News Column

the little bank Releases Second Quarter Earnings Today

July 22, 2014

KINSTON, N.C.--(BUSINESS WIRE)-- the little bank (OTCBB: LTLB) reports earnings results for the quarter and six months ended June 30, 2014.

The little bank (the “Company”), today announced unaudited net income for the quarter ended June 30, 2014 of $734,000 or $.25 per basic share compared to earnings of $745,000 or $.25 per basic share for the quarter ended June 30, 2013. After adjusting for dividends and the accretion of discount on preferred stock outstanding, net income available to common shareholders was $734,000, or $.25 per basic share for the quarter ended June 30, 2014, compared to $673,000 or $.23 per basic share for the comparable period in 2013.

Unaudited net income for the first six months of 2014 was $1,357,000, or $.46 per basic share compared to earnings of $1,387,000, or $.47 per basic share for the first six months of 2013. After adjusting for dividends and the accretion of discount on preferred stock, net income available for common shareholders for the six month period ended June 30, 2014 was $1,357,000, or $.46 per basic share, compared to $1,271,000, or $.43 per basic share for the comparable six month period during 2013. The Bank recorded $100,000 in provision for loan losses during the first six months of 2014 compared to no provision for loan losses in the first six months of 2013. Credit quality remains excellent and the provision for loan losses was a reflection of the $14.7 million loan growth.

Total assets as of June 30, 2014 were $327.3 million, compared to total assets of $312.0 million as of December 31, 2013, and $303.0 million as of June 30, 2013. Total loans, net of reserves, were $233.6 million and deposits were $266.4 million, representing an increase of 6.7% and an increase of 1.9%, respectively, over the December 31, 2013 levels. Currently 2,954,619 shares of common stock are issued and outstanding.

Vincent R. Jones, President and Chief Executive Officer stated, “We are pleased to report another solid quarter of results. The Bank’s financial performance reflects a significant increase in net interest income and loan growth. This is a direct reflection of the decision to re-position the Company towards growth by adding lending staff in the later half of 2013. Solid loan production has placed the Bank in position to finish off a good year. ”

The little bank is headquartered in Kinston, North Carolina and currently serves the Lenoir, Wayne, Onslow, Pitt, Craven, and New Hanover county markets. The Bank prides itself on the special care with which it serves its customers. The Bank’s website is www.thelittlebank.com. The little bank stock can be found on the Over-the-Counter Electronic Bulletin Board trading under the symbol LTLB.

This press release includes certain forward-looking statements in reliance on the “safe-harbor” provisions of The Private Securities Litigation Reform Act of 1995. Any such forward-looking statements are subject to a number of risks and uncertainties. Actual results may differ materially from those anticipated in any such forward-looking statements. The Company undertakes no obligation to update or revise any such forward-looking statements.

the little bank

Summary of Operations (un-audited)

(000’s omitted except per share data)

       
Three MonthsThree MonthsSix MonthsSix Months
EndedEndedEndedEnded
June 30, 2014June 30, 2013June 30, 2014June 30, 2013
 
Interest Income$3,142$2,920

$

6,195

$

5,857

 
Interest Expense   342   427    

688

 

852

 
 
Net interest income2,8002,493

5,507

5,005

 
Provision for loan losses   50  

          0

    100  

0

 
 
Net interest income after
Provision for losses   2,750   2,493     5,407   5,005  

 

Non-interest income407359730772
 
Non-interest expense   2,027   1,731     4,071   3,680  
 
Income before taxes1,1301,1212,0662,097
 
Income taxes   396   376     709   710  
 
Net Income7347451,3571,387
Preferred Stock Dividends0(43)0(78)
Accretion of Discount, net   0   (29)   0   (38)
 
Net Income available

for common shareholders

$734$673   $1,357$1,271  
Net Income available

per basic common share

$0.25$0.23   $0.46$0.43  

the little bank

Balance Sheets

(000’s omitted except per share data)

     
June 30,December 31,June 30,
  2014   2013 *   2013  
(un-audited)(un-audited)
Assets
 
Cash and due from banks$6,379$5,896$4,468
Overnight investments7,2253,82511,106
Investment securities AFS64,85968,11869,610
 
Loans237,502222,830209,270
Less Allowance for loan losses   (3,930)   (3,850)   (4,081)
Net Loans233,572218,980205,189
 
Other Real Estate Owned386520520
Other Assets   14,839     14,620     12,155  
Total Assets$327,260   $311,959   $303,048  
 
 
Liabilities & Stockholders' Equity
 
Liabilities
Deposits$266,355$261,393$253,854
FHLB Advances29,00020,00019,500
Other liabilities   629     838     703  
Total liabilities295,984282,231274,057
 
Stockholders' Equity
Preferred stock, Series A & B$0$0$0
Common stock, no par value26,95327,10725,447
Retained earnings4,3363,1983,718
Accumulated other comprehensive income (loss)   (13)   (577)   (174)
Total stockholders' equity$31,276   $29,728   $28,991  
 
Total liabilities and stockholders' equity$327,260   $311,959   $303,048  


* Derived from audited financial statements



the little bank

Doyle M. Thigpen, 252-317-2804, Chief Financial Officer


Source: the little bank


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