Group 1 - Claros Mortgage Trust, Inc. (CMTG) has a Zacks Rank 1 and a price-to-earnings ratio (P/E) of 7.95, significantly lower than the industry average of 17.40. The Zacks Consensus Estimate for its next year earnings has increased by 13.2% over the last 60 days. The company possesses a Value Score of A [1] - ICL Group Ltd (ICL) also carries a Zacks Rank 1 with a P/E of 14.43, compared to 25.36 for the S&P 500. The Zacks Consensus Estimate for its current year earnings has risen by 5.7% over the last 60 days. The company has a Value Score of A [2] - Carter Bankshares, Inc. (CARE) holds a Zacks Rank 1 and has a P/E of 14.56, again lower than the S&P 500's 25.36. The Zacks Consensus Estimate for its current year earnings has increased by 1.1% over the last 60 days. The company possesses a Value Score of B [3]

Core Insights - Carter Bankshares, Inc. (CARE) reported revenue of $34.7 million for the quarter ended December 2024, marking a year-over-year increase of 13.1% [1] - The earnings per share (EPS) for the same period was $0.37, a significant improvement compared to -$0.02 a year ago [1]

Financial Performance - Q4 2024 net income was $8.3 million, or $0.36 diluted EPS, compared to a net loss of $1.9 million in Q4 2023[1] - Full year 2024 net income was $24.5 million, or $1.06 diluted EPS, compared to $23.4 million in 2023[1] - Net income for Q4 2024 was $8,280 thousand, a significant improvement from a net loss of $1,888 thousand in Q4 2023[43] - Return on average assets (QTD annualized) improved to 0.71% in Q4 2024 from -0.17% in Q4 2023[42] - Basic earnings per share for Q4 2024 were $0.36, a significant improvement from a loss of $0.08 per share in Q4 2023[43] - Adjusted net income (Non-GAAP) for the quarter ending December 2024 was $8.4 million, compared to $5.4 million in the previous quarter[50] - Adjusted earnings per common share (diluted) (Non-GAAP) for the quarter ending December 2024 was $0.37, up from $0.23 in the previous quarter[50] Loan Portfolio - Nonperforming loans decreased by $28.4 million to $259.3 million at December 31, 2024, representing 7.15% of total portfolio loans[2] - Total portfolio loans increased $29.0 million, or 3.2% annualized, to $3.6 billion at December 31, 2024[2] - The large nonperforming lending relationship represents 97.2% of total nonperforming loans and 7.0% of total portfolio loans at December 31, 2024[5] - Total portfolio loans increased by $29.0 million, or 3.2% annualized, to $3.6 billion at December 31, 2024, driven by growth in construction loans of $63.4 million and commercial real estate loans of $11.8 million[25] - Total Loans increased to $3,624,826 thousand in December 2024 from $3,505,910 thousand in December 2023[47] - Nonperforming Loans to Total Portfolio Loans decreased to 7.15% in December 2024 from 8.83% in December 2023[48] - Commercial Real Estate Loans increased to $1,869,831 thousand in December 2024 from $1,670,631 thousand in December 2023[47] - Total Nonperforming Assets decreased to $260,008 thousand in December 2024 from $311,998 thousand in December 2023[48] Deposits and Liquidity - Total deposits increased $68.4 million, or 6.7% annualized, compared to September 30, 2024[2] - Total deposits increased by $68.4 million to $4.2 billion at December 31, 2024, with interest-bearing demand accounts growing by $77.9 million[26] - Approximately 81.6% of total deposits of $4.2 billion were insured under standard FDIC insurance coverage limits at December 31, 2024[28] - Total deposits grew to $4,153,421 thousand in December 2024 from $3,721,915 thousand in December 2023[42] - Total Interest-Bearing Deposits increased to $3,495,085 thousand in December 2024 from $2,962,346 thousand in December 2023[45] - FHLB borrowings decreased by $20.0 million to $70.0 million at December 31, 2024, compared to $90.0 million at September 30, 