The executive officers of Carolina Trust BancShares Inc. earned raises in salaries for 2016 but saw their total compensation decrease, according to a proxy statement filed with the Securities and Exchange Commission.

Jerry Ocheltree, president and chief executive officer, saw his salary increase to $270,300, from $265,000 in 2015. His total compensation was $447,205, down from $474,179 in 2015.

Richard Rager, executive vice president and chief compliance officer, earned a salary of $165,240, up from $162,000 from the previous year. Rager’s total compensation was $235,141, a decrease from the $269,171 from last year.

Edwin Laws, executive vice president and chief financial officer, earned a salary of $110,323, he was not employed by the company in 2015. His total compensation was $142,888 for the year.

The loss in compensation was a result of a lack of bonuses for the execs. Rather than receiving bonuses, Carolina Trust created a nonequity incentive plan that rewarded management based on targets they achieved.

With the nonequity incentive plan, Ocheltree was compensated $70,035, Rager $35,678, and Laws $23,792, respectively.

At the annual meeting, shareholders will vote on appointing Dixon Hughes Goodman LLP as the independent registered public accounting firm for the 2017 fiscal year. They will also approve executive compensation as part of a “say-on-pay” vote every year.

Carolina Trust BancShares is a bank holding company based in Lincolnton, North Carolina.

Carolina Trust BancShares closed on March 9 at $8.31 per share, down 56 cents, or 6.31 percent for the day.