This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Carolina Trust Bank Reports Full Year 2012 Net Loss To Common Shareholders Of $60,000, A $2,240,000 Net Improvement From The Loss In 2011

"Although fundamentals remain strong, the fourth quarter negatively impacted our overall performance for 2012," said President and CEO J. Michael Cline. "Despite the loss for the year, the Bank is on the right track and making significant balance sheet improvements. We're putting quality loans on our books despite an economy that still has many businesses sitting on the sidelines. We continue to see positive trends in lending, deposit pricing, and interest income. Our focus in 2013 is to maintain revenue growth, control expenses, and efficiently manage our operations."

Full Year 2012 Financial Highlights
  • Net loss of $60,000 in 2012 reflected a $2.24 million net improvement over 2011.
  • Funding costs declined by $1.18 million in 2012 from 2011, due to disciplined deposit pricing.
  • Net interest income in 2012 increased by $1.50 million from 2011.
  • Non-interest expense declined by $276,000 from 2011.

Total revenues, less interest expense, increased by $1.69 million to $11.74 million in 2012 from 2011. Net interest margin also benefitted from the bank's disciplined pricing, improving by 0.58% to 4.10% in 2012 from 3.52% in 2011.

For the year 2012, net loan charge-offs to average loans declined to 0.93% from 1.13% in 2011. Carolina Trust also realized significant improvements in Return on Average Assets and Return on Average Equity in 2012. ROAA for 2012 was 0.08% compared to -0.77% in 2011, and ROAE improved to 0.81% in 2012 from -7.74% the year before.

The U.S. Treasury recently sold its $4.0 million of preferred stock in Carolina Trust Bank to private investors. The bank subsequently repurchased $1.4 million of the outstanding preferred shares, thereby reducing future dividend payments to 65% of its original level.

"It has been a challenge for community banks that participated in the CPP to exit the program without significantly impacting capital levels," Cline said. "We believe that our ability to repurchase 35% of the outstanding preferred shares underscores the strength of our balance sheet. After the purchase, our capital ratios continue to exceed regulatory requirements for being well capitalized."

2 of 5

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $94.27 -0.76%
FB $101.00 1.47%
GOOG $684.12 0.89%
TSLA $143.67 -3.09%
YHOO $27.10 1.04%


Chart of I:DJI
DOW 15,914.74 -99.64 -0.62%
S&P 500 1,851.86 -0.35 -0.02%
NASDAQ 4,283.5920 +14.8290 0.35%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs