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The little bank, today announced unaudited net income for the year ended December 31, 2008 of $1,416,317, or $0.62 per share. This represents a 42% decrease compared to audited net income of $2,427,810, or $1.07 per share, for the year ended December 31, 2007. For the year, the return on average assets was .47% and the return on average equity was 5.9%. Unaudited net income for the quarter ended December 31, 2008 was $165,774, or $0.07 per share, compared to $642,296, or $0.28 per share, for the quarter ended December 31, 2007. Currently, 2,300,212 shares of common stock are issued and outstanding.
Total assets as of December 31, 2008 were $315.4 million, compared to total assets of $282.2 million as of December 31, 2007. Total loans, net of reserves, were $240.1 million and deposits were $248.9 million, representing increases of 7% and 8%, respectively, over the December 31, 2007 levels. Nonperforming assets were $2.92 million, representing 0.93% of total assets as of December 31, 2008 compared to non-performing assets of $912,977, representing 0.32% of total assets as of December 31, 2007.
Vincent R. Jones, President and Chief Executive Officer stated, "2008 was extremely challenging, and 2009 looks to be the same. Twelve month earnings were negatively impacted by compressed interest margins as the prime rate decreased 5.00% in only fifteen months. During the fourth quarter, we made a decision to significantly add to the Bank's allowance for loan losses. Although this lowered our quarterly earnings, we are now better positioned to manage certain problem loan situations entering 2009." Jones continued, "We believe interest margins will begin to improve during 2009. Given the recent $7.5 million capital investment under the US Treasury's Capital Purchase Program as well as the Bank already being well capitalized, we remain positive about the long term prospects for the little bank specifically, and also for our markets, shareholders, and customers in Eastern North Carolina."
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 (000's omitted except per share data) Three Months Three Months 12 Months 12 Months Ended Ended Ended Ended Dec. 31, Dec. 31, Dec. 31, Dec. 31, 2008 2007 2008 2007 Interest Income $ 3,997 $ 4,902 $ 17,289 $ 18,564 Interest Expense 2,208 2,707 9,439 9,825 Net interest income 1,789 2,195 7,850 8,739 Provision for loan losses 400 75 700 425 Net interest income after provision For loan losses 1,389 2,120 7,150 8,314 Non-interest income 365 330 1,423 1,266 Non-interest expense 1,535 1,456 6,336 5,787 Income before taxes 219 994 2,237 3,793 Income taxes 53 352 821 1,365 Net Income $ 166 $ 642 $ 1,416 $ 2,428 Net Income per share $ .07 $ .28 $ .62 $ 1.07
the little bank End of Period Balances (000's omitted except per share data) 2008 2007 December 31 September 30 December 31 (un-audited) (un-audited) (audited) Assets $ 315,433 $ 316,467 $ 282,182 Loans, Gross $ 244,023 $ 252,806 $ 227,092 Allowances for Loan Losses $ 3,877 $ 3,512 $ 3,169 Investment Securities $ 61,260 $ 50,944 $ 42,800 Deposits $ 248,932 $ 247,641 $ 230,173 Borrowings $ 34,000 $ 44,000 $ 28,000 Shareholder Equity $ 31,441 $ 23,517 $ 22,467 Book Value per Share $ 13.67 $ 10.29 $ 9.87
SOURCE: the little bank
the little bank Doyle M. Thigpen, Chief Financial Officer, 252-317-2804
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