SOURCE: FPB Financial Corp.

October 25, 2011 12:13 ET

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

HAMMOND, LA--(Marketwire - Oct 25, 2011) - FPB Financial Corp. (OTCQB: FPBF) (PINKSHEETS: FPBF), the holding company for Florida Parishes Bank, announced financial results for the third quarter ended September 30, 2011.

Earnings

Third quarter net income available to common shareholders increased to $586,000; fully diluted available earnings per common share were $1.66, an increase of 39.5% when compared to the $1.19 diluted available earnings per share recorded in the third quarter of 2010. The 2011 second quarter diluted available earnings per share were $1.13.

Items contributing to the company's third quarter earnings when compared to the 2010 period were; a $315,000, or 87.5% decrease in provisions for loan losses; a $257,000, or 31.4% decrease in total non-interest income, primarily due to a $233,000, or 51.1% decrease in mortgage banking revenue, and a $60,000 decrease in trading income; and a $107,000, or 5.3% increase in net interest income.

Asset Quality

Non-performing assets on September 30, 2011 decreased $299,000 or 8.9% to $3.1 million when compared to September 30, 2010. Non-performing assets on June 30, 2011 were unchanged from the current period at $3.1 million.

Net loan charge-offs for the third quarter totaled $86,000, up from $61,000 in the 2010 third quarter and down from $241,000 in the 2011 second quarter.

Performing Troubled Debt Restructured (TDR's) as of September 30 totaled $3.8 million, or an increase of $1.7 million from September 30, 2010. Performing TDR's on June 30, 2011 totaled $3.4 million.

The Company recorded a provision for loan losses in the third quarter of $45,000, an 87.5% decrease from the 2010 period, primarily due to the reduced level of non-performing assets. The Company's allowance for loan losses was $2.8 million on September 30, 2011, or 2.3% of average net loans, $2.6 million on September 30, 2010 and $2.8 million on June 30, 2011.

Balance Sheet and Capital

Total Assets on September 30 decreased to $171.0 million, or 1.6% from $173.8 million on September 30, 2010, primarily due to a $7.3 million, or 5.6% decrease in net loans. Total Assets on June 30, 2011 were $175.1 million.

Common Stockholders' Equity increased $1.3 million, or 8.8% to $16.0 million for the twelve month period ending September 30, 2011, primarily due to an increase of $1.7 million in retained earnings and due to 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.

Other

In November of this year our subsidiary, Florida Parishes Bank, plans to open our fourth banking center in Amite, Louisiana. Mr. Angelo Giardina has recently joined the Bank as a Senior Vice President/Commercial Lender, as well as Ms. Debra Purvis, Branch Manager/Consumer Lender and Assistant Vice President. They and staff members will open the new Amite office.

Our subsidiary, Florida Parishes Bank, is considered "well capitalized" by all applicable federal banking regulations and definitions as of September 30, 2011.

FPB Financial Corp. reported the following for the period ending September 30, 2011, and as compared to September 30, 2010:

  • Earning per share increased to $1.66, or 39.5%
  • Return on common equity increased to 14.9%
  • Non-Interest Bearing deposits increased to $22.8 million, or 10.1%
  • Non-maturity Deposits increased $4.3 million, or 4.9%
  • Net interest margin increased to 5.36%
  • Dividends paid to common shareholders increased to $0.15 per share, or 7.1%
  • Common Stockholders' equity increased $1.3 million, or 8.8%
  • Common Book Value per share increased to $45.55, or 12.4%
  • Non-performing Assets decreased $299,000, or 8.9%
  • Allowance for Loan Losses increased to $2.8 million, or 9.1%

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.

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

Sept 30, 2011

Sept 30, 2010

% Change

June 30, 2011

% Change
(Unaudited) (Unaudited) (Unaudited)
Cash and Cash Equivalents $ 12,306,319 $ 14,905,312 (17 ) $ 14,127,682 (13 )
Investment, Trading, and Mortgaged-backed Securities
27,293,195

19,576,218

39

28,872,664

(5
)
Net Loans 121,970,199 129,279,354 (6 ) 122,310,968 0
Other Real Estate Owned (OREO) 793,336 780,000 2 793,336 0
Non-Performing Assets (Includes OREO)
3,082,869

3,382,282

(9
)
3,071,596

0
Allowance for Loan Losses 2,789,714 2,557,660 9 2,829,188 (1 )
Total Assets 170,985,880 173,846,280 (2 ) 175,118,317 (2 )
Non-Interest Bearing Deposits 22,815,069 20,685,754 10 23,864,037 (5 )
Interest-Bearing Deposits 104,465,550 109,092,755 (4 ) 108,124,732 (3 )
Non-Maturity Deposits (Included in interest and non-interest bearing deposits)

