HAMMOND, LA--(Marketwire - January 27, 2010) - FPB Financial Corp. (
Net income available to common shareholders for the fourth quarter ended December 31, 2009 increased to $410,000 ($1.12 per diluted common share) compared to a loss of $1.6 million ($4.47 per diluted common share) in the 2008 period. Net income available to common shareholders for the year increased to $1.9 million ($5.27 per diluted common share) as compared to a loss of $658,000 ($1.86 per diluted common share) in 2008. If a pre-tax 2009 third quarter gain on sale of real estate of $514,000 was eliminated, net income available to common shareholders for 2009 would be revised to $1.6 million.
Earnings for the quarter were positively affected by an increase in non-interest income, an improved net-interest margin which resulted in a quarterly increase of $285,000 in net interest income and a $249,000 decrease in non-interest expense. Net income was adversely affected by a $30,000 increase in provision for loan losses compared to the 2008 quarterly period.
Non-interest income increased by $1.9 million in the December 2009 quarter, primarily due to no investment impairment charges this period and a reduced loss on investment trading accounts. Also having a positive effect on non-interest income was a net gain of $98,000 or 117.1% in mortgage banking revenue, and an $18,000 or 7.5% increase in deposit service charges as compared to the fourth quarter of 2008.
Net interest income increased by $285,000 or 17.5% for the quarter, primarily due to a $301,000 or 30.9% decrease in interest expense for the three month period.
Non-interest expense decreased 13.3% or $249,000 for the quarter, primarily due to decreased expense in technology and information processing, compensation and employee benefits and other expenses.
Net loan charge-offs increased 22.5% to $120,000 while provisions for loan losses increased 13.0% to $260,000 for the quarterly period as compared to 2008. Non-performing assets increased $297,000 or 21.6% to $1.7 million. Allowance for loan losses increased $460,000 or 26.6% to $2.2 million. Troubled debt restructured that is performing at December 31, 2009 totaled $2.4 million. The Company had no troubled debt restructured at December 31, 2008.
Total assets at year-end decreased 6.5% to $165.1 million as compared to December 31, 2008, primarily due to a $10.8 million decline in investment and mortgage-backed securities. Total deposits declined $12.9 million, primarily through a reduction in time deposit accounts. Non-maturity transaction/saving deposit accounts increased $6.3 million or 8.8%.
Total stockholders' equity increased $4.2 million or 36.7% to $15.7 million at December 31, 2009, when compared to December 31, 2008, primarily due the January 23, 2009 issuance of $3.2 million of Series A and $162,000 of Series B Perpetual Preferred Stock to the U.S. Treasury from the Treasury's Capital Purchase Program (CPP). The Series A Perpetual Preferred Stock outstanding was reduced in December 2009 by $1.0 million from $3.2 million to a December 31, 2009 total of $2.2 million. Total tangible common equity increased $2.0 million or 17.3% to $13.5 million, primarily due to an increase in retained earnings of $1.6 million.
Our subsidiary, Florida Parishes Bank, is considered "well capitalized" by all applicable federal banking regulations and definitions as of December 31, 2009.
FPB Financial Corp. reported the following for 2009, and as compared to December 31, 2008:
-- Net Income available to common shareholders increased to $1.9 million
-- Net Earnings per common share increased to $5.48
-- Net Interest Margin increased to 4.50% from 4.22%
-- Net Interest income increased $788,000, or 12.2%
-- Non-Interest income increased to $2.9 million
-- Non-Interest expense decreased $183,000, or 2.8%
-- Non-Interest bearing deposits increased $573,000,or 2.9%
-- Non-maturity deposits increased $6.3 million, or 8.9%
-- Total Stockholders' Equity increased $4.2 million, or 36.7%
-- Tangible Common Stockholders' Equity increased $2.0 million, or 17.3%
-- Tangible Common Book Value per share increased $4.44, or 13.7%
-- Allowance for Loan Losses increased to $2.2 million
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.
FPB Financial Corp.
