HAMMOND, LA--(Marketwire - Apr 24, 2012) - FPB Financial Corp. (
Earnings
Net income for the first quarter of 2012 totaled $459,000 a decrease of 3.8% from $477,000 in the first quarter of 2011. Net income per fully diluted common share was $1.30 in the 2012 first quarter, no change from the $1.30 per fully diluted common share earned in the first quarter of 2011. Return on common stockholders' equity (ROE) was 11.2% for the period.
First quarter earnings were positively affected by an increase of $299,000 in net interest income when compared to the first quarter of 2011 and by a $31,000 decrease in income tax expense. These items were offset by a $209,000 increase in non-interest expense, primarily from increased expense for compensation and employee benefits and by a $155,000 or 140.9% increase in provision for loan losses. The provision expense for the quarter increased due to increases in total non-performing assets and due to increases in net loan charge-offs.
Asset Quality
Total non-performing assets at March 31, 2012 increased $1.1 million, or 40.1% to $3.9 million when compared to March 31, 2011. Total non-performing assets on December 31, 2011 were $3.0 million. The Company's allowance for loan losses was unchanged at $3.0 million when compared to December 31, 2011 and up $318,000 or 11.7% as compared to March 31, 2011.
Net loan charge-offs for the first quarter totaled $262,000, up $239,000 in the 2011 first quarter. In the 2011 fourth quarter the company recorded a $94,000 net recovery.
Performing Troubled Debt Restructured (TDR's) as of March 31 totaled $3.2 million, or an increase of $55,000 from March 31, 2011. Performing TDR's decreased by $231,000 when compared to December 31, 2011.
Balance Sheet and Capital
Total assets at March 31, 2012 increased to $188.1 million, or 4.8% as compared to $179.5 million on March 31, 2011. Total assets on December 31, 2011 were $174.6 million. The increase in total assets was primarily attributed to an increase of $13.5 million in cash and cash equivalents including earning and non-earning deposits to $22.5 million at March 31, 2012. The increase in cash and deposits was offset by a $7.6 million decrease in trading securities to $215,000. Total liabilities increased 4.5% to $171.5 million primarily due to an increase of $16.5 million in total deposits to $149.5 million from $133.0 million at March 31, 2011 which was offset by a 34.0% decrease in Federal Home Loan Bank advances to $18.0 million at March 31, 2012. Non-interest bearing deposits and total non-maturity deposits both increased in the twelve month period ending March 31, 2012.
Common Stockholders' equity increased by a net of $1.2 million, or 7.7% to $16.6 million for the twelve month period ending March 31, 2012, 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. Tangible common stockholders' equity totaled $16.3 million at March 31, 2012.
Our subsidiary, Florida Parishes Bank, is considered "well capitalized" by all applicable federal banking regulations and definitions as of March 31, 2012.
FPB Financial Corp. reported the following for the period ending March 31, 2012, and as compared to March 31, 2011:
- Total Assets increased to $188.1 million, or 4.8%
- Net Loans increased to $123.8 million, or 3.3%
- Net interest margin increased to 5.44%
- Net Interest Income increased $299,000, or 15. 5%
