Carolina Trust Bank announced unaudited earnings results for the fourth quarter and full year ended December 31, 2014. For the quarter, the company's total revenues, less interest expense increased $33,000 from the previous quarter and $51,000 from the quarter ended December 31, 2013. Interest income was $3,293,000 against $3,270,000 a year ago. Net interest income was $2,795,000 against $2,778,000 a year ago. Income before taxes was $360,000 against loss of $331,000 a year ago. Income attributable to common shareholders was $5,121,000 or $1.10 per basic and diluted common share against net loss attributable to common shareholders of $380,000 or $0.08 per basic and diluted common share a year ago. Return on average assets was 7.35% against negative 0.49% a year ago. Return on average equity was 78.68% against negative 5.78% a year ago. Book value per common share was $5.88 against $4.18 a year ago. 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 December 31, 2013.

For the first nine months of 2014, the company's interest income was $13,042,000 against $12,815,000 a year ago. Net interest income was $11,091,000 against $10,675,000 a year ago. Income before taxes was $2,318,000 against loss of $1,449,000 a year ago. Income attributable to common shareholders was $6,911,000 or $1.48 per diluted common share against net loss attributable to common shareholders of $1,639,000 or $0.35 per diluted common share a year ago.

The company reported net loan charge-offs for the fourth quarter ended December 31, 2014. For the period, the company reported net loan charge-offs of $162,000 compared to $555,000 a year ago.