HAMMOND, LA--(Marketwire - April 21, 2009) - FPB Financial Corp. (
Net income for the three months ended March 31, 2009 was $341,000; ($0.96 per diluted common share), down 16.4% from $408,000; ($1.15 per diluted common share) for the 2008 comparable period.
Earnings were affected by a 6.8% increase in net interest income, a 30.9% increase in non-interest income, a 9.1% increase in non-interest expense and an 816.7% increase in provisions for loan losses as compared to the three months ended March 31, 2008.
Non-interest income increased primarily due to a $115,000 gain on sale of an available-for-sale investment and a $55,000 increase in mortgage banking revenue. Non-interest expense increased due to increases in compensation, occupancy and FDIC insurance. Technology and information processing costs declined 42.9% due to credits received related to a computer software conversion completed in the 2008 fourth quarter. Provisions for loan losses increased by $245,000 due to a $845,000 increase in non-performing assets as compared to March 31, 2008. Net charged-off loans were $6,000 for the 2009 first quarter as compared to $4,000 in the 2008 first quarter and $98,000 in the 2008 fourth quarter. No other real estate was owned at March 31, 2009; December 31, 2008; and March 31, 2008.
Total stockholders' equity increased $2.9 million, or 23.4% to $15.4 million due to 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). Total tangible common equity decreased $321,000 to $12.1 million primarily due to an accumulated other comprehensive loss on the subsidiary bank's $5.5 million investment in the AMF Ultra Short Mortgage Fund (ASARX). The fair value (market value) on March 31, 2009 of the company's AMF investment was $4.3 million. The AMF investment remains under impairment review, $500,000 of impairment charges were recorded on this investment in December 2008. The Company's other available-for-sale investment securities acquired at a cost value of $13.5 million are U.S. Government Agency issues of Fannie Mae, Freddie Mac, and Ginnie Mae which held a fair value of $13.8 million as of March 31, 2009. The Company owns no held-to-maturity investment securities and $ 444,000 of fair valued (market valued) trading securities at March 31, 2009.
Total assets increased 4.2% as compared to the 2008 period, primarily due to a 148.4% increase to $16.0 million in cash and cash equivalents, a 6.8% increase in net loans, a 44.0% increase to $9.1 million in net premises and equipment, and a 41.6% decrease to $19.7 million in investment securities. Total liabilities increase 2.7% with deposits increasing 18.1%, non-interest bearing deposits increased 23.2% to $17.5 million and advances from the Federal Home Loan Bank decreased $16.9 million to $26.9 million or 39.5%. Allowance for loan losses increased $460,000, or 29.9% to $2.0 million at March 31, 2009.
As of March 31, 2009 our subsidiary, Florida Parishes Bank, is considered "well capitalized" by all Federal banking regulations and definitions.
FPB Financial Corp. reported the following compared to March 31, 2008:
-- Net Interest Margin increased to 4.12% from 3.94%
-- Non-Interest Income increased $172,000, or 30.9%
-- Net Interest Income increased $105,000, or 6.8%
-- Total Deposits increased $20.0 million, or 18.1%
-- Non-interest bearing deposits increased $3.3 million, or 23.2%
-- Non-Maturity Deposits increased $5.7 million, or 8.9%
-- Total Assets increased $7.2 million, or 4.2%
-- Net Loans increased $8.5 million, or 6.8%
-- Allowance for Loan Losses increased $460,000, or 29.9%
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.
