Carolina Trust Bank Announces Fourth Quarter Results

LINCOLNTON, N.C., Feb. 1, 2011 /PRNewswire/ -- Carolina Trust Bank (Nasdaq: CART) announced financial results for the fourth quarter of 2010 and full year results.  For the quarter ending December 31, 2010 the bank recorded a loss of $413,000 compared to a loss of $1,423,000 for the same quarter in 2009.  For the year ended December 31, 2010 the bank recorded net income of $221,000 compared to a net loss of $2,675,000 for the year ended December 31, 2009.  After adjusting for preferred stock dividends and accretion the net loss attributable to shareholders was $483,000 for the quarter and $57,000 for the full year.

Total assets were $267.9 million at December 31, 2010 down from $268.9 million at December 31, 2009.  The loan portfolio decreased 7% to end the year at $204.1 million.  Much of the decrease in loans was by design due to the bank's dedicated effort to move higher risk credits out of the portfolio.  Total deposits grew $1.8 million ending the year at $227.6 million.  The exciting thing about deposits was the reduction of wholesale funding due to growth in core deposits.  Net interest income for the year increased to $9.7 million from $5.9 million in 2009.  

Due in part to the continued decline in real estate values the provision for loan losses was $2.7 million in 2010 compared to $1.9 million in 2009.  Our board and senior management are optimistic that these values have begun to stabilize in our markets.

In early January 2011 the bank completed a stock offering which grossed $6.3 million in additional capital. This will be used to expand our loan and investment portfolio and to support additional growth opportunities, including opening or acquiring additional branches, and for general corporate purposes.

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.

SOURCE Carolina Trust Bank