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Carolina Trust Bank Reports Third Quarter 2013 Profit

Stocks in this article: CART

LINCOLNTON, N.C., Oct. 21, 2013 (GLOBE NEWSWIRE) -- Carolina Trust Bank (Nasdaq:CART) today reported net income of $200,000 for the third quarter 2013, or $0.04 per diluted share available to common shareholders. Third quarter profits were driven by higher net interest income, lower non-interest expense and lower provision for loan loss.

Excluding payment of dividends on preferred shares, CTB earned a profit of $249,000. Results compared with a net loss of $1.44 million for the second quarter 2013, or $0.32 per diluted common share, and a net loss of $72,000 for the third quarter 2012, or $0.03 per diluted common share.

President Mike Cline, who announced his retirement last month effective year-end, said he's pleased with the bank's progress. "Our overall trends are healthy and we have taken care of the big credit problems," he said. "These past several years have been extremely challenging, not only for us but for the entire financial industry. We're pleased with what we've been able to accomplish. Our loan portfolio and balance sheet are much improved. Fundamentals are solid and core earnings are strong."

3Q-2Q 2013 Comparisons

Income Statement Highlights

  • Total revenues, less interest expense, up 4.60% from second quarter 2013
  • Net interest income increased $142,000 or 5.41%
  • Non-interest income declined 3.36%
  • Interest expense decreased 3.16%
  • Non-interest expense declined $1.12 million or 32.06%
  • Net interest margin improved to 4.37%, up 28 basis points
  • Provision for loan loss declined $436,000, or 52.22%

Balance Sheet Highlights

  • Total loans increased $6.54 million from second quarter 2013 to $222.594 million
  • $16.56 million in new loans originated, offset by charge-offs and pay-downs
  • Total deposits of $232.98 million, up marginally from prior quarter 2013
  • Interest expense declined for 15 th straight quarter
  • Core deposits remained strong, reflecting customer loyalty
  • Total assets increased $3.00 million from second quarter 2013 to $268.56 million  
  • Credit quality continued to improve in the third quarter 2013
  • Total nonperforming assets declined 6.86%
  • Other Real Estate Owned, or foreclosed property, decreased 16.48%
  • Non-accrual loans up marginally 5.04%
  • Net loan charge-offs totaled $476,000, down $1.13 million
  • Net loan charge-offs to average loans remained below 1%
  • Capital levels continued to exceed "well-capitalized" requirements in third quarter 2013
  • Capital ratios improved on a link-quarter basis - Tier 1 Leverage Ratio to 8.44%, Tier 1 Risk-based Capital Ratio to 9.84%, and Total Risk-based Capital Ratio to 11.09%
  • Reserve for loan loss of $3.99 million declined $75,000 from second quarter 2013

Revenue

Led by higher net interest income, total revenues, less interest expense increased $133,000 to $3.03 million in the third quarter 2013 on a linked-quarter basis while up marginally from prior year.

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