Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-39731 CARTER BANKSHARES, INC. (Exact name of registrant as specified in its charter) | Virginia | | | 85-3365661 | | --- | --- | --- | --- | | (State or other jurisdicti ...

Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance. For the quarter ended March 2025, Carter Bankshares, Inc. (CARE) reported revenue of $37.22 million, up 11.2% over the same period last year. EPS came in at $0.32, compared to $0.24 in the year-ago quarter. The reported revenue represents a surprise of +6.92% over the Zacks Consensus Es ...

Carter Bankshares, Inc. (CARE) came out with quarterly earnings of $0.32 per share, beating the Zacks Consensus Estimate of $0.30 per share. This compares to earnings of $0.24 per share a year ago. These figures are adjusted for non-recurring items. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive tra ...

Exhibit 99.1 Carter Bankshares, Inc. Announces First Quarter 2025 Financial Results Martinsville, VA, April 24, 2025 – Carter Bankshares, Inc. (the "Company") (NASDAQ:CARE), the holding company of Carter Bank (the "Bank") today announced quarterly net income of $9.0 million, or $0.39 diluted earnings per share ("EPS"), for the first quarter of 2025 compared to net income of $8.3 million, or $0.36 diluted EPS, for the fourth quarter of 2024 and net income of $5.8 million, or $0.25 diluted EPS, for the first ...

Company Overview - Carter Bankshares, Inc. (CARE) shares increased by 5% in the last trading session, closing at $15, with trading volume significantly higher than usual [1] - The stock had previously experienced a 10.2% loss over the past four weeks [1] Market Influence - The surge in Carter Bankshares stock was driven by a broader market increase, attributed to President Donald Trump's announcement of a 90-day tariff pause for non-retaliating nations, which positively impacted investor sentiment [2] Earnings Expectations - The company is projected to report quarterly earnings of $0.30 per share, reflecting a year-over-year increase of 25% [2] - Expected revenues for the upcoming report are $34.81 million, representing a 4% increase from the same quarter last year [2] Earnings Estimate Trends - The consensus EPS estimate for Carter Bankshares has remained unchanged over the last 30 days, indicating a lack of upward revisions which typically correlate with stock price movements [4] - The stock currently holds a Zacks Rank of 3 (Hold), suggesting a neutral outlook [4] Industry Context - Carter Bankshares operates within the Zacks Banks - Northeast industry, where another company, Middlefield Banc Corp. (MBCN), saw an 11.5% increase in its stock price, closing at $26.78 [4] - Middlefield Banc's consensus EPS estimate has also remained unchanged at $0.48, which is a 5.9% decrease from the previous year [5]

Core Insights - Ping An Health has integrated sustainable development into its strategy and operations, establishing a governance structure to ensure effective implementation of sustainability goals [1] - The company has achieved dual certification from WONCA, becoming the first in the world to do so in the medical health and elderly care service sector [2] - Ping An Health is leveraging advanced technology, particularly artificial intelligence, to enhance its medical service system and drive high-quality industry development [3][4] - The company has prioritized information security, obtaining multiple certifications and enhancing its security capabilities [5][6] - Ping An Health is committed to social responsibility, launching initiatives to promote health literacy and improve access to medical services [8] - The company aims to contribute to the "Healthy China" strategic goal through its CARE sustainability strategy [9] Sustainable Development - The company has established a three-level governance structure for sustainable development, ensuring effective implementation of its goals [1] - A "Sustainable Development Strategy, Goals, and Action Plan" has been created to track progress regularly [1] Certifications and Standards - In 2024, Ping An Family Doctor received dual certification from WONCA, aligning with WHO guidelines [2] - The service standards and telemedicine management communications are certified by the General Practice Branch of the Chinese Medical Association and the RACGP [2] Technological Advancements - The launch of the Ping An Medical Master model, built on hundreds of billions of parameters, enhances the company's medical services [4] - The system achieves a 99.8% Class A rate for electronic medical records and 100% accuracy in medication compliance [4] Information Security - The company obtained ISO 27001, ISO 27701, and ISO 27799 certifications, covering all business operations [5] - A domestically developed web application firewall was implemented, increasing alarm detection effectiveness by 35% [6] Social Responsibility Initiatives - The "Yilu Jianxing" health literacy promotion action reached various communities and included 40 expert-led broadcasts and 29 public welfare activities [8] - The company enhances medical service accessibility through remote healthcare options [8]

