SOURCE: FPB Financial Corp.

January 27, 2011 18:05 ET

FPB Financial Corp. Announces 2010 Financial Results and Declares Dividends

HAMMOND, LA--(Marketwire - January 27, 2011) - FPB Financial Corp. (PINKSHEETS: FPBF), the holding company for Florida Parishes Bank, announced financial results for the fourth quarter and year ended December 31, 2010.

Net income available to common shareholders for the fourth quarter of 2010 increased 34.6% to $523,000; ($1.43 diluted available earnings per common share) as compared to the 2009 fourth quarter.

Net income available to common shareholders for 2010 totaled $1.9 million; ($5.27 diluted available earnings per common share) up 0.7% from 2009.

Principal items contributing to the Company's improved fourth quarter earnings were a $217,000 increase from gain on sale of investments, a $213,000 increase, or 117.0%, in mortgage banking revenue, and a $131,000 decrease in dividends paid/accretion of discount on preferred stock.

Fourth quarter non-interest expenses increased by $331,000, or 21.7% due to increases in other expenses and in compensation/employee benefits.

Asset Quality

Non-performing assets at December 31, 2010 decreased $599,000, or 17.7% to $2.8 million from $3.4 million as of September 30, 2010. Non-performing assets on December 31, 2009 totaled $1.7 million.

Net loan charge-offs for the 2010 fourth quarter totaled $222,000, or 0.72% (annualized) of average net loans, up from the $61,000 of net loan charge-offs in the third quarter of 2010. Total net loan charge-offs increased in 2010 to $553,000, or 0.43% of average net loans up from 2009 net loan charge-offs of $265,000.

FPB recorded a provision for loan losses for the 2010 fourth quarter of $295,000 and $995,000 for the year. The Company's allowance for loan losses was $2.6 million at December 31, 2010, or 2.07% of average net loans, $2.6 million at September 30, 2010, and $2.2 million as of December 31, 2009.

Balance Sheet and Capital

Total assets at December 31, 2010 increased to $173.7 million, or 5.3%, from $165.0 million on December 31, 2009, primarily due to a $19.2 million increase in investments and mortgage-backed securities. Total deposits increased $10.1 million to $130.2 million. Non-maturity demand/transaction/saving deposits increased $7.0 million, or 9.0% in 2010.

Total stockholders equity decreased $862,000, or 5.5% to $14.9 million for the twelve month period ending December 31, 2010, due to a $2.3 million redemption of Series A and Series B Preferred Stock which was partially offset by a $1.6 million increase in retained earnings. Total tangible common equity increased $1.4 million, or 10.6% to $14.9 million, due to the increase in retained earnings.

Our subsidiary, Florida Parishes Bank, is considered "well capitalized" by all applicable federal banking regulations and definitions as of December 31, 2010.

FPB Financial Corp. reported the following for the period ending December 31, 2010, and as compared to December 31, 2009:


--  Average Net Interest Margin increased to 4.97% in 2010 from 4.50% in
    2009

--  Net Interest income increased $548,000, or 7.6%

--  Non-Interest Bearing deposits increased to $20.8 million, or 1.6%

--  Non-maturity deposits increased $7.0 million, or 9.0%

--  Total Assets increased $8.7 million to $173.7 million, or 5.3%

--  Tangible Common Stockholders' Equity increased $1.4 million, or 10.4%

--  Tangible Common Book Value per share increased to $40.67, or 10.2%

--  Allowance for Loan Losses increased to $2.6 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, 2010   Sept 30, 2010  Dec 31, 2009
                               -------------- -------------- --------------
                                (Unaudited)    (Unaudited)     (Audited)

Cash and Cash Equivalents      $    9,240,645 $   14,905,312 $    8,090,847

Investment and
 Mortgaged-backed Securities       34,306,686     19,576,218     15,127,014

Net Loans                         119,226,316    129,279,354    131,593,330

Other Real Estate Owned (OREO)      1,526,432        780,000        156,828

Non-Performing Assets
 (Includes OREO)                    2,782,561      3,382,282      1,668,415

Allowance for Loan Losses           2,574,346      2,557,660      2,190,038

Total Assets                      173,746,584    173,846,280    164,992,978

Non-Interest Bearing Deposits      20,829,844     20,685,754     20,507,645

Interest-Bearing Deposits         109,378,780    109,092,755     99,630,720

Non-Maturity Deposits
 (Included in interest and
 non-interest bearing
 deposits)                         84,975,598     84,246,936     77,963,065

Brokered Deposits (Included in
 interest-bearing deposits)         7,500,064      6,155,733      5,329,588

FHLB Advances                      24,752,506     25,372,851     25,131,440

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

Tangible Common Stockholders'
 Equity (Includes other
 comprehensive income (OCI))       14,947,649     14,730,768     13,510,822





