SOURCE: FPB Financial Corp.

January 25, 2013 10:55 ET

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

HAMMOND, LA--(Marketwire - Jan 25, 2013) - FPB Financial Corp. (OTCQB: FPBF), the holding company for Florida Parishes Bank, announced financial results for the fourth quarter ended December 31, 2012.

Earnings

Net income for the fourth quarter of 2012 increased to $452,000; ($1.28 per fully diluted common share) as compared to the 2011 fourth quarter net income of $420,000 ($1.19 per fully diluted common share.)

Net income for 2012 totaled $1.9 million; ($5.25 per fully diluted common share) up 2.1% from the 2011 net income of $1.8 million ($5.08 per fully diluted common share.)

Items contributing to the Company's fourth quarter earnings when compared to the 2011 period were; a decrease of $171,000 in total non-interest expense, primarily due to a $235,000 decrease in foreclosed assets expense; total non-interest income increase by $70,000, primarily due to a $23,000 increase in interchange fees. Provisions for loan losses adversely affected net income, increasing 60% to $240,000.

Asset Quality

Total Non-performing assets at December 31, 2012 increased $1.9 million, or 36.4%, to $4.1 million when compared to December 31, 2011. Non-performing assets on September 30, 2012 were $4.3 million.

Net loan charge-offs for the fourth quarter totaled $67,000, up $161,000 from the 2011 fourth quarter total of ($94,000.) Net loan charge-offs in the 2012 third quarter were $233,000. For the 2012 twelve month period, net loan charge-offs increased to $721,000 from $254,000 in 2011.

Performing Troubled Debt Restructured (TDR's) as of December 31 totaled $3.4 million, or a decrease of $200,000 from December 31, 2011. Performing TDR's on September 30, 2012 totaled $3.7 million.

The Company recorded a provision for loan losses in the 2012 fourth quarter of $240,000, a 60.4% increase from the 2011 period. Provisions for 2012 totaled $897,000, up from $656,000 recorded in 2011. The Company's allowance for loan losses was $3.2 million on December, 31, 2012, or 2.6% of average net loans and 78.2% of non-performing assets. The allowance on December 31, 2011 was $3.0 million, or 2.5% of average net loans and 99.0% of non-performing assets.

Balance Sheet and Capital

Total Assets on December 31, 2012 increased to $197.9 million, or 13.3% from $174.6 million on December 31, 2011. Total Assets on September 30, 2012 were $191.6 million. Available for sale investment securities increased during the 2012 twelve month period 88.2% to $48.4 million. Cash and cash equivalents including interest and non-interest deposits increased $4.7 million or 70.6% while net loans decreased to $120.0 million or 5.0%. Non-interest bearing deposits and total non-maturity deposits both increased in 2012, 58.4% and 32.6% respectively.

Common Stockholders' equity increased by a net of $1.6 million, or 9.8% to $17.7 million for the twelve month period ending December 31, 2012, primarily due to an increase of $1.5 million in retained earnings. Tangible Common Equity increased to a total of $17.5 million. Tangible Book Value per share increased to $49.47 at year-end. 

Our subsidiary, Florida Parishes Bank, is considered "well capitalized" by all applicable federal banking regulations and definitions as of December 31, 2012.

FPB Financial Corp. reported the following for the period ending December 31, 2012, and as compared to December 31, 2011:

  • Net Income increased to $1.9 million, or 2.1%

  • Tangible Common Stockholders' Equity increased $1.6 million, or 10.2%

  • Tangible Common Book Value per share increased to $49.47, or 9.4%

  • Common Dividends Paid to Shareholders increased to $307,000, or 7.2%

  • Non-Interest Income increased to $2.5 million, or 20.6%

  • Net Interest Income increased to $8.7 million, or 4.4%

  • Revenue per share increased to $31.93, or 8.9%

  • Total Assets increased to $197.9 million, or 13.3%

  • Non-Interest Bearing deposits increased to $36.1 million, or 58.4%

  • Non-maturity Deposits increased by $28.9 million, or 32.6%

  • Allowance for Loan Losses increased to $3.2 million, or 7.8%

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, 2012   Dec 31, 2011   % Change     Sept 30, 2012   % Change  
                  (Unaudited)      
                               
Tangible Common Stockholders' Equity   $ 17,517,532   $ 15,900,488   10 %   $ 17,135,803   2 %
                               
Total Common Stockholders' Equity     17,712,573     16,132,126   10       17,332,526   2  
                               
Non-Interest Bearing Deposits     36,086,737     22,776,068   58       31,328,579   15  
                               
Non-Maturity Deposits (Included in interest and non-interest bearing deposits)     117,728,693     88,806,588   33       107,330,746   10  
                               
Total Assets     197,854,896     174,599,780   13       191,593,859   3  
                               
Net Loans     119,757,079     126,309,461   (5 )     121,581,212   (2 )
                               
Allowance for Loan Losses     3,208,815     2,976,683   8       3,035,642   6  
                               
Foreclosed Assets     1,043,322     1,133,388   (8 )     1,056,127   (1 )
                               
