Exhibit 21
Subsidiaries of the Registrant
| Subsidiary | State of Incorporation |
| Subsidiaries of Carolina Financial Corporation: | |
| CresCom Bank | South Carolina |
| Carolina Financial Capital Trust I | Delaware |
| Carolina Financial Capital Trust II | Delaware |
| Greer Capital Trust I | Delaware |
| Greer Capital Trust II | Delaware |
| First South Preferred Trust I | Delaware |
| Subsidiaries of CresCom Bank: | |
| Crescent Mortgage Company | Delaware |
| Carolina Services Corporation of Charleston | Delaware |
| CresCom Leasing, LLC | North Carolina |
| DTFS, Inc. | North Carolina |
| Western Carolina Holdings, LLC | North Carolina |