Waynesboro Branch Acquisition (Tables)

9 Months Ended

Sep. 30, 2021

Stock-Based Compensation

Schedule of acquisition date

	Acquired Balances as Recorded by Carter Bankshares Inc.			Fair Value Adjustments			Acquired Balances as Recorded by Farmers & Merchants Bank
Cash and due from banks	$	188		$	-		$	188
Premises and equipment, net		11			-			11
Right-of-use asset		50			-			50
Core deposit intangible		-			73			73
Total assets	$	249		$	73		$	322
Deposits:
Noninterest-bearing	$	1,693		$	-		$	1,693
Interest-bearing		12,401			135			12,536
Total deposits		14,094			135			14,229
Lease Liability		50			-			50
Total liabilities	$	14,144		$	135		$	14,279
Net assets acquired	$	(13,895	)	$	(62	)	$	(13,957	)

Schedule of statement of net assets acquired

Assets acquired at fair value:
Cash and cash equivalents	$	188
Premises and equipment, net		11
Right-of-use asset		50
Core deposit intangible		73
Total fair value of assets acquired	$	322
Liabilities assumed at fair value:
Deposits	$	14,229
Lease liability		50
Total fair value of liabilities assumed	$	14,279
Net assets acquired at fair value	$	(13,957	)
Transaction consideration paid to Carter Bankshares Inc.	$	(13,758	)
Amount of goodwill resulting from acquisition	$	199