the little bank releases first quarter earnings today
April 25 2014 - 10:22AM
Business Wire
the little bank (OTCBB: LTLB) reports earnings results for
the quarter ended March 31, 2014.
The little bank (the “Company”), today announced unaudited
net income for the quarter ended March 31, 2014 of $623,000 or $.21
per basic share compared to net income of $642,000 or $.22 per
basic share for the quarter ended March 31, 2013. After
adjusting for dividends and the accretion of discount on preferred
stock outstanding in the prior year, net income available to common
shareholders increased 4.3% to $623,000, or $.21 per basic share
for the quarter ended March 31, 2014 compared to $597,000 or $.20
per basic share for the quarter ended March 31, 2013. The
Bank recorded $50,000 in provision for loan losses during the first
quarter compared to no provision for loan losses in the first
quarter of 2013. Credit quality remains excellent and the
provision for loan losses was a reflection of the $10.7 million
increase in loan balances.
Total assets as of March 31, 2014 were $322.0 million,
compared to total assets of $307.3 million as of March 31, 2013,
representing an increase of 4.8%. As of March 31, 2014,
total loans, net of reserves, were $229.6 million and deposits were
$262.6 million, representing an increase of 11.6% in loan balances
and an increase of 3.8% in deposit balances, over the same period
in the prior year. Currently, 2,954,594 shares of common
stock are issued and outstanding.
Vincent R. Jones, President and Chief Executive Officer
stated, “We are pleased to present a very positive earnings report
for the first quarter of 2014.” Jones continued, “Earnings
included increased expenses resulting from our decision to
reposition the Company towards growth by adding lending staff in
the fourth quarter of 2013. That decision is already paying
off as the Bank has increased loan balances 11.6% from the previous
year. We are confident that continued growth will lead to
accretive results on a per share basis in the future.”
The little bank’s common stock had a tangible book value per
share of approximately $10.31 at March 31, 2014. On March
14, 2013 the Company announced a share repurchase plan whereby the
Company would repurchase up to 2% of the Company’s outstanding
shares in the open market and retire such shares. The
Company continues to make open market purchases of its shares and
will maintain such a policy, within certain regulatory thresholds,
until the Board of Directors feels that the shares’ market price is
reflective of the value of the shares outstanding. As of
March 31, 2014, the Company had repurchased approximately 43,262
shares.
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 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, 2014 March 31,
2013 Interest Income $ 3,053
$ 2,937 Interest Expense
346 425
Net interest income 2,707 2,512
Provision for loan losses 50
- Net interest income
after Provision for losses
2,657 2,512
Non-interest income 322 413
Non-interest expense 2,043
1,949 Income before taxes
936 976 Income taxes
313 334
Net Income 623 642 Preferred Stock
Dividends - (35 ) Accretion of
Discount, net -
(10 ) Net Income
available
for common shareholders
$ 623 $ 597 Net Income
available
per basic common share
$ 0.21 $ 0.20
the little bank
Balance Sheets
(000’s omitted except per share
data)
March 31, December 31, March
31, 2014 2013* 2013 (un-audited)
(un-audited) Assets Cash and due from
banks $ 4,704 $ 5,896 $
3,240 Overnight investments 4,387 3,825
17,482 Investment securities AFS 67,376
68,118 67,941 Loans 233,541
222,830 209,897 Less Allowance for loan losses
(3,904 )
(3,850 )
(4,057 ) Net Loans
229,637 218,980 205,840 Other Real
Estate Owned 713 520 386 Other
Assets 15,179
14,620 12,451
Total Assets $ 321,996 $
311,959 $ 307,340
Liabilities & Stockholders' Equity
Liabilities Deposits $ 262,633 $
261,393 $ 252,918 FHLB Advances
28,000 20,000 21,500 Other liabilities
890
838 754
Total liabilities 291,523 282,231
275,172 Stockholders' Equity Preferred
stock, Series A & B $ - $ -
$ 2,772 Common stock, no par value
27,014 27,107 25,528 Retained earnings
3,821 3,198 3,255 Accumulated other
comprehensive income (loss) (362
) (577
) 613
Total stockholders' equity $
30,473 $
29,728 $
32,168 Total liabilities and
stockholders' equity $ 321,996 $
311,959 $ 307,340
* Derived from audited financial
statements
the little bankDoyle M. Thigpen, Chief Financial
Officer252-317-2804
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