Carolina Trust Bank (Nasdaq:CART)announced financial results for the third quarter ended September 30, 2009. The Company reported a net loss of $908,000, or $0.52 per diluted share, for the quarter ended September 30, 2009, compared to net income of $4,000 for the quarter ended September 30, 2008. The major factors for the decline in earnings were due to an increase in the provision for loan losses, which amounted to $673,000 compared to $125,000 for the same period in 2008 and an increase in FDIC insurance premiums. The bank also recorded a $129,000 charge to income tax expense to reverse income tax benefits recorded in the first two quarters of this year. John Michael Cline, President & CEO, stated, "Considering the state of the economy, we felt it was only prudent to increase our provision for loan losses.
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With current unemployment levels and the status of the housing market we believe that a conservative approach is warranted. We are fortunate that the bank retains its 'well capitalized' status. That status affords the flexibility to increase our provision for loan losses thereby protecting our balance sheet and our stockholders' interests. By taking this approach, we position the bank to weather the current economy and be in position to take advantage of future improvements in the economy, the housing market and an improving employment environment."As of September 30, 2009, Carolina Trust Bank had total assets of $175,310,000, up 14% from the same period a year ago. Total deposits also grew 14% to $139,661,000 and total loans grew 5% to $147,704,000. Cline continued, "While prudent measures have been taken to protect our balance sheet, we continue to grow the bank. Additionally, we completed our acquisition of Carolina Commerce Bank in Gastonia, North Carolina on October 15. We believe this acquisition will enhance future growth and profitability."Carolina Trust Bank is a full service state chartered bank headquartered in Lincolnton, N.C. operating out of six full service branches in Lincoln, Catawba and Gaston Counties and a loan production office in Rutherford County. Its common stock is traded on the NASDAQ under the symbol CART.
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