Non-Performing Assets (Includes Foreclosed Assets)     4,101,905     3,007,078   36       4,322,086   (5 )
                               
Brokered Deposits (Included in interest- bearing deposits)     6,555,092     7,116,816   (8 )     6,549,958   0  
                               
FHLB Advances     15,591,803     25,361,627   (39 )     19,990,524   (22 )
   
   
CONSOLIDATED STATEMENTS OF EARNINGS  
   
    For the Three Months   For the Twelve Months  
    Ended   Ended  
    Dec 31, 2012   Sept 30, 2012   Dec 31, 2011   Dec 31, 2012   Dec 31, 2011  
        (Unaudited)              
                                 
INTEREST AND DIVIDEND INCOME:                                
                                 
  Mortgage Loans   $ 1,993,949   $ 2,029,301   $ 2,061,602   $ 8,205,934   $ 8,116,890  
                                   
  Consumer Loans     227,645     233,079     233,039     902,482     940,976  
                                   
  Commercial Loans     50,971     54,302     71,999     237,702     271,623  
                                   
  Consumer & Commercial Lines of Credit     49,010     49,500     42,284     191,358     168,541  
                                   
  Investment Securities and Deposits     244,108     158,817     156,553     681,064     530,099  
                                 
TOTAL INTEREST AND DIVIDEND INCOME     2,565,683     2,524,999     2,565,477     10,218,540     10,028,129  
                                 
INTEREST EXPENSE:                                
                                 
  Deposits     218,433     232,213     209,010     915,270     977,992  
                                 
Federal Home Loan Bank Advances     113,901     112,893     148,157     487,226     604,567  
                                 
Other     27,108     28,152     27,106     112,292     106,812  
                                 
TOTAL INTEREST EXPENSE     359,442     373,258     384,273     1,514,788     1,689,371  
                                 
  NET INTEREST INCOME     2,206,241     2,151,741     2,181,204     8,703,752     8,338,758  
                                 
Provisions for loan losses     240,000     250,000     149,640     897,000     656,468  
                                 
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES     1,966,241     1,901,741     2,031,564     7,806,752     7,682,290  
                                 
NON-INTEREST INCOME:                                
                                 
Mortgage Banking Fees     196,512     193,839     177,812     754,185     731,221  
                                 
Service charge on deposits     197,283     182,657     216,906     735,137     793,911  
                                 
Interchange Fees     120,516     115,659     97,636     445,148     373,392  
                                 
Loan Fees and Charges     59,307     49,413     47,375     204,725     178,607  
                                 
Gain/(Loss) on Sale of Investments and Foreclosed Assets     15,626     89,760     (4,295 )   293,720     5,581  
                                 
Gain/(Loss) on Trading Accounts     840     (3,092 )   (5,814 )   (8,686 )   (93,076 )
                                 
Other     29,955     22,872     20,409     110,173     111,617  
                                 
TOTAL NON-INTEREST INCOME     620,039     651,108     550,029     2,534,402     2,101,253  
                                 
NON-INTEREST EXPENSE:                                
                                 
Compensation and Employee Benefits     1,049,168     1,092,555     1,029,834     4,306,195     3,895,945  
                                 
Occupancy and Equipment     219,263     206,792     215,862     844,083     828,133  
                                 
Technology and Information Processing     174,374     137,384     145,890     599,143     564,122  
                                 
Regulatory Fees     76,290     87,492     2,726     327,912     327,102  
                                 
Professional Fees     77,627     90,828     73,609     302,972     242,479  
                                 
Foreclosed Assets     26,186     21,361     260,854     93,998     283,318  
                                 
Other     284,237     279,343     349,368     1,082,025     965,916  
                                 
TOTAL NON-INTEREST EXPENSE     1,907,145     1,915,755     2,078,143     7,556,328     7,107,015  
                                 
INCOME BEFORE INCOME TAXES     679,135     637,094     503,450     2,784,826     2,676,528  
                                 
Income Tax Expense     227,504     216,612     153,927     928,042     858,287  
                                 
NET INCOME     451,631     420,482     349,523     1,856,784     1,818,241  
                                 
PER COMMON SHARE DATA:                                
                                 
Net Earnings   $ 1.28   $ 1.19   $ 1.00   $ 5.27   $ 5.11  
                                 
Diluted Net Earnings   $ 1.28   $ 1.19   $ 0.99   $ 5.25   $ 5.08  
                                 
Revenue (Net Interest Income and Non-Interest Income)   $ 8.02   $ 7.96   $ 7.81   $ 31.93   $ 29.33  
                                 
Dividends Paid   $ 0.36   $ 0.18   $ 0.36   $ 0.87   $ 0.81  
                                 
Book Value Period End   $ 50.02   $ 49.24   $ 45.89   $ 50.02   $ 45.89  
                                 
Tangible Book Value Period End   $ 49.47   $ 48.68   $ 45.23   $ 49.47   $ 45.23  
                                 
RATIOS:                                
                                 
