Financial Performance - Net income for 2025 was $31,362 thousand, up from $24,523 thousand in 2024, reflecting a year-over-year increase of 27.5%[516] - Basic earnings per common share increased to $1.38 in 2025 from $1.06 in 2024, representing a growth of 30.2%[516] - Comprehensive income for 2025 was $53,723,000, compared to $31,441,000 in 2024, reflecting a significant growth[517] - The net unrealized gains recognized in other comprehensive income for 2025 were $22,361,000, up from $6,918,000 in 2024[517] - Cash provided by operating activities in 2025 was $39,862,000, an increase from $36,938,000 in 2024[521] Loan Portfolio - Total portfolio loans increased by $254.7 million, or 7.0%, during the year ended December 31, 2025[360] - Total gross loans increased by $255.1 million to $3,879.9 million as of December 31, 2025, compared to $3,624.8 million at December 31, 2024[430] - The loan portfolio composition included 24.1% floating rate loans, 37.5% variable rate loans, and 38.4% fixed rate loans[423] - Commercial Real Estate (CRE) loans represented 54.5% of total portfolio loans at December 31, 2025, up from 51.6% at December 31, 2024[424] - The Company actively monitors its loan portfolio in response to changing market conditions and borrower performance[423] Credit Quality - Nonperforming loans (NPLs) declined by $15.4 million to $244.0 million as of December 31, 2025, with NPLs as a percentage of total portfolio loans at 6.29% compared to 7.15% in 2024[360] - The allowance for credit losses (ACL) on portfolio loans totaled $71.5 million at December 31, 2025, down from $75.6 million at December 31, 2024, with the ACL to total portfolio loans ratio at 1.84% compared to 2.09%[360] - Net loan charge-offs significantly decreased to $0.5 million in 2025 from $16.4 million in 2024, with net charge-offs as a percentage of average portfolio loans dropping to 0.01% from 0.46%[381] - The Company established specific reserves of $18.0 million for nonperforming loans, representing 8.4% of the aggregate principal amount, down from 12.0% the previous year[447] - The Other segment reserve rate declined to 8.43% at December 31, 2025, from 12.01% at December 31, 2024, indicating improved credit quality[379] Deposits and Funding - Total deposits increased by $57.5 million, or 1.4%, to $4.2 billion at December 31, 2025, compared to December 31, 2024[360] - The Company acquired $55.9 million in deposits from two leased branch facilities in North Carolina during 2025[348] - Average interest-bearing liabilities increased to $3.7 billion in 2025 from $3.5 billion in 2024, primarily due to growth in interest-bearing deposits[374] - The cost of total interest-bearing deposits declined to 2.69% in 2025 from 2.91% in 2024, reflecting lower deposit rate offerings[374] - Federal Home Loan Bank borrowings increased by $108.5 million to $178.5 million at December 31, 2025, primarily to fund loan growth[469] Interest Income and Margin - Net interest income increased by $16.4 million, or 14.3%, to $130.8 million for the year ended December 31, 2025, compared to 2024[360] - Interest and dividend income increased to $232.2 million in 2025 from $221.7 million in 2024, reflecting a growth of 2.3%[368] - Net interest margin (GAAP) increased to 2.82% in 2025 from 2.57% in 2024, while net interest margin (FTE) rose to 2.83% from 2.58%[369] - Total interest earned on interest-bearing assets increased by $10.4 million, or 80.5%, from 2024 to 2025, driven by a $15.4 million increase in total loans[377] - The yield on total interest-earning assets (GAAP) increased to 5.00% in 2025 from 4.97% in 2024, while the yield on total loans (FTE) rose to 5.39% from 5.32%[372] Noninterest Income and Expense - Total