HAMMOND, LA--(Marketwire - October 18, 2007) - Fritz W. Anderson II, Chairman of FPB Financial
Corp. (
Net income for the three months ended September 30, 2007 was $339,000 ($1.00 per common share; $0.96 per diluted common share), up 42.4% from $238,000 ($0.90 per common share; $0.85 per diluted common share), for the 2006 comparable period. Net income for the nine months ended September 30, 2007 was $925,000 ($3.01 per common share; $2.89 per diluted common share), up 43.0% from $647,000 ($2.46 per common share; $2.34 per diluted common share), for the 2006 comparable period.
Earnings for the three and nine months ended September 30, 2007 were positively affected by a $155,000 or 12.8% increase in net interest income for the quarter and a $574,000 or 17.3% increase for the nine month period. Non-interest income increased by 61.4% to $585,000 for the quarter and by 64.3% to $1,592,000 for the nine month period compared to the 2006 results. The increased non-interest income for the quarter and nine months were primarily due to increased revenue from deposit service charges and fees, mortgage banking fees, fees on Premium Finance loans, and a $50,000 gain on sale of investments. Earnings were affected by a 21.0% increase for the quarter and a 23.7% increase for the nine months in non-interest expenses, primarily compensation expense, occupancy and equipment, professional fees, and a 21.6% increase in provisions for loan losses.
Stockholders equity increased by 45.3% primarily due to the issuance of 69,530 shares of common stock at $38.00 per share in a private placement offering which closed April 30, 2007.
FPB Financial Corp. has entered into a definitive agreement to sell on or before January 10, 2008 a parcel of real estate that was formerly used through July 15, 2004 as the Bank's main office. Under the terms of the executed purchase agreement FPB Financial Corp. would recognize an after tax gain of approximately $450,000 ($1.28 per diluted common share), although there can be no assurance that this sale will be completed.
FPB Financial Corp. reported the following compared to September 30, 2006:
-- Net Income increased $278,000, or 43.0%
-- Stockholders equity increased $3.8 million, or 45.3%
-- Return on average stockholders equity increased to 11.7%
-- Book value per share increased to $34.04, or 15.5%
-- Non-Interest Income increased $623,000, or 64.3%
-- Dividends paid increased $29,000, or 33.0%
-- Total Deposits increased $5.8 million, or 5.9%
-- Non-Maturity Deposits increased $1.9 million, or 3.4%
-- Total Assets increased $10.6 million, or 7.9%
-- Net Loans increased $5.3 million, or 5.0%
-- Loan Loss Reserve increased $611,000, or 77.0%
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.
FPB Financial Corp.
Sept. 30, June 30, Sept. 30,
Selected Balances (Unaudited) 2007 2007 2006
------------ ------------ ------------
Cash and Cash Equivalents 9,724,324 13,821,525 6,132,367
Investment and mortgage-backed
securities 16,148,075 16,640,174 15,725,027
Net Loans 111,247,708 105,535,609 105,942,653
Total Assets 144,750,803 142,758,252 134,110,645
Non-Interest Bearing Deposits 14,101,700 15,005,429 11,795,259
Interest Bearing Deposits 90,390,785 92,292,961 86,886,376
Non-Maturity Deposits (Included in
interest and non-interest bearing
deposits) 58,038,501 61,589,507 56,135,137
Brokered Deposits (Included in
interest-bearing deposits) 5,347,310 5,515,692 4,902,739
FHLB Advances 23,961,911 19,567,421 22,722,500
Subordinated Debentures/Trust
Preferred Securities 3,093,000 3,093,000 3,093,000
Stockholders’ Equity 11,975,504 11,730,574 8,243,937
Non-Performing Assets 5,436 0 93,766
Loan Loss Reserve 1,405,411 1,267,082 793,942
Book Value per Share 34.04 33.39 29.48
CONSOLIDATED STATEMENTS OF EARNINGS
(UNAUDITED)
For the Three Months For the Nine Months
Ended Ended
Sept. 30, Sept. 30, Sept. 30, Sept. 30,
2007 2006 2007 2006
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
INTEREST INCOME:
Mortgage loans and
fees $ 1,683,927 $ 1,550,872 $ 4,931,914 $ 4,201,385
Premium Finance Loans 187,017 123,416 508,718 193,621
Consumer Loans 134,464 104,576 378,282 276,865
Lines of credit and
fees 111,329 86,756 298,771 233,267
Commercial Loans 63,825 53,894 196,161 137,199
Loans on deposits 30,408 26,327 92,520 77,148
FHLB stock and other
Investment
securities 185,737 182,519 543,890 560,599
Demand deposits 73,423 49,270 268,376 178,358
Mortgage-backed
securities 21,252 14,371 63,108 28,404
----------- ----------- ----------- -----------
