Investor Relations

Carolina Trust Bank Announces Fourth Quarter Results

January 22, 2008
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CONTACT: Carolina Trust Bank John Michael Cline, President & CEO (704) 735-1104

Carolina Trust Bank (NASDAQ: CART) reported net income for the quarter ended December 31, 2007 of $182,000 compared to $336,000 for the same period last year. Basic and diluted earnings per share were $.10 and $.10 compared to $.26 and $.25 for the same quarter in 2006.

As of December 31, 2007, the Bank reported total assets of $136,815,000 compared to $116,714,000 on December 31, 2006. Total deposits were up 14.3% to $107,425,000 and total loans were up 26.1% to $121,797,000. At year-end after tax income was $1,023,000 compared to $1,576,000.

After experiencing slow growth in the first half of 2007 we ended up growing 17.2% in total assets for the year. Even with declining rates the strong loan growth we had in the last two quarters should help our net interest income as we start 2008. Our net income was affected in 2007 by the expense with opening a new full service branch, and a loan production office as well as several IT upgrades. With the uncertain economy troubling many financial institutions we are pleased to say that we do not have any sub-prime loans and we continue to exceed our bank peer groups both state and nationally in the quality of our loans. Even with the recent rate cuts our net interest margin continues to be one of the highest in the Southeast. We are in a good position for continued growth in 2008.

Carolina Trust Bank is a full service state chartered bank headquartered in Lincolnton, N.C. operating out of five full service branches in Lincoln and Catawba Counties and a loan production office in Rutherford County. Its common stock is traded on the NASDAQ under the symbol CART.