noninterest income increased by $1.0 million, or 4.8%, in 2025, primarily due to a $2.0 million rise in other noninterest income, including a $1.9 million gain on a BOLI death benefit[385] - Total noninterest expense rose to $117.1 million in 2025, an increase of $7.1 million, or 6.4%, driven by operational growth and inflationary pressures[388] - Salaries and employee benefits remained flat due to higher salary cost deferrals of $5.7 million, with actual expenses increasing by $5.5 million due to merit increases and strategic hires[389] - Occupancy expenses increased by $2.0 million, attributed to higher software maintenance costs and increased depreciation related to branch purchases[391] - Gains on sales of securities decreased by $22,000, or 32.4%, from 2024 to 2025, reflecting lower market activity[385] Capital and Liquidity - Total capital increased to $419.7 million, up $35.4 million from 2024, driven by net income of $31.4 million[476] - The leverage ratio for Carter Bankshares, Inc. was 9.43% as of December 31, 2025, down from 9.56% in 2024[476] - The total risk-based capital ratio was 11.95% as of December 31, 2025, compared to 12.13% in 2024[476] - Total liquidity sources decreased to $1.225 billion in 2025 from $1.393 billion in 2024, reflecting a reduction in cash and due from banks[495] - The ratio of highly liquid assets to total assets was 9.7% as of December 31, 2025, down from 10.9% in 2024[493] Strategic Initiatives - The Company aims to shift from balance-sheet restructuring to a prudent growth strategy, focusing on organic growth and opportunistic acquisitions[351] - The Company renovated 47 retail branch locations and seven corporate offices in 2025 as part of its brand enhancement strategy[350] - The Company initiated $27.4 million in 1035 exchanges of BOLI to transfer proceeds to new insurance carriers, enhancing credit ratings and yields[402] - The Company actively monitors liquidity and maintains a comprehensive contingency funding plan, with defined liquidity metrics reviewed monthly[488] - The Company announced a new stock repurchase program on February 2, 2026, authorizing up to $10.0 million in common stock purchases[500]

Company Overview - Amgen is a biotechnology company that discovers, develops, manufactures, and delivers innovative medicines to combat serious diseases [3][4] - The company has a broad and deep pipeline of medicines targeting cancer, heart disease, inflammatory conditions, rare diseases, and obesity-related conditions [4] Upcoming Event - Amgen will present at the 46th Annual TD Cowen Health Care Conference on March 2, 2026, at 1:10 p.m. ET [1] - Kave Niksefat and Justin Claeys will represent the company during the presentation [1] - The event will be available via a live webcast, which will also be archived for at least 90 days for replay [2] Recognition and Market Position - Amgen has been recognized for its innovation and workplace culture, receiving honors from Fast Company and Forbes [5] - The company is part of the Dow Jones Industrial Average and the Nasdaq-100 Index, highlighting its status as one of the largest and most innovative non-financial companies [5]

Core Viewpoint - Carter Bank has appointed Kimberly Dempsey Schaufenbuel as Executive Vice President and Chief Human Resources Officer to enhance talent and culture for long-term success [1] Group 1: Appointment Details - Kimberly Dempsey Schaufenbuel will assume her role effective February 2, 2026 [1] - Schaufenbuel has over 20 years of experience in human resources, talent management, learning and performance, and organizational change [1] Group 2: Leadership Impact - Schaufenbuel will lead both the Human Resources and Training teams within the Bank's Executive Management Team [1]