- Non-Interest Income increased to $542,000, or 2.9%
- Non-Interest Bearing deposits increased to $28.8 million, or 40.5%
- Non-maturity Deposits increased $13.1 million, or 14.6%
- Dividends paid to common shareholders increased to $56,000, or 2.9%
- Common Stockholders' equity increased $1.2 million, or 7.7%
- Common Book Value per share increased to $47.04, or 11.6%
- Foreclosed Assets decreased $148,000, or 12.1%
- Allowance for Loan Losses increased to $3.0 million, or 11.7%
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 | March 31, 2012 | March 31, 2011 | % Change | Dec. 31, 2011 | % Change | |||||||||
| (Unaudited) | (Unaudited) | |||||||||||||
| Cash and Cash Equivalents including Interest & Non-Interest Earning Deposits | $ | 22,543,941 | $ | 9,009,941 | 150 | % | $ | 11,934,951 | 89 | % | ||||
| Net Loans | 123,758,131 | 119,766,770 | 3 | 126,309,461 | (2 | ) | ||||||||
| Foreclosed Assets | 1,080,688 | 1,229,058 | (12 | ) | 1,133,388 | (5 | ) | |||||||
| Non-Performing Assets (includes Foreclosed Assets) | 3,932,285 | 2,806,704 | 40 | 3,007,078 | 31 | |||||||||
| Allowance for Loan Losses | 3,036,477 | 2,718,214 | 12 | 3,033,282 | 0 | |||||||||
| Total Assets | 188,079,694 | 179,483,840 | 5 | 174,599,782 | 8 | |||||||||
| Non-Interest Bearing Deposits | 28,765,949 | 20,480,043 | 40 | 22,774,022 | 26 | |||||||||
| Interest-Bearing Deposits | 120,742,097 | 112,507,012 | 7 | 106,561,531 | 13 | |||||||||
| Non-Maturity Deposits (Included in interest and non-interest bearing deposits) | 102,830,753 | 89,702,708 | 15 | 88,806,587 | 16 | |||||||||
| Brokered Deposits (Included in interest- bearing deposits) | 6,834,596 | 7,194,851 | (5 | ) | 7,116,816 | (4 | ) | |||||||
| FHLB Advances | 18,004,684 | 27,279,702 | (34 | ) | 25,361,627 | (29 | ) | |||||||
| Subordinated Debentures/Trust Preferred Securities | 3,093,000 | 3,093,000 | 0 | 3,093,000 | 0 | |||||||||
| Tangible Common Stockholders' Equity | 16,308,164 | 15,305,950 | 7 | 15,918,488 | 2 | |||||||||
| Total Common Stockholders' Equity | 16,549,948 | 15,369,469 | 8 | 16,132,126 | 3 | |||||||||
| CONSOLIDATED STATEMENTS OF EARNINGS | |||||||||||||||||||
| For the Three Months Ended | |||||||||||||||||||
| March 31, 2012 | Dec. 31, 2011 | % Change | March 31, 2011 | % Change | |||||||||||||||
| (Unaudited) | (Unaudited) | ||||||||||||||||||
| INTEREST AND DIVIDEND INCOME: | |||||||||||||||||||
| Mortgage Loans | $ | 2,125,574 | $ | 2,061,602 | 3 | % | $ | 1,981,093 | 7 | % | |||||||||
| Consumer Loans | 222,352 | 233,040 | (5 | ) | 200,325 | 11 | |||||||||||||
| Commercial Loans | 72,810 | 71,999 | 1 | 65,042 | 12 | ||||||||||||||
| Consumer & Commercial Lines of Credit | 45,736 | 42,284 | 8 | 40,049 | 14 | ||||||||||||||
| Investment Securities and Deposits | 163,101 | 156,553 | 4 | 127,015 | 28 | ||||||||||||||
| TOTAL INTEREST AND DIVIDEND INCOME | 2,629,573 | 2,565,478 | 2 | 2,413,524 | 9 | ||||||||||||||
| INTEREST EXPENSE: | |||||||||||||||||||
| Deposits | 223,954 | 209,009 | 7 | 297,908 | (25 | ) | |||||||||||||
| Federal Home Loan Bank Advances | 145,559 | 148,226 | (2 | ) | 157,501 | (8 | ) | ||||||||||||
| Other | 28,784 | 27,037 | 6 | 26,312 | 9 | ||||||||||||||
| TOTAL INTEREST EXPENSE | 398,297 | 384,272 | 4 | 481,721 | (17 | ) | |||||||||||||
| NET INTEREST INCOME | 2,231,276 | 2,181,206 | 2 | 1,931,803 | 16 | ||||||||||||||
