Press Releases

January 22, 2008 - Carolina Trust Bank Announces Fourth Quarter Results

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.

January 25, 2007 - Carolina Trust Bank Announces Fourth Quarter Results

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.

October 18, 2006 - Carolina Trust Bank Announces Third Quarter Results

PRESS RELEASE FOR RELEASE: October 18, 2006

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

Carolina Trust Bank Announces Third Quarter Results

Carolina Trust Bank (Nasdaq: CART) reported net income for the quarter ended September 30, 2006 of $450,000, compared to $451,000 for the same quarter last year. Basic and diluted earnings per share were $.29 and $.28 which were the same as third quarter of 2005.

As of September 30, 2006, the Bank reported total assets of $112,295,000 compared to $101,714,000 one year ago.

Total Deposits were up 9% to $89,823,000 and total loans were up 14.4% to $93,503,000 when compared to the same quarter last year.

Net income year-to-date was $1,240,000 which is an increase of 43% over the same period last year. Basic and diluted earnings per share were $.79 and $.76 for 2006 compared to $.56 and $.55 for 2005 year-to-date.

We are pleased with the growth and profitability the Bank continues to have in the markets we operate in. Although loan growth has slowed slightly we have positioned our balance sheet for long-term growth. Recently we added several experienced lenders to our staff from our local market which should help in market share growth.

The Bank has received approval from the State Banking Commission and the FDIC to open a full service branch in the Boger City area of Lincolnton.

October 18, 2006 - Carolina Trust Bank Announces Stock Split

FOR RELEASE: October 18, 2006

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

CAROLINA TRUST BANK ANNOUNCES STOCK SPLIT

Carolina Trust Bank (Nasdaq: CART) President & CEO J. Michael Cline announced that at its regular meeting on October 17, the Executive Committee of the Board of Directors of Carolina Trust Bank voted to issue an 11 for 10 stock split effected as a 10% stock dividend. The additional shares created by the split will be distributed on November 17 to shareholders of record as of November 3, 2006.

The bank’s profitability through the first three quarters of 2006 is up 43% to $1,240,000 year-to-date when compared to the same period last year. As the bank has grown and we continue to gain market share the board has used stock dividends as a way to reward our investors for their confidence in the bank.

January 19, 2006 - Carolina Trust Bank Announces Fourth Quarter Results

PRESS RELEASE FOR RELEASE: January 19, 2006

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

Carolina Trust Bank Announces Fourth Quarter Results

Carolina Trust Bank reported net income for the quarter ended December 31, 2005 of $543,000, compared to $119,000 for the same period in 2004. Basic and diluted earnings per share for the fourth quarter were $.39 and $.37, respectively, compared to basic and diluted earnings per share for the fourth quarter 2004 of $.13. For the year ending December 31, 2005, net income for the Bank was $1,409,000, compared to $346,000 for 2004, an increase of 307%. Basic and diluted earnings per share for 2005 were $1.00 and $.98, respectively, compared to basic and diluted earnings per share for 2004 of $.40.

As of December 31, 2005, the Bank reported total assets of $102,924,000 compared to $83,017,000 as of December 31, 2004.

Total deposits were $81,992,000 and total loans were $93,752,000 at year-end 2005, compared to total deposits of $69,143,000 and total loans of $70,050,000 at year-end 2004, an increase of 18.6% and 33.8% respectively.

“The management team and our board of directors are pleased with the financial results achieved in 2005” said J. Michael Cline, President & CEO of the Bank. “In completing our fifth year of operations in December 2005 we are excited about the framework we have established which has enabled us to end the year with an ROA of 1.49%, ROE of 11.22% and a net interest margin of 5.10%. We feel like we are positioned well for the future.”

November 16, 2005 - Carolina Trust Bank Announces Stock Split

PRESS RELEASE FOR: November 16, 2005 CONTACT: Carolina Trust Bank Lincolnton, NC John Michael Cline, President & CEO (704) 735-1104

Carolina Trust Bank President & CEO J. Michael Cline announced that at its regular meeting on November 15, the Board of Directors of Carolina Trust Bank voted to issue an 11 for 10 stock split effected as a 10% stock dividend. The additional shares created by the split will be distributed on December 16 to shareholders of record as of December 1, 2005.

2005 has been a record year for Carolina Trust Bank as we have seen both our profitability and market share increase. This stock split represents our third split since opening in December 2000 and is our way of rewarding the people who have shown confidence in investing in our company.

October 13, 2005 - Carolina Trust Bank Announces Third Quarter Results

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”.

July 13, 2005 - Carolina Trust Bank Announces Record Profit for Second Consecutive Quarter

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”.

Click here for more information.

April 19, 2005 - Carolina Trust Bank Announces Record Profit

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

Carolina Trust Bank recorded its most profitable quarter in the Bank’s history. Net income for the three months ended March 31, 2005 was $125,000 compared to $36,000 for the three months ended March 31, 2004. Basic and diluted earnings per share increased by 100% to $.10 for the quarter ending March 31, 2005 compared to $.05 for the quarter ended March 31, 2004.

Comparing the quarter ended March 31, 2005 with the quarter ended March 31, 2004, total assets increased by $22.3 million or 32% to $91.7 million; total loans increased by $19.8 million or 33% to $79.3 million; total deposits increased by $14.6 million or 24% to $76.2 million.

J. Michael Cline, President and CEO, attributes much of the success to continue growth in the Bank’s core market area and to the benefits realized as a result of the successful public stock offering, completed during the fourth quarter of 2004. He also noted the diligent effort by management and staff to continually increase efficiency of operations and control increases in non-interest expenses.

Top of Page