PART I - FINANCIAL INFORMATION This section encompasses the Company's unaudited consolidated financial statements and management's discussion and analysis for the three months ended March 31, 2025 [Item 1. Financial Statements](index=3&type=section&id=Item%201.%20FINANCIAL%20STATEMENTS) This section presents the Company's unaudited consolidated financial statements for the three months ended March 31, 2025, and comparative periods, including balance sheets, income statements, comprehensive income, changes in shareholders' equity, cash flows, and detailed notes to provide a comprehensive view of its financial position and performance [Consolidated Balance Sheets](index=4&type=section&id=Consolidated%20Balance%20Sheets) This statement details the Company's financial position at March 31, 2025, compared to December 31, 2024 Consolidated Balance Sheet Highlights (March 31, 2025 vs. December 31, 2024) | Metric | March 31, 2025 (Thousands) | December 31, 2024 (Thousands) | Change (Thousands) | | :-------------------------------- | :-------------------------- | :-------------------------- | :----------------- | | Total Assets | $4,700,287 | $4,659,189 | $41,098 | | Portfolio Loans, net | $3,613,977 | $3,549,226 | $64,751 | | Securities Available-for-Sale | $745,390 | $718,400 | $26,990 | | Total Deposits | $4,200,927 | $4,153,421 | $47,506 | | Federal Home Loan Bank Borrowings | $55,000 | $70,000 | $(15,000) | | Total Liabilities | $4,298,521 | $4,274,876 | $23,645 | | Total Shareholders' Equity | $401,766 | $384,313 | $17,453 | [Consolidated Statements of Income](index=5&type=section&id=Consolidated%20Statements%20of%20Income) This statement presents the Company's revenues, expenses, and net income for Q1 2025 versus Q1 2024 Consolidated Statements of Income Highlights (Three Months Ended March 31, 2025 vs. 2024) | Metric | Three Months Ended March 31, 2025 (Thousands) | Three Months Ended March 31, 2024 (Thousands) | Change (Thousands) | % Change | | :-------------------------------- | :------------------------------------------ | :------------------------------------------ | :----------------- | :--------- | | Total Interest Income | $56,007 | $54,049 | $1,958 | 3.62% | | Total Interest Expense | $25,869 | $25,630 | $239 | 0.93% | | Net Interest Income | $30,138 | $28,419 | $1,719 | 6.05% | | (Recovery) Provision for Credit Losses | $(2,025) | $16 | $(2,041) | NM | | Total Noninterest Income | $6,901 | $5,045 | $1,856 | 36.80% | | Total Noninterest Expense | $28,042 | $26,257 | $1,785 | 6.80% | | Net Income | $8,953 | $5,811 | $3,142 | 54.07% | | Basic Earnings per Common Share | $0.39 | $0.25 | $0.14 | 56.00% | | Diluted Earnings per Common Share | $0.39 | $0.25 | $0.14 | 56.00% | [Consolidated Statements of Comprehensive Income](index=6&type=section&id=Consolidated%20Statements%20of%20Comprehensive%20Income) This statement reports net income and other comprehensive income for Q1 2025 and Q1 2024 Consolidated Statements of Comprehensive Income Highlights (Three Months Ended March 31, 2025 vs. 2024) | Metric | Three Months Ended March 31, 2025 (Thousands) | Three Months Ended March 31, 2024 (Thousands) | Change (Thousands) | % Change | | :-------------------------------- | :------------------------------------------ | :------------------------------------------ | :----------------- | :--------- | | Net Income | $8,953 | $5,811 | $3,142 | 54.07% | | Net Unrealized Gains Arising during the Period | $10,383 | $2,119 | $8,264 | 390.00% | | Tax Effect | $(2,235) | $(476) | $(1,759) | 369.54% | | Net Unrealized Gains Recognized in Other Comprehensive Income | $8,148 | $1,643 | $6,505 | 396.04% | | Comprehensive Income | $17,101 | $7,454 | $9,647 | 129.42% | [Consolidated Statements of Changes in Shareholders' Equity](index=7&type=section&id=Consolidated%20Statements%20of%20Changes%20in%20Shareholders'%20Equity) This statement details changes in shareholders' equity for Q1 2025 and Q1 2024 Consolidated Statements of Changes in Shareholders' Equity Highlights (March 31, 2025 vs. December 31, 2024) | Metric | March 31, 2025 (Thousands) | December 31, 2024 (Thousands) | Change (Thousands) | | :-------------------------------- | :-------------------------- | :-------------------------- | :----------------- | | Balance, December 31, 2024 / 2023 | $384,313 | $351,243 | $33,070 | | Net Income | $8,953 | $5,811 | $3,142 | | Other Comprehensive Income, Net of Tax | $8,148 | $1,643 | $6,505 | | Forfeiture of Restricted Stock | $(129) | $(72) | $(57) | | Issuance of Restricted Stock | $0 | $0 | $0 | | Recognition of Restricted Stock Compensation Expense | $481 | $441 | $40 | | Balance, March 31, 2025 / 2024 | $401,766 | $359,066 | $42,700 | [Consolidated Statements of Cash Flows](index=8&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) This statement summarizes cash flows for Q1 2025 and Q1 2024 Consolidated Statements of Cash Flows Highlights (Three Months Ended March 31, 2025 vs. 2024) | Metric | Three Months Ended March 31, 2025 (Thousands) | Three Months Ended March 31, 2024 (Thousands) | Change (Thousands) | | :-------------------------------- | :------------------------------------------ | :------------------------------------------ | :----------------- | | Net Cash Provided By Operating Activities | $6,376 | $17,634 | $(11,258) | | Net Cash (Used In) Provided by Investing Activities | $(81,054) | $10,241 | $(91,295) | | Net Cash Provided By Financing Activities | $32,506 | $25,706 | $6,800 | | Net (Decrease) Increase in Cash and Cash Equivalents | $(42,172) | $53,581 | $(95,753) | | Cash and Cash Equivalents at End of Period | $88,999 | $108,110 | $(19,111) | [Notes to Unaudited Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20Unaudited%20Consolidated%20Financial%20Statements) This section provides detailed explanations and disclosures for the unaudited consolidated financial statements [NOTE 1 – Basis of Presentation](index=10&type=section&id=NOTE%201%20%E2%80%93%20Basis%20of%20Presentation) The financial statements are prepared in accordance with GAAP for interim information, consolidating Carter Bankshares, Inc. and its subsidiaries. The Company adopted ASU 2024-02 in January 2025 with no material impact and is evaluating ASU 2023-09 for 2025 and ASU 2024-04 and 2024-03 for later periods - The Company's unaudited Consolidated Financial Statements are prepared in accordance with GAAP for interim financial information, consolidating Carter Bankshares, Inc. and its wholly-owned subsidiary, Carter Bank & Trust[20](index=20&type=chunk)[21](index=21&type=chunk) - The adoption of ASU 2024-02 on January 1, 2025, which amends the Codification to remove references to various concepts statements, did not have a material impact on the Company's Consolidated Financial Statements[24](index=24&type=chunk) - The Company is currently evaluating the impact of ASU 2023-09 (effective January 1, 2025) on income tax disclosures and ASU 2024-04 (effective January 1, 2026) and ASU 2024-03 (effective fiscal years beginning after December 15, 2026) on its financial statements, with no significant impact expected from ASU 2024-04[25](index=25&type=chunk)[26](index=26&type=chunk)[27](index=27&type=chunk) [NOTE 2 – Earnings Per Common Share](index=11&type=section&id=NOTE%202%20%E2%80%93%20Earnings%20Per%20Common%20Share)

Core Insights - Carter Bankshares, Inc. (CARE) reported a revenue of $37.22 million for the quarter ended March 2025, reflecting an 11.2% increase year-over-year and a surprise of +6.92% over the Zacks Consensus Estimate of $34.81 million [1] - The earnings per share (EPS) for the quarter was $0.32, up from $0.24 in the same quarter last year, with an EPS surprise of +6.67% compared to the consensus estimate of $0.30 [1] Financial Performance Metrics - The efficiency ratio for Carter Bankshares was reported at 75.7%, better than the average estimate of 80.2% from two analysts [4] - The net interest margin stood at 2.7%, slightly above the average estimate of 2.6% based on two analysts [4] - Total noninterest income was $6.90 million, exceeding the estimated $5.37 million from two analysts [4] Stock Performance - Over the past month, shares of Carter Bankshares have returned -8%, compared to a -5.1% change in the Zacks S&P 500 composite [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]

