the little bank Releases First Quarter Earnings Today

KINSTON, N.C.--()--the little bank (OTCQX: LTLB) reports earnings results for the quarter ended March 31, 2017.

The little bank (the “Company”), is pleased to report earnings results for the quarter ended March 31, 2017. Unaudited net income for the three months ended March 31, 2017 was $674,000, or $.20 per basic share, compared to $763,000 or $.23 per basic share for the quarter ended March 31, 2016. Core earnings, which exclude merger expenses, were approximately $782,000 for the three months ended March 31, 2017, compared to $763,000 for the quarter ended March 31, 2016. This represents a 2.5% increase in core earnings. The little bank announced the planned merger with Oxford, NC based Union Banc Corp. on November 15, 2016. The transaction, which is subject to regulatory approval, the approval of the shareholders of the little bank and Union Banc Corp., and other customary conditions, is expected to be approved in the second quarter of 2017.

Total assets as of March 31, 2017 were $371.7 million, compared to total assets of $360.4 million as of March 31, 2016, representing an increase of 3.1%. Total loans, net of reserves, were $249.7 million and deposits were $309.3 million, representing an increase of 3.2% in loan balances and an increase of 3.9% in deposit balances, over the same period in the prior year. Currently, 3,355,974 shares of common stock are issued and outstanding.

Vincent R. Jones, President and Chief Executive Officer stated, “We are pleased to present a very positive earnings report for the first quarter of 2017.” Jones added, “We continue to be excited about our previously announced acquisition of Union Bank and the anticipated results of this strategic combination.”

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. This press release contains financial information determined by methods other than in accordance with GAAP. The Company's management uses these non-GAAP financial measures in their analysis of the Company's performance. These measures typically adjust GAAP performance measures to exclude the effects of transactions that are infrequent in nature. Management believes presentations of these non-GAAP financial measures provide useful supplemental information that is essential to a proper understanding of the operating results of the Company’s core businesses.

 
 
 
 
 

the little bank
Summary of Operations (un-audited)
(000’s omitted except per share data)

 
        Three Months     Three Months
Ended Ended
March 31, 2017 March 31, 2016
 
Interest Income $ 3,277 $ 3,236
 
Interest Expense   313   309
 
Net interest income 2,964 2,927
 
Provision for loan losses  

0

 

0

 

 

Net interest income after Provision for losses

  2,964   2,927

 

Non-interest income 435 407
 
Non-interest expense   2,423   2,207
 
Income before taxes 976 1,127
 
Income taxes   302   364
 
Net Income $ 674 $ 763
 

Net Income available per basic common share

$ 0.20 $ 0.23
 
 
 
 
 
 

the little bank
Balance Sheets
(000’s omitted except per share data)

 
      March 31,     December 31,     March 31,
2017 2016 * 2016
(un-audited) (un-audited)
Assets
 
Cash and due from banks $ 7,408 $ 9,085 $ 5,914
Overnight investments 8,786 6,070 9,246
Investment securities AFS 87,607 85,744 86,939
 
Loans 253,169 246,522 245,386
Less Allowance for loan losses   (3,449 )   (3,444 )   (3,490 )
Net Loans 249,720 243,078 241,896
 
Other Real Estate Owned 50 50 71
Other Assets   18,122     17,982     16,327  
Total Assets $ 371,693   $ 362,009   $ 360,393  
 

 

Liabilities & Stockholders' Equity
 
Liabilities
Deposits $ 309,292 $ 300,574 $ 297,731
FHLB Advances 24,000 24,000 26,000
Other liabilities   1,030     837     1,035  
Total liabilities 334,322 325,411 324,766
 
Stockholders' Equity
Common stock, no par value 31,538 31,507 29,410
Retained earnings 6,218 5,544 5,831
Accumulated other comprehensive income (loss)  

(385

)

 

(453

)

 

386

 
Total stockholders' equity $ 37,371   $ 36,598   $ 35,627  
 
Total liabilities and stockholders' equity $ 371,693   $ 362,009   $ 360,393  
 

* 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