First Quarter 2015 - 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 2015

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CONTACT: Doyle M. Thigpen, Chief Financial Officer (252) 317-2804
DATE: April 28, 2015

the little bank releases first quarter earnings today

Kinston, NC – (Business Wire) – April 28, 2015 – the little bank (OTCQX: LTLB) reports earnings results for the quarter ended March 31, 2015.

The little bank (the “Company”), today announced a 13.2% increase in unaudited net income for the quarter ended March 31, 2015. Net income for the first quarter was $705,000 or $.23 per basic share compared to net income of $623,000 or $.20 per basic share for the quarter ended March 31, 2014. The Bank experienced increases in net interest income, and fee income, partially offset by higher operating expenses during the first quarter, compared to the quarter ended March 31, 2014. The Bank recorded no provision for loan losses during the first quarter compared to $50,000 in provision for loan losses in the first quarter of 2014. Nominal loan growth and net recoveries on prior loan charge-offs was the justification for no provision for loan losses.

Total assets as of March 31, 2015 were $347.3 million, compared to total assets of $322.0 million as of March 31, 2014, representing an increase of 7.9%. As of March 31, 2015, total loans, net of reserves, were $244.0 million and deposits were $284.5 million, representing an increase of 6.3% in loan balances and an increase of 8.3% in deposit balances, over the same period in the prior year. Currently, 3,073,036 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 2015.” Jones continued, “Low interest rates combined with a general lack of loan demand have finally become headwinds for the industry. Less profitable loan pricing is dominating the industry as banks have tried to offset lower loan yields with loan growth. We expect this trend to continue until loan demand increases and interest rates begin to rise. We have forecast moderate growth for the remainder of 2015.”

The little bank’s common stock had tangible book value per share of approximately $10.86 at March 31, 2015. On May 19, 2014 the Company announced the continuation of its share repurchase plan whereby the Company could repurchase shares of its Common Stock in the open market and retire such shares. The Company continues to make open market purchases of its shares and will continue such a policy, within certain regulatory thresholds, until the Board of Directors feels that the shares’ market price are reflective of the value of the shares outstanding.

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 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
March 31, 2015
Three Months
March 31, 2014
Interest Income $3,148 $3,053
Interest Expense 320 346
Net Interest Income 2,828 2,707
Provision for loan losses 0 50
Net interest income after Provision for losses 2,828 2,657
Non-interest income 402 322
Non-interest expense 2,168 2,043
Income before taxes 1,062 936
Income taxes 357 313
Net Income $705 $623
Net Income available per basic common share $0.23 $0.20

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

March 31, 2015
December 31, 2014* March 31, 2014
Cash and due from banks $6,560 $10,792 $4,704
Overnight investments 13,914 3,717 4,387
Investment securities AFS 66,317 65,605 67,376
Loans 247,704 246,147 233,541
Less Allowance for loan losses (3,710) (3,688) (3,904)
Net Loans 243,994 242,459 229,637
Other Real Estate Owned 124 350 713
Other Assets 16,415 16,125 15,179
Total Assets $347,324 $339,048 $321,996
Liabilities & Stockholders’ Equity
Deposits $284,500 $277,381 $262,633
FHLB Advances 28,500 28,500 28,000
Other liabilities 937 633 890
Total Liabilities 313,937 306,514 291,523
Stockholders’ Equity
Common stock, no par value 28,215 28,262 27,014
Retained earnings 4,806 4,101 3,821
Accumulated other comprehensive income (loss) 366 171 (362)
Total stockholders’ equity $33,387 $32,534 $30,473
Total liabilities and stockholders’ equity $347,324 $339,048 $321,996

*Derived from audited financial statements