First Quarter 2013 - Union Bank Skip to Content
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UB Bancorp, the holding company for Union Bank, has agreed to merge with FNB Corporation. Read the Press Release HERE.

First Quarter 2013

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CONTACT: Doyle M. Thigpen, Chief Financial Officer (252) 317-2804
DATE: April 26, 2013

the little bank releases first quarter earnings today

Kinston, NC – (Business Wire) – April 26, 2013 – the little bank (OTCBB: LTLB) reports earnings results for the quarter ended March 31, 2013.

The little bank (the “Company”), today announced unaudited net income for the quarter ended March 31, 2013 of $642,000 or $.23 per basic share compared to net income of $648,000 or $.23 per basic share for the quarter ended March 31, 2012. After adjusting for dividends and the accretion of discount on preferred stock outstanding, net income available to common shareholders was $597,000, or $.21 per basic share for the quarter ended March 31, 2013 compared to $526,000 or $.19 per basic share for the quarter ended March 31, 2012. The Bank recorded no provision for loan losses during the first quarter and realized only $16,000 in net loan charge-offs during the three month period. Due primarily to a decrease in loan balances the allowance for loan losses, as a percentage of total loans, increased from 1.90% at December 31, 2012 to 1.93% at March 31, 2013. The reduction in our provision for loan losses was substantially offset by a $150,000 charge against other real estate owned (“OREO”). The Bank owned one OREO property at quarter end.

Total assets as of March 31, 2013 were $307.3 million, compared to total assets of $305.9 million as of December 31, 2012, and $309.9 million as of March 31, 2012. Total loans, net of reserves, were $205.8 million and deposits were $252.9 million, representing a decrease of 2.3% in loan balances and an increase of 1.1% in deposit balances, over the December 31, 2012 levels. Nonperforming assets, which include nonaccrual loans and other real estate owned, have decreased from $1.8 million at December 31, 2012 to $1.7 million at March 31, 2013.

Vincent R. Jones, President and Chief Executive Officer stated, “We are pleased to present a very positive earnings report for the first quarter of 2013.” Jones continued, “Our asset quality statistics remain outstanding and allowed us to eliminate any provision for loan losses for the quarter. Although that benefit was offset by a charge to OREO during the first quarter, we expect the future benefits of low loan losses to have a greater impact on our bottom line.”

The little bank is headquartered in Kinston, North Carolina and currently serves the Lenoir, Wayne, Onslow, Pitt, and Craven county markets. The Bank prides itself on the special care with which it serves its customers. The Bank’s website is 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 Months
March 31, 2013
Three Months
March 31, 2012
Interest Income $2,937 $3,247
Interest Expense 425 604
Net Interest Income 2,512 2,643
Provision for loan losses 0 250
Net interest income after Provision for losses 2,512 2,393
Non-interest income 413 326
Non-interest expense 1,949 1,725
Income before taxes 976 994
Income taxes 334 346
Net Income 642 648
Preferred Stock Dividends (35) (102)
Accretion of Discount, net (10) (20)
Net Income available for common shareholders $597 $526
Net Income available per basic common share $0.21 $0.19

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

March 31, 2013
December 31, 2012* March 31, 2012
Cash and due from banks $3,240 $6,267 $3,655
Overnight investments 17,482 6,160 12,020
Investment securities AFS 67,941 69,820 84,389
Loans 209,897 214,728 199,943
Less Allowance for loan losses (4,057) (4,073) (4,039)
Net Loans 205,840 210,655 195,904
Other Real Estate Owned 386 537 1,146
Other Assets 12,451 12,444 12,749
Total Assets $307,340 $305,883 $309,863
Liabilities & Stockholders’ Equity
Deposits $252,918 $250,098 $251,524
FHLB Advances 21,500 23,500 22,000
Other liabilities 754 559 901
Total Liabilities 275,172 274,157 274,425
Stockholders’ Equity
Preferred stock, Series A & B 2,772 2,763 7,729
Common stock, no par value 25,528 25,573 24,400
Retained earnings 3,255 2,658 2,736
Accumulated other comprehensive income (loss) 613 732 573
Total stockholders’ equity $32,168 $31,726 $35,438
Total liabilities and stockholders’ equity $307,340 $305,883 $309,863

*Derived from audited financial statements