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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Maplebear Inc | NASDAQ:CART | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
1.14 | 3.20% | 36.75 | 34.86 | 36.78 | 36.81 | 35.51 | 35.94 | 2,353,832 | 05:00:13 |
Title of each class
|
Trading Symbol(s)
|
Name of exchange on which
registered
|
||
Common stock, par value $2.50 per share
|
CART
|
The Nasdaq Stock Market LLC
|
Large Accelerated Filer
|
☐ |
Accelerated Filer
|
☐ | |
Non-accelerated Filer
|
☒ |
Smaller Reporting Company
|
☒ | |
Emerging Growth Company
|
☐ |
Part I.
|
FINANCIAL INFORMATION
|
|
Item 1 -
|
Financial Statements (Unaudited)
|
|
2
|
||
3
|
||
4
|
||
5
|
||
6
|
||
7
|
||
8
|
||
9
|
||
10
|
||
Item 2 -
|
38
|
|
Item 4 -
|
48
|
|
Part II.
|
OTHER INFORMATION
|
|
Item 6 -
|
49
|
Part I. |
FINANCIAL INFORMATION
|
September 30,
2019
|
December 31,
2018*
|
|||||||
Assets
|
||||||||
Cash and due from banks
|
$
|
13,865
|
$
|
10,918
|
||||
Interest-earning deposits with banks
|
28,229
|
21,022
|
||||||
Cash and cash equivalents
|
42,094
|
31,940
|
||||||
Certificates of deposit with banks
|
2,245
|
1,498
|
||||||
Investment securities available for sale, at fair value (amortized cost $62,535 and $32,677)
|
63,761
|
31,960
|
||||||
Equity securities
|
780
|
617
|
||||||
Federal Home Loan Bank stock
|
1,400
|
1,050
|
||||||
Loans
|
483,164
|
393,282
|
||||||
Less: Allowance for loan losses
|
(3,983
|
)
|
(3,978
|
)
|
||||
Net Loans
|
479,181
|
389,304
|
||||||
Bank-owned life insurance
|
11,099
|
7,393
|
||||||
Accrued interest receivable
|
1,714
|
1,259
|
||||||
Bank premises, equipment and software
|
8,840
|
6,093
|
||||||
Foreclosed assets
|
1,043
|
1,157
|
||||||
Goodwill
|
5,717
|
-
|
||||||
Core deposit intangibles, net of accumulated amortization of $1,168 and $744 at September 30, 2019 and December 31, 2018, respectively
|
2,447
|
40
|
||||||
Other assets
|
2,214
|
2,793
|
||||||
Total Assets
|
$
|
622,535
|
$
|
475,104
|
||||
Liabilities and Stockholders’ Equity
|
||||||||
Noninterest-earning demand deposits
|
$
|
92,476
|
$
|
61,120
|
||||
Interest-earning demand deposits
|
191,997
|
142,899
|
||||||
Savings
|
38,011
|
22,693
|
||||||
Time deposits
|
193,649
|
168,437
|
||||||
Total deposits
|
516,133
|
395,149
|
||||||
Finance lease obligation
|
88
|
141
|
||||||
Federal Home Loan Bank advances
|
20,200
|
16,100
|
||||||
Long term subordinated debt
|
9,814
|
9,753
|
||||||
Accrued interest payable
|
760
|
421
|
||||||
Other liabilities
|
4,104
|
3,279
|
||||||
Total liabilities
|
551,099
|
424,843
|
||||||
Common stock warrant
|
-
|
426
|
||||||
Common stock, $2.50 par value; 20,000,000 and 10,000,000 shares authorized as of September 30, 2019 and December 31, 2018, respectively; 9,305,714 and 7,156,987 shares issued and
outstanding as of September 30, 2019 and December 31, 2018, respectively
|
23,264
|
17,892
|
||||||
Additional paid-in capital
|
36,371
|
25,211
|
||||||
Retained earnings
|
10,863
|
7,281
|
||||||
Accumulated other comprehensive income (loss)
|
938
|
(549
|
)
|
|||||
Total stockholders’ equity
|
71,436
|
50,261
|
||||||
Total Liabilities and Stockholders’ Equity
|
$
|
622,535
|
$
|
475,104
|
Three Months Ended September 30,
|
||||||||
2019
|
2018
|
|||||||
Interest Income
|
||||||||
Interest on investment securities
|
$
|
487
|
$
|
215
|
||||
Interest and fees on loans
|
6,739
|
5,036
|
||||||
Other interest income
|
146
|
168
|
||||||
Total interest income
|
7,372
|
5,419
|
||||||
Interest Expense
|
||||||||
Interest expense non-maturity deposits
|
385
|
188
|
||||||
Interest expense time deposits
|
935
|
733
|
||||||
Interest expense borrowed funds
|
99
|
58
|
||||||
Interest expense on subordinated debt
|
193
|
192
|
||||||
Interest expense, other
|
2
|
5
|
||||||
Total interest expense
|
1,614
|
1,176
|
||||||
Net interest income
|
5,758
|
4,243
|
||||||
Provision for (recovery of) loan losses
|
(37
|
)
|
75
|
|||||
Net interest income after loan loss provision
|
5,795
|
4,168
|
||||||
Noninterest income
|
||||||||
Overdraft fees on deposits
|
192
|
131
|
||||||
Interchange fee income, net
|
124
|
67
|
||||||
Service charges on deposits
|
25
|
18
|
||||||
Mortgage fee income
|
179
|
44
|
||||||
Customer service fees
|
21
|
14
|
||||||
ATM income
|
16
|
8
|
||||||
Bank-owned life insurance income
|
66
|
49
|
||||||
Unrealized gain (loss) on equity securities
|
(100
|
)
|
35
|
|||||
Other income
|
11
|
8
|
||||||
Total noninterest income
|
534
|
374
|
||||||
Noninterest expense
|
||||||||
Salaries & benefits expense
|
2,262
|
1,799
|
||||||
Occupancy expense
|
214
|
193
|
||||||
Furniture, fixture & equipment expense
|
244
|
214
|
||||||
Data processing expense
|
278
|
198
|
||||||
Office supplies expense
|
27
|
1
|
||||||
Professional fees
|
77
|
105
|
||||||
Advertising and marketing
|
43
|
31
|
||||||
Insurance
|
23
|
83
|
||||||
Foreclosed asset expense, net
|
15
|
127
|
||||||
Loan expense
|
34
|
75
|
||||||
Stockholder expense
|
86
|
45
|
||||||
Directors fees and expenses
|
84
|
51
|
||||||
Telephone expense
|
93
|
101
|
||||||
Amortization of core deposit intangibles
|
138
|
9
|
||||||
Merger expenses
|
585
|
157
|
||||||
Other operating expense
|
203
|
138
|
||||||
Total noninterest expense
|
4,406
|
3,327
|
||||||
Pre-tax income
|
1,923
|
1,215
|
||||||
Income tax expense
|
496
|
300
|
||||||
Net income
|
$
|
1,427
|
$
|
915
|
||||
Earnings per share
|
||||||||
Basic earnings per common share
|
$
|
0.15
|
$
|
0.13
|
||||
Diluted earnings per common share
|
$
|
0.15
|
$
|
0.13
|
||||
Weighted average common shares outstanding
|
9,304,051
|
7,156,987
|
||||||
Diluted average common shares outstanding
|
9,375,163
|
7,243,875
|
Nine Months Ended September 30,
|
||||||||
2019
|
2018
|
|||||||
Interest Income
|
||||||||
Interest on investment securities
|
$
|
1,480
|
$
|
639
|
||||
Interest and fees on loans
|
19,940
|
14,460
|
||||||
Other interest income
|
435
|
345
|
||||||
Total interest income
|
21,855
|
15,444
|
||||||
Interest Expense
|
||||||||
Interest expense non-maturity deposits
|
1,089
|
500
|
||||||
Interest expense time deposits
|
2,635
|
2,043
|
||||||
Interest expense borrowed funds
|
273
|
248
|
||||||
Interest expense on subordinated debt
|
579
|
574
|
||||||
Interest expense, other
|
8
|
26
|
||||||
Total interest expense
|
4,584
|
3,391
|
||||||
Net interest income
|
17,271
|
12,053
|
||||||
Provision for loan losses
|
116
|
415
|
||||||
Net interest income after loan loss provision
|
17,155
|
11,638
|
||||||
Noninterest income
|
||||||||
Overdraft fees on deposits
|
542
|
412
|
||||||
Interchange fee income, net
|
320
|
165
|
||||||
Service charges on deposits
|
91
|
49
|
||||||
Mortgage fee income
|
428
|
86
|
||||||
Customer service fees
|
69
|
43
|
||||||
ATM income
|
39
|
21
|
||||||
Bank-owned life insurance income
|
199
|
147
|
||||||
Unrealized gain on equity securities
|
96
|
123
|
||||||
Other income
|
34
|
24
|
||||||
Total noninterest income
|
1,818
|
1,070
|
||||||
Noninterest expense
|
||||||||
Salaries & benefits expense
|
6,982
|
5,496
|
||||||
Occupancy expense
|
666
|
607
|
||||||
Furniture, fixture & equipment expense
|
663
|
524
|
||||||
Data processing expense
|
801
|
588
|
||||||
Office supplies expense
|
102
|
42
|
||||||
Professional fees
|
322
|
328
|
||||||
Advertising and marketing
|
129
|
90
|
||||||
Insurance
|
160
|
269
|
||||||
Foreclosed asset expense, net
|
117
|
453
|
||||||
Loan expense
|
167
|
161
|
||||||
Stockholder expense
|
220
|
114
|
||||||
Directors fees and expenses
|
283
|
191
|
||||||
Telephone expense
|
282
|
241
|
||||||
Amortization of core deposit intangibles
|
424
|
26
|
||||||
Merger expenses
|
2,356
|
480
|
||||||
Other operating expense
|
631
|
433
|
||||||
Total noninterest expense
|
14,305
|
10,043
|
||||||
Pre-tax income
|
4,668
|
2,665
