Carolina Trust BancShares, Inc. (CART) has reported a 319.78 percent jump in profit for the quarter ended Dec. 31, 2016. The company has earned $0.38 million, or $0.07 a share in the quarter, compared with $0.09 million, or $0.01 a share for the same period last year.
Revenue during the quarter went down marginally by 0.48 percent to $3.74 million from $3.76 million in the previous year period. Net interest income for the quarter dropped 1.40 percent over the prior year period to $3.31 million. Non-interest income for the quarter fell 6.62 percent over the last year period to $0.28 million.
Carolina Trust BancShares, Inc. has made negative provision of $0.15 million for loan losses during the quarter, compared with a negative provision of $0.10 million in the same period last year.
Jerry L. Ocheltree, president and chief executive officer stated, "Thanks to our teamwork at Carolina Trust BancShares, Inc. and our subsidiary bank, Carolina Trust Bank, we are happy to report net income available to our common shareholders of $335,000 for the fourth quarter and $1.1 million for the year, both of which were significantly higher than 2015. In addition to net income, our accomplishments in 2016 included formation of a holding company, issuing $10 million in subordinated debt, redemption of preferred stock with a 9% coupon, 6% loan growth, and 12% deposit growth. In 2016 we were active in building our branch network and in taking steps to be more efficient. We received approval and are in the process of converting our Mooresville, N.C. loan production office to a full-service branch. We've nearly completed construction of our new Hickory, N.C. branch, where we will be relocating from a leased facility in February. We look forward to serving clients in this open floor plan where our service representatives will stand beside customers in providing traditional teller services from "teller pods" and can easily move to an office for more privacy to discuss accounts and bank services. In the Lincolnton, N.C. area where we have three branches, we began the process of consolidating our Boger City branch into our main office."
Deposits stood at $318.66 million as on Dec. 31, 2016, up 11.89 percent compared with $284.79 million on Dec. 31, 2015.
Nonperforming assets moved down 6.54 percent or $0.27 million to $3.89 million on Dec. 31, 2016 from $4.16 million on Dec. 31, 2015. Meanwhile, nonperforming assets to total assets was 1.04 percent in the quarter, down from 1.24 percent in the last year period.
Book value per share was $6.24 for the quarter, up 4 percent or $0.24 compared to $6 for the same period last year.
Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
