SOURCE: FPB Financial Corp.

July 24, 2012 11:25 ET

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

HAMMOND, LA--(Marketwire - Jul 24, 2012) -  FPB Financial Corp. (OTCQB: FPBF) (PINKSHEETS: FPBF), the holding company for Florida Parishes Bank, announced financial results for the second quarter ended June 30, 2012.

Earnings

Net income for the second quarter of 2012 totaled $526,000 an increase of 29.9% from $405,000 in the 2011 period. Net income per fully diluted common share for the quarter was $1.49 as compared to $1.13 in the 2011 second quarter. Return on common stockholders' equity (ROE) increased to 12.6% for the period.

Second quarter earnings, when compared to the 2011 period, were positively affected by an increase of $264,000 in net-Interest Income; a $234,000 increase in non-Interest Income, primarily due to a $221,000 gain on sale of investments and foreclosed assets; and from a decrease in Provision for Loan Losses of $210,000. Earnings were adversely affected by a $271,000, or 16.6% increase in non-interest expenses, primarily due to increased compensation and employee benefits to existing officers and staff and increased compensation expense associated with staffing our new branch in Amite, LA which opened November 1, 2011. 

Asset Quality

Total non-performing assets at June 30, 2012 increased $925,000, or 29.0%, to $4.0 million when compared to June 30, 2011. Total non-performing assets on March 31, 2012 were $3.9 million. The Company's allowance for loan losses increased to $3.0 million, or 7.1% when compared to the Company's allowance of $2.8 million on June 30, 2011.

Net loan charge-offs for the second quarter totaled $160,000, down 28.9% from $225,000 in the 2011 second quarter and down 38.9% from $262,000 in the first quarter of 2012.

Performing troubled debt restructured (TDR's) as of June 30 totaled $3.1 million, or a decrease of $309,000 from June 30, 2011. Performing TDR's totaled $3.2 million on March 31, 2012.

Balance Sheet and Capital

Total Assets at June 30, 2012 increased to $188.2 million, or 7.5% when compared to June, 30, 2011. The increase in total assets was primarily attributed to an increase of $14.6 million in available-for-sale investment securities. Total Liabilities increased 7.1% to $171.3 million primarily due to an increase of $14.5 million in total deposits to $146.5 million on June 30, 2012. Federal Home Loan Bank advances decreased 13.3% in the twelve month period to $20.8 million. Both Non-interest bearing deposits and Non-maturity deposits increased in the twelve month period ending June 30, 2012.

Common Stockholders' Equity increased by a net of $1.7 million, or 11.2% to $16.9 million for the twelve month period ending June 30, 2012, primarily due to an increase of $1.6 million in retained earnings. Tangible Common Stockholders' equity increased to a total of $16.8 million at June 30, 2012.

Our subsidiary, Florida Parishes Bank, is considered "well capitalized" by all applicable federal banking regulations and definitions as of June 30, 2012.

FPB Financial Corp. reported the following for the period ending June 30, 2012, and as compared to June 30, 2011:

  • Total Assets increased to $188.2 million, or 7.5%

  • Net Income increased $102,000, or 11.6%

  • Net Interest Margin increased to 5.17%

  • Non-Interest Bearing deposits increased to $28.8 million, or 20.5%

  • Non-maturity Deposits increased $11.1 million, or 12.2%

  • Tangible Common Stockholders' Equity increased $1.7 million, or 11.1%

  • Tangible Common Book Value increased to $47.68, or 10.5%

  • Allowance for Loan Losses increased to $3.0 million, or 7.1%

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
 
June 30, 2012
 
June 30, 2011
 
% Change
   
March 31, 2012
 
% Change
 
    (Unaudited)   (Unaudited)         (Unaudited)      
                               
Cash and Cash Equivalents Including Interest & Non-interest earning deposits   $

8,637,795
  $

13,127,682
 

(34
%)   $

18,557,941
 

(53
%)
                               
Net Loans     124,618,331     122,310,968   2       123,758,131   1  
                               
Foreclosed Assets     868,231     193,336   350       480,688   81  
                               
Non-Performing Assets (Includes Foreclosed Assets)    
3,997,023
   
3,071,596
 
30
     
3,932,285
 
2
 
                               
Allowance for Loan Losses     3,018,703     2,829,188   7       3,036,477   (1 )
                               
Total Assets     188,202,135     175,118,317   7       188,079,694   0  
                               
Non-Interest Bearing Deposits     28,822,902     23,864,037   21       28,765,949   0  
                               
Interest-Bearing Deposits     117,659,092     108,124,732   9       120,742,097   (3 )
                               
Non-Maturity Deposits (Included in interest and non-interest bearing deposits)    

102,034,162
   

90,861,158
 

12
     

102,830,753
 

(1
)
                               
