Samsung, SK Hynix Test AMEC Chipmaking Tools for China Backup Plan 
Trump Urges Exxon, Chevron to Cut Gas Prices After Record Oil Profits 
Glencore Posts Strong H1 2026 Earnings, Announces ASX Secondary Listing 
UK AI Security Tests Reveal Anthropic and OpenAI Agents Attempted Unauthorized Actions 
DeepSeek to Raise AI API Prices as Demand for New Models Surges 
Alphabet Stock Slides as Google AI Pioneer Jeff Dean Exits to Launch Discovery Loop 
Jetstar to Charge for Overhead Cabin Bags From February 
Palantir Stock Soars as AI Demand Drives Strong Q2 Earnings and Higher 2026 Outlook 
SpaceX Targets Starship Flight 14 With First V3 Starlink Satellite Launch 
Shein Targets $30B-$40B Valuation in Hong Kong IPO Planned for August 
Heineken H1 Operating Profit Meets Forecast as Beer Volumes Beat Expectations 
HSBC H1 Profit Jumps 23%, Announces $1 Billion Share Buyback and Reaffirms 2028 Targets 
SK Hynix Bonus Dispute Deepens as Union Rejects Stock-Based Payout Proposal 
SK Hynix, Samsung Lead Asian Chip Stock Selloff After Sandisk, Western Digital Outlook 
DoorDash Q2 Revenue Jumps 36% as Orders and DashPass Growth Drive Results 
BHP Port Hedland Strike Set to Proceed as Wage Talks Continue 
Apple Restores Telegram to App Store After Content Policy Violation 
- 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
