CARE Q1 net income $9.0M, EPS $0.39; Justice NPLs $245.1M

Carter Bankshares, Inc.

2025-Q1 EPS reported $0.39

Net income $9.0M ($0.39 diluted EPS), up from $8.3M ($0.36) Q4 2024 and $5.8M ($0.25) Q1 2024.
Net interest margin expanded 12 bps to 2.70%; total deposits grew $47.5M (4.6% annualized).
Justice Entities NPL principal $245.1M; received $6.9M curtailment in Q1; NPL ratio 7.09%.
Recovery provision for credit losses $(2.0)M vs $(5.1)M recovery in Q4; reserve rate on Other segment declined.
Total assets $4.7B; all capital ratios well above regulatory minimums; FHLB borrowings cut to $55M.

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