Selected Balances Dec. 31, 2009 Sept. 30, 2009 Dec. 31, 2008
-------------- -------------- --------------
(Unaudited) (Unaudited) (Audited and
as restated)
Cash and Cash Equivalents $ 5,090,847 $ 6,103,749 $ 4,798,919
Investment and
Mortgaged-backed Securities 18,127,207 17,866,826 28,948,432
Net Loans 131,593,330 136,555,992 132,283,593
Other Real Estate Owned 156,828 118,800 0
Troubled Debt Restructured 2,356,258 1,854,591 0
to Total Loans 1.76% 1.34% 0%
Non-Performing Assets to 1,668,415 842,811 1,371,741
Total Assets 1.01% 0.50% 0.78%
Allowance for Loan Losses 2,190,038 2,050,127 1,729,668
to Total Loans 1.64% 1.48% 1.29%
to Non-Performing Assets 131.26% 243.25% 126.09%
Total Assets 165,050,555 170,376,487 176,436,348
Non-Interest Bearing
Deposits 20,556,448 20,645,329 19,983,677
Interest-Bearing Deposits 99,581,917 107,932,788 113,098,438
Non-Maturity Deposits (Included
in interest and non-interest
bearing deposits) 78,014,624 75,738,011 71,676,664
Brokered Deposits (Included
in interest-bearing
deposits) 5,329,588 5,438,889 13,556,808
FHLB Advances 25,131,440 20,905,639 27,369,724
Subordinated Debentures/
Trust Preferred Securities 3,093,000 3,093,000 3,093,000
Tangible Common
Stockholders' Equity 13,507,767 13,151,351 11,518,838
Tangible Common Book Value
per Share $ 36.89 $ 36.55 $ 32.45
CONSOLIDATED STATEMENTS OF EARNINGS
For the Three Months Ended For the Twelve Months Ended
Dec. 31, 2009 Dec. 31, 2008 Dec. 31, 2009 Dec. 31, 2008
(Unaudited) (Audited and (Unaudited) (Audited and
as restated) as restated)
INTEREST INCOME:
Mortgage Loans $ 1,995,744 $ 1,886,019 $ 7,854,686 $ 7,574,061
Consumer Loans 286,052 349,093 1,225,358 1,411,924
Consumer &
Commercial
Lines of Credit 111,184 95,370 403,278 400,854
Commercial Loans 63,914 75,159 252,979 274,064
Mortgage-backed
securities 82,699 116,542 457,985 301,172
FHLB stock and
other Investment
Securities/
Deposits 51,656 84,932 215,657 809,861
------------- ------------- ------------- -------------
TOTAL INTEREST
INCOME 2,591,249 2,607,115 10,409,943 10,771,936
------------- ------------- ------------- -------------
INTEREST
EXPENSE:
Deposits 447,026 669,377 2,069,812 2,941,882
Federal Home
Loan Bank
Advances 199,347 253,305 958,080 1,177,409
Subordinated
Debentures/
Trust Preferred
Securities 26,451 51,415 125,237 183,956
------------- ------------- ------------- -------------
TOTAL INTEREST
EXPENSE 672,824 974,097 3,153,129 4,303,247
------------- ------------- ------------- -------------
NET INTEREST
INCOME 1,918,425 1,633,018 7,256,814 6,468,689
Provisions for
loan losses 260,000 230,000 725,000 440,000
------------- ------------- ------------- -------------
NET INTEREST
INCOME AFTER
PROVISION
FOR LOAN
LOSSES 1,658,425 1,403,018 6,531,814 6,028,689
------------- ------------- ------------- -------------
NON-INTEREST
INCOME
Service charge
on deposits 251,854 234,339 923,197 831,196
Mortgage Banking 181,809 83,738 731,456 518,170
Interchange Fees 71,791 66,018 279,593 242,188
Loan Fees and
Charges 38,798 40,717 138,258 171,870
Gain/(Loss) on
Sale of Real
Estate/
Investments 7,161 (17,109) 725,174 (17,109)
Gain/(Loss) on
Investment
Trading
Accounts (7,959) (190,059) 78,790 (298,108)
Investment
Impairment
Charge 0 (1,569,894) (169,923) (1,569,894)
Other 35,153 67,000 217,673 240,362
------------- ------------- ------------- -------------
TOTAL
NON-INTEREST
INCOME 578,607 (1,285,250) 2,924,218 118,675
------------- ------------- ------------- -------------
NON-INTEREST
EXPENSE
Compensation
and Employee
Benefits 878,997 896,229 3,457,440 3,603,189
Occupancy,
Property
Taxes, and
Equipment 216,160 202,165 755,628 663,093
Technology and
Information
Processing 142,238 220,409 461,387 610,150
Federal Deposit
Insurance,
Supervisory
Fees/Taxes 65,144 63,502 446,740 233,553
Professional