Core Insights - Carter Bankshares, Inc. reported a revenue of $39.99 million for the quarter ended December 2025, reflecting a year-over-year increase of 15.2% [1] - The earnings per share (EPS) for the quarter was $0.41, up from $0.37 in the same quarter last year, indicating a positive growth trend [1] - The reported revenue fell short of the Zacks Consensus Estimate of $41.02 million, resulting in a revenue surprise of -2.52% [1] - The company achieved an EPS surprise of +24.24%, with the consensus EPS estimate being $0.33 [1] Financial Metrics - The efficiency ratio for Carter Bankshares was reported at 77.8%, which is higher than the estimated average of 72.1% by two analysts [4] - The net interest margin stood at 2.9%, matching the estimated average of 2.9% by two analysts [4] - Total noninterest income was reported at $5.23 million, which is below the estimated average of $5.75 million by two analysts [4] Stock Performance - Over the past month, shares of Carter Bankshares have returned +1.3%, outperforming the Zacks S&P 500 composite's +0.8% change [3] - The stock currently holds a Zacks Rank 3 (Hold), suggesting it may perform in line with the broader market in the near term [3]

分组1 - Carter Bankshares, Inc. reported quarterly earnings of $0.41 per share, exceeding the Zacks Consensus Estimate of $0.33 per share, and showing an increase from $0.37 per share a year ago, resulting in an earnings surprise of +24.24% [1] - The company posted revenues of $39.99 million for the quarter ended December 2025, which was 2.52% below the Zacks Consensus Estimate, compared to $34.7 million in revenues from the previous year [2] - Over the last four quarters, Carter Bankshares has surpassed consensus EPS estimates three times, but has only topped consensus revenue estimates once [2] 分组2 - The stock has gained approximately 1.3% since the beginning of the year, while the S&P 500 has increased by 1.9% [3] - The company's earnings outlook is crucial for investors, as it includes current consensus earnings expectations for upcoming quarters and any recent changes to these expectations [4] - The current consensus EPS estimate for the next quarter is $0.38 on revenues of $40.93 million, and for the current fiscal year, it is $1.90 on revenues of $174.02 million [7] 分组3 - The Zacks Industry Rank indicates that the Banks - Northeast sector is in the top 23% of over 250 Zacks industries, suggesting a favorable outlook for stocks in this category [8] - Another company in the same industry, Meridian Bank, is expected to report quarterly earnings of $0.55 per share, reflecting a year-over-year increase of +12.2%, with revenues projected at $32.18 million, up 12.6% from the previous year [9]

Financial Performance - Carter Bankshares reported a net income of $8.5 million, or $0.38 diluted EPS, for Q4 2025, an increase from $5.4 million, or $0.24 diluted EPS, in Q3 2025[1]. - For the full year 2025, net income was $31.4 million, or $1.38 diluted EPS, compared to $24.5 million, or $1.06 diluted EPS in 2024, representing a 28.2% year-over-year increase[1]. - The return on average assets (QTD annualized) improved to 0.70% in Q4 2025, compared to 0.45% in Q3 2025[41]. - Adjusted net income for the quarter ended December 31, 2025, was $9,058 thousand, compared to $5,711 thousand for the quarter ended September 30, 2025, reflecting a growth of 58.5%[49]. Net Interest Income - Net interest income for Q4 2025 was $34.6 million, up $0.9 million, or 2.6%, from Q3 2025, and increased by $5.5 million, or 18.7%, compared to Q4 2024[3]. - Net interest income for the quarter ended December 31, 2025, was $34,604 thousand, an increase from $33,719 thousand in the