2024[27] - The Company had $418.4 million in unpledged available-for-sale investment securities as an additional source of liquidity at December 31, 2024[31] Net Interest Income and Margin - Net interest income increased $0.4 million to $29.1 million in Q4 2024 compared to Q3 2024[11] - Net interest margin decreased one basis point to 2.58% in Q4 2024 compared to Q3 2024[11] - Net interest income for Q4 2024 was $29,148 thousand, up from $27,420 thousand in Q4 2023[43] - Net interest margin (GAAP) for Q4 2024 was 2.57%, up from 2.47% in Q4 2023[43] - Net Interest Margin (FTE) for Q4 2024 increased to 2.58% from 2.49% in Q4 2023[45] - Net interest income (FTE) for the quarter ending December 2024 was $29.3 million, slightly up from $28.9 million in the previous quarter[51] - Yield on interest-earning assets (FTE) for the quarter ending December 2024 was 4.99%, slightly down from 5.08% in the previous quarter[51] - Net Interest Income for YTD 2024 was $115,232 thousand compared to $123,314 thousand in YTD 2023[46] Efficiency and Expenses - The efficiency ratio was 83.6% for Q4 2024, compared to 80.2% in Q3 2024 and 94.8% in Q4 2023[3] - Total noninterest expense decreased by $0.2 million compared to the fourth quarter of 2023, with professional and legal fees decreasing by $0.8 million and other noninterest expenses decreasing by $0.2 million[21] - Salaries and employee benefits increased by $2.1 million, occupancy expenses increased by $1.6 million, and FDIC insurance expense increased by $1.3 million for the full year 2024 compared to 2023[23] - Adjusted efficiency ratio (Non-GAAP) for the quarter ending December 2024 improved to 82.76%, compared to 80.65% in the previous quarter[51] Credit Quality and Allowances - Allowance for credit losses decreased to $75,600 thousand in December 2024 from $97,052 thousand in December 2023[42] - Allowance for Credit Losses to Nonperforming Loans decreased to 29.15% in December 2024 from 31.35% in December 2023[48] - Allowance for credit losses decreased to $75.6 million at the end of December 2024, down from $80.9 million at the end of September 2024[49] - Total net charge-offs for the quarter ending December 2024 were $195 thousand, significantly lower than the $15.3 million in the previous quarter[49] - Net Loan Charge-offs YTD increased to $16,413 thousand in December 2024 from $2,300 thousand in December 2023[48] - Total recoveries for the quarter ending December 2024 were $175 thousand, up from $103 thousand in the previous quarter[49] Capital and Assets - Total assets increased by $45.8 million to $4.7 billion at December 31, 2024, with cash and due from banks increasing by $26.2 million to $131.2 million[24] - The Company's Tier 1 Capital ratio was 10.88% at December 31, 2024, compared to 10.83% at September 30, 2024[29] - The Company's Total Risk-Based Capital ratio was 12.13% at December 31, 2024, compared to 12.09% at September 30, 2024[30] - Total assets increased to $4,659,189 thousand as of December 31, 2024, compared to $4,512,539 thousand in December 2023[42] - Shareholders' equity increased to $384,313 thousand in December 2024 from $351,243 thousand in December 2023[42] - Total Interest-Earning Assets grew to $4,520,295 thousand in December 2024 from $4,404,458 thousand in December 2023[45] - Average earning assets for the quarter ending December 2024 increased to $4.52 billion, up from $4.45 billion in the previous quarter[51] Noninterest Income and Pre-Tax Income - Noninterest income for Q4 2024 was $5,368 thousand, compared to $3,245 thousand in Q4 2023[43] - Pre-tax pre-provision income (Non-GAAP) for the quarter ending December 2024 was $5.7 million, down from $6.8 million in the previous quarter[50] Expansion and Acquisitions - The company acquired two branches in Winston-Salem and Mooresville, North Carolina to expand its footprint[3]

