LINCOLNTON, N.C., Aug. 3 /PRNewswire-FirstCall/ -- Carolina Trust Bank reported a net loss of ($167,000) for the quarter ended June 30, 2009 compared to net profit of $15,000 for the same quarter last year. After adjusting for a preferred stock dividend of $68,000 the net loss attributable to common shareholders in the last quarter was ($235,000) or ($.13) per diluted share.
As of June 30, 2009 the bank reported total assets of $171,419,000 which are up 19% from the same period last year. Total deposits were up 20% to $135,187,000 and total loans are up 13% to $146,805,000 over the same period last year.
The provision for loan loss for the quarter was $258,000 compared to $85,000 for the same period last year. We feel with the continued decline in real estate values this increase was the prudent thing to do. We will continue to review this reserve on a monthly basis and make adjustments when necessary. Another direct hit to our second quarter income was the special FDIC insurance assessment which had to be accrued by June 30. This totaled $76,000.
We are beginning to see a slight improvement in our net interest margin as rates seem to finally have bottomed out and we have been able to reprice deposits. Non-interest income has been a bright spot having increased 11% year-to-date over last year.
In June Carolina Trust Bank announced it would be acquiring Carolina Commerce Bank in Gastonia in an all-stock transaction. We feel the addition of this location will add to our growth and income in the future. This deal should be completed in the fourth quarter of 2009.
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) ---------------------- June 30 2009 2008 ---- ---- Balance Sheet Data: Total Assets 171,419 144,050 Total Deposits 135,187 112,447 Total Loans 146,805 129,671 Reserve for Loan Loss 2,716 1,465 Total Shareholders Equity 19,909 16,655 Year to Date June 30 June 30 2009 2008 2009 2008 Income and Per Share Data: Interest Income 2,176 2,259 4,325 4,611 Interest Expense 1,025 1,060 2,077 2,161 Net Interest Income 1,151 1,199 2,248 2,450 Provision for Loan Loss 258 85 282 169 Net Interest Income After Provision 893 1,114 1,966 2,281 Other Income 214 209 468 421 Other Expense 1,403 1,317 2,729 2,570 (Loss) Income Before Taxes (296) 6 (295) 132 Income Tax (benefit) Expense (129) (9) (129) 29 Net (loss) Income (167) 15 (166) 103 Preferred Stock Dividend 68 - 109 - (Loss Attributable) Income available to common shareholders (235) 15 (275) 103 (Loss) Earnings Per Common Share:* Basic (0.13) 0.01 (0.16) 0.06 Diluted (0.13) 0.01 (0.16) 0.06 Average Shares Outstanding: Basic 1,761,410 1,748,796 1,761,410 1,746,108 Diluted 1,761,410 1,778,676 1,761,410 1,781,915 Asset Quality: Net Loan Charge-Offs 7 33 14 68 Net Loan Charge-Offs to Average Loans (%) 0.01% 0.02% 0.01% 0.05% Performance Ratios: Return on Average Assets (%) -0.39% 0.04% -0.20% 0.15% Return on Average Equity (%) -3.31% 0.37% -1.72% 1.24% Net Interest Margin (%) 2.84% 3.45% 2.84% 3.63% Note: All quarterly information is unaudited.
Carolina Trust Bank
CONTACT: John Michael Cline, President & CEO of Carolina Trust Bank,
+1-704-735-1104
Web Site: http://www.carolinatrust.com/