Brokered Deposits (Included in interest- bearing deposits)    
6,809,798
   
7,128,026
 
(4
)    
6,834,596
 
0
 
                               
FHLB Advances     20,847,650     23,973,008   (13 )     18,004,684   16  
                               
Subordinated Debentures/Trust Preferred Securities    
3,093,000
   
3,093,000
 
0
     
3,093,000
 
0
 
                               
Tangible Common Stockholders' Equity    
16,773,884
   
15,102,672
 
11
     
16,308,164
 
3
 
                               
Total Common Stockholders' Equity     16,942,288     15,208,798   11       16,549,948   2  
                               
                               
                               
CONSOLIDATED STATEMENTS OF EARNINGS  
   
  For the Three Months     For the Six Months  
  Ended     Ended  
  June 30, 2012     March 31, 2012     June 30, 2011     June 30, 2012     June 30, 2011  
  (Unaudited)     (Unaudited)     (Unaudited)     (Unaudited)     (Unaudited)  
                                       
INTEREST AND DIVIDEND INCOME:                                      
                                       
  Mortgage Loans $ 2,057,109     $ 2,125,574     $ 2,042,430     $ 4,182,683     $ 4,023,523  
                                         
  Consumer Loans   219,407       222,352       237,244       441,759       466,639  
                                         
  Commercial Loans   59,619       72,810       66,333       132,429       131,374  
                                         
  Consumer & Commercial Lines of Credit  
47,112
     
45,736
     
42,570
     
92,847
     
82,619
 
                                       
Investment Securities and Deposits  
115,036
     
163,101
     
101,134
     
278,138
     
228,149
 
                                       
TOTAL INTEREST AND DIVIDEND INCOME  
2,498,283
     
2,629,573
     
2,489,711
     
5,127,856
     
4,932,304
 
                                       
INTEREST EXPENSE:                                      
                                       
  Deposits   240,670       223,954       250,193       464,624       548,101  
                                       
Federal Home Loan Bank Advances  
114,873
     
145,559
     
152,507
     
260,432
     
309,939
 
                                       
Other   28,248       28,784       26,942       57,031       53,323  
                                       
TOTAL INTEREST EXPENSE   383,791       398,297       429,642       782,087       911,363  
                                       
NET INTEREST INCOME   2,114,492       2,231,276       2,060,069       4,345,769       4,020,941  
                                       
Provisions for loan losses   142,000       265,000       351,828       407,000       461,828  
                                       
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES  

1,972,492
     

1,966,276
     

1,708,241
     

3,938,769
     

3,559,113
 
                                       
NON-INTEREST INCOME:                                      
                                       
Service charge on deposits   178,249       176,947       188,381       355,196       353,613  
                                       
Mortgage Banking Fees   177,774       186,060       163,606       363,834       330,320  
                                       
Interchange Fees   107,070       101,902       90,473       208,973       176,797  
                                       
Loan Fees and Charges   44,520       51,485       41,580       96,004       84,673  
                                       
Gain/(Loss) on Sale of Investments and Foreclosed Assets  
216,325
     
(27,991
)    
(4,910
)    
188,334
     
2,806
 
                                       
Gain/(Loss) on Trading Accounts   (22,330 )     15,896       (15,720 )     (6,434 )     (24,412 )
                                       
Other   22,433       37,878       27,036       59,847       64,637  
                                       
TOTAL NON-INTEREST INCOME  
724,041
     
542,177
     
490,446
     
1,265,754
     
988,434
 
                                       
NON-INTEREST EXPENSE:                                      
                                       
Compensation and Employee Benefits  
1,093,820
     
1,070,651
     
930,252
     
2,164,471
     
1,855,306
 
                                       
Occupancy, Property Taxes, and Equipment   209,432       208,596       200,905       418,028       399,897  
                                       
Technology and Information Processing   150,121       137,263       135,529       287,384       271,094  
                                       
Regulatory Fees   82,358       81,787       112,244       164,145       222,581  
                                       
Professional Fees   80,987       53,530       40,588       135,517       103,477  
                                       
Foreclosed Assets   15,437       31,013       10,545       46,450       20,340  
                                       
Other   269,352       252,048       200,451       519,936       383,458  
                                       
TOTAL NON-INTEREST EXPENSE  
1,901,507
     
1,834,888
     
1,630,514
     
3,735,931
     
3,256,153
 
                                       
INCOME BEFORE INCOME TAXES  
795,026
     
673,565
     
568,173
     
1,468,592
     
1,291,394
 
                                       
Income Tax Expense   269,497       214,441       162,820       483,939       408,715  
                                       
NET INCOME   525,529       459,124       405,353       984,653       882,679  
                                       
PER COMMON SHARE DATA:                                      
                                       
Net Earnings $ 1.49     $ 1.31     $ 1.13     $ 2.80     $ 2.44  
                                       
Diluted Net Earnings $ 1.49     $ 1.30     $ 1.13     $ 2.79     $ 2.42  
                                       
Revenue (Net Interest Income and Non-Interest Income) $
8.07
    $
7.89
    $
7.11
    $
15.96
    $
13.86
 