previous quarter[48]. - Net Interest Income for Q4 2025 reached $34,604,000, up from $33,719,000 in Q3 2025, representing a growth of 2.6%[50]. - Total Net Interest Income (FTE) (Non-GAAP) for the year ended December 31, 2025, was $131,491,000, compared to $115,232,000 in 2024, marking an increase of 14.1%[50]. Loan Portfolio - Total portfolio loans increased by $43.9 million, or 4.5%, on an annualized basis, reaching $3.9 billion as of December 31, 2025, and grew by $254.7 million, or 7.0%, year-over-year[3]. - Total portfolio loans rose by $43.9 million, or 4.5%, to $3.9 billion at December 31, 2025, with notable increases in CRE loans by $51.1 million and C&I loans by $13.9 million[26]. - Total loans as of December 31, 2025, reached $3,879,899 thousand, an increase from $3,624,826 thousand in December 2024, representing a growth of 7.0%[45]. - The portfolio loans to deposit ratio stood at 92.13% as of December 31, 2025, up from 91.10% in the previous quarter[41]. Nonperforming Loans - Nonperforming loans (NPLs) decreased by $14.7 million to $244.0 million at December 31, 2025, with NPLs as a percentage of total portfolio loans declining to 6.29%[6]. - Total nonperforming loans decreased to $243,982 thousand as of December 31, 2025, from $258,637 thousand on September 30, 2025, representing a reduction of 5.6%[46]. - Nonperforming loans to total portfolio loans ratio improved to 6.29% as of December 31, 2025, down from 6.74% on September 30, 2025[46]. Efficiency and Expenses - The efficiency ratio for Q4 2025 was 77.84%, impacted by the Bank's largest lending relationship that has been on nonaccrual status since Q2 2023[7]. - Noninterest expense totaled $31.0 million in Q4 2025, an increase of $2.3 million, or 8.0%, compared to Q3 2025, driven by higher seasonal salaries and employee benefits[19]. - The efficiency ratio for the year ended December 31, 2025, improved to 76.39%, down from 80.99% in 2024, indicating better cost management[42]. - Adjusted Efficiency Ratio (Non-GAAP) improved to 76.85% in Q4 2025 from 73.37% in Q3 2025, suggesting better cost management[50]. Capital and Assets - Total assets increased by $11.8 million to $4.9 billion as of December 31, 2025, compared to September 30, 2025[24]. - The Tier 1 Capital ratio improved to 10.70% at December 31, 2025, compared to 10.66% at September 30, 2025[29]. - The Company remains well-capitalized with a Total Risk-Based Capital ratio of 11.95% at December 31, 2025, compared to 11.91% at September 30, 2025[29]. - Total assets as of December 31, 2025, were $4,832,462 thousand, up from $4,637,440 thousand in December 2024, representing a growth of 4.2%[43]. Deposits and Liquidity - Total deposits increased slightly by $0.5 million to $4.2 billion at December 31, 2025[27]. - Approximately 81.3% of total deposits were insured within standard FDIC coverage limits as of December 31, 2025, down from 81.6% at September 30, 2025[28]. - The Company has $402.2 million of unpledged available-for-sale investment securities as an additional source of liquidity[32]. Other Income and Expenses - Noninterest income for Q4 2025 was $5.2 million, a slight decrease from the previous quarter and the same quarter last year, primarily due to lower insurance commissions[17]. - Noninterest income for the quarter ended December 31, 2025, was $5,225 thousand, slightly down from $5,370 thousand in the previous quarter[48]. - The total Noninterest Expense for the year ended December 31, 2025, was $117,054,000, compared to $110,002,000 in 2024, an increase of 6.3%[50]. - Gains on Sales and write-downs of OREO, net, for the year ended December 31, 2025, were $(203,000), compared to $866,000 in 2024, indicating a significant decline[50].

