Carolina Trust Bank Announces Fourth Quarter Results
January 19, 2006
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PRESS RELEASE
FOR RELEASE: January 19, 2006
CONTACT:
Carolina Trust Bank
Lincolnton, NC
John Michael Cline, President & CEO
(704) 735-1104
Carolina Trust Bank Announces Fourth Quarter Results
Carolina Trust Bank reported net income for the quarter ended December 31, 2005 of $543,000, compared to $119,000 for the same period in 2004. Basic and diluted earnings per share for the fourth quarter were $.39 and $.37, respectively, compared to basic and diluted earnings per share for the fourth quarter 2004 of $.13. For the year ending December 31, 2005, net income for the Bank was $1,409,000, compared to $346,000 for 2004, an increase of 307%. Basic and diluted earnings per share for 2005 were $1.00 and $.98, respectively, compared to basic and diluted earnings per share for 2004 of $.40.
As of December 31, 2005, the Bank reported total assets of $102,924,000 compared to $83,017,000 as of December 31, 2004.
Total deposits were $81,992,000 and total loans were $93,752,000 at year-end 2005, compared to total deposits of $69,143,000 and total loans of $70,050,000 at year-end 2004, an increase of 18.6% and 33.8% respectively.
“The management team and our board of directors are pleased with the financial results achieved in 2005” said J. Michael Cline, President & CEO of the Bank. “In completing our fifth year of operations in December 2005 we are excited about the framework we have established which has enabled us to end the year with an ROA of 1.49%, ROE of 11.22% and a net interest margin of 5.10%. We feel like we are positioned well for the future.”
Carolina Trust Bank is a full service state chartered bank headquartered in Lincolnton, N.C. operating out of four branches in Lincoln and Catawba Counties. Its common stock is traded on the NASDAQ under the symbol CART.
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