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Carolina Trust Bank Reports Profit For First Quarter 2013

Stocks in this article: CART

'Economy continues to show signs of recovery; loan production strong'

LINCOLNTON, N.C., April 26, 2013 (GLOBE NEWSWIRE) -- Carolina Trust Bank (Nasdaq:CART) today reported net income of $32,000 for the quarter ended March 31, 2013, or $0.01 per diluted common share available to common shareholders, compared to net income of $562,000 for the same period in 2012, or $0.12 per diluted common share available to common shareholders. Excluding payment of dividends on preferred shares, the bank realized net income of $77,000 for the first quarter of 2013.

On a link-quarter basis, first-quarter results compared to a net loss of $572,000 at Dec. 31, 2012, or $0.12 per diluted common share attributable to common shareholders. Though earnings were affected by a loan loss provision of $413,000, the allowance set aside for problem loans was the bank's lowest in four quarters.

"The economy continues to show signs of recovery and our loan production is strong. This past quarter we booked $12.3 million in new loans; we also have a significant number of loans in our pipeline," said President and CEO Mike Cline.

"In the past few years we have developed a reliable income stream that has provided stability in a difficult economic climate," Cline said. "The strength of our core fundamentals is the primary reason we continue to make progress and maintain strong capital levels."

First Quarter 2013 Financial Highlights

Balance Sheet

  • Total assets were $275.60 million at March 31, 2013, compared to $271.05 million at Dec. 31, 2012, and $276.37 at March 31, 2012.
  • Deposits totaled $240.59 million at March 31, 2013, compared to $233.86 million at Dec. 31, 2012, and $231.92 million at March 31, 2012.
  • Total loans were $215.98 at March 31, 2013, compared to $221.48 million at Dec. 31, 2012, and $217.88 million at March 31, 2012.
  • Total Shareholders' Equity was $24.87 million at March 31, 2013, compared to $24.94 million at Dec. 31, 2012, and $26.57 million at March 31, 2012.

Income Statement

  • Total revenues, less interest expense, were $2.76 million in the first quarter of 2013, compared to $3.02 million at Dec. 31, 2012, and $2.77 million at March 31, 2012.
  • Net interest income was $2.51 million in the first quarter of 2013, down from $2.68 million at Dec. 31, 2012, but essentially flat from the same period a year ago.
  • Interest expense in the first quarter of 2013 was $588,000, compared to $648,000 at Dec. 31, 2012, and $791,000 at March 31, 2012.
  • Net Interest margin was 4.00% at March 31, 2013, compared to 4.27% at Dec. 31, 2012, and 3.99% at March 31, 2012.

Credit Quality

  • Total nonperforming assets were $12.65 million at March 31, 2013, compared to $12.66 million at Dec. 31, 2012, and $10.75 million at March 31, 2012.
  • Nonperforming assets to total assets were 4.59% at March 31, 2013, compared to 4.67% at Dec. 31, 2012, and 3.89% at March 31, 2012.
  • Non-accrual loans were $9.11 million at March 31, 2013, compared to $8.50 million at Dec. 31, 2012, and $6.29 million at March 31, 2012.
  • Net loan charge-offs were $350,000 at March 31, 2013, compared to $773,000 at Dec. 31, 2012, and $172,000 for the quarter ended March 31, 2012.

Review of Balance Sheet

Total assets of $275.60 million at March 31, 2013, increased by $4.55 million from Dec. 31, 2012, but declined marginally from $276.37 million at March 31, 2012. Total deposits increased to $240.59 million in the first quarter of 2013, up $6.73 million from Dec. 31, 2012, and $8.67 million from March 31, 2012. Total loans were $215.98 million at March 31, 2013, down $5.50 million from the previous quarter, due primarily to early pay-offs and the transfer of problems loans to Other Real Estate Owned.

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