Third Quarter Earnings 2016

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FOR IMMEDIATE RELEASE
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 www.thelittlebank.com. 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
Ended
September 30, 2016
Three Months
Ended
September 30, 2015
Nine Months
Ended
September 30, 2016
Nine Months
Ended
September 30, 2015
Interest Income $3,370 $3,257 $9,907 $9,648
Interest Expense 339 331 964 971
Net Interest Income 3,031 2,926 8,943 8,677
Provision (recovery) for loan losses 0 (25) 0 (25)
Net interest income after Provision for losses 3,031 2,951 8,943 8,702
Non-interest income 500 390 1,349 1,161
Non-interest expense 2,183 2,085 6,644 6,360
Income before taxes 1,348 1,256 3,648 3,503
Income taxes 442 429 1,186 1,186
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
(un-audited)
December 31, 2015* September 30, 2015
(un-audited)
Assets
Cash and due from banks $6,538 $7,842 $5,714
Overnight investments 12,643 12,918 25,873
Investment securities AFS 83,227 85,661 75,832
Loans 250,107 242,516 244,784
Less Allowance for loan losses (3,506) (3,496) (3,700)
Net Loans 246,601 239,020 241,084
Other Real Estate Owned -0- -0- -0-
Other Assets 17,492 16,686 16,620
Total Assets $366,501 $362,127 $365,123
Liabilities & Stockholders’ Equity
Liabilities
Deposits $299,215 $297,621 $297,595
FHLB Advances 29,000 29,000 32,000
Other liabilities 969 851 1,059
Total Liabilities 329,184 327,472 330,654
Stockholders’ Equity
Common stock, no par value 29,447 29,590 28,003
Retained earnings 7,260 5,068 6,188
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