FOR IMMEDIATE RELEASE
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 Ended March 31, 2017 |
Three Months Ended 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 (un-audited) |
December 31, 2016 | March 31, 2016 (un-audited) |
|
|---|---|---|---|
| Assets | |||
| 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 | |||
| Liabilities | |||
| 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