Carolina Trust Bank Announces Third Quarter Results

Share Name	Share Symbol	Market	Type	Share ISIN	Share Description
Carter&Cart	LSE:CART	London	Ordinary Share	GB00B05K7697	ORD 4P

Industry Sector	Turnover	Profit	EPS - Basic	PE Ratio	Market Cap
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LINCOLNTON, N.C., Oct. 30 /PRNewswire-FirstCall/ -- Carolina Trust Bank (NASDAQ:CART) announced financial results for the third quarter ended September 30, 2009. The Company reported a net loss of $908,000, or $0.52 per diluted share, for the quarter ended September 30, 2009, compared to net income of $4,000 for the quarter ended September 30, 2008. The major factors for the decline in earnings were due to an increase in the provision for loan losses, which amounted to $673,000 compared to $125,000 for the same period in 2008 and an increase in FDIC insurance premiums. The bank also recorded a $129,000 charge to income tax expense to reverse income tax benefits recorded in the first two quarters of this year. John Michael Cline, President & CEO, stated, "Considering the state of the economy, we felt it was only prudent to increase our provision for loan losses. With current unemployment levels and the status of the housing market we believe that a conservative approach is warranted. We are fortunate that the bank retains its 'well capitalized' status. That status affords the flexibility to increase our provision for loan losses thereby protecting our balance sheet and our stockholders' interests. By taking this approach, we position the bank to weather the current economy and be in position to take advantage of future improvements in the economy, the housing market and an improving employment environment." As of September 30, 2009, Carolina Trust Bank had total assets of $175,310,000, up 14% from the same period a year ago. Total deposits also grew 14% to $139,661,000 and total loans grew 5% to $147,704,000. Cline continued, "While prudent measures have been taken to protect our balance sheet, we continue to grow the bank. Additionally, we completed our acquisition of Carolina Commerce Bank in Gastonia, North Carolina on October 15. We believe this acquisition will enhance future growth and profitability." Carolina Trust Bank is a full service state chartered bank headquartered in Lincolnton, N.C. operating out of six full service branches in Lincoln, Catawba and Gaston Counties and a loan production office in Rutherford County. Its common stock is traded on the NASDAQ under the symbol CART. Carolina Trust Bank (Dollars in thousands) ---------------------- September 30 2009 2008 ---- ---- Balance Sheet Data: Total Assets 175,310 153,578 Total Deposits 139,661 122,608 Total Loans 147,704 140,208 Reserve for Loan Loss 2,322 1,640 Total Shareholders Equity 19,111 16,784 (Dollars in thousands, except per share data) For the Three Months Ended Year to Date September 30 September 30 2009 2008 2009 2008 Income and Per Share Data: Interest Income 2,252 2,303 6,577 6,914 Interest Expense 1,014 1,073 3,091 3,234 Net Interest Income 1,238 1,230 3,486 3,680 Provision for Loan Loss 673 125 955 294 Net Interest Income After Provision 565 1,105 2,531 3,386 Other Income 201 206 669 627 Other Expense 1,477 1,320 4,206 3,890 Income Before Taxes (711) (9) (1,006) 123 Income Tax Expense (benefit) 129 (13) - 16 Net Income (840) 4 (1,006) 107 Preferred Stock Dividend 68 - 177 - Income available to common shareholders (908) 4 (1,183) 107 Earnings Per Common Share:* Basic (0.52) 0.00 (0.67) 0.06 Diluted (0.52) 0.00 (0.67) 0.06 Average Shares Outstanding: Basic 1,761,410 1,756,252 1,761,410 1,749,514 Diluted 1,761,410 1,762,076 1,761,410 1,776,301 Asset Quality: Net Loan Charge-Offs 1,068 2 1,081 71 Net Loan Charge-Offs to Average Loans (%) 0.73% 0.00% 0.74% 0.05% Performance Ratios: Return on Average Assets (%) -1.91% 0.01% -0.79% 0.10% Return on Average Equity (%) -16.72% 0.09% -6.86% 0.85% Net Interest Margin (%) 3.06% 3.35% 2.91% 3.53% Note: All quarterly information is unaudited. DATASOURCE: Carolina Trust Bank CONTACT: John Michael Cline, President & CEO, Carolina Trust Bank, +1-704-735-1104 Web Site: http://www.carolinatrust.com/

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