SOURCE: FPB Financial Corp.

January 24, 2008 10:56 ET

FPB Financial Corp. Announces Record Earnings for 2007 and Declares Dividends

HAMMOND, LA--(Marketwire - January 24, 2008) - FPB Financial Corp. (PINKSHEETS: FPBF), the holding company for Florida Parishes Bank, announced record earnings for the year ended December 31, 2007.

Net income for the twelve months ended December 31, 2007 was $1,148,000 ($3.64 per common share; $3.49 per diluted common share), up 23.6% from $929,000 ($3.53 per common share; $3.35 per diluted common share), for the 2006 comparable period. Net income for the three months ended December 31, 2007 was $223,000 ($0.66 per common share; $0.63 per diluted common share), down 20.9% from $282,000 ($1.06 per common share; $1.01 per diluted common share), for the 2006 comparable period.

Earnings for the three and twelve months ended December 31, 2007 were positively affected by a $189,000 or 15.1% increase in net interest income for the quarter and a $791,000 or 17.4% increase for the twelve month period. Non-interest income increased by 1.5% to $491,000 for the quarter and by 40.3% to $2,073,000 for the twelve month period compared to the 2006 results. The increased non-interest income for the twelve months was primarily due to increased revenue from deposit service charges and fees, mortgage banking, interchange fees, and gains on sale of investments. Non-interest income was reduced for the fourth quarter and twelve month period by a loss on trading accounts, primarily from a mutual fund investment in high yield corporate debt securities and a 22.5% decrease for the quarter in mortgage banking income. Earnings were affected by a 25.3% increase for the quarter and a 24.0% increase for the twelve months in non-interest expenses, primarily compensation expense, occupancy and equipment, and other expense. Provisions for loan losses decreased by 18.2% for the quarter and increased by 8.4% for the year, compared to the 2006 periods.

Stockholders equity increased by 42.4% 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. announced on October 18, 2007 the execution of a definitive agreement to sell on or before January 10, 2008 a parcel of real estate and recognize an after tax gain of approximately $450,000. As of this date, the proposed sale has not been completed and no assurance can be given as to when or if this proposed sale will be completed.

FPB Financial Corp. reported the following compared to December 31, 2006:

--  Net Income increased $220,000, or 23.6%
    
--  Tangible stockholders equity increased $3.6 million, or 42.4%
    
--  Tangible book value per share increased to $34.33, or 14.1%
    
--  Non-Interest Income increased $595,000, or 40.3%
    
--  Dividends paid to shareholders increased $76,000, or 46.1%
    
--  Total Deposits increased $19.2 million, or 19.3%
    
--  Non-interest bearing deposits increased $2.1 million, or 17.7%
    
--  Non-Maturity Deposits increased $17.3 million, or 31.7%
    
--  Total Assets increased $31.2 million, or 23.0%
    
--  Net Loans increased $13.7 million, or 12.9%
    
--  Loan Loss Reserve increased $531,000, or 54.1%
    
    

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.

Selected Balances (Unaudited)  Dec. 31, 2007  Sept. 30, 2007 Dec. 31, 2006
                               -------------- -------------- --------------
Cash and Cash Equivalents      $    6,321,168 $    9,724,324 $    8,602,576

Investment and mortgage-backed
 securities                        33,849,611     16,148,075     14,793,689

Net Loans                         119,627,069    111,247,708    105,895,525

Total Assets                      166,721,692    144,750,803    135,499,073

Non-Interest Bearing Deposits      14,165,105     14,101,700     12,036,172

Interest Bearing Deposits         104,415,131     90,390,785     87,305,141

Non-Maturity Deposits (Included
 in interest and non-interest
 bearing deposits)                 71,885,098     58,038,501     54,612,338

Brokered Deposits (Included in
 interest bearing deposits)         5,719,089      5,347,310      5,346,932

FHLB Advances                      32,183,198     23,961,911     23,297,500

Subordinated Debentures/Trust
 Preferred Securities               3,093,000      3,093,000      3,093,000

Stockholders' Equity               12,079,239     11,975,504      8,480,592

Non-Performing Assets                 486,134          5,436        181,502

Loan Loss Reserve                   1,512,295      1,405,411        981,179

Tangible Book Value per Share           34.33          34.04          30.09



                      CONSOLIDATED STATEMENTS OF EARNINGS
                                 (UNAUDITED)

                          For the Three Months      For the Twelve Months
                                  Ended                     Ended
                          Dec. 31,     Dec. 31,     Dec. 31,     Dec. 31,
                            2007         2006         2007         2006
                        (Unaudited)  (Unaudited)  (Unaudited)  (Unaudited)
INTEREST INCOME:

  Mortgage loans        $ 1,813,191  $ 1,631,901  $ 6,745,109  $ 5,805,007

  Premium Finance Loans     186,636      139,560      695,354      333,181

  Consumer Loans            135,607      113,520      513,885      390,384

  Lines of credit           112,579       96,484      411,350      329,751

  Commercial Loans           74,492       68,674      270,653      205,873

  Loans on deposits          32,814       25,440      125,334      102,588

  FHLB stock and other
   Investment
   securities               218,001      182,531      761,892      739,724

  Demand deposits            47,738       58,521      316,113      236,879

  Mortgage-backed
   securities                19,829       13,488       82,937       45,298
                        -----------  -----------  -----------  -----------

TOTAL INTEREST INCOME     2,640,887    2,330,119    9,922,627    8,188,685

INTEREST EXPENSE:
  Deposits                  844,376      793,236    3,420,330    2,564,891

  Federal Home Loan
   Bank Advances            311,317      241,059      993,516      906,145

