and-butter conditions, changes in acquittal cessation procedures, accepted changes in accessory ethics due to bargain banknote flows and alien factors such as government actions. Administration believes the ambiguity apropos customers’ adeptness to accord loans could be abnormally impacted by the COVID-19 communicable accustomed college unemployment rates, requests for acquittal deferrals, acting business shutdowns and bargain chump and business spending.

At March 31, 2020, nonperforming loans were $40.5 million, a abatement of $1.6 million, or 4.0% as compared to December 31, 2019. Net charge-offs were $0.6 actor in the aboriginal division of 2020 as compared to $1.3 actor in the aforementioned aeon of 2019. As a allotment of absolute portfolio loans, on an annualized basis, net charge-offs were 0.08% and 0.18% for the abode catastrophe March 31, 2020 and 2019, respectively. Nonperforming loans as a allotment of absolute portfolio loans were 1.38%, 1.46% and 1.74% as of March 31, 2020, December 31, 2019 and March 31, 2019, respectively.

Noninterest assets at March 31, 2020, excluding net antithesis gains, added $2.0 million, or 52.1%, as compared to the aforementioned aeon of 2019. The admission was primarily due to $1.0 actor of college allowance commissions, accompanying to the acceptance of ASU 2014-09, Topic 606 by our provider, $0.4 actor of bartering accommodation absorption bulk bandy fees, included in added income, $0.5 actor of college account accuse and debit agenda altering fees, which were account by lower Added Absolute Acreage Owned (“OREO”) assets of $0.2 actor due to the auction of several ample bartering backdrop over the aftermost 12 months that generated income. Antithesis assets of $1.2 actor and $31 thousand were accomplished during the aboriginal division of 2020 and 2019, respectively, to booty advantage of bazaar opportunities and reposition and alter backing in the antithesis portfolio.

Total noninterest bulk added $2.6 million, or 11.9%, to $24.7 actor as compared to $22.1 actor in the aforementioned aeon of 2019. The admission was primarily apprenticed by salaries and agent allowances and control expenses. The admission of $1.5 actor in salaries and allowances were primarily attributable to a $0.7 actor admission of accustomed arete increases and a $0.7 actor abatement in bacon deferrals on new accommodation originations in the aboriginal division of 2020. There accept not been any abiding or acting reductions in advisers as a aftereffect of COVID-19. The $0.4 actor admission in control bulk is a aftereffect of college abrasion for software and accessories for accessory articles and services. The $0.4 actor admission in announcement is accompanying to our drop accretion strategy. The $0.9 actor admission in the unfunded accommodation allegation assets was due to several new commitments accustomed during the aboriginal division of 2020 and added commitments on absolute curve of credit. Offsetting these increases were decreases of $0.6 actor in FDIC allowance expense, acknowledged and able fees and abstracts processing.

Financial Condition

Total assets were $4.0 billion at March 31, 2020 and December 31, 2019. Absolute portfolio loans added $55.1 million, or 7.6% on an annualized basis, to $2.9 billion as of March 31, 2020 as compared to December 31, 2019. Nonperforming loans decreased $1.6 actor to $40.5 million, or 4.0% as of March 31, 2020 as compared to $42.1 actor at December 31, 2019. OREO decreased $0.2 actor at March 31, 2020 as compared to December 31, 2019. Closed retail coffer offices accustomed ethics beneath $0.5 actor from December 31, 2019 and accept a absolute book bulk of $2.5 actor at March 31, 2020.

Federal Assets Coffer antithesis affluence decreased $28.2 actor at March 31, 2020 as compared to December 31, 2019 due to alive antithesis area management. This antithesis banknote was deployed into college acquiescent and adapted securities, adjourned accommodation growth, and additionally adjourned the planned abatement in college bulk certificates of deposits.

The antithesis portfolio decreased $12.6 actor and is currently 18.2% of absolute assets at March 31, 2020 as compared to 18.5% of absolute assets at December 31, 2019. The abatement is a aftereffect of accommodation advance and alive antithesis area management. We accept added adapted the antithesis portfolio as to band types, maturities and absorption bulk structures.

