Carolina Trust Bank Revises 2015 Financial Statements

LINCOLNTON, N.C., March 23, 2016 -- Carolina Trust Bank (Nasdaq:CART) announced today that it revised its unaudited financial results for the year ended December 31, 2015 and reported the Bank earned net income available to common shareholders of $824,000 or $0.18 per diluted common share in comparison to unaudited results of $1,042,000 or $0.22 per diluted common share originally reported on January 25, 2016.  Before payment of dividends on preferred shares, the Bank earned $1,058,000 in comparison to the $1,276,000 previously reported for the year ended December 31, 2015.  The revised financial statements are primarily the result of a change in the discount rate used to account for the Bank’s Supplemental Retirement Plan (“SERP”) as well as the write-off of an expired net operating loss carry forward relating to the Carolina Commerce Bank acquisition in the Bank’s deferred tax asset balance as of December 31, 2015. Complete financial results for the year ended December 31, 2015 are reported in the Bank’s Form 10-K and Annual Report that were filed today.

A copy of the Bank’s Form 10-K and Annual Report may be obtained by contacting the FDIC in writing at FDIC, Accounting and Securities Disclosure Section, 550 17th Street, NW, Washington, DC 20429, or by email at [email protected].

About Carolina Trust Bank
Carolina Trust Bank is a full service state chartered bank headquartered in Lincolnton, N.C., operating nine full service branches in Lincoln, Catawba, Gaston and Rutherford Counties in western North Carolina and a loan production office in Mooresville, N.C.

Contact:
Jerry L. Ocheltree
President and CEO
Carolina Trust Bank
(704) 735-1104