|
||||||
Income tax expense
|
1,086
|
659
|
||||||
Net income
|
$
|
3,582
|
$
|
2,006
|
||||
Earnings per share
|
||||||||
Basic earnings per common share
|
$
|
0.39
|
$
|
0.33
|
||||
Diluted earnings per common share
|
$
|
0.38
|
$
|
0.32
|
||||
Weighted average common shares outstanding
|
9,297,383
|
6,118,461
|
||||||
Diluted average common shares outstanding
|
9,370,628
|
6,211,670
|
Three Months Ended September 30,
|
||||||||
2019
|
2018
|
|||||||
Net income
|
$
|
1,427
|
$
|
915
|
||||
Other comprehensive income (loss):
|
||||||||
Unrealized gain (loss) on investment securities:
|
||||||||
Unrealized holding gains (losses) arising during period
|
132
|
(208
|
)
|
|||||
Deferred income tax benefit (expense)
|
(31
|
)
|
48
|
|||||
Total other comprehensive income (loss)
|
101
|
(160
|
)
|
|||||
Total comprehensive income
|
$
|
1,528
|
$
|
755
|
Nine Months Ended September 30,
|
||||||||
2019
|
2018
|
|||||||
Net income
|
$
|
3,582
|
$
|
2,006
|
||||
Other comprehensive income (loss):
|
||||||||
Unrealized gain (loss) on investment securities:
|
||||||||
Unrealized holding gains (losses) arising during period
|
1,943
|
(812
|
)
|
|||||
Deferred income tax benefit (expense)
|
(456
|
)
|
190
|
|||||
Total other comprehensive income (loss)
|
1,487
|
(622
|
)
|
|||||
Total comprehensive income
|
$
|
5,069
|
$
|
1,384
|
Common Stock
|
||||||||||||||||||||||||||||
Warrant
|
Shares
|
Amount
|
Additional
paid-in
capital
|
Retained
earnings
|
Accumulated
other
comprehensive
income (loss)
|
Total
|
||||||||||||||||||||||
Balances at June 30, 2018
|
$
|
426
|
7,156,987
|
$
|
17,892
|
$
|
25,214
|
$
|
5,420
|
$
|
(751
|
)
|
$
|
48,201
|
||||||||||||||
Net income
|
-
|
-
|
-
|
-
|
915
|
-
|
915
|
|||||||||||||||||||||
Issuance of common stock
|
-
|
-
|
-
|
(2
|
)
|
-
|
-
|
(2
|
)
|
|||||||||||||||||||
Other comprehensive loss
|
-
|
-
|
-
|
-
|
-
|
(160
|
)
|
(160
|
)
|
|||||||||||||||||||
Balance at September 30, 2018
|
$
|
426
|
7,156,987
|
$
|
17,892
|
$
|
25,212
|
$
|
6,335
|
$
|
(911
|
)
|
$
|
48,954
|
||||||||||||||
Balances at June 30, 2019
|
$
|
-
|
9,301,575
|
$
|
23,254
|
$
|
36,370
|
$
|
9,436
|
$
|
837
|
$
|
69,897
|
|||||||||||||||
Net income
|
-
|
-
|
-
|
-
|
1,427
|
-
|
1,427
|
|||||||||||||||||||||
Exercise of stock options
|
-
|
4,139
|
10
|
1
|
-
|
-
|
11
|
|||||||||||||||||||||
Other comprehensive income
|
-
|
-
|
-
|
-
|
-
|
101
|
101
|
|||||||||||||||||||||
Balance at September 30, 2019
|
$
|
-
|
9,305,714
|
$
|
23,264
|
$
|
36,371
|
$
|
10,863
|
$
|
938
|
$
|
71,436
|
Common Stock
|
||||||||||||||||||||||||||||
Warrant
|
Shares
|
Amount
|
Additional
paid-in
capital
|
Retained
earnings
|
Accumulated
other
comprehensive
income (loss)
|
Total
|
||||||||||||||||||||||
Balances at December 31, 2017
|
$
|
426
|
4,657,880
|
$
|
11,645
|
$
|
13,008
|
$
|
4,772
|
$
|
(732
|
)
|
$
|
29,119
|
||||||||||||||
Net income
|
-
|
-
|
-
|
-
|
2,006
|
-
|
2,006
|
|||||||||||||||||||||
Exercise of stock options
|
-
|
3,107
|
7
|
8
|
-
|
-
|
15
|
|||||||||||||||||||||
Stock based compensation
|
-
|
-
|
-
|
1
|
-
|
-
|
1
|
|||||||||||||||||||||
Issuance of common stock
|
-
|
2,496,000
|
6,240
|
12,195
|
-
|
-
|
18,435
|
|||||||||||||||||||||
Reclassification of certain tax effects
|
-
|
-
|
-
|
-
|
(443
|
)
|
443
|
-
|
||||||||||||||||||||
Other comprehensive loss
|
-
|
-
|
-
|
-
|
-
|
(622
|
)
|
(622
|
)
|
|||||||||||||||||||
Balance at September 30, 2018
|
$
|
426
|
7,156,987
|
$
|
17,892
|
$
|
25,212
|
$
|
6,335
|
$
|
(911
|
)
|
$
|
48,954
|
||||||||||||||
Balances at December 31, 2018
|
$
|
426
|
7,156,987
|
$
|
17,892
|
$
|
25,211
|
$
|
7,281
|
$
|
(549
|
)
|
$
|
50,261
|
||||||||||||||
Net income
|
-
|
-
|
-
|
-
|
3,582
|
-
|
3,582
|
|||||||||||||||||||||
Exercise of stock options
|
-
|
10,994
|
27
|
7
|
-
|
-
|
34
|
|||||||||||||||||||||
Acquisition of Clover Community Bankshares, Inc.
|
-
|
2,123,858
|
5,310
|
10,762
|
-
|
-
|
16,072
|
|||||||||||||||||||||
Exercise of warrant
|
(426
|
)
|
13,875
|
35
|
391
|
-
|
-
|
-
|
||||||||||||||||||||
Other comprehensive income
|
-
|
-
|
-
|
-
|
-
|
1,487
|
1,487
|
|||||||||||||||||||||
Balance at September 30, 2019
|
$
|
-
|
9,305,714
|
$
|
23,264
|
$
|
36,371
|
$
|
10,863
|
$
|
938
|
$
|
71,436
|
Nine Months Ended September 30,
|
||||||||
2019
|
2018
|
|||||||
Cash flows from operating activities
|
||||||||
Net income
|
$
|
3,582
|
$
|
2,006
|
||||
Adjustments to reconcile net income to cash and cash equivalents provided by operating activities:
|
||||||||
Provision for loan losses
|
116
|
415
|
||||||
Depreciation and amortization of bank premises, equipment and software, and operating lease right-of-use assets
|
558
|
346
|
||||||
Acquired loan accretion
|
(447
|
)
|
(5
|
)
|
||||
Accretion of time deposit discount and amortization of core deposit intangibles
|
452
|
26
|
||||||
Net amortization of bond premiums/discounts
|
242
|
104
|
||||||
Amortization of long-term subordinated debt issuance costs
|
61
|
57
|
||||||
Unrealized gain on equity securities
|
(96
|
)
|
(123
|
)
|
||||
Stock compensation expense
|
-
|
1
|
||||||
Increase in value of bank-owned life insurance
|
(199
|
)
|
(147
|
)
|
||||
Net losses and impairment write-downs on foreclosed assets
|
49
|
295
|
||||||
Deferred tax provision
|
592
|
27
|
||||||
Increase in other assets
|
(649
|
)
|
(17
|
)
|
||||
Decrease (increase) in accrued interest receivable
|
48
|
(132
|
)
|
|||||
Increase in accrued interest payable
|
306
|
286
|
||||||
Increase (decrease) in other liabilities
|
(1,349
|
)
|
80
|
|||||
Net cash and cash equivalents provided by operating activities
|
3,266
|
3,219
|
||||||
Cash flows from investing activities
|
||||||||
Net cash received from acquisition
|
8,741
|
-
|
||||||
Net increase in loans
|
(25,710
|
)
|
(33,769
|
)
|
||||
Maturities of certificates of deposit with banks
|
593
|
-
|
||||||
Proceeds from the sale of foreclosed assets
|
1,159
|
330
|
||||||
Purchase of available for sale securities
|
(532
|
)
|
(3,034
|
)
|
||||
Net purchases of bank premises, equipment and software
|
(377
|
)
|
(34
|
)
|
||||
Proceeds from maturities, calls and pay-downs of available for sale securities
|
9,957
|
2,612
|
||||||
Redemptions (purchases) of Federal Home Loan Bank stock
|
(350
|
)
|
291
|
|||||
Net cash and cash equivalents used in investing activities
|
(6,519
|
)
|
(33,604
|
)
|
||||
Cash flows from financing activities
|
||||||||
Increase in deposits
|
9,326
|
45,844
|
||||||
Increase (decrease) in Federal Home Loan Bank advances
|
4,100
|
(7,500
|
)
|
|||||
Finance lease payments
|
(53
|
)
|
(49
|
)
|
||||
Issuance of long term debt
|
-
|
3,000
|
||||||
Repayment of long term debt
|
-
|
(3,000
|
)
|
|||||
Net proceeds from the issuance of common stock
|
34
|
18,450
|
||||||
Net cash and cash equivalents provided by financing activities
|
13,407
|
56,745
|
||||||
Net increase (decrease) in cash and cash equivalents
|
10,154
|
26,360
|
||||||
Cash and cash equivalents, beginning
|
31,940
|
9,056
|
||||||
Cash and cash equivalents, ending
|
$
|
42,094
|
$
|
35,416
|
||||
Supplemental disclosure of cash flow information
|
||||||||
Cash paid during the period for taxes
|
$
|
339
|
$
|
631
|
||||
Cash paid during the period for interest
|
$
|
4,482
|
$
|
3,105
|
||||
Noncash financing and investing activities
|
||||||||
Unrealized gain (loss) on investment securities available-for-sale, net of taxes
|
$
|
1,487
|
$
|
(622
|
)
|
|||
Transfer of loans to foreclosed assets
|
$
|
202
|
|
$
|
1,618
|
|
||
Fair value of assets acquired
|
$
|
115,141
|
$
|
-
|
||||
Fair value of liabilities assumed
|
$
|
113,500
|
$
|
-
|
||||
Initial recognition of operating lease right-of-use assets
|
$
|
457
|
$
|
-
|
||||
Initial recognition of operating lease liabilities
|
$
|
443
|
$
|
-
|
(2) |
Recent Accounting Pronouncements
|
CAROLINA TRUST BANCSHARES, INC.
