Carolina Trust Bank Announces First Quarter Results
LINCOLNTON, N.C., April 22, 2011 /PRNewswire/ -- Carolina Trust Bank announces financial results for the first quarter of 2011. For the quarter ending March 31, 2011 the Bank recorded a net loss of $392,000 compared to a net profit of $452,000 for the same period last year. After adjusting for preferred stock dividends and accretion the net loss attributable to shareholders was $463,000 compared to a net profit or $383,000 for the same period last year.
There were several one-time expenses in the quarter that related to the sale and write-downs of other real estate owned and the settlement of a law suit the bank inherited with our acquisition of Carolina Commerce Bank in October 2009. These one-time expenses totaled $457,000. In addition to these expenses, $551,000 was added to the provision for loan losses.
As reported earlier this year, the Bank did complete a stock offering in early January which grossed around $6.3 million in additional capital to help the Bank expand its operations as we continue to exit problem real estate loans.
Although the economy is still sluggish the Bank is experiencing the highest loan demand it has had in the last two years.
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) | ||||
March 31 | ||||
2011 | 2010 | |||
Balance Sheet Data: | ||||
Total Assets | 276,951 | 274,661 | ||
Total Deposits | 232,252 | 232,510 | ||
Total Loans | 200,810 | 216,825 | ||
Reserve for Loan Loss | 3,755 | 2,995 | ||
Total Shareholders Equity | 27,250 | 22,402 | ||
(Dollars in thousands, except per share data) | ||||
For the three months ended | ||||
March 31 | ||||
2011 | 2010 | |||
Income and Per Share Data: | ||||
Interest Income | 3,231 | 3,693 | ||
Interest Expense | 1,108 | 1,192 | ||
Net Interest Income | 2,123 | 2,501 | ||
Provision for Loan Loss | 551 | 514 | ||
Net Interest Income After Provision | 1,572 | 1,987 | ||
Other Income | 251 | 312 | ||
Other Expense | 2,215 | 1,847 | ||
Income (loss) Before Taxes | (392) | 452 | ||
Income Tax Expense (benefit) | - | - | ||
Net Income | (392) | 452 | ||
Preferred Stock Dividend | 71 | 69 | ||
Income available to common shareholders | (463) | 383 | ||
Net Income Per Share:* | ||||
Basic | (0.10) | 0.15 | ||
Diluted | (0.10) | 0.15 | ||
Average Shares Outstanding: | ||||
Basic | 4,579,140 | 2,534,262 | ||
Diluted | 4,579,140 | 2,534,262 | ||
Asset Quality: | ||||
Net Loan Charge-Offs | 647 | 731 | ||
Net Loan Charge-Offs to Average Loans (%) | 0.32% | 0.33% | ||
Performance Ratios: | ||||
Return on Average Assets (%) | -0.58% | 0.67% | ||
Return on Average Equity (%) | -5.89% | 8.21% | ||
Net Interest Margin (%) | 3.36% | 4.01% | ||
SOURCE Carolina Trust Bank
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