Carolina Trust Bank announced unaudited earnings results for the fourth quarter and year ended December 31, 2013. The company posted a fourth quarter 2013 net loss of $380,000, or $0.08 per diluted share attributable to common shareholders, compared to a net loss of $572,000 for the fourth quarter of 2012, or $0.12 per diluted share attributable to common shareholders. Fourth quarter earnings were impacted by loan loss provisions and non-interest expense due to valuation write-downs on foreclosed property held by the bank. Interest income was $3,270,000 compared to $3,324,000 a year ago. Net interest income was $2,778,000 compared to $2,676,000 a year ago. Net interest income after provision was $2,141,000 compared to $1,576,000 a year ago. Loss before taxes was $331,000 compared to $669,000 a year ago. Net loss was $331,000 compared to $669,000 a year ago. Negative return on average assets was 0.49% compared to 0.95% a year ago. Negative return on average equity was 5.78% compared to 9.93% a year ago. Book value per common share was $4.09 as on December 31, 2013 compared to $4.66 as on December 31, 2012.

The company reported a full year 2013 net loss of $1.64 million, or $0.35 per diluted share attributable to common shareholders, compared to a 2012 net profit of $146,000, or $0.03 per diluted share available to common shareholders. Excluding payment of dividends on preferred shares, the bank reported a net loss of $1.45 million for the full year 2013. Interest income was $12,815,000 compared to $13,337,000 a year ago. Net interest income was $10,675,000 compared to $10,461,000 a year ago. Net interest income after provision was $8,390,000 compared to $8,094,000 a year ago. Loss before taxes was $1,449,000 compared to income before taxes of $217,000 a year ago. Net loss was $1,449,000 compared to net income of $217,000 a year ago.

For the quarter, the company reported Net Loan Charge-Offs were $555,000 compared to $773,000 a year ago.