the little bank releases first quarter earnings today

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

Ended

Ended

March 31, 2013

March 31, 2012

Interest Income

$

2,937

$

3,247

Interest Expense

425

604

Net interest income

2,512

2,643

Provision for loan losses

0

250

Net interest income after

Provision for losses

2,512

2,393

Non-interest income

413

326

Non-interest expense

1,949

1,725

Income before taxes

976

994

Income taxes

334

346

Net Income

642

648

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,

2013

2012*

2012

(un-audited)

(un-audited)

Assets

Cash and due from banks

$

3,240

$

6,267

$

3,655

Overnight investments

17,482

6,160

12,020

Investment securities AFS

67,941

69,820

84,389

Loans

209,897

214,728

199,943

Less Allowance for loan losses

(4,057

)

(4,073

)

(4,039

)

Net Loans

205,840

210,655

195,904

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 Advances

21,500

23,500

22,000

Other liabilities

754

559

901

Total liabilities

275,172

274,157

274,425

Stockholders' Equity

Preferred stock, Series A & B

$

2,772

$

2,763

$

7,729

Common stock, no par value

25,528

25,573

24,400

Retained earnings

3,255

2,658

2,736

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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