| Provisions for loan losses | 265,000 | 149,639 | 77 | 110,000 | 141 | ||||||||||||||
| NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | 1,966,276 | 2,031,567 | (3 | ) | 1,821,803 | 8 | |||||||||||||
| NON-INTEREST INCOME: | |||||||||||||||||||
| Mortgage Banking Fees | 186,060 | 177,813 | 5 | 166,714 | 12 | ||||||||||||||
| Service charges on deposits | 176,947 | 216,907 | (18 | ) | 194,301 | (9 | ) | ||||||||||||
| Interchange Fees | 101,902 | 97,637 | 4 | 86,323 | 18 | ||||||||||||||
| Loan Fees and Charges | 51,485 | 47,376 | 9 | 43,094 | 19 | ||||||||||||||
| Gain/(Loss) on Trading Accounts | 15,896 | (5,814 | ) | - | (8,693 | ) | - | ||||||||||||
| Gain/(Loss) on Sale of Investments and Foreclosed Assets | (27,991 | ) | (4,296 | ) | - | 7,716 | - | ||||||||||||
| Other | 37,878 | 26,406 | 43 | 37,602 | 1 | ||||||||||||||
| TOTAL NON-INTEREST INCOME | 542,177 | 556,029 | (2 | ) | 527,057 | 3 | |||||||||||||
| NON-INTEREST EXPENSE: | |||||||||||||||||||
| Compensation and Employee Benefits | 1,070,651 | 1,029,837 | 4 | 925,054 | 16 | ||||||||||||||
| Occupancy, Property Taxes, and Equipment | 208,596 | 215,863 | (3 | ) | 198,992 | 5 | |||||||||||||
| Technology and Information Processing | 137,263 | 163,791 | (16 | ) | 135,565 | 1 | |||||||||||||
| Regulatory Fees | 81,787 | 2,726 | 2,900 | 110,337 | (26 | ) | |||||||||||||
| Foreclosed Assets | 31,013 | 260,854 | (88 | ) | 10,545 | 194 | |||||||||||||
| Professional Fees | 53,530 | 73,608 | (27 | ) | 62,889 | (15 | ) | ||||||||||||
| Other | 252,048 | 337,426 | (25 | ) | 182,257 | 38 | |||||||||||||
| TOTAL NON-INTEREST EXPENSE | 1,834,888 | 2,084,105 | (12 | ) | 1,625,639 | 13 | |||||||||||||
| INCOME BEFORE INCOME TAXES | 673,565 | 503,491 | 38 | 723,221 | (7 | ) | |||||||||||||
| Income Tax Expense | 214,441 | 153,940 | 39 | 245,895 | (13 | ) | |||||||||||||
| NET INCOME | 459,124 | 349,551 | 31 | 477,326 | (4 | ) | |||||||||||||
| PER COMMON SHARE DATA: | |||||||||||||||||||
| Net Earnings | $ | 1.31 | $ | 1.00 | 31 | $ | 1.31 | -0- | |||||||||||
| Diluted Net Earnings | $ | 1.30 | $ | 0.99 | 31 | $ | 1.30 | -0- | |||||||||||
| Dividends Paid | $ | 0.16 | $ | 0.36 | (56 | ) | $ | 0.15 | 7 | ||||||||||
| Revenue (Net Interest Income and Non-Interest Income) | $ | 7.89 | $ | 7.81 | 1 | $ | 6.74 | 17 | |||||||||||
| Book Value Period End | $ | 47.04 | $ | 45.89 | 3 | $ | 42.15 | 12 | |||||||||||
| Tangible Book Value Period End | $ | 46.35 | $ | 45.23 | 2 | $ | 41.97 | 10 | |||||||||||
| RATIOS: | |||||||||||||||||||
| ROA (Annualized Net Income to Average Period Assets) | 1.02 | % | 0.80 | % | 1.10 | % | |||||||||||||
| ROE (Annualized Net Income to Average Period Total Stockholders' Equity) | 11.22 | % | 8.66 | % | 12.75 | % | |||||||||||||
| Net Interest Margin (Average) for the period | 5.44 | % | 5.49 | % | 4.86 | % | |||||||||||||
| Non-Interest Expense less Non-Interest Income to Average Period Total Assets (Annualized) | 2.88 | % | 3.50 | % | 2.52 | % | |||||||||||||
| Efficiency Ratio for the Period | 66.16 | % | 76.14 | % | 66.11 | % | |||||||||||||
| Net Loan Charge-Offs/(Recoveries) for | $ | 261,805 | $ | (93,929 | ) | $ | 22,733 | ||||||||||||
| the Period to Average Period Net Loans | |||||||||||||||||||
| (Annualized) | 0.84 | % | (0.30 | %) | 0.08 | % | |||||||||||||
| TDRs (Performing) at Period End | $ | 3,197,794 | 3,428,911 | $ | 3,142,668 | ||||||||||||||
