the little bank releases first quarter earnings today

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the little bank releases first quarter earnings today

KINSTON, N.C.--(BUSINESS WIRE)-- the little bank (OTCBB: LTLB) reports earnings results for the quarter ended March 31, 2013.

The little bank (the "Company"), today announced unaudited net income for the quarter ended March 31, 2013 of $642,000 or $.23 per basic share compared to net income of$648,000 or $.23 per basic share for the quarter ended March 31, 2012.After adjusting for dividends and the accretion of discount on preferred stock outstanding, net income available to common shareholders was $597,000, or $.21 per basic share for the quarter ended March 31, 2013 compared to $526,000 or $.19 per basic share for the quarter ended March 31, 2012.The Bank recorded no provision for loan losses during the first quarter and realized only $16,000 in net loan charge-offs during the three month period.Due primarily to a decrease in loan balances the allowance for loan losses, as a percentage of total loans, increased from 1.90% at December 31, 2012 to 1.93% at March 31, 2013.The reduction in our provision for loan losses was substantially offset by a $150,000 charge against other real estate owned ("OREO"). The Bank owned one OREO property at quarter end.


Total assets as of March 31, 2013 were $307.3 million, compared to total assets of $305.9 million as of December 31, 2012, and $309.9 million as of March 31, 2012.Total loans, net of reserves, were $205.8 million and deposits were $252.9 million, representing a decrease of 2.3% in loan balances and an increase of 1.1% in deposit balances, over the December 31, 2012 levels.Nonperforming assets, which include nonaccrual loans and other real estate owned, have decreased from $1.8 million at December 31, 2012 to $1.7 million at March 31, 2013.

Vincent R. Jones, President and Chief Executive Officer stated, "We are pleased to present a very positive earnings report for the first quarter of 2013."Jones continued, "Our asset quality statistics remain outstanding and allowed us to eliminate any provision for loan losses for the quarter.Although that benefit was offset by a charge to OREO during the first quarter, we expect the future benefits of low loan losses to have a greater impact on our bottom line."

The little bank is headquartered in Kinston, North Carolina and currently serves the Lenoir, Wayne, Onslow, Pitt, and Craven county markets.The Bank prides itself on the special care with which it serves its customers.The Bank's website iswww.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)

 
  Three Months Three Months
EndedEnded
March 31, 2013March 31, 2012
 
Interest Income$2,937$3,247
 
Interest Expense 425  604 
 
Net interest income2,5122,643
 
Provision for loan losses 0  250 
 
Net interest income after
Provision for losses 2,512  2,393 
 
Non-interest income413326
 
Non-interest expense 1,949  1,725 
 
Income before taxes976994
 
Income taxes 334  346 
 
Net Income642648
Preferred Stock Dividends(35)(102)
Accretion of Discount, net (10) (20)
 
Net Income available

for common shareholders

$597 $526 
Net Income available

per basic common share

$0.21 $0.19 
 

the little bank

Balance Sheets

(000's omitted except per share data)

  
March 31,December 31,March 31,
20132012*2012
(un-audited)(un-audited)
Assets
 
Cash and due from banks$3,240$6,267$3,655
Overnight investments17,4826,16012,020
Investment securities AFS67,94169,82084,389
 
Loans209,897214,728199,943
Less Allowance for loan losses (4,057) (4,073) (4,039)
Net Loans205,840210,655195,904
 

Other Real Estate Owned

Other Assets

 

386

12,451

  

537

12,444

  

1,146

12,749

 
Total Assets$307,340 $305,883 $309,863 
 
 
Liabilities & Stockholders' Equity
 
Liabilities
Deposits$252,918$250,098$251,524
FHLB Advances21,50023,50022,000
Other liabilities 754  559  901 
Total liabilities275,172274,157274,425
 
Stockholders' Equity
Preferred stock, Series A & B$2,772$2,763$7,729
Common stock, no par value25,52825,57324,400
Retained earnings3,2552,6582,736
Accumulated other comprehensive income 613  732  573 
Total stockholders' equity$32,168 $31,726 $35,438 
 
Total liabilities and stockholders' equity$307,340 $305,883 $309,863 

* Derived from audited financial statements



the little bank
Doyle M. Thigpen, Chief Financial Officer
252-317-2804

KEYWORDS:   United States  North America  North Carolina

INDUSTRY KEYWORDS:

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