FOR IMMEDIATE RELEASE
CONTACT: Doyle M. Thigpen, Chief Financial Officer (252) 317-2804
DATE: July 22, 2014
the little bank releases second quarter earnings today
Kinston, NC – (Business Wire) – July 22, 2014 – the little bank (OTCBB: LTLB) reports earnings results for the quarter and six months ended June 30, 2014.
The little bank (the “Company”), today announced unaudited net income for the quarter ended June 30, 2014 of $734,000 or $.25 per basic share compared to earnings of $745,000 or $.25 per basic share for the quarter ended June 30, 2013. After adjusting for dividends and the accretion of discount on preferred stock outstanding, net income available to common shareholders was $734,000, or $.25 per basic share for the quarter ended June 30, 2014, compared to $673,000 or $.23 per basic share for the comparable period in 2013.
Unaudited net income for the first six months of 2014 was $1,357,000, or $.46 per basic share compared to earnings of $1,387,000, or $.47 per basic share for the first six months of 2013. After adjusting for dividends and the accretion of discount on preferred stock, net income available for common shareholders for the six month period ended June 30, 2014 was $1,357,000, or $.46 per basic share, compared to $1,271,000, or $.43 per basic share for the comparable six month period during 2013. The Bank recorded $100,000 in provision for loan losses during the first six months of 2014 compared to no provision for loan losses in the first six months of 2013. Credit quality remains excellent and the provision for loan losses was a reflection of the $14.7 million loan growth.
Total assets as of June 30, 2014 were $327.3 million, compared to total assets of $312.0 million as of December 31, 2013, and $303.0 million as of June 30, 2013. Total loans, net of reserves, were $233.6 million and deposits were $266.4 million, representing an increase of 6.7% and an increase of 1.9%, respectively, over the December 31, 2013 levels. Currently 2,954,619 shares of common stock are issued and outstanding.
Vincent R. Jones, President and Chief Executive Officer stated, “We are pleased to report another solid quarter of results. The Bank’s financial performance reflects a significant increase in net interest income and loan growth. This is a direct reflection of the decision to re-position the Company towards growth by adding lending staff in the latter half of 2013. Solid loan production has placed the Bank in position to finish off a good year. ”
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.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)
June 30, 2014
June 30, 2013
June 30, 2014
June 30, 2013
|Net Interest Income||2,800||2,493||5,507||5,005|
|Provision for loan losses||50||0||100||0|
|Net interest income after Provision for losses||2,750||2,493||5,407||5,005|
|Income before taxes||1,130||1,121||2,066||2,097|
|Preferred Stock Dividends||0||(43)||0||(78)|
|Accretion of Discount, net||0||(29)||0||(38)|
|Net Income available for common shareholders||$734||$673||$1,357||$1,271|
|Net Income available per basic common share||$0.25||$0.23||$0.46||$0.43|
the little bank Balance Sheets (000’s omitted except per share data)
|June 30, 2014|
|December 31, 2013*||June 30, 2013|
|Cash and due from banks||$6,379||$5,896||$4,468|
|Investment securities AFS||64,859||68,118||69,610|
|Less Allowance for loan losses||(3,930)||(3,850)||(4,081)|
|Other Real Estate Owned||386||520||520|
|Liabilities & Stockholders’ Equity|
|Preferred stock, Series A & B||0||0||0|
|Common stock, no par value||26,953||27,107||25,447|
|Accumulated other comprehensive income (loss)||(13)||(577)||(174)|
|Total stockholders’ equity||$31,276||$29,728||$28,991|
|Total liabilities and stockholders’ equity||$327,260||$311,959||$303,048|
*Derived from audited financial statements