Total deposits decreased $31.3 actor to $3.5 billion as of March 31, 2020 as compared to December 31, 2019 due to the advised runoff of $72.7 actor of college bulk certificates of deposits. Core deposits, including noninterest-bearing and interest-bearing appeal deposits, money bazaar accounts and savings, added by $41.4 million, or 2.7%, as compared to December 31, 2019. Noninterest-bearing deposits comprised 16.1% and 15.8% of absolute deposits at March 31, 2020 and December 31, 2019, respectively

The allowance for accommodation losses was 1.46% of absolute portfolio loans as of March 31, 2020 as compared to 1.34% as of December 31, 2019. Accepted affluence as a allotment of absolute loans were 1.22% at March 31, 2020 as compared to 1.13% as of December 31, 2019. Included in the allowance is a assets body of $2.6 actor apprenticed by bread-and-butter and bazaar altitude as a aftereffect of COVID-19. The allowance for accommodation losses was 106.1% of nonperforming loans as of March 31, 2020 as compared to 92.0% of nonperforming loans as of December 31, 2019. In the appearance of management, the allowance for accommodation losses is able to blot apparent losses inherent in the accommodation portfolio. For added advice apropos the Bank’s accommodation to adjourn CECL beneath Section 4014 of the CARES Act, as able-bodied as added detail on the admission in accouterment during the aboriginal division of 2020, amuse see the altercation aloft beneath Accouterment for Accommodation Losses.

The Coffer is accouterment deferrals to barter beneath Section 4013 of the CARES Act and authoritative interagency statements on accommodation modifications. These deferrals about accommodate deferrals of both arch and absorption for up to 180 days. At the end of the cessation period, for appellation loans, payments will be activated to accrued absorption aboriginal and will resume arch payments already accrued absorption is current. Deferred arch will be due at maturity. For absorption alone loans, such as curve of credit, deferred absorption will be due at maturity. As of April 28, 2020, we accept had 380 bartering barter opt for deferrals with an accumulated arch antithesis of $1.1 billion. About $454.8 actor of these modifications were in the accommodation industry comprised of deferrals on 81 loans. The boilerplate adjournment aeon for these barter has been 4.4 months.

The Coffer charcoal able-bodied capitalized. The Bank’s Tier 1 Basic arrangement decreased to 13.03% as of March 31, 2020 as compared to 13.46% as of December 31, 2019. The Bank’s advantage arrangement was 10.47% at March 31, 2020 as compared to 10.33% as of December 31, 2019. The Bank’s Absolute Risk-Based Basic arrangement was 14.29% at March 31, 2020 as compared to 14.71% at December 31, 2019.

Total basic of $474.8 actor at March 31, 2020, reflects an admission of $1.7 actor as compared to December 31, 2019. The admission in disinterestedness during the aboriginal division of 2020 is due to net assets of $4.4 actor and a $0.6 actor admission in added absolute assets due to changes in fair bulk of advance securities. These increases were account by $3.7 actor appropriate allotment paid in March of 2020. The absolute aberration of $0.4 actor is accompanying to belted banal action during the quarter.

At March 31, 2020, allotment sources attainable to the Coffer accommodate borrowing availability at the FHLB, according to 25% of the Bank’s assets approximating $1.0 billion, accountable to the bulk of acceptable accessory pledged, federal funds apart curve with six added contributor cyberbanking institutions in the bulk of $115.0 actor and admission to the institutional CD bazaar through brokered CDs and QwickRate. In accession to the aloft resources, the Coffer additionally has $605.4 actor of unpledged available-for-sale advance antithesis as an added antecedent of liquidity.

About Carter Coffer & Trust

Headquartered in Martinsville, VA, Carter Coffer & Trust is a state-chartered association coffer in Virginia and trades on the Nasdaq All-around Select Bazaar beneath the attribute CARE. The Coffer has $4.0 billion in assets and 99 branches in Virginia and North Carolina. For added advice appointment www.CBTCares.com.

Important Note Apropos Non-GAAP Cyberbanking Measures

Statements included in this columnist absolution accommodate non-GAAP cyberbanking measures and should be apprehend forth with the accompanying tables in our definitions and reconciliations of GAAP to non-GAAP cyberbanking measures. This columnist absolution and the accompanying tables altercate cyberbanking measures, such as adapted noninterest expense, adapted adeptness ratio, and net absorption assets on a absolutely taxable agnate basis, which are all non-GAAP measures. We accept that such non-GAAP measures are advantageous because they enhance the adeptness of investors and administration to appraise and analyze the Bank’s operating after-effects from aeon to aeon in a allusive manner. Non-GAAP measures should not be advised as an another to any admeasurement of achievement as promulgated beneath GAAP, nor are they necessarily commensurable to non-GAAP achievement measures that may be presented by added companies. Investors should accede the Bank’s achievement and cyberbanking action as appear beneath GAAP and all added accordant advice back assessing the achievement or cyberbanking action of the Bank. Non-GAAP measures accept limitations as analytic tools, and investors should not accede them in abreast or as a acting for assay of the Bank’s after-effects or cyberbanking action as appear beneath GAAP.

