Second Quarter 2015

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CONTACT: Doyle M. Thigpen, Chief Financial Officer (252) 317-2804
DATE: July 23, 2015

the little bank releases second quarter earnings today

Kinston, NC – (Business Wire) – July 23, 2015 – the little bank (OTCQX: LTLB) reports earnings results for the quarter and six months ended June 30, 2015.

The little bank (the “Company”), today announced a 7% increase in unaudited net income for the quarter ended June 30, 2015. Net income was $784,000 or $.25 per basic share compared to earnings of $734,000 or $.24 per basic share for the quarter ended June 30, 2014.

Unaudited net income for the first six months of 2015 increased 10% to $1,489,000, or $.48 per basic share compared to earnings of $1,357,000, or $.44 per basic share for the first six months of 2014. The Bank recorded no provision for loan losses during the first six months of 2015 compared to $100,000 in provision for loan losses during the same six-month period in 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 June 30, 2015 were $344.4 million, compared to total assets of $339.0 million as of December 31, 2014, and $327.3 million as of June 30, 2014. Total loans, net of reserves, were $249.5 million and deposits were $277.1 million, representing an increase of 2.9% in loan balances and no change in deposit balances, over the December 31, 2014 levels. Currently 3,075,018 shares of common stock are issued and outstanding.

Vincent R. Jones, President and Chief Executive Officer stated, “We are pleased to report solid growth in earnings for the second quarter and the six month period for the fiscal year. These results were driven by outstanding asset quality combined with our ability to continue to find some loan growth.” Mr. Jones continued, “Our industry continues to suffer from a general lack of loan demand which in turn creates downward pressure on loan production and loan yields in all loan portfolios. It is our intention to maintain our disciplined approach to loan quality during this period of low demand.”

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
June 30, 2015
Three Months
June 30, 2014
Six Months
June 30, 2015
Six Months
June 30, 2014
Interest Income$3,242$3,142$6,390$6,195
Interest Expense320342640688
Net Interest Income2,9222,8005,7505,507
Provision for loan losses0500100
Net interest income after Provision for losses2,9222,7505,7505,407
Non-interest income369407771730
Non-interest expense2,1072,0274,2754,071
Income before taxes1,1841,1302,2462,066
Income taxes400396757709
Net Income$784$734$1,489$1,357
Net Income available per basic common share$0.25$0.24$0.48$0.44

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

June 30, 2015
December 31, 2014*June 30, 2014
Cash and due from banks$7,826$10,792$6,379
Overnight investments3,0603,7177,225
Investment securities AFS67,12865,60564,859
Less Allowance for loan losses(3,695)(3,688)(3,930)
Net Loans249,534242,459233,572
Other Real Estate Owned83350386
Other Assets16,80916,12514,839
Total Assets$344,440$339,048$327,260
Liabilities & Stockholders’ Equity
FHLB Advances33,00028,50029,000
Other liabilities877633629
Total Liabilities310,948306,514295,984
Stockholders’ Equity
Common stock, no par value28,12928,26226,953
Retained earnings5,3624,1014,336
Accumulated other comprehensive income (loss)1171(13)
Total stockholders’ equity$33,492$32,534$31,276
Total liabilities and stockholders’ equity$344,440$339,048$327,260

*Derived from audited financial statements