SOURCE: FPB Financial Corp.

April 24, 2012 12:45 ET

FPB Financial Corp. Announces 2012 First Quarter Financial Results and Declares Dividends

HAMMOND, LA--(Marketwire - Apr 24, 2012) - FPB Financial Corp. (OTCQB: FPBF) (PINKSHEETS: FPBF), the holding company for Florida Parishes Bank, announced financial results for the 2012 first quarter ended March 31, 2012.

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