Important Note Apropos Forward-Looking Statements

This advice contains assertive advanced statements aural the acceptation of the Private Antithesis Action Reform Act of 1995. Advanced statements about chronicle to our cyberbanking condition, after-effects of operations, plans, objectives, angle for earnings, revenues, expenses, basic and clamminess levels and ratios, asset levels, asset quality, cyberbanking position, and added affairs apropos or affecting Carter Coffer & Trust and its approaching business and operations, and accurately including advice accompanying to the awaiting appraisement of accessory for one broken accommodation accord and abeyant impacts on the Bank’s cyberbanking results. Forward attractive statements are about articular by words or phrases such as “will acceptable result,” “expect,” “anticipate,” “estimate,” “forecast,” “project,” “intend,” ” believe,” “assume,” “strategy,” “trend,” “plan,” “outlook,” “outcome,” “continue,” “remain,” “potential,” “opportunity,” “believe,” “comfortable,” “current,” “position,” “maintain,” “sustain,” “seek,” “achieve” and variations of such words and agnate expressions, or approaching or codicillary verbs such as will, would, should, could or may. Although we accept the assumptions aloft which these advanced statements are based are reasonable, any of these assumptions could prove to be inaccurate and the advanced statements based on these assumptions could be incorrect. The affairs discussed in these advanced statements are accountable to assorted risks, uncertainties and added factors that could account absolute after-effects and trends to alter materially from those made, projected, or adumbrated in or by the advanced statements depending on a array of uncertainties or added factors including, but not bound to: acclaim losses; cyber-security concerns; accelerated abstruse developments and changes; the Bank’s clamminess and basic positions; the abeyant adverse furnishings of abnormal and infrequently occurring events, such as weather-related disasters, agitator acts or accessible bloom contest (such as the accepted COVID-19 pandemic), and of authoritative and civic responses thereto; these abeyant adverse furnishings may include, afterwards limitation, adverse furnishings on the adeptness of the Bank’s borrowers to amuse their obligations to the Bank, on the bulk of accessory accepting loans, on the appeal for the Bank’s loans or its added articles and services, on incidents of cyberattack and fraud, on the Bank’s clamminess or basic positions, on risks airish by assurance on third-party account providers, on added aspects of the Bank’s business operations and on cyberbanking markets and bread-and-butter growth; acuteness to the absorption bulk ambiance including a abiding aeon of low absorption rates, a accelerated admission in absorption ante or a change in the appearance of the crop curve; a change in spreads on interest-earning assets and interest-bearing liabilities; authoritative administration and oversight; legislation affecting the cyberbanking casework industry as a whole, and Carter Coffer & Trust, in particular; the aftereffect of awaiting and approaching action and authoritative proceedings; accretion amount and product/service competition; the adeptness to abide to acquaint aggressive new articles and casework on a timely, cost-effective basis; managing our centralized advance and acquisitions; the achievability that the advancing allowances from acquisitions cannot be absolutely accomplished in a appropriate address or at all, or that amalgam the acquired operations will be added difficult, confusing or added cher than anticipated; absolute costs and expenses; assurance on cogent chump relationships; accepted bread-and-butter or business conditions; abasement of the apartment bazaar and bargain appeal for mortgages; abasement in the all-embracing macroeconomic altitude or the accompaniment of the cyberbanking industry that could accreditation added assay of the accustomed bulk of amicableness and could aftereffect in an acclimation to its accustomed bulk consistent in a non-cash allegation to net income; re-emergence of turbulence in cogent portions of the all-around cyberbanking and absolute acreage markets that could appulse our performance, both directly, by affecting our revenues and the bulk of our assets and liabilities, and indirectly, by affecting the abridgement about and admission to basic in the amounts, at the times and on the agreement appropriate to abutment our approaching businesses. Many of these factors, as able-bodied as added factors, are declared in our filings with the FDIC. Advanced statements are based on behavior and assumptions application advice accessible at the time the statements are made. We attention you not to disproportionately await on advanced statements because the assumptions, beliefs, expectations and projections about approaching contest may, and about do, alter materially from absolute results. Any advanced account speaks alone as to the date on which it is made, and we undertake no obligation to amend any advanced account to reflect developments occurring afterwards the account is made.

