PARENT COMPANY FINANCIAL DATA (FY)

12 Months Ended

Dec. 31, 2017

PARENT COMPANY FINANCIAL DATA [Abstract]

PARENT COMPANY FINANCIAL DATA

NOTE R – PARENT COMPANY FINANCIAL DATA

The following is a summary of the condensed financial statements of Carolina Trust BancShares, Inc.:

Condensed Balance Sheets

	December 31, 2017		December 31, 2016
Dollars in thousands
Assets
Cash and demand deposits	$	263	$	779
Investment in bank subsidiary		38,018		37,897
Other assets		667		12
Total assets		38,948		38,688
Liabilities and shareholders’ equity
Long term subordinated debt		9,676		9,605
Other liabilities		153		50
Total liabilities		9,829		9,655
Shareholders’ equity		29,119		29,033
Total liabilities and shareholders’ equity	$	38,948	$	38,688

Condensed Statements of Operations

	December 31, 2017			December 31,  2016
Dollars in thousands
Income:
Dividends from subsidiary	$	718		$	125
Total income		718			125
Expense
Interest expense		759			166
Other operating expense		390			164
Total expense		1,149			330
Loss before income taxes and equity in undistributed earnings Of subsidiary		(431	)		(205	)
Income tax benefit		(383	)		(121	)
Loss before equity in undistributed earnings of subsidiary		(48	)		(84	)
Equity in undistributed earnings of subsidiaries		452			1,425
Net income		404			1,341
Net income attributable to non-controlling interests		-			222
Net income available to common shareholders	$	404		$	1,119

Condensed Statements of Cash Flow

	December 31, 2017			December 31, 2016
Dollars in thousands
Cash flows from operating activities
Net income	$	404		$	1,341
Adjustments to reconcile net income to net cash used by operating activities:
Equity in undistributed earnings of subsidiary		(452	)		(1,425	)
Accretion of long term subordinated debt issuance costs		71			15
Increase in other assets		(656	)		(12	)
Increase in other liabilities		103			67
Net cash used in operating activities		(530	)		(14	)
Cash flows from investing activities
Investment in subsidiary		-			(8,800	)
Net cash used in investing activities		-			(8,800	)
Cash flows from financing activities
Net proceeds from issuance of common stock		14			3
Issuance of long-term subordinated debt		-			9,590
Net cash provided by financing activities		14			9,593
Net increase in cash and cash equivalents		(516	)		779
Cash and cash equivalents at beginning of year		779			-
Cash and cash equivalents at end of year	$	263		$	779

The share exchange of all of the Bank’s common stock for the Company’s common stock on August 16, 2016 was a non-cash investment in the Bank by the Company.