March 31, Dec. 31, March 31,
Selected Balances (Unaudited) 2009 2008 2008
------------ ------------ ------------
Cash and Cash Equivalents $ 16,014,425 $ 4,798,919 $ 6,446,740
Investment Securities at Cost 20,627,655 29,747,158 33,880,117
Net Investment Securities at Fair
Value 19,693,208 28,948,432 33,736,516
Net Loans 133,443,602 132,283,593 124,957,126
Total Assets 179,596,782 176,456,883 172,359,299
Non-Interest Bearing Deposits 17,454,807 19,983,677 14,182,920
Interest Bearing Deposits 116,050,512 113,098,438 100,045,216
Non-Maturity Deposits (Included
in interest and non-interest
bearing deposits) 69,400,978 71,676,664 63,669,896
Brokered Deposits (Included in
interest- bearing deposits) 10,253,257 13,556,808 6,414,120
FHLB Advances 26,894,790 27,369,724 42,812,066
Subordinated Debentures/Trust
Preferred Securities 3,093,000 3,093,000 3,093,000
Tangible Common Stockholders'
Equity 12,128,918 11,944,708 12,450,397
Tangible Common Book Value
per Share 34.17 33.65 35.07
Non-Performing Assets 1,519,945 1,371,741 675,078
As a percentage of Total
Assets 0.85% 0.78% 0.39%
Allowance for Loan Losses 1,998,736 1,729,668 1,538,526
As a percentage of Gross Loans 1.45% 1.27% 1.20%
CONSOLIDATED STATEMENTS OF EARNINGS
(UNAUDITED)
March 31, Dec. 31, March 31,
For the Three Months Ended 2009 2008 2008
----------- ----------- -----------
(Unaudited) (Unaudited) (Unaudited)
INTEREST INCOME:
Mortgage loans $ 1,915,177 $ 1,886,019 $ 1,917,595
Consumer Loans 169,258 173,351 146,266
Premium Finance Loans 95,601 140,488 171,066
Lines of credit 89,118 95,370 101,958
Commercial Loans 57,437 75,159 65,278
Loans on deposits 29,606 35,254 33,642
Mortgage-backed securities 139,316 116,542 18,058
FHLB stock and other
Investment securities 54,017 81,715 354,460
Demand deposits 502 3,217 32,781
----------- ----------- -----------
TOTAL INTEREST INCOME 2,550,032 2,607,115 2,841,104
INTEREST EXPENSE:
Deposits 576,893 669,377 877,259
Federal Home Loan Bank
Advances 272,805 253,305 361,355
Subordinated Debentures/
Trust Preferred Securities 35,310 51,415 42,915
----------- ----------- -----------
TOTAL INTEREST EXPENSE 885,008 974,097 1,281,529
----------- ----------- -----------
NET INTEREST INCOME 1,665,024 1,633,018 1,559,575
Provisions for loan losses 275,000 230,000 30,000
----------- ----------- -----------
NET INTEREST INCOME
AFTER PROVISION FOR LOAN LOSSES 1,390,024 1,403,018 1,529,575
----------- ----------- -----------
NON-INTEREST INCOME
Service charge on deposits 205,607 234,339 196,247
Mortgage Banking 195,660 83,738 140,986
Interchange Fees 64,657 66,018 53,554
Loan Fees and Charges 42,003 40,717 45,954
Premium Finance 31,903 31,632 48,508
Gain/(Loss) on sale of investments 115,293 (17,109) 0
Gain/(Loss) on Investment
Trading Accounts 13,549 (190,059) 29,698
Investment Impairment Charge 0 (500,000) 0
Other 60,366 35,368 42,073
----------- ----------- -----------
TOTAL NON-INTEREST INCOME 729,038 (215,356) 557,020
----------- ----------- -----------
NON-INTEREST EXPENSE
Compensation and Employee
Benefits 926,000 896,229 885,466
Occupancy, Property Taxes, and
Equipment 180,218 202,165 135,121
Federal Deposit Insurance,
Supervisory Fees/Taxes 120,454 63,502 48,152
Technology and Information
Processing 65,261 220,409 114,409
Professional Fees 40,691 60,394 44,025