Notes to Condensed Consolidated Financial Statements
(3) |
Business Combination
|
CAROLINA TRUST BANCSHARES, INC.
Notes to Condensed Consolidated Financial Statements
(Dollars in thousands)
|
As
Recorded by
Clover
|
Fair
Value
Adjustments
|
As
Recorded by
the Company
|
|||||||||
Assets
|
||||||||||||
Cash and cash equivalents
|
$
|
13,042
|
$
|
-
|
$
|
13,042
|
||||||
Certificates of deposit with banks
|
1,340
|
-
|
1,340
|
|||||||||
Securities
|
39,637
|
(45
|
)
|
39,592
|
||||||||
Loans
|
66,343
|
(2,294
|
)
|
64,049
|
||||||||
Allowance for loan losses
|
(1,452
|
)
|
1,452
|
-
|
||||||||
Bank premises, equipment and software
|
1,827
|
644
|
2,471
|
|||||||||
Core deposit intangible
|
-
|
2,830
|
2,830
|
|||||||||
Other assets
|
5,854
|
(995
|
)
|
4,859
|
||||||||
Total
|
$
|
126,591
|
$
|
1,592
|
$
|
128,183
|
||||||
Liabilities
|
||||||||||||
Deposits
|
$
|
111,675
|
$
|
(46
|
)
|
$
|
111,629
|
|||||
Other liabilities
|
1,438
|
433
|
1,871
|
|||||||||
Total
|
$
|
113,113
|
$
|
387
|
$
|
113,500
|
||||||
Net identifiable assets acquired
|
$
|
14,683
|
||||||||||
Total cost of acquisition
|
||||||||||||
Value of stock issued
|
$
|
16,099
|
||||||||||
Cash paid in the acquisition
|
4,301
|
|||||||||||
Total cost of acquisition
|
20,400
|
|||||||||||
Goodwill recorded
|
$
|
5,717
|
CAROLINA TRUST BANCSHARES, INC.
Notes to Condensed Consolidated Financial Statements
Dollars in thousands
|
PCI loans
|
Non-PCI
loans
|
Total loans
acquired
|
|||||||||
January 1, 2019
|
||||||||||||
Gross contractual amount receivable
|
$
|
5,246
|
$
|
61,097
|
$
|
66,343
|
||||||
Fair value adjustments
|
(1,318
|
)
|
(976
|
)
|
(2,294
|
)
|
||||||
Fair value of loans receivable
|
$
|
3,928
|
$
|
60,121
|
$
|
64,049
|
Pro forma income statement line items
|
Three Months Ended September 30,
|
|||||||
2019
|
2018
|
|||||||
Dollars in thousands
|
||||||||
Net interest income
|
$
|
5,779
|
$
|
5,529
|
||||
Noninterest income
|
534
|
891
|
||||||
Total revenue
|
6,313
|
6,420
|
||||||
Net income available to common shareholders
|
$
|
1,484
|
*
|
$
|
1,144
|
Pro forma income statement line items
|
Nine Months Ended September 30,
|
|||||||
2019
|
2018
|
|||||||
Dollars in thousands
|
||||||||
Net interest income
|
$
|
17,241
|
$
|
15,917
|
||||
Noninterest income
|
1,818
|
2,210
|
||||||
Total revenue
|
19,059
|
18,127
|
||||||
Net income available to common shareholders
|
$
|
4,998
|
*
|
$
|
2,713
|
CAROLINA TRUST BANCSHARES, INC.
Notes to Condensed Consolidated Financial Statements
(4) |
Earnings Per Share
|
Dollars in thousands, except per share data
|
Net Income
|
Weighted
Average
Common
Shares
|
Per Share
Amount
|
|||||||||
Three months ended September 30, 2019
|
||||||||||||
Basic earnings per common share
|
$
|
1,427
|
9,304,051
|
$
|
0.15
|
|||||||
Effect of dilutive stock securities
|
-
|
71,112
|
-
|
|||||||||
Diluted earnings per common share
|
$
|
1,427
|
9,375,163
|
$
|
0.15
|
|||||||
Three months ended September 30, 2018
|
||||||||||||
Basic earnings per common share
|
$
|
915
|
7,156,987
|
$
|
0.13
|
|||||||
Effect of dilutive stock securities
|
-
|
72,609
|
-
|
|||||||||
Effect of dilutive stock warrants
|
-
|
14,279
|
-
|
|||||||||
Diluted earnings per common share
|
$
|
915
|
7,243,875
|
$
|
0.13
|
CAROLINA TRUST BANCSHARES, INC.
Notes to Condensed Consolidated Financial Statements
Dollars in thousands, except per share data
|
Net Income
|
Weighted
Average
Common
Shares
|
Per Share
Amount
|
|||||||||
Nine months ended September 30, 2019
|
||||||||||||
Basic earnings per common share
|
$
|
3,582
|
9,297,383
|
$
|
0.39
|
|||||||
Effect of dilutive stock securities
|
-
|
70,962
|
(0.01
|
)
|
||||||||
Effect of dilutive stock warrants
|
-
|
2,283
|
-
|
|||||||||
Diluted earnings per common share
|
$
|
3,582
|
9,370,628
|
$
|
0.38
|
|||||||
Nine months ended September 30, 2018
|
||||||||||||
Basic earnings per common share
|
$
|
2,006
|
6,118,461
|
$
|
0.33
|
|||||||
Effect of dilutive stock securities
|
-
|
75,598
|
(0.01
|
)
|
||||||||
Effect of dilutive stock warrants
|
-
|
17,611
|
-
|
|||||||||
Diluted earnings per common share
|
$
|
2,006
|
6,211,670
|
$
|
0.32
|
(5) |
Fair Value Measurements
|
CAROLINA TRUST BANCSHARES, INC.
Notes to Condensed Consolidated Financial Statements
Fair Value Measurements at September 30, 2019 using
|
||||||||||||||||||||
Quoted Prices in
Active Markets for
Identical Assets
|
Significant
Other
Observable
Inputs
|
Significant
Unobservable
Inputs
|
||||||||||||||||||
Dollars in thousands
|
Carrying
Value
|
Level 1
|
Level 2
|
Level 3
|
Total Fair
Value
|
|||||||||||||||
ASSETS
|
||||||||||||||||||||
Cash and due from banks
|
$
|
13,865
|
$
|
13,865
|
$
|
-
|
$
|
-
|
$
|
13,865
|
||||||||||
Interest-earning deposits with banks
|
28,229
|
28,229
|
-
|
-
|
28,229
|
|||||||||||||||
Certificates of deposit with banks
|
2,245
|
-
|
2,283
|
-
|
2,283
|
|||||||||||||||
Federal Home Loan Bank stock
|
1,400
|
-
|
1,400
|
-
|
1,400
|
|||||||||||||||
Investment securities available for sale
|
63,761
|
-
|
62,779
|
982
|
63,761
|
|||||||||||||||
Equity securities
|
780
|
780
|
-
|
-
|
780
|
|||||||||||||||
Net loans
|
479,181
|
-
|
-
|
464,526
|
464,526
|
|||||||||||||||
Accrued interest receivable
|
1,714
|
-
|
1,714
|
-
|
1,714
|
|||||||||||||||
LIABILITIES
|
||||||||||||||||||||
Deposits
|
$
|
516,133
|
$
|
-
|
$
|
524,320
|
$
|
-
|
$
|
524,320
|
||||||||||
Finance lease obligation
|
88
|
-
|
88
|
-
|
88
|
|||||||||||||||
Federal Home Loan Bank Advances
|
20,200
|
-
|
20,371
|
-
|
20,371
|
|||||||||||||||
Long term subordinated debt
|
9,814
|
-
|
9,837
|
-
|
9,837
|
|||||||||||||||
Accrued interest payable
|
760
|
-
|
760
|
-
|
760
|
CAROLINA TRUST BANCSHARES, INC.
Notes to Condensed Consolidated Financial Statements
Fair Value Measurements at December 31, 2018 using
|
||||||||||||||||||||
Quoted Prices in
Active Markets for
Identical Assets
|
Significant
Other
Observable
Inputs
|
Significant
Unobservable
Inputs
|
||||||||||||||||||
Dollars in thousands
|
Carrying
Value
|
Level 1
|
Level 2
|
Level 3
|
Total Fair
Value
|
|||||||||||||||
ASSETS
|
||||||||||||||||||||
Cash and due from banks
|
$
|
10,918
|
$
|
10,918
|
$
|
-
|
$
|
-
|
$
|
10,918
|
||||||||||
Interest-earning deposits with banks
|
21,022
|
21,022
|
-
|
-
|
21,022
|
|||||||||||||||
Certificates of deposit with banks
|
1,498
|
-
|
1,484
|
-
|
1,484
|
|||||||||||||||
Federal Home Loan Bank stock
|
1,050
|
-
|
1,050
|
-
|
1,050
|
|||||||||||||||
Investment securities available for sale
|
31,960
|
-
|
31,960
|
-
|
31,960
|
|||||||||||||||
Equity securities
|
617
|
617
|
-
|
-
|
617
|
|||||||||||||||
Net loans
|
389,304
|
-
|
-
|
378,675
|
378,675
|
|||||||||||||||
Accrued interest receivable
|
1,259
|
-
|
1,259
|
-
|
1,259
|
|||||||||||||||
LIABILITIES
|
||||||||||||||||||||
Deposits
|
$
|
395,149
|
$
|
-
|
$
|
389,493
|
$
|
-
|
$
|
389,493
|
||||||||||
Capital lease obligation
|
141
|
-
|
141
|
-
|
141
|
|||||||||||||||
Federal Home Loan Bank Advances
|
16,100
|
-
|
16,053
|
-
|
16,053
|
|||||||||||||||
Long term subordinated debt
|
9,753
|
-
|
9,946
|
-
|
9,946
|
|||||||||||||||
Accrued interest payable
|
421
|
-
|
421
|
-
|
421
|
CAROLINA TRUST BANCSHARES, INC.
