Carolina Trust Bank Announces Unaudited Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2015
For the quarter, the company announced interest income of $3,955,000 compared to $3,293,000 for the same period a year ago. Net interest income was $3,354,000 compared to $2,795,000 for the same period a year ago. Net interest income after provision was $3,454,000 compared to $2,795,000 for the same period a year ago. Income before taxes was $548,000 compared to $360,000 for the same period a year ago. Net income was $307,000 compared to $4,899,000 for the same period a year ago. Net income available to common shareholders was $248,000 compared to $4,840,000 for the same period a year ago. Net income per common share, basic and diluted was $0.05 compared to $1.04 for the same period a year ago. Book value per common share was $6.02 compared to $5.82 for the same period a year ago. Return on average assets was 0.37% compared to 7.35% for the same period a year ago. Return on average equity was 3.99% compared to 78.68% for the same period a year ago. Financial results for 2015 which were fueled by strong loan and deposit growth resulting in a 13.6% increase in net interest income, increased noninterest income and continued improvement in asset quality which resulted in a further reduction in the company's allowance for loan and lease loss for the year.