Carter Bankshares(CARE) - 2023 Q4 - Annual Report

As of December 31, 2023, our nonperforming loans totaled $309.5 million, or 8.83%, of the Company's loan portfolio. The Company's policy is to place loans in nonaccrual status when collection of interest or principal is doubtful, or generally when interest or principal payments are 90 days or more past due based on contractual terms. While the Company generally seeks to reduce or resolve problem assets through, among other methods, loan workouts, restructurings, or sales of the loans or underlying collatera ...