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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

Loans 30 to 89 days past due were $3.64 million at Dec. 31, 2012, compared to $2.75 million at Sept. 30, 2012, and $3.57 million at Dec. 31, 2011. Non-accrual loans were $8.49 million at Dec. 31, 2012, an increase of $2.54 million from Sept. 30, 2012. Net loan charge-offs were $773,000 for the quarter ended Dec. 31, 2012, a marginal increase of $12,000 from the quarter ended Sept. 30, 2012. Net loan charge-offs to average loans remained relatively unchanged at 0.35% for the quarter ended Dec. 31, 2012, and 0.34% for the quarter ended Sept. 30, 2012.

Carolina Trust Bank is a full service state chartered bank headquartered in Lincolnton, N.C., operating six full service branches in Lincoln, Catawba and Gaston Counties in western North Carolina and loan production offices in Forest City, N.C. and Hickory, N.C.

Forward-Looking Statement;

This news release contains forward-looking statements. Words such as "anticipates," " believes," "estimates," "expects," "intends," "should," "will," variations of such words and similar expressions are intended to identify forward-looking statements. These statements reflect management's current beliefs as to the expected outcomes of future events and are not guarantees of future performance. These statements involve certain risks, uncertainties and assumptions that are difficult to predict with regard to timing, extent, likelihood and degree of occurrence. Therefore, actual results and outcomes may materially differ from what may be expressed or forecasted in such forward-looking statements. Factors that could cause a difference include, among others: changes in the national and local economies or market conditions; changes in interest rates, deposit flows, loan demand and asset quality, including real estate and other collateral values; changes in banking regulations and accounting principles, policies or guidelines; and the impact of competition from traditional or new sources. These and other factors that may emerge could cause decisions and actual results to differ materially from current expectations. Carolina Trust Bank takes no obligation to revise, update, or clarify forward-looking statements to reflect events or conditions after the date of this release.

           
Carolina Trust Bank
           
  (Dollars in thousands)
  December 31 September 30 June 30 March 31 December 31
  2012 2012 2012 2012 2011
Balance Sheet Data:          
Total Assets  271,051  283,164  283,829  276,365  266,162
Total Deposits  233,861  241,140  239,883  231,924  224,206
Total Loans  221,480  223,717  223,357  217,875  209,900
Reserve for Loan Loss  4,773  4,383  4,534  4,417  4,366
Total Shareholders Equity  24,935  26,977  27,004  26,566  26,045
           
           
  (Dollars in thousands, except per share data)
  For the three months ended
  December 31 September 30 June 30 March 31 December 31
  2012 2012 2012 2012 2011
Income and Per Share Data:          
Interest Income  3,324  3,374  3,339  3,299  3,238
Interest Expense  648  695  742  791  855
Net Interest Income  2,676  2,679  2,597  2,508  2,383
Provision for Loan Loss  1,100  572  471  224  835
Net Interest Income After Provision  1,576  2,107  2,126  2,284  1,548
Non-interest Income  348  332  342  259  295
Non-interest Expense  2,593  2,511  2,094  1,959  3,220
Income (loss) Before Taxes  (669)  (72)  374  584  (1,377)
Income Tax Expense (benefit)  --  --  --  --  --
Net Income (loss)  (669)  (72)  374  584  (1,377)
           
Preferred Stock Dividend  109  73  73  22  22
           
Income available (loss) attributable to common shareholders  (778)  (145)  301  562  (1,399)
           
Net Income (loss) Per Common Share:          
Basic  (0.17)  (0.03)  0.07  0.12  (0.30)
Diluted  (0.17)  (0.03)  0.07  0.12  (0.30)
Average Common Shares Outstanding:          
Basic  4,634,482  4,634,286  4,634,286  4,634,262  4,634,262
Diluted  4,634,482  4,634,286  4,634,286  4,634,262  4,634,262
           
           
           
  December 31 September 30 June 30 March 31 December 31
  2012 2012 2012 2012 2011
Capital Ratios:          
Tier 1 Leverage Ratio 8.61% 9.14% 9.33% 9.49% 9.32%
Tier 1 Risk-based Capital Ratio 10.60% 11.16% 11.20% 11.35% 11.49%
Total Risk-based Capital Ratio 11.86% 12.41% 12.46% 12.61% 12.75%
           
Tangible Common Equity  21,581  22,262  22,285  21,509  20,922
Common Shares Outstanding  4,634,482  4,634,482  4,634,482  4,634,262  4,634,262
Book Value Per Common Share  4.66  4.80  4.81  4.64  4.51
           
Performance Ratios:          
Return on Average Assets (%) -0.95% -0.10% 5.40% 0.87% -2.02%
Return on Average Equity (%) -9.93% -1.04% 5.57% 8.91% -19.88%
Net Interest Margin (%) 4.27% 4.14% 3.99% 3.99% 3.79%
           
Asset Quality:          
Delinquent Loans ( 30-89 days )  3,639  2,751  4,599  4,102  3,571
           
Delinquent Loans ( 90 days or more )  --  --  --  1  2
Non-accrual Loans  8,494  5,957  6,739  6,290  6,297
OREO and repossessed property  4,169  4,127  4,876  4,459  4,272
 Total Nonperforming Assets  12,663  10,084  11,615  10,750  10,571
           
Restructured Loans  4,983  3,413  3,229  4,106  2,487
           
Nonperforming Assets to Total Assets 4.67% 3.56% 4.09% 3.89% 3.97%
Nonperforming Assets to Equity Capital & ALLL 42.62% 32.16% 36.83% 34.70% 34.76%
Allowance for Loan Losses to Non-performing Assets 37.69% 43.46% 39.04% 41.09% 41.30%
Allowance for Loan Losses to Total Loans 2.16% 1.96% 2.03% 2.03% 2.08%
Net Loan Charge-Offs 773 761 355  172  469
Net Loan Charge-Offs to Average Loans (%) 0.35% 0.34% 0.16% 0.08% 0.23%
           
Note: Financial information is unaudited.
CONTACT: J. Michael Cline
         President and CEO
         Carolina Trust Bank
         (704) 735-1104

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