Notes to Condensed Consolidated Financial Statements
Level 1 |
Valuation based upon quoted prices for identical instruments traded in active markets.
|
|
Level 2 |
Valuation is based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model-based valuation techniques for
which all significant assumptions are observable in the market.
|
|
Level 3 |
Valuation is generated from model-based techniques that use at least one significant assumption not observable in the market. These unobservable assumptions reflect estimates of assumptions that market
participants would use in pricing the asset or liability. Valuation techniques include use of option pricing models, discounted cash flow models and similar techniques.
|
Total
|
Level 1
|
Level 2
|
Level 3
|
|||||||||||||
Dollars in thousands
|
||||||||||||||||
September 30, 2019
|
||||||||||||||||
Available-for-Sale Securities
|
||||||||||||||||
U.S. Government and federal agency
|
$
|
17,901
|
$
|
-
|
$
|
17,901
|
$
|
-
|
||||||||
Mortgage-backed securities*
|
27,412
|
-
|
27,412
|
-
|
||||||||||||
Municipal securities
|
17,466
|
-
|
17,466
|
-
|
||||||||||||
Corporate debt securities
|
982
|
-
|
-
|
982
|
||||||||||||
Total available-for-sale securities
|
63,761
|
-
|
62,779
|
982
|
||||||||||||
Equity securities
|
780
|
780
|
-
|
-
|
||||||||||||
Total
|
$
|
64,541
|
$
|
780
|
$
|
62,779
|
$
|
982
|
||||||||
December 31, 2018
|
||||||||||||||||
Available-for-Sale Securities
|
||||||||||||||||
U.S. Government and federal agency
|
$
|
10,789
|
$
|
-
|
$
|
10,789
|
$
|
-
|
||||||||
Mortgage-backed securities*
|
20,541
|
-
|
20,541
|
-
|
||||||||||||
Municipal securities
|
630
|
-
|
630
|
-
|
||||||||||||
Total available-for-sale securities
|
31,960
|
-
|
31,960
|
-
|
||||||||||||
Equity securities
|
617
|
617
|
-
|
-
|
||||||||||||
Total
|
$
|
32,577
|
$
|
617
|
$
|
31,960
|
$
|
-
|
CAROLINA TRUST BANCSHARES, INC.
Notes to Condensed Consolidated Financial Statements
Three months ended
September 30, 2019
|
||||
Dollars in thousands
|
||||
Balance, beginning of period
|
$
|
978
|
||
Additions
|
-
|
|||
Change in valuation recognized in OCI
|
4
|
|||
Balance, end of period
|
$
|
982
|
Nine months ended
September 30, 2019
|
||||
Dollars in thousands
|
||||
Balance, beginning of period
|
$
|
-
|
||
Additions
|
956
|
|||
Change in valuation recognized in OCI
|
26
|
|||
Balance, end of period
|
$
|
982
|
September 30
|
||||||||
Dollars in thousands
|
2019
|
2018
|
||||||
Carrying value of impaired loans before allocations
|
$
|
559
|
$
|
1,354
|
||||
Specific valuation allowance allocations
|
(26
|
)
|
(233
|
)
|
||||
Carrying value of impaired loans after allocations
|
$
|
533
|
$
|
1,121
|
CAROLINA TRUST BANCSHARES, INC.
Notes to Condensed Consolidated Financial Statements
Total
|
Level 1
|
Level 2
|
Level 3
|
|||||||||||||
Dollars in thousands
|
||||||||||||||||
September 30, 2019
|
||||||||||||||||
Foreclosed assets
|
$
|
718
|
$
|
-
|
$
|
-
|
$
|
718
|
||||||||
Impaired loans
|
533
|
-
|
-
|
533
|
||||||||||||
Total
|
$
|
1,251
|
$
|
-
|
$
|
-
|
$
|
1,251
|
||||||||
December 31, 2018
|
||||||||||||||||
Foreclosed assets
|
$
|
942
|
$
|
-
|
$
|
-
|
$
|
942
|
||||||||
Impaired loans
|
1,487
|
-
|
-
|
1,487
|
||||||||||||
Total
|
$
|
2,429
|
$
|
-
|
$
|
-
|
$
|
2,429
|
Fair
Value
|
Valuation
Technique
|
Unobservable
Input
|
Range
|
Weighted
Average
|
|||||||||||
Dollars in thousands
|
|||||||||||||||
September 30, 2019
|
|||||||||||||||
Impaired loans
|
$
|
533
|
Discounted cash flows
|
Discount rate
|
4.75% - 8.50
|
%
|
6.69
|
%
|
|||||||
Foreclosed assets
|
718
|
Discounted appraisals
|
Appraisal adjustments
|
12.00% – 71.11
|
%
|
17.28
|
%
|
||||||||
December 31, 2018
|
|||||||||||||||
Impaired loans
|
$
|
122
|
Discounted appraisals
|
Appraisal adjustments
|
15.00
|
%
|
15.00
|
%
|
|||||||
1,365
|
Discounted cash flows
|
Discount rate
|
4.75 – 8.50
|
%
|
7.05
|
%
|
|||||||||
Foreclosed assets
|
942
|
Discounted appraisals
|
Appraisal adjustments
|
8.00% - 15.00
|
%
|
9.68
|
%
|
CAROLINA TRUST BANCSHARES, INC.
Notes to Condensed Consolidated Financial Statements
(6) |
Investment Securities
|
In thousands
|
Amortized
Cost
|
Unrealized
Gains
|
Unrealized
Losses
|
Fair Value
|
||||||||||||
September 30, 2019
|
||||||||||||||||
Available-for-sale:
|
||||||||||||||||
U.S. Government and federal agency
|
$
|
17,644
|
$
|
289
|
$
|
(32
|
)
|
$
|
17,901
|
|||||||
Mortgage-backed securities *
|
27,100
|
428
|
(116
|
)
|
27,412
|
|||||||||||
Municipal securities
|
16,835
|
631
|
-
|
17,466
|
||||||||||||
Corporate debt securities
|
956
|
26
|
-
|
982
|
||||||||||||
Total available-for-sale securities
|
62,535
|
1,374
|
(148
|
)
|
63,761
|
|||||||||||
Equity securities**
|
1,271
|
-
|
(491
|
)
|
780
|
|||||||||||
Total
|
$
|
63,806
|
$
|
1,374
|
$
|
(639
|
)
|
$
|
64,541
|
|||||||
December 31, 2018
|
||||||||||||||||
Available-for-sale:
|
||||||||||||||||
U.S. Government and federal agency
|
$
|
11,036
|
$
|
6
|
$
|
(253
|
)
|
$
|
10,789
|
|||||||
Mortgage-backed securities *
|
21,010
|
36
|
(505
|
)
|
20,541
|
|||||||||||
Municipal securities
|
631
|
1
|
(2
|
)
|
630
|
|||||||||||
Total available-for-sale securities
|
32,677
|
43
|
(760
|
)
|
31,960
|
|||||||||||
Equity securities**
|
1,204
|
-
|
(587
|
)
|
617
|
|||||||||||
Total
|
$
|
33,881
|
$
|
43
|
$
|
(1,347
|
)
|
$
|
32,577
|
CAROLINA TRUST BANCSHARES, INC.
Notes to Condensed Consolidated Financial Statements
Amortized
Cost
|
Fair Value
|
|||||||
Dollars in thousands
|
||||||||
Due within one year
|
$
|
684
|
$
|
685
|
||||
Due after one but within five years
|
12,682
|
12,837
|
||||||
Due after five but within ten years
|
15,517
|
15,810
|
||||||
Due after ten years
|
33,652
|
34,429
|
||||||
$
|
62,535
|
$
|
63,761
|
Temporarily Impaired Securities in Available-for-Sale Portfolio
|
||||||||||||||||||||||||
Less than 12 Months
|
Greater than 12 Months
|
Total
|
||||||||||||||||||||||
Fair
Value
|
Unrealized
Losses
|
Fair
Value
|
Unrealized
Losses
|
Fair
Value
|
Unrealized
Losses
|
|||||||||||||||||||
Dollars in thousands
|
||||||||||||||||||||||||
September 30, 2019
|
||||||||||||||||||||||||
U.S. Government and federal agency
|
$
|
4,393
|
$
|
(23
|
)
|
$
|
989
|
$
|
(9
|
)
|
$
|
5,382
|
$
|
(32
|
)
|
|||||||||
Mortgage-backed securities *
|
925
|
(3
|
)
|
11,370
|
(113
|
)
|
12,295
|
(116
|
)
|
|||||||||||||||
Municipal Securities
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||
Total temporarily impaired securities
|
$
|
5,318
|
$
|
(26
|
)
|
$
|
12,359
|
$
|
(122
|
)
|
$
|
17,677
|
$
|
(148
|
)
|
|||||||||
December 31, 2018
|
||||||||||||||||||||||||
U.S. Government and federal agency
|
$
|
-
|
$
|
-
|
$
|
10,657
|
$
|
(253
|
)
|
$
|
10,657
|
$
|
(253
|
)
|
||||||||||
Mortgage-backed securities *
|
2,885
|
(10
|
)
|
13,644
|
(495
|
)
|
16,529
|
(505
|
)
|
|||||||||||||||
Municipal Securities
|
-
|
-
|
290
|
(2
|
)
|
290
|
(2
|
)
|
||||||||||||||||
Total temporarily impaired securities
|
$
|
2,885
|
$
|
(10
|
)
|
$
|
24,591
|
$
|
(750
|
)
|
$
|
27,476
|
$
|
(760
|
)
|
|||||||||
CAROLINA TRUST BANCSHARES, INC.
Notes to Condensed Consolidated Financial Statements
(7) |
Loans
|
September 30, 2019
|
December 31, 2018
|
|||||||||||||||||||||||
Dollars in thousands
|
Loans -
excluding
PCI
|
PCI
Loans
|
Total
Loans
|
Loans -
excluding
PCI
|
PCI
Loans
|
Total
Loans
|
||||||||||||||||||
Commercial real estate
|
||||||||||||||||||||||||
Residential ADC
|
$
|
8,685
|
$
|
-
|
$
|
8,685
|
$
|
4,650
|
$
|
-
|
$
|
4,650
|
||||||||||||
Commercial ADC
|
38,999
|
10
|
39,009
|
20,790
|
-
|
20,790
|
||||||||||||||||||
Farmland
|
6,380
|
-
|
6,380
|
4,833
|
-
|
4,833
|
||||||||||||||||||
Multifamily
|
19,361
|
-
|
19,361
|
18,537
|
-
|
18,537
|
||||||||||||||||||
Owner occupied
|
126,026
|
1,574
|
127,600
|
103,983
|
-
|
103,983
|
||||||||||||||||||
Non-owner occupied
|
106,042
|
-
|
106,042
|
97,034
|
-
|
97,034
|
||||||||||||||||||
Total commercial real estate
|
305,493
|
1,584
|
307,077
|
249,827
|
-
|
249,827
|
||||||||||||||||||
Commercial
|
||||||||||||||||||||||||
Commercial and industrial
|
54,337
|
301
|
54,638
|
49,499
|
-
|
49,499
|
||||||||||||||||||
Agriculture
|
200
|
-
|
200
|
262
|
-
|
262
|
||||||||||||||||||
Other
|
7,257
|
-
|
7,257
|
1,573
|
-
|
1,573
|
||||||||||||||||||
Total commercial
|
61,794
|
301
|
62,095
|
51,334
|
-
|
51,334
|
||||||||||||||||||
Residential mortgage
|
||||||||||||||||||||||||
First lien, closed-end
|
67,487
|
1,248
|
68,735
|
53,395
|
-
|
53,395
|
||||||||||||||||||
Junior lien, closed-end
|
901
|
-
|
901
|
812
|
-
|
812
|
||||||||||||||||||
Total residential mortgage
|
68,388
|
1,248
|
69,636
|
54,207
|
-
|
54,207
|
||||||||||||||||||
Home equity lines
|
38,962
|
-
|
38,962
|
33,968
|
-
|
33,968
|
||||||||||||||||||
Consumer – other
|
5,322
|
72
|
5,394
|
3,946
|
-
|
3,946
|
||||||||||||||||||
Total loans
|
$
|
479,959
|
$
|
3,205
|
$
|
483,164
|
$
|
393,282
|
$ |
$
|
393,282
|
CAROLINA TRUST BANCSHARES, INC.
Notes to Condensed Consolidated Financial Statements
September 30,
2019
|
December 31,
2018
|
|||||||
Dollars in thousands
|
||||||||
Commercial real estate
|
||||||||
Commercial ADC
|
$
|
2
|
$
|
42
|
||||
Owner occupied
|
813
|
932
|
||||||
Non-owner occupied
|
5
|
4
|
||||||
Total commercial real estate
|
820
|
978
|
||||||
Commercial
|
||||||||
Commercial and industrial
|
163
|
-
|
||||||
Total commercial
|
163
|
-
|
||||||
Residential mortgage:
|
||||||||
First lien, closed end
|
99
|
57
|
||||||
Junior lien, closed end
|
3
|
4
|
||||||
Total residential mortgage
|
102
|
61
|
||||||
Consumer – other
|
1
|
7
|
||||||
Total non-accrual loans
|
$
|
1,086
|
$
|
1,046
|
In thousands
|
Loans
30-89
Days
Past Due
|
Loans
90 or More
Days
Past Due
|
Total Past
Due Loans
|
Current
Loans
|
Total
Loans
|
Accruing
Loans 90
or More
Days
Past Due
|
||||||||||||||||||
September 30, 2019
|
||||||||||||||||||||||||
Commercial real estate:
|
||||||||||||||||||||||||
Residential ADC
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
8,685
|
$
|
8,685
|
$
|
-
|
||||||||||||
Commercial ADC
|
-
|
-
|
-
|
39,009
|
39,009
|
-
|
||||||||||||||||||
Farmland
|
-
|
-
|
-
|
6,380
|
6,380
|
-
|
||||||||||||||||||
Multifamily
|
-
|
-
|
-
|
19,361
|
19,361
|
-
|
||||||||||||||||||
Owner occupied
|
439
|
-
|
439
|
127,161
|
127,600
|
-
|
||||||||||||||||||
Non-owner occupied
|
541
|
5
|
546
|
105,496
|
106,042
|
-
|
||||||||||||||||||
Total commercial real estate
|
980
|
5
|
985
|
306,092
|
307,077
|
-
|
||||||||||||||||||
Commercial
|
||||||||||||||||||||||||
Commercial and industrial
|
218
|
41
|
259
|
54,379
|
54,638
|
-
|
||||||||||||||||||
Agriculture
|
-
|
-
|
-
|
200
|
200
|
-
|
||||||||||||||||||
Other
|
-
|
-
|
-
|
7,257
|
7,257
|
-
|
||||||||||||||||||
Total commercial
|
218
|
41
|
259
|
61,836
|
62,095
|
-
|
||||||||||||||||||
Residential mortgage:
|
||||||||||||||||||||||||
First lien, closed end
|
-
|
197
|
197
|
68,538
|
68,735
|
117
|
||||||||||||||||||
Junior lien, closed-end
|
59
|
-
|
59
|
842
|
901
|
-
|
||||||||||||||||||
Total residential mortgage
|
59
|
197
|
256
|
69,380
|
69,636
|
117
|
||||||||||||||||||
Home equity lines
|
145
|
- |
145
|
38,817
|
38,962
|
- | ||||||||||||||||||
Consumer – other
|
-
|
-
|
-
|
5,394
|
5,394
|
-
|
||||||||||||||||||
Total loans
|
$
|
1,402
|
$
|
243
|
$
|
1,645
|
$
|
481,519
|
$
|
483,164
|
$
|
117
|
CAROLINA TRUST BANCSHARES, INC.
Notes to Condensed Consolidated Financial Statements
In thousands
|
Loans
30-89
Days
Past Due
|
Loans
90 or More
Days
Past Due
|
Total Past
Due Loans
|
Current
Loans
|
Total
Loans
|
Accruing
Loans 90
or More
Days
Past Due
|
||||||||||||||||||
December 31, 2018
|
||||||||||||||||||||||||
Commercial real estate:
|
||||||||||||||||||||||||
Residential ADC
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
4,650
|
$
|
4,650
|
$
|
-
|
||||||||||||
Commercial ADC
|
39
|
-
|
39
|
20,751
|
20,790
|
-
|
||||||||||||||||||
Farmland
|
-
|
-
|
-
|
4,833
|
4,833
|
-
|
||||||||||||||||||
Multifamily
|
-
|
-
|
-
|
18,537
|
18,537
|
-
|
||||||||||||||||||
Owner occupied
|
-
|
927
|
927
|
103,056
|
103,983
|
-
|
||||||||||||||||||
Non-owner occupied
|
-
|
4
|
4
|
97,030
|
97,034
|
-
|
||||||||||||||||||
Total commercial real estate
|
39
|
931
|
970
|
248,857
|
249,827
|
-
|
||||||||||||||||||
Commercial:
|
||||||||||||||||||||||||
Commercial and industrial
|
126
|
-
|
126
|
49,373
|
49,499
|
-
|
||||||||||||||||||
Agriculture
|
-
|
-
|
-
|
262
|
262
|
-
|
||||||||||||||||||
Other
|
-
|
-
|
-
|
1,573
|
1,573
|
-
|
||||||||||||||||||
Total commercial
|
126
|
-
|
126
|
51,208
|
51,334
|
-
|
||||||||||||||||||
Residential mortgage:
|
||||||||||||||||||||||||
First lien, closed end
|
247
|
33
|
280
|
53,115
|
53,395
|
-
|
||||||||||||||||||
Junior lien, closed-end
|
-
|
-
|
-
|
812
|
812
|
-
|
||||||||||||||||||
Total residential mortgage
|
247
|
33
|
280
|
53,927
|
54,207
|
|||||||||||||||||||
Home equity lines
|
85
|
-
|
85
|
33,883
|
33,968
|
-
|
||||||||||||||||||
Consumer – other
|
-
|
13
|
13
|
3,933
|
3,946
|
5
|
||||||||||||||||||
Total loans
|
$
|
497
|
$
|
977
|
$
|
1,474
|
$
|
391,808
|
$
|
393,282
|
$
|
5
|
In thousands
|
Unpaid
Contractual
Principal
Balance |
Recorded
Investment
With No
Allowance
|
Recorded
Investment
With
Allowance
|
Related
Allowance
|
||||||||||||
Commercial real estate
|
||||||||||||||||
Commercial ADC
|
$
|
2
|
$
|
2
|
$
|
-
|
$
|
-
|
||||||||
Owner occupied
|
2,092
|
2,092
|
-
|
-
|
||||||||||||
Non-owner occupied
|
5
|
5
|
-
|
-
|
||||||||||||
Total commercial real estate
|
2,099
|
2,099
|
-
|
-
|
||||||||||||
Commercial
|
||||||||||||||||
Commercial and industrial
|
314
|
314
|
-
|
-
|
||||||||||||
Residential mortgage
|
||||||||||||||||
First lien, closed-end
|
419
|
99
|
310
|
26
|
||||||||||||
Junior lien, closed- end
|
308
|
59
|
249
|
-
|
||||||||||||
Total residential mortgage
|
727
|
158
|
559
|
26
|
||||||||||||
Home equity lines
|
-
|
-
|
-
|
-
|
||||||||||||
Consumer – other
|
1
|
1
|
-
|
-
|
||||||||||||
Total loans
|
$
|
3,141
|
$
|
2,572
|
$
|
559
|
$
|
26
|
CAROLINA TRUST BANCSHARES, INC.