Fees 71,100 60,394 230,982 196,921
Other 242,878 422,628 964,015 1,191,797
------------- ------------- ------------- -------------
TOTAL NON-INTEREST
EXPENSE 1,616,517 1,865,327 6,316,192 6,498,703
------------- ------------- ------------- -------------
INCOME BEFORE
INCOME
TAXES 620,515 (1,747,559) 3,139,840 (351,339)
Income Tax
Expense
(Benefit) 161,817 (160,521) 1,064,372 306,939
------------- ------------- ------------- -------------
NET INCOME 458,698 (1,587,038) 2,075,468 (658,278)
Dividends Paid
to Preferred
Shareholders 48,451 0 147,532 0
------------- ------------- ------------- -------------
Net Income
Available to
Common
Shareholders $ 410,247 ($ 1,587,038) $ 1,927,936 ($ 658,278)
============= ============= ============= =============
Earnings Per
Common Share $ 1.27 ($ 4.58) $ 5.90 ($ 1.92)
Diluted
Earnings Per
Common Share $ 1.25 $ (4.47) $ 5.67 ($ 1.86)
Available
Earnings Per
Common Share $ 1.14 ($ 4.58) $ 5.48 ($ 1.92)
Diluted
Available
Earnings Per
Common Share $ 1.12 ($ 4.47) $ 5.27 ($ 1.86)
Dividends Paid
per Common
Share $ 0.36 $ 0.36 $ 0.78 $ 0.78
Net Income to
Average Assets 1.06% (3.87%) 1.18% (0.40%)
Net Income to
Average Total
Stockholders'
Equity 11.14% (52.23%) 13.54% (5.39%)
Net Interest
Margin 4.92% 4.34% 4.50% 4.22%
Net Charge-Off/
(Recoveries)
to Average $ 120,090 $ 98,000 $ 264,631 $ 223,000
Total Loans 0.09% 0.08% 0.20% 0.17%
Allowance for
Loan Losses to
Average Total 2,190,038 1,729,668 2,190,038 1,729,668
Loans 1.63% 1.36% 1.64% 1.39%
Non-Performing
Assets to
Average Total 1,668,415 1,371,741 1,668,415 1,371,741
Assets 0.98% 0.84% 0.95% 0.84%
CONSOLIDATED STATEMENTS OF CONDITION
Dec. 31, 2009 Sept. 30, 2009 Dec. 31, 2008
(Unaudited) (Unaudited) (Audited and
as restated)
ASSETS:
Cash and Cash Equivalents $ 5,090,847 $ 6,103,749 $ 4,798,919
Investment and
Mortgage-Backed Securities 18,127,207 17,866,826 28,948,432
Net Loans 131,593,330 136,555,992 132,283,593
Premises and Equipment, Net 8,695,535 8,779,567 9,052,880
Other Real Estate Owned 156,828 118,800 0
Other Assets 1,386,808 951,553 1,352,524
-------------- -------------- --------------
TOTAL ASSETS $ 165,050,555 $ 170,376,487 $ 176,436,348
============== ============== ==============
LIABILITIES:
Deposits 120,138,365 128,578,117 133,082,115
Federal Home Loan Bank
Advances 25,131,440 20,905,639 27,369,724
Subordinated
debentures/trust preferred
securities 3,093,000 3,093,000 3,093,000
Other Liabilities 939,983 1,408,380 1,372,671
-------------- -------------- --------------
TOTAL LIABILITIES $ 149,302,788 $ 153,985,136 $ 164,917,510
============== ============== ==============
STOCKHOLDERS' EQUITY:
Common Stock $ 4,271 $ 4,207 $ 4,159
Capital Surplus 6,228,299 6,128,276 6,047,672
Retained Earnings 8,252,062 7,972,182 6,625,207
Unearned Compensation (60,936) (85,980) (110,920)
Treasury Stock (1,227,321) (1,227,321) (1,227,321)
Accumulated Other
Comprehensive Income 311,392 359,987 180,041
-------------- -------------- --------------
Total Tangible Common
Stockholders' Equity 13,507,767 13,151,351 11,518,838
Total Preferred
Stockholders' Equity 2,240,000 3,240,000 0
-------------- -------------- --------------
Total Stockholders' Equity 15,747,767 16,391,351 11,518,838
-------------- -------------- --------------
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $ 165,050,555 $ 170,376,487 $ 176,436,348
============== ============== ==============
Fritz W. Anderson II, Chairman of the Board announced today that "On January 14, 2010, 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 will be $0.14 per share and will be paid on March 25, 2010 to stockholders of record at the close of business on March 10, 2010."
Contact Information: For More Information Contact: Fritz W. Anderson, II President, Chief Executive Officer, And Chairman FPB Financial Corp. (985) 345-1880