Core Viewpoint - Carter Bankshares, Inc. reported a significant increase in quarterly net income for Q4 2025, indicating strong financial performance compared to previous quarters and the same quarter last year [1] Financial Performance - The company achieved a net income of $8.5 million, or $0.38 diluted earnings per share (EPS), for the fourth quarter of 2025, which is an increase from $5.4 million, or $0.24 diluted EPS, in Q3 2025 [1] - Compared to Q4 2024, where the net income was $8.3 million, or $0.36 diluted EPS, the current quarter shows a slight increase in net income [1] - Net interest income for Q4 2025 was reported at $34.6 million, up from $33.7 million in Q3 2025 and significantly higher than $29.1 million in Q4 2024 [1]

Valuation & Earnings - Pioneer Bancorp reported revenue of $31.81 million and earnings per share (EPS) of $0.80, while Carter Bankshares reported higher revenue of $243.10 million and EPS of $1.36, indicating stronger financial performance for Carter Bankshares [2][3] - Carter Bankshares has a lower price-to-earnings (P/E) ratio of 14.69 compared to Pioneer Bancorp's P/E ratio of 18.39, suggesting that Carter Bankshares is currently more affordable [2][3] Volatility & Risk - Pioneer Bancorp has a beta of 0.45, indicating its stock price is 55% less volatile than the S&P 500, while Carter Bankshares has a beta of 0.62, indicating it is 38% less volatile than the S&P 500 [3] Profitability - Pioneer Bancorp has a net margin of 16.17%, return on equity (ROE) of 6.38%, and return on assets (ROA) of 0.95%. In comparison, Carter Bankshares has a net margin of 12.37%, ROE of 7.65%, and ROA of 0.65% [5] Analyst Recommendations - Carter Bankshares has a consensus price target of $22.00, indicating a potential upside of 10.11%. Analysts view Carter Bankshares more favorably than Pioneer Bancorp, which has no buy ratings [7] Insider & Institutional Ownership - 41.5% of Carter Bankshares shares are held by institutional investors, compared to only 2.5% of Pioneer Bancorp shares held by company insiders, indicating stronger institutional confidence in Carter Bankshares [8] Summary - Carter Bankshares outperforms Pioneer Bancorp in 8 out of 13 factors compared, highlighting its overall stronger position in the market [9]

Financial Performance - As of September 30, 2025, Carter Bankshares, Inc. has total assets of $4.8 billion[152] - Net income for the three months ended September 30, 2025, was $5.4 million, or $0.24 diluted earnings per share, compared to $5.6 million, or $0.24 diluted earnings per share, for the same period in 2024[164] - Net interest income increased by $4.9 million, or 17.1%, to $33.7 million for the three months ended September 30, 2025, compared to $28.8 million for the same period in 2024[162] - Net interest income increased by $10.9 million, or 12.8%, for the nine months ended September 30, 2025, compared to the same period in 2024[171] - Total noninterest income decreased by $0.1 million to $5.4 million for the three months ended September 30, 2025, compared to the same period in 2024[162] - Total noninterest income slightly decreased by $0.1 million for the three months ended September 30, 2025, but increased by $1.2 million, or 7.4%, for the nine months ended September 30, 2025, compared to the same periods in 2024[184] - Total noninterest expense increased by $1.3 million to $28.7 million for the three months ended September 30, 2025, compared to the same period in 2024[162] - Total noninterest expense increased by $1.3 million for the three months ended September 30, 2025, primarily driven by higher professional and legal fees of $0.7 million and occupancy expenses of $0.6 million[186] Loan and Credit Quality - A significant credit relationship was placed on nonaccrual status in Q2 2023, with an aggregate principal balance of $228.6 million as of September 30, 2025[158] - Interest income has been negatively impacted by $6.5 million and $20.0 million for the three and nine months ended September 30, 2025, respectively, due to the nonaccrual loans[158] - The Company is dedicated to resolving nonaccrual loans, primarily related to a single large credit relationship[157] - The financial results are significantly impacted by the aforementioned nonaccrual loans, with a total negative impact of $85.2 million since their placement[158] - Nonperforming loans decreased by $0.7 million to $258.6 million compared to December 31, 2024, with nonperforming loans as a percentage of total portfolio loans at 6.74% compared to 7.15%[162] - The largest nonperforming credit relationship accounted for $228.6 million, or 88.4% of total nonperforming loans as of September 30, 2025[223] - The company closely monitors collateral values and potential recoveries on nonperforming loans, particularly in the