Notes to Condensed Consolidated Financial Statements
In thousands
|
Unpaid
Contractual
Principal
Balance
|
Recorded
Investment
With No
Allowance
|
Recorded
Investment
With
Allowance
|
Related
Allowance
|
||||||||||||
Commercial real estate
|
||||||||||||||||
Commercial ADC
|
$
|
42
|
$
|
42
|
$
|
-
|
$
|
-
|
||||||||
Owner occupied
|
2,409
|
2,269
|
140
|
17
|
||||||||||||
Non-owner occupied
|
5
|
5
|
-
|
-
|
||||||||||||
Total commercial real estate
|
2,456
|
2,316
|
140
|
17
|
||||||||||||
Commercial
|
||||||||||||||||
Commercial and industrial
|
624
|
-
|
624
|
111
|
||||||||||||
Residential mortgage
|
||||||||||||||||
First lien, closed-end
|
876
|
56
|
760
|
42
|
||||||||||||
Junior lien, closed- end
|
478
|
270
|
208
|
75
|
||||||||||||
Total residential mortgage
|
1,354
|
326
|
968
|
117
|
||||||||||||
Home equity lines
|
-
|
-
|
-
|
-
|
||||||||||||
Consumer – other
|
7
|
7
|
-
|
-
|
||||||||||||
Total loans
|
$
|
4,441
|
$
|
2,649
|
$
|
1,732
|
$
|
245
|
Three months ended
September 30, 2019
|
Three months ended
September 30, 2018
|
|||||||||||||||
In thousands
|
Average
Recorded
Investment
|
Interest
Income
Recognized
|
Average
Recorded
Investment |
Interest
Income
Recognized
|
||||||||||||
Commercial real estate
|
||||||||||||||||
Commercial ADC
|
$
|
3
|
$
|
-
|
$
|
1
|
$
|
-
|
||||||||
Multifamily
|
-
|
-
|
-
|
-
|
||||||||||||
Owner occupied
|
2,119
|
16
|
619
|
20 | ||||||||||||
Non-owner occupied
|
5
|
-
|
1
|
-
|
||||||||||||
Total commercial real estate
|
2,127
|
16
|
621
|
20
|
||||||||||||
Commercial
|
||||||||||||||||
Commercial and industrial
|
554
|
3
|
171
|
11
|
||||||||||||
Residential mortgage
|
||||||||||||||||
First lien, closed-end
|
430
|
4
|
216
|
16
|
||||||||||||
Junior lien, closed- end
|
349
|
3
|
107
|
5
|
||||||||||||
Total residential mortgage
|
779
|
7
|
323
|
21
|
||||||||||||
Home equity lines
|
-
|
-
|
22
|
1
|
||||||||||||
Consumer – other
|
3
|
-
|
1
|
-
|
||||||||||||
$
|
3,463
|
$
|
26
|
$
|
1,138
|
$
|
53
|
Nine months ended
September 30, 2019
|
Nine months ended
September 30, 2018
|
|||||||||||||||
In thousands
|
Average
Recorded
Investment
|
Interest
Income
Recognized
|
Average
Recorded
Investment
|
Interest
Income
Recognized
|
||||||||||||
Commercial real estate
|
||||||||||||||||
Commercial ADC
|
$
|
22
|
$
|
-
|
$
|
7
|
$
|
-
|
||||||||
Multifamily
|
-
|
-
|
57
|
-
|
||||||||||||
Owner occupied
|
2,218
|
50
|
2,658
|
10
|
||||||||||||
Non-owner occupied
|
5
|
-
|
12
|
-
|
||||||||||||
Total commercial real estate
|
2,245
|
50
|
2,734
|
10
|
||||||||||||
Commercial
|
||||||||||||||||
Commercial and industrial
|
616
|
13
|
711
|
18
|
||||||||||||
Residential mortgage
|
||||||||||||||||
First lien, closed-end
|
598
|
13
|
892
|
96
|
||||||||||||
Junior lien, closed- end
|
417
|
16
|
519
|
16
|
||||||||||||
Total residential mortgage
|
1,015
|
29
|
1,411
|
112
|
||||||||||||
Home equity lines
|
-
|
-
|
96
|
2
|
||||||||||||
Consumer – other
|
6
|
-
|
6
|
17
|
||||||||||||
Total loans
|
$
|
3,882
|
$
|
92
|
$
|
4,958
|
$
|
159
|
CAROLINA TRUST BANCSHARES, INC.
Notes to Condensed Consolidated Financial Statements
Nine months ended September 30, 2018
|
||||||||||||
Dollars in thousands
|
Number of
loans
|
Unpaid
Principal
Pre-Modification
|
Post-Modification
Outstanding
Recorded
Investment
|
|||||||||
Extended payment terms
|
||||||||||||
Consumer - other
|
1
|
$
|
1
|
$
|
1
|
|||||||
Total
|
1
|
$
|
1
|
$
|
1
|
|||||||
Grand Total
|
1
|
$
|
1
|
$
|
1
|
Paid in full
|
Paying as restructured
|
Converted to non-accrual
|
Foreclosure/Default
|
|||||||||||||||||||||||||||||
|
Number of
loans
|
|
|
Recorded
Investment
|
|
|
Number of
loans
|
Recorded
Investment
|
|
|
Number of
loans
|
|
|
Recorded
Investment
|
|
|
Number of
loans
|
Recorded
Investment
|
|
|||||||||||||
September 30, 2018
|
(Dollars in thousands)
|
|||||||||||||||||||||||||||||||
Extended payment terms
|
-
|
$
|
-
|
1
|
$
|
1
|
-
|
$
|
-
|
-
|
$
|
-
|
||||||||||||||||||||
Total
|
-
|
$
|
-
|
1
|
$
|
1
|
-
|
$
|
-
|
-
|
$
|
-
|
CAROLINA TRUST BANCSHARES, INC.
Notes to Condensed Consolidated Financial Statements
|
• |
Loans with one or more major exceptions with no mitigating factors.
|
|
• |
Extending loans that are currently performing satisfactorily but with potential weaknesses that may, if not corrected, weaken the asset or inadequately protect the Company’s position at some future date. Potential
weaknesses are the result of deviations from prudent lending practice.
|
|
• |
Loans where adverse economic conditions that develop subsequent to the loan origination that do not jeopardize liquidation of the debt but do substantially increase the level of risk may also warrant this rating.
|
CAROLINA TRUST BANCSHARES, INC.
Notes to Condensed Consolidated Financial Statements
September 30, 2019
|
||||||||||||||||||||
Dollars in thousands
|
Pass
|
Special Mention
|
Substandard
|
Doubtful
|
Loss
|
|||||||||||||||
Commercial real estate:
|
||||||||||||||||||||
Residential ADC
|
$
|
8,685
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||||||
Commercial ADC
|
38,997
|
-
|
2
|
-
|
-
|
|||||||||||||||
Farmland
|
6,380
|
-
|
-
|
-
|
-
|
|||||||||||||||
Multifamily
|
19,361
|
-
|
-
|
-
|
-
|
|||||||||||||||
Owner occupied
|
123,993
|
1,221
|
812
|
-
|
-
|
|||||||||||||||
Non-owner occupied
|
106,037
|
-
|
5
|
-
|
-
|
|||||||||||||||
Total commercial real estate
|
303,453
|
1,221
|
819
|
-
|
-
|
|||||||||||||||
Commercial:
|
||||||||||||||||||||
Commercial and industrial
|
53,547
|
524
|
266
|
-
|
-
|
|||||||||||||||
Agriculture
|
200
|
-
|
-
|
-
|
-
|
|||||||||||||||
Other
|
7,257
|
-
|
-
|
-
|
-
|
|||||||||||||||
Total commercial
|
61,004
|
524
|
266
|
-
|
-
|
|||||||||||||||
Residential mortgage:
|
||||||||||||||||||||
First lien, closed-end
|
66,481
|
789
|
217
|
-
|
-
|
|||||||||||||||
Junior lien, closed-end
|
547
|
295
|
59
|
-
|
-
|
|||||||||||||||
Total residential mortgage
|
67,028
|
1,084
|
276
|
-
|
-
|
|||||||||||||||
Home equity lines
|
38,331
|
631
|
-
|
-
|
-
|
|||||||||||||||
Consumer – other
|
5,148
|
173
|
1
|
-
|
-
|
|||||||||||||||
Purchased credit impaired loans
|
1,186
|
552
|
1,467
|
-
|
-
|
|||||||||||||||
Total
|
$
|
476,150
|
$
|
4,185
|
$
|
2,829
|
$
|
-
|
$
|
-
|
December 31, 2018
|
||||||||||||||||||||
Dollars in thousands
|
Pass
|
Special Mention
|
Substandard
|
Doubtful
|
Loss
|
|||||||||||||||
Commercial real estate:
|
||||||||||||||||||||
Residential ADC
|
$
|
4,650
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||||||
Commercial ADC
|
20,509
|
239
|
42
|
-
|
-
|
|||||||||||||||
Farmland
|
4,833
|
-
|
-
|
-
|
-
|
|||||||||||||||
Multifamily
|
18,537
|
-
|
-
|
-
|
-
|
|||||||||||||||
Owner occupied
|
101,706
|
1,207
|
1,070
|
-
|
-
|
|||||||||||||||
Non-owner occupied
|
96,907
|
-
|
127
|
-
|
-
|
|||||||||||||||
Total commercial real estate
|
247,142
|
1,446
|
1,239
|
-
|
-
|
|||||||||||||||
Commercial:
|
||||||||||||||||||||
Commercial and industrial
|
48,157
|
981
|
361
|
-
|
-
|
|||||||||||||||
Agriculture
|
262
|
-
|
-
|
-
|
-
|
|||||||||||||||
Other
|
1,573
|
-
|
-
|
-
|
-
|
|||||||||||||||
Total commercial
|
49,992
|
981
|
361
|
-
|
-
|
|||||||||||||||
Residential mortgage:
|
||||||||||||||||||||
First lien, closed-end
|
52,622
|
647
|
126
|
-
|
-
|
|||||||||||||||
Junior lien, closed-end
|
334
|
416
|
62
|
-
|
-
|
|||||||||||||||
Total residential mortgage
|
52,956
|
1,063
|
188
|
-
|
-
|
|||||||||||||||
Home equity lines
|
33,198
|
770
|
-
|
-
|
-
|
|||||||||||||||
Consumer – other
|
3,778
|
161
|
7
|
-
|
-
|
|||||||||||||||
Total
|
$
|
387,066
|
$
|
4,421
|
$
|
1,795
|
$
|
-
|
$
|
-
|
CAROLINA TRUST BANCSHARES, INC.
