Baidu Approves $5 Billion Share Buyback and Plans First-Ever Dividend in 2026 
Trump Backs Nexstar–Tegna Merger Amid Shifting U.S. Media Landscape 
Washington Post Publisher Will Lewis Steps Down After Layoffs 
Amazon Stock Rebounds After Earnings as $200B Capex Plan Sparks AI Spending Debate 
Sony Q3 Profit Jumps on Gaming and Image Sensors, Full-Year Outlook Raised 
SoftBank Shares Slide After Arm Earnings Miss Fuels Tech Stock Sell-Off 
SpaceX Prioritizes Moon Mission Before Mars as Starship Development Accelerates 
Nvidia, ByteDance, and the U.S.-China AI Chip Standoff Over H200 Exports 
Anta Sports Expands Global Footprint With Strategic Puma Stake 
Alphabet’s Massive AI Spending Surge Signals Confidence in Google’s Growth Engine 
Kroger Set to Name Former Walmart Executive Greg Foran as Next CEO 
American Airlines CEO to Meet Pilots Union Amid Storm Response and Financial Concerns 
OpenAI Expands Enterprise AI Strategy With Major Hiring Push Ahead of New Business Offering 
TrumpRx Website Launches to Offer Discounted Prescription Drugs for Cash-Paying Americans 
Rio Tinto Shares Hit Record High After Ending Glencore Merger Talks 
Missouri Judge Dismisses Lawsuit Challenging Starbucks’ Diversity and Inclusion Policies 
Toyota’s Surprise CEO Change Signals Strategic Shift Amid Global Auto Turmoil 
- 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
LINCOLNTON, N.C., March 22, 2018 -- 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.
| Dollars in thousands, except share and per share data | ||||||||||||||
| Carolina Trust BancShares, Inc. | ||||||||||||||
| Selected Financial Highlights | ||||||||||||||
| Unaudited | Unaudited | Unaudited | Unaudited | (a) | ||||||||||
| 12/31/17 | 9/30/17 | 6/30/17 | 3/31/17 | 12/31/16 | ||||||||||
| Balance Sheet Data: | ||||||||||||||
| Total Assets | $ | 406,618 | $ | 400,297 | $ | 390,168 | $ | 382,481 | $ | 374,917 | ||||
| Total Loans | 348,679 | 340,038 | 324,349 | 311,609 | 308,492 | |||||||||
| Reserve for Loan Loss | 3,599 | 3,423 | 3,213 | 3,471 | 3,393 | |||||||||
| Total Deposits | 340,653 | 337,589 | 330,893 | 323,179 | 318,665 | |||||||||
| Total Shareholders’ Equity | 29,119 | 29,765 | 29,573 | 29,361 | 29,033 | |||||||||
| Comparative Income Statements | ||||||||||||||
| For the Three Months Ended | ||||||||||||||
| Unaudited 12/31/17 | Unaudited 12/31/16 | Variance $ | Variance % | |||||||||||
| Income and Per Share Data: | ||||||||||||||
| Interest Income | $ | 4,672 | $ | 4,146 | $ | 526 | 13 | % | ||||||
| Interest Expense | 916 | 838 | 78 | 9 | % | |||||||||
| Net Interest Income | 3,756 | 3,308 | 448 | 14 | % | |||||||||
| Provision for (Recovery of) Loan Loss | 149 | (149 | ) | 298 | NM | |||||||||
| Net Interest Income After Provision | 3,607 | 3,457 | 150 | 4 | % | |||||||||
| Non-interest Income | 379 | 282 | 97 | 34 | % | |||||||||
| Non-interest Expense | 3,114 | 3,143 | (29 | ) | -1 | % | ||||||||
| Income Before Taxes | 872 | 596 | 276 | 46 | % | |||||||||
| Income Tax Expense | 1,226 | 214 | 1,012 | 473 | % | |||||||||
| Net Income (Loss) | (354 | ) | 382 | (736 | ) | NM | ||||||||
| Preferred Stock Dividend | -0- | 47 | (47 | ) | -100 | % | ||||||||
| Net Income (Loss) Available to Common Shareholders | $ | (354 | ) | $ | 335 | $ | (689 | ) | NM | |||||
| Net Income (Loss) Per Common Share: | ||||||||||||||
| Basic | $ | (0.08 | ) | $ | 0.07 | |||||||||
| Diluted | $ | (0.07 | ) | $ | 0.07 | |||||||||
| Average Common Shares Outstanding: | ||||||||||||||
| Basic | 4,657,304 | 4,650,563 | ||||||||||||
| Diluted | 4,752,961 | 4,703,681 | ||||||||||||
(a) Note: Derived from audited financial statements
| Carolina Trust BancShares, Inc. | ||||||||||
| Comparative Income Statements | ||||||||||
| For the years ended | ||||||||||
| Dollars in thousands, except per share data | ||||||||||
| Unaudited 12/31/17 | (a) 12/31/16 | Variance $ | Variance % | |||||||
| Income and Per Share Data: | ||||||||||
| Interest Income | $ | 17,449 | $ | 16,222 | $ | 1,227 | 8 | % | ||
| Interest Expense | 3,479 | 2,872 | 607 | 21 | % | |||||
| Net Interest Income | 13,970 | 13,350 | 620 | 5 | % | |||||
| Provision for (Recovery of) Loan Loss | 704 | (27 | ) | 731 | NM | |||||
| Net Interest Income After Provision | 13,266 | 13,377 | (111 | ) | -1 | % | ||||
| Non-interest Income | 1,376 | 1,229 | 147 | 12 | % | |||||
| Non-interest Expense | 12,644 | 12,388 | 256 | 2 | % | |||||
| Income Before Taxes | 1,998 | 2,218 | (220 | ) | -10 | % | ||||
| Income Tax Expense | 1,594 | 877 | 717 | 82 | % | |||||
| Net Income | 404 | 1,341 | (937 | ) | -70 | % | ||||
| Preferred Stock Dividend | -0- | 222 | (222 | ) | -100 | % | ||||
| Net Income Available to Common Shareholders | $ | 404 | $ | 1,119 | $ | (715 | ) | -64 | % | |
| Net Income Per Common Share: | ||||||||||
| Basic | $ | 0.09 | $ | 0.24 | ||||||
| Diluted | $ | 0.09 | $ | 0.24 | ||||||
| Average Common Shares Outstanding: | ||||||||||
| Basic | 4,655,369 | 4,649,405 | ||||||||
| Diluted | 4,734,874 | 4,697,765 | ||||||||
(a) Note: Derived from audited financial statements
Contact:
Jerry L. Ocheltree
President and CEO
Carolina Trust BancShares, Inc.
(704) 735-1104
