Business

Newton-based Carolina Trust reports 2014 net income of $7.14 million

Jan. 22 Carolina Trust Bank reported net income available to common shareholders of $5.12 million for the fourth quarter 2014 or $1.10 per diluted common share. For the year 2014, the company reported net income available to common shareholders of $6.91 million, or $1.48 per diluted common share.

Net income reflects recognition of a tax benefit of $4.82 million in the fourth quarter resulting from the Bank’s reversal of its deferred tax asset valuation allowance. The reversal combined with net earnings resulted in tangible book value per common share of $5.88, an increase of $1.18 or 25.11% from September 30, 2014, and $1.70 or 40.67% from Dec. 31, 2013. Total shareholders’ equity of $30.09 million increased $5.44 million or 22.06% from Sept. 30, 2014, and $7.83 million or 35.19% from Dec. 31, 2013.

“The reversal of our valuation allowance was made possible by our return to profitability and earnings growth,” said President and CEO Jerry L.Ocheltree. “2014 was a good year by any measure as we continue to have excellent loan and deposit growth. We have successfully added experienced lenders in key markets as we position our organization for 2015 and beyond. Talent retention and acquisition is a key component of our ongoing strategic plan.”

Excluding the one-time tax benefit, net income was $360,000 for the quarter ended Dec. 31, 2014, compared to $737,000 for the previous quarter and a net loss of $331,000 for the quarter ended Dec. 31, 2013. For the full year 2014, the company reported pre-tax net income of $2.32 million compared to a net loss of $1.45 million for 2013.

Before payment of dividends on preferred shares, the bank earned $5.18 million in the fourth quarter 2014. Excluding recognition of the DTA valuation allowance, net income available to common shareholders was $360,000 for the fourth quarter.

– See more at: http://globenewswire.com/news-release/2015/01/20/698660/10116122/en/Carolina-Trust-Bank-Reports-Record-Profits-for-2014-4Q.html#sthash.Np9IMskv.dpuf