Financial Performance - Net interest income decreased by $7.9 million, or 6.4%, to $114.5 million for the year ended December 31, 2024, due to higher funding costs [225]. - The company reported net income of $24.5 million, or $1.06 diluted earnings per share for the year ended December 31, 2024, compared to net income of $23.4 million, or $1.00 diluted earnings per share for the year ended December 31, 2023 [226]. - Total noninterest income increased by $3.1 million to $21.4 million for the year ended December 31, 2024, compared to the same period in 2023 [225]. - Total noninterest expense for the year ended December 31, 2024, was $110.0 million, an increase of $4.5 million, or 4.3%, from 2023 [253]. - The provision for credit losses decreased to a recovery of $5.0 million in 2024 from a provision of $5.5 million in 2023, reflecting improved credit quality assessments [317]. - The company reported a basic earnings per common share of $1.06 for 2024, up from $1.00 in 2023, reflecting a growth of 6% [362]. - Comprehensive income for 2024 was $31,441 thousand, down from $37,561 thousand in 2023, reflecting a decrease of approximately 16.3% [363]. Loan Portfolio and Credit Quality - Total portfolio loans increased by $118.9 million, or 3.4%, primarily in the commercial real estate and construction segments during the year ended December 31, 2024 [225]. - Nonperforming loans declined by $50.2 million to $259.3 million compared to December 31, 2023, with nonperforming loans as a percentage of total portfolio loans at 7.15% [225]. - The allowance for credit losses (ACL) was $75.6 million, or 2.09% of total portfolio loans, compared to $97.1 million, or 2.77% in 2023, indicating a reduction in the ACL ratio [316]. - Net loan charge-offs increased to $16.4 million for the year ended December 31, 2024, compared to $2.3 million in 2023, with a charge-off of $15.0 million impacting the Other segment [247]. - Nonperforming loans (NPLs) decreased by $50.2 million to $259.3 million as of December 31, 2024, resulting in a NPL ratio of 7.15%, down from 8.83% in the previous year [319]. - The provision for income taxes increased by $1.0 million to $6.3 million for the year ended December 31, 2024, with an effective tax rate of 20.6% compared to 18.6% in 2023 [285]. Deposits and Funding - Total deposits increased by $431.5 million, or 11.6%, to $4.2 billion at December 31, 2024, compared to December 31, 2023 [229]. - The portfolio loans to deposit ratio was 87.3%, compared to 94.2% [225]. - Federal Home Loan Bank borrowings decreased by $323.4 million to $70.0 million at December 31, 2024, compared to $393.4 million at December 31, 2023 [229]. - Average interest-bearing deposits grew by $100.7 million, or 20.8%, while average money market accounts increased by $63.0 million, or 14.1% [321]. - The ratio of highly liquid assets to total assets was 10.9% as of December 31, 2024, down from 12.8% in 2023 [345]. Securities and Investments - The available-for-sale securities portfolio decreased by $60.6 million, now representing 15.4% of total assets compared to 17.3% [225]. - The securities portfolio comprised 43.5% variable rate securities, with 84.6% expected to reprice within the next 12 months, mitigating interest rate risk [237]. - The company purchased $10.0 million of equity securities in 2024, focusing on investments that positively impact community development [259]. - Total gross unrealized gains in the available-for-sale portfolio were $0.1 million at December 31, 2024, offset by $82.4 million of gross unrealized losses, compared to $0.7 million in gains and $92.3 million in losses at December 31, 2023 [272]. - The company may consider changes to its interest rate mix strategy if the Federal Reserve continues to reduce short-term interest rates [237]. Strategic Initiatives and Growth - The Company aims to shift from restructuring the balance sheet to pursuing a prudent growth strategy, focusing on organic growth and opportunistic acquisitions [217]. - The Company introduced new guiding principles in June 2023 to align processes and operations with its brand strategy, aiming to enhance brand awareness and support future growth [216]. - The Company has entered into a definitive purchase and assumption agreement to acquire two branch facilities in North Carolina, expected to close in the first half of 2025 [215]. - The Company has established limits on total commercial real estate balances, which should not exceed 300% of total risk-based capital, and construction loan balances should not exceed 100% of total risk-based capital [291]. Risk Management and Underwriting - The Company’s underwriting process includes multiple shock scenarios focused on cash flow and leverage to determine supportable loan amounts, enhancing risk management [290]. - Management continuously monitors delinquency trends to identify emerging patterns and potential problem loans [310]. - The economic value of equity simulation model uses rate shocks of +/- 100, 200, 300, and 400 basis points to assess the impact on the balance sheet [356]. - The CECL model estimates default probabilities driven by economic metrics, including unemployment and the Consumer Price Index, to determine expected losses [394].