Notes to Condensed Consolidated Financial Statements
Beginning
Balance
|
Provision
for
(Recovery
of) Loan
Losses
|
Charge-
offs
|
Recoveries
|
Ending
Balance
|
||||||||||||||||
Dollars in thousands
|
||||||||||||||||||||
September 30, 2019
|
||||||||||||||||||||
Commercial real estate
|
$
|
2,879
|
$
|
(5
|
)
|
$
|
-
|
$
|
6
|
$
|
2,880
|
|||||||||
Commercial and industrial
|
613
|
56
|
(139
|
)
|
2
|
532
|
||||||||||||||
Residential mortgage
|
487
|
(99
|
)
|
(4
|
)
|
19
|
403
|
|||||||||||||
Consumer
|
167
|
11
|
(12
|
)
|
2
|
168
|
||||||||||||||
Total
|
$
|
4,146
|
$
|
(37
|
)
|
$
|
(155
|
)
|
$
|
29
|
$
|
3,983
|
||||||||
September 30, 2018
|
||||||||||||||||||||
Commercial real estate
|
$
|
2,504
|
$
|
76
|
$
|
-
|
$
|
3
|
$
|
2,583
|
||||||||||
Commercial and industrial
|
608
|
4
|
-
|
3
|
615
|
|||||||||||||||
Residential mortgage
|
532
|
-
|
-
|
-
|
532
|
|||||||||||||||
Consumer
|
200
|
(5
|
)
|
(3
|
)
|
3
|
195
|
|||||||||||||
Total
|
$
|
3,844
|
$
|
75
|
$
|
(3
|
)
|
$
|
9
|
$
|
3,925
|
CAROLINA TRUST BANCSHARES, INC.
Notes to Condensed Consolidated Financial Statements
Beginning
Balance
|
Provision
for
(Recovery
of) Loan
Losses
|
Charge-
offs
|
Recoveries
|
Ending
Balance
|
||||||||||||||||
Dollars in thousands
|
||||||||||||||||||||
September 30, 2019
|
||||||||||||||||||||
Commercial real estate
|
$
|
2,683
|
$
|
174
|
$
|
-
|
$
|
23
|
$
|
2,880
|
||||||||||
Commercial and industrial
|
596
|
68
|
(139
|
)
|
7
|
532
|
||||||||||||||
Residential mortgage
|
520
|
(132
|
)
|
(4
|
)
|
19
|
403
|
|||||||||||||
Consumer
|
179
|
6
|
(34
|
)
|
17
|
168
|
||||||||||||||
Total
|
$
|
3,978
|
$
|
116
|
$
|
(177
|
)
|
$
|
66
|
$
|
3,983
|
|||||||||
September 30, 2018
|
||||||||||||||||||||
Commercial real estate
|
$
|
2,260
|
$
|
340
|
$
|
(50
|
)
|
$
|
33
|
$
|
2,583
|
|||||||||
Commercial and industrial
|
634
|
(2
|
)
|
(25
|
)
|
8
|
615
|
|||||||||||||
Residential mortgage
|
505
|
77
|
(50
|
)
|
-
|
532
|
||||||||||||||
Consumer
|
200
|
-
|
(13
|
)
|
8
|
195
|
||||||||||||||
Total
|
$
|
3,599
|
$
|
415
|
$
|
(138
|
)
|
$
|
49
|
$
|
3,925
|
Loans
Individually
Evaluated for
Impairment
|
Loans
Collectively
Evaluated for
Impairment
|
Total
|
||||||||||
Dollars in thousands
|
||||||||||||
September 30, 2019
|
||||||||||||
Commercial real estate
|
$
|
-
|
$
|
2,880
|
$
|
2,880
|
||||||
Commercial and industrial
|
-
|
532
|
532
|
|||||||||
Residential mortgage
|
26
|
377
|
403
|
|||||||||
Consumer
|
-
|
168
|
168
|
|||||||||
Total
|
$
|
26
|
$
|
3,957
|
$
|
3,983
|
||||||
December 31, 2018
|
||||||||||||
Commercial real estate
|
$
|
17
|
$
|
2,666
|
$
|
2,683
|
||||||
Commercial and industrial
|
111
|
485
|
596
|
|||||||||
Residential mortgage
|
117
|
403
|
520
|
|||||||||
Consumer
|
-
|
179
|
179
|
|||||||||
Total
|
$
|
245
|
$
|
3,733
|
$
|
3,978
|
CAROLINA TRUST BANCSHARES, INC.
Notes to Condensed Consolidated Financial Statements
September 30, 2019
|
December 31, 2018
|
|||||||||||||||||||
Loans
Individually
Evaluated for
Impairment
|
Loans
Collectively
Evaluated for
Impairment
|
PCI
|
Loans
Individually
Evaluated for
Impairment
|
Loans
Collectively
Evaluated for
Impairment
|
||||||||||||||||
Dollars in thousands
|
||||||||||||||||||||
Commercial real estate
|
$
|
2,099
|
$
|
303,394
|
$
|
1,584
|
$
|
2,456
|
$
|
247,371
|
||||||||||
Commercial and industrial
|
314
|
61,480
|
301
|
624
|
50,710
|
|||||||||||||||
Residential mortgage
|
717
|
67,671
|
1,248
|
1,294
|
52,912
|
|||||||||||||||
Consumer and home equity lines
|
1
|
44,283
|
72
|
7
|
37,907
|
|||||||||||||||
Total
|
$
|
3,131
|
$
|
476,828
|
$
|
3,205
|
$
|
4,381
|
$
|
388,900
|
January 1, 2019
|
PCI loans
|
Non-PCI
loans
|
||||||
Dollars in thousands
|
||||||||
Contractual principal and interest at acquisition
|
$
|
6,121
|
$
|
61,097
|
||||
Nonaccretable difference
|
(1,670
|
)
|
-
|
|||||
Expected cash flows at acquisition
|
4,451
|
61,097
|
||||||
Accretable yield
|
(523
|
)
|
(976
|
)
|
||||
Basis in loans at acquisition – estimated fair value
|
$
|
3,928
|
$
|
60,121
|
Three months ended September 30, 2019
|
PCI loans
|
Non-PCI loans
|
||||||
Dollars in thousands
|
||||||||
Recorded investment, beginning of period
|
$
|
3,255
|
$
|
49,896
|
||||
Fair value of loans acquired during the period
|
-
|
-
|
||||||
Accretion
|
50
|
|
68
|
|
||||
Reduction for payments, sales and foreclosures
|
(100 |
)
|
(4,335
|
)
|
||||
Recorded investment, end of period
|
$
|
3,205
|
$
|
45,629
|
||||
Outstanding principal balance, end of period
|
$
|
3,857
|
$
|
46,315
|
Nine months ended September 30, 2019
|
PCI loans
|
Non-PCI loans
|
||||||
Dollars in thousands
|
||||||||
Recorded investment, beginning of period
|
$
|
-
|
$
|
-
|
||||
Fair value of loans acquired during the period
|
3,928
|
60,121
|
||||||
Accretion
|
158
|
|
289
|
|
||||
Reduction for payments, sales and foreclosures
|
(881
|
)
|
(14,781
|
)
|
||||
Recorded investment, end of period
|
$
|
3,205
|
$
|
45,629
|
||||
Outstanding principal balance, end of period
|
$
|
3,857
|
$
|
46,315
|
CAROLINA TRUST BANCSHARES, INC.
Notes to Condensed Consolidated Financial Statements
Three months ended
September 30, 2019
|
Nine months ended
September 30, 2019
|
|||||||
Dollars in thousands
|
||||||||
Accretable yield, beginning of period
|
$
|
415
|
$
|
-
|
||||
Addition from acquisition
|
-
|
523
|
||||||
Accretion
|
(50
|
)
|
(158
|
)
|
||||
Reclassification from nonaccretable difference
|
-
|
-
|
||||||
Other changes, net
|
-
|
-
|
||||||
Accretable yield, end of period
|
$
|
365
|
$
|
365
|
September 30,
2019
|
September 30,
2018
|
|||||||
Dollars in thousands
|
||||||||
Balance, beginning of year
|
$
|
393
|
$
|
1,740
|
||||
Loan disbursements
|
628
|
236
|
||||||
Loan repayments
|
(1,222
|
)
|
(1,505
|
)
|
||||
Changes in related parties
|
572
|
-
|
||||||
Balance, end of quarter
|
$
|
371
|
$
|
471
|
CAROLINA TRUST BANCSHARES, INC.
Notes to Condensed Consolidated Financial Statements
(8) |
Foreclosed Assets
|
September 30, 2019
|
September 30, 2018
|
|||||||
Dollars in thousands
|
||||||||
Balance, beginning of year
|
$
|
1,157
|
$
|
789
|
||||
Acquired from Clover
|
892
|
-
|
||||||
Additions
|
202
|
1,618
|
||||||
Proceeds from sale
|
(1,159
|
)
|
(330
|
)
|
||||
Valuation adjustments
|
(37
|
)
|
(317
|
)
|
||||
Gains/(losses) on sales
|
(12
|
)
|
22
|
|||||
Balance, end of quarter
|
$
|
1,043
|
$
|
1,782
|
(9)
|
Stock Option Plans
|
Shares
|
Weighted
Average
Exercise Price
|
Weighted
Average
Remaining
Contractual
Term
|
Aggregate
Intrinsic
Value
|
||||||||||
Outstanding, December 31, 2018
|
135,566
|
$
|
3.83
|
4.71 years
|
|||||||||
Exercised
|
(10,994
|
)
|
3.10
|
||||||||||
Expired
|
(9,166
|
)
|
4.18
|
||||||||||
Forfeited
|
-
|
-
|
|||||||||||
Granted
|
-
|
-
|
|||||||||||
Outstanding, September 30, 2019
|
115,406
|
$
|
3.88
|
4.08 years
|
$
|
763,233
|
|||||||
Exercisable, September 30, 2019
|
115,406
|
$
|
3.88
|
$
|
763,233
|
CAROLINA TRUST BANCSHARES, INC.
