Investor Relations

Carolina Trust Bank Announces Fourth Quarter Results

January 25, 2007
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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, 2006 of $336,000 compared to $544,000 for the same period last year. Basic and diluted earnings per share were $.21 and $.21 compared to $.35 and $.34 for the same quarter in 2005. The drop in forth quarter income is attributed primarily to income taxes and salaries. The bank did not become fully taxable until the fourth quarter of 2005 paying only $22,000 in income tax compared to $156,000 for the same period of 2006.

As of December 31, 2006, the Bank reported total assets of $116,714,000 compared to $102,924,000 on December 31, 2005. Total deposits were up 15% to $93,950,000 and total loans were up 3% to $96,604,000. At year-end income before taxes was up 74% to $2,484,000 versus year-end 2005 at $1,431,000. After taxes income was up 12% to $1,576,000 versus $1,409,000 for year-end 2005.

We continue to be pleased with the growth of the Bank. Although loan growth slowed during most of the last half of 2006 we closed the year with very strong loan demand and see it continuing into 2007.

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.