Carolina Trust Bank Announces Third Quarter Results
LINCOLNTON, N.C., Nov. 1, 2010 /PRNewswire-FirstCall/ -- Carolina Trust Bank (Nasdaq: CART) reported a loss of $302,000 for the quarter ended September 30, 2010 compared to a loss of $840,000 for the same period in 2009. After adjusting for $70,000 in dividends and accretion on preferred stock, the net loss attributable to shareholders was $372,000 compared to $908,000 for the same period last year. Basic and diluted loss per share was $0.15 compared to $0.52 in 2009.
Total assets increased 53% to $268,984,000. Total deposits increased 62%, ending at $226,721,000. Total loans increased 43% to end the quarter at $211,462,000.
J. Michael Cline, President & CEO, stated that, "while the third quarter was not as good as the first two quarters of 2010, the year to-date earnings of $634,000 equate to a $1,640,000 turn around in net income compared to our year to-date results in 2009. In the third quarter we added $1,123,000 to our loan loss provision and wrote down the balance on several bank owned properties to better mark them to market. We have made a decision to aggressively reserve for loans that give us concern. This strategy should put us in a good position to take advantage of growth opportunities when the economy turns around. We also added several new employees to the lending area of the bank to aid in the resolution of problem loans and to grow the loan portfolio in adjoining counties."
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, with a loan production office in Rutherford County. Its common stock is traded on the NASDAQ under the symbol CART.
Carolina Trust Bank |
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(Dollars in thousands) |
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September 30 |
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2010 |
2009 |
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Balance Sheet Data: |
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Total Assets |
268,984 |
175,310 |
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Total Deposits |
226,721 |
139,661 |
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Total Loans |
211,462 |
147,704 |
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Reserve for Loan Loss |
3,437 |
2,322 |
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Total Shareholders Equity |
22,696 |
19,111 |
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Year to Date |
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September 30 |
September 30 |
|||||
2010 |
2009 |
2010 |
2009 |
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Income and Per Share Data: |
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Interest Income |
3,566 |
2,252 |
10,864 |
6,577 |
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Interest Expense |
1,131 |
1,014 |
3,501 |
3,091 |
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Net Interest Income |
2,435 |
1,238 |
7,363 |
3,486 |
||
Provision for Loan Loss |
1,123 |
673 |
1,912 |
955 |
||
Net Interest Income After Provision |
1,312 |
565 |
5,451 |
2,531 |
||
Other Income |
303 |
201 |
870 |
669 |
||
Other Expense |
1,917 |
1,477 |
5,687 |
4,206 |
||
Income Before Taxes |
(302) |
(711) |
634 |
(1,006) |
||
Income Tax Expense (benefit) |
- |
129 |
- |
- |
||
Net Income |
(302) |
(840) |
634 |
(1,006) |
||
Preferred Stock Dividend |
70 |
68 |
209 |
177 |
||
Income (loss) available to common shareholders |
(372) |
(908) |
426 |
(1,183) |
||
Earnings Per Common Share: |
||||||
Basic |
(0.15) |
(0.52) |
0.17 |
(0.67) |
||
Diluted |
(0.15) |
(0.52) |
0.17 |
(0.67) |
||
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 |
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Asset Quality: |
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Net Loan Charge-Offs |
814 |
1,068 |
1,609 |
1,081 |
||
Net Loan Charge-Offs to Average Loans (%) |
0.38% |
0.73% |
0.76% |
0.74% |
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Performance Ratios: |
||||||
Return on Average Assets (%) |
-0.44% |
-1.91% |
0.31% |
-0.79% |
||
Return on Average Equity (%) |
-5.17% |
-16.72% |
3.73% |
-6.86% |
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Net Interest Margin (%) |
3.81% |
3.06% |
3.88% |
2.91% |
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SOURCE Carolina Trust Bank
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