Investor Relations

Carolina Trust Bank Announces Third Quarter Results

October 13, 2005
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PRESS RELEASE FOR RELEASE: October 13, 2005 CONTACT: Carolina Trust Bank Lincolnton, NC John Michael Cline, President & CEO (704) 735-1104

Carolina Trust Bank Announces Third Quarter Results

Carolina Trust Bank reported that net income for the three months ended September 30, 2005 was $451,000, a 270% increase over the $122,000 net income for the three months ended September 30, 2004. For the nine months ended September 30, 2005 net income was $866,000, a 281% increase over the $227,000 net income for the nine months ended September 30, 2004. Basic and diluted earnings per share for the three months ended September 30, 2005 were $.35 and $.34 respectively, compared to $.16 basic and diluted earnings per share for the same period of 2004. For the nine months ended September 30, 2005, basic and diluted earnings per share were $.68 and $.67 respectively, compared to $.30 basic and $.29 diluted earnings per share for the same period of 2004.

Comparing September 30, 2005 to September 30, 2004, total assets increased by $18.7 million or 23% to $101.7 million; total loans increased by $19.5 million or 28% to $89.6 million; total deposits increased by $13.2 million or 19% to $82.3 million.

J. Michael Cline, President and CEO, says “The management team of the Bank is pleased with the results for the first nine months of 2005 and is committed to continuing to focus on growth, quality of assets and profitability”.

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.