LINCOLNTON, N.C., Jan. 22 /PRNewswire-FirstCall/ -- Carolina Trust Bank reported net income for the quarter ended December 31, 2007 of $182,000 compared to $336,000 for the same period last year. Basic and diluted earnings per share were $.10 and $.10 compared to $.26 and $.25 for the same quarter in 2006.
As of December 31, 2007, the Bank reported total assets of $136,815,000 compared to $116,714,000 on December 31, 2006. Total deposits were up 14.3% to $107,425,000 and total loans were up 26.1% to $121,797,000. At year-end after tax income was $1,023,000 compared to $1,576,000.
After experiencing slow growth in the first half of 2007 we ended up growing 17.2% in total assets for the year. Even with declining rates the strong loan growth we had in the last two quarters should help our net interest income as we start 2008. Our net income was affected in 2007 by the expense with opening a new full service branch, and a loan production office as well as several IT upgrades. With the uncertain economy troubling many financial institutions we are pleased to say that we do not have any sub-prime loans and we continue to exceed our bank peer groups both state and nationally in the quality of our loans. Even with the recent rate cuts our net interest margin continues to be one of the highest in the Southeast. We are in a good position for continued growth in 2008.
Carolina Trust Bank is a full service state chartered bank headquartered in Lincolnton, N.C. operating out of five full service branches in Lincoln and Catawba Counties and a loan production office in Rutherford County. Its common stock is traded on the NASDAQ under the symbol CART.
Carolina Trust Bank (Dollars in thousands) December 31 2007 2006 Balance Sheet Data: Total Assets 136,815 116,714 Total Deposits 107,425 93,950 Total Loans 121,797 96,604 Reserve for Loan Loss 1,416 1,266 Total Shareholders Equity 16,515 15,212 (Dollars in thousands, except per share data) For the three months ended Year to Date December 31 December 30 2007 2006 2007 2006 Income and Per Share Data: Interest Income 2,521 2,317 9,587 8,995 Interest Expense 1,091 881 3,884 3,148 Net Interest Income 1,430 1,436 5,703 5,847 Provision for Loan Loss 89 47 157 199 Net Interest Income After Provision 1,341 1,389 5,546 5,648 Other Income 225 166 854 670 Other Expense 1,278 1,062 4,749 3,834 Income Before Taxes 288 493 1,651 2,484 Income Taxes 106 157 628 908 Net Income 182 336 1,023 1,576 Net Income Per Share:* Basic 0.10 0.26 0.59 0.72 Diluted 0.10 0.25 0.57 0.69 Average Shares Outstanding: Basic 1,740,069 1,721,832 1,730,641 1,719,434 Diluted 1,799,631 1,804,430 1,800,187 1,799,437 Asset Quality: Net Loan Charge-Offs (0) 81 7 22 Net Loan Charge-Offs to Average Loans (%) 0.00% 0.09% 0.01% 0.11% Performance Ratios: Return on Average Assets (%) 0.55% 1.17% 0.84% 1.44% Return on Average Equity (%) 4.37% 8.84% 6.40% 10.93% Net Interest Margin (%) 4.58% 5.25% 4.97% 5.54% 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 26, 2007