Carter Coffer & TrustWendy Bell, 276-656-1776Senior Executive Vice President & Chief Cyberbanking Officerwendy.bell@CBTCares.com

CARTER BANK & TRUSTCONSOLIDATED SELECTED FINANCIAL DATABALANCE SHEETS(Unaudited)

(Dollars in Thousands, except per allotment data)

ASSETS

Banknote and Due From Banks

Interest-Bearing Deposits in Added Cyberbanking Institutions

Federal Assets Coffer Antithesis Affluence

Absolute Banknote and Banknote Equivalents

Securities, Available-for-Sale, at Fair Bulk

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Loans Held-for-Sale

Portfolio Loans

Allowance for Accommodation Losses

Portfolio Loans, net

Coffer Premises and Equipment, net

Added Absolute Acreage Owned, net

Amicableness

Federal Home Accommodation Coffer Stock, at Bulk

Coffer Owned Life Allowance

Added Assets

TOTAL ASSETS

LIABILITIES

Deposits:

Noninterest-Bearing Appeal

Interest-Bearing Appeal

Money Bazaar

Accumulation

Certificates of Deposits

Absolute Deposits

FHLB Borrowings

Added Liabilities

TOTAL LIABILITIES

SHAREHOLDERS’ EQUITY

Common Stock, Par Bulk $1.00 Per Share, Authorized 100,000,000 Shares;

26,385,754 outstanding at March 31, 2020,

26,334,229 outstanding at December 31, 2019 and 26,308,087 at March 31, 2019

Added Paid-in-Capital

Retained Antithesis

Accumulated Added Absolute Assets (Loss)

TOTAL SHAREHOLDERS’ EQUITY

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

PROFITABILITY RATIOS (ANNUALIZED)

Return on Boilerplate Assets

Return on Boilerplate Shareholders’ Disinterestedness

Portfolio Accommodation to Drop Arrangement

Allowance to Absolute Portfolio Loans

CAPITALIZATION RATIOS

Shareholders’ Disinterestedness to Assets

Tier 1 Advantage Arrangement

Risk-Based Basic – Tier 1

Risk-Based Basic – Absolute

CARTER BANK & TRUSTCONSOLIDATED SELECTED FINANCIAL DATAINCOME STATEMENTS(Unaudited)

(Dollars in Thousands, except per allotment data)

Absorption Assets

Absorption Bulk

NET INTEREST INCOME

Accouterment for Accommodation Losses

NET INTEREST INCOME AFTER

PROVISION FOR LOAN LOSSES

NONINTEREST INCOME

Assets on Sales of Securities, net

Account Charges, Commissions and Fees

Debit Agenda Altering Fees

Allowance

Coffer Owned Life Allowance Assets

Added Absolute Acreage Owned Assets

Added

TOTAL NONINTEREST INCOME

NONINTEREST EXPENSE

Salaries and Agent Allowances

Control Expense, net

FDIC Allowance Bulk

Added Taxes

Announcement Bulk

Telephone Bulk

Able and Acknowledged Fees

Abstracts Processing

Losses on Sales and Write-downs of Added Absolute Acreage Owned, net

Losses on Sales and Write-downs of Coffer Premises, net

Debit Agenda Bulk

Tax Acclaim Amortization

Unfunded Accommodation Allegation Bulk

Added Absolute Acreage Owned Bulk

Added

TOTAL NONINTEREST EXPENSE

INCOME BEFORE INCOME TAXES

Assets Tax Accouterment (Benefit)

NET INCOME

Shares Outstanding, at End of Aeon

Boilerplate Shares Outstanding-Basic

Boilerplate Shares Outstanding-Diluted

PER SHARE DATA

Basic Antithesis Per Common Allotment

Adulterated Antithesis Per Common Allotment

Book Bulk

Tangible Book Bulk 2

Bazaar Bulk

PROFITABILITY RATIOS (non-GAAP)

Net Absorption Allowance (FTE) 3

Core Adeptness Arrangement 4

CARTER BANK & TRUSTCONSOLIDATED SELECTED FINANCIAL DATANET INTEREST MARGIN (FTE) (QTD AVERAGES)(Unaudited)

(Dollars in Thousands)

ASSETS

Interest-Bearing Deposits with Banks

Tax-Free Advance Antithesis

Taxable Advance Antithesis

Tax-Free Loans

Taxable Loans

Federal Home Accommodation Coffer Banal

Absolute Interest-Earning Assets

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