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.

Carolina Trust did not provide a breakout of how much each issue contributed to the earnings revision.

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