the little bank (OTCBB: LTLB) reports annual earnings and fourth quarter earnings.
The little bank (the "Company"), today announced unaudited net income for the year ended December 31, 2011 of $2,257,000 or $.84 per basic share compared to audited net income of $1,710,000 or $.67 per basic share for the year ended December 31, 2010. This represents a 32% increase in unaudited net income compared to the prior year. After adjusting for dividends and the accretion of discount on preferred stock under the Capital Purchase Program, net income available to common shareholders was $1,774,000, or $.66 per basic share for the year ended December 31, 2011, compared to $1,232,000 or $.48 per basic share for the prior year. Net interest income before the provision for loan losses increased $433,000, or 4.3% during 2011 compared to the prior year. The provision for loan losses was decreased $400,000, or 25% to $1,200,000 during 2011, compared to a provision of $1,600,000 during the prior year.
Unaudited net income for the quarter ended December 31, 2011 was $545,000 or $.20 per basic share compared to $525,000 or $.20 per basic share for the quarter ended December 31, 2010. After adjusting for dividends and the accretion of discount on preferred stock, net income available for common shareholders for the fourth quarter ended December 31, 2011 was $424,000 or $.16 per basic share, compared to $405,000 or $.16 per basic share for the quarter ended December 31, 2010.
Total assets as of December 31, 2011 were $312.7 million, compared to total assets of $299.3 million as of December 31, 2010. Total loans, net of reserves, were $197.0 million and deposits were $251.8 million, representing a decrease of 1.1% and an increase of 5.7%, respectively, over the December 31, 2010 levels. Nonperforming assets, which include nonaccrual loans and other real estate owned, have decreased from $3.6 million at December 31, 2010 to $2.7 million at December 31, 2011. Currently, 2,690,028 shares of common stock are issued and outstanding.
Vincent R. Jones, President and Chief Executive Officer stated, "I want to thank our customers and congratulate our entire team for the excellent financial results achieved in 2011." Mr. Jones pointed out that 2011 results were driven by favorable net interest margins, solid asset quality results and operating expense management. He commented further, "While asset quality indicators are on a more positive trend, we anticipate that loan charge-offs will remain somewhat elevated, and plan to manage our loan loss reserves accordingly. In addition, our view is that revenue growth will be difficult in the near term due to continued low loan demand and falling asset yields associated with a protracted low interest rate environment. As for the future, our strong capital position and excellent balance sheet quality will allow us to take advantage of growth opportunities as they present themselves."
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 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) | ||||||||||||||||
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Three Months | Three Months | Twelve Months | Twelve Months | |||||||||||||
Ended | Ended | Ended | Ended | |||||||||||||
December 31, 2011 | December 31, 2010 | December 31, 2011 | December 31, 2010 * | |||||||||||||
Interest Income | $ | 3,265 | $ | 3,251 | $ | 13,214 | $ | 13,323 | ||||||||
Interest Expense | 646 | 729 | 2,785 | 3,327 | ||||||||||||
Net interest income | 2,619 | 2,522 | 10,429 | 9,996 | ||||||||||||
Provision for loan losses | 350 | 350 | 1,200 | 1,600 | ||||||||||||
Net interest income after | ||||||||||||||||
Provision for losses | 2,269 | 2,172 | 9,229 | 8,396 | ||||||||||||
Non-interest income | 371 | 368 | 1,324 | 1,335 | ||||||||||||
Non-interest expense | 1,807 | 1,713 | 7,047 | 7,059 | ||||||||||||
Income before taxes | 833 | 827 | 3,506 | 2,672 | ||||||||||||
Income taxes | 288 | 302 | 1,249 | 962 | ||||||||||||
Net Income | 545 | 525 | 2,257 | 1,710 | ||||||||||||
Preferred Stock Dividends | (102 | ) | (102 | ) | (409 | ) | (408 | ) | ||||||||
Accretion of Discount, net | (19 | ) | (18 | ) | (74 | ) |
| (70 | ) | |||||||
Net Income available for common shareholders | $ | 424 | $ | 405 | $ | 1,774 | $ | 1,232 | ||||||||
Net Income available per basic common share | $ | 0.16 | $ | 0.16 | $ | 0.66 | $ | 0.48 |
the little bank Balance Sheets (000's omitted except per share data) | |||||||||||
December 31, | September 30, | December 31, | |||||||||
2011 | 2011 | 2010 * | |||||||||
(un-audited) | (un-audited) | ||||||||||
Assets | |||||||||||
Cash and due from banks | $ | 3,522 | $ | 4,070 | $ | 2,811 | |||||
Overnight investments | 13,752 | 7,739 | 5,935 | ||||||||
Investment securities AFS | 85,003 | 83,152 | 77,624 | ||||||||
Loans | 200,874 | 202,429 | 203,017 | ||||||||
Less Allowance for loan losses | (3,898 | ) | (3,770 | ) | (3,834 | ) | |||||
Net Loans | 196,976 | 198,659 | 199,183 | ||||||||
Other Assets | 13,423 | 13,751 | 13,737 | ||||||||
Total Assets | $ | 312,676 | $ | 307,371 | $ | 299,290 | |||||
Liabilities & Stockholders' Equity | |||||||||||
Liabilities | |||||||||||
Deposits | $ | 251,845 | $ | 243,660 | $ | 238,160 | |||||
FHLB Advances | 25,000 | 28,000 | 28,000 | ||||||||
Other liabilities | 845 | 851 | 601 | ||||||||
Total liabilities | 277,690 | 272,511 | 266,761 | ||||||||
Stockholders' Equity | |||||||||||
Preferred stock, Series A & B | $ | 7,710 | $ | 7,691 | $ | 7,635 | |||||
Common stock, no par value | 24,395 | 23,206 | 23,189 | ||||||||
Retained earnings | 2,211 | 3,157 | 1,993 | ||||||||
Accumulated other comprehensive income | 670 | 806 | (288 | ) | |||||||
Total stockholders' equity | $ | 34,986 | $ | 34,860 | $ | 32,529 | |||||
Total liabilities and stockholders' equity | $ | 312,676 | $ | 307,371 | $ | 299,290 |
* Derived from audited financial statements
the little bank
Doyle M. Thigpen, 252-317-2804
Chief
Financial Officer