the little bank releases first quarter earnings today

http://www.businesswire.com/news/home/20100422006945/en

KINSTON, N.C.--(Business Wire)--
the little bank (OTCBB:LTLB) reports earnings results for the three month period
ended March 31, 2010.

The little bank (the "Company"), today announced unaudited net income for the
quarter ended March 31, 2010 of $232,745 or $.10 per basic share compared to
earnings of $203,695 or $.09 per basic share for the quarter ended March 31,
2009. After adjusting for dividends and the accretion of discount on preferred
stock under the Capital Purchase Program, net income available to common
shareholders was $113,460, or $.05 per basic share for the quarter ended March
31, 2010, compared to $144,653 or $.06 per basic share for the prior period. Net
interest income was $2,465,000 for the three months ended March 31, 2010,
compared to $1,738,000 for the comparable quarter in 2009, an increase of
$727,000. The provision for loan losses was $675,000 for the three months ended
March 31, 2010, compared to $210,000 for the comparable quarter in 2009, an
increase of $465,000.

Total assets as of March 31, 2010 were $305.4 million, compared to total assets
of $303.5 million as of December 31, 2009, and $304.7 million as of March 31,
2009. Total loans, net of reserves, were $217.8 million and deposits were $247.4
million, representing a decrease of 8.7% and an increase of 1.1%, respectively
over the March 31, 2009 levels. Currently, 2,440,209 shares of common stock are
issued and outstanding.

Vincent R. Jones, President and Chief Executive Officer, stated, "We added
significant loan reserves to our balance sheet during the first quarter of 2010
as we actively manage problem assets. The economy, and especially the real
estate market, continues to experience stress as it works itself out of the
recession. The Company continues to maintain more than adequate levels of
capital and liquidity and, most importantly, continues to maintain solid core
earnings. Core earnings before the provisions for income taxes and loan losses
were $1,028,000 for the first quarter compared to $508,000 for the same quarter
one year ago."

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)

Three Months Three Months
Ended Ended
March 31, 2010 March 31, 2009

Interest Income $ 3,414 $ 3,552

Interest Expense 949 1,814

Net interest income 2,465 1,738

Provision for loan losses 675 210

Net interest income after
Provision for losses 1,790 1,528

Non-interest income 289 350

Non-interest expense 1,726 1,580

Income before taxes 353 298

Income taxes 120 94

Net Income 233 204
Preferred Stock Dividends (102 ) (59 )
Accretion of Discount, net (17 ) -0-

Net Income available for common shareholders $ 114 $ 145
Net Income available per basic common share $ 0.05 $ 0.06

the little bank

Balance Sheets

(000`s omitted except per share data)

March 31 December 31 March 31
2010 2009 * 2009
(un-audited) (un-audited)
Assets

Cash and due from banks $ 4,908 $ 4,313 $ 6,113
Overnight investments 18,837 12,512 9,895
Investment securities AFS 50,680 48,235 38,381

Loans 222,288 229,401 242,510
Less Allowance for loan losses (4,456 ) (3,929 ) (3,933 )
Net Loans 217,832 225,472 238,577

Other Assets 13,167 13,007 11,731
Total Assets $ 305,424 $ 303,539 $ 304,697

Liabilities & Stockholders' Equity

Liabilities
Deposits $ 247,448 $ 247,706 $ 244,815
FHLB Advances 25,000 23,000 27,000
Other liabilities 836 892 1,325
Total liabilities 273,284 271,598 273,140

Stockholders' Equity
Preferred stock, Series A & B $ 7,582 $ 7,565 $ 7,478
Common stock, no par value 20,429 21,868 20,374
Retained earnings 3,968 2,404 3,388
Accumulated other comprehensive income 161 104 317
Total stockholders' equity $ 32,140 $ 31,941 $ 31,557

Total liabilities and stockholders' equity $ 305,424 $ 303,539 $ 304,697

* Derived from audited financial statements

the little bank
Chief Financial Officer
Doyle M. Thigpen, 252-317-2804

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