88,472,290


84,246,936


5


90,861,158


(3
)
Brokered Deposits (Included in interest- bearing deposits)
7,083,907

6,155,733

15

7,128,026

(1
)
FHLB Advances 23,768,479 25,372,851 (6 ) 23,973,008 (1 )
Subordinated Debentures/Trust Preferred Securities
3,093,000

3,093,000

0

3,093,000

0
Tangible Common Stockholders' Equity
15,644,775

14,463,820

8

15,102,672

4
Common Stockholders' Equity 15,963,597 14,730,768 8 15,208,798 5
CONSOLIDATED STATEMENTS OF EARNINGS
For the Three Months For the Nine Months
Ended Ended
Sept 30, 2011 June 30, 2011 Sept 30, 2010 Sept 30, 2011 Sept 30, 2010
(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited)
INTEREST INCOME:
Mortgage Loans $ 2,031,765 $ 2,042,430 $ 2,119,298 $ 6,055,288 $ 6,333,143
Consumer Loans 241,298 237,244 257,175 707,937 761,327
Commercial Loans 68,250 66,333 70,784 199,624 195,278
Consumer & Commercial Lines of Credit
43,638

42,570

39,812

126,257

113,806
Mortgage-backed securities 84,695 56,911 50,053 210,582 175,145
FHLB stock and other Investment, Trading Securities/Deposits 60,702 44,223 60,333 162,964 180,178
TOTAL INTEREST INCOME 2,530,348 2,489,711 2,597,455 7,462,652 7,758,877
INTEREST EXPENSE:
Deposits 220,881 250,193 365,102 768,982 1,126,270
Federal Home Loan Bank
Advances

146,402

152,507

174,642

456,410

573,777
Other 26,452 26,942 28,749 79,706 81,414
TOTAL INTEREST EXPENSE 393,735 429,642 568,493 1,305,098 1,781,461
NET INTEREST INCOME 2,136,613 2,060,069 2,028,962 6,157,554 5,977,416
Provisions for loan losses 45,000 351,828 360,000 506,828 700,000
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES
2,091,613

1,708,241

1,668,962

5,650,726

5,277,416
NON-INTEREST INCOME:
Service charge on deposits 223,392 188,381 202,023 577,005 581,231
Mortgage Banking 223,089 163,606 456,356 553,409 833,606
Interchange Fees 98,959 90,473 83,121 275,756 231,731
Loan Fees and Charges 46,558 41,580 35,189 131,232 92,975
Gain/(Loss) on Sale of Real Estate/Investments
7,070

(4,910
)
17,374

9,876

101,318
Gain/(Loss) on Investment Trading Accounts (62,850 ) (15,720 ) (3,123 ) (87,262 ) 36,604
Other 26,573 27,036 29,262 91,208 91,694
TOTAL NON-INTEREST
INCOME

562,791

490,446

820,202

1,551,224

1,969,159
NON-INTEREST EXPENSE:
Compensation and Employee
Benefits

1,010,805

930,252

1,016,409

2,866,111

2,761,518
Occupancy, Property Taxes, and Equipment 212,374 200,905 199,114 612,271 565,474
Technology and Information Processing 147,138 135,529 143,940 418,232 414,775
Federal Deposit Insurance,
Supervisory Fees/Taxes

101,795

112,244

90,015

324,376

263,728
Professional Fees 65,393 40,588 102,141 168,870 240,852
Other 235,215 210,996 308,448 639,012 743,742
TOTAL NON-INTEREST
EXPENSE

1772,720

1,630,514

1,860,067

5,028,872

4,990,089
INCOME BEFORE INCOME
TAXES

881,684

568,173

629,097

2,173,078

2,256,486
Income Tax Expense 295,646 162,820 190,109 704,360 682,070
NET INCOME 586,038 405,353 438,988 1,468,718 1,574,416
Dividends Paid to Preferred
Shareholders

