Investor Relations

Carolina Trust Bank Announces First Quarter Results

June 8, 2009
Back to Investor Relations

FOR RELEASE: April 29, 2009

CONTACT: Carolina Trust Bank Lincolnton, NC John Michael Cline, President & CEO (704) 735-1104

Carolina Trust Bank Announces First Quarter Results

Carolina Trust Bank (Nasdaq: CART) reported a net profit of $1,000 for the quarter ended March 31, 2009 compared to a net profit of $88,000 for the same period last year. Basic and diluted earnings were ($.00) and ($.00) compared to $.05 and $.05 for the same quarter in 2008. During the first quarter the bank issued $4,000,000 worth of preferred stock to the US Treasury under their Capital Purchase Program. After adjusting for $42,000 in dividends and accretion on preferred stock, net income available to common shareholders in the last quarter decreased to ($41,000), or ($.02) per diluted share.

As of March 31, 2009 the bank reported total assets of $171,631,000 which are up 19% over the same period in 2008. Total deposits were up 20% to $135,240,000 and total loans are up 12% to $145,625,000 over March 31, 2008.

Due to the decrease in interest rates over the last 12 months our net interest margin was down from 3.83% last year to 2.83%. This led to a 12% decrease in net interest income to $1,097,000. With rates now somewhat stabilized we should be able to continue to bring our deposit cost lower and increase our margins.

We continue to operate in a very tough economic environment. Our goal has always been to operate Carolina Trust Bank in a safe and sound manner. We will continue to be conservative as it relates to taking risks and expect improvements to earnings as the economy improves.

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.