Carolina Trust Bank Announces First Quarter Results

LINCOLNTON, N.C., April 29 /PRNewswire-FirstCall/ -- Carolina Trust Bank
(Nasdaq: CART) reported a net profit of $1,000 for the quarter ended March 31,
2009 compared to a net profit of $88,000 for the same period last year. Basic
and diluted earnings were ($.00) and ($.00) compared to $.05 and $.05 for the
same quarter in 2008. During the first quarter the bank issued $4,000,000
worth of preferred stock to the US Treasury under their Capital Purchase
Program. After adjusting for $42,000 in dividends and accretion on preferred
stock, net income available to common shareholders in the last quarter
decreased to ($41,000), or ($.02) per diluted share.

As of March 31, 2009 the bank reported total assets of $171,631,000 which are
up 19% over the same period in 2008. Total deposits were up 20% to
$135,240,000 and total loans are up 12% to $145,625,000 over March 31, 2008.

Due to the decrease in interest rates over the last 12 months our net interest
margin was down from 3.83% last year to 2.83%. This led to a 12% decrease in
net interest income to $1,097,000. With rates now somewhat stabilized we
should be able to continue to bring our deposit cost lower and increase our
margins.

We continue to operate in a very tough economic environment. Our goal has
always been to operate Carolina Trust Bank in a safe and sound manner. We
will continue to be conservative as it relates to taking risks and expect
improvements to earnings as the economy improves.

Carolina Trust Bank is a full service state chartered bank headquartered in
Lincolnton, N.C. operating out of five full service branches in Lincoln and
Catawba Counties and a loan production office in Rutherford County. Its
common stock is traded on the NASDAQ under the symbol CART.

Carolina Trust Bank

(Dollars in thousands)
-------------------------
March 31
2009 2008
---- ----
Balance Sheet Data:
Total Assets 171,631 144,050
Total Deposits 135,240 112,447
Total Loans 145,625 129,671
Reserve for Loan Loss 2,466 1,465
Total Shareholders Equity 20,142 16,655

(Dollars in thousands, except per share data)
For the three months ended
March 31
2009 2008
Income and Per Share Data:
Interest Income 2,149 2,352
Interest Expense 1,052 1,101
Net Interest Income 1,097 1,251
Provision for Loan Loss 24 84
Net Interest Income After Provision 1,073 1,167
Other Income 254 212
Other Expense 1,326 1,253
Income (loss) Before Taxes 1 126
Income Tax Expense (benefit) - 38
Net Income 1 88

Amortization of the TARP warrants discount 11 -

Preferred Stock Dividends 31

Income available to common shareholders (41) 88

Net Income Per Share:
Basic (0.02) 0.05
Diluted (0.02) 0.05
Average Shares Outstanding:
Basic 1,761,410 1,762,567
Diluted 1,761,410 1,807,367

Asset Quality:
Net Loan Charge-Offs 6 35
Net Loan Charge-Offs to Average Loans (%) 0.00% 0.03%

Performance Ratios:
Return on Average Assets (%) 0.00% 0.26%
Return on Average Equity (%) 0.01% 2.12%
Net Interest Margin (%) 2.83% 3.83%

Note: All quarterly information is unaudited.

SOURCE Carolina Trust Bank

John Michael Cline, President & CEO of Carolina Trust Bank, Lincolnton, NC,
+1-704-735-1104