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As of June 30, 2009 the bank reported total assets of $171,419,000 which are up 19% from the same period last year. Total deposits were up 20% to $135,187,000 and total loans are up 13% to $146,805,000 over the same period last year.
The provision for loan loss for the quarter was $258,000 compared to $85,000 for the same period last year. We feel with the continued decline in real estate values this increase was the prudent thing to do. We will continue to review this reserve on a monthly basis and make adjustments when necessary. Another direct hit to our second quarter income was the special FDIC insurance assessment which had to be accrued by June 30. This totaled $76,000.
We are beginning to see a slight improvement in our net interest margin as rates seem to finally have bottomed out and we have been able to reprice deposits. Non-interest income has been a bright spot having increased 11% year-to-date over last year.
In June Carolina Trust Bank announced it would be acquiring Carolina Commerce Bank in Gastonia in an all-stock transaction. We feel the addition of this location will add to our growth and income in the future. This deal should be completed in the fourth quarter of 2009.
Carolina Trust Bank is a full service state chartered bank headquartered in Lincolnton, N.C. operating out of five full service branches in Lincoln and Catawba 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)
----------------------
June 30
2009 2008
---- ----
Balance Sheet Data:
Total Assets 171,419 144,050
Total Deposits 135,187 112,447
Total Loans 146,805 129,671
Reserve for Loan Loss 2,716 1,465
Total Shareholders Equity 19,909 16,655
Year to Date
June 30 June 30
2009 2008 2009 2008
Income and Per Share Data:
Interest Income 2,176 2,259 4,325 4,611
Interest Expense 1,025 1,060 2,077 2,161
Net Interest Income 1,151 1,199 2,248 2,450
Provision for Loan Loss 258 85 282 169
Net Interest Income After
Provision 893 1,114 1,966 2,281
Other Income 214 209 468 421
Other Expense 1,403 1,317 2,729 2,570
(Loss) Income Before Taxes (296) 6 (295) 132
Income Tax (benefit) Expense (129) (9) (129) 29
Net (loss) Income (167) 15 (166) 103
Preferred Stock
Dividend 68 - 109 -
(Loss Attributable) Income
available to common
shareholders (235) 15 (275) 103
(Loss) Earnings Per Common
Share:*
Basic (0.13) 0.01 (0.16) 0.06
Diluted (0.13) 0.01 (0.16) 0.06
Average Shares Outstanding:
Basic 1,761,410 1,748,796 1,761,410 1,746,108
Diluted 1,761,410 1,778,676 1,761,410 1,781,915
Asset Quality:
Net Loan Charge-Offs 7 33 14 68
Net Loan Charge-Offs to
Average Loans (%) 0.01% 0.02% 0.01% 0.05%
Performance Ratios:
Return on Average Assets (%) -0.39% 0.04% -0.20% 0.15%
Return on Average Equity (%) -3.31% 0.37% -1.72% 1.24%
Net Interest Margin (%) 2.84% 3.45% 2.84% 3.63%
Note: All quarterly information is unaudited.
SOURCE Carolina Trust Bank
http://www.carolinatrust.com
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