Subordinated
 Debentures/
 Trust Preferred
 Securities                  42,915       42,917      171,662      171,662
                        -----------  -----------  -----------  -----------

TOTAL INTEREST EXPENSE    1,198,608    1,077,212    4,585,508    3,642,698
                        -----------  -----------  -----------  -----------

  NET INTEREST INCOME     1,442,279    1,252,907    5,337,119    4,545,987

Provisions for loan
 losses                     150,000      183,500     600,000       553,500
                        -----------  -----------  -----------  -----------

NET INTEREST INCOME
 AFTER PROVISION FOR
 LOAN LOSSES              1,292,279    1,069,407    4,737,119    3,992,487
                        -----------  -----------  -----------  -----------

NON-INTEREST INCOME

Service charge on
 deposits                   198,766      171,653      776,878      543,252

Mortgage Banking            133,649      172,351      651,857      485,754

Interchange Fees             58,990       39,935      200,592      136,507

Loan Fees and Charges        45,890       28,719      138,580      100,870

Premium Finance              44,583       31,120      152,862       62,095

Profit on sale of
 Investments                 17,257        1,883       67,132       20,374

Gain/(Loss) on
 Investment Trading
 Accounts                   (31,363)           0      (34,589)           0

Other                        22,852       38,436      119,398      128,528
                        -----------  -----------  -----------  -----------

TOTAL NON-INTEREST
 INCOME                     490,624      484,097    2,072,710    1,477,380
                        -----------  -----------  -----------  -----------

NON-INTEREST EXPENSE

Compensation and
 Employee Benefits          773,267      668,289    2,910,025    2,315,953

Occupancy, Property
 taxes, and Equipment       139,253      113,904      460,987      385,425

Technology and
 Information Processing     122,883       92,293      407,172      387,901

Federal Deposit
 Insurance,
 Supervisory Fees/Taxes      44,448       23,410      156,043      130,176

Professional Fees            33,827       51,437      179,683      135,885

Other                       309,584      187,175      944,895      723,892
                        -----------  -----------  -----------  -----------

TOTAL NON-INTEREST
 EXPENSE                  1,423,262    1,136,508    5,058,805    4,079,232
                        -----------  -----------  -----------  -----------

INCOME BEFORE INCOME
 TAXES                      359,641      416,996    1,751,024    1,390,635

Income Tax Expense/
 (Benefit)                  136,829      135,295      602,729      461,852
                        -----------  -----------  -----------  -----------

NET INCOME              $   222,812  $   281,701  $ 1,148,295  $   928,783
                        ===========  ===========  ===========  ===========

Earnings Per Share      $      0.66  $      1.06  $      3.64  $      3.53

Diluted Earnings Per
 Share                  $      0.63  $      1.01  $      3.49  $      3.35

Dividend Paid per Share $      0.36  $      0.28  $      0.72  $      0.60

Return on Average
 Assets                        0.60%        0.85%        0.81%        0.73%

Return on Average
 Equity                        7.40%       13.50%       10.75%       11.56%

Net Charge-Off
 (Recoveries) to
 Average Loans                 0.04%        0.00%        0.06%        0.02%



                   CONSOLIDATED STATEMENTS OF CONDITION
                                (UNAUDITED)

                            Dec. 30, 2007   Sept. 30, 2007  Dec. 30, 2006
ASSETS:

Cash and Cash Equivalents   $    6,321,168  $    9,724,324  $    8,602,576

Investment and
 Mortgage-Backed Securities     33,849,611      16,148,075      14,793,689

Net Loans                      119,627,069     111,247,708     105,895,525

Premises and Equipment, Net      5,920,041       5,930,160       5,502,497

Other Assets                     1,003,803       1,700,536         704,786
                            --------------  --------------  --------------

   TOTAL ASSETS             $  166,721,692  $  144,750,803  $  135,499,073
                            ==============  ==============  ==============

LIABILITIES:

Deposits                       118,580,236     104,492,484      99,341,313

Federal Home Loan Bank
 Advances                       32,183,198      23,961,911      23,297,500

Other Liabilities                  786,019       1,227,904       1,286,668

Shares subject to mandatory
 redemption                      3,093,000       3,093,000       3,093,000
                            --------------  --------------  --------------

   TOTAL LIABILITIES        $  154,642,453  $  132,775,299  $  127,018,481
                            ==============  ==============  ==============

STOCKHOLDERS' EQUITY:

Common Stock                $        4,128  $        4,128  $        3,427

Capital Surplus                  5,920,889       5,905,541       3,251,845

Retained Earnings                7,556,773       7,458,948       6,649,964

Unearned Compensation             (132,337)       (139,709)       (157,505)

Treasury Stock                  (1,227,321)     (1,227,321)     (1,227,321)

Accumulated Other
 Comprehensive Income              (42,893)        (26,083)        (39,818)
                            --------------  --------------  --------------

Total Stockholders' Equity      12,079,239      11,975,504       8,480,592
                            --------------  --------------  --------------

   TOTAL LIABILITIES AND
    STOCKHOLDERS' EQUITY    $  166,721,692  $  144,750,803  $  135,499,073
                            ==============  ==============  ==============


Fritz W. Anderson II, Chairman of the Board, announced today that "On January 10, 2008 (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 will be $0.14 per share and will be paid on March 25, 2008 (Payable Date) to stockholders of record March 10, 2008. (Record Date)."

Contact Information

  • For More Information Contact:
    Fritz W. Anderson, II
    President, Chief Executive Officer,
    and Chairman
    FPB Financial Corp.
    (985) 345-1880