LINCOLNTON, N.C., Oct. 8 /PRNewswire-FirstCall/ -- Carolina Trust Bank reported net income for the quarter ended September 30, 2008 of $4,000, compared to $226,000 for the same quarter last year. Basic and diluted earnings per share were $.00 and $.00 compared to third quarter of 2007 basic and diluted earnings of $.13 and $.13 respectively.
As of September 20, 2008 the Bank reported total assets of $153,578,000 compared to $127,383,000 last year. This represents an increase of 21%. Total deposits are up 21% to $122,608,000 and total loans are up 23% to $140,208,000 from the same quarter last year.
Although we are not satisfied with the profitability of the Bank we are pleased with our continued growth and the fact that our asset quality continues to be stellar in comparison with our peers. These are turbulent times in all financial markets and we are proud of our conservative approach to managing risk. This being said we have increased our provision for loan losses year-to-date 332% over last year at the end of the third quarter. We have no sub-prime loans on our books and we continue to be well capitalized where many of our peers are looking for ways to build capital.
Carolina Trust Bank is a full service state chartered bank headquartered in Lincolnton, N.C. operating out of four 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) September 30 2008 2007 Balance Sheet Data: Total Assets 153,578 127,383 Total Deposits 122,608 101,385 Total Loans 140,208 113,967 Reserve for Loan Loss 1,640 1,327 Total Shareholders Equity 16,784 16,261 (Dollars in thousands, except per share data) For the three months ended Year to Date September 30 September 30 2008 2007 2008 2007 Income and Per Share Data: Interest Income 2,304 2,455 6,914 7,066 Interest Expense 1,074 1,004 3,234 2,793 Net Interest Income 1,230 1,451 3,680 4,273 Provision for Loan Loss 125 53 294 68 Net Interest Income After Provision 1,105 1,398 3,386 4,205 Other Income 206 212 627 629 Other Expense 1,320 1,241 3,890 3,471 Income (loss) Before Taxes (9) 369 123 1,363 Income Tax Expense (benefit) (13) 143 16 521 Net Income 4 226 107 842 Net Income Per Share:* Basic 0.00 0.13 0.06 0.49 Diluted 0.00 0.13 0.06 0.47 Average Shares Outstanding: Basic 1,756,252 1,736,216 1,749,514 1,723,846 Diluted 1,762,076 1,799,419 1,776,301 1,796,372 Asset Quality: Net Loan Charge-Offs 2 9 71 7 Net Loan Charge-Offs to Average Loans (%) 0.00% 0.01% 0.05% 0.01% Performance Ratios: Return on Average Assets (%) 0.01% 0.73% 0.10% 0.96% Return on Average Equity (%) 0.09% 5.55% 0.85% 7.12% Net Interest Margin (%) 3.35% 4.98% 3.53% 5.12% 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