Other 273,814 422,627 245,700
----------- ----------- -----------
TOTAL NON-INTEREST EXPENSE 1,606,438 1,865,326 1,472,873
----------- ----------- -----------
INCOME BEFORE INCOME TAXES 512,624 (677,664) 613,722
Income Tax Expense (Benefit) 171,550 (223,521) 205,525
----------- ----------- -----------
NET INCOME $ 341,074 ($ 454,143) $ 408,197
=========== =========== ===========
Dividends Paid to Preferred
Shareholders $ 10,791 0 0
Net Income Available to Common
Shareholders $ 330,283 ($ 454,143) $ 408,197
Earnings Per Common Share $ 0.98 ($ 1.31) $ 1.19
Earnings Per Share Available to
Common Shareholders $ 0.95 ($ 1.31) $ 1.19
Diluted Earnings Per Common
Share $ 0.96 ($ 1.28) $ 1.15
Diluted Earnings Per Share
Available to Common
Shareholders $ 0.93 ($ 1.28) $ 1.15
Dividend Paid per Common Share $ 0.14 $ 0.36 $ 0.14
Return on Average Assets 0.78% (1.11%) 0.98%
Return on Average Tangible
Common Equity 11.67% (14.97%) 13.36%
Net Interest Margin 4.12% 4.35% 3.94%
Net Charge-Off/(Recoveries) as a $ 5,932 $ 98,000 $ 3,768
Percentage Average Total Loans 0.01% 0.08% 0.01%
Allowance for Loan Losses to
Average Total Loans 1.50% 1.36% 1.22%
Non-Performing Loans to Total Loans 1.14% 1.08% 0.53%
CONSOLIDATED STATEMENTS OF CONDITION
(UNAUDITED)
March 31, Dec. 31, March 31,
2009 2008 2008
------------- ------------- -------------
ASSETS:
Cash and Cash Equivalents 16,014,425 4,798,919 6,446,740
Net Investment Securities 19,693,208 28,948,432 33,736,516
Net Loans 133,443,602 132,283,593 124,957,126
Premises and Equipment, Net 9,063,763 9,052,880 6,292,861
Other Assets 1,381,784 1,373,059 926,056
------------- ------------- -------------
TOTAL ASSETS $ 179,596,782 $ 176,456,883 $ 172,359,299
============= ============= =============
LIABILITIES:
Deposits 133,505,319 133,082,115 113,085,846
Federal Home Loan Bank
Advances 26,894,790 27,369,724 42,812,066
Shares subject to mandatory
redemption 3,093,000 3,093,000 3,093,000
Other Liabilities 734,755 967,336 917,990
------------- ------------- -------------
TOTAL LIABILITIES $ 164,227,864 $ 164,512,175 $ 159,908,902
============= ============= =============
STOCKHOLDERS' EQUITY:
Common Stock $ 4,159 $ 4,159 $ 4,159
Capital Surplus 6,056,979 6,047,672 5,976,100
Retained Earnings 8,015,636 7,758,277 7,916,125
Unearned Compensation (103,800) (110,920) (123,890)
Treasury Stock (1,227,321) (1,227,321) (1,227,321)
Accumulated Other
Comprehensive Income (616,735) (527,159) (94,776)
Total Tangible Common
Stockholders' Equity 12,128,918 11,944,708 12,450,397
------------- ------------- -------------
Total Preferred Stockholders'
Equity 3,240,000 0 0
------------- ------------- -------------
Total Stockholders' Equity 15,368,918 11,944,708 12,450,397
------------- ------------- -------------
TOTAL LIABILITIES AND
STOCKHOLDERS EQUITY $ 179,596,782 $ 176,456,883 $ 172,359,299
============= ============= =============
Fritz W. Anderson II, Chairman of the Board, announced today that "On April
9, 2009 (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
June 25, 2009 (Payable Date) to stockholders of record June 10, 2009.
(Record Date)."
Contact Information: For More Information Contact: Fritz W. Anderson, II President, Chief Executive Officer, and Chairman FPB Financial Corp. (985) 345-1880