                   CONSOLIDATED STATEMENTS OF EARNINGS


                     For the Three Months         For the Twelve Months
                            Ended                         Ended
                  Dec 31,     Sept 30,    Dec 31,     Dec 31,    Dec 31,
                   2010        2010        2009        2010       2009
               (Unaudited)  (Unaudited) (Unaudited) (Unaudited) (Audited)
INTEREST
 INCOME:

Mortgage Loans  $2,065,824  $2,119,298  $1,995,744  $8,398,969  $7,854,686

Consumer Loans     209,660     210,359     286,052     836,759   1,225,358

Commercial
 Loans              69,584      70,784      63,914     264,862     252,979

Consumer &
 Commercial
Lines of Credit     36,435      39,812     111,184     150,240     403,278

FHLB stock and
 other
Investment
 Securities/
 Deposits           70,109      60,333      51,656     250,284     215,657

Mortgage-backed
 securities         47,810      50,053      82,699     222,956     457,985
                ----------  ----------  ----------  ----------  ----------

TOTAL INTEREST
 INCOME          2,499,422   2,550,639   2,591,249  10,124,070  10,409,943
                ----------  ----------  ----------  ----------  ----------

INTEREST
 EXPENSE:
Deposits           346,421     365,102     447,026   1,472,691   2,069,812

Federal Home
 Loan Bank
 Advances          164,683     174,642     199,347     738,460     958,080

Subordinated
 Debentures/
 Trust Preferred
 Securities         26,500      28,749      26,451     107,913     125,237
                ----------  ----------  ----------  ----------  ----------

TOTAL INTEREST
 EXPENSE           537,604     568,493     672,824   2,319,064   3,153,129
                ----------  ----------  ----------  ----------  ----------

NET INTEREST
 INCOME          1,961,818   1,982,146   1,918,425   7,805,006   7,256,814

Provisions for
 loan losses       295,000     360,000     260,000     995,000     725,000
                ----------  ----------  ----------  ----------  ----------

NET INTEREST
 INCOME AFTER
 PROVISION FOR
 LOAN LOSSES     1,666,818   1,622,146   1,658,425   6,810,006   6,531,814
                ----------  ----------  ----------  ----------  ----------

NON-INTEREST
 INCOME

Mortgage
 Banking           394,581     456,356     181,809   1,228,188     731,456

Service charge
 on deposits       225,137     248,839     251,854     940,398     923,197

Gain/(Loss) on
 Sale of Real
 Estate/
 Investments       224,094      17,374       7,161     325,411     725,174

Interchange
 Fees               85,723      83,121      71,791     317,454     279,593

Loan Fees and
 Charges            32,646      35,189      38,798     125,621     138,258

Gain/(Loss) on
 Investment
 Trading
 Accounts          (23,637)     (3,123)     (7,959)     12,967      78,790

Investment
 Impairment
 Charge                  0           0           0           0    (169,923)

Other               17,182      29,262      35,190     109,070     217,712
                ----------  ----------  ----------  ----------  ----------

TOTAL
 NON-INTEREST
 INCOME            955,726     867,018     578,644   3,059,109   2,924,257
                ----------  ----------  ----------  ----------  ----------

NON-INTEREST
 EXPENSE

Compensation
 and Employee
 Benefits        1,036,301   1,016,409     878,997   3,797,819   3,457,440

Occupancy,
 Property
 Taxes, and
 Equipment         190,185     199,114     233,639     755,659     773,108

Technology and
 Information
 Processing        151,626     143,940     142,238     566,401     461,387

Federal Deposit
 Insurance,
 Supervisory
 Fees/Taxes        123,272      90,015      72,588     387,000     454,184

Professional
 Fees               17,569     102,141      63,654     258,421     223,538

Other              334,988     308,448     131,758   1,078,477     851,549
                ----------  ----------  ----------  ----------  ----------

TOTAL
 NON-INTEREST
 EXPENSE         1,853,941   1,860,067   1,522,874   6,843,777   6,221,206
                ----------  ----------  ----------  ----------  ----------

INCOME BEFORE
 INCOME
 TAXES             768,603     629,097     714,195   3,025,338   3,234,865

Income Tax
 Expense
 (Benefit)         245,121     190,109     193,945     927,190   1,096,498
                ----------  ----------  ----------  ----------  ----------

NET INCOME         523,482     438,988     520,250   2,098,148   2,138,367

Dividends Paid
 to Preferred
 Shareholders            0           0      48,451      74,190     147,532

Accretion of
 Discount on
 Preferred
 Stock                   0           0      82,955     102,671      82,955
                ----------  ----------  ----------  ----------  ----------