TOTAL INTEREST INCOME 2,491,382 2,192,001 7,281,740 5,886,846
INTEREST EXPENSE:
Deposits 849,934 712,112 2,575,956 1,771,655
Federal Home Loan
Bank Advances 228,396 221,496 682,198 665,086
Subordinated
Debentures/Trust
Preferred Securities 42,915 42,915 128,746 128,745
----------- ----------- ----------- -----------
TOTAL INTEREST EXPENSE 1,121,245 976,523 3,386,900 2,565,486
----------- ----------- ----------- -----------
NET INTEREST INCOME 1,370,137 1,215,478 3,894,840 3,321,360
Provisions for loan
losses 150,000 150,000 450,000 370,000
----------- ----------- ----------- -----------
NET INTEREST INCOME
AFTER PROVISION FOR
LOAN LOSSES 1,220,137 1,065,478 3,444,840 2,951,360
----------- ----------- ----------- -----------
NON-INTEREST INCOME
Service charge on
deposits 201,263 136,617 578,112 371,599
Mortgage Banking 155,811 138,225 447,067 393,224
Interchange Fees 48,922 35,202 139,936 96,600
Premium Finance 39,506 23,397 108,279 30,974
Profit on sale of
Investments 49,875 0 49,875 18,491
Other 89,698 28,736 269,181 57,990
----------- ----------- ----------- -----------
TOTAL NON-INTEREST
INCOME 585,075 362,177 1,592,450 968,878
----------- ----------- ----------- -----------
NON-INTEREST EXPENSE
Compensation and
Employee Benefits 752,532 605,126 2,136,758 1,647,664
Occupancy and Equipment 121,817 98,797 316,864 275,394
Technology and
Information Processing 108,610 82,943 284,289 294,608
Professional Fees 67,007 51,833 179,589 112,758
Stationary, Printing, &
Supplies 33,186 27,792 97,564 85,778
Advertising 25,220 14,502 58,235 40,171
Federal Deposit
Insurance 2,905 2,715 8,761 7,458
Other 183,932 186,324 563,847 482,768
----------- ----------- ----------- -----------
TOTAL NON-INTEREST
EXPENSE 1,295,209 1,070,032 3,645,907 2,946,599
----------- ----------- ----------- -----------
INCOME BEFORE INCOME
TAXES 510,003 357,623 1,391,383 973,639
Income Tax Expense
(Benefit) 170,650 119,867 465,900 326,557
----------- ----------- ----------- -----------
NET INCOME 339,353 $ 237,756 925,483 $ 647,082
=========== =========== =========== ===========
Earnings Per Share $ 1.00 $ 0.90 $ 3.01 $ 2.46
Diluted Earnings Per
Share $ 0.96 $ 0.85 $ 2.89 $ 2.34
Dividend Paid per Share $ 0.12 $ 0.12 $ 0.36 $ 0.32
Return on Average
Assets 0.97% 0.74% 0.89% 0.69%
Return on Average
Equity 11.43% 11.73% 11.70% 10.91%
Net Charge-Off
(Recoveries) to
Average Loans 0.010% 0.010% 0.024% 0.020%
CONSOLIDATED STATEMENTS OF CONDITION
(UNAUDITED)
Sept. 30, 2007 June 30, 2007 Sept. 30, 2006
ASSETS:
Cash and Cash Equivalents 9,724,324 13,821,525 6,132,367
Investment Securities 16,148,075 16,640,174 15,725,027
Net Loans 111,247,708 105,535,609 105,942,653
Premises and Equipment, Net 5,930,160 5,930,061 5,482,475
Other Assets 1,700,536 830,883 828,123
-------------- -------------- --------------
TOTAL ASSETS $ 144,750,803 $ 142,758,252 $ 134,110,645
============== ============== ==============
LIABILITIES:
Deposits 104,492,484 107,298,390 98,681,635
Federal Home Loan Bank
Advances 23,961,911 19,567,421 22,722,500
Other Liabilities 1,227,904 1,068,867 1,369,573
Shares subject to mandatory
redemption 3,093,000 3,093,000 3,093,000
-------------- -------------- --------------
TOTAL LIABILITIES $ 132,775,299 $ 131,027,678 $ 125,866,708
============== ============== ==============
STOCKHOLDERS’ EQUITY:
Common Stock $ 4,128 $ 4,124 $ 3,404
Capital Surplus 5,905,541 5,886,580 3,211,512
Retained Earnings 7,458,948 7,161,257 6,445,852
Unearned Compensation (139,709) (144,807) (164,878)
Treasury Stock (1,227,321) (1,227,321) (1,227,321)
Accumulated Other
Comprehensive Income (26,083) 50,741 (24,632)
-------------- -------------- --------------
Total Stockholders’ Equity 11,975,504 11,730,574 8,243,937
-------------- -------------- --------------
TOTAL LIABILITIES AND
STOCKHOLDERS EQUITY $ 144,750,803 $ 142,758,252 $ 134,110,645
============== ============== ==============
Fritz W. Anderson II, Chairman of the Board announced today that “On October 11, 2007 (Declaration Date) 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 increased to $0.36 per share. This dividend rate is composed of a regular quarterly dividend rate of $0.12 per share and a special year-end dividend of $0.24 per share and will be paid on December 24, 2007 (Payable Date) to stockholders of record December 7, 2007. (Record Date).”
Contact Information: For More Information Contact: Fritz W. Anderson, II President, Chief Executive Officer, and Chairman FPB Financial Corp. (985) 345-1880