the little bank releases second quarter earnings today

KINSTON, N.C.--()--the little bank (OTCQX: LTLB) reports earnings results for the quarter and six months ended June 30, 2015.

The little bank (the “Company”), today announced a 7% increase in unaudited net income for the quarter ended June 30, 2015. Net income was $784,000 or $.25 per basic share compared to earnings of $734,000 or $.24 per basic share for the quarter ended June 30, 2014.

Unaudited net income for the first six months of 2015 increased 10% to $1,489,000, or $.48 per basic share compared to earnings of $1,357,000, or $.44 per basic share for the first six months of 2014. The Bank recorded no provision for loan losses during the first six months of 2015 compared to $100,000 in provision for loan losses during the same six-month period in 2014. Nominal loan growth and net recoveries on prior loan charge-offs was the justification for no provision for loan losses.

Total assets as of June 30, 2015 were $344.4 million, compared to total assets of $339.0 million as of December 31, 2014, and $327.3 million as of June 30, 2014. Total loans, net of reserves, were $249.5 million and deposits were $277.1 million, representing an increase of 2.9% in loan balances and no change in deposit balances, over the December 31, 2014 levels. Currently 3,075,018 shares of common stock are issued and outstanding.

Vincent R. Jones, President and Chief Executive Officer stated, “We are pleased to report solid growth in earnings for the second quarter and the six month period for the fiscal year. These results were driven by outstanding asset quality combined with our ability to continue to find some loan growth.” Mr. Jones continued, “Our industry continues to suffer from a general lack of loan demand which in turn creates downward pressure on loan production and loan yields in all loan portfolios. It is our intention to maintain our disciplined approach to loan quality during this period of low demand.”

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 OTCQX 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 Months Three Months Six Months Six Months
Ended Ended Ended Ended
June 30, 2015 June 30, 2014 June 30, 2015 June 30, 2014
 
Interest Income $ 3,242 $ 3,142

$

6,390

$

6,195

 
Interest Expense   320   342  

640

 

688

 
Net interest income 2,922 2,800

5,750

5,507

 
Provision for loan losses

0

  50

0

  100
 
Net interest income after
Provision for losses   2,922   2,750   5,750   5,407
`
Non-interest income 369 407 771 730
 
Non-interest expense   2,107   2,027   4,275   4,071
 
Income before taxes 1,184 1,130 2,246 2,066
 
Income taxes   400   396   757   709
 
 
Net Income $ 784 $ 734 $ 1,489 $ 1,357
Net Income available

per basic common share

$ 0.25 $ 0.24 $ 0.48 $ 0.44

the little bank

Balance Sheets

(000’s omitted except per share data)

     
June 30, December 31, June 30,
  2015   2014 *     2014  
(un-audited) (un-audited)
Assets
 
Cash and due from banks $ 7,826 $ 10,792 $ 6,379
Overnight investments 3,060 3,717 7,225
Investment securities AFS 67,128 65,605 64,859
 
Loans 253,229 246,147 237,502
Less Allowance for loan losses   (3,695 )   (3,688 )   (3,930 )
Net Loans 249,534 242,459 233,572
 
Other Real Estate Owned 83 350 386
Other Assets   16,809     16,125     14,839  
Total Assets $ 344,440   $ 339,048   $ 327,260  
 
 
Liabilities & Stockholders' Equity
 
Liabilities
Deposits $ 277,071 $ 277,381 $ 266,355
FHLB Advances 33,000 28,500 29,000
Other liabilities   877     633     629  
Total liabilities 310,948 306,514 295,984
 
Stockholders' Equity
Common stock, no par value 28,129 28,262 26,953
Retained earnings 5,362 4,101 4,336
Accumulated other comprehensive income (loss)

1

 

171

    (13 )
Total stockholders' equity $ 33,492   $ 32,534   $ 31,276  
 
Total liabilities and stockholders' equity $ 344,440   $ 339,048   $ 327,260  

* Derived from audited financial statements

Contacts

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

Contacts

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