Group 1 - Carter Bankshares, Inc. (CARE) closed at $17.53, with a 0.5% gain over the past four weeks, and a mean price target of $23 suggests a 31.2% upside potential [1] - The mean estimate includes three short-term price targets with a standard deviation of $1.73, indicating a range from a low estimate of $21 (19.8% increase) to a high estimate of $24 (36.9% increase) [2] - Analysts show strong agreement in revising earnings estimates higher, which correlates with potential stock price movements [9][10] Group 2 - The Zacks Consensus Estimate for the current year has increased by 0.8%, with one estimate moving higher and no negative revisions [10] - CARE holds a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks based on earnings estimates [11] - While the consensus price target may not be a reliable indicator of the extent of potential gains, it does suggest a positive direction for price movement [12]

Core Insights - Nearly 58,000 PG&E customers received over $50 million in financial assistance through the REACH program in 2024, with encouragement for eligible customers to apply for additional support programs like CARE and FERA [1][4] - PG&E contributed $55 million to expand the REACH program benefits, increasing maximum customer bill credits from $500 to $2,000 and allowing a larger pool of income-eligible customers to qualify for a 3-to-1 match on bill payments [2] - The REACH program funding was fully utilized by September 2024, with plans to reopen in January 2025 at a standard benefit level of up to $300 per household per year [3] CARE & FERA Programs - The CARE program offers a monthly discount of 20% or more on gas and electricity bills, while FERA provides an 18% discount on electricity for households of three or more [6] - In 2023, CARE and FERA programs collectively reduced customer bills by nearly $1 billion [4] Other Assistance Programs - PG&E also administers the Low Income Energy Assistance Program (LIHEAP), which has provided nearly $49 million to over 58,000 customers this year, offering one-time payments up to $1,000 for past due bills [5] - The Arrearage Management Plan (AMP) is available for eligible residential customers as a debt forgiveness plan [5] Customer Application and Funding Distribution - The largest number of approved applications and funding for REACH and REACH Triple Match were distributed across five counties, with specific funding amounts detailed for each county [7][8]

Financial Performance - Net income for the three months ended September 30, 2024, was $5,629 thousand, compared to $3,627 thousand for the same period in 2023, marking a significant increase of 55.2%[7] - Basic earnings per common share for the three months ended September 30, 2024, were $0.24, compared to $0.16 for the same period in 2023, representing a 50% increase[7] - Comprehensive income for the three months ended September 30, 2024, was $21,957,000, compared to a loss of $7,948,000 for the same period in 2023[9] - Net income for the nine months ended September 30, 2024, was $16,243,000, a decrease of 35.8% compared to $25,272,000 for the same period in 2023[15] - Net interest income for the three months ended September 30, 2024, was $28,798 thousand, up from $27,394 thousand for the same period in 2023, reflecting a 5.1% increase[7] - Net interest income for the nine months ended September 30, 2024 decreased to $85.3 million, down 10.2% from $94.9 million in the same period in 2023[185] Asset and Liability Management - Total assets increased to $4,613,435 thousand as of September 30, 2024, compared to $4,512,539 thousand at December 31, 2023, representing a growth of 2.2%[5] - Total liabilities increased to $4,226,610 thousand as of September 30, 2024, from $4,161,296 thousand at December 31, 2023, reflecting a rise of 1.6%[5] - Total deposits rose to $4,085,068 thousand as of September 30, 2024, from $3,721,915 thousand at December 31, 2023, indicating an increase of 9.8%[5] - The company had $1.6 billion in total loans pledged as collateral for borrowings at September 30, 2024, compared to $1.5 billion at December 31, 2023[128] - Federal Home Loan Bank borrowings decreased significantly to $90,000 thousand at September 30, 2024, down from $393,400 thousand at December 31, 2023, a reduction of 77.1%[128] Credit Quality and Loan Performance - The allowance for credit losses decreased to $80,909 thousand as of September 30, 2024, down from $97,052 thousand at December 31, 2023, a reduction of 16.6%[5] - The company experienced a recovery provision for credit losses of $(432) thousand for the three months ended September 30, 2024, compared to a provision of $1,105 thousand in the same period in 2023[7] - The company had zero loans in the process of foreclosure as of September 30, 2024, down from $2.0 million at December 31, 2023[51] - Nonperforming loans declined by $21.8 million to $287.7 million since December 31, 2023, with nonperforming loans as a percentage of total portfolio loans at 8.00% compared to 8.83%[171] - The total allowance for credit losses on loans was $80.909 million, an increase from $96.686 million at the beginning of the period[83] Investment and Securities - The total fair value of available-for-sale securities with unrealized losses was $678.4 million as of September 30, 2024, with total unrealized losses of $68.4 million[33] - The company did not record an allowance for credit losses on its investment securities as of September 30, 2024, indicating no related impairment[34] - The fair value of corporate notes is $62.307 million, with $54.720 million classified as Level 2 and $7.587 million as Level 3[102] - The company recorded gross realized gains of $36 thousand and gross realized losses of $1 thousand for the three months ended September 30, 2024, resulting in net realized gains of $36 thousand[30] Noninterest Income and Expenses - Noninterest income for the three months ended September 30, 2024, was $5,422 thousand, slightly up from $5,270 thousand in the same period of 2023, a growth of 2.9%[7] - Total noninterest income increased by $1.0 million to $16.0 million for the nine months ended September 30, 2024, compared to the same period in 2023[170] - Total noninterest expense increased by $4.7 million to $81.1 million for the nine months ended September 30, 2024, compared to the same period in 2023[170] - Salaries and employee benefits rose by $0.6 million, a 4.6% increase, due to fewer open positions and normal merit increases[201] Strategic Initiatives and Market Outlook - The Company aims to shift from restructuring its balance sheet to pursuing a prudent growth strategy, focusing on organic growth and opportunistic acquisitions[161] - The company has identified strategic opportunities for market expansion and new product development to enhance future growth prospects[77] - The Company’s brand strategy includes a commitment to align processes and operations around its brand while introducing new products and services[160]