Group 1 - Carter Bankshares, Inc. reported quarterly earnings of $0.32 per share, exceeding the Zacks Consensus Estimate of $0.30 per share, and up from $0.24 per share a year ago, representing an earnings surprise of 6.67% [1] - The company posted revenues of $37.22 million for the quarter ended March 2025, surpassing the Zacks Consensus Estimate by 6.92%, compared to year-ago revenues of $33.46 million [2] - Over the last four quarters, Carter Bankshares has surpassed consensus EPS estimates two times and topped consensus revenue estimates once [2] Group 2 - The stock has underperformed the market, losing about 12.8% since the beginning of the year, while the S&P 500 declined by 8.6% [3] - The current consensus EPS estimate for the coming quarter is $0.29 on revenues of $36.43 million, and for the current fiscal year, it is $1.37 on revenues of $148.65 million [7] - The Zacks Industry Rank for Banks - Northeast is currently in the top 22% of over 250 Zacks industries, indicating a favorable outlook for the industry [8]

Financial Performance - Carter Bankshares, Inc. reported a net income of $9.0 million, or $0.39 diluted EPS, for Q1 2025, up from $8.3 million, or $0.36 diluted EPS, in Q4 2024, and $5.8 million, or $0.25 diluted EPS, in Q1 2024[1] - Net interest income for Q1 2025 totaled $30.1 million, an increase of $1.0 million, or 3.4%, compared to Q4 2024, and an increase of $1.7 million, or 6.0%, compared to Q1 2024[6] - The return on average assets (QTD annualized) improved to 0.78% in Q1 2025, up from 0.71% in Q4 2024[36] - Adjusted net income for Q1 2025 was $7,242,000, compared to $8,416,000 in Q4 2024, reflecting a decrease of 13.9% and an increase of 30.8% from $5,535,000 in Q1 2024[42] - The adjusted earnings per common share (diluted) for Q1 2025 was $0.32, down from $0.37 in Q4 2024 but up from $0.24 in Q1 2024[42] Loan and Deposit Growth - Total portfolio loans increased by $62.7 million, or 7.0%, to $3.7 billion as of March 31, 2025, compared to December 31, 2024, and increased by $178.4 million, or 5.1%, from March 31, 2024[3] - Total deposits increased by $47.5 million, or 4.6%, on an annualized basis, compared to December 31, 2024, and increased by $370.4 million, or 9.7%, compared to March 31, 2024[3] - Total loans increased to $3,687,495,000 in Q1 2025 from $3,624,826,000 in Q4 2024, with commercial loans rising to $2,149,887,000[39] - Total deposits increased to $4,200,927 thousand as of March 31, 2025, compared to $4,153,421 thousand at December 31, 2024, marking a growth of 1.13%[36] Asset and Capital Management - Total assets increased by $41.1 million to $4.7 billion at March 31, 2025, compared to December 31, 2024[21] - The Company's Tier 1 Capital ratio improved to 11.01% at March 31, 2025, up from 10.88% at December 31, 2024[27] - Shareholders' equity increased to $401,766 thousand as of March 31, 2025, compared to $384,313 thousand at December 31, 2024, reflecting a growth of 4.06%[36] Nonperforming Loans and Credit Quality - Nonperforming loans (NPLs) increased by $2.1 million to $261.4 million at March 31, 2025, representing 7.09% of total portfolio loans[5] - The allowance for credit losses to total portfolio loans was 1.99% as of March 31, 2025, down from 2.09% at December 31, 2024, and 2.75% at March 31, 2024[3] - The allowance for credit losses decreased to $73,518,000 in Q1 2025 from $75,600,000 in Q4 2024, with a provision for credit losses recovery of $2,025,000[41] Operational Efficiency - The efficiency ratio improved to 75.7% for Q1 2025, down from 83.6% in Q4 2024, impacted by the nonaccrual status of the largest lending relationship[6] - The adjusted efficiency ratio (Non-GAAP) for Q1 2025 was 78.67%, an improvement from 82.76% in Q4 2024 and 79.01% in Q1 2024[44] - The efficiency ratio improved to 75.71% in Q1 2025, down from 83.63% in Q4 2024, showing enhanced operational efficiency[37] Interest Income and Margin - The net interest margin increased by 12 basis points to 2.70% for Q1 2025, compared to 2.58% for the prior quarter[6] - Net interest income for Q1 2025 was $30,316,000, an increase from $29,330,000 in Q4 2024, reflecting a net interest margin of 2.70% compared to 2.58% in the previous quarter[38] - The yield on interest-earning assets (GAAP) was 4.99% in Q1 2025, slightly up from 4.97% in Q4 2024 and 4.91% in Q1 2024[43] Noninterest Income - Total noninterest income increased by $1.5 million, or 28.6%, to $6.9 million in Q1 2025 compared to Q4 2024, driven by a $1.9 million gain on a BOLI death benefit[16] - Noninterest income for Q1 2025 was $6,901,000, up from $5,368,000 in Q4 2024, indicating a growth of 28.63%[37]

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]