the little bank releases fourth quarter results, announces record year of earnings
January 26 2015 - 4:04PM
Business Wire
the little bank (OTCBB: LTLB) reports a record year of
earnings for the year ended December 31, 2014.
The little bank (the “Company”), is pleased to report record
annual net income for fiscal year 2014. Unaudited net income
for the year ended December 31, 2014 was $2,925,000, or $0.95 per
basic share, compared to $2,788,000, or $0.91 per basic share, in
the prior year. This represents a 4.9% increase in earnings
and a 9.29% return on average equity. After adjusting for
dividends and the accretion of discount on preferred stock
outstanding, net income available to common shareholders increased
9.5% to $2,925,000, or $0.95 per basic share, for fiscal year 2014
compared to $2,672,000, or $0.87 per basic share, for the prior
year. The little bank repurchased and retired all remaining
shares of its preferred stock outstanding during June 2013, as was
previously reported.
For the quarter ended December 31, 2014, unaudited net income
increased 9.6% to $753,000, or $0.24 per basic share. This
compares favorably to the $687,000, or $0.22 per basic share,
reported in the quarter ended December 31, 2013.
Total assets as of December 31, 2014 were $339.2 million,
compared to total assets of $312.0 million as of December 31,
2013. Total loans, net of reserves, were $242.5 million and
deposits were $277.4 million, representing increases of 10.7% and
6.1%, respectively, over the December 31, 2013 levels.
Currently, 3,074,021 shares of common stock are issued and
outstanding. The little bank currently pays a semi-annual
cash dividend totaling $0.15 per share annually.
Rob Jones, President and Chief Executive Officer stated, “We
are pleased to report record annual net income for the third
consecutive year.” Jones continued, ”Our decision to invest
in lending personnel in the second half of fiscal year 2013
provided the momentum to grow our business in 2014. Loan
production was excellent as evidenced by the growth of our loan
portfolio during the year.”
The little bank’s common stock had a tangible book value per
share of approximately $10.58 at December 31, 2014. On May
19, 2014 the Company 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 46,806
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
Twelve Months Twelve Months Ended Ended
Ended Ended December 31, 2014 December 31,
2013 December 31, 2014 December 31, 2013 *
Interest Income $ 3,247 $ 3,025
$
12,652
$ 11,862 Interest Expense
326 374
1,352
1,637 Net interest income
2,921 2,651
11,300
10,225 Provision for loan losses
-
(57)
150
(57)
Net interest income after Provision for losses
2,921 2,708
11,150 10,282
Non-interest income 363 334
1,447 1,443 Non-interest expense
2,147 2,023
8,142
7,543
Income before taxes 1,137 1,019
4,455 4,182 Income taxes
384 332
1,530 1,394
Net Income 753 687 2,925 2,788
Preferred Stock Dividends - - -
(78) Accretion of Discount, net
-
-
-
(38)
Net Income available
for common shareholders
$ 753 $ 687 $ 2,925
$ 2,672 Net Income available
per basic common share
$ 0.24 $ 0.22 $ 0.95
$ 0.87
the little bank
Balance Sheets
(000’s omitted except per share
data)
December 31, September 30,
December 31, 2014 2014 2013 *
(un-audited) (un-audited) Assets
Cash and due from banks $ 10,792 $
5,842 $ 5,896 Overnight investments
3,717 7,177 3,825 Investment securities
AFS 65,606 65,370 68,118
Loans 246,147 248,024 222,830 Less
Allowance for loan losses (3,688)
(3,984)
(3,850) Net Loans 242,459
244,040 218,980 Other Real Estate Owned
350 386 520 Other Assets
16,245 15,682
14,620 Total Assets $
339,169 $ 338,497 $ 311,959
Liabilities & Stockholders' Equity
Liabilities Deposits $ 277,432 $
275,680 $ 261,393 FHLB Advances
28,500 30,000 20,000 Other liabilities
703
842
838 Total liabilities
306,635 306,522 282,231
Stockholders' Equity Preferred stock, Series A &
B $ - $ - $ -
Common stock, no par value 28,262 26,819
27,107 Retained earnings 4,101 5,151
3,198 Accumulated other comprehensive income (loss)
171
5
(577) Total stockholders' equity
$ 32,534
$ 31,975
$ 29,728 Total
liabilities and stockholders' equity $ 339,169
$ 338,497 $ 311,959
* 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