Notes to Condensed Consolidated Financial Statements
(10) |
Off-Balance Sheet Risk and Commitments
|
Financial instruments whose contract represents credit risk
|
||||
September 30, 2019
|
||||
Dollars in thousands
|
||||
Undisbursed lines of credit
|
$
|
91,325
|
||
Letters of credit
|
1,650
|
|||
$
|
92,975
|
CAROLINA TRUST BANCSHARES, INC.
Notes to Condensed Consolidated Financial Statements
(11) |
Preferred Stock
|
(12) |
Leases
|
Nine months ended
September 30, 2019
|
||||
In thousands except for percent and period data
|
||||
Cash paid for amounts included in the measurement of lease liabilities Operating cash outflows for operating leases
|
$
|
128
|
||
Right-of-use assets obtained in exchange for new operating lease liabilities
|
-
|
|||
Weighted-average remaining lease term – operating leases, in years
|
2.1
|
|||
Weighted-average discount rate – operating leases
|
2.8
|
%
|
CAROLINA TRUST BANCSHARES, INC.
Notes to Condensed Consolidated Financial Statements
Operating
Leases
|
Finance
Lease
|
|||||||
Dollars in thousands
|
||||||||
2019
|
$
|
44
|
$
|
20
|
||||
2020
|
172
|
72
|
||||||
2021
|
102
|
-
|
||||||
2022
|
13
|
-
|
||||||
Total lease payments
|
331
|
92 | ||||||
Less: interest
|
(9
|
)
|
(4
|
)
|
||||
Present value of lease liabilities
|
$
|
322
|
$
|
88
|
|
☐ |
deterioration in the financial condition of borrowers resulting in significant increases in the Company’s loan and lease losses and provisions for those losses and other adverse impacts to results of operations and
financial condition;
|
|
☐ |
changes in interest rates that affect the level and composition of deposits, loan demand and the values of loan collateral, securities, and interest-sensitive assets and liabilities;
|
|
☐ |
the failure of assumptions underlying the establishment of reserves for possible loan and lease losses;
|
|
☐ |
the impact of liquidity needs on our results of operations and financial condition;
|
|
☐ |
risks related to the concentration in commercial real estate;
|
|
☐ |
declines in commercial and residential real estate;
|
|
☐ |
changes in loan underwriting, credit review or loss reserve policies associated with economic conditions, examination conclusions, or regulatory developments;
|
|
☐ |
a failure in or a breach of the Company’s operational or security systems or those of its third-party service providers;
|
|
☐ |
our ability to obtain shareholder approval or satisfy the other closing conditions for our recently announced merger with Carolina Financial Corporation on the timelines expected or at all;
|
|
☐ |
that the proposed merger may distract management or otherwise adversely impact our day-to-day operations;
|
|
☐ |
the costs, effects, and outcomes of existing or future litigation, including any litigation related to our merger activity;
|
|
☐ |
changes in financial market conditions, either internationally, nationally or locally in areas in which the Company conducts operations, including demand for the Company’s products and services and commercial and
residential real estate development and prices;
|
|
☐ |
changes in accounting principles, policies, and guidelines applicable to bank holding companies and banking;
|
|
☐ |
the effects of competition from other commercial banks, non-bank lenders, consumer finance companies, credit unions, financial technology companies, and other financial institutions operating in the Company’s market area
and elsewhere, together with such competitors offering banking products and services by mail, telephone and the Internet;
|
|
☐ |
the Company’s ability to attract and retain key personnel;
|
|
☐ |
changes in governmental monetary and fiscal policies as well as other legislative and regulatory changes;
|
|
☐ |
changes in political and economic conditions;
|
|
☐ |
the Company’s ability to comply with any requirements imposed on it by regulators, and the potential negative consequences that may result; and
|
|
☐ |
the success at managing the risks involved in the foregoing.
|
Loans
Outstanding
|
Non-
Performing
Loans
|
Net
Charge-offs
(Recoveries)
|
Allowance
for Loan
Losses
|
|||||||||||||
(Dollars in thousands)
|
||||||||||||||||
September 30, 2019
|
$
|
483,164
|
$
|
1,203
|
$
|
111
|
$
|
3,983
|
||||||||
June 30, 2019
|
485,435
|
1,149
|
(2
|
)
|
4,146
|
|||||||||||
March 31, 2019
|
474,239
|
1,035
|
(13
|
)
|
4,068
|
|||||||||||
December 31, 2018
|
393,282
|
1,051
|
(133
|
)
|
3,978
|
|||||||||||
September 30, 2018
|
380,746
|
1,057
|
(6
|
)
|
3,925
|
|||||||||||
June 30, 2018
|
374,026
|
1,105
|
95
|
3,844
|
||||||||||||
March 31, 2018
|
367,039
|
1,125
|
71
|
3,780
|
||||||||||||
December 31, 2017
|
348,679
|
2,746
|
(26
|
)
|
3,599
|
|||||||||||
September 30, 2017
|
340,038
|
2,142
|
130
|
3,423
|
||||||||||||
June 30, 2017
|
324,349
|
2,896
|
322
|
3,213
|
||||||||||||
March 31, 2017
|
311,609
|
2,937
|
73
|
3,471
|
||||||||||||
December 31, 2016
|
308,492
|
2,875
|
(303
|
)
|
3,393
|
|||||||||||
September 30, 2016
|
301,420
|
3,579
|
56
|
3,687
|
||||||||||||
June 30, 2016
|
293,157
|
1,739
|
(20
|
)
|
3,541
|
|||||||||||
March 31, 2016
|
297,746
|
2,100
|
122
|
3,521
|
||||||||||||
December 31, 2015
|
292,362
|
2,164
|
2
|
3,723
|
||||||||||||
September 30, 2015
|
286,469
|
2,079
|
(109
|
)
|
3,825
|
|||||||||||
June 30, 2015
|
278,305
|
3,335
|
68
|
3,886
|
||||||||||||
March 31, 2015
|
257,919
|
3,562
|
48
|
3,954
|
||||||||||||
December 31, 2014
|
244,646
|
4,166
|
162
|
4,002
|
At September 30, 2019
|
||||||||||||
|
||||||||||||
Actual
Ratio
|
Minimum
Requirement
|
Well-Capitalized
Requirement
|
||||||||||
Common equity tier 1 capital ratio
|
13.09
|
%
|
7.00
|
%
|
6.50
|
%
|
||||||
Total risk-based capital ratio
|
13.86
|
%
|
10.50
|
%
|
10.00
|
%
|
||||||
Tier 1 risk-based capital ratio
|
13.09
|
%
|
8.50
|
%
|
8.00
|
%
|
||||||
Tier 1 leverage ratio
|
11.22
|
%
|
4.00
|
%
|
5.00
|
%
|
Three months ended
September 30, 2019
|
||||
Dollars in thousands
|
||||
Net income
|
$
|
1,427
|
||
Adjustments:
|
||||
Merger expenses
|
585
|
|||
Accretion of purchased loan discounts
|
(78
|
)
|
||
Accretion of purchased time deposit discounts
|
8
|
|||
Amortization of core deposit intangibles
|
138
|
|||
Net tax effect of adjustments
|
(71
|
)
|
||
Adjusted net income
|
$
|
2,009
|
(a) |
Evaluation of Disclosure Controls and Procedures. As of the end of the period covered by this report, the Company carried out an evaluation, under the supervision and with the
participation of the Company's management, including the Company's Chief Executive Officer and Chief Financial Officer, of the effectiveness of the Company's disclosure controls and procedures (as defined in Rule 13a-15(e))
pursuant to Exchange Act Rule 13a-14. Based upon that evaluation, the Company's Chief Executive Officer and Chief Financial Officer have concluded that the Company's disclosure controls and procedures are effective to
provide reasonable assurance that it is able to record, process, summarize, and report in a timely manner the information required to be disclosed in the reports it files under the Exchange Act.
|
(b) |
Changes in Internal Control Over Financial Reporting. No change in the Company’s internal control over financial reporting occurred during the Company’s last fiscal quarter that
has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.
|
Exhibit #
|
Description
|
|
Agreement and Plan of Merger and Reorganization dated July 15, 2019, by and between the Company and Carolina Financial Corporation (incorporated by reference to Exhibit 2.1 to the Company’s Current Report on Form 8-K filed
with the SEC on July 18, 2019)
|
||
Certification of the Principal Executive Officer pursuant to Rule 13a-14(a)
|
||
Certification of the Chief Financial Officer pursuant to Rule 13a-14(a)
|
||
Section 1350 Certification
|
||
101
|
Interactive data files pursuant to Rule 405 of Regulation S-T: (i) Condensed Consolidated Balance Sheets (Unaudited) as of September 30, 2019 and December 31, 2018; (ii) Condensed Consolidated
Statements of Operations (Unaudited) for the Three Months Ended September 30, 2019 and 2018; (iii) Condensed Consolidated Statements of Operations (Unaudited) for the Nine Months Ended September 30, 2019 and 2018 (iv) Condensed
Consolidated Statements of Comprehensive Income (Unaudited) for the Three Months Ended September 30, 2019 and 2018; (v) Condensed Consolidated Statements of Comprehensive Income (Unaudited) for the Nine Months Ended September
30, 2019 and 2018; (vi) Condensed Consolidated Statements of Changes in Stockholders’ Equity (Unaudited) for the Three Months Ended September 30, 2019 and 2018; (vii) Condensed Consolidated Statements of Changes in Stockholders’
Equity (Unaudited) for the Nine Months Ended September 30, 2019 and 2018; (viii) Condensed Consolidated Statements of Cash Flows (Unaudited) for the Nine Months Ended September 30, 2019 and 2018; and (ix) Notes to Condensed
Consolidated Financial Statements (Unaudited)
|
CAROLINA TRUST BANCSHARES, INC.
|
||
Date: November 13, 2019
|
By:
|
/s/ Jerry L. Ocheltree
|
Jerry L. Ocheltree
|
||
President and Chief Executive Officer
|
Date: November 13, 2019
|
||
By:
|
/s/ Edwin E. Laws
|
Edwin E. Laws
|
||
Executive Vice President and Chief Financial Officer
|
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