FOR IMMEDIATE RELEASE
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 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 Months Ended March 31, 2013 | Three Months Ended 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 (un-audited) | December 31, 2012* | March 31, 2012 (un-audited) | |
|---|---|---|---|
| Assets | |||
| 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 | |||
| Liabilities | |||
| 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