Company Overview - Amgen is a biotechnology company that discovers, develops, manufactures, and delivers innovative medicines to assist patients with serious diseases [3] - The company has been a pioneer in the biotechnology industry for over 40 years and continues to leverage technology and human genetic data for innovation [3] - Amgen has a diverse pipeline aimed at treating cancer, heart disease, osteoporosis, inflammatory diseases, and rare diseases [3] Recent Recognition - In 2024, Amgen was recognized as one of the "World's Most Innovative Companies" by Fast Company and one of "America's Best Large Employers" by Forbes [4] - The company is included in the Dow Jones Industrial Average® and the Nasdaq-100 Index®, highlighting its status as one of the largest and most innovative non-financial companies based on market capitalization [4] Upcoming Events - Amgen will present at the 45th Annual TD Cowen Health Care Conference on March 5, 2025, with Jay Bradner, executive vice president of Research and Development, participating in a fireside chat [1] - The presentation will be available via a webcast, which will also be archived for at least 90 days post-event [2]

分组1 - Carter Bankshares, Inc. (CARE) closed at $17.74, with a 1.1% gain over the past four weeks, and a mean price target of $23 indicates a 29.7% upside potential [1] - The average price targets range from a low of $21 to a high of $24, with a standard deviation of $1.73, suggesting a potential increase of 18.4% to 35.3% from the current price level [2] - Analysts show strong agreement on CARE's ability to report better earnings, with positive trends in earnings estimate revisions indicating potential upside [4][9] 分组2 - The Zacks Consensus Estimate for CARE has increased by 4.6% due to two upward revisions in estimates over the last 30 days, with no negative revisions [10] - CARE holds a Zacks Rank 1 (Strong Buy), placing it in the top 5% of over 4,000 ranked stocks based on earnings estimates [11] - While consensus price targets may not be reliable for predicting exact gains, they can provide a directional guide for price movement [12]

Core Viewpoint - Carter Bankshares, Inc. (CARE) shows potential for significant upside, with a mean price target of $23 indicating a 30.5% increase from the current price of $17.62 [1] Price Targets - The average price target consists of three estimates ranging from a low of $21 to a high of $24, with a standard deviation of $1.73, suggesting a consensus among analysts [2] - The lowest estimate indicates a 19.2% increase, while the highest suggests a 36.2% upside [2] Analyst Sentiment - Analysts exhibit strong agreement regarding CARE's ability to report better earnings than previously predicted, which supports the expectation of stock upside [4] - A positive trend in earnings estimate revisions has been shown to correlate with stock price movements, indicating potential for growth [9] Earnings Estimates - Over the last 30 days, two earnings estimates for CARE have been revised upward, with no negative revisions, leading to a 4.6% increase in the Zacks Consensus Estimate [10] - CARE holds a Zacks Rank 1 (Strong Buy), placing it in the top 5% of over 4,000 ranked stocks based on earnings estimate factors, further indicating potential upside [11] Caution on Price Targets - While price targets are a common metric, they should not be the sole basis for investment decisions due to historical inaccuracies in predicting actual stock price movements [5][8] - Analysts may set overly optimistic price targets influenced by business relationships, which can lead to inflated expectations [6]