Business & Finance
Wed, May 2, 2012 
KINSTON, N.C.--([ BUSINESS WIRE ])--the little bank (OTCBB: LTLB) reports earnings results for the quarter ended March 31, 2012.
"We are pleased to present a very positive earnings report for the first quarter of 2012."
The little bank (the aCompanya), today announced unaudited net income for the quarter ended March 31, 2012 of $648,000 or $.24 per basic share compared to net income of$511,000 or $.19 per basic share for the quarter ended March 31, 2011, representing an increase of 27%.After adjusting for dividends and the accretion of discount on preferred stock under the Capital Purchase Program, net income available to common shareholders was $526,000, or $.20 per basic share for the quarter ended March 31, 2012, compared to $391,000 or $.15 per basic share for the quarter ended March 31, 2011.
Total assets as of March 31, 2012 were $309.9 million, compared to total assets of $312.4 million as of December 31, 2011, and $307.5 million as of March 31, 2011.Total loans, net of reserves, were $195.9 million and deposits were $251.5 million, representing a decrease of .5% in loan balances and no material change in deposit balances, over the December 31, 2011 levels.Nonperforming assets, which include nonaccrual loans and other real estate owned, have decreased from $2.7 million at December 31, 2011 to $2.3 million at March 31, 2012.Currently, 2,690,028 shares of common stock are issued and outstanding.
Vincent R. Jones, President and Chief Executive Officer stated, aWe are pleased to present a very positive earnings report for the first quarter of 2012.aJones continued aThe Bankas loan quality indicators continue to improve and we have refocused our internal energy on customer calling.While loan demand remains relatively weak, we are beginning to see some signs of loan activity as we focus on building our loan pipeline.The Bank continues to maintain outstanding capital ratios which will allow us to take advantage of growth opportunities as they present themselves.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 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.
the little bank Summary of Operations (un-audited) (000as omitted except per share data)
| |||||||||
| Three Months | Three Months | ||||||||
| Ended | Ended | ||||||||
| March 31, 2012 | March 31, 2011 | ||||||||
| Interest Income | $ | 3,247 | $ | 3,277 | |||||
| Interest Expense | 604 | 730 | |||||||
| Net interest income | 2,643 | 2,547 | |||||||
| Provision for loan losses | 250 | 300 | |||||||
| Net interest income after | |||||||||
| Provision for losses | 2,393 | 2,247 | |||||||
| Non-interest income | 326 | 319 | |||||||
| Non-interest expense | 1,725 | 1,773 | |||||||
| Income before taxes | 994 | 793 | |||||||
| Income taxes | 346 | 282 | |||||||
| Net Income | 648 | 511 | |||||||
| Preferred Stock Dividends | (102 | ) | (102 | ) | |||||
| Accretion of Discount, net | (20 | ) | (18 | ) | |||||
| Net Income available for common shareholders | $ | 526 | $ | 391 | |||||
| Net Income available per basic common share | $ | 0.20 | $ | 0.15 | |||||
the little bank Balance Sheets (000as omitted except per share data) | |||||||||||||||
| March 31, | December 31, | March 31, | |||||||||||||
| 2012 | 2011* | 2011 | |||||||||||||
| (un-audited) | (un-audited) | ||||||||||||||
| Assets | |||||||||||||||
| Cash and due from banks | $ | 3,655 | $ | 3,522 | $ | 3,219 | |||||||||
| Overnight investments | 12,020 | 13,752 | 8,231 | ||||||||||||
| Investment securities AFS | 84,389 | 85,003 | 81,235 | ||||||||||||
| Loans | 199,943 | 200,874 | 203,515 | ||||||||||||
| Less Allowance for loan losses | (4,039 | ) | (3,898 | ) | (3,960 | ) | |||||||||
| Net Loans | 195,904 | 196,976 | 199,555 | ||||||||||||
| Other Assets | 13,895 | 13,156 | 15,216 | ||||||||||||
| Total Assets | $ | 309,863 | $ | 312,409 | $ | 307,456 | |||||||||
| Liabilities & Stockholders' Equity | ||||||||||||||||||||||
| Liabilities | ||||||||||||||||||||||
| Deposits | $ | 251,524 | $ | 251,723 | $ | 246,018 | ||||||||||||||||
| FHLB Advances | 22,000 | 25,000 | 28,000 | |||||||||||||||||||
| Other liabilities | 901 | 700 | 601 | |||||||||||||||||||
| Total liabilities | 274,425 | 277,423 | 274,619 | |||||||||||||||||||
| Stockholders' Equity | ||||||||||||||||||||||
| Preferred stock, Series A & B | $ | 7,729 | $ | 7,710 | $ | 7,653 | ||||||||||||||||
| Common stock, no par value | 24,400 | 24,395 | 23,196 | |||||||||||||||||||
| Retained earnings | 2,736 | 2,211 | 2,384 | |||||||||||||||||||
Accumulated other comprehensive income (loss) | 573 | 670 | (396 | ) | ||||||||||||||||||
| Total stockholders' equity | $ | 35,438 | $ | 34,986 | $ | 32,837 | ||||||||||||||||
Total liabilities and stockholders' equity | $ | 309,863 | $ | 312,409 | $ | 307,456 | ||||||||||||||||
* Derived from audited financial statements