| to Average Period Net Loans | 2.55 | % | 2.94 | % | 2.63 | % | |||||||||||||
| Non-Performing Assets at Period | $ | 3,932,285 | $ | 3,007,078 | $ | 2,806,704 | |||||||||||||
| End to Average Period Total Assets | 2.18 | % | 1.74 | % | 1.59 | % | |||||||||||||
| Allowance for Loan Losses at Period | $ | 3,036,477 | $ | 3,033,282 | $ | 2,718,214 | |||||||||||||
| End to Average Period Net Loans | 2.42 | % | 2.46 | % | 2.28 | % | |||||||||||||
| to Non-Performing Assets at Period End | 77.22 | % | 100.87 | % | 96.85 | % | |||||||||||||
| CONSOLIDATED STATEMENTS OF CONDITION | |||||||||||||||||||
| March 31, 2012 | March 31, 2011 | % Change | Dec. 31, 2011 | % Change | |||||||||||||||
| (Unaudited) | (Unaudited) | ||||||||||||||||||
| ASSETS: | |||||||||||||||||||
| Cash and Cash Equivalents including Interest & Non-Interest Earnings Deposits | $ | 22,543,941 | $ | 9,009,941 | 150 | % | $ | 11,934,951 | 89 | % | |||||||||
| Securities- Available for Sale | 31,392,136 | 32,575,315 | (4 | ) | 25,735,921 | 22 | |||||||||||||
| Trading Securities | 215,069 | 7,815,294 | (97 | ) | 243,069 | (12 | ) | ||||||||||||
| Net Loans | 123,758,131 | 119,766,770 | 3 | 126,309,461 | (2 | ) | |||||||||||||
| Accrued Interest Receivable | 580,089 | 531,643 | 9 | 622,775 | (7 | ) | |||||||||||||
| Premises and Equipment, Net | 7,788,911 | 7,754,061 | 0 | 7,870,052 | (1 | ) | |||||||||||||
| Foreclosed Assets | 1,080,688 | 1,229,058 | (12 | ) | 1,133,388 | (5 | ) | ||||||||||||
| Other Assets | 720,729 | 801,758 | (10 | ) | 750,165 | (4 | ) | ||||||||||||
| TOTAL ASSETS | $ | 188,079,694 | $ | 179,483,840 | 5 | $ | 174,599,782 | 8 | |||||||||||
| LIABILITIES: | |||||||||||||||||||
| Deposits | 149,508,046 | 132,987,055 | 12 | 129,335,554 | 16 | ||||||||||||||
| Federal Home Loan Bank Advances | 18,004,684 | 27,279,702 | (34 | ) | 25,361,627 | (29 | ) | ||||||||||||
| Subordinated debentures/trust preferred securities | 3,093,000 | 3,093,000 | 0 | 3,093,000 | 0 | ||||||||||||||
| Other Liabilities | 924,016 | 754,614 | 22 | 677,476 | 36 | ||||||||||||||
| TOTAL LIABILITIES | $ | 171,529,746 | $ | 164,114,371 | 5 | $ | 158,467,657 | 8 | |||||||||||
| STOCKHOLDERS' EQUITY: | |||||||||||||||||||
| Common Stock | $ | 4,433 | $ | 4,284 | 3 | $ | 4,431 | 0 | |||||||||||
| Capital Surplus | 6,279,173 | 6,258,751 | 0 | 6,274,941 | 0 | ||||||||||||||
| Retained Earnings | 11,827,431 | 10,315,248 | 15 | 11,424,557 | 4 | ||||||||||||||
| Unearned Compensation | (19,405 | ) | (45,012 | ) | 57 | (19,974 | ) | 3 | |||||||||||
| Treasury Stock | (1,783,468 | ) | (1,227,321 | ) | (45 | ) | (1,783,468 | ) | 0 | ||||||||||
| Other Comprehensive Income (Loss) | 241,784 | 63,519 | 281 | 231,638 | 4 | ||||||||||||||
| Total Stockholders' Equity | 16,549,948 | 15,369,469 | 8 | 16,132,125 | 3 | ||||||||||||||
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 188,079,694 | $ | 179,483,840 | 5 | % | $ | 174,599,782 | 8 | % | |||||||||
Fritz W. Anderson II, Chairman of the Board announced today that "On March 29, 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 $0.17 per share and will be paid on June 25, 2012 to stockholders of record at the close of business on June 8, 2012."
Contact Information:
For More Information Contact:
Fritz W. Anderson, II
President, Chief Executive Officer,
And Chairman
FPB Financial Corp.
(985) 345-1880