FPB Financial Corp. Announces 2015 First Quarter Results and Declares Dividends

HAMMOND, LA--(Marketwired - April 27, 2015) - FPB Financial Corp. (OTCQB: FPBF), the holding company for Florida Parishes Bank, announced financial results for the 2015 first quarter ended March 31, 2015.

Earnings

Net income in the 2015 first quarter increased 51.2% to $704,000 ($0.58 per fully diluted common share) as compared to the 2014 first quarter net income of $465,000 ($0.39 per fully diluted common share). Earnings per share increased by 48.7%. Return on Equity for the first quarter of 2015 was 12.0% on an annualized basis. 

Items affecting and contributing to the Company's 2015 first quarter gain in net income when compared to the 2014 quarterly period:

• Net Interest Income increased to $2.5 million from $2.2 million, or 13.4%
• Mortgage Banking Fees totaled $330,000 up from $88,000 in 2014 or 273.6%
• Total Non-Interest Income increased to $831,000 from $628,000 in 2014 or 32.5%
• Non-Interest Expense on foreclosed assets decreased by 98.2% to $1,000

Other items and per share data of note as of March 31, 2015, compared to March 31, 2014:

• Return on Equity (ROE) increased to 12.0% from 9.0%
• Net-Interest Margin increased to 4.96% from 4.83%
• The Company's Efficiency Ratio improved to 67.1% from 76.9%
• Book Value per common share increased by 13.8% to $19.99 per share
• Total Common Stockholders' Equity increased to $24.1 million, or 14.4%
• Dividends paid to common shareholders total $84,000 in 2015 and 2014
• Non-Interest Bearing Deposits increased by 17.2% to $47.7 million
• Non-Maturity deposits increased by 17.4% to $149.6 million
• Net Loans increased to $139.2 million or 15.9%
• Total Assets increased by 9.9% to $229.5 million
• Net-Loan Charge-offs decreased by $167,000, or 109.9%
• Foreclosed Assets decreased by $407,000, or 100.0%
• Non-performing Assets decreased by $65,000 to $1.8 million, or 3.4%

Asset Quality

Total non-performing assets at March 31, 2015, decreased by 3.4% to $1.8 million as compared to March 31, 2014. Non-performing assets at December 31, 2014 were $1.5 million. The Company's allowance for loan losses increased by 4.9% to $3.0 million at March 31, 2015 while increasing to 162.9% of total non-performing assets. Total allowance for loan losses was $2.9 million at December 31, 2014.

Net loan recoveries for the first quarter totaled $15,000, an improvement of 109.9% from $152,000 of net loan charge-offs in the 2014 first quarter. Net loan charge-offs were $64,000 in the 2014 fourth quarter. Performing Troubled Debt Restructured (TDR's) as of March 31, 2015 totaled $3.0 million, or an increase of $113,000 from March 31, 2014. Performing TDR's on December 31, 2014 totaled $3.0 million.

Balance Sheet and Capital

Total assets at March 31, 2015 increased by 9.9% to $229.5 million as compared to $209.0 million at March 31, 2014. The increase in total assets was primarily attributed to an increase of $19.0 million in net loans, an increase of $3.6 million in cash and cash equivalents. These increases were primarily offset by a $1.2 million decrease in available-for-sale securities, and a $407,000 decrease in foreclosed assets. Total liabilities increased by 9.4% to $205.0 million primarily due to an increase of $20.9 million, or 12.5% in total deposits to $188.3 offset by a decrease of $3.3 million or 20.5% in Federal Home Loan Bank advances.

Common Stockholders' Equity increased by a net of $3.0 million, or 14.4% to $24.1 million for the twelve months ended March 31, 2015. Retained earnings increased by $2.0 million to $17.0 million for the twelve month period. Other comprehensive income increased by $1.0 million at March 31, 2015 when compared to March 31, 2014. Tangible common stockholders' equity increased to $24.1 million for the period. Book value per common share increased to $19.99 as total shares of 1,206,947 were outstanding at March 31, 2015. At the Subsidiary Bank level, Tier 1 Capital increased to $23.9 million at March 31, 2015.

Our subsidiary, Florida Parishes Bank, is considered "well capitalized" by all applicable federal banking regulations and definitions as of March 31, 2015.

FPB Financial Corp. is headquartered in Hammond, LA and is the parent company of Florida Parishes Bank. The Company's common stock is traded under the "FPBF" symbol. 

This news release contains certain forward-looking statements, including statements about the financial condition, results of operations and earnings outlook for FPB Financial Corp. and its subsidiaries. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include words such as "believe," "expect," "anticipate," "estimate" and "intend" or future or conditional verbs such as "will," "would," "should," "could" or "may." Forward-looking statements, by their nature, are subject to risks and uncertainties. A number of factors, many of which are beyond the Company's control, could cause actual conditions, events or results to differ significantly from those described in the forward-looking statements. These factors include, among others, the following: general economic conditions, changes in interest rates, deposit flows, the cost of funds, changes in credit quality, interest rate risks associated with the Company's business and operations and the adequacy of our allowance for loan losses. Other factors include changes in our loan portfolio, changes in competition, fiscal and monetary policies and legislation and regulatory changes. We undertake no obligation to update any forward-looking statements.

Fritz W. Anderson II, Chairman of the Board announced today that "On April 09, 2015, the Board of Directors of FPB Financial Corp. declared a cash dividend on the common stock of the company bearing Cusip #302549 10 0. The dividend rate of $0.07 per share and will be paid on June 25, 2015 to stockholders of record at the close of business on June 10, 2015."