hospitality, agriculture, and energy sectors[226] - The company has implemented new underwriting standards to reduce defaults by considering global cash flows and repayment capabilities of borrowers[228] - Loans rated special mention or substandard require management attention to limit potential losses, reflecting the ongoing monitoring of credit quality[218] - The Criticized Asset Committee meets monthly to review high-risk loans, ensuring proactive management of potential losses[214] Deposits and Funding - Total deposits increased by $56.9 million, or 1.8%, on an annualized basis, to $4.2 billion at September 30, 2025, compared to December 31, 2024[168] - Noninterest-bearing demand deposits decreased by $28.2 million to $606.2 million, while interest-bearing demand deposits increased by $82.6 million to $809.5 million, reflecting a shift in customer preferences[239] - Federal Home Loan Bank borrowings increased significantly to $175.5 million as of September 30, 2025, from $70.0 million at December 31, 2024, primarily to support loan growth[242] - The company has identified additional funding sources, including borrowing availability at the FHLB of approximately $1.2 billion, with $544.0 million eligible to borrow as of September 30, 2025[247] - Approximately 81.6% of total deposits were insured under standard FDIC insurance coverage limits as of September 30, 2025, indicating a stable deposit base[240] Capital and Liquidity - The Company's total capital increased by $28.5 million to $412.8 million at September 30, 2025, primarily due to net income of $22.9 million[253] - The Tier 1 capital ratio was 10.66% at September 30, 2025, compared to 10.88% at December 31, 2024[256] - The leverage ratio was 9.41% at September 30, 2025, compared to 9.56% at December 31, 2024[256] - The Bank's total risk-based capital ratio was 11.72% at September 30, 2025, compared to 11.98% at December 31, 2024[257] - The ratio of highly liquid assets to total assets was 9.9% at September 30, 2025, with highly liquid assets totaling $481.0 million[249] - Total available liquidity to uninsured deposits was 157.1% at September 30, 2025[252] - The company’s liquidity management is overseen by the ALCO, which monitors cash flow projections and maintains a contingency funding plan to address potential liquidity stress events[245] Strategic Initiatives - The Company aims to shift from restructuring to a prudent growth strategy, focusing on organic growth and opportunistic acquisitions[156] - The new brand identity was unveiled on October 30, 2024, emphasizing customer and community focus[155] - The Company’s strategic plan includes enhancing brand image and increasing fee income while monitoring operating expenses[156] Interest Rate Sensitivity - As of September 30, 2025, a 200 basis point increase in interest rates is projected to result in a decrease of 1.8% in pretax net interest income, while a 100 basis point increase would lead to a decrease of 0.7%[269] - In a declining interest rate environment, the company expects an increase in net interest income, with a projected increase of 3.3% for a 100 basis point decrease in rates and 6.8% for a 200 basis point decrease[269] - The economic value of equity is projected to decrease by 8.6% with a 200 basis point increase in interest rates as of September 30, 2025, and by 3.4% with a 100 basis point increase[273] - The company's balance sheet is liability sensitive, indicating a small decrease in net interest income in a rising interest rate environment due to its composition and maturity structures[269] - The ALCO has temporarily suspended the analysis for +300 and +400 basis point rate shock scenarios due to the Federal Open Market Committee's recent actions to lower the Fed Funds Target Rate[266]

Core Insights - Carter Bankshares, Inc. reported revenue of $39.25 million for the quarter ended September 2025, marking a year-over-year increase of 14.1% [1] - The earnings per share (EPS) for the same period was $0.26, compared to $0.23 a year ago [1] - The reported revenue fell short of the Zacks Consensus Estimate of $39.8 million, resulting in a surprise of -1.38% [1] - The company experienced an EPS surprise of -33.33%, with the consensus EPS estimate being $0.39 [1] Financial Metrics - The efficiency ratio was reported at 73.4%, which is higher than the two-analyst average estimate of 72% [4] - The net interest margin stood at 2.9%, aligning with the average estimate based on two analysts [4] - Total noninterest income was $5.37 million, slightly above the two-analyst average estimate of $5.35 million [4] Stock Performance - Over the past month, shares of Carter Bankshares have returned -3.5%, contrasting with the Zacks S&P 500 composite's +0.2% change [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [3]