CAROLINA TRUST BANCSHARES INC 
By LINCOLNTON, N.C., Jan. 29 /PRNewswire-FirstCall/ -- Carolina Trust Bank (Nasdaq: CART) announced financial results for the fourth quarter of 2009. The bank reported a net loss attributable to common shareholders of $1,325,000, or $.55 per share. That compares to a net loss of $679,000, and $0.39 per share, for the same period in 2008. Contributing to the loss were expenses exceeding $1,100,000 associated with the merger of Carolina Commerce Bank of Gastonia, NC into Carolina Trust Bank. J. Michael Cline, President and CEO, stated, "The combination with Carolina Commerce Bank allowed the bank to gain entry into the adjacent Gaston County market while at the same time allowing for cost reductions. We believe that the merger and the efficiencies it allows will benefit the bank and its shareholders in the future."
Excluding the one-time expenses associated with the Carolina Commerce merger, the bank reported a net loss attributable to common shareholders of $225,000 for the quarter ended December 31, 2009.
For the year ended December 31, 2009, the bank reported a loss attributable to common shareholders of $2,508,000, or $1.30 per share compared to a loss of $572,000, or $0.33 per share for the year ended December 31, 2008. In addition to the merger related expenses, the bank increased its provision for loan losses during the year by $1,888,000. Cline continued, "We continue to see weakness in the real estate market and the economy generally. Because of that we considered it prudent to elevate our provision for loan losses against our loan portfolio. The bank remains strong and is experiencing an increase in its net interest income. Net interest income rose 24% in 2009 to $5,905,000 as compared to $4,779,000 in 2008.
As of December 31, 2009 the bank had total assets of $269,134,000 compared to $160,427,000 at December 31, 2008. Total deposits increased 79% during the year to $225,853,000, and total loans increased 51% during the period to $219,543,000.
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)
December 31
2009 2008
---- ----
Balance Sheet Data:
Total Assets 269,134 160,427
Total Deposits 225,853 126,345
Total Loans 219,543 144,920
Reserve for Loan Loss 3,213 2,448
Total Shareholders Equity 22,139 16,181
(Dollars in thousands, except per share data)
For the three months ended Year to Date
December 31 December 30
2009 2008 2009 2008
Income and Per Share Data:
Interest Income 3,660 2,197 10,237 9,111
Interest Expense 1,241 1,098 4,332 4,332
Net Interest Income 2,419 1,099 5,905 4,779
Provision for Loan Loss 933 859 1,888 1,154
Net Interest Income
After Provision 1,486 239 4,017 3,625
Other Income 253 202 922 829
Other Expense 2,995 1,548 7,201 5,438
Income Before Taxes (1,256) (1,107) (2,262) (984)
Income Tax Expense
(benefit) - (428) - (412)
Net Loss (1,256) (679) (2,262) (572)
Preferred Stock Dividend 69 - 246 -
Loss Attributable to
Common
Shareholders (1,325) (679) (2,508) (572)
Loss Per Common Share:*
Basic (0.55) (0.39) (1.30) (0.33)
Diluted (0.55) (0.39) (1.30) (0.33)
Average Shares
Outstanding:
Basic 2,416,654 1,720,973 1,926,597 1,742,297
Diluted 2,416,654 1,720,973 1,926,597 1,742,297
Asset Quality:
Net Loan Charge-Offs 42 52 1,123 122
Net Loan Charge-Offs to
Average Loans (%) 0.02% 0.04% 0.70% 0.09%
Performance Ratios:
Return on Average Assets(%) -1.96% -1.70% -1.18% -0.38%
Return on Average Equity(%) -20.77% -16.08% -10.92% -3.41%
Net Interest Margin (%) 4.11% 2.87% 3.31% 3.35%
Note: All 2009 information is unaudited.
SOURCE Carolina Trust Bank
