First Quarter 2014 - 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 2014

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CONTACT: Doyle M. Thigpen, Chief Financial Officer (252) 317-2804
DATE: April 25, 2014

the little bank releases first quarter earnings today

Kinston, NC – (Business Wire) – April 25, 2014 – the little bank (OTCBB: LTLB) reports earnings results for the quarter ended March 31, 2014.

The little bank (the “Company”), today announced unaudited net income for the quarter ended March 31, 2014 of $623,000 or $.21 per basic share compared to net income of $642,000 or $.22 per basic share for the quarter ended March 31, 2013. After adjusting for dividends and the accretion of discount on preferred stock outstanding in the prior year, net income available to common shareholders increased 4.3% to $623,000, or $.21 per basic share for the quarter ended March 31, 2014 compared to $597,000 or $.20 per basic share for the quarter ended March 31, 2013. The Bank recorded $50,000 in provision for loan losses during the first quarter compared to no provision for loan losses in the first quarter of 2013. Credit quality remains excellent and the provision for loan losses was a reflection of the $10.7 million increase in loan balances.

Total assets as of March 31, 2014 were $322.0 million, compared to total assets of $307.3 million as of March 31, 2013, representing an increase of 4.8%. As of March 31, 2014, total loans, net of reserves, were $229.6 million and deposits were $262.6 million, representing an increase of 11.6% in loan balances and an increase of 3.8% in deposit balances, over the same period in the prior year. Currently, 2,954,594 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 2014.” Jones continued, “Earnings included increased expenses resulting from our decision to reposition the Company towards growth by adding lending staff in the fourth quarter of 2013. That decision is already paying off as the Bank has increased loan balances 11.6% from the previous year. We are confident that continued growth will lead to accretive results on a per share basis in the future.”

The little bank’s common stock had a tangible book value per share of approximately $10.31 at March 31, 2014. On March 14, 2013 the Company announced a share repurchase plan whereby the Company would repurchase up to 2% of the Company’s outstanding shares in the open market and retire such shares. The Company continues to make open market purchases of its shares and will maintain such a policy, within certain regulatory thresholds, until the Board of Directors feels that the shares’ market price is reflective of the value of the shares outstanding. As of March 31, 2014, the Company had repurchased approximately 43,262 shares.

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 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, 2014
Three Months
March 31, 2013
Interest Income $3,053 $2,937
Interest Expense 346 425
Net Interest Income 2,707 2,512
Provision for loan losses 50
Net interest income after Provision for losses 2,657 2,512
Non-interest income 322 413
Non-interest expense 2,043 1,949
Income before taxes 936 976
Income taxes 313 334
Net Income 623 642
Preferred Stock Dividends (35)
Accretion of Discount, net (10)
Net Income available for common shareholders $623 $597
Net Income available per basic common share $0.21 $0.20

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

March 31, 2014
December 31, 2013* March 31, 2013
Cash and due from banks $4,704 $5,896 $3,240
Overnight investments 4,387 3,825 17,482
Investment securities AFS 67,376 68,118 67,941
Loans 233,541 222,830 209,897
Less Allowance for loan losses (3,904) (3,850) (4,057)
Net Loans 229,637 218,980 205,840
Other Real Estate Owned 713 520 386
Other Assets 15,179 14,620 12,451
Total Assets $321,996 $311,959 $307,340
Liabilities & Stockholders’ Equity
Deposits $262,633 $261,393 $252,918
FHLB Advances 28,000 20,000 21,500
Other liabilities 890 838 754
Total Liabilities 291,523 282,231 275,172
Stockholders’ Equity
Preferred stock, Series A & B 2,772
Common stock, no par value 27,014 27,107 25,528
Retained earnings 3,821 3,198 3,255
Accumulated other comprehensive income (loss) (362) (577) 613
Total stockholders’ equity $30,473 $29,728 $32,168
Total liabilities and stockholders’ equity $321,996 $311,959 $307,340

*Derived from audited financial statements