the little bank Releases Second Quarter Earnings Today
Little Bank (The) (OTCBB:LTLB)
Intraday Stock Chart
Today : Friday 22 July 2011
Click Here for more Little Bank (The) Charts.
the little bank (OTCBB: LTLB) reports earnings results for the quarter and six months ended June 30, 2011.
The little bank (the “Company”), today announced a 15% increase in unaudited net income for the quarter ended June 30, 2011. Net income was $562,000 or $.22 per basic share compared to earnings of $488,000 or $.19 per basic share for the quarter ended June 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 $441,000, or $.17 per basic share for the quarter ended June 30, 2011, compared to $369,000 or $.14 per basic share for the comparable period in 2010. Net interest income was $2,634,000 for the three months ended June 30, 2011, compared to $2,514,000 for the comparable quarter in 2010, an increase of $120,000.
Unaudited net income for the first six months of 2011 increased 49% to $1,073,000, or $.42 per basic share compared to earnings of $720,000, or $.28 per basic share for the first six months of 2010. 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, 2011 was $832,000, or $.32 per basic share, compared to $482,000, or $.19 per basic share for the comparable six month period during 2010. The Bank recorded provisions for loan losses of $550,000 for the six month period ended June 30, 2011, compared to $1,000,000 for the comparable period ended June 30, 2010.
Total assets as of June 30, 2011 were $305.3 million, compared to total assets of $299.3 million as of December 31, 2010, and $293.1 million as of June 30, 2010. Total loans, net of reserves, were $198.2 million and deposits were $241.0 million, representing a decrease of .5% and increase of 1.2%, 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, “Our financial performance for the first half of 2011 has been encouraging. Credit quality is beginning to stabilize and our history of operating efficiency has benefited us during the continued difficult economic cycle.” Mr. Jones continued, “The industry continues to be troubled by low loan demand, poor housing indicators and an unclear economic forecast. As a result we believe that our company and the industry in general will be characterized by slow balance sheet growth until a more positive economic forecast is clearer. Our balance sheet remains very strong which positions us well for future growth opportunities as they arise. ”
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.
