Carolina Trust BancShares Inc (CART) has reported an 80.28 percent plunge in profit for the quarter ended Sep. 30, 2016. The company has earned $0.08 million, or $0.01 a share in the quarter, compared with $0.43 million, or $0.08 a share for the same period last year.
Revenue during the quarter dropped 8.68 percent to $3.42 million from $3.75 million in the previous year period. Net interest income for the quarter dropped 0.55 percent over the prior year period to $3.27 million. Non-interest income for the quarter rose 22.89 percent over the last year period to $0.35 million.
Carolina Trust BancShares Inc has made provision of $0.20 million for loan losses during the quarter, compared with a negative provision of $0.17 million in the same period last year.
Net interest margin contracted 50 basis points to 3.67 percent in the quarter from 4.17 percent in the last year period.
Jerry L. Ocheltree, president and chief executive officer stated, “We are pleased to have completed the formation of our bank holding company structure that provides us more flexibility in raising capital. In October, we closed on a $10 million subordinated debt issue. We intend to invest most of those proceeds in the Bank to bolster capital for projected growth. Conversion of our Mooresville loan production office to a full service branch has been approved by both the FDIC and North Carolina Commissioner of Banks. During the first quarter of 2017, we look forward to providing our full suite of deposit products and online banking services to customers in Mooresville and the communities along the eastern side of Lake Norman. In Hickory, we expect that construction of our permanent branch will be completed in the 4th quarter of 2016. As we relocate from a multi-tenant building to a freestanding and more convenient location, we look forward to developing more banking relationships in Hickory and the surrounding Unifour region.”
Deposits stood at $323.04 million as on Sep. 30, 2016, up 13.19 percent compared with $285.38 million on Sep. 30, 2015.
Return on assets moved down 42 basis points to 0.09 percent in the quarter from 0.51 percent in the last year period. At the same time, return on equity decreased 490 basis points to 0.37 percent in the quarter from 5.27 percent in the last year period.
Nonperforming assets moved up 4.99 percent or $0.21 million to $4.46 million on Sep. 30, 2016 from $4.25 million on Sep. 30, 2015. Meanwhile, nonperforming assets to total assets was 1.20 percent in the quarter, down from 1.28 percent in the last year period.
Book value per share was $6.26 for the quarter, up 3.99 percent or $0.24 compared to $6.02 for the same period last year.
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