0

0

0

0

74,190
Accretion of Discount on Preferred Stock 0 0 0 0 102,672
Net Income Available to Common Shareholders $
586,038
$
405,353
$
438,988
$
1,468,718
$
1,397,554
PER COMMON SHARE DATA:
Available Earnings $ 1.67 $ 1.13 $ 1.21 $ 4.11 $ 3.85
Diluted Available Earnings $ 1.66 $ 1.13 $ 1.19 $ 4.09 $ 3.80
Revenue (Net Interest Income and Non-Interest Income) $
7.70
$
7.11
$
7.83
$
21.55
$
21.87
Dividends Paid $ 0.15 $ 0.15 $ 0.14 $ 0.45 $ 0.42
Book Value Period End $ 45.55 $ 43.47 $ 40.52 $ 45.55 $ 40.52
Tangible Book Value Period End $ 44.65 $ 43.16 $ 39.79 $ 44.65 $ 39.79
RATIOS:
Net Income to Average Period Assets (Annualized)
1.35
%
0.91
%
1.01
%
1.12
%
1.24
%
Net Income to Average Period Total Stockholders' Equity (Annualized)
14.94
%
10.59
%
11.90
%
12.78
%
13.49
%
Net Interest Margin (Average) for the period 5.36 % 5.07 % 4.98 % 5.12 % 5.01 %
Non-Interest Expense less Non-Interest Income to Average Period Total Assets (Annualized)

2.78
%

2.56
%

2.41
%

2.64
%

2.68
%
Efficiency Ratio for the Period 65.67 % 63.93 % 65.28 % 65.23 % 62.80 %
Net Loan Charge-Offs for the Period $ 85,881 240,854 $ 60,529 $ 349,467 $ 330,949
to Average Period Net Loans (Annualized) 0.28 % 0.80 % 0.18 % 0.39 % 0.34 %
TDRs (Performing) at Period End $ 3,822,451 $ 3,433,778 $ 2,102,332 $ 3,822,451 $ 2,102,332
to Average Period Net Loans 3.11 % 2.84 % 1.61 % 3.16 % 1.60 %
Non-Performing Assets at Period $ 3,082,869 $ 3,071,596 $ 3,382,282 $ 3,082,869 $ 3,382,282
End to Average Period Total Assets 1.78 % 1.72 % 1.95 % 1.75 % 1.99 %
Allowance for Loan Losses at Period End $ 2,789,714 $ 2,829.188 $ 2,557,660 $ 2,789,714 $ 2,557,660
to Average Period Net Loans 2.27 % 2.34 % 1.96 % 2.30 % 1.95 %
to Non-Performing Assets at Period End 96.02 % 92.11 % 75.62 % 96.02 % 75.62 %
CONSOLIDATED STATEMENTS OF CONDITION
Sept 30, 2011 Sept 30, 2010 % Change June 30, 2011 % Change
(Unaudited) (Unaudited) (Unaudited)
ASSETS:
Cash and Cash Equivalents $ 12,306,319 $ 14,905,312 (24 ) $ 14,127,682 20
Investment, Trading and Mortgage-Backed Securities
27,293,195

19,576,218

44

28,872,664

(2
)
Net Loans 121,970,199 129,279,354 (6 ) 122,310,968 0
Premises and Equipment, Net 7,585,748 7,696,355 (1 ) 7,673,113 (1 )
Other Real Estate Owned 793,336 780,000 2 793,336 0
Other Assets 1,037,083 1,609,041 (36 ) 1,340,554 22
TOTAL ASSETS $ 170,985,880 $ 173,846,280 2 $ 175,118,317 (2 )
LIABILITIES:
Deposits 127,280,619 129,778,509 (2 ) 131,988,769 (4 )
Federal Home Loan Bank Advances
23,768,479

25,372,851

(6
)
23,973,008

6
Subordinated debentures/trust preferred securities
3,093,000

3,093,000

0

3,093,000

0
Other Liabilities 880,185 871,152 1 854,742 3
TOTAL LIABILITIES $ 155,022,283 $ 159,115,512 (3 ) $ 159,909,519 (3 )
STOCKHOLDERS' EQUITY:
Common Stock $ 4,289 $ 4,283 0 $ 4,285 0
Capital Surplus 6,264,367 6,244,738 0 6,258,751 0
Retained Earnings 11,201,594 9,500,098 18 10,668,116 5
Unearned Compensation (42,007 ) (57,978 ) 28 (45,012 ) 7
Treasury Stock (1,783,468 ) (1,227,321 ) (45 ) (1,783,468 ) 0
Other Comprehensive Income (Loss) 318,822 266,948 (19 ) 106,126 200
Total Stockholders' Equity 15,963,597 14,730,768 8 15,208,798 5
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY
$
170,985,880
$
173,846,280

(2
%) $
175,118,317

(2
%)

Fritz W. Anderson II, Chairman of the Board announced today that "On October 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 $0.36 per share. This dividend rate is composed of a regular quarterly dividend rate of $0.15 per share and a special year-end dividend of $0.21 per share and will be paid on December 23, 2011 to stockholders of record at the close of business on December 9, 2011."

Contact Information

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