the little bank releases third quarter earnings, announces 5% stock dividend and semi-annual cash dividend
October 23 2014 - 9:53AM
Business Wire
the little bank (OTCBB: LTLB) reports earnings results for
the quarter and nine months ended September 30, 2014, and announces
stock and cash dividends.
The little bank (the “Company”), today announced a 14%
increase in unaudited net income for the quarter ended September
30, 2014. Net income was $814,000 or $.28 per basic share
compared to earnings of $714,000 or $.24 per basic share for the
quarter ended September 30, 2013.
Unaudited net income for the first nine months of 2014
increased 3% to $2,172,000, or $.74 per basic share compared to
earnings of $2,100,000, or $.71 per basic share for the first nine
months of 2013. After adjusting for dividends and the
accretion of discount on preferred stock, net income available for
common shareholders for the nine month period ended September 30,
2014 increased 9% to $2,172,000, or $.74 per basic share, compared
to $1,984,000, or $.67 per basic share for the comparable nine
month period during 2013. The little bank repurchased and
retired all remaining shares of its preferred stock outstanding
during June 2013, as was previously reported. The Company
recorded a $150,000 provision for loan losses during the nine month
period ended September 30, 2014, compared to no provision for the
comparable period in 2013. The increase in provision is
related to growth in loan balances and not a decrease in credit
quality.
Total assets as of September 30, 2014 were $338.5 million,
compared to total assets of $312.0 million as of December 31, 2013,
and $309.2 million as of September 30, 2013. Total loans,
net of reserves, were $244.0 million and deposits were $275.7
million, representing increases of 11.4% and 5.5%, respectively,
over the December 31, 2013 levels. Currently, 2,944,196
shares of common stock are issued and outstanding.
Rob Jones, President and Chief Executive Officer stated, “We
are pleased to announce such a positive earnings report for the
quarter and for the nine month period.” Jones continued,
“The addition of high quality lending personnel in late 2013 is
paying off as indicated by the Bank’s excellent 15% loan growth
since September 2013.”
The little bank’s common stock had tangible book value per
share of approximately $10.86 at September 30, 2014. On May
19, 2014 the little bank announced the continuation of its share
repurchase plan whereby the Company could repurchase shares of its
Common Stock in the open market and retire such shares. The
Company continues to make open market purchases of its shares and
will continue such a policy, within certain regulatory thresholds,
until the Board of Directors feels that the shares’ market price
are reflective of the value of the shares outstanding.
During 2014, the Company has repurchased approximately 33,608
shares.
The Company’s Board of Directors has authorized the issuance
of a 5% stock dividend to shareholders. The 5% stock
dividend will be payable November 28, 2014 to shareholders of
record as of November 14, 2014. Cash-in-lieu will be paid on
fractional shares based on the stock’s market value at the close of
business on November 14, 2014.
The Board has also approved a semi-annual cash dividend,
payable December 31, 2014 to shareholders of record as of the close
of business on December 15, 2014. The amount payable is at
the rate of $0.0750 per common share.
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
Nine Months Nine Months Ended
Ended Ended Ended
September 30,
2014
September 30,
2013
September 30,
2014
September 30,
2013
Interest Income $ 3,210 $
2,980
$
9,405
$
8,837
Interest Expense 338
411
1,026
1,263
Net interest income 2,872 2,569
8,379
7,574
Provision for loan losses
50
0
150
0
Net interest income after Provision for losses
2,822 2,569
8,229 7,574
` Non-interest income 353 337
1,084 1,109 Non-interest expense
1,924 1,840
5,995
5,521 Income before
taxes 1,251 1,066 3,318 3,162
Income taxes 437
352 1,146
1,062 Net Income
814 714 2,172 2,100 Preferred Stock
Dividends -0- -0- -0- (78 )
Accretion of Discount, net -0-
-0- -0-
(38 ) Net
Income available
for common shareholders
$ 814 $ 714 $ 2,172
$ 1,984 Net Income available
per basic common share
$ 0.28 $ 0.24 $ 0.74
$ 0.67
the little bank
Balance Sheets
(000’s omitted except per share
data)
September 30, December 31, September
30, 2014 2013 * 2013 (un-audited)
(un-audited) Assets Cash and due from
banks $ 5,842 $ 5,896 $
3,817 Overnight investments 7,177 3,825
10,322 Investment securities AFS 65,370
68,118 69,662 Loans 248,024
222,830 216,513 Less Allowance for loan losses
(3,984 )
(3,850 )
(3,999 ) Net Loans
244,040 218,980 212,514 Other Real
Estate Owned 386 520 520 Other
Assets 15,682
14,620 12,415
Total Assets $ 338,497 $
311,959 $ 309,250
Liabilities & Stockholders' Equity
Liabilities Deposits $ 275,680 $
261,393 $ 261,513 FHLB Advances
30,000 20,000 17,500 Other liabilities
842
838 730
Total liabilities 306,522 282,231
279,743 Stockholders' Equity Preferred
stock, Series A & B $ 0 $ 0
$ 0 Common stock, no par value 26,819
27,107 25,434 Retained earnings 5,151
3,198 4,431 Accumulated other comprehensive income
(loss)
5
(577 )
(358 ) Total
stockholders' equity $
31,975 $
29,728 $
29,507 Total liabilities and
stockholders' equity $ 338,497 $
311,959 $ 309,250
* Derived from audited financial statements
the little bankDoyle M. Thigpen, Chief Financial
Officer252-317-2804
UB Bancorp (QX) (USOTC:UBNC)
Historical Stock Chart
From Jun 2024 to Jul 2024
UB Bancorp (QX) (USOTC:UBNC)
Historical Stock Chart
From Jul 2023 to Jul 2024