ROA (Annualized Net Income to Average Period Assets)     0.88 %   0.89 %   0.80 %   0.98 %   1.04 %
                                 
ROE (Annualized Net Income to Average Period Total Stockholders' Equity)     10.19 %   9.71 %   8.66 %   10.91 %   11.70 %
                                 
Net Interest Margin (Average) for the period     4.74 %   4.96 %   5.49 %   5.00 %   5.12 %
                                 
Non-Interest Expense less Non-Interest Income to Average Period Total Assets (Annualized)     2.52 %   2.66 %   3.50 %   2.64 %   2.86 %
                                 
Efficiency Ratio for the Period     67.48 %   68.35 %   76.14 %   67.24 %   68.07 %
                                 
Net Loan Charge-Offs (Recoveries) for the   $ 66,827   $ 233,062     (93,929 ) $ 721,468   $ 254,132  
  Period to Average Period Net Loans (Annualized)     0.22 %   0.75 %   (0.30 %)   0.59 %   0.21 %
                                 
TDRs (Performing) at Period End   $ 3,351,121   $ 3,747,371   $ 3,632,371   $ 3,351,121   $ 3,632,371  
  to Average Period Net Loans     2.78 %   3.05 %   2.94 %   2.72 %   2.98 %
                                 
Non-Performing Assets at Period   $ 4,101,905   $ 4,322,086   $ 3,007,078   $ 4,101,905   $ 3,007,078  
  End to Average Period Total Assets     2.02 %   2.29 %   1.74 %   2.15 %   1.72 %
                                 
Allowance for Loan Losses at Period End   $ 3,208,815   $ 3,035,642   $ 2,976,683   $ 3,208,815   $ 2,976,683  
  to Average Period Net Loans     2.66 %   2.47 %   2.41 %   2.60 %   2.46 %
  to Non-Performing Assets at Period End     78.23 %   70.24 %   98.99 %   78.23 %   98.99 %
   
   
CONSOLIDATED STATEMENTS OF CONDITION  
   
    Dec 31, 2012     Dec 31, 2011     % Change     Sept 30,
 2012
    % Change  
                      (Unaudited)        
                                     
ASSETS:                                    
                                     
Cash and Cash Equivalents including Interest and Non-Interest Earning Deposits   $ 11,674,524     $ 6,695,951     74 %   $ 9,522,606     23 %
                                     
Certificates of Deposit     4,235,000       5,239,000     (19 )     4,235,000     0  
                                     
Securities- Held to Maturity     1,081,508       0     -       0     -  
                                     
Securities - Available for Sale     48,444,962       25,735,921     88       44,471,396     9  
                                     
Trading Securities     189,937       243,069     (22 )     189,098     0  
                                     
Net Loans     119,757,079       126,309,461     (5 )     121,581,212     (2 )
                                     
Accrued Interest Receivable     796,447       622,775     28       574,456     39  
                                     
Premises and Equipment, Net     9,052,566       7,870,052     15       8,447,000     7  
                                     
Foreclosed Assets     1,043,322       1,133,388     (8 )     1,056,127     (1 )
                                     
Other Assets     1,579,551       750,163     111       1,516,964     4  
                                     
  TOTAL ASSETS   $ 197,854,896     $ 174,599,780     13     $ 191,593,859     3  
                                     
LIABILITIES:                                    
                                     
Deposits     160,663,155       129,335,554     24       150,411,580     7  
                                     
Federal Home Loan Bank Advances     15,591,803       25,361,627     (39 )     19,990,524     (22 )
                                     
Subordinated debentures/trust preferred securities     3,093,000       3,093,000     0       3,093,000     0  
                                     
Other Liabilities     794,365       677,476     17       766,229     4  
                                     
  TOTAL LIABILITIES   $ 180,142,323     $ 158,467,657     14     $ 174,261,333     3  
                                     
STOCKHOLDERS' EQUITY:                                    
                                     
Common Stock   $ 4,437     $ 4,431     0     $ 4,433     0  
                                     
Capital Surplus     6,335,022       6,274,941     1       6,283,971     1  
                                     
Retained Earnings     12,974,449       11,424,555     14       12,650,272     3  
                                     
Unearned Compensation     (12,908 )     (19,974 )   35       (19,405 )   33  
                                     
Treasury Stock     (1,783,468 )     (1,783,468 )   0       (1,783,468 )   0  
                                     
Other Comprehensive Income (Loss)     195,041       231,638     (16 )     196,723     (1 )
                                     
Total Stockholders' Equity     17,712,573       16,132,123     10       17,332,526     2  
                                     
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY   $ 197,854,896     $ 174,599,780     13 %   $ 191,593,859     3 %
                                     

Fritz W. Anderson II, Chairman of the Board announced today that "On January 10, 2013, 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 of $0.18 per share and will be paid on March 25, 2013 to stockholders of record at the close of business on March 8, 2013."

Contact Information

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