Carolina Trust BancShares, Inc. announced unaudited earnings results for the second quarter and six months ended June 30, 2017. For the quarter, the company earned net income available to common shareholders of $196,000 or $0.04 per diluted share was a $203,000 decrease as compared to $399,000 or $0.08 per diluted share earned during the quarter ended June 30, 2016. Return on average assets was 0.20%, and return on average shareholder's equity was 2.64% as compared to with last year ROA of 0.49% and ROE of 5.57%. Net income was $196,000, as compared to $457,000 a year ago. The earnings decrease from last year was due to a $441,000 (15%) increase in noninterest expenses, including increases of $118,000 in foreclosed asset expenses and $103,000 in data processing expenses. Pre-tax earnings of $285,000, a decrease of $438,000 or 61% compared to $723,000 for the same period a year ago. Net interest income was $3,420,000, an increase of $41,000 from $3,379,000 the same period a year ago. Interest income was $4,266,000 against $4,083,000 reported last year.

For the six months, the company reported net income available to common shareholders was $407,000 or $0.09 per diluted share compared to $757,000 or $0.16 per diluted share reported in the same period last year. Interest income was $8,343,000 against $8,110,000 reported last year. Net interest income was $6,674,000 against $6,768,000 reported last year. Income before taxes was $605,000 against $1,373,000 reported last year. Book value per common share at the end of the period was $6.35 against $6.28 reported last year. Tangible book value per common share at the end of the period was $6.33 against $6.25 reported last year.

For the quarter, the company reported net loan charge-offs of $322,000 against recovery of $20,000 a year ago.