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the little bank releases third quarter earnings, announces 5% stock dividend and semi-annual cash dividend

^{Published on 2011-10-27 07:36:14 - Market Wire}
 

KINSTON, N.C.--([ BUSINESS WIRE ])--the little bank (OTCBB: LTLB) reports earnings results for the quarter and nine months ended September 30, 2011, and announces stock and cash dividends.

"I am pleased to report another solid quarter of earnings. While credit quality continues to stabilize, loan demand remains depressed."

The little bank (the aCompanya), today announced a 37% increase in unaudited net income for the quarter ended September 30, 2011.Net income was $639,000 or $.25 per basic share compared to earnings of $465,000 or $.18 per basic share for the quarter ended September 30, 2010.After adjusting for dividends and the accretion of discount on preferred stock under the Capital Purchase Program, net income available to common shareholders was $518,000, or $.20 per basic share for the quarter ended September 30, 2011, compared to $345,000 or $.13 per basic share for the comparable period in 2010.

Unaudited net income for the first nine months of 2011 increased 44% to $1,712,000, or $.67 per basic share compared to earnings of $1,186,000, or $.46 per basic share for the first nine months of 2010.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, 2011 was $1,350,000, or $.53 per basic share, compared to $827,000, or $.32 per basic share for the comparable nine month period during 2010.The Bank recorded provisions for loan losses of $850,000 for the nine month period ended September 30, 2011, compared to $1,250,000 for the comparable period ended September 30, 2010.

Total assets as of September 30, 2011 were $307.4 million, compared to total assets of $299.3 million as of December 31, 2010, and $288.6 million as of September 30, 2010.Total loans, net of reserves, were $198.7 million and deposits were $243.7 million, representing a decrease of .3% and increase of 2.3%, respectively, over the December 31, 2010 levels.Currently, 2,562,086 shares of common stock are issued and outstanding.

Vincent R. Jones, President and Chief Executive Officer stated, aI am pleased to report another solid quarter of earnings.While credit quality continues to stabilize, loan demand remains depressed.aMr. Jones continued, aManagement believes that traditional asset growth will be difficult to create until a more positive economic forecast is evident.We continue to have a very strong, well capitalized balance sheet, which positions us well for future growth opportunities as they arise.a

The Companyas Board of Directors has authorized the issuance of a 5% stock dividend to shareholders.The 5% stock dividend will be payable on November 30, 2011 to shareholders of record on November 15, 2011.Cash-in-lieu will be paid on fractional shares based on the stockas market value at the close of business on November 15, 2011.

The Board has also approved a semi-annual cash dividend, payable December 30, 2011 to shareholders of record on December 15, 2011 at the rate of $0.0690 per common share.The combination of the 5% stock dividend and the cash dividend results in essentially the same total cash dividend that has been paid in prior periods.

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 Bankas 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.