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, 2016.

The little bank (the “Company”), today announced an increase in unaudited net income for the quarter ended June 30, 2016. Net income was $793,000 or $.25 per basic share compared to earnings of $784,000 or $.25 per basic share for the quarter ended June 30, 2015.

Unaudited net income for the first six months of 2016 increased 4.5% to $1,556,000, or $.49 per basic share compared to earnings of $1,489,000, or $.47 per basic share for the first six months of 2015. The Bank recorded no provision for loan losses during either six month period ended June 30, 2016 or June 30, 2015. 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, 2016 were $361.9 million, compared to total assets of $362.1 million as of December 31, 2015, and $344.4 million as of June 30, 2015. Total loans, net of reserves, were $247.9 million and deposits were $293.7 million, representing an increase of 3.7% in loan balances and a decrease of 1.3% in deposit balances, over the December 31, 2015 levels. Currently 3,198,157 shares of common stock are issued and outstanding.

Vincent R. Jones, President and Chief Executive Officer stated, “We are pleased to report solid 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 a disciplined approach to loan quality, structure, and pricing 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, 2016 June 30, 2015 June 30, 2016 June 30, 2015
 
Interest Income $ 3,301 $ 3,242

$

6,537

$

6,390

 
Interest Expense   316   320  

625

 

640

 
Net interest income 2,985 2,922

5,912

5,750

 
Provision for loan losses  

0

 

0

 

0

 

0

 
Net interest income after
Provision for losses   2,985   2,922   5,912   5,750
`
Non-interest income 441 369 849 771
 
Non-interest expense   2,253   2,107   4,461   4,275
 
Income before taxes 1,173 1,184 2,300 2,246
 
Income taxes   380   400   744   757
 
 
Net Income $ 793 $ 784 $ 1,556 $ 1,489
Net Income available

per basic common share

$ 0.25 $ 0.25 $ 0.49 $ 0.47

the little bank

Balance Sheets

(000’s omitted except per share data)

       
June 30, December 31, June 30,
2016   2015 *   2015  
(un-audited) (un-audited)
Assets
 
Cash and due from banks $ 6,668 $ 7,842 $ 7,826
Overnight investments 5,345 12,918 3,060
Investment securities AFS 84,681 85,661 67,128
 
Loans 251,440 242,516 253,229
Less Allowance for loan losses   (3,496 )   (3,496 )     (3,695 )
Net Loans 247,944 239,020 249,534
 
Other Real Estate Owned 45 0 83
Other Assets   17,238     16,686     16,809  
Total Assets $ 361,921   $ 362,127   $ 344,440  
 
 
Liabilities & Stockholders' Equity
 
Liabilities
Deposits $ 293,674 $ 297,621 $ 277,071
FHLB Advances 31,000 29,000 33,000
Other liabilities   770     851     877  
Total liabilities 325,444 327,472 310,948
 
Stockholders' Equity
Common stock, no par value 29,416 29,590 28,129
Retained earnings 6,354 5,068 5,362
Accumulated other comprehensive income (loss)

707

 

(3

)

 

1

 
Total stockholders' equity $ 36,477   $ 34,655   $ 33,492  
 
Total liabilities and stockholders' equity $ 361,921   $ 362,127   $ 344,440  

* 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