The addition of Advocate Health Care to the Ambetter of Illinois provider network offers its members expanded access to the health system's high-quality healthcare CHICAGO, Oct. 30, 2024 /PRNewswire/ -- Ambetter of Illinois (Ambetter), a product offered by Centene Corporation (NYSE: CNC), and managed locally by Meridian Health Plan of Illinois, Inc. (Meridian), announced today the addition of Advocate Health Care to its network, which will further increase members' access to quality healthcare in the Chicag ...

Carter Bankshares, Inc. (CARE) reported $34.41 million in revenue for the quarter ended September 2024, representing a year-over-year increase of 5.4%. EPS of $0.23 for the same period compares to $0.20 a year ago.The reported revenue compares to the Zacks Consensus Estimate of $35.5 million, representing a surprise of -3.07%. The company has not delivered EPS surprise, with the consensus EPS estimate being $0.23.While investors scrutinize revenue and earnings changes year-over-year and how they compare wit ...

Carter Bankshares, Inc. (CARE) came out with quarterly earnings of $0.23 per share, in line with the Zacks Consensus Estimate. This compares to earnings of $0.20 per share a year ago. These figures are adjusted for non-recurring items.A quarter ago, it was expected that this company would post earnings of $0.21 per share when it actually produced earnings of $0.21, delivering no surprise.Over the last four quarters, the company has surpassed consensus EPS estimates just once.Carter Bankshares, which belongs ...

Exhibit 99.1 FOR IMMEDIATE RELEASE – October 24, 2024 Carter Bankshares, Inc. Announces Third Quarter 2024 Financial Results Martinsville, VA, October 24, 2024 – Carter Bankshares, Inc. (the "Company") (NASDAQ:CARE), the holding company of Carter Bank & Trust (the "Bank") today announced quarterly net income of $5.6 million, or $0.24 diluted earnings per share ("EPS"), for the third quarter of 2024 compared to net income of $4.8 million, or $0.21 diluted EPS, for the second quarter of 2024 and net income of ...