                                       
Dividends Paid $ 0.17     $ 0.16     $ 0.15     $ 0.33     $ 0.30  
                                       
Book Value Period End $ 48.16     $ 47.04     $ 43.46     $ 48.16     $ 43.46  
                                       
Tangible Book Value Period End $ 47.68     $ 46.35     $ 43.16     $ 47.68     $ 43.16  
                                       
RATIOS:                                      
                                       
ROA (Annualized Net Income to Average Period Assets)  
1.12
%    
1.02
%    
0.91
%    
1.07
%    
1.00
%
                                       
ROE (Annualized Net Income to Average Period Total Stockholders' Equity)  
12.58
%    
11.22
%    
10.59
%    
11.91
%    
11.66
%
                                       
Net Interest Margin (Average) for the period   4.92 %     5.44 %     5.07 %     5.17 %     5.00 %
                                       
Non-Interest Expense less Non-Interest Income to Average Period Total Assets (Annualized)  

2.51
%    

2.88
%    

2.56
%    

2.69
%    

2.58
%
                                       
Net Loan Charge-Offs (Recoveries) for the Period to Average Period Net Loans (Annualized) $ 159,774     $ 261,805     $ 224,526     $ 421,579     $ 247,259  
  0.52 %     0.84 %     0.74 %     0.68 %     0.41 %
                                       
TDRs (Performing) at Period End to Average Period Net Loans $ 3,124,881     $ 3,197,794     $ 3,433,778     $ 3,124,881     $ 3,433,778  
  2.51 %     2.55 %     2.84 %     2.50 %     2.86 %
                                       
Non-Performing Assets at Period End to Average Period Total Assets $ 3,997,023     $ 3,932,285     $ 3,071.596     $ 3,997,023     $ 3,071,596  
  2.12 %     2.18 %     1.72 %     2.16 %     1.73 %
                                       
Allowance for Loan Losses at Period End to Average Period Net Loans to Non-Performing Assets at Period End $ 3,018,703     $ 3,036,477     $ 2,829,188     $ 3,018,703     $ 2,829,188  
  2.43 %     2.42 %     2.34 %     2.42 %     2.35 %
  75.52 %     77.22 %     92.11 %     75.52 %     92.11 %
                                       
                                       
                                       
CONSOLIDATED STATEMENTS OF CONDITION  
   
    June 30, 2012     June 30, 2011     % Change     March 31, 2012     % Change  
    (Unaudited)     (Unaudited)           (Unaudited)        
                                     
ASSETS:                                    
                                     
Cash and Cash Equivalents including Interest and Non-Interest Earning Deposits   $

8,637,795
    $

13,127,682
   

(34
%)   $

18,557,941
   

(53
%)
                                     
Certificates of Deposit     2,986,000       1,000,000     199       3,986,000     (25 )
                                     
Securities - Available for Sale     41,175,614       26,561,690     55       31,392,136     31  
                                     
Trading Securities     192,189       2,310,974     (92 )     215,069     (11 )
                                     
Net Loans     124,618,331       122,310,968     2       123,758,131     1  
                                     
Accrued Interest Receivable     539,249       532,223     1       580,089     (7 )
                                     
Premises and Equipment, Net     7,710,379       7,673,113     0       7,788,911     (1 )
                                     
Foreclosed Assets     868,231       193,336     350       480,688     81  
                                     
Other Assets     1,474,347       1,408,331     5       1,320,729     12  
                                     
TOTAL ASSETS   $ 188,202,135     $ 175,118,317     7     $ 188,079,694     0  
                                     
LIABILITIES:                                    
                                     
Deposits     146,481,994       131,988,769     11       149,508,046     (2 )
                                     
Federal Home Loan Bank Advances    
20,847,650
     
23,973,008
   
(13
)    
18,004,684
   
16
 
                                     
Subordinated debentures/trust preferred securities    
3,093,000
     
3,093,000
   
0
     
3,093,000
   
0
 
                                     
Other Liabilities     837,203       854,742     (2 )     924,016     (9 )
                                     
  TOTAL LIABILITIES   $ 171,259,847     $ 159,909,519     7     $ 171,529,746     0  
                                     
STOCKHOLDERS' EQUITY:                                    
                                     
Common Stock   $ 4,433     $ 4,285     3     $ 4,433     0  
                                     
Capital Surplus     6,279,173       6,258,751     0       6,279,173     0  
                                     
Retained Earnings     12,293,151       10,668,116     15       11,827,431     4  
                                     
Unearned Compensation     (19,405 )     (45,012 )   57       (19,405 )   0  
                                     
Treasury Stock     (1,783,468 )     (1,783,468 )   0       (1,783,468 )   0  
                                     
Other Comprehensive Income (Loss)    
168,404
     
106,126
   
59
     
241,784
   
(30
)
                                     
Total Stockholders' Equity     16,942,288       15,208,798     11       16,549,948     2  
                                     
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY   $
188,202,135
    $
175,118,317
   
7
%   $
188,079,694
   
0
%
                                     

Fritz W. Anderson II, Chairman of the Board announced today that "On July 12, 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 $0.18 per share and will be paid on September 25, 2012 to stockholders of record at the close of business on September 10, 2012."

Contact Information

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