SOURCE: FPB Financial Corp.

January 25, 2012 11:06 ET

FPB Financial Corp. Announces 2011 Fourth Quarter Results and Declares Dividends

HAMMOND, LA--(Marketwire - Jan 25, 2012) - FPB Financial Corp. (OTCQB: FPBF) (PINKSHEETS: FPBF), the holding company for Florida Parishes Bank, today announced financial results for the fourth quarter and year ended December 31, 2011.

Earnings

Net income available to common shareholders for the fourth quarter of 2011 decreased to $350,000; ($0.99 per fully diluted common share) as compared to the 2010 fourth quarter net income available to common shareholders of $523,000 ($1.43 per fully diluted common share.)

Net income available to common shareholders for 2011 totaled $1.8 million; ($5.08 per fully diluted common share) down 5.4% from the 2010 available net income of $1.9 million ($5.27 per fully diluted common share.)

Items contributing to the Company's fourth quarter earnings when compared to the 2010 period were; a decrease of $400,000 in total non-interest income (primarily from a $228,000 decline in gain on sale of investments and a $217,000 decrease in mortgage banking fees); a $201,000 increase in foreclosed assets expense; and a $145,000 reduction in provision for loan losses. Net interest income increased $219,000 when compared to the 2010 period.

Asset Quality

Non-performing assets on December 31, 2011 increased $224,000, or 8.0%, to $3.0 million when compared to December 31, 2010. Non-performing assets on September 30, 2011 were $3.1 million.

Net loan charge-offs for the fourth quarter totaled ($94,000), down $316,000 from the 2010 fourth quarter total. Net loan charge-offs in the 2011 third quarter were $86,000. For the 2011 twelve month period, net loan charge-offs decreased to $254,000 from $553,000 in 2010.

Performing Troubled Debt Restructured (TDR's) as of December 31 totaled $3.6 million, or an increase of $374,000 from December 31, 2010. Performing TDR's on September 30, 2011 totaled $3.8 million.

The Company recorded a provision for loan losses in the 2011 fourth quarter of $150,000, a 49.3% decrease from the 2010 period. Provisions for 2011 totaled $656,000, down from $995,000 recorded in 2010. The Company's allowance for loan losses was $3.0 million on December, 31, 2011, or 2.5% of average net loans and 100.9% of non-performing assets. The allowance on December 31, 2010 was $2.6 million.

Balance Sheet and Capital

Total Assets on December 31, 2011 increased to $174.7 million, or 0.6% from $173.7 million on December 31, 2010. Total Assets on September 30, 2011 were $171.0 million. Net loans increased 5.9% to $126.3 million for the year ending December 31, 2011. Available for sale investment securities increased during the 2011 twelve month period 28.2% to $25.7 million. Trading securities decreased from $14.2 million on December 31, 2010 to $243,000 on December 31, 2011. Non-interest bearing deposits and total non-maturity deposits both increased in 2011, 9.6% and 4.5% respectively.

Common Stockholders' equity increased by a net of $1.2 million, or 8.1% to $16.1 million for the twelve month period ending December 31, 2011, primarily due to an increase of $1.5 million in retained earnings. Common Stockholders' equity rate of increase was reduced by an increase of $556,000 in treasury stock. The increase in treasury stock was due to the company completing the termination of its Employee Stock Ownership Plan (ESOP) and distributing the ESOP account balances to the ESOP participants during the second quarter of 2011.

Our subsidiary, Florida Parishes Bank, is considered "well capitalized" by all applicable federal banking regulations and definitions as of December 31, 2011.

FPB Financial Corp. reported the following for the period ending December 31, 2011, and as compared to December 31, 2010:

  • Total Assets increased to $174.9 million, or 0.6%
  • Net interest margin increased to 5.12%
  • Non-Interest Bearing deposits increased to $22.8 million, or 9.6%
  • Non-maturity Deposits increased $3.8 million, or 4.5%
  • Dividends paid to common shareholders increased to $286,000, or 1.0%
  • Common Stockholders' equity increased $1.2 million, or 8.1%
  • Common Book Value per share increased to $45.89, or 11.6%
  • Net loan charge-offs decreased $299,000, or 54.0%
  • Foreclosed Assets decreased $393,000, or 25.7%
  • Allowance for Loan Losses increased to $3.0 million, or 15.4%

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, 2011

Dec. 31, 2010

% Change

Sept. 30, 2011

% Change
(Unaudited ) (Unaudited )
Cash and Interest Earning Deposits $ 11,934,953 $ 9,240,645 29 $ 12,306,319 (3 )
Net Loans 126,309,459 119,226,316 6 121,970,199 4
Foreclosed Assets 1,133,388 1,526,432 (26 ) 793,336 43
Non-Performing Assets (includes Foreclosed Assets)
3,007,078

2,782,561

8

3,082,869

(2
)
Allowance for Loan Losses 3,033,282 2,574,346 18 2,789,714 9
Total Assets 174,719,552 173,719,654 1 170,985,880 2
Non-Interest Bearing Deposits 22,774,022 20,829,844 9 22,815,069 0
Interest-Bearing Deposits 106,561,531 109,378,780 (3 ) 104,465,550 2
Non-Maturity Deposits (Included in interest and non-interest bearing deposits)

88,806,587


84,975,598


5


88,472,290


0
Brokered Deposits (Included in interest- bearing deposits)
7,116,816

7,500,064

(5
)
7,083,907

0
FHLB Advances 25,361,627 24,752,506 2 23,768,479 7
Subordinated Debentures/Trust Preferred Securities
3,093,000

3,093,000

0

3,093,000

0
Tangible Common Stockholders' Equity
15,918,488

14,882,061

7

15,644,775

2
Total Common Stockholders' Equity 16,132,126 14,947,648 8 15,963,597 1

CONSOLIDATED STATEMENTS OF EARNINGS
For the Three Months For the Twelve Months
Ended Ended
Dec 31, 2011 Sept 30, 2011 Dec 31, 2010 Dec 31, 2011 Dec 31, 2010
(Unaudited ) (Unaudited ) (Unaudited )
INTEREST AND DIVIDED INCOME:
Mortgage Loans $ 2,061,602 $ 2,031,765 $ 2,065,824 $ 8,116,890 $ 8,398,969
Consumer Loans 233,040 241,298 209,660 940,977 836,960
Commercial Loans 71,999 68,250 69,584 271,623 264,862
Consumer & Commercial
Lines of Credit

42,284

43,638

36,435

168,541

150,240
Investment Securities and Deposits 156,553 145,397 117,919 530,099 473,243
TOTAL INTEREST AND DIVIDEND INCOME
2,565,478

2,530,348

2,499,422

10,028,130

10,124,274
INTEREST EXPENSE:
Deposits 209,009 220,881 346,421 977,990 1,472,691
Federal Home Loan Bank Advances
148,226

146,402

164,658

604,567

738,460
Other 27,037 26,452 26,525 106,813 107,913
TOTAL INTEREST EXPENSE 384,272 393,735 537,604 1,689,370 2,319,064
NET INTEREST INCOME 2,181,206 2,136,613 1,961,818 8,338,760 7,805,210
Provisions for loan losses 149,639 45,000 295,000 656,468 995,000
NET INTEREST INCOMEAFTER PROVISION FORLOAN LOSSES

2,031,567


2,091,613


1,666,818


7,682,292


6,810,210
NON-INTEREST INCOME:
Service charges on deposits 216,907 223,392 225,137 793,912 940,398
Mortgage Banking Fees 177,813 223,089 394,581 731,222 1,226,345
Interchange Fees 97,637 98,959 85,723 373,392 317,454
Loan Fees and Charges 47,376 46,558 32,646 178,607 125,621
Gain/(Loss) on Sale of Investments/Foreclosed Assets
(4,296
)
7,070

224,094

5,581

304,563
Gain/(Loss) on Trading Accounts (5,814 ) (62,850 ) (23,637 ) (93,076 ) 12,966
Other 26,406 26,573 17,182 117,615 125,566
TOTAL NON-INTEREST
INCOME

556,029

562,791

955,726

2,107,253

3,052,913
NON-INTEREST EXPENSE:
Compensation and
Employee Benefits

1,029,837

1,010,805

1,036,301

3,895,947

3,797,817
Occupancy, Property Taxes, and Equipment 215,863 212,374 190,185 828,134 755,660
Technology and Information Processing 163,791 147,138 151,626 582,023 566,401
Regulatory Fees 2,726 101,795 123,272 327,101 387,001
Foreclosed Assets 260,854 2,124 60,287 283,318 73,701
Professional Fees 73,608 65,393 17,569 242,478 258,420
Other 337,426 233,091 274,701 954,000 998,785
TOTAL NON-INTEREST
EXPENSE

2,084,105

1,772,720

1,853,941

7,113,001

6,837,785
INCOME BEFORE
INCOME TAXES

503,491

881,684

768,603

2,676,544

3,025,338
Income Tax Expense 153,940 295,646 245,121 858,301 927,191
NET INCOME 349,551 586,038 523,482 1,818,243 2,098,147
Dividends Paid to
Preferred
Shareholders

