Investor Relations

Carolina Trust Bank Announces Record Profit for Second Consecutive Quarter

July 13, 2005
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CONTACT: Carolina Trust Bank John Michael Cline, President & CEO (704) 735-1104

Carolina Trust Bank again recorded its most profitable quarter in the Bank’s history, more than doubling its previous record quarter, which was achieved in first three months of 2005. Net income for the three months ended June 30, 2005 was $290,000, a 320% increase over the $69,000 net income for the three months ended June 30, 2004. For the six months ended June 30, 2005 net income was $415,000, a 295% increase over the $105,000 net income for the six months ended June 30, 2004. Basic and diluted earnings per share for the three months ended June 30, 2005 were $.23 and $.22 respectively, compared to $.09 basic and diluted earnings per share for the same period of 2004. For the six months ended June 30, 2005, basic and diluted earnings per share were $.32 compared to $.14 basic and diluted earnings per share for the same period of 2004.

Comparing June 30, 2005 to June 30, 2004, total assets increased by $24.8 million or 35% to $96.1 million; total loans increased by $26.2 million or 43% to $87.1 million; total deposits increased by $14.7 million or 23% to $78.3 million.

J. Michael Cline, President and CEO, says “the Bank is continuing to focus on it’s core market area and is now realizing the benefits of a strong base in both retail and corporate clients developed over the past few years”. He adds that he also believes that, “the Bank has positioned itself to continue the trends in growth and profitability, regardless of the volatility of economic conditions”.

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