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the little bank releases second quarter earnings today

^{Published on 2010-07-23 12:35:45 - Market Wire}
 

KINSTON, N.C.--([ BUSINESS WIRE ])--the little bank (OTCBB: LTLB) reports earnings results for the quarter and six months ended June 30, 2010.

The little bank (the aCompanya), today announced unaudited net income for the quarter ended June 30, 2010 of $488,000 or $.20 per basic share compared to earnings of $268,000 or $.11 per basic share for the quarter ended June 30, 2009.After adjusting for dividends and the accretion of discount on preferred stock under the Capital Purchase Program, net income available to common shareholders was $369,000, or $.15 per basic share for the quarter ended June 30, 2010, compared to $166,000 or $.07 per basic share for the prior period.Net interest income was $2,514,000 for the three months ended June 30, 2010, compared to $2,169,000 for the comparable quarter in 2009, an increase of $345,000.

Unaudited net income for the first six months of 2010 was $720,000, or $.30 per basic share compared to earnings of $472,000, or $.20 per basic share for the first six months of 2009.After adjusting for dividends and the accretion of discount on preferred stock, net income available for common shareholders for the six month period ended June 30, 2010 was $482,000, or $.20 per basic share, compared to $311,000, or $.13 per basic share for the comparable six month period during 2009.Net interest income totaled $5.0 million for the first six months of 2010, compared to $3.9 million for the comparable six month period during 2009.The improvement in net interest margin has primarily been the result of the repricing of deposits in the current lower interest rate environment.The Bank recorded provisions for loan losses of $1 million for the six month period ended June 30, 2010, compared to $565,000 for the comparable period ended June 30, 2009.

Total assets as of June 30, 2010 were $293.1 million, compared to total assets of $303.5 million as of December 31, 2009, and $306.6 million as of June 30, 2009.Total loans, net of reserves, were $208.0 million and deposits were $237.2 million, representing decreases of 7.7% and 4.2%, respectively, over the December 31, 2009 levels.Currently, 2,440,209 shares of common stock are issued and outstanding.

Vincent R. Jones, President and Chief Executive Officer stated, aGiven the weakness in the economy, we are pleased with the performance of our Bank during the first half of 2010.Quarterly and year-to-date earnings are above last yeara™s results, driven primarily by continued improvement in net interest margins.Credit quality, while still unpredictable, appears to be stabilizing.We continue to forecast higher than normal loan losses and are building our loan loss reserves accordingly.Our board of directors, management team and employees are unified in their efforts to implement strategies that preserve the Banka™s high levels of liquidity, capital, and core deposits.a

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 Banka™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 asafe-harbora 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.