Third Quarter Earnings 2016

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CONTACT: Doyle M. Thigpen, Chief Financial Officer (252) 317-2804
DATE: October 25, 2016

the little bank releases third quarter earnings today

Kinston, NC – (Business Wire) October 25, 2016 – the little bank (OTCQX: LTLB) reports earnings results for the quarter and nine months ended September 30, 2016.

The little bank (the “Company”), today announced an increase in unaudited net income for the quarter ended September 30, 2016. Net income was $906,000 or $.28 per basic share compared to earnings of $827,000 or $.26 per basic share for the quarter ended September 30, 2015, representing an increase of 9.5%.

Unaudited net income for the first nine months of 2016 increased 6.3% to $2,462,000, or $.77 per basic share compared to earnings of $2,317,000, or $.72 per basic share for the first nine months of 2015. The Bank recorded no provision for loan losses during 2016, compared to a recovery of $25,000 for the same nine month period in 2015. Nominal loan growth and net recoveries on prior loan charge-offs was the justification for no provision for loan losses.

Total assets as of September 30, 2016 were $366.5 million, compared to total assets of $362.1 million as of December 31, 2015, and $365.1 million as of September 30, 2015. Total loans, net of reserves, were $246.6 million and deposits were $299.2 million, representing an increase of 3.2% in loan balances and an increase of .5% in deposit balances, over the December 31, 2015 levels. Currently 3,198,157 shares of common stock are issued and outstanding.

Vincent R. Jones, President and Chief Executive Officer stated, “We are pleased to report solid earnings for the third quarter and the nine month period for the fiscal year. We have continued to experience outstanding asset quality and moderate loan growth through the period. We continue to position ourselves for low to moderate growth for the near term.”

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
September 30, 2016
Three Months
September 30, 2015
Nine Months
September 30, 2016
Nine Months
September 30, 2015
Interest Income$3,370$3,257$9,907$9,648
Interest Expense339331964971
Net Interest Income3,0312,9268,9438,677
Provision (recovery) for loan losses0(25)0(25)
Net interest income after Provision for losses3,0312,9518,9438,702
Non-interest income5003901,3491,161
Non-interest expense2,1832,0856,6446,360
Income before taxes1,3481,2563,6483,503
Income taxes4424291,1861,186
Net Income$906$827$2,462$2,317
Net Income available per basic common share$0.28$0.26$0.77$0.72

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

September 30, 2016
December 31, 2015*September 30, 2015
Cash and due from banks$6,538$7,842$5,714
Overnight investments12,64312,91825,873
Investment securities AFS83,22785,66175,832
Less Allowance for loan losses(3,506)(3,496)(3,700)
Net Loans246,601239,020241,084
Other Real Estate Owned-0--0--0-
Other Assets17,49216,68616,620
Total Assets$366,501$362,127$365,123
Liabilities & Stockholders’ Equity
FHLB Advances29,00029,00032,000
Other liabilities9698511,059
Total Liabilities329,184327,472330,654
Stockholders’ Equity
Common stock, no par value29,44729,59028,003
Retained earnings7,2605,0686,188
Accumulated other comprehensive income (loss)610(3)278
Total stockholders’ equity$37,317$34,655$34,469
Total liabilities and stockholders’ equity$366,501$362,127$365,123

*Derived from audited financial statements