Net Income
 Available to
 Common
 Shareholders   $  523,482  $  438,988  $  388,844  $1,921,287  $1,907,880
                ==========  ==========  ==========  ==========  ==========

PER COMMON
 SHARE DATA:

Available
 Earnings       $     1.44  $     1.22  $     1.08  $     5.29  $     5.42

Diluted
 Available
 Earnings       $     1.43  $     1.20  $     1.07  $     5.27  $     5.39

Dividends Paid  $     0.36  $     0.14  $     0.36  $     0.78  $     0.78

Tangible Book
 Value (Period
 End)           $    40.67  $    40.11  $    36.90  $    40.67  $    36.90

RATIOS:

Net Income to
 Average
 Assets
(Annualized)          1.19%       1.01%       1.21%       1.22%       1.22%

Net Income to
 Average Total
 Stockholders'
 Equity
 (Annualized)        13.94%      11.90%      12.63%      13.58%      13.95%


Net Interest
 Margin
 (Average) for
 the period           4.85%       4.98%       4.92%       4.97%       4.50%

Non-Interest
 Expense less
 Non-Interest
 Income to
 Average Assets
 (Annualized)         2.04%       2.27%       2.19%       2.21%       1.88%


Efficiency
 Ratio               63.54%      65.28%      60.99%      62.99%      61.11%

Net Loan
 Charge-Off/
 (Recoveries)   $  221,713  $   60,529  $  120,090  $  552,663  $  264,631
 to Average Net
 Loans                0.18%       0.05%       0.09%       0.43%       0.20%

Troubled Debt
 Restructured
 (Performing)   $3,257,876  $2,129,029  $2,363,557  $3,257,876  $2,363,557
 to Average Net
 Loans                2.62%       1.63%       1.75%       2.52%       1.77%

Non-Performing
 Assets         $2,782,561  $3,382,282  $1,668,415  $2,782,561  $1,668,415
 to Average
 Total Assets         1.59%       1.95%       0.98%       1.62%       0.95%

Allowance for
 Loan Losses    $2,574,346  $2,557,660  $2,190,038  $2,574,346  $2,190,038
 to Average Net
 Loans                2.07%       1.96%       1.63%       2.00%       1.64%
 to Non-Performing
 Assets              92.52%      75.62%     131.26%      92.52%     131.26%





                     CONSOLIDATED STATEMENTS OF CONDITION

                             Dec 31, 2010   Sept 30, 2010    Dec 31, 2009
                              (Unaudited)     (Unaudited)     (Audited)

ASSETS:

Cash and Cash Equivalents   $    9,240,645  $   14,905,312  $    8,090,847

Investment and
 Mortgage-Backed Securities     34,306,686      19,576,218      15,127,014

Net Loans                      119,226,316     129,279,354     131,593,330

Premises and Equipment, Net      7,645,628       7,696,355       8,695,535

Other Real Estate Owned          1,526,432         780,000         156,828

Other Assets                     1,800,877       1,609,041       1,329,424
                            --------------  --------------  --------------

   TOTAL ASSETS             $  173,746,584  $  173,846,280  $  164,992,978
                            ==============  ==============  ==============

LIABILITIES:

Deposits                       130,208,374     129,778,509     120,138,365

Federal Home Loan Bank
 Advances                       24,752,506      25,372,851      25,131,440

Subordinated
 debentures/trust preferred
 securities                      3,093,000       3,093,000       3,093,000

Other Liabilities                  745,055         871,152         820,022
                            --------------  --------------  --------------

   TOTAL LIABILITIES        $  158,798,935  $  159,115,512  $  149,182,827
                            ==============  ==============  ==============

STOCKHOLDERS' EQUITY:

Common Stock                $        4,284  $        4,283  $        4,271

Capital Surplus                  6,258,068       6,244,738       6,228,300

Retained Earnings                9,892,612       9,500,098       8,255,116

Unearned Compensation              (45,581)        (57,978)        (60,936)

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

Other Comprehensive Income
 (Loss)                             65,587         266,948         311,392
                            --------------  --------------  --------------

Total Tangible Common
 Stockholders' Equity           14,947,649      14,730,768      13,510,822

Total Preferred
 Stockholders' Equity                    0               0       2,299,329
                            --------------  --------------  --------------

Total Stockholders' Equity      14,947,649      14,730,768      15,810,151
                            --------------  --------------  --------------
   TOTAL LIABILITIES
    AND STOCKHOLDERS'
    EQUITY                  $  173,746,584  $  173,846,280  $  164,992,978
                            ==============  ==============  ==============

Fritz W. Anderson II, Chairman of the Board announced today that "On January 13, 2011, 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 $0.15 per share and will be paid on March 25, 2011 to stockholders of record at the close of business on March 10, 2011."

Contact Information

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