LINCOLNTON, N.C., July 23 /PRNewswire-FirstCall/ -- Carolina Trust Bank reported a net profit of $484,000 for the quarter ended June 30, 2010 compared to a loss of $166,000 for the same period last year. After adjusting for $70,000 in dividends and accretion on preferred stock, net income available to common shareholders was $414,000 compared to a loss of $235,000 for the same period last year. Basic and diluted earnings per share were $0.16 for the quarter compared to $0.13 loss for the same period last year.
As of June 30, 2010 the bank reported total assets of $274,404,000, up 60% over the same period in 2009. Total deposits were up 71% to $231,816,000 and total loans were up 45% to $213,015,000 over June 30, 2009.
John Michael Cline, President and CEO, stated, "that although we continue to improve our balance sheet by working problem real estate loans out of the Bank, the economy remains very soft with lower than normal new loan requests. The continuing concern over declining real estate values has prompted us to add an additional $275,000 in our provision for loan losses, bringing the year-to-date totals to $789,000 compared to $281,000 year-to-date for the same period last year."
Our increased size due to continued internal growth and our fourth quarter acquisition last year has helped improve our net interest income from $2,248,000 year-to-date 2009 to $4,927,000 year-to-date 2010.
As always we are constantly looking for ways to improve our Bank and add shareholder value and will continue to operate in a safe and sound manner.
Carolina Trust Bank is a full service state chartered bank headquartered in Lincolnton, N.C. operating out of six full service branches in Lincoln, Catawba and Gaston 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 2010 2009 ---- ---- Balance Sheet Data: Total Assets 274,404 171,419 Total Deposits 231,816 135,187 Total Loans 213,015 146,805 Reserve for Loan Loss 3,207 2,716 Total Shareholders Equity 22,978 19,909 (Dollars in thousands, except per share data) For the three months Year to Date ended June 30 June 30 2010 2009 2010 2009 Income and Per Share Data: Interest Income 3,605 2,177 7,297 4,325 Interest Expense 1,179 1,025 2,370 2,077 Net Interest Income 2,426 1,152 4,927 2,248 Provision for Loan Loss 275 258 789 281 Net Interest Income After Provision 2,151 894 4,138 1,967 Other Income 255 214 567 468 Other Expense 1,922 1,403 3,769 2,729 Income (loss) Before Taxes 484 (295) 936 (294) Income Tax Expense (benefit) - (129) - (129) Net Income (loss) 484 (166) 936 (165) Preferred Stock Dividend 70 69 139 110 Income (loss)available to common shareholders 414 (235) 797 (275) Earnings (loss) Per Common Share:* Basic 0.16 (0.13) 0.31 (0.16) Diluted 0.16 (0.13) 0.31 (0.16) Average Shares Outstanding: Basic 2,534,262 1,761,410 2,534,262 1,761,410 Diluted 2,534,262 1,761,410 2,534,262 1,761,410 Asset Quality: Net Loan Charge-Offs 64 7 796 14 Net Loan Charge-Offs to Average Loans (%) 0.03% 0.01% 0.37% 0.01% Performance Ratios: Return on Average Assets (%) 0.71% -0.39% 0.69% -0.20% Return on Average Equity (%) 8.53% -3.31% 8.37% -1.72% Net Interest Margin (%) 3.83% 2.84% 3.92% 2.84%
Carolina Trust Bank
CONTACT: John Michael Cline, President & CEO, Carolina Trust Bank,
+1-704-735-1104
Web Site: http://www.carolinatrust.com/
