HAMMOND, LA--(Marketwire - Oct 25, 2011) - FPB Financial Corp. (
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