LINCOLNTON, N.C., March 6, Carolina Trust Bank has announced that, in connection with the preparation, review and audit of its financial statements, it has concluded that it will reserve a greater fourth quarter 2008 provision for loan losses than originally reported on February 3, 2009.
Due to the continued decline in real estate values, we along with our auditors feel that it is the prudent approach to increase our fourth quarter provision by an additional $108,000. This will bring our 2008 loan loss provision to $701,000. As a result of this, our net loss year-to-date for 2008 will be ($531,000) for a diluted net loss per share of ($.31).
We will continue our conservative approach of doing business and want to state again that we are not involved in the sub-prime market that has crippled many financial institutions.
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.
