First Quarter Earnings 2017 - Union Bank Skip to Content
Important Notice
UB Bancorp, the holding company for Union Bank, has agreed to merge with FNB Corporation. Read the Press Release HERE.

First Quarter Earnings 2017

Press Release icon

CONTACT: Doyle M. Thigpen, Chief Financial Officer (252) 317-2804
DATE: April 26, 2017

the little bank releases first quarter earnings today

Kinston, NC – (Business Wire) – April 26, 2017 – 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.comExternal link opens in same window. 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
March 31, 2017
Three Months
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)

Less Allowance for loan losses(3,449)(3,444)(3,490)Other Assets18,12217,98216,327Total Assets371,693362,009360,393Other liabilities1,0308371,035

March 31, 2017
December 31, 2016 March 31, 2016
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
Net Loans 249,720 243,078 241,896
Other Real Estate Owned 50 50 71
Liabilities & Stockholders’ Equity
Deposits $309,292 $300,574 $297,731
FHLB Advances 24,000 24,000 26,000
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