LINCOLNTON, N.C., April 18 /PRNewswire-FirstCall/ -- Carolina Trust Bank reported net income for the quarter ended March 31, 2007 of $309,000, compared to $354,000 for the same quarter last year. Basic and diluted earnings per share were $.20 and $.19 respectively compared to first quarter 2006 basic and diluted earnings of $.25 and $.24 respectively.
As of March 31, 2007, the Bank reported total assets of $116,476,000 compared to $108,538,000 as of March 31, 2006.
Total deposits for the quarter were up 7% to $93,261,000 and total loans were up 2% to $98,509,000 when compared to the same quarter last year.
"Although our overall performance is down slightly from last year we feel that we are poised for future growth. Net income was affected by pressure on our net interest margin however; our net interest margin and return on assets still exceed most of our peer banks," said J. Michael Cline, President & CEO of the Bank.
Carolina Trust Bank is a full service state chartered bank headquartered in Lincolnton, N.C. operating out of four branches in Lincoln and Catawba Counties. Its common stock is traded on the NASDAQ under the symbol CART.
Carolina Trust Bank
(Dollars in thousands)
March 31
2007 2006
Balance Sheet Data:
Total Assets 116,476 108,538
Total Deposits 93,261 86,935
Total Loans 98,509 97,018
Reserve for Loan Loss 1,278 1,211
Total Shareholders Equity 15,543 13,853
For the three months ended
March 31
2007 2006
Income and Per Share Data:
Interest Income 2,271 2,076
Interest Expense 894 680
Net Interest Income 1,377 1,396
Provision for Loan Loss 4 40
Net Interest Income After Provision 1,373 1,356
Other Income 194 169
Other Expense 1,076 959
Income Before Taxes 491 565
Income Taxes 182 212
Net Income 309 354
Net Income Per Share:*
Basic 0.20 0.25
Diluted 0.19 0.24
Average Shares Outstanding:
Basic 1,565,364 1,415,745
Diluted 1,639,397 1,481,318
Asset Quality:
Net Loan Charge-Offs -8 -1
Net Loan Charge-Offs to Average
Loans (%) -0.01% 0.00%
Performance Ratios:
Return on Average Assets (%) 1.08% 1.37%
Return on Average Equity (%) 8.12% 10.45%
Net Interest Margin (%) 5.07% 5.61%
Note: All quarterly information is unaudited.
* All per share information has been presented or restated to reflect the effect of the 11-for-10 stock split with a record date of November 3, 2006
