The chief executive officer of Carolina Trust Bancshares Inc. received a 12.5 percent increase in total compensation in 2017, according to a filing with the Securities and Exchange Commission.

Jerry L. Ocheltree, chief executive officer, received $442,035 in total compensation in 2017 compared to $392,615 in 2016.

His base salary increased 3 percent to $278,409 in 2017, and his non-equity incentive plan, which awards executives based on company performance, increased 53.9 percent to $107,784 in 2017 from $70,035 in 2016.

Net income for the Lincolnton, North Carolina-based bank decreased 63.8 percent in 2017 to $404,000 in 2017 from $1.1 million in 2016. Earnings per share were 9 cents in 2017 compared to 24 cents in 2016.

Net interest income increased 4.6 percent to $13.9 million in 2017 from $13.3 million in 2016 however income tax expense also increased 81.7 percent to $1.5 million in 2017 from $877,000 in 2016.

The Tax Cuts and Jobs Act of 2017 replaced the maximum tax rate of 35 percent with a 21 percent flat tax rate.

According to the filing, the company believes the reduced tax rate will ultimately be favorable to the company, but the immediate impact was a decrease in the value of Carolina Trust’s deferred tax assets.

Founded in 2000, Carolina Trust Bank has 10 locations across North Carolina. It offers individual and small to mid-size business banking and lending services.

Ocheltree has served as chief executive officer and president of Carolina Trust since 2014. Prior to that, he served as the chief executive officer and president of Elliot Davis Decosimo since 2013 and the president of First Bank N.C. from September 2005 to June 2013.

The company’s stock is trading at $9.03, down 2.8 percent at market close Thursday.