0

0

0

0

74,190
Accretion of Discount on Preferred Stock 0 0 0 0 102,671
Net Income Available to Common
Shareholders
$
349,551
$
586,038
$
523,482
$
1,818,243
$
1,921,286
PER COMMON SHARE DATA:
Available Earnings $ 1.00 $ 1.67 $ 1.44 $ 5.11 $ 5.29
Diluted Available Earnings $ 0.99 $ 1.66 $ 1.43 $ 5.08 $ 5.27
Dividends Paid $ 0.36 $ 0.15 $ 0.36 $ 0.81 $ 0.78
Revenue (Net Interest Income and Non-Interest Income) $
7.81
$
7.70
$
8.02
$
29.35
$
29.91
Book Value Period End $ 45.89 $ 45.55 $ 41.12 $ 45.89 $ 41.12
Tangible Book Value Period End $ 45.23 $ 44.65 $ 40.94 $ 45.23 $ 40.94
RATIOS:
Net Income to Average Period Assets
(Annualized)

0.80
%
1.35
%
1.19
%
1.04
%
1.22
%
Net Income to Average Period Total Stockholders' Equity
(Annualized)

8.66
%
14.94
%
13.94
%
11.70
%
13.58
%
Net Interest Margin (Average) for the period 5.49 % 5.36 % 4.85 % 5.12 % 4.97 %
Non-Interest Expense less Non-Interest Income to Average Period Total Assets
(Annualized)


3.50
%

2.78
%

2.04
%

2.86
%

2.21
%
Efficiency Ratio for the Period 76.14 % 65.67 % 63.54 % 68.09 % 62.97 %
Net Loan Charge-Offs for the Period $ (93,929 ) $ 85,881 $ 221,713 $ 254,132 $ 552,663
to Average Period Net Loans (Annualized) (0.30 %) 0.28 % 0.71 % 0.21 % 0.43 %
TDRs (Performing) at Period End $ 3,632,371 $ 3,822,451 $ 3,257,876 $ 3,632,371 $ 3,257,876
to Average Period Net Loans 2.94 % 3.11 % 2.62 % 2.98 % 2.52 %
Non-Performing Assets at Period $ 3,007,078 $ 3,082,869 $ 2,782,561 $ 3,007,078 $ 2,782,561
End to Average Period Total Assets 1.74 % 1.78 % 1.59 % 1.72 % 1.62 %
Allowance for Loan Losses at Period End $ 3,033,282 $ 2,789,714 $ 2,574,346 $ 3,033,282 $ 2,574,346
to Average Period Net Loans 2.46 % 2.27 % 2.07 % 2.47 % 2.00 %
to Non-Performing Assets at Period End 100.87 % 96.02 % 92.52 % 100.87 % 95.52 %
CONSOLIDATED STATEMENTS OF CONDITION
Dec 31, 2011 Dec 31,
2010
% Change Sept 30, 2011 % Change
(Unaudited ) (Unaudited )
ASSETS:
Cash and Cash Equivalents $ 4,848,445 $ 3,747,116 29 $ 4,682,734 4
Interest Earning Deposits 7,086,508 5,493,529 29 7,623,585 (7 )
Securities- Available for Sale 25,735,921 20,067,250 28 25,027,946 3
Trading Securities 243,069 14,239,436 (98 ) 2,265,249 (89 )
Net Loans 126,309,459 119,226,313 6 121,970,199 4
Accrued Interest Receivable 622,776 543,470 15 544,304 14
Premises and Equipment, Net 7,870,050 7,645,630 3 7,585,748 4
Foreclosed Assets 1,133,388 1,526,432 (26 ) 793,336 43
Other Assets 869,936 1,230,478 (29 ) 492,779 77
TOTAL ASSETS $ 174,719,552 $ 173,719,654 1 $ 170,985,880 2
LIABILITIES:
Deposits 129,335,553 130,208,376 (1 ) 127,280,619 2
Federal Home Loan Bank Advances
25,361,627

24,752,506

2

23,768,479

7
Subordinated debentures/trust preferred securities
3,093,000

3,093,000

0

3,093,000

0
Other Liabilities 797,246 718,124 11 880,185 (9 )
TOTAL LIABILITIES $ 158,587,426 $ 158,772,006 0 $ 155,022,283 2
STOCKHOLDERS' EQUITY:
Common Stock $ 4,431 $ 4,285 3 $ 4,289 3
Capital Surplus 6,274,941 6,258,067 0 6,264,367 0
Retained Earnings 11,424,558 9,892,611 15 11,201,594 2
Unearned Compensation (19,974 ) (45,581 ) 56 (42,007 ) 52
Treasury Stock (1,783,468 ) (1,227,321 ) (45 ) (1,783,468 ) 0
Other Comprehensive Income (Loss)
231,638

65,587

253

318,822

(27
)
Total Stockholders' Equity 16,132,126 14,947,648 8 15,963,597 1
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $
174,719,552
$
173,719,654

1
% $
170,985,880

2
%

Fritz W. Anderson II, Chairman of the Board announced today that "On January 12, 2012, 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 $0.16 per share and will be paid on March 26, 2012 to stockholders of record at the close of business on March 9, 2012."

Contact Information

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