Attached files
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| 8-K - FORM 8-K - Carolina Trust BancShares, Inc. | bp03937x2_8k.htm |
Exhibit 99.1
News Release
For Immediate Release
Contact:
Jerry L. Ocheltree
President and CEO
Carolina Trust BancShares, Inc.
(704) 735-1104
Carolina Trust BancShares, Inc. Revises 4th Quarter 2017 Earnings Lower by $158,000 for Correction to Income Tax Charge
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The income tax charge was related to the revaluation of deferred tax assets when the Tax Cuts and Jobs Act (“tax reform”) was signed into law.
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LINCOLNTON, N.C., March 22, 2018 (GLOBE NEWSWIRE) - Carolina Trust BancShares, Inc. (the “Company”) (NASDAQ - CART) announces that its financial results for the quarter ended December 31, 2017 have been revised to report a net loss of $354,000 or $0.07 per diluted share. Previously, on January 26, 2018, the Company reported a net loss of $196,000 or $0.04 per diluted share. The $158,000 change in earnings is due to additional income tax expense recorded for a correction to the revaluation of the deferred tax assets (“DTAs”).
The DTA revaluation was required when tax reform was signed into law on December 22, 2017, which lowered the Company’s federal tax rate from 34% to 21% beginning in 2018. Originally, the Company recorded an estimated income tax charge of $778,000 due to the revaluation of the DTAs. After further review, the estimated income tax charge has been revised to $936,000, an increase of $158,000, to correct an error in the utilization of net operating loss carryforwards in the initial estimate.
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Dollars in thousands, except share and per share data
Carolina Trust BancShares, Inc.
Selected Financial Highlights
|
Unaudited
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Unaudited
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Unaudited
|
Unaudited
|
(a)
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||||||||||||||||
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12/31/17
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9/30/17
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6/30/17
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3/31/17
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12/31/16
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||||||||||||||||
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Balance Sheet Data:
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Total Assets
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$
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406,618
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$
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400,297
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$
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390,168
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$
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382,481
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$
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374,917
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||||||||||
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Total Loans
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348,679
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340,038
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324,349
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311,609
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308,492
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|||||||||||||||
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Reserve for Loan Loss
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3,599
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3,423
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3,213
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3,471
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3,393
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|||||||||||||||
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Total Deposits
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340,653
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337,589
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330,893
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323,179
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318,665
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|||||||||||||||
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Total Shareholders’ Equity
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29,119
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29,765
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29,573
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29,361
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29,033
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|||||||||||||||
Comparative Income Statements
For the Three Months Ended
|
Unaudited
12/31/17
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Unaudited
12/31/16
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Variance
$
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Variance
%
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|||||||||||||
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Income and Per Share Data:
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Interest Income
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$
|
4,672
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$
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4,146
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$
|
526
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13
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%
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||||||||
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Interest Expense
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916
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838
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78
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9
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%
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Net Interest Income
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3,756
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3,308
|
448
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14
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%
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Provision for (Recovery of) Loan Loss
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149
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(149
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)
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298
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NM
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|||||||||||
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Net Interest Income After Provision
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3,607
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3,457
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150
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4
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%
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|||||||||||
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Non-interest Income
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379
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282
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97
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34
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%
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Non-interest Expense
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3,114
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3,143
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(29
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)
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-1
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%
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Income Before Taxes
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872
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596
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276
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46
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%
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Income Tax Expense
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1,226
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214
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1,012
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473
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%
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Net Income (Loss)
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(354
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)
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382
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(736
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)
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NM
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Preferred Stock Dividend
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-0-
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47
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(47
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)
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-100
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%
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Net Income (Loss) Available to Common Shareholders
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$
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(354
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)
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$
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335
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$
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(689
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)
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NM
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|||||||
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Net Income (Loss) Per Common Share:
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Basic
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$
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(0.08
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)
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$
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0.07
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Diluted
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$
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(0.07
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)
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$
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0.07
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Average Common Shares Outstanding:
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Basic
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4,657,304
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4,650,563
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Diluted
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4,752,961
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4,703,681
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| (a) |
Note: Derived from audited financial statements
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Carolina Trust BancShares, Inc.
Comparative Income Statements
For the years ended
Dollars in thousands, except per share data
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Unaudited
12/31/17
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(a)
12/31/16
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Variance
$
|
Variance
%
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|||||||||||||
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Income and Per Share Data:
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Interest Income
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$
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17,449
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$
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16,222
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$
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1,227
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8
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%
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Interest Expense
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3,479
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2,872
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607
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21
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%
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Net Interest Income
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13,970
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13,350
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620
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5
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%
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Provision for (Recovery of) Loan Loss
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704
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(27
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)
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731
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NM
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Net Interest Income After Provision
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13,266
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13,377
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(111
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)
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-1
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%
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Non-interest Income
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1,376
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1,229
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147
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12
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%
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Non-interest Expense
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12,644
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12,388
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256
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2
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%
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Income Before Taxes
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1,998
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2,218
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(220
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)
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-10
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%
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Income Tax Expense
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1,594
|
877
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717
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82
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%
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Net Income
|
404
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1,341
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(937
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)
|
-70
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%
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Preferred Stock Dividend
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-0-
|
222
|
(222
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)
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-100
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%
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Net Income Available to Common Shareholders
|
$
|
404
|
$
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1,119
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$
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(715
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)
|
-64
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%
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Net Income Per Common Share:
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Basic
|
$
|
0.09
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$
|
0.24
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Diluted
|
$
|
0.09
|
$
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0.24
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Average Common Shares Outstanding:
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Basic
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4,655,369
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4,649,405
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Diluted
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4,734,874
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4,697,765
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| (a) |
Note: Derived from audited financial statements
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