Carolina Trust Bank in Lincolnton, N.C., has revised downward its fourth-quarter results because of accounting changes related to its retirement plan and an acquisition from years ago.
The $334 million-asset bank retroactively lowered its fourth-quarter net income by 21% to $824,000, according to a news release Wednesday.
Carolina Trust made the restatement after it changed the discount rate used to account for its supplemental retirement plan and wrote off an expired net operating loss carry-forward tied to its 2009 acquisition of Carolina Commerce Bank.
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The board of Carolina Trust Bank (CART) in Lincolnton, N.C., has recruited Jerry Ocheltree, the former leader of First Bancorp (FBNC), to be its next president and chief executive.
December 26 -
A dozen banks from Arkansas to Virginia are nearing $10 billion in assets, where they will face higher compliance costs and caps on interchange fees. Mergers among those institutions could create a new class of regional bank.
March 21 -
First Bancorp in Southern Pines, N.C., and First Community Bancshares in Bluefield, Va., have agreed to exchange branches in two states.
March 4
Carolina Trust